TCRLA_Public/090313.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

             Friday, March 13, 2009, Vol. 9, No. 51

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD GROUP: Receiver Sues N.Y. Landlord for Ending Lease
STANFORD INT'L BANK: Stanford Group Cuts 170 Jobs in Florida


A R G E N T I N A

APRINTA SA: Proofs of Claim Verification Due on May 4
GLOBAL MEDIC: Trustee Verifying Proofs of Claim Until April 16
MASTERING SA: Proofs of Claim Verification Due on April 23
MUTUAL AGUA: Asks for Opening of Preventive Contest
V8 BAR: Trustee Verifying Proofs of Claim Until May 4


B A H A M AS

CL FINANCIAL: Bahamas Has US$23 Mln Annuities Tied to Clico


B E R M U D A

CHASE RE: Creditors' Proofs of Debt Due on March 25
CHASE RE: Members' Meeting Set for April 15
EUROPEAN TECHNOLOGY: Creditors' Proofs of Debt Due on March 25
EUROPEAN TECHNOLOGY: Members' Meeting Set for April 15
EUROPEAN TECHNOLOGY: Creditors' Proofs of Debt Due on March 25

EUROPEAN TECHNOLOGY: Members' Meeting Set for April 15
KIC LTD: Supreme Court Enters Wind-Up Order


C A Y M A N  I S L A N D S

BRAC 2: Placed Under Voluntary Liquidation
CHARLEMAGNE CAPITAL: Commences Wind-Up Proceedings
DD ACQUISITION ET AL: Commences Liquidation Proceedings
DD 2 ACQUISITION: Commences Liquidation Proceedings
ECONERGY GRAND: Placed Under Voluntary Wind-Up

EOC CORP VI: Commences Wind-Up Proceedings
EOC CORP: Creditors' Proofs of Debt Due on March 18
GLAUX INVESTMENTS: Commences Wind-Up Proceedings
HARBOR DRIVE: Commences Wind-Up Proceedings
INVESTCORP INTERLACHEN ET AL: Commences Liquidation Proceedings

MIDAS FUND: Commences Liquidation Proceedings
P7S1 MANAGEMENT: Placed Under Voluntary Wind-Up
PENGANA ABSOLUTE: Commences Wind-Up Proceedings
RAMIUS FIXED: Placed Under Voluntary Liquidation
RAMIUS OPPORTUNISTIC: Placed Under Voluntary Liquidation

SATURN INC: Commences Wind-Up Proceedings
SS7 HOLDINGS: Commences Liquidation Proceedings
TUTSAN INVESTMENTS: Commences Wind-Up Proceedings
ZS CAYMAN: Placed Under Voluntary Wind-Up
* CAYMAN ISLANDS: Lawyers Say Toxic Asset Funds Increasing


C H I L E

CSAV: Shares Plunge to 6-Year Low on Debt Payment Concerns


C O L O M B I A

BANCOLOMBIA: Falls One-Week Low as BofA Cuts Shares to “Neutral”
BANCOLOMBIA: Posts Ps. 177.1 Billion Net Income in February


E C U A D O R

* ECUADOR: Loan Default Hinders Bank Financing, Pres. Correa Says


J A M A I C A

JCSA: Independent Auditor to Probe Financial Affairs


M E X I C O

CEMEX SAB: Shares Hit One Month High on Refinance Optimism


N E T H E R L A N D S  A N T I L L E S

WINAIR: To End Flights to St Kitts by End of March


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

CL FINANCIAL: Gov't to Borrow More to Rescue Company
CL FIN'L: Finance Minister Closed CLICO Accounts Before Melt Down


V E N E Z U E L A

PDVSA: To Continue Paying Debts After Revision of Tariffs


                         - - - - -


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

STANFORD GROUP: Receiver Sues N.Y. Landlord for Ending Lease
------------------------------------------------------------
Ralph Janvey, the court-appointed receiver for companies
controlled by Texas financier R. Allen Stanford, sued a New York
landlord to assert "wrongful termination" of a lease for Stanford
Group Co.'s midtown Manhattan offices, Carla Main of Bloomberg
said.

The Bloomberg report said that the complaint filed March 6 in New
York State Supreme Court said that Stanford leased four floors
from the landlord, 330 Madison Co., beginning in February 2005.
330 Madison claimed March 3 that Stanford was in default and was
terminating the lease.  Mr. Janvey, however, asserts that the
lease has not expired and has important economic value to the
receivership estate.

                     About Stanford Group

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.



STANFORD INT'L BANK: Stanford Group Cuts 170 Jobs in Florida
------------------------------------------------------------
Stanford Financial Group laid off more than 170 workers in
Florida, Jamaica Gleaner reports.

The report relates the Florida State Department of Labour said
most of the affected jobs were based in Miami, where 95 people
were sent home from the firm's downtown office.

According to the report, disclosures filed on March 9 showed
46 employees were also sent home from offices in Boca Raton, and
smaller numbers in Fort Lauderdale, Vero Beach, Longboat Key and
Orlando.

The labour department, the report notes, said the layoffs took
effect on March 6.

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

APRINTA SA: Proofs of Claim Verification Due on May 4
-----------------------------------------------------
Carlos Bavio, the court-appointed trustee for Aprinta SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 4, 2009.

Mr. Bavio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 44, 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:

          Carlos Bavio
          Pavon 4374
          Buenos Aires, Argentina


GLOBAL MEDIC: Trustee Verifying Proofs of Claim Until April 16
--------------------------------------------------------------
The court-appointed trustee for Global Medic S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 16, 2009.

The trustee will present the validated claims in court as
individual reports on June 4, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 17, 2009.


MASTERING SA: Proofs of Claim Verification Due on April 23
----------------------------------------------------------
Mario Cabrosi, the court-appointed trustee for Mastering SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until April 23, 2009.

Mr. Cabrosi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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:

          Mario Cabrosi
          Cramer 2111
          Buenos Aires, Argentina


MUTUAL AGUA: Asks for Opening of Preventive Contest
---------------------------------------------------
Mutual Agua y Energia Electrica Capital Federal asked for the
opening of preventive contest.


V8 BAR: Trustee Verifying Proofs of Claim Until May 4
-----------------------------------------------------
The court-appointed trustee for V8 Bar S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 4, 2009.

The trustee will present the validated claims in court as
individual reports on June 17, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 13, 2009.




============
B A H A M AS
============

CL FINANCIAL: Bahamas Has US$23 Mln Annuities Tied to Clico
-----------------------------------------------------------
Bahamian professionals, religious leaders, businesses, churches
and two government entities - Bahamasair and the Broadcasting
Corporation Of The Bahamas - collectively have US$23 million in
annuities tied up in CLICO Bahamas Limited, a unit of CL Financial
Limited, Nassau Guardian reports.

According to the report, employees of the Broadcasting Corporation
have nearly US$800 000 of pension money at stake in CLICO,
while employees of Bahamasair have tied up nearly US$3 million in
annuities.  Nearly 400 annuities are on CLICO’s books, The
Guardian notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, CaribWorldNews said the Bahamian Supreme Court
granted a request from the islands government to liquidate Clico
Bahamas for the protection of company shareholders.  Craig Gomez
of Baker Tilley Gomez was appointed as the liquidator of the
company, according to CaribWorldNews.

The Guardian relates people who invested in annuities in the
company are said to be deeply concerned about whether they will
get a return on their investments, or get back the money they put
in.

The Guardian recalls one week ago, Prime Minister Hubert Ingraham
said it was too early to tell whether policyholders would lose any
money as a result of the winding up of CLICO, noting “discussions
that will be held between the liquidator and the local insurers
[prospective buyers] will include benefits for both policyholders
and annuity depositors.”

Mr. Ingraham however later pointed out that annuity holders “are
not likely to be as favourably rewarded at the end of the day as
some other policyholders”, The Guardian notes.

                       About CL Financial

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

                          *     *     *

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

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

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

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



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

CHASE RE: Creditors' Proofs of Debt Due on March 25
---------------------------------------------------
The creditors of Chase Re Limited are required to file their
proofs of debt by March 25, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 6, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CHASE RE: Members' Meeting Set for April 15
-------------------------------------------
The members of Chase Re Limited will hold their final general
meeting on April 15, 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 6, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


EUROPEAN TECHNOLOGY: Creditors' Proofs of Debt Due on March 25
--------------------------------------------------------------
The creditors of European Technology Ventures Atlantic Limited are
required to file their proofs of debt by March 25, 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


EUROPEAN TECHNOLOGY: Members' Meeting Set for April 15
------------------------------------------------------
The members of European Technology Ventures Atlantic Limited will
hold their final general meeting on April 15, 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


EUROPEAN TECHNOLOGY: Creditors' Proofs of Debt Due on March 25
--------------------------------------------------------------
The creditors of European Technology Ventures International
Limited are required to file their proofs of debt by March 25,
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


EUROPEAN TECHNOLOGY: Members' Meeting Set for April 15
------------------------------------------------------
The members of European Technology Ventures International Limited
will hold their final general meeting on April 15, 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


KIC LTD: Supreme Court Enters Wind-Up Order
-------------------------------------------
On March 6, 2009, the Supreme Court entered an order to have KIC
Ltd's operations wound up.

Mark W. R. Smith of Deloitte & Touche was appointed as provisional
liquidator.



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

BRAC 2: Placed Under Voluntary Liquidation
------------------------------------------
On October 29, 2008, the sole shareholder of Brac 2 Company
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Max Lever
          Stephen Marquardt
          c/o Matthew Goucke
          Walkers
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands
          Tel: 345 914-6332
          Fax: 345 814-8332
          e-mail: matthew.goucke@walkersglobal.com


CHARLEMAGNE CAPITAL: Commences Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on December 22, 2008, the
shareholders of Charlemagne Capital Russia Value Fund resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Jane Bates
          Rebecca Taylor
          c/o Maples and Calder
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


DD ACQUISITION ET AL: Commences Liquidation Proceedings
-------------------------------------------------------
On January 13, 2009, the shareholder resolved to voluntarily
liquidate the business of:

   -- DD Acquisition Cayman LLC;
   -- DD Acquisition Cayman II LLC.; and
   -- DD Acquisition Cayman II-2 LLC.

Only creditors who were able to file their proofs of debt by
March 9, 2009, will be included in the company's dividend
distribution.

The companies' liquidator is:

          Richard E. L. Fogerty
          c/o Barry Hunte
          Kroll (Cayman) Limited,
          Cayman Financial Centre
          Bermuda House, 4th Floor
          Dr. Roy’s Drive, Grand Cayman
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082
          e-mail: barry.hunte@krollcayman.ky


DD 2 ACQUISITION: Commences Liquidation Proceedings
---------------------------------------------------
On January 13, 2009, the shareholder of DD 2 Acquisition Cayman
LLC passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard E. L. Fogerty
          c/o Barry Hunte
          Kroll (Cayman) Limited,
          Cayman Financial Centre
          Bermuda House, 4th Floor
          Dr. Roy’s Drive, Grand Cayman
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082
          e-mail: barry.hunte@krollcayman.ky


ECONERGY GRAND: Placed Under Voluntary Wind-Up
----------------------------------------------
On January 12, 2009, the sole shareholder of Econergy Grand Cayman
Holdings, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Avalon Management Limited
          c/o Mourant du Feu & Jeune
          Telephone: (+1) 345 949-4123
          Facsimile: (+1) 345 949- 4647


EOC CORP VI: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on January 6, 2009, the
shareholders of EOC Corp VI resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Robert Bigelow III
          c/o Blue River Asset Management, LLC
          7 North Willow Street, Suite 8A
          Montclair


EOC CORP: Creditors' Proofs of Debt Due on March 18
---------------------------------------------------
The creditors of EOC Corp VI are required to file their proofs of
debt by March 18, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Robert Bigelow III
          c/o Blue River Asset Management, LLC
          7 North Willow Street, Suite 8A
          Montclair, NJ 07042, USA


GLAUX INVESTMENTS: Commences Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting held on January 5, 2009, the
shareholders of Glaux Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Governor’s Square
          Ground Floor, West Bay Road
          PO Box 1982, Grand Cayman KY1-1104
          Cayman Islands


HARBOR DRIVE: Commences Wind-Up Proceedings
-------------------------------------------
On January 14, 2009, the sole shareholder of Harbor Drive Master
Fund, Ltd. 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


INVESTCORP INTERLACHEN ET AL: Commences Liquidation Proceedings
---------------------------------------------------------------
On December 28, 2008, the shareholders resolved to voluntarily
liquidate the business of:

   -- Investcorp Interlachen Fixed Income Fund Limited; and
   -- Investcorp Interlachen Fixed Income Master Fund Limited.

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

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-5122
          Facsimile: (345) 949-7920


MIDAS FUND: Commences Liquidation Proceedings
---------------------------------------------
On January 9, 2009, the shareholder of Midas Fund Ltd. passed a
resolution that voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard E. L. Fogerty
          c/o Barry Hunte
          Kroll (Cayman) Limited,
          Cayman Financial Centre
          Bermuda House, 4th Floor
          Dr. Roy’s Drive, Grand Cayman
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082
          e-mail: barry.hunte@krollcayman.ky


P7S1 MANAGEMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------
On January 8, 2009, the sole shareholder of P7S1 Management Co.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Avalon Management Limited
          c/o Mourant du Feu & Jeune
          Telephone: (+1) 345 949-4123
          Facsimile: (+1) 345 949- 4647


PENGANA ABSOLUTE: Commences Wind-Up Proceedings
-----------------------------------------------
On January 16, 2009, the sole shareholder of Pengana Absolute
Return Real Estate Fund 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
          Telephone: (345) 914-6314


RAMIUS FIXED: Placed Under Voluntary Liquidation
------------------------------------------------
On December 30, 2008, the shareholders of Ramius Fixed Income
Arbitrage FOF Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Ramius Fund of Funds Group LLC
          599 Lexington Avenue
          19th Floor, New York, NY 10022


RAMIUS OPPORTUNISTIC: Placed Under Voluntary Liquidation
--------------------------------------------------------
On December 30, 2008, the shareholders of Ramius Opportunistic
Equity FOF Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Ramius Fund of Funds Group LLC
          599 Lexington Avenue
          19th Floor, New York, NY 10022


SATURN INC: Commences Wind-Up Proceedings
-----------------------------------------
On December 26, 2008, the shareholders of Saturn Inc passed a
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:

          Prasob Snongjati
          9 Ratchadapisek Road
          30th Floor Zone A
          Jatujak, Bangkok, Thailand 10900
          Tel: +662 544 2449-51
          Fax: +662 544 3317


SS7 HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on January 16, 2009, the
shareholders of SS7 Holdings Inc. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 6, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          George Town, Grand Cayman KY1-1104
          Cayman Islands


TUTSAN INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on January 5, 2009, the
shareholders of Tutsan Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Governor’s Square
          Ground Floor, West Bay Road
          PO Box 1982, Grand Cayman KY1-1104
          Cayman Islands


ZS CAYMAN: Placed Under Voluntary Wind-Up
-----------------------------------------
On January 15, 2009, the shareholders of ZS Cayman L.L.C. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Robert Horne
          1133 Avenue of Americas
          New York NY 10036, USA


* CAYMAN ISLANDS: Lawyers Say Toxic Asset Funds Increasing
----------------------------------------------------------
Distressed asset funds targeting US toxic bank assets are being
set up at a rapid clip using Cayman Islands legal structures,
Kevin Drawbaugh of Reuters reports.

"There are a lot of funds being established now to take on the
toxic assets," Charles Jennings, managing partner at the law firm
of Maples and Calder, told Reuters in an interview.

Prominent hedge fund, private equity and other distressed asset
investors are involved, said Henry Smith, also a partner at the
firm, which specializes in international and offshore law,
particularly Cayman Islands financial law, the report relates.

According to the report, the Obama administration is working on a
public-private partnership approach to valuing toxic assets and
moving as much as US$1 trillion of them off the balance sheets of
major financial institutions.  These assets, the report relates,
many backed by troubled subprime mortgage loans, are central to
the credit market crisis disrupting the global financial system
and dragging down the economy.

Reuters notes Mr. Smith said a Cayman-based fund for buying toxic
assets would use a typical structure, with a master fund in the
Cayman Islands, a Delaware-based feeder fund for US taxable
investors, and a Cayman feeder fund for non-US investors and tax-
exempt US investors.

Cayman Island, the report says, has been under pressure from
congressional investigators over tax issues.  Reuters recalls
legislation introduced in the Senate targets offshore financial
havens such as Switzerland and the Cayman Islands for shutdown.




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

CSAV: Shares Plunge to 6-Year Low on Debt Payment Concerns
----------------------------------------------------------
Compania Sud Americana De Vapores (CSAV) plunged as much as
13.9% and closed at a six-year low, yesterday, March 12, on
speculation it will struggle to pay maturing debt, Nathan Gill of
Bloomberg News reports.

The report relates the share tumble, which followed an 8.7% slide
yesterday, prompted the Santiago Stock Exchange to request
financial information from the company.  Vapores Chief Executive
Juan Antonio Alvarez replied in a statement obtained by the news
agency that the company has “no relevant news” to report beyond
what was made available in its last quarterly results.

“There’s a rumor that they need cash,” Bloomberg News quoted
Cristina Acle, director of equity research at CorpResearch SA,
said today by phone from Santiago, as saying.  “The problem with
Vapores is that they have very opaque finances.  You can’t see all
of Vapores debt in their financial sheets.  This adds risk to the
company.”

The report notes Valparaiso, Chile-based Vapores fell 2.3% to
317.9 pesos at 5 p.m. New York time, yesterday, in Santiago
trading.  It dropped 20% in the past six days, the report adds.

                       About Compania Sud

Compania Sud Americana De Vapores (CSAV) -– http://www.csav.cl
-- is a Chilean shipping company.  The sphere of the Company's
activities extends across five continents.  Its services feature a
comprehensive service for general cargo, bulk cargo, fresh and
frozen products and vehicles, using both owned and chartered
vessels.  CSAV provides permanent sailings from certain ports
through its line service, fixed itineraries and operates a fleet
of vessels able to convey a large number of containers and a
variety of conventional cargoes.  CSVA also owns vessels specially
designed for frozen cargo, cars, bulk cargo and forest products.
In addition to complementary storage areas and pier services, an
intermodal service has also been established, which combines
different means of carriage.  CSAV provides these services in
conjunction with its subsidiaries: Sudamericana Agencias Aereas y
Maritimas S.A., as a maritime forwarding agency, and COSAN, a
container terminal in Santiago.

                           *     *     *

As of March 13, 2009, the company continues to carry Moody's LT
Corp Family Rating at Caa2, Bank Loan Debt Rating at B3, Senior
Unsecured Debt at Caa2, and Probability of Default Rating at Caa1.

The company also continues to carry Standard and Poor's LT Issuer
Credit Ratings at CCC.

It also continues to carry Fitch Ratings' LT Issuer Default Rating
at C, Bank Loan Debt Rating at B-, and Senior Unsecured Debt
Rating at C.



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

BANCOLOMBIA: Falls One-Week Low as BofA Cuts Shares to “Neutral”
---------------------------------------------------------------
Bancolombia S.A.'s preferred shares lost 1.1% to 11,300 pesos
on March 11 at 2:11 p.m. NY in Bogota trading, the lowest since
March 5, after Bank of America Corp. downgraded the company's
shares to “neutral” from “buy” on concern that the slumping
Colombian economy will lead to lower earnings, Andrea Jaramillo
of Bloomberg News reports.

The company's shares, the report relates, have fallen 12% this
year, while the American depositary receipts slid 1.4% to
US$17.89.

Colombia is being hurt by the global slowdown as exports to the
U.S. and neighboring Venezuela slow and inflows from foreign
direct investment and remittances drop, analysts Lucas Ramirez and
Jorg Friedemann wrote in a report obtained by the news agency.

“The less benign macro environment in 2009 is likely to put
pressure on earnings of the banking sector due to a further
deterioration in credit quality and continued pressure on bank
provision expenses,” Bloomberg News quoted the analysts as saying.

                    About Bancolombia S.A.

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

                          *     *     *

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



BANCOLOMBIA: Posts Ps. 177.1 Billion Net Income in February
-----------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of Ps. 177.1
billion for the month ended February 28, 2009.  Net income for
Bancolombia on an unconsolidated basis totaled Ps. 233.2 billion
for the first two months of 2009.

Net interest income, including investment securities, totaled Ps.
225.4 billion in February 2009.  For the two month period ended
February 28, 2009, net interest income totaled Ps. 458.4 billion,
increasing 23.4% as compared to the same period last year.

Net fees and income from services in February 2009 totaled Ps.
64.2 billion.  For the two month period ended February 28, 2009,
net fees and income from services totaled Ps. 128.6 billion, which
represents an increase of 4.7% as compared to the same period of
2008.

Other operating income totaled Ps. 116.0 billion in February 2009.
For the two month period ended February 28, 2009, other operating
income totaled Ps. 112.9 billion, increasing 141.8% as compared to
the same period last year.  Bancolombia notes that a considerable
part of this revenue comes from dividend income received from
subsidiaries, which is eliminated in the consolidated results as
it is an intercompany transaction.  As a result, this dividend
income is only recorded in Bancolombia's unconsolidated results.
The Bank also notes that the item line of income from derivative
financial instruments was negatively impacted by a Ps. 21.5
billion charge in February, related to rule changes concerning
valuation methodologies for derivative instruments established by
Colombian regulators.

Net provisions charges totaled Ps. 38.7 billion in February 2009,
decreasing 53.0% as compared to the figure presented in January
2009.  Net provisions totaled Ps. 121.0 billion for the two month
period ended February 28, 2009, which represents an increase of
172.2% as compared to the same period of 2008.

Operating expenses totaled Ps. 165.4 billion in February 2009.
For the two month period ended February 28, 2009, operating
expenses totaled Ps. 321.6 billion, increasing 17.3% as compared
to the same period of 2008.

Total assets (unconsolidated) amounted to Ps. 40.2 trillion, gross
loans amounted to Ps. 28.1 trillion, deposits totaled Ps. 26.4
trillion and Bancolombia's total shareholders' equity amounted to
Ps. 6.3 trillion.

Bancolombia's unconsolidated level of past due loans (overdue more
than 30 days) as a percentage of total loans amounted to 3.60% as
of February 28, 2009, and the coverage for past due loans was
141.18% as of the same date.

                      About Bancolombia S.A.

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

                          *     *     *

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




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

* ECUADOR: Loan Default Hinders Bank Financing, Pres. Correa Says
-----------------------------------------------------------------
Ecuador President Rafael Correa said his government’s default on
US$3.2 billion in foreign bonds has made it harder for local banks
to get financing, Stephan Kueffner of Bloomberg News reports,
citing El Telegrafo newspaper.

According to the report, the global financial crisis has also
played a part in limiting access to credit, Mr. Correa added in an
interview with the newspaper.

Bloomberg News relates the newspaper reported Mr. Correa said the
liquidity crisis is forcing the government and the banking system
to work together.

In December, Bloomberg News recalls, Mr. Correa halted payment on
foreign bonds he called “illegal” and “illegitimate.”

As reported in the Troubled Company Reporter - Latin America on
November 21, 2008, Bloomberg News said Ecuador may halt bond
payments after its debt audit commission uncovered "illegality and
illegitimacy" in the country's foreign obligations.  The
commission said the government's global bonds due in 2012 and 2030
"show serious signs of illegality," such as a lack of government
authorization for their issuance, the same report said.



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

JCSA: Independent Auditor to Probe Financial Affairs
----------------------------------------------------
An independent auditor will be brought in to ivestigate Jamaica
Civil Service Association (JCSA)'s accounts following questions
regarding the organization's financial affairs, RadioJamaica
reports.

RadioJamaica relates the decision for an auditor probe was made
during a special meeting of the Association's General Council to
address concerns regarding possible mismanagement of the
Association's finances.

According to the report, the members are seeking answers on:

   -- whether officers of the Association, including President
      Wayne Jones, are being paid salaries;

   –- whether the salaries were officially authorised;

   –- details on the management of the JCSA's bank accounts and
      investment instruments; and

   –- information on how donations are managed.

The auditor, the report says, will probe the Council's books after
the organization reviewed a report on the management of the JCSA's
finances.




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

CEMEX SAB: Shares Hit One Month High on Refinance Optimism
----------------------------------------------------------
Cemex S.A.B de C.V's shares rose the most in three months and call
options jumped on speculation its creditor banks will refinance
the company’s debt to avoid pushing it into default, Thomas Black
of Bloomberg News reports.

The report relates Cemex’s American depositary receipts surged 16%
to US$5.83, yesterday, March 12, in New York Stock Exchange
composite trading, the most since Dec. 16, while call-option
volume was three times greater than puts.  The most actively
traded March call contract, which bets shares will rise above
US$5, doubled to 80 cents, the report says.

“An agreement with the banks is the most likely outcome,” Patricio
Rivera, an analyst with the Mexico City-based brokerage Grupo
Financiero IXE, told Bloomberg News in an interview.  “If you let
the company default, the process of collecting could be longer and
it could add costs that could be avoided with a fair refinancing
transaction.”

As reported in the Troubled Company Reporter-Latin America on
March 11, 2009, Bloomberg News said Cemex started discussions with
banks to renegotiate about US$14.5 billion of debt after
postponing its bond sale.  Company spokesman Jorge Perez, the
report related, said the US$14.5 billion is all of Cemex’s bank
debt and doesn’t include any bonds.  At the end of December, Cemex
had total debt of US$18.8 billion, the same report noted.

Bloomberg News recalled that Cemex 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.  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.

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.

                           About Cemex

Cemex S.A.B de C.V 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.



======================================
N E T H E R L A N D S  A N T I L L E S
======================================

WINAIR: To End Flights to St Kitts by End of March
--------------------------------------------------
Windward Islands Airways (Winair), after 30 years of flights, will
stop scheduled flights to St Kitts by the end of March due to
increased competition, fluctuating fuel prices, and the increase
in other operational costs, Caribbean360.com reports, citing St
Kitts' Minister of State for Information, Senator Nigel Carty.

"WINAIR alluded to a decreasing trend in passenger volume from St.
Kitts, and has deemed the recent losses unsustainable, and has
made a decision to discontinue its services to and from St Kitts
by March 29, 2009,” the report quoted Mr. Carty as saying.

Mr. Carty, the report relates, said the government requested a
full analysis from WINAIR with a view to exploring how it could
assist in keeping the services of the airline in St Kitts, but he
said "there was no scenario presented by WINAIR that made an
economically-acceptable case for the government to pursue".

According to the report, Antigua-based carrier, LIAT, will now be
the only scheduled carrier between St Kitts' Robert L Bradshaw
International Airport and the Dutch/French Caribbean island
following Winair's move.

Caribbean360.com recalls WINAIR will also cutt services to
Dominica and Tortola from its schedule and reducing its service to
Antigua to a weekly flight.

                           About Winair

Headquartered in the Netherlands Antilles, Windward Islands
Airways (Winair) –- http://www.fly-winair.com/–- is a government
owned airline founded in 1961.  It has a fleet of eight aircraft
serving ten destinations, all within the Leeward Islands group of
the Lesser Antilles in the North East Caribbean.



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

CL FINANCIAL: Gov't to Borrow More to Rescue Company
----------------------------------------------------
CL Financial Limited's financial crisis will force Trinidad and
Tobago's to borrow more this year to sustain its rescue of the
cash-strapped conglomerate, Curtis Rampersad of Trinidad and
Tobago Express reports.

According to the report, Central Bank Governor Ewart Williams said
the plunging crude oil prices had already forced the State to curb
its expenditure and could lead to increased borrowing this year.
"The CL Financial crisis will add to that borrowing," the report
quoted Mr. Williams as saying.

The Express relates as the Government and the Central Bank
continue work to evaluate certain CL Financial assets to
ultimately divest them, Mr. Williams said the money earned from
the sale of these assets would come back to the country, and this
would ensure that the "burden on the taxpayer will be as small as
possible".

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

                          *     *     *

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

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

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

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


CL FIN'L: Finance Minister Closed CLICO Accounts Before Melt Down
-----------------------------------------------------------------
Trinidad and Tobago Finance Minister Karen Nunez-Tesheira closed
two U.S. dollar accounts with CLICO Investment Bank on Dec. 31,
2008, before the company's meltdown this year, CaribWorldNews
reports.

CaribWorldNews says documents obtained by the Trinidad Express
showed that Ms. Nunez-Tesheira paid a 'break rate' of 3.5% for
closing two accounts at CIB worth a total of US$48,549.91, before
they were due to mature on April 30, 2009 and August 13, 2009
respectively.

Ms. Nunez-Tesheira, the report recalls, claimed in a
Parliamentary statement on February 2 that she made the
withdrawals because the accounts had matured by December 31, 2008.

CaribWorldNews relates Ms. Nunez-Tesheira, in a comment to the
Express, said she did not realize and was not informed by anyone
at CIB that she was breaking the accounts.

As reported in the Troubled Company Reporter-Latin America on
March 10, 2009, Caribbean Net News said CL Financial's official
filing with the Registrar's office reveals that Ms. Nunez-
Tesheira, who presides over the billion-dollar bailout of CL
Financial Group, owned 10,410 ordinary shares in the group.

The revelations, the report related, 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.

                        About CL Financial

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

                          *     *     *

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

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

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

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



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

PDVSA: To Continue Paying Debts After Revision of Tariffs
---------------------------------------------------------
Petroleos de Venezuela S.A. (PDVSA), which paid 10% of its
existing debt, said it will pay the remaining debt after a
revision of tariffs by suppliers, El Universal News reports.

On March 4, 2009, the Troubled Company Reporter-Latin America,
citing Bloomberg News, reported the company said it will begin
paying as many as 6,000 contractors and domestic vendors in a
“massive” process to bring up-to-date their payments.  The
company, the report related, will immediately recognize
back-pay with at least 90% of contractors and service providers.

According to El Universal, it repaid total debt to most of the
contractors, but it paid part of it to a group of service
companies because their contracts are being examined by the
industry.

The report notes according to the payment schedule for debt
implemented by PDVSA, the big contractors received 10% of the
outstanding debt and the rest will be paid as long as the service
companies cut their tariffs.

PDVSA, El Universal says, has asked contractors, including oil
drill companies, to cut tariffs by 50% in average, due to the new
realities of the market, in an environment characterized by low
crude oil prices.

                          About PDVSA

Petroleos de Venezuela S.A. -- 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 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.


                            ***********

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 * * *