TCRLA_Public/090320.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 20, 2009, Vol. 9, No. 56

                            Headlines

A N T I G U A  & B A R B U D A

STANFORD: Receiver & SEC Want Investors Barred from Joining Suit


A R G E N T I N A

AEA SRL: Trustee Verifying Proofs of Claim Until April 20
AGENCIA ECUADOR: Trustee Verifying Proofs of Claim Until April 22
EABSA SA: Trustee Verifying Proofs of Claim Until May 5
LABORATORIOS FOOD: Trustee Verifying Proofs of Claim Until May 28


B E R M U D A

MICHELIN INVESTMENT: Creditors' Proofs of Debt Due on April 1
MICHELIN INVESTMENT: Members' Final Meeting Set for April 21


B R A Z I L

STORA ENSO: Sees Poor 1st Qtr '09 Result, Delays Brazil Project


C A Y M A N  I S L A N D S

AGR ASSET: Creditors' Proofs of Debt Due on March 23
ASENQUA GLOBAL: Creditors' Proofs of Debt Due on March 23
CALYPSO ASIA: Commences Liquidation Proceedings
CALYPSO DAIKOKU: Commences Liquidation Proceedings
CALYPSO INVESTMENT: Commences Liquidation Proceedings

FIZZBIZZ LIMITED: Commences Liquidation Proceedings
TE ANALOG ET AL: Placed Under Voluntary Wind-Up
TE BLUE ET AL: Placed Under Voluntary Wind-Up
TE BRIGHTFIELD ET AL: Placed Under Voluntary Wind-Up
TE CIPHER ET AL: Placed Under Voluntary Wind-Up

TE CORNERSTONE ET AL: Placed Under Voluntary Wind-Up
TE DRURY ET AL: Placed Under Voluntary Wind-Up
TE GLOBAL ET AL: Placed Under Voluntary Wind-Up
TE O'CONNOR ET AL: Placed Under Voluntary Wind-Up
TE SPINNERHAWK ET AL: Placed Under Voluntary Wind-Up

TE WNTN ET AL: Placed Under Voluntary Wind-Up
TEDADCO LIMITED: Placed Under Voluntary Wind-Up


C O L O M B I A

ECOPETROL: Submits Most Competitive Bids for 26 Blocks


J A M A I C A

AIR JAMAICA: Union Pushes for Tourism Enhancement Fund for Aid
ALPART: To Suspend Operations; to Send Home 900 Employees
JUTC: Search for Company President Continues
NTCS: Gov't Gives Firm Add'l 9 Months to Operate Before Wind Down
WINDALCO: Inks New Job Arrangement Deal With Employees


M E X I C O

GRUPO SENDA: Fitch Downgrades Issuer Default Rating to 'B-'
GRAND PRIX: Voluntary Chapter 15 Case Summary
* MEXICO: Industrial Output Drops 11.1% in January


P E R U

BBVA-BANCO CONTINENTAL: Fitch Downgrades Individual Rating to 'C'


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

CL FINANCIAL: Government to Take 10% Ownership of JMMB
CL FIN'L: Guyana Supplies CLICO Documentation to Bahamas, PM Says
PLIPDECO: President Assures No Plant Closure at the Estate


                         - - - - -

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

STANFORD: Receiver & SEC Want Investors Barred from Joining Suit
----------------------------------------------------------------
Court-appointed Receiver of Stanford Group Co., Ralph Janvey, and
the U.S. Securities and Exchange Commission (SEC) filed papers in
a federal court in Dallas opposing requests by more than 45 groups
of investors and creditors to join the SEC’s suit against Stanford
International Bank (SIBL) owner Robert Allen Stanford, Laurel
Brubaker Calkins of Bloomberg News reports.

“Allowing all the investors to intervene in the enforcement action
would destroy any hope for an efficient distribution of assets,”
Mr. Janvey said in a court filing obtained by the news agency.

The report relates Mr. Janvey said he is working “as quickly as
possible to release more accounts through a certification process”
designed to free all frozen funds not directly linked to the
suspected fraud.

According to Bloomberg News, most of the groups asking to join the
SEC’s fraud case are investors whose brokerage accounts were
frozen along with Mr. Stanford’s personal and corporate assets
when regulators sued the Texas financier.

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 SIBL, Stanford Group Company, and investment
adviser Stanford Capital Management.

Bloomberg News recalls the court approved Mr. Janvey's request to
release US$4.6 billion from about 28,000 frozen brokerage
accounts.  U.S. District Judge David Godbey, the report notes,
extended the freeze on more than US$1 billion in about 4,000
remaining Stanford accounts, most of which belong to Stanford
Group's employees or executives or are linked to investments
issued by the Antiguan bank.

Meanwhile, Bloomberg News reports Mr. Janvey asked Judge Godbey to
continue blocking investors from suing the Stanford entities in
other courts, saying multiple lawsuits in different venues would
result in “piecemeal litigation,” and would thwart efforts to
“complete claims analysis and implement a distribution plan” for
the benefit of all investors and “not just a select few.”

Mr. Janvey, the report says, also asked Judge Godbey to deny
requests for an examiner to oversee his work, saying that would be
duplicative and drain resources from the “already financially
troubled” estate.  Bloomberg News adds Mr. Janvey also asked that
creditors be barred from filing liens against Stanford’s assets
until he can file a plan to accommodate all claims against
Stanford’s estate.

                   About Stanford International

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.



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

AEA SRL: Trustee Verifying Proofs of Claim Until April 20
---------------------------------------------------------
The court-appointed trustee for A.E.A. S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 20, 2009.

The trustee will present the validated claims in court as
individual reports on June 3, 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 16, 2009.


AGENCIA ECUADOR: Trustee Verifying Proofs of Claim Until April 22
-----------------------------------------------------------------
The court-appointed trustee for Agencia Ecuador S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 22, 2009.

The trustee 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
August 3, 2009.


EABSA SA: Trustee Verifying Proofs of Claim Until May 5
-------------------------------------------------------
The court-appointed trustee for Eabsa S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 5, 2009.


LABORATORIOS FOOD: Trustee Verifying Proofs of Claim Until May 28
-----------------------------------------------------------------
The court-appointed trustee for Laboratorios Food Science S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 28, 2009.

The trustee will present the validated claims in court as
individual reports on July 13, 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 10, 2009.



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

MICHELIN INVESTMENT: Creditors' Proofs of Debt Due on April 1
-------------------------------------------------------------
The creditors of Michelin Investment Holding Company Limited are
required to file their proofs of debt by April 1, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 17, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


MICHELIN INVESTMENT: Members' Final Meeting Set for April 21
------------------------------------------------------------
The members of Michelin Investment Holding Company Limited will
hold their final general meeting on April 21, 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 17, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


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

STORA ENSO: Sees Poor 1st Qtr '09 Result, Delays Brazil Project
---------------------------------------------------------------
Stora Enso Oyj expects its operating result excluding non-
recurring items (NRI) and
fair valuations for the first quarter of 2009 to be clearly down
on the fourth
quarter of 2008 due to customer destocking and underlying weakness
in demand,
especially for wood products and fine paper, the company said in a
statement Wednesday.  Stora Enso's operating profit excluding NRI
and fair valuations was EUR28.4 million in the fourth quarter of
2008.

Stora Enso said it remains committed to preserving cash flow
through large production curtailments, stringent working capital
management and other means, even though curtailments (forecast to
total about 20% of paper and board production capacity in the
first quarter) have a negative impact on earnings.  The Group has
also decided to reduce the target capital expenditure for the full
year 2009 from EUR500 million to EUR400 million.

In addition, Stora Enso and its partner Aracruz Celulose SA have
decided to delay the Veracel II project in Brazil by at least a
year and to reduce 2009 capital expenditure by the joint venture
on land purchases, plantations and the feasibility study due to
the current and near-term outlook for markets.

When announcing its full year 2008 financial results, Stora Enso
said the operating environment during at least the early part of
2009 would be as challenging as at the end of 2008.  In Europe,
the company said market demand is expected to remain weak and
clearly less than a year earlier for all of the Group's products
throughout at least the first half of 2009 due to the current
economic downturn.

As reported in the Troubled Company Reporter-Europe on March 2,
2009, Standard & Poor's Ratings Services revised its outlook on
Stora Enso Oyj to negative from stable.  At the same time, the
'BB+' long-term and 'B' short-term issuer credit and debt ratings
were affirmed.

Based in Helsinki, Finland, Stora Enso Oyj (HEL:STERV) --- http://
www.storaenso.com/ --- is a global paper, packaging and forest
products company producing newsprint and book paper, magazine
paper, fine paper, consumer board, industrial packaging and wood
products.  During the year ended December 31, 2008, the annual
production for the Company was 12.7 million tons of paper and
board, 1.5 billion square meters of corrugated packaging and 6.9
million cubic meters of sawn wood products, including 3.2 million
cubic meters of products.  The customers for the Company include
publishers, printing houses and paper merchants, as well as the
packaging, joinery and construction industries.  In August 2007,
the Company completed the acquisition of 28% shares in Stora Enso
Poland SA.  In 2008, the Company completed the disposal of Papyrus
Merchant business area.



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

AGR ASSET: Creditors' Proofs of Debt Due on March 23
----------------------------------------------------
The creditors of AGR Asset Management Ltd. are required to file
their proofs of debt by March 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 21, 2009.

The company's liquidator is:

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

or
          Avalon Ltd.
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 769-4422
          Facsimile: (+1) 345 769-9351


ASENQUA GLOBAL: Creditors' Proofs of Debt Due on March 23
---------------------------------------------------------
The creditors of Asenqua Global Resources Fund Ltd. are required
to file their proofs of debt by March 23, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 1, 2009.

The company's liquidator is:

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

or
          Avalon Ltd.
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 769-4422
          Facsimile: (+1) 345 769-9351


CALYPSO ASIA: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Calypso Asia Long Short Fund resolved to
voluntarily liquidate the company's business on Jan. 30, 2009.

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

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman, KY1-1102
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


CALYPSO DAIKOKU: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Calypso Daikoku Fund resolved to
voluntarily liquidate the company's business on Jan. 30, 2009.

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

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman, KY1-1102
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


CALYPSO INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Calypso Investment Fund Limited resolved
to voluntarily liquidate the company's business on Jan. 30, 2009.

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

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman, KY1-1102
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


FIZZBIZZ LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Fizzbizz Limited resolved to voluntarily
liquidate the company's business on December 17, 2008.

The company's liquidator is:

          Ogier Employee Benefit Services Limited
          Whiteley Chambers, Don Street
          St Helier, Jersey, JE4 9WG
          Ogier Fiduciary Services (Cayman) Limited
          Queensgate House, PO Box 1234 GT
          Grand Cayman, Cayman Islands


TE ANALOG ET AL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Analog Investors, Ltd.; and
   -- Te Analog Portfolio, Ltd.

The companies' liquidator is:

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


TE BLUE ET AL: Placed Under Voluntary Wind-Up
---------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Blue Sky Investors, Ltd.; and
   -- Te Blue Sky Portfolio, Ltd.

The companies' liquidator is:

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


TE BRIGHTFIELD ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Brightfield Investors, Ltd; and
   -- Te Brightfield Portfolio, Ltd.

The companies' liquidator is:

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


TE CIPHER ET AL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Cipher Investors, Ltd; and
   -- Te Cipher Portfolio, Ltd.

The companies' liquidator is:

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


TE CORNERSTONE ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Cornerstone Investors, Ltd; and
   -- Te Cornerstone Portfolio, Ltd.

The companies' liquidator is:

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


TE DRURY ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Drury Investors, Ltd; and
   -- Te Drury Portfolio, Ltd.

The companies' liquidator is:

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


TE GLOBAL ET AL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Global Advisors Investors, Ltd; and
   -- Te Global Advisors Portfolio, Ltd.

The companies' liquidator is:

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


TE O'CONNOR ET AL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te O'Connor Investors, Ltd; and
   -- Te O'Connor Portfolio, Ltd.

The companies' liquidator is:

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


TE SPINNERHAWK ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te Spinnerhawk Investors, Ltd; and
   -- Te Spinnerhawk Portfolio, Ltd.

The companies' liquidator is:

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


TE WNTN ET AL: Placed Under Voluntary Wind-Up
---------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Te WNTN Investors Ltd.; and
   -- Te WNTN Portfolio, Ltd.

The companies' liquidator is:

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


TEDADCO LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On February 3, 2009, the shareholder of Tedadco Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          c/o Philip Sutcliffe
          Trident Trust Company (Cayman) Limited
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Telephone: (345) 94-0880
          Facsimile: (345) 949-0881



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

ECOPETROL: Submits Most Competitive Bids for 26 Blocks
------------------------------------------------------
The Mineral Management Services ("MMS"), a US governmental agency,
published the bids it had received to in connection with the
allocation of exploratory blocks in the central part of the Gulf
of Mexico as part of the Oil & Gas Lease Sale 208.

Ecopetrol S.A. through its affiliate, Ecopetrol America Inc.,
submitted the most competitive bids for 26 blocks.  In 15 of the
bids, Ecopetrol was the sole participant.  In the remaining 11
bids, Ecopetrol participated jointly with Repsol E&P USA Inc.,
with Ecopetrol's participation ranging from 40% to 60%.

The bids submitted by Ecopetrol for the 26 blocks total an
aggregate amount of US$20.5 million, plus a lease-cost per block
of nearly US$60 thousand per annum.  It is estimated that the
investment to be made by the Company in these blocks will exceed
US$20 million in three years, not including well drilling.

MMS will allow hydrocarbon exploration of up to 400 meters into
deep water for a period of 8 to 10 years.

The next step in the bidding process is the allocation of awards
by MMS, which will take place within 60 to 90 days.

In the bidding for offshore blocks, which took place March 18 in
New Orleans, 70 companies submitted 476 for 348 blocks.  The total
area being offered by MMS is 1.9 million acres of deep water
offshore Louisiana, Mississippi and Alabama.

Ecopetrol's participation in this bidding process is part of the
company's internationalization project as well as the company's
strategy to obtain a production of one million barrels of oil
equivalent by the year 2015.

                      About Ecopetrol S.A.

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

                          *     *     *

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



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

AIR JAMAICA: Union Pushes for Tourism Enhancement Fund for Aid
--------------------------------------------------------------
The National Workers Union (NWU), which represents several
categories of Air Jamaica employees, has suggested to the Jamaican
Government to use the Tourism Enhancement Fund (TEF) to help
support operations of Air Jamaica, Radio Jamaica News reports.
The report relates that NWU said the funds will help the airline
until a new owner is found.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2009, Radio Jamaica News said the Jamaican government
will not be meeting its March 31 deadline for the sale of Air
Jamaica despite earlier assurances by government officials that a
deal would have been reached with a buyer this month.

"When we quantify what the money that has been paid into the
Tourism Enhancement Fund from 2007 to 2008, it amounts to almost
US$35 million ... that could do Air Jamaica tremendously well at
this time, offsetting some of its debts and relieving it of some
of its daily burdens,” NWU Vice President Granville Valentine was
quoted by Radio Jamaica News as saying.

                        About Air Jamaica

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

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

                          *     *     *

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


ALPART: To Suspend Operations; to Send Home 900 Employees
---------------------------------------------------------
Alumina Partners of Jamaica (Alpart) will suspend its operations
for one year by May 15, sending home 900 permanent employees in
the process; amid a 60% decline in alumina product prices since
July 2008, Radio Jamaica News reports.

Alpart Managing Director Alberto Fabrini, as cited by the news
agency, said the upcoming temporary shutdown will allow the plant
to prepare for future developments.  Although the company took
steps to maintain the operations even at reduced capacity,
circumstances still left the company with no other choice but to
shutdown, he added.

Mr. Fabrini, Radio Jamaica notes, said the company will continue
to meet its obligations to employees and the surrounding
communities in a timely manner.

Radio Jamaica says General Secretary of the Union of Technical
Administrative and Supervisory Personnel, St. Patrice Ennis, said
the 900 workers to be affected have already received notice.  "We
are aware of this by way of letter from the company advising that
come May 15 total operations of the ALPART plant will be curtailed
and the process will begin as early as in a few weeks.  It is my
understanding that the company's management is informing the
workers as to what exactly will happen," the report quoted Mr.
Fabrini as saying.

                           About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.


JUTC: Search for Company President Continues
--------------------------------------------
The search for the new Jamaica Urban Transit Company (JUTC)
president will intensify in the coming weeks and a selection will
be made next month, Radio Jamaica News reports.

According to the report, JUCT, which has been without a president
for more than four months, has been overseen by an interim
management team following Acting President Bindley Sangster's
leave of absence.

The report relates Mr. Sangster, who had asked for a leave of
absence following corruption allegations at the company, was asked
by the Board to stay on until the end of December.

                           About JUTC

Jamaica Urban Transit Company (JUTC) was established in 1998 to
provide a centrally managed state-of-the-art public bus service.
The government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, Radio Jamaica News said the Jamaican cabinet
approved the granting of a government guarantee for Jamaica Urban
Transit Company to secure a US$425 million loan facility from the
Bank of Nova Scotia.  The fund, the report related, will be used
to restructure the bus company's increasing debts.

According to Radio Jamaica, JUTC has defaulted on loan obligations
with RBTT Bank and Petrocaribe Development Fund, among others, due
to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expires this month.  The report
noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


NTCS: Gov't Gives Firm Add'l 9 Months to Operate Before Wind Down
-----------------------------------------------------------------
The Jamaican government has given Ezroy Millwood-led National
Transport Co-operative Society (NTCS) nine more months to operate
before it will be required to wind down its bus service operations
in the corporate area, Radio Jamaica News reports.

The report relates at the end of the period, which expires in
November, the NTCS will have to make a formal bid to the
government to operate on specific routes.

According to the report, Transport Minister Mike Henry said the
decision was made following discussions by Cabinet and is part of
plans to transform the public transport sector.  "That nine month
extension is still subject to reviews and they will be allowed to
bid or tender for the routes that they want ... making their offer
in relation to the structured approach to be announced and put to
the public under the procurement procedures," Radio Jamaica quoted
Mr. Henry as saying.


WINDALCO: Inks New Job Arrangement Deal With Employees
------------------------------------------------------
West Indies Alumina Company ("WINDALCO")'s management and
employees signed new work arrangements that will suspend
production effective March 31, Radio Jamaica News reports.

The report relates in a statement issued by the Manchester-based
company, Windalco said it had concluded discussions with the
National Workers Union and the Union of Technical Administrative
and Supervisory Personnel for the new agreements.

As reported in the Troubled Company Reporter-Latin America on
March 16, 2009, the Jamaica Observer said 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.

"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 Observer, 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 related that in the event that the plants return to normal
production, the agreement would immediately come to an end.

Windalco, as cited by the Radio Jamaica News, said once the
shutdown has taken place, specific action will be undertaken in
the areas of asset preservation, improvement projects,
documentation activities, training and skills improvement.

                         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
===========

GRUPO SENDA: Fitch Downgrades Issuer Default Rating to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded Grupo Senda Autotransporte, S.A. de
C.V.'s ratings:

  -- Foreign Currency Issuer Default Rating to 'B-' from 'B+';

  -- Local Currency IDR to 'B-' from 'B+';

  -- US$150 million senior secured guaranteed notes to 'B-/RR4'
     from 'B+/RR4'.

Fitch has also placed all ratings on Rating Watch Negative.

The ratings downgrade reflects Grupo Senda's increased leverage as
a result of lower profitability coupled with the Mexican Peso
devaluation against the US Dollar, as well as the challenging
operating environment the company faces in the near term.  Grupo
Senda's lower than expected EBITDA for full year 2008 was affected
by the company's aggressive marketing strategy, higher competition
and the current economic turbulence.  The rating action reflects
Fitch's concern that Grupo Senda's strategy has not delivered the
expected financial results, and the drastic declining trend in
EBITDA margins observed in the second half of 2008.  Grupo Senda
increased the size of its fleet during 2008 with 238 new units;
however, the new capacity additions have not translated into
improved profitability.  The company's operating margin per
kilometer declined to MXP0.27/KM during fourth quarter-2008
(4Q'08) from MXP1.53/KM during 4Q'07 (MXP0.91/KM during 3Q'08).
As a result, Grupo Senda's EBITDA margin went down to 13.6% in
4Q'08 from 24.4% in 4Q'07.

The Rating Watch Negative reflects the adverse economic
environment facing Grupo Senda's operations during 2009,
particularly in the Personnel Transportation segment, as well as
higher refinancing risks and liquidity pressures.  As of Dec. 31,
2008, the company had cash and equivalents of MXP191 million and
short-term debt of MXP372 million, from which approximately MXP201
million are revolving bank credit facilities and the rest are
maturities of long-term debt.  Grupo Senda relies on successfully
rolling over short-term debt given the current pressure on its
cash flow generation.

Grupo Senda's ratings reflect the company's relatively high
financial leverage and its position as a leading provider of
intercity bus passenger services in Mexico.  Further factored into
the ratings is Grupo Senda's vulnerability to a devaluation of the
Mexican peso; the company generates most of its revenues (90%
approximately) in Mexican pesos and a portion of its costs and
most of its debt is denominated in U.S. dollars.

Grupo Senda's credit ratings also take into account industry-
related risks such as seasonal fluctuations in passengers and fuel
price volatility.  Positively considered in the ratings is the
importance of the country's bus transportation within Mexico due
to income constraints that limit the ability of many people to use
alternative transportation sources such as automobiles or
airlines.

Grupo Senda is a holding company and a leading provider of
interstate passenger bus transportation and package delivery
services, covering 15 states and more than 120 cities in north-
eastern and central Mexico, as well as 12 destinations in Texas.
Grupo Senda's business operations provide four main services: 1)
domestic passenger bus transportation services; 2) cross-border
bus transportation services; 3) industrial personnel and education
bus transportation services (contracted and chartered); and 4)
package delivery services.  Such services are provided through two
main business divisions, the Passenger Transportation division and
the Personnel Transportation division.  In 2008, Grupo Senda had
MXP3.1 billion of revenues and MXP611 million of EBITDA.


GRAND PRIX: Voluntary Chapter 15 Case Summary
---------------------------------------------

Chapter 15 Petitioner: Plaza Management Overseas S.A.
as the foreign representative

Chapter 15 Debtor: Grand Prix Associates Inc.
West Suite, Old Clarence Thomas Building
Wickham's Cay II
Road Town, Tortola
British Virgin Islands


Chapter 15 Case No.: 09-16545

Debtor-affiliates filing subject to Chapter 11 petitions:


Entity Case No.
------ --------


Bundora Associates Inc. 09-16549
Bundora Investments Limited 09-16551
Bundora Investments N.V. 09-16554
Ruby Investments Sp. z.o.o. 09-16556
Bundora Corp. 09-16558
Lockhart Overseas Investments Corp. 09-16560
Lockhart Limited 09-16561
Naven Investments Sp. z.o.o. 09-16562
Lockhart Corp. I 09-16563
Shelby Overseas Invest & Trade Ltd. 09-16564


Type of Business: The Debtors operate a private investment holding
company.


See: http://www.grandprixassociates.vg/

Chapter 15 Petition Date: March 18, 2009

Court: District of New Jersey (Newark)
Judge: Donald H. Steckroth


Chapter 15 Petitioner's Counsel: Michael D. Sirota, Esq.

Cole, Schotz, Meisel, Forman & Leonard
25 Main St.
Hackensack, NJ 07601
(201) 489-3000

msirota@coleschotz.com

Estimated Assets: unstated
Estimated Debts: unstated


* MEXICO: Industrial Output Drops 11.1% in January
--------------------------------------------------
Mexico's industrial output fell 11.1% in January from a year ago,
the most in 14 years, as the country’s ties to the declining U.S.
economy crimps manufacturing and trade, Bill Faries of Bloomberg
News reports, citing the national statistics institute.

The decline was greater than the 10 percent drop forecast in a
Bloomberg survey of 16 economists.

“This is another sign that economic activity is falling apart,”
the report quoted Alfredo Coutino, senior Latin America economist
at Moody’s Economy.com in West Chester, Pennsylvania, as saying.

According to the report, the statistics institute said January
manufacturing declined 14.9% in from a year ago, while January
exports fall 32% to US$15.2 billion in January.

The country's central bank, Bloomberg News says, forecasts the
economy may shrink as much as 1.8% this year.



=======
P E R U
=======

BBVA-BANCO CONTINENTAL: Fitch Downgrades Individual Rating to 'C'
-----------------------------------------------------------------
Fitch Ratings has affirmed BBVA-Banco Continental's ratings:

  -- Foreign Currency Long-term Issuer Default Rating at
     'BBB';

  -- Foreign Currency Short-term IDR at 'F2';

  -- Local Currency Long-term IDR at 'BBB+';

  -- Local Currency Short-term IDR at 'F2';

  -- Support Rating at '2'.

In addition, Fitch has upgraded BC's Individual rating:

  -- Individual Rating to 'C' from 'C/D'.

The Rating Outlook is Stable.

BC's IDRs reflect the support it would receive from its key
stakeholder BBVA (rated 'AA-' with a Positive Outlook by Fitch)
should it be required; the long-term foreign currency IDR is
constrained by Peru's country ceiling.  The upgrade of BC's
individual rating reflects its clear strategy, strong franchise,
sound performance and adequate asset quality; it also considers
its slim capital.

BBVA owns only 46% of BC's stock but has fully integrated it
within its regional strategy where BC plays a key role.  Hence, in
Fitch's view, support for BC would be forthcoming, if needed,
absent any severe deterioration in the operating environment,
which Fitch currently considers unlikely.

Should Peru's sovereign rating and country ceiling be upgraded,
Fitch would upgrade BC's foreign currency IDR.  Downward risk for
IDRs is very limited given its parent's strength but some pressure
on the individual rating could arise from significant asset
quality pressure that would appreciably impair earnings and
considerably reduce its reserve and capital cushion.

BC's loan portfolio grew steadily in 2008 across all segments and
benefited - on the corporate side - from the credit crunch;
combined with relatively stable margins loan growth resulted in
higher operating income in spite of sluggish non-interest
revenues.  Credit cost increased in line with portfolio growth as
the bank created generic reserves in anticipation of the downside
of the cycle.  Costs remained under control and BC's highly
efficient operation resulted in strong profitability even after
adjusting for extraordinary items (ROE of about 30% and an ROA
above 2.2%).

Portfolio quality remained strong and better than the industry
average but seems to be at an inflexion point after years of
improvement.  Nevertheless, sound risk management, ample reserves
and a still relatively benign economic environment mitigate the
downside risk.  Obligor concentration has slightly increased but
remains moderate.  The deposit base widened but overall funding
cost increased due to the growing importance of institutional
funding.  Regulatory capital remained fairly stable but once
adjusted for subordinated bonds that do not receive equity credit
according to Fitch, capital ratios declined to the low end of its
peers but should be at a bottom as regulatory changes call for a
gradual increase in capital levels over the next two years.  Fitch
expects that rising regulatory minimums will mean little further
capital erosion; in addition, capital should be viewed in light of
the robust reserve coverage.

Going forward, loan growth should be moderate and remain balanced
after BC tightened its credit criteria and reviewed potentially
troubled names.  Margins are likely to come under pressure but
BC's efficiency provides some cushion from these pressures, costs
should remain under control.  A decline in asset quality is
expected and should entail higher provisions that could be covered
with retained earnings; plans for capital growth, however, should
partially rely on the issuance of high equity content hybrids, the
placement of which will depend on market conditions.

BC is Peru's second largest bank, with a market share of about 23%
of assets.  Holding Continental (50% BBVA, 50% Grupo Brescia)
controls 92.08% of the bank.  BC has implemented BBVA's policies
and is fully integrated in its operative network and management.
BBVA appoints the CEO, CFO and Risk Manager.




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

CL FINANCIAL: Government to Take 10% Ownership of JMMB
------------------------------------------------------
The Trinidad and Tobago government will take ownership of 10% of
Jamaican Money Market Brokers (JMMB) as part of its liquidity
support and financial bailout, Alesia Edwards of the Jamaica
Observer reports, citing JMMB CEO Keith Duncan.

According to the report, Mr. Duncan said a financial institution
who loaned money to CL Financial's unit, Clico, is in discussions
to take the remaining 30% (440 million shares) of JMMB currently
held by CL Financial as it is unlikely that CL Financial will
repay its debt to them.

The report relates Mr. Duncan said the financial institution's
lack of a stake in the Jamaica business landscape also prompted
the creditor to pursue the interest in JMMB.

The Observer notes Mr. Duncan added that the Trinidadian
government could consider selling its stake.

                       About CL Financial

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

                          *     *     *

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

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

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

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


CL FIN'L: Guyana Supplies CLICO Documentation to Bahamas, PM Says
-----------------------------------------------------------------
President of Guyana Bharrat Jagdeo has supplied Bahamas
documentations claiming that a substantial portion of CLICO Life
and General Insurance Company South America Limited (CLICO
Guyana)'s assets were tied up in the operations of CLICO Bahamas
Limited, Sharon Turner of Caribbean Net News reports citing
Bahamas Prime Minister Hubert Ingraham.

“I told President Jagdeo that he ought to make available to me all
the information that they had to substantiate their claim,” the
report quoted Mr. Ingraham as saying.  “He caused that to be
delivered to me in Belize City.  That would have been delivered by
my Office to the Registrar of Insurance and the Liquidator Monday.
I expect to be able to know from them Monday the legitimacy of
that documentation, and if they are as they appear to be, to so
inform the President of Guyana.”

As reported in the Troubled Company Reporter-Latin America on
March 11, 2009, Caribbean Net News said the Guyana Finance
Ministry received documents from the Judicial Manager of CLICO
Guyana showing an existing relationship between CLICO Guyana and
CLICO Bahamas Limited and its predecessor British Fidelity
Assurance.

Caribbean Net News recalled Mr. Ingraham told Mr. Jagdeo that
there seems to be no record that the Guyana government has
invested 53% of CLICO Life and General Insurance Company South
America Limited (CLICO Guyana) assets in Clico (Bahamas) Limited.

Caribbean Net News said Mr. Ingraham did acknowledge that
Guyana's claim does, however, this represent a very serious
potential impairment for the Guyana operations given that it has
place its operation into judicial management.

Trinidad and Tobago Newsday noted the Guyana government has placed
CLICO Guyana's operations under judicial management prior to
winding up of the company.  The government's move, the report
related, follows the liquidation of Clico (Bahamas), which has a
51% stake in CLICO Guyana.

                        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.


PLIPDECO: President Assures No Plant Closure at the Estate
----------------------------------------------------------
Roger Traboulay, president of Point Lisas Industrial Port
Development Corporation Limited (PLIPDECO), gave assurance that
there will be no plant closure at the Point Lisas Industrial
Estate despite reports of a decline in the estate's economic
activity, Trinidad and Tobago's Newsday reports.

The report relates Mr. Traboulay said there may the impression
that there is little activity on the estate because several plants
decided to bring forward their maintenance schedules due to the
global economic slump and the drop in oil, steel and ammonia
worldwide.

According to the report, Mr. Traboulay said there was in fact an
increased labour activity at the estate since companies were
engaging in plant turn-arounds.

Newsday notes Mr. Traboulay said Plipdeco was not told by any
company that they were closing down their plants and he even
pointed to a recent decision by Nu Iron Unlimited to extend its
“hibernation” period for another three months because of a slump
in commodity prices.

Mr. Traboulay, the report adds, said since service and maintenance
companies were in such high demand, several employers were forced
to co-ordinate their operations with each other so as not to over-
extend manpower demands.

                         About PLIPDECO

Point Lisas Industrial Port Development Corporation Limited
(PLIPDECO) is a public company owned 51% by the Government of
Trinidad and Tobago and 49% by private shareholders.  The company
is incorporated on September 16, 1966.

PLIPDECO is the owner and landlord of the 850-hectare Point Lisas
Industrial Estate including Port Point Lisas, the second major
port in Trinidad and Tobago, consisting of six general cargo and
container berths.


                            ***********

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,
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           * * * End of Transmission * * *