TCRLA_Public/090316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, March 16, 2009, Vol. 9, No. 52

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD: Court Puts Restrictions on Releasing Brokerage Accounts
STANFORD INT'L BANK: Receiver to Keep Client Names Confidential


A R G E N T I N A

AUTOMOTORES JUAN: Trustee Verifying Proofs of Claim Until April 13
CENTRO PRIVADO: Trustee Verifying Proofs of Claim Until April 28
EXPRESO SINISA: Trustee Verifying Proofs of Claim Until May 15
PRECY LEFEVRE: Trustee Verifying Proofs of Claim Until April 15
TECMAQ SA: Trustee to Present Validated Claims on June 5


B A R B A D O S

* BARBADOS: Chairman Warns Firms Will Fold if Crisis Won't Subside


B E R M U D A

TBS INT'L: Talks on Loan Waivers Delay Earnings Release


B R A Z I L

BRASKEM SA: BRL2.1 Bil. Loss Won't Affect Moody's 'Ba1' Ratings
CAMARGO CORREA: Unit Posts R$51.8 Million Net Income for 2008


C A Y M A N  I S L A N D S

CARLUCCI INVESTMENTS: Placed Under Voluntary Wind-Up
CHANNEL BRIDGE ET AL: Placed Under Voluntary Wind-Up
CIBC GLOBAL: Placed Under Voluntary Wind-Up
D.B. ZWIRN: Placed Under Voluntary Wind-Up
F&G CLASS: Commences Liquidation Proceedings

F&G EQUILIBRIUM ET AL: Placed Under Voluntary Liquidation
KOREA FIRST: Commences Liquidation Proceedings
LEEDS MASTER: Placed Under Voluntary Wind-Up
LEEDS FUND ET AL: Placed Under Voluntary Wind-Up
MJX MACRO: Commences Liquidation Proceedings

MJX MACRO: Commences Liquidation Proceedings
OIL ENTERPRISES: Commences Liquidation Proceedings
PIONEER FUND: Placed Under Voluntary Wind-Up
ROCKBAY CAPITAL ET AL: Placed Under Voluntary Wind-Up
SHK GLOBAL: Placed Under Voluntary Liquidation

SPW FUNDING: Commences Liquidation Proceedings
TAIB EXPLORER: Shareholders Receive Wind-Up Report
TGI CITIGROUP: Commences Liquidation Proceedings
TRADETECH HOLDINGS: Placed Under Voluntary Wind-Up


E C U A D O R

* ECUADOR: To Make Debt Offer This Month


J A M A I C A

E-SERVICES: Employees Worry on Possible Takeover
WINDALCO: Employees Agree With Salary & Hour Cuts to Save Jobs


M E X I C O

HIPOTECARIA SU: Moody's Upgrades Global and National Scale Ratings


P U E R T O  R I C O

* PUERTO RICO: Economists Say Gov't Lay Offs Will Worsen Economy


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Minister Says Country is Not in Recession


X X X X X X X X

* BOND PRICING: For the Week March 9 – March 13, 2009


                         - - - - -


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

STANFORD: Court Puts Restrictions on Releasing Brokerage Accounts
-----------------------------------------------------------------
The U.S. District Court overseeing the Receivership for the
Stanford Financial Group, at the request of the Receiver, Ralph
Janvey, issued an order permitting the transfer of certain
additional customer brokerage accounts.  The Court order permits
the transfer of all Stanford Group Company customer brokerage
accounts at Pershing LLC and J.P. Morgan Clearing Corp. not
previously covered under the Court’s March 5, 2009 order, except
those accounts that:

   –- are owned by an individual Defendant or by any person who,
      based on records available to the Receiver, had any of the
      following relationships to any Defendant or to any entity
      owned or controlled by the Defendants (collectively
      “Stanford”): shareholder, member of the board of directors,
      member of senior management (as determined by the Receiver
      in his sole discretion) or registered representative or
      financial advisor who earned commissions or fees based on
      certificates of deposit or owed loans to Stanford Group
      Company;

   -- are owned for the benefit of the individual Defendants or
      Stanford companies;

   -– have at least US$250,000 in assets as of February 27, 2009
      and with respect to which the Receiver has determined, by
      utilizing electronic data reasonably available to him
      through his investigation, may contain proceeds from the
      allegedly fraudulent products or activities;

   –- secure unpaid balances owed by customers or non-purpose
      loans made to customers; or

   -– are related to accounts in categories 1 through 4 by social
      security number or tax identification number, when
      available.

The Court order will permit the transfer of all accounts, other
than those in the above five categories, in accordance with these
transfer procedures for eligible accounts under US$250,000:

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

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

  (3) are managed by Stanford companies;

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

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

Transfer procedures for the newly released accounts will be posted
on the Receivership’s website today, March 16, 2009.

Under the order, approximately 28,600 customer accounts will be
eligible for transfer, including the approximately 12,600 accounts
that became eligible for transfer under the Court’s March 5, 2009
order.

The Court order specifically reserved the Receiver’s right to
later pursue claims against the owners of the released accounts if
it is determined they received proceeds from the allegedly
fraudulent products or activities.

In analyzing whether to seek a release of any category of
accounts, the Receiver has been attempting to balance the hardship
on account holders of a continued hold on the accounts against the
benefits of the hold to the Receivership Estate, considering both
the likelihood that the accounts are tainted by fraudulent
products or activities and the amount potentially recoverable by
the Estate from those accounts if they are tainted.

In this connection, the Receiver has been analyzing certain data
to determine which accounts should be released.  This data
principally relates to the presence or absence of transactions in
those accounts relating to Stanford International Bank
certificates of deposit, or activity in such certificates by the
owners of those accounts.  The Receiver recently gained access to
additional data that permit a more refined analysis to be made
and that supported its request to the Court.

On March 5, 2009, the Court issued an order permitting the
transfer of Stanford Group Company customer brokerage accounts
having net assets of less than US$250,000 held in custody at
Pershing LLC, subject to certain exceptions.

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, the United States Court handling the case against
Texas billionaire Robert Allen Stanford issued an order to
unfreeze approximately 12,000 Stanford investor accounts held at
Pershing LLC, at the request of Mr. Janvey.

The U.S. SEC, on Feb. 17, charged Mr. Stanford and three of his
companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.  Mr. Stanford's companies include Stanford
International Bank, Stanford Group Company (SGC), and investment
adviser Stanford Capital Management.

                            About SIBL

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


STANFORD INT'L BANK: Receiver to Keep Client Names Confidential
---------------------------------------------------------------
Ralph Janvey, the court-appointed receiver overseeing Texas
billionaire Allen Stanford's financial empire, will keep the names
of investors confidential, Ed Stoddard of Reuters reports, citing
a lawyer representing a group of Stanford investors.

"The receiver has agreed to protect the identity of investors and
to respect their privacy.  This is especially important to
investors in Latin America," Reuters quoted Stephen F. Malouf, a
Dallas attorney representing hundreds of South American clients
who were Stanford investors, as saying in an interview.

According to the report, in much of Latin America, public
knowledge that a person is wealthy or has money for investment
purposes can make the investor and his family targets for
kidnappers.

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

                          *     *     *

The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include Stanford International Bank, Stanford Group
Company (SGC), and investment adviser Stanford Capital Management.



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

AUTOMOTORES JUAN: Trustee Verifying Proofs of Claim Until April 13
------------------------------------------------------------------
The court-appointed trustee for Automotores Juan Bombaroli
S.R.L.'s bankruptcy proceedings will be verifying creditors'
proofs of claim until April 13, 2009.

The trustee will present the validated claims in court as
individual reports on May 27, 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 8, 2009.


CENTRO PRIVADO: Trustee Verifying Proofs of Claim Until April 28
----------------------------------------------------------------
The court-appointed trustee for Centro Privado de Rehabilitacion
del Discapacitado Pro.A.Di. S.R.L.'s reorganization proceeding
will be verifying creditors' proofs of claim until April 28, 2009.

The trustee will present the validated claims in court as
individual reports on June 11, 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 7, 2009.

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


EXPRESO SINISA: Trustee Verifying Proofs of Claim Until May 15
--------------------------------------------------------------
The court-appointed trustee for Expreso Sinisa S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 15, 2009.

The trustee will present the validated claims in court as
individual reports on June 26, 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 21, 2009.


PRECY LEFEVRE: Trustee Verifying Proofs of Claim Until April 15
---------------------------------------------------------------
The court-appointed trustee for Precy Lefevre S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 15, 2009.

The trustee will present the validated claims in court as
individual reports on May 29, 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 13, 2009.


TECMAQ SA: Trustee to Present Validated Claims on June 5
--------------------------------------------------------
The court-appointed trustee for Tecmaq S.A.'s bankruptcy
proceedings will present the validated claims in court as
individual reports on June 5, 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 20, 2009.



===============
B A R B A D O S
===============

* BARBADOS: Chairman Warns Firms Will Fold if Crisis Won't Subside
------------------------------------------------------------------
Barbados Chairman of the Productivity Council, Anthony Johnson,
warned that manufacturing firms in Barbados would fold if the
economic crisis will not subside, CBC.bb News reports.

Mr. Johnson, the report relates, said this will happen if
businessmen fail to re-think their models to turn the situation
around.

According to the report, Mr. Johnson noted that industrial
production in Britain and the United States had declined.

The report notes Mr. Johnson suggested these steps to business
managers for them to remain competitive:

   –- not to take shortcuts since this could be detrimental to
      their operations;

   -– to formulate a life plan and continually update it during
      the life cycle of the business; and

   -– treat everyone as an associate and keep accurate figures on
      the performance of their operations.



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

TBS INT'L: Talks on Loan Waivers Delay Earnings Release
-------------------------------------------------------
TBS International Limited said Wednesday it decided to delay its
earnings release and conference call for the fourth quarter and
year-end 2008 in order to allow it adequate time to complete the
negotiation of waivers of certain financial covenants with respect
to its credit facilities before disclosing its financial results.

The waivers have become necessary due to the dramatic decline in
the global economy and its impact on the dry cargo shipping
industry, the company said.

                 About TBS International Limited

Hamilton, Bermuda-based TBS International Limited (NASDAQ:TBSI)
--- http://www.tbsship.com/--- a fully-integrated transportation
service company,
offers ocean transportation, operations, logistics, port services,
and strategic planning services.  The company offers liner,
parcel, bulk, and chartering services, supported by a fleet of
multipurpose tweendeckers and handysize and handymax bulk
carriers, including specialized heavy-lift vessels.  TBS has
developed its business around key trade routes between Latin
America and China, Japan and South Korea, as well as select ports
in North America, Africa, the Caribbean and the Middle East.



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

BRASKEM SA: BRL2.1 Bil. Loss Won't Affect Moody's 'Ba1' Ratings
---------------------------------------------------------------
Moody's Investors Service commented that the fourth quarter 2008
result of Braskem S.A. will have no impact on the company's
ratings or outlook.  Braskem posted a BRL 2.1 billion net loss in
the fourth quarter, largely driven by non-cash exchange rate
variation related to its dollar denominated long term debt.
Although the losses will result in higher cash debt service costs
in the future if the Real does not strengthen against the dollar,
this is likely to be offset by the company's ability to price its
product in dollar, even for domestic market sales, which has been
its practice in the past.  While leverage increased and is
relatively high for a cyclical industry, Moody's expect that the
combination of better operating results and lower capex and
dividends will allow Braskem to generate free cash flow for debt
reduction in 2009 and 2010.  Moody's believe that Braskem will
benefit from reduced volume of imported resins to restore capacity
utilization to above 80% during the first quarter of 2009 and
maintain it at that level or higher throughout 2009.  Also, it is
likely that ongoing negotiations with Petrobras for the supply of
naphtha will contribute to strengthen Braskem's margins and cash
generation as of second quarter of 2009.  Braskem's liquidity
position remains adequate, based on a hefty cash position,
expected free cash flow and ongoing access to lending from
domestic banks.

Current ratings for Braskem include:

  -- Corporate Family Ratings: Ba1 (global scale); Aa2.br
     (Brazilian national scale)

  -- US$500 million guaranteed notes due 2018 issued by Braskem
     Finance Ltd: Ba1 foreign currency rating

The outlook for all ratings is stable.

The last rating action was on May 21, 2008, when Moody's assigned
a Ba1 foreign currency rating with stable outlook to Braskem
Finance Ltd's US$500 million unsubordinated unsecured notes due
2018, guaranteed by Braskem.

Braskem is the largest petrochemical company in Brazil and Latin
America, operating two global scale naphtha crackers and several
downstream facilities with combined production capacity of some 10
million tons per year of olefins, polyolefins, vynilics, aromatics
and automotive gasoline.  Braskem reported consolidated net
revenues of about US$9.8 billion in the fiscal year 2008.


CAMARGO CORREA: Unit Posts R$51.8 Million Net Income for 2008
-------------------------------------------------------------
Camargo Correa Desenvolvimento Imobiliario (CCDI), a unit of
Camargo Correa SA, posted a net income of R$51.8 million (8.9% net
margin) for the fiscal year of 2008.  EBITDA was R$53.8 million
(EBITDA Margin of 9.3%); and the Net Operating Revenues reached
R$579.3 million.

"This was truly an exceptional result.  We had contracted sales of
R$1.1 billion, revenues, margins and results expanding, even in a
very volatile macro scenario and with all the accounting changes
resulting from the new Brazilian GAAP," said Fernando Bergamin,
CCDI's Investor Relations executive.

The new accounting practices generated a negative impact of R$44.9
million in the company's bottom line.  "If we disregard the
adjustments, CCDI's Net Income is R$96.7 million, an impressive
1,140% growth over the R$6.1 million Net Income from 2007," said
Mr. Bergamin.

The positive result was achieved through a larger volume of
revenues recognized in the period, as well as a better average
project margin.  At the end of the year, the Company's cash
position was R$66.4 million, with low leverage and debt completely
related to the financing of construction.

In February, CCDI announced contracted sales of R$1.124 billion
for 2008 (a 193% increase over 2007), with launchings of R$948.3
million and speed of sales of 50% in the year.  "Of our total
residential sales, 74% were contracted from units priced under
R$350 thousand, which is the SFH threshold, thus having
differentiated credit conditions at attractive prices," Mr.
Bergamin said.

                            About CCDI

Camargo Correa Desenvolvimento Imobiliario is a leading Brazilian
residential and commercial real estate developer.  Acts on all
market segments in various Brazilians regions.  Has a R$10.0
billion (in Potential Sales) land bank with areas for future
development in the Sao Paulo Metropolitan Region -- including a
1,300 acre land in Caieiras (located 11 miles out of downtown Sao
Paulo) and lands in Rio de Janeiro, Rio de Janeiro (RJ), Vila
Velha (ES), Curitiba (PR) and Recife (PE).  In 2008, CCDI launched
projects with total Potential Sales Volume of R$ 948 million. CCDI
owns 100% of HM Engenharia's capital, a subsidiary for the
development of low income housing in the country-side of Sao
Paulo.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2009, Fitch Ratings affirmed the Issuer Default Rating
and outstanding debt ratings of Camargo Correa and its special-
purpose vehicle CCSA Finance Limited:

  -- Foreign currency IDR at 'BB';
  -- Local currency IDR at 'BB';



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

CARLUCCI INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------------
The shareholder of Carlucci Investments Ltd. 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:

          CDL Company Ltd.
          P.O. Box 31106SMB
          Grand Cayman


CHANNEL BRIDGE ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On January 14, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Channel Bridge Special Situations Fund Limited; and
   -- Channel Bridge Special Situations Master Fund Limited.

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:

          Boussard & Gavaudan Asset Management, LP
          Calder House, 1 Dover Street, W1S 4LA London
          c/o Maples Corporate Services Limited
          PO Box 309, Ugland House
          Grand Cayman KY1-1104 Cayman Islands


CIBC GLOBAL: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of CIBC Global (Cayman) Ltd. resolved to
voluntarily wind up the company's operations on January 23, 2009.

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 company's liquidator is:

          Ogier
          c/o James Bagnall
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949-9876
          Facsimile: (345) 949-1986


D.B. ZWIRN: Placed Under Voluntary Wind-Up
------------------------------------------
The sole shareholder of D.B. Zwirn Equity Investments Holdings
(Cayman) Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 13, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lawrence Cutler
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


F&G CLASS: Commences Liquidation Proceedings
--------------------------------------------
On November 25, 2008, a special resolution was passed to
voluntarily liquidate the business of F&G Class 2 Limited.

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:

          Geoffrey Varga
          c/o Kinetic Partners Cayman LLP
          Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623-9904
          Facsimile: (345) 623-0007


F&G EQUILIBRIUM ET AL: Placed Under Voluntary Liquidation
---------------------------------------------------------
On November 25, 2008, the shareholders resolved to voluntarily
wind up the operations of:

   -- F&G Equilibrium Master Fund Limited; and
   -- F&G Equilibrium Europe Fund Limited.

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:

          Geoffrey Varga
          c/o Kinetic Partners Cayman LLP
          Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623-9904
          Facsimile: (345) 623-0007


KOREA FIRST: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on January 22, 2009, the
shareholders of Korea First Mortgage No 2 Limited resolved to
voluntarily liquidate the company's business.

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 liquidators are:

          Prashant Veturkar
          Emile Small
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


LEEDS MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------
The shareholders of Leeds Master Fund Ltd. resolved to voluntarily
wind up the company's operations on January 5, 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:

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


LEEDS FUND ET AL: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 5, 2009, the shareholders resolved to voluntarily wind
up the operations of:

   -- Leeds Fund Ltd; and
   -- Leeds Fund II 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:

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


MJX MACRO: Commences Liquidation Proceedings
--------------------------------------------
On January 7, 2009, a special resolution was passed to voluntarily
liquidate the business of MJX Macro Strategies, Ltd.

Only creditors who were able to file their proofs of debt by
March 4, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: 345 949-9710
          31 The Strand, 46 Canal Point Drive
          P.O. Box 2075, Grand Cayman KY1-1105
          Cayman Islands


MJX MACRO: Commences Liquidation Proceedings
--------------------------------------------
On January 23, 2009, a special resolution was passed to
voluntarily liquidate the business of MJX Macro Strategies Master
Fund, Ltd..

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:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: 345 949-9710
          31 The Strand, 46 Canal Point Drive
          P.O. Box 2075, Grand Cayman KY1-1105
          Cayman Islands


OIL ENTERPRISES: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on January 21, 2009, the
shareholders of Oil Enterprises Ltd. resolved to voluntarily
liquidate the company's business.

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 liquidators are:


          Phillip Hinds
          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


PIONEER FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole shareholder of Pioneer Fund 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
Feb. 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

           Dirserv Ltd.
           c/o PO Box 1043, Grand Cayman KY1-1102
           Cayman Islands
           Tel: 949-0050
           Fax: 949-8062


ROCKBAY CAPITAL ET AL: Placed Under Voluntary Wind-Up
------------------------------------------
On January 16, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Rockbay Capital SI Master Fund, Ltd; and
   -- Rockbay Capital SI Offshore Fund, Ltd.

Only creditors who were able to file their proofs of debt by
Feb. 27, 2009, will be included in the company's dividend
distribution.

The companies' liquidator is:

          Chris Johnson
          c/o John D’Cunha
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands


SHK GLOBAL: Placed Under Voluntary Liquidation
----------------------------------------------
On January 19, 2009, a special resolution was passed to
voluntarily liquidate the business of SHK Global Opportunities
Fund Ltd.

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


SPW FUNDING: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on January 20, 2009, the
shareholders of SPW Funding, Ltd. resolved to voluntarily
liquidate the company's business.

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 liquidators are:

          Guy Major
          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


TAIB EXPLORER: Shareholders Receive Wind-Up Report
--------------------------------------------------
On March 2, 2009, the shareholders of Taib Explorer Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal

The company's liquidator is:

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


TGI CITIGROUP: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on December 15, 2008, the
shareholders of TGI Citigroup I Ltd. resolved to voluntarily
liquidate the company's business.

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:

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


TRADETECH HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------------
The sole shareholder of Tradetech Holdings Ltd. resolved to
voluntarily wind up the company's operations on January 20, 2009.

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



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

* ECUADOR: To Make Debt Offer This Month
----------------------------------------
Ecuador’s government will make a buyback offer to holders of its
defaulted debt this month, Stephan Kueffner of Bloomberg News
reports, citing Economy Minister Diego Borja.  The report relates
Mr. Borja said officials would review a plan and reach out to
owners of US$3.2 billion in debt in the “coming days.”

The report recalls President Rafael Correa skipped a US$30.6
million payment for the country’s 12% bonds due in 2012, calling
the debt “illegal” and “illegitimate.”  The move also sent its
bonds due 2015 and 2030 into default, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2009, Bloomberg News said Ecuador made an interest
payment on its bond due 2015 after defaulting on other debt for
the second time in a decade.  The Associated Press related Mr.
Correa considered the Global 2015 bond series as different from
the Global 2012 and 2030 bonds because Ecuador wasn't pressured
into agreeing to it.

Bloomberg News says Ecuador, last month, invoked a 30-day grace
period on the bond that matures in 2030, which grace period
expired on March 14.



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

E-SERVICES: Employees Worry on Possible Takeover
------------------------------------------------
Call centre giant E-Services' around 2,000 workers are worried
about their jobs as rumors spread the company will be acquired by
another telemarketing firm located at the Freezone, Radio Jamaica
reports.

According to the report, rumors has it that the new company is
willing to take on the workers at E-Services but it is uncertain
if some benefits contained in their existing employment contracts
will continue.

The report relates E-Services CEO Patrick Casserly has not
confirmed reports of an imminent sale but told RJR News that
discussions are taking place regarding the company's
restructuring.  No final decision has been made, he said.

"We are in discussions of restructuring the company and that's
where we are right now but I must say, the laws of Jamaica are
very specific and the terms of service and the length of service
all employees will be fundamental for the transactions to take
place," the report quoted Mr. Casserly as saying.

Headquartered in Montego Bay Freeport, St. James, E-Services is
currently the largest calling centre business in the English-
speaking Caribbean.


WINDALCO: Employees Agree With Salary & Hour Cuts to Save Jobs
--------------------------------------------------------------
West Indies Alumina Company ("WINDALCO") and its workers agreed to
a 40% salary cut and three-day work-week arrangement aiming to
save jobs instead of widespread layoff, as the bauxite company
closes production in reaction to depressed global markets,
Patrick Foster of the Jamaica Observer reports.  The report
relates National Workers Union (NWU) and UC Rusal signed off the
deal on March 10.

"The plants are in a shutdown mode and come the end of March they
will cease the production of alumina in Jamaica," NWU President
Vincent Morrison told the Observer in an interview.  "Come the
first of April, everyone will be on a three-day week.  We had a
meeting with the workers and they have accepted."

According to the report, the interim agreement remains in force
until December 31, 2009, and if there are no significant changes
in the global bauxite market the terms will be extended.  The
report relates that in the event that the plants return to normal
production, the agreement would immediately come to an end.

The report notes Windalco employs approximately 850 permanent and
temporary workers at its Kirkvine and Ewarton plants.

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2009, The Jamaica Gleaner said WINDALCO will terminate 250
temporary employees over the next two months but will retain 850
permanent employees as it moves to suspend operations at its
Kirkvine plant in Manchester and Ewarton in St Catherine.

                         About Windalco

West Indies Alumina Company ("WINDALCO") --
http://www.windalco.com--  is situated on the island of Jamaica
in the Caribbean and is a joint venture between the Government of
Jamaica and UC RUSAL Alumina Jamaica Limited.  UC RUSAL Alumina
Jamaica Limited manages the joint venture.   The Company comprises
two alumina refineries (Ewarton Works and Kirkvine Works), a
shipping port (Port Esquivel) and also bauxite mines in
Schwallenburgh (Ewarton) and Russell Place (Kirkvine) and farms in
Manchester and St. Ann.


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

HIPOTECARIA SU: Moody's Upgrades Global and National Scale Ratings
------------------------------------------------------------------
Moody's de Mexico has upgraded the global scale and national scale
ratings of Hipotecaria Su Casita, S.A. de C.V, Sociedad Financiera
de Objeto Multiple E.N.R's (Su Casita's) BRHCCB 07U Class A-1
certificates and BRHCCB 07-2U Class A-2 certificates.  The
affected certificates benefit from a financial guaranty insurance
policy issued by MBIA that covers timely interest payment and
ultimate principal payment by the legal final maturity date of the
certificates.

The rating actions are based on Moody's approach to rating
structured finance securities wrapped by financial guarantors,
detailed in the press release dated November 10, 2008 and titled
"Moody's modifies approach to rating structured finance securities
wrapped by financial guarantors".  Under Moody's approach, if a
structured finance security is wrapped by a financial guarantor,
the Moody's rating will be the higher of (i) the guarantor's
financial strength rating and (ii) the current underlying rating
(i.e., absent consideration of the guaranty) on the security,
regardless of whether the underlying rating is published or not.

Moody's has upgraded the BRHCCB 07U Class A-1 certificates to Baa1
from B3 (Global Scale, Local Currency) and to Aaa.mx from B1.mx
(National Scale Rating).  The last rating actions occurred on
February 18, 2009 following Moody's downgrade of MBIA's insurance
financial strength rating to B3 from Baa1 and MBIA's national
scale insurance financial strength rating to B1.mx from Aa1.mx.
At that time, the BRHCCB 07U certificates were downgraded to B3
from Baa1 (Global Scale, Local Currency) and to B1.mx from Aa1.mx
(National Scale Rating).

Moody's has also upgraded the BRHCCB 07-2U Class A-2
certificates's rating to Ba1 from B3 (Global Scale, Local
Currency) and to A1.mx from B1.mx (National Scale Rating); the
ratings are on review for possible downgrade.  The last rating
action occurred on February 18, 2009 when Moody's downgraded the
BRHCCB 07-2U certificates to B3 from Baa1 (Global Scale, Local
Currency) and to B1.mx from Aa1.mx (National Scale Rating).

BRHCCB 07-2U Class A-2 certificates' ratings of Ba1 (Global Scale,
Local Currency) and A1.mx (National Scale Ratings) remain on
review for possible downgrade reflecting concerns about the
performance of the mortgage loan portfolio backing the transaction
relative to BRHCCB 07-2U's available credit enhancement.  The
underlying pool has displayed a sharp ramp-up of delinquencies
greater than 90 days and real estate owned collateral that is
beyond Moody's initial expectations considering the seasoning of
the transaction.  As of January 31, 2009, and after 16 months of
seasoning, delinquencies greater than 90 days represented 5.3% of
the outstanding pool balance.  Additionally, 1.9% of the original
pool has resulted in REO status, although more than half of these
have been sold with relatively high recoveries.  Further, the
level of REO's and delinquencies greater than 90 days are above
the average level observed for comparable transactions in the
Mexican market given similar seasoning.  Moody's ongoing review of
this transaction will focus on the collateral performance and any
steps that the servicer may take to improve the collateral's
performance.

                          Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.

Issuer: HSBC Mexico, S.A., Institución de Banca Multiple, Grupo
Financiero HSBC, División Fiduciaria, acting solely as trustee.

  -- BRHCCB 07U Class A-1 certificates: upgraded to Baa1 from B3
     (Global Scale, Local Currency) and to Aaa.mx from B1.mx
     (National Scale Rating).

  -- BRHCCB 07-2U Class A-2 certificates: upgraded to Ba1 from B3
     (Global Scale, Local Currency) and to A1.mx from B1.mx
     (National Scale Rating); both ratings are on review for
     possible downgrade.

                        Rating Methodology

When rating mortgage backed securitizations in Mexico, Moody's
considers the characteristics and historical performance of the
collateral backing a given transaction.  Moody's assesses the
collateral characteristics, considering key credit metrics such as
original and actual loan-to-value, documentation type, payment-to-
income, seasoning, current delinquency status, payment history,
and geographic concentrations, among other factors, and uses this
information to estimate the pool's future performance over the
life of the transaction.  In determining potential performance
trends for a given transaction, Moody's also takes into
consideration the performance of similar mortgages securitized by
different players in the Mexican market.

Moody's prepares a loan-by-loan cash flow analysis that considers
scheduled interest and principal collections on the mortgages, a
distribution of cumulative gross default scenarios on the mortgage
portfolio, severity and recovery rate assumptions, an assumed
cumulative prepayment percentage, the priority of payments due to
investors, and the particular characteristics of the transaction
such as credit enhancement levels, reserves, and any type of
guarantee benefiting the certificate holders.

The main assumptions underlying Moody's expectations of the future
performance of the collateral are the cumulative gross default
percentage, the cumulative prepayment percentage, and the severity
of loss given a loan default.  For cumulative gross defaults,
Moody's uses a distribution such that the mortgage cash flows are
stressed using a range of default scenarios.  The distribution is
centered on a most likely cumulative gross default scenario;
defaults are timed along a default curve.  Moody's assumes that
prepayments are timed along a prepayment curve.  The assumed
severity of loss on defaulted loans considers numerous variables,
including, but not limited to, the balance of the loan at the time
of default, recovery lags, and downward adjustments to the
original property value to stress the value of the property at the
time of liquidation.

For each one of the cumulative gross default scenarios, Moody's
allocates the available cash flows according to the priority of
payments described in the transaction documents.  Moody's applies
varying weights, or probabilities of occurrence, to each of the
cumulative gross default scenarios according to a distribution to
arrive at an aggregate weighted average expected loss on the
certificates.  Moody's also calculates a weighted average life for
the certificates, which together with its weighted average loss
and Moody's idealized loss tables, are utilized to assign a rating
to the certificates.



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

* PUERTO RICO: Economists Say Gov't Lay Offs Will Worsen Economy
----------------------------------------------------------------
Puerto Rico Governor Luis Fortuno’s proposed measures to tackle
the government’s fiscal crisis, including massive lay offs in the
public sector, will not only worsen the economic recession but
will exacerbate the island’s social problems, Maria Miranda Sierra
at Caribbean Net News reports citing union leaders and economists.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2009, Caribbean Net News said Puerto Rico’s Retirement
System lacks funds to pay off thousands of government workers that
will be forced to retire early.

Popular Democratic Party (PDP) Sen. Cirilo Tirado, according to
the same report, said 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.

CaribWorldNews recalled Mr. Fortuno said the government might cut
14% of public work force, around 30,000 employees, as the country
attempts to shore up its ailing economy.  Governor Fortuno, the
report noted, said the layoffs will begin on July 1 and are
necessary despite the some US$5 billion that the island will
receive under President Barack Obama's stimulus package.

According to Caribbean Net News, citing El Nuevo Dia newspaper,
economist and union advisor Francisco Catala said if public
workers are fired the private sector will also be negatively
affected as those that don’t have jobs will not be able to pay
their expenses, and those who are cash-strapped they can still pay
at the end of each month as they work to pay the bills.

Mr. Catala, the report notes, said having just one public worker
fired will create a domino effect, so if 30,000 public workers are
fired about 30,000 private sector employees will most likely loose
their jobs as well, exacerbating even further the Commonwealth’s
economic recession.

Caribbean Net News says Mr. Catala said the government should be
tackling the tax evasion problem and going after businesses that
are not paying Treasury Department the sales and use tax earnings.



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

* TRINIDAD & TOBAGO: Minister Says Country is Not in Recession
--------------------------------------------------------------
Trinidad and Tobago is not in recession, and there is no
"wholesale unemployment in the country,” Oscar Ramjeet of
Caribbean Net News reports, citing Finance and Trade and Industry
Minister Mariano Browne.

The report relates Mr. Browne said major economies are in
recession, however, at this stage Trinidad and Tobago is “not in
recession."

According to the report, citing the Trinidad Express, Mr. Browne
stated there were no financial losses sustained by the Heritage
and Stabilization Fund (HSF) from the global economic meltdown.
The HSF had done very well on the basis of prudent investment, he
said.

Mr. Browne, as cited by Caribbean Net News, said the global
recession, which negatively impacted commodities, did not serious
affect economic growth in Trinidad and Tobago.  The country is
sustaining its economic growth and that there will be no cuts in
salaries and wages, he added.



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

* BOND PRICING: For the Week March 9 – March 13, 2009
-----------------------------------------------------

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

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


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

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


   CAYMAN ISLANDS
   --------------

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


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


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


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



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


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




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


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



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


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




                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *