TCRLA_Public/090312.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, March 12, 2009, Vol. 9, No. 50

                            Headlines

A R G E N T I N A

CONINDUS SRL: Proofs of Claim Verification Due on May 22
DONA CAROLINA: Asks for Opening of Preventive Contest
INDUSTRIAS CARSIGOM: Asks for Opening of Preventive Contest
TANDLER SRL: Proofs of Claim Verification Due on April 23


B E R M U D A

ABACUS INVESTMENTS: Members' General Meeting Set for April 15
CYRUS REINSURANCE: Creditors' Proofs of Debt Due on March 20
CYRUS REINSURANCE: Members' General Meeting Set for April 10
FREMONT REINSURANCE: Court Enters Wind-Up Order
LONGCASTLE INTERIM: Creditors' Proofs of Debt Due on March 20

LONGCASTLE INTERIM: Members' General Meeting Set for April 7
MOUNTAIN VIEW: Creditors' Proofs of Debt Due on March 23
MOUNTAIN VIEW: Sole Member to Receive Wind-Up Report on April 6
SAGECREST HOLDINGS: Appoints Mitchell as Provisional Liquidator
THE UNIVERSAL: Creditors' Proofs of Debt Due on April 6

THE UNIVERSAL: Members' General Meeting Set for April 13
VANGUARD INSURANCE: Court Enters Wind-Up Order
WAIMEA LIMITED: Creditors' Proofs of Debt Due on March 20
WAIMEA LIMITED: Members' General Meeting Set for April 10


B E R M U D A

XL CAPITAL: Chairman & Board Member Won't Seek Re-Election
XL CAPITAL: Pays Two Chief Executives a Combined US$16 Million


B R A Z I L

BANCO DO BRASIL: Central Bank Approves Nossa Caixa Acquisition
BANCO SCHAHIN: S&P Withdraws 'B/B' Global Scale Rating
* BRAZIL: BNP Paribas Says Economy to Contract 1.5% This Year


C A Y M A N  I S L A N D S

BOMO LTD: Placed Under Voluntary Wind-Up
BRANDYMIST LTD: Placed Under Voluntary Wind-Up
BUTTONWOOD HOLDING: Placed Under Voluntary Wind-Up
CANADA 7.25% 2008: Placed Under Voluntary Wind-Up
EW GLOBAL: Placed Under Voluntary Wind-Up

J.P. MORGAN ASIA: Placed Under Voluntary Wind-Up
MELCHIOR JAPAN ET AL: Placed Under Voluntary Wind-Up
NEWGATE EMERGING: Placed Under Voluntary Wind-Up
PAMPLONA GLOBAL ET AL: Placed Under Voluntary Wind-Up
PEGASYS MARINE: Placed Under Voluntary Wind-Up

RECIENTE INC: Placed Under Voluntary Wind-Up
ROBECO WPG: Placed Under Voluntary Wind-Up
SAP GROUP: Placed Under Voluntary Wind-Up
SOUTHEAST EUROPE: Placed Under Voluntary Wind-Up
SPYGLASS CLO I: Placed Under Voluntary Wind-Up

TAIB EXPLORER: Placed Under Voluntary Wind-Up
THE CUADRAR OFFSHORE ET AL: Placed Under Voluntary Wind-Up
TRUE NORTH: Placed Under Voluntary Wind-Up


C H I L E

EMBLEM FINANCE: S&P Pares Rating On Series 3 2028 Notes to 'B-'


D O M I N I C A N  R E P U B L I C

FM INDUSTRIES: To Cut 1,000 Jobs to Continue Working


E C U A D O R

ECOPETROL: Buys Hocol Petroleum From Maurel & Prom for US$748Mln


J A M A I C A

AIR JAMAICA: Search is On for Ex-Employee in J$61 Million Theft
* JAMAICA: Used Cars Business Hit by Downturn in Local Economy


M E X I C O

CEMEX SAB: S&P Downgrades Global Corporate Credit Rating to 'B-'
COMERCI: Gets Restructuring Proposal From Counterparties


P U E R T O  R I C O

CARABEL EXPORT: Court OKs Auction; Continental is Lead Bidder
CARABEL EXPORT: US Trustee Appoints 5-Member Creditors Committee
* PUERTO RICO: Can't Pay “Early Retirement” to Laid Off Employees


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

CONINDUS SRL: Proofs of Claim Verification Due on May 22
--------------------------------------------------------
Nelida Cunarro, the court-appointed trustee for Conindus SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 22, 2009.

Ms. Cunarro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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.


DONA CAROLINA: Asks for Opening of Preventive Contest
----------------------------------------------------
Dona Carolina SA asked for the opening of preventive contest.

The company stopped its payment on October 30, 2008.


INDUSTRIAS CARSIGOM: Asks for Opening of Preventive Contest
-----------------------------------------------------------
Industrias Carsigom SA asked for the opening of preventive contest
with the assistance of Court No. 21 in Buenos Aires, with the
assistance of Clerk No. 41.


TANDLER SRL: Proofs of Claim Verification Due on April 23
---------------------------------------------------------
The court-appointed trustee for Tandler S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 23, 2009.

The trustee will present the validated claims in court as
individual reports on June 8, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 22, 2009.



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

ABACUS INVESTMENTS: Members' General Meeting Set for April 15
-------------------------------------------------------------
The members of Abacus Investments Limited will hold their general
meeting on April 15, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Nicholas Hoskins is the company's liquidator.


CYRUS REINSURANCE: Creditors' Proofs of Debt Due on March 20
------------------------------------------------------------
The creditors of Cyrus Reinsurance Limited are required to file
their proofs of debt by March 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          John C. McKenna
          CA of Finance & Risk Services Ltd.
          Suite 502, 26 Bermudiana Road
          Hamilton HM 11
          Bermuda


CYRUS REINSURANCE: Members' General Meeting Set for April 10
------------------------------------------------------------
The members of Cyrus Reinsurance Limited will hold their general
meeting on April 10, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          John C. McKenna
          CA of Finance & Risk Services Ltd.
          Suite 502, 26 Bermudiana Road
          Hamilton HM 11
          Bermuda


FREMONT REINSURANCE: Court Enters Wind-Up Order
-----------------------------------------------
On February 27, 2009, the High Court of Bermuda entered an order
to have Fremont Reinsurance Co. Ltd.'s operations wound up.

The company's provisional liquidators are:

          Mark Smith
          Rachelle Frisby
          Deloitte & Touche


LONGCASTLE INTERIM: Creditors' Proofs of Debt Due on March 20
-------------------------------------------------------------
The creditors of Longcastle Interim Holdings (Bermuda) Limited are
required to file their proofs of debt by March 20, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


LONGCASTLE INTERIM: Members' General Meeting Set for April 7
------------------------------------------------------------
The members of Longcastle Interim Holdings (Bermuda) Limited will
hold their general meeting on April 7, 2009, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


MOUNTAIN VIEW: Creditors' Proofs of Debt Due on March 23
--------------------------------------------------------
The creditors of Mountain View Indemnity Ltd. are required to file
their proofs of debt by March 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 2009.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


MOUNTAIN VIEW: Sole Member to Receive Wind-Up Report on April 6
---------------------------------------------------------------
The sole member of Mountain View Indemnity Ltd. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 6, 2009, at 3:00 p.m.

The company commenced liquidation proceedings on Feb. 20, 2009.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


SAGECREST HOLDINGS: Appoints Mitchell as Provisional Liquidator
---------------------------------------------------------------
On March 3, 2009, Peter C. B. Mitchell was appointed as
provisional liquidator of Sagecrest Holdings Limited.


THE UNIVERSAL: Creditors' Proofs of Debt Due on April 6
-------------------------------------------------------
The creditors of The Universal Bond Fund Limited are required to
file their proofs of debt by April 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 5, 2009.

The company's liquidator is:

          Roderick M. Forrest
          Chancery Hall, 52 Reid Street
          Hamilton HM 12
          Bermuda


THE UNIVERSAL: Members' General Meeting Set for April 13
--------------------------------------------------------
The members of The Universal Bond Fund Limited will hold their
general meeting on April 13, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on March 5, 2009.

The company's liquidator is:

          Roderick M. Forrest
          Chancery Hall, 52 Reid Street
          Hamilton HM 12
          Bermuda


VANGUARD INSURANCE: Court Enters Wind-Up Order
-----------------------------------------------
On February 27, 2009, the High Court of Bermuda entered an order
to have Vanguard Insurance Company Ltd.'s operations wound up.

The Official Receiver was constituted as the company's provisional
liquidator.


WAIMEA LIMITED: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------------
The creditors of Waimea Limited are required to file their proofs
of debt by March 20, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


WAIMEA LIMITED: Members' General Meeting Set for April 10
---------------------------------------------------------
The members of Waimea Limited will hold their general meeting on
April 10, 2009, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda



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

XL CAPITAL: Chairman & Board Member Won't Seek Re-Election
----------------------------------------------------------
XL Capital Limited's Chairman of its Board of Directors and former
President and CEO Brian M. O'Hara, along with John T. Thornton, a
member of its Board since 1988, have decided not to stand for re-
election at the Annual General Meeting on April 24, 2009.

Robert S. Parker and Alan Z. Senter, Board members since 1992 and
1986 respectively, have decided to retire from the Board at the
end of 2009.

"I have had the pleasure of serving with these three directors for
many years," noted outgoing Chairman Mr. O'Hara.  "We have seen XL
through good and difficult times. It is fitting that having guided
the Company through this very challenging past year and installed
a new CEO, that we step aside for a new generation of Board
leadership."

Lead Director Robert R. Glauber said: "First of all I would like
to thank Brian.  Obviously the events of the past year were hardly
the way in which Mr. O'Hara had planned to retire, and it has been
very public just how painfully and fully aligned Mr. O'Hara's
fortunes have always been with shareholders.  At the same time we
would all do well to remember that without Brian this franchise
simply would not exist."

He added: " Mr. O'Hara, Mr. Thornton, and Mr. Senter have helped
lead us through the on-boarding of a new CEO and dealing with the
recent challenges. By deciding to leave the Board, they allow the
passing of the baton of governance to a new generation of Board
leadership. We are all grateful to them for their long service and
for their wisdom and grace in stepping forward to allow the Board
to be refreshed."

Following the retirement of Mr. O'Hara and Mr. Thornton
immediately prior to the Annual General Meeting, the Board will be
fixed at 11 directors.

                        About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed these ratings
with a negative outlook:

* XL Capital Ltd -- senior unsecured debt at Baa2; preferred
stock at Ba1;

* XL Capital Finance (Europe) plc -- senior unsecured debt at
Baa2;

* XLLIAC Global Funding -- backed medium term notes at A2;

* Stoneheath Re -- preferred stock at Ba1;

* Premium Asset Trust Series 2004-9 -- senior secured at A2.


XL CAPITAL: Pays Two Chief Executives a Combined US$16 Million
--------------------------------------------------------------
XL Capital Limited paid out more than US$16 million in
compensation to two chief executives that oversaw the company in
2008, Stephen Bernard of The Royal Gazette reports.

According to the report, non-executive chairman Brian O'Hara, who
served as CEO until April 30, was paid US$8.7 million in 2008,
which was a 17% increase from the full-year's pay in 2007, while
his replacement, Michael McGavick, received US$7.5 million in
compensation for the eight months he served as the company's CEO.
The Gazette relates that the company's executives took home more
pay than in 2007, despite the struggles of the company.

Mr. O'Hara's salary, the report notes, declined 67% to US$333,333
as he only served as CEO for one-third of the year, while his
bonus dropped 60% to US$600,000.  The Gazette says the primary
increases in Mr. O'Hara's pay package came from other compensation
- which includes a travel allowance, retirement contributions and
a housing allowance, among other items - and from the value of
stock options and restricted stock he was awarded in 2008.

The Gazette relates Mr. O'Hara's stock options and restricted
stock payments more than doubled to US$4.8 million in 2008.

Mr. O'Hara, the report notes, took home US$861,058 in other
compensation, compared with US$684,471 in 2007.

Meanwhile, The Gazette says Mr. McGavick, during his first eight
months of work, received a salary of US$666,667, with a total
bonus of US$3.5 million.  The remainder of his salary came from
other compensation and stock options and restricted stock awards,
the report adds.

Mr. McGavick, the report notes, received $881,956 in other
compensation, and US$2.4 million in stock options and restricted
stock awards.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed these ratings
with a negative outlook:

* XL Capital Ltd -- senior unsecured debt at Baa2; preferred
stock at Ba1;

* XL Capital Finance (Europe) plc -- senior unsecured debt at
Baa2;

* XLLIAC Global Funding -- backed medium term notes at A2;

* Stoneheath Re -- preferred stock at Ba1;

* Premium Asset Trust Series 2004-9 -- senior secured at A2.



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

BANCO DO BRASIL: Central Bank Approves Nossa Caixa Acquisition
--------------------------------------------------------------
Brazil's central bank approved state-run Banco do Brasil's
purchase of Nossa Caixa, a commercial bank owned by the state of
Sao Paulo, Isabel Versiani of Reuters reports.

As reported in the Troubled Company Reporter - Latin America on
November 24, 2008, Bloomberg News said Banco do Brasil will buy a
71.2% stake in Banco Nossa for BRL5.39 billion in cash after 7
months of negotiations.  The bank is paying BRL70.63 a share, an
18th month installment of BRL299.2 million beginning March 2009,
aiming to regain its top rank as Latin America's biggest financial
group, the same report noted.

"The central bank concluded that the operation does not jeopardize
competition in the (national financial) system," the central bank
said in a press release obtained by Reuters.

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these ratings of Banco do
Brasil S.A.:

  -- Long-term foreign and local currency Issuer Default Rating at
     'BBB-'
  -- Short-term foreign and local currency IDR at 'F3'
  -- Support Rating at '2'
  -- Individual Rating at 'C/D'
  -- Support Rating Floor at 'BBB-'
  -- National Long-term rating at 'AA+(bra)'
  -- National Short-term rating at 'F1+(bra)'


BANCO SCHAHIN: S&P Withdraws 'B/B' Global Scale Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'B/B'
global scale and 'brBBB-brA-3' Brazil national scale long-term
counterparty credit ratings on Banco Schahin S.A., at the
company's request.


* BRAZIL: BNP Paribas Says Economy to Contract 1.5% This Year
-------------------------------------------------------------
Brazil’s economy may shrink 1.5% this year as exports decline and
retail spending dries up, lowering a previous forecast for a 0.4%
contraction, Joshua Goodman of Bloomberg News reports, citing BNP
Paribas analysts Diego Donadio.

“The external environment is taking longer to recover and that
will depress demand for Brazilian products and hurt domestic
spending,” BNP economist Diego Donadio told Bloomberg News in a
phone interview.

According to the report, the national statistics agency said gross
domestic product fell 3.6% in the fourth quarter from the previous
three-month period as companies slashed output.  The drop exceeded
forecasts from all 31 analysts surveyed by Bloomberg.  Brazil’s
economy expanded 1.3% from the year-ago period, the report
recalls.



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

BOMO LTD: Placed Under Voluntary Wind-Up
----------------------------------------
The shareholder of Bomo Ltd. resolved to voluntarily wind up the
company's operations on January 2, 2009.

Only creditors who were able to file their proofs of debt by
February 24, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Argosa Corp. Inc.
          c/o Alan G. de Saram
          Charles Adams, Ritchie & Duckworth
          P.O. Box 709, Zephyr House
          Mary Street, George Town
          Grand Cayman KY1-1107
          Tel: 949-4544
          Fax: 949-8460


BRANDYMIST LTD: Placed Under Voluntary Wind-Up
----------------------------------------------
The shareholder of Brandymist Ltd. resolved to voluntarily wind up
the company's operations on January 2, 2009.

Only creditors who were able to file their proofs of debt by
February 24, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Argosa Corp. Inc.
          c/o Alan G. de Saram
          Charles Adams, Ritchie & Duckworth
          P.O. Box 709, Zephyr House
          Mary Street, George Town
          Grand Cayman KY1-1107
          Tel: 949-4544
          Fax: 949-8460


BUTTONWOOD HOLDING: Placed Under Voluntary Wind-Up
--------------------------------------------------
The shareholders of Buttonwood Holding Company Cayman Limited met
on January 12, 2009, and resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

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


CANADA 7.25% 2008: Placed Under Voluntary Wind-Up
-------------------------------------------------
The shareholder of Canada 7.25% 2008 (Cayman) resolved to
voluntarily wind up the company's operations on December 12, 2008.

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

The company's liquidators are:

          Nicola Eccleston
          Sylvia Lewis
          c/o Nicola Eccleston
          P.O. Box 1109, Grand Cayman KY1-1102
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634


EW GLOBAL: Placed Under Voluntary Wind-Up
-----------------------------------------
The shareholder of EW Global Funding Limited resolved to
voluntarily wind up the company's operations on January 16, 2009.

The company's liquidator is:

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


J.P. MORGAN ASIA: Placed Under Voluntary Wind-Up
------------------------------------------------
The shareholders of J.P. Morgan Asia Technology Limited met on
January 12, 2009, and resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

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


MELCHIOR JAPAN ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On December 30, 2008, the shareholders resolved to voluntarily
wind up the operations of:

   -- Melchior Japan Fund 002 Limited; and
   -- Melchior Japan (Master) Fund 002 Limited.

Only creditors who were able to file their proofs of debt by
February 23, 2009, will be included in the company's dividend
distribution.

The companies' liquidator is:

          Richard E. L. Fogerty
          c/o Dian Wardle
          Kroll (Cayman) Limited, 4th Floor
          Bermuda House, Dr. Roy’s Drive
          Grand Cayman
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082


NEWGATE EMERGING: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole shareholder of Newgate Emerging Markets Bond Fund Limited
resolved to voluntarily wind up the company's operations on
January 13, 2009.

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

The company's liquidator is:

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


PAMPLONA GLOBAL ET AL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On January 16, 2009, the shareholders resolved to voluntarily wind
up the operations of:

   -- Pamplona Global Emerging Markets Master Fund Ltd; and
   -- Pamplona Global Emerging Markets Fund Ltd.

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

The company's liquidator is:

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


PEGASYS MARINE: Placed Under Voluntary Wind-Up
----------------------------------------------
The shareholder of Pegasys Marine, Inc. resolved to voluntarily
wind up the company's operations on January 12, 2009.

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

The company's liquidator is:

          Alan Dabbiere
          1425 Ellsworth Industrial Blvd.
          Suite 33, Atlanta
          GA 30318 USA
          Tel: 404-558-2181
          Fax: 703-356-3788


RECIENTE INC: Placed Under Voluntary Wind-Up
--------------------------------------------
The shareholder of Reciente Inc. resolved to voluntarily wind up
the company's operations on January 16, 2009.

The company's liquidator is:

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


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

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

The company's liquidator is:

          Ogier
          c/o Bryant Terry
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949-9876
          Facsimile: (345) 949-1987


SAP GROUP: Placed Under Voluntary Wind-Up
-----------------------------------------
The shareholder of SAP Group Limited resolved to voluntarily wind
up the company's operations on September 23, 2008.

Only creditors who were able to file their proofs of debt by
March 3, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eduardo Aristu
          Tel: 0054 11 4343 3488
          Avda. Alicia Moreau de Justo 740
          Puerto Madero, Loft 212
          Buenos Aires, Argentina


SOUTHEAST EUROPE: Placed Under Voluntary Wind-Up
------------------------------------------------
The shareholders of Southeast Europe Equity Fund Ltd. met on
December 31, 2008, and resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

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


SPYGLASS CLO I: Placed Under Voluntary Wind-Up
----------------------------------------------
The shareholder of Spyglass CLO I, Ltd. resolved to voluntarily
wind up the company's operations on January 16, 2009.

The company's liquidator is:

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


TAIB EXPLORER: Placed Under Voluntary Wind-Up
---------------------------------------------
On February 2, 2009, the shareholders of Taib Explorer Fund, Ltd.
passed a written resolution that voluntarily wind up the company's
operations.

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

The company's liquidator is:

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


THE CUADRAR OFFSHORE ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On January 15, 2009, the shareholders resolved to voluntarily wind
up the operations of:

   -- The Cuadrar Offshore Master Fund, Ltd; and
   -- The Cuadrar Offshore Fund, Ltd.

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

The companies' 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


TRUE NORTH: Placed Under Voluntary Wind-Up
------------------------------------------
The shareholder of True North Global Opportunities Limited
resolved to voluntarily wind up the company's operations on
December 24, 2008.

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

The company's liquidator is:

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



=========
C H I L E
=========

EMBLEM FINANCE: S&P Pares Rating On Series 3 2028 Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Emblem
Finance Co. No. 2 Ltd.'s Chilean peso 20,833,442,750 inflation-
adjusted notes series 3 due 2028 to 'B-' from 'BB+'.  The rating
remains on CreditWatch with negative implications, where it was
placed Jan. 22, 2009.

The rating action follows S&P's March 10, 2009, lowering of its
long-term corporate credit rating on Cemex S.A.B. de C.V. to 'B-'
from 'BB+'.

Emblem Finance Co. No. 2 is a synthetic structured financing with
a first-to-default structure that is credit-linked to Cemex.  The
transaction is collateralized by Republic of Chile (foreign
currency rating A+/Stable/A-1; local currency rating AA/Stable/A-
1+) peso-denominated and inflation–adjusted sovereign bonds.  The
transaction also has exposure to JPMorgan Chase Bank N.A.
(AA-/Negative/A-1+), the swap counterparty.

If a credit event occurs regarding Cemex, investors will receive a
cash settlement amount in U.S. dollars that is calculated
according to the market value of the reference obligation and the
swap, and the amount of liquidation proceeds realized from the
collateral.

Emblem Finance Co. No. 2 is part of the Corsair multi-issuance
program, which is sponsored by J.P. Morgan Securities Ltd., and
was created to issue multiple series of notes so that each
issuance's ratings and credit risk are independent of the others.

S&P will continue to surveil the issue rating on this asset-backed
securities securitization and revise the rating as necessary to
reflect any changes in the transactions' underlying credit
quality.



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

FM INDUSTRIES: To Cut 1,000 Jobs to Continue Working
----------------------------------------------------
FM Industries said it will lay off 1,000 employees, but will
continue to operate with 500, The Dominican Today reports.

According to the report, the company in a statement said that the
job cuts will allow it to continue working and to meet its
commitments with customers and suppliers.

FM Industries, the report relates, expects the causes that led it
to reduce personnel are temporary and that the external and
internal factors that affects the free zone sector improves in the
near future, allowing it to reinstate the laid off personnel.

FM Industries, since 1987, makes U.S. brand trousers in the Victor
Espaillat Mera Industrial Free Zone Park.



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

ECOPETROL: Buys Hocol Petroleum From Maurel & Prom for US$748Mln
----------------------------------------------------------------
Ecopetrol SA has agreed to purchase Maurel & Prom's Hocol
Petroleum Ltd (Hocol Colombia) for US$748 million.

The total transaction price, payable in cash, could be increased
by these earn-outs:

    - earn-out based on the level of the 2P reserves of the
      potential Huron field in the Niscota license; and

    - earn-out linked to the level of the oil price.

Moreover Maurel & Prom will keep these assets:

    - 100% of the Muisca exploration permit;
    - 50% of the Hocol rights in the Tangara exploration permit
      (partnership with Ecopetrol and Talisman);
    - 100% of the Sabanero exploration permit;
    - 100% of the SN-9 exploration permit;
    - 100% of the Block 116 in Peru exploration permit;
    - its 26.35% stake in Lagopetrol in Venezuela;
    - its interests in Brasil (pending the final agreement).

The transaction has an effective date of January 1, 2009.  Closing
is subject to the satisfaction of customary conditions precedent,
including the approval from the Colombian Competition Authority
and the final purchase price may be adjusted based on the
calculation of the net financial situation in accordance with the
agreement of the parties.

The proceeds of the sale will be used by the Group to pursue the
exploration program that is the core business of Maurel & Prom.

                     About Hocol Petroleum

Hocol operates in Colombia for more than 50 years as an E&P
company.  It has been bought by Maurel & Prom in August 2005.  In
less than 4 years, Maurel & Prom boosted the exploration side of
the company in developing and in enlarging its mining rights.  The
most important success since 2005 has been the Ocelote discovery
in 2007 and entered into production in 2008.

The entitled production for 2008 was 15,358 boepd. As of January,
30th 2009, the entitled production was 22,000 boepd.

                       About Ecopetrol S.A.

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

                          *     *     *

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



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

AIR JAMAICA: Search is On for Ex-Employee in J$61 Million Theft
---------------------------------------------------------------
Authorities are now looking for the former Air Jamaica employee
Andre Leslie, who is being sought for questioning in connection
with the J$61 million (US$700,000) heist at the national carrier,
CaribWorldNews reports.

The report relates Air Jamaica's CEO Bruce Noble said the
airline's internal security and audit department; external
auditors; and other domestic and international authorities are
probing the theft.

According to the report, Mr. Leslie was a Treasury Assistant at
the airline up until February 3, 2009, when he walked off the job.
Soon after, the theft was reportedly discovered, the report says.

Mr. Noble, the report points out, insisted that the airline took
immediate steps to prevent any further breaches once the fraud was
uncovered.

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

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

                          *     *     *

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


* JAMAICA: Used Cars Business Hit by Downturn in Local Economy
--------------------------------------------------------------
Some of Jamaica's used car dealers have started to close their
operations as the downturn in the local economy takes a further
toll on the auto industry, Radio Jamaica News reports.

The Jamaica Used Car Dealers Association, the report relates, said
at least two members have drawn down their shutters permanently
after sales nose-dived while other have started to down size their
operations.

President of the Association, Kenneth Shaw, told Radio Jamaica's
Financial Report that the situation has reached crisis level.
"We're trying to hold on and see how best we can survive and how
best we can diversify our operations to be able to stay afloat but
the inevitable will come down the line unless the whole global
situation changes.  The situation will get worst but we're waiting
to see how much worse it will get in the next couple of months,"
the news agency quoted Mr. Shaw as saying.

The Association currently has a little over 60 members, the report
adds.

                          *     *     *

According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.



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

CEMEX SAB: S&P Downgrades Global Corporate Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on Cemex S.A.B de C.V. and its key operating subsidiaries
(Cemex España S.A., Cemex Mexico S.A. de C.V., and Cemex Inc.),
including lowering the long-term global scale corporate credit
ratings on Cemex and Cemex Mexico to 'B-' from 'BB+'.

The ratings remain on CreditWatch, where they were placed with
negative implications on Jan. 21, 2009.

S&P also lowered the long-term Mexican national scale corporate
credit ratings on the companies, to 'mxBB' and 'mxB' from 'mxAA-'
and 'mxA-1'.

At the same time, S&P lowered its rating on Cemex's fixed-to-
floating callable perpetual debentures to 'CCC' from 'BB'.

"The rating action followed the announcement yesterday that the
issuer has indefinitely postponed its previously announced capital
markets debt financing," said Standard & Poor's credit analyst
Juan Pablo Becerra.  "It also reflects our concerns about timely
refinancing of its bank loan maturities in 2009."

Standard & Poor's estimates that Cemex needs to meet a cash flow
shortfall this year of about $1.8 billion to $2.0 billion, net of
estimated free cash flow.

The company announced that it has initiated discussions with its
core banks to renegotiate the majority of its outstanding debt.
However, S&P remain concerned that depressed asset prices and the
near-freeze in global credit markets may hamper refinancing
efforts and asset sales, causing access to resources to take
longer or be lower than S&P originally expected.

The company is continuing in its effort to cover its 2009
maturities shortfall, and S&P expects that it will be able to
refinance or extend these debt maturities.  Nonetheless, terms and
conditions are now much more uncertain.

As a result of these developments, S&P also believes that the risk
of payment deferral on the company's perpetual notes has increased
significantly; this is reflected in the widening of the gap
between the perpetual debentures and the corporate and senior
unsecured rating.  Under S&P's criteria, payment deferral on the
perpetual notes would lead us to adjust the rating on the notes to
'C'.

To resolve the CreditWatch, S&P intends to follow any further
developments in Cemex's progress in refinancing its maturities due
in 2009 and 2010.  It is likely that S&P will lower the rating if
the company is unable to accomplish an asset sale or a refinancing
in the next few months as it has announced.


COMERCI: Gets Restructuring Proposal From Counterparties
--------------------------------------------------------
Controladora Comercial Mexicana SAB (Comerci) received a
restructuring proposal from derivatives counterparties, Hugh
Collins of Bloomberg News reports.

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

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

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

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

The banks that sold the derivatives, Bloomberg News notes,
included Merrill Lynch & Co., Citigroup Inc.’s Banamex unit,
Goldman Sachs Group Inc. and Barclays Plc.

The company, Bloomberg News recalls, filed for bankruptcy
protection at least three times, and ended its legal attempts to
enter bankruptcy in order to facilitate negotiations with
creditors.

                          About Comerci

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



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

CARABEL EXPORT: Court OKs Auction; Continental is Lead Bidder
-------------------------------------------------------------
Upon the motion of Carabel Export & Import, Inc. d/b/a
Italceramica, et al., the U.S. Bankruptcy Court for the District
of Puerto Rico approved on March 6, 2009:

  i) the bidding procedures for the sale of the Debtors' assets
     to Continental Tiles, Inc., which is the stalking horse
     bidder, or to the bidder submitting the highest or otherwise
     best bid at the auction;

ii) the sale of the assets to the successful bidder at the
     auction sale to be conducted as provided in the Bidding
     Procedures; and

iii) the stipulation between Westernbank and the Debtors for the
     use of Cash Collateral.

Continental, the Stalking Horse Bidder, the stock of which is held
by the Debtors' president's father, Mr. Heli Rivera, has submitted
a bid of $2,500,000 for the Debtors' assets.  The assets to be
sold include all of the Debtors' merchandise inventory, machinery
and equipment, and all other known assets, as well as the
"Italceramica", "National Ceramics" and "Caribbean Marble &
Granite" Trade Name, logos and their domain.

The Court has set a sale hearing for April 7, 2009, at 10:30 a.m.

The bid deadline is March 31, 2009.  Responses or objections, to
any of the relief requested by the Debtors, including the entry of
the Sale Order, shall be filed with the Bankruptcy Court so as to
received on or before 4:00 p.m. on April 6, 2009, and served on
the Notice Parties not later than the close of business on
April 3, 2009.

                   Agreement with Westernbank

Pursuant to the agreement with Westernbank, the Debtors are
permitted to use Cash Collateral of Westernbank in an amount not
to exceed $250,000 per month, up to and including April 15, 2009,
and solely to satisfy the expenses included in a budget.  All
payments and expenses from the Cash Collateral shall be subject to
the approval of Pedro Morazanni, from Zayas & Morazzani, as the
Monitor of Westernbank's Collateral.  In addition to the $250,000,
Westernbank also authorizes the Debtors to use Cash Collateral in
an amount not to exceed $30,000, to satisfy postpetition, allowed
and unpaid professional fees of the Debtors' counsel and
accountant.

Furthermore, all of the proceeds of the sale up to the amount of
the Westernbank Claim shall go to Westernbank, through a plan of
liquidation, subject a Carve-Out in the amount of $60,000 for the
fees of the Debtors' professionals plus any amounts which are
required for the payment of the U.S. Trustee fees.

As of the petition date, the Debtors owed Westernbank
approximately $18,577,639 under the Financing Agreements.  The
Debtors' obligations under the Financing Agreements is secured by
a first priority security interest over substantially all of the
assets of the Debtors.

                          Auction Sale

Pursuant to the Asset Purchase Agreement between Debtors and
Continental, the auction sale, if necessary, will be conducted on
or before April 6, 2009, at 10:00 a.m. prevailing eastern time at
the offices of O'neill & Borges, American International Plaza, 250
Munoz Street, Suite 800, in San Juan, PR 00918-1913.

                  Approved Bidding Procedures

To become a Qualified Bidder for the purchase of the Debtors'
assets, a potential bidder must provide satisfactory evidence of
committed financing reasonably sufficient to ascertain said
bidder's ability to close the sale on or before April 15, 2009.

A potential bidder must submit an executed Agreement on
substantially the same terms as set forth in the Asset Purchase
Agreement marked to show changes thereto, which are not
conditioned on obtaining financing and contain an offer to
purchase the assets for no less than $100,000 in excess of the
purchase price set forth in the Asset Purchase Agreement.

Qualified Bids must be accompanied by a cash deposit of $125,000,
which deposit shall be forfeited as liquidated damages if the
Potential Bidder is selected as the successful bidder at the
auction, approved by the Bankruptcy Court and fails or refuses to
close for reasons other than the Sellers' default..

A full-text copy of the Approved Bidding Procedures is available
at:

  http://bankrupt.com/misc/CarabelExport.BiddingProcedures.pdf

A full-text copy of the Asset Purchase Agreement between the
Debtors and Continental Tiles, Inc., dated as of March 4, 2009, is
available at:

        http://bankrupt.com/misc/CarabelExport.APA.pdf

Based in Caguas, Puerto Rico, Carabel Export and Import Inc., dba
ItalCeramica, and its affiliates filed separate Chapter 11
petitions on December 30, 2008 (Bankr. D. P.R. Lead Case No.
08-08956).  The Hon. Enrique S. Lamoutte oversees the case.
Charles Alfred Cuprill, Esq., in San Juan, represents the Debtors.
When it filed for bankruptcy, Carabel disclosed $14,544,289 in
total assets, and $26,957,250 in total debts.


CARABEL EXPORT: US Trustee Appoints 5-Member Creditors Committee
----------------------------------------------------------------
Donald F. Walton, the United States Trustee for Region 21,
appointed 5 creditors to serve on the Official Committee of
Unsecured Creditors in Carabel Export and Import, Inc. and its
debtor-affiliates' jointly administered Chapter 11 cases.

The Creditors Committee members are:

    a) Italcrafts (Fincrafts S.p.A)
       c/o Mr. Faraci Massimo
       Via Sacco e Vanzetti 22/24/26
       Fiorano Modenese (Mo), Italy 41042
       Tel: +39 0536 838911
       Fax: +39 0536 831205
       Email: giordani@italcrafts.it

    b) American Supply, Inc.
       400 Alton Road TI
       Miami Beach, FL 33139-6702
       c/o Kayla Feliciano Ruiz, Esq.
       Union Plaza, Suite 311
       416 Ponce de Leon Ave.
       San Juan, P.R. 00918-3430
       Tel: (787) 751-8999
            (787) 763-7760
       Email: kfeliciano@tcmrslaw.com

    c) Luis Sanchez Diez, S.A.
       c/o Mr. Luis Miguel Segura Sanchez - Administrator
       Campet 10 PO Box 57
       Alicante-Spain, Novelda
       Spain 3660
       Tel: 34 965 60 17 90
       Fax: 34 965 60 10 93
       Email: admin@lsd.es

    d) Pamesa Ceramica SL
       c/o Mr. Jose Antonio Subies Casanova - Sales Area Manager
       Camino de Alcora N.8
       Almazora (Castellon), Spain 12550
       Tel: 34 964 50 75 11
       Fax: 34 964 52 27 16
       Email: jasubies@pamesa.com

    e) Unicom SRL
       c/o Mr. Antonio Poggi - President
       Via Flumendosa, 7
       41042 Spezzano di Fiorano
       Modenise (Mo), Italy
       Tel: +39 0536 9266011
       Fax: +39 0536 926026
       Email: antonio.poggi@unicomstarker.com

Based in Caguas, Puerto Rico, Carabel Export and Import Inc., dba
ItalCeramica, and its affiliates filed separate Chapter 11
petitions on December 30, 2008 (Bankr. D. P.R. Lead Case No.
08-08956).  The Hon. Enrique S. Lamoutte oversees the case.
Charles Alfred Cuprill, Esq., in San Juan, represents the Debtors.
When it filed for bankruptcy, Carabel disclosed $14,544,289 in
total assets, and $26,957,250 in total debts.


* PUERTO RICO: Can't Pay “Early Retirement” to Laid Off Employees
-----------------------------------------------------------------
Puerto Rico’s Retirement System lacks funds to pay off thousands
of government workers that will be forced to retire early, Maria
Miranda Sierra of Caribbean Net News reports, citing Popular
Democratic Party (PDP) Sen. Cirilo Tirado.

Mr. Tirado, the report relates, noted that the Commonwealth’s
Retirement System has been facing serious fiscal problems for
years, and if public workers are forced to retire early, those who
are already retired and receive these benefits will be affected as
well.

“If workers leave their jobs before hand and opt to retire, the
government has to advance payments to meet the Law without
necessarily having the fiscal resources to do so,” Tirado said in
a written statement obtained by the news agency.  “Implementing
this measure without a detailed and serious study puts at risk the
retirement checks some 300,000 retired public workers currently
receive.”

As reported in the Troubled Company Reporter-Latin America on
March 6, 2009, CaribWorldNews said Puerto Rico Governor Luis
Fortuno said the government may cut 14% of public work force,
around 30,000 employees, as the country attempts to shore up its
ailing economy.

Governor Fortuno, the report related, said the layoffs will begin
on July 1 and are necessary despite the some $5 billion that the
island will receive under President Barack Obama's stimulus
package.

“The government is too big and spends too much,"
Governor Fortuno was quoted by CaribWorldNews as saying. "Simply,
the government has to be minimized."



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

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

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

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

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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