TCRLA_Public/090324.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, March 24, 2009, Vol. 9, No. 58

                            Headlines

A R G E N T I N A

BANCO HIPOTECARIO: Moody's Affirms Ba1 Global LC Deposit Ratings
BRUNI CHIESA: Trustee Verifying Proofs of Claim Until May 21
EXPRESO ARIES: Trustee Verifying Proofs of Claim Until April 28
MBA LAZARD: Moody's Affirms 'D-' Bank Financial Strength Rating
PRE PRESS: Trustee Verifying Proofs of Claim Until April 24

PROPUESTA MEDIA: Trustee Verifying Proofs of Claim Until May 27
RAYO LASER: Trustee Verifying Proofs of Claim Until May 20
TODOFARMA SA: Trustee Verifying Proofs of Claim Until May 18


B R A Z I L

BANCO BRADESCO: Secures US$100 Million Through MT100
BANCO DO BRASIL: Projects 2009's Return Over Net Assets at 19%-22%
BANCO DO BRASIL: Loan Growth May Exceed Rivals, President Says
BANCO IBI: S&P Downgrades Counterparty Credit Rating to 'B+'
BANCO NOSSA: S&P Raises Counterparty Credit Rating from 'BB'

CITIGROUP INC: Mulls Selling Redecard Shares at 19% Discount
PERDIGAO SA: Fire Broke Out at Goias State Plant
TELEMAR NORTE: Gets US$300 Mln Loan from China Development Bank
* BRAZIL: May Refuse to Join OPEC's Invitation, Minister Says


C A Y M A N  I S L A N D S

ASENQUA GLOBAL: Shareholders Receive Wind-Up Report
ASHBOURNE LIMITED: Shareholders Receive Wind-Up Report
BELGRAVIA SECURITIES: Shareholders Receive Wind-Up Report
BITE FINANCE: Moody's Changes Default Rating to 'Ca/LD'
UAB BITE: Fitch Downgrades Issuer Default Rating to 'RD'

CALZA INC: Shareholders Receive Wind-Up Report
D.B. ZWIRN SPECIAL: Members to Receive Wind-Up Report on March 31
GFN FINANCIAL: Creditors' Proofs of Debt Due on March 30
GOLDEN KNIGHT: Shareholders Receive Wind-Up Report
GREAT OAKS: Shareholders Receive Wind-Up Report

INDIAN CREEK ET AL: Liquidators Present Wind-Up Report
LEUCAS LIMITED: Shareholders Receive Wind-Up Report
ONZE VILLE: Shareholders Receive Wind-Up Report
PC ONE: Shareholders Receive Wind-Up Report
TE ANALOG ET AL: Liquidator Presents Wind-Up Report

TE BLUE ET AL: Liquidator Presents Wind-Up Report
TE BRIGHTFIELD ET AL: Liquidator Presents Wind-Up Report
TE CIPHER ET AL: Liquidator Presents Wind-Up Report
TE CORNERSTONE ET AL: Liquidator Presents Wind-Up Report
TE DRURY ET AL: Liquidator Presents Wind-Up Report

TUCKERBROOK LONG/SHORT ET AL: Liquidator Present Wind-Up Report


J A M A I C A

ALPART: To Give Benefits to Workers


M E X I C O

COMERCI: Presents Debt Restructuring Proposal
COMPANIA VIDRIERA: Moody's Lowers Global Scale Rating to Ba1
VITRO SAB: Moody's Withdraws All Ratings on Debts Default


P U E R T O  R I C O

DORAL FINANCIAL: Parent Incurs US$318.3 Million Net Loss in 4Q


T R I N I D A D  &  T O B A G O

CL FINANCIAL: To Wind Up Wine Distribution Company
MEDIA DATA: To Cut 60 Jobs by End of March
* TRINIDAD & TOBAGO: Union Fights Lay Offs


V E N E Z U E L A

PDVSA: Petrobras Cuts Ties With Firm on Refinery Project


V I R G I N  I S L A N D S

BORETS INTERNATIONAL: S&P Assigns 'BB-' Corporate Credit Rating


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

BANCO HIPOTECARIO: Moody's Affirms Ba1 Global LC Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service changed the outlook on Banco
Hipotecario's D bank financial strength rating to negative from
stable.

At the same time, Moody's affirmed the long- and short-term global
local-currency deposit ratings of Ba1 and Not Prime as well as the
long- and short-term foreign currency deposit ratings of Caa1 and
Not Prime.  The Aa1.ar local-currency and a Ba1.ar foreign-
currency deposit rating on the Argentine national scale were also
affirmed.

This rating action is driven by Moody's concerns about the
potential impact of the economic slowdown on Banco Hipotecario's
balance sheet and the challenges the bank may face to maintain its
position in the market in light of its funding structure.  Moody's
recognizes the relevant increase in the bank's deposit base, as
management focus is on diversifying funding sources, however, it
notes that such diversification has resulted in higher interest
expenses due to the liquidity stresses experienced within the
market during 2008.

The rating action also incorporates the challenge for Hipotecario
to increase its capacity to generate recurrent earnings to
compensate its operating costs and higher credit costs.

Moody's explained that it has applied a number of scenarios (base
and stressed) to Hipotecario's loan book, which revealed that
Hipotecario's currently good capitalization is likely to decline
as the overall asset quality deteriorates.  Moody's expects the
bank's relatively new consumer and credit card portfolios to be
more affected by the economic deceleration than its mortgage loan
book, which accounts for around 50% of the total loans.  Moody's
has also stressed the bank's liquidity position based on past
liquidity stresses in Argentina, and Hipotecario's funding
sources.  Assets and liabilities are well-matched in terms of
maturities.

Moody's Ba1 global local-currency deposit rating incorporates
Hipotecario's baseline credit assessment of Ba2, which is mapped
from the D BFSR, as well as Moody's assessment of a high
probability of systemic support.

Banco Hipotecario is headquarter in Buenos Aires, Argentina and as
of December 2008 the Bank had Ar$ 11.396 million in assets and Ar$
2.619 million in equity.

This rating was affected:

  -- Bank Financial Strength Rating: D, negative outlook

These ratings were affirmed:

* Long- and short-term local-currency deposit ratings: Ba1 / Not-
  Prime, with stable outlook

* Long- and short-term foreign-currency deposit ratings: Caa1 /
  Not-Prime, with stable outlook

* Long- term local-currency national scale rating: Aa1.ar


BRUNI CHIESA: Trustee Verifying Proofs of Claim Until May 21
------------------------------------------------------------
The court-appointed trustee for Bruni Chiesa Propiedades S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 21, 2009.

The trustee will present the validated claims in court as
individual reports on July 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
August 18, 2009.


EXPRESO ARIES: Trustee Verifying Proofs of Claim Until April 28
---------------------------------------------------------------
The court-appointed trustee for Expreso Aries San Nicolas S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 28, 2009.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 9, 2009.


MBA LAZARD: Moody's Affirms 'D-' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the D- bank financial
strength rating and the Ba2 global long-term local currency
deposit rating assigned to MBA Lazard Banco de Inversiones S.A.
and changed the outlooks on these ratings to negative from stable.

At the same time, Moody's affirmed the bank's Caa1/Not Prime
global long- and short-term foreign currency deposit ratings as
well as the Aa2.ar and Ba1.ar national scale local and foreign
currency deposit ratings.  The global short-term local currency
deposit rating of Not Prime was also affirmed.  All these ratings
have stable outlook.

In changing the outlook on the BFSR to negative, Moody's noted
that the weakening of the bank's financial fundamentals together
with its expectation that a worsening scenario in the local
capital market may negatively affect MBA's core business
activities going forward.  MBA focuses on corporate finance and
advisory services but is also active in sales and trading of fixed
income securities.

Capital markets activities in Argentina have already been somewhat
curtailed following the nationalization of the local pension funds
at the end of 2008, thus limiting the potential for new business
generation.  In addition, global turmoil and the increasing
volatility in the price of government securities have
significantly reduced MBA's earnings prospects for 2009, as
reflected in lower business volumes and a surge in operating
costs.

Moody's Ba2 deposit rating incorporates its assessment of low
parental support from its ultimate parent, Lazard Group LLC
(U.S.), rated Ba1, and its opinion that systemic support is not
likely to be forthcoming to support local currency obligations
because of the bank's small deposit franchise.

MBA Banco de Inversiones S.A., located in Buenos Aires, Argentina,
had Ar$ 201 million in assets and Ar$ 24 million in equity as of
December 31, 2008.

These ratings of MBA Lazard Banco de Inversiones were affected:

* Bank Financial Strength Rating: D-, negative outlook

* Global Long-Term Local-Currency Deposit Rating: Ba2, negative
  outlook

These ratings of MBA Lazard Banco de Inversiones were affirmed:

* Global Long-Term Foreign Currency Deposit Rating: Caa1, stable
  outlook

* Global Short-Term Foreign Currency Deposit Rating: Not Prime,
  stable outlook

* Global Short-Term Local Currency Deposit Rating: Not Prime,
  stable outlook

* National Scale Foreign Currency Deposit Rating: Ba1.ar, stable
  outlook

* National Scale Local Currency Deposit Rating: Aa2.ar, stable
  outlook


PRE PRESS: Trustee Verifying Proofs of Claim Until April 24
-----------------------------------------------------------
The court-appointed trustee for Pre Press S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 24, 2009.

The trustee will present the validated claims in court as
individual reports on June 9, 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 23, 2009.


PROPUESTA MEDIA: Trustee Verifying Proofs of Claim Until May 27
---------------------------------------------------------------
The court-appointed trustee for Propuesta Media S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 27, 2009.

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

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
September 4, 2009.


RAYO LASER: Trustee Verifying Proofs of Claim Until May 20
----------------------------------------------------------
The court-appointed trustee for Rayo Laser S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 20, 2009.

The trustee will present the validated claims in court as
individual reports on July 1, 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 31, 2009.


TODOFARMA SA: Trustee Verifying Proofs of Claim Until May 18
------------------------------------------------------------
The court-appointed trustee for Todofarma S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 18, 2009.

The trustee will present the validated claims in court as
individual reports on July 1, 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 28, 2009.



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

BANCO BRADESCO: Secures US$100 Million Through MT100
----------------------------------------------------
Banco Bradesco S.A. has secured US$100 million through a
securization of future diversified rights from its international
electronic transaction, MT100 or DPR securizatoin, Latin France
reports.

The report relates officials managing the sale said the 2015 notes
were placed with a single investor.

According to the report, discussions had been heard at Libor plus
200-bp-300bp.

WestLB managed the transaction, the report discloses.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

As of March 24, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.


BANCO DO BRASIL: Projects 2009's Return Over Net Assets at 19%-22%
------------------------------------------------------------------
Banco do Brasil SA projects that this year's returns will be above
net assets at between 19% and 22%, Gerald Jeffris of Dow Jones
Newswires reports, citing Brazil's CVM securities and exchange
commission.

According to DJ Newswires, the bank's fourth quarter 2008 net
assets increased 23.4% to BRL29.9 billion (US$13.3 billion) from
the end of the previous year.

The report relates Banco do Brasil projected total deposits at the
institution would expand this year by between 10% and 14%, while
credit for lending to the housing sector was projected to total
BRL29 billion this year, down from BRL30 billion in 2008.  The
bank, however, projected credit to the sector would rise again in
2010 to about BRL36 billion, the report says.

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

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these Banco do
Brasil S.A.'s Individual Rating at 'C/D'.


BANCO DO BRASIL: Loan Growth May Exceed Rivals, President Says
--------------------------------------------------------------
Banco do Brasil SA's loan portfolio may expand faster than rivals
as it extends lending to individuals, Telma Marotto of Bloomberg
News reports, citing President Antonio Francisco de Lima Neto
said.  The bank will probably “continue to expand credit more than
others,” Lima Neto told Bloomberg News in an interview.  “This
will be driven by growth in personal loans.”

The report recalls Banco do Brasil boosted lending 40% in 2008
while Banco Bradesco SA lent 33% more, and Itau Unibanco Banco
Multiplo SA increased lending by 34% last year.

According to the report, Mr. Lima Neto said expanding personal
lending is part of Banco do Brasil’s strategy to gain market share
in areas where the bank is smaller than rivals.

Bloomberg News recalls Banco do Brasil’s total loans to
individuals expanded 53% in 2008 to BRL48.8 billion (US$21.5
billion) -- almost half that of Itau Unibanco’s BRL93.2 billion at
the end of 2008, while Bradesco had BRL73.8 billion in personal
loans in December.

“We are deliberatively growing more than the market in this area
to reduce this difference,” the report quoted Mr. Lima Neto as
saying.

The report notes Mr. Lima Neto said as a result, net interest
margin will decline as Banco do Brasil expands in a area of
“fierce” competition.  Margins will also fall because of lower
benchmark interest rates and the bank’s higher provisions for bad
loans, he added.
                    About Banco do Brasil

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

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these Banco do
Brasil S.A.'s Individual Rating at 'C/D'.


BANCO IBI: S&P Downgrades Counterparty Credit Rating to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its global
scale long-term counterparty credit rating on Banco IBI S.A. –
Banco Multiplo to 'B+' from 'BB-'.  S&P also lowered the Brazilian
national scale long-term counterparty rating to 'brBBB+' from
'brA-'.  At the same time, S&P affirmed Ibi's short-term, global
and national counterparty credit ratings at 'B' and 'brA-2',
respectively.  The outlook is stable.

The rating reflects Ibi's persistent weakness in asset quality
ratios despite the bank's efforts to improve origination
standards.  The bank has taken action to counter tightening
underwriting policies since the beginning of 2008 to reverse the
deterioration in its own credit metrics.  So far, however, its
efforts have not had much of an impact," said Standard & Poor's
credit analyst Marcelo Peixoto.

Nonperforming loans peaked at 26% in December 2008 compared with
15% and 21% in December 2006 and 2007, respectively, while net
charge-offs reached a high 27%.  The stable outlook reflects S&P's
view that the actions taken by Ibi will prevent further
deteriorations in credit quality, even though S&P anticipates a
more challenging economic environment in Brazil.  S&P also
believes that Ibi's parent company, Cofra Holding AG, will
continue to support the bank through committed liquidity
facilities and strategic guidance.

The rating action reflects Ibi's weak asset quality, which is
affecting its profitability.  The deterioration followed the
bank's aggressive growth campaign, which started in June 2007,
when it decided to loosen its credit standards.  This resulted in
high delinquency in its portfolio and claims for higher
provisioning.  In addition, the liquidity crunch and reduction in
its portfolio has exacerbated the weakening in the bank's credit
metrics and profitability levels for a 'BB' rated bank.  On the
other hand, S&P see these mitigating factors: Ibi's expertise and
long track record in providing services and credit operations to
low-income clients; its continuing efforts to reduce its
dependence on clients of "C&A" -- a related apparel retailer; its
access to a shareholders' stand-by facility; and a capable and
experienced management team.

Ibi has also suffered from deposits withdrawals from institutional
investors, losing R$640 million in customer deposits (about 30% of
its deposit base) in the second half of 2008.  However, the bank
provided liquidity to all depositors without selling or
securitizing any assets -- something that may lure those
depositors back in the future.  To cover these withdrawals, the
bank's stand-by facility was increased to $500 million from
$300 million -- Ibi made use of three tranches of $100 million
each.  S&P see the bank's current liquidity situation as
comfortable, with liquid assets covering 70% of total deposits.
The available and unused funds in the stand-by facility could
cover 126% of total deposits as of Dec. 31, 2008.

The stable outlook incorporates the measures taken by Ibi to
revert the deterioration in its portfolio, which has strongly
affected the bank's asset quality and profitability ratios.  It
also incorporates S&P's expectation that the bank's strategy will
offset the impact of the more challenging economic environment and
rising unemployment.

"We will monitor the performance of the bank's credit portfolio
over the next couple of quarters.  S&P could revise its outlook to
negative, or lower the ratings, if asset quality continues to
deteriorate.  The ratings could also be revised downward if there
is significant erosion in its liquidity and capitalization levels.
S&P does not foresee taking any upward action on ratings or
outlook in the next year, given the volatile economic environment
and increasing systemic credit risk," Mr. Peixoto added.


BANCO NOSSA: S&P Raises Counterparty Credit Rating from 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale long-
term counterparty credit rating on Banco Nossa Caixa S.A. to
'BBB-' from 'BB' and raised its Brazilian national long-term scale
rating to 'brAAA' from 'brAA'.  The ratings were removed from
CreditWatch, where they were placed on Feb. 12, 2009.  The outlook
is stable.

"The ratings upgrade reflects the equalization of the ratings on
Nossa Caixa to those on Banco do Brasil after taking into account
BdB's acquisition of Nossa Caixa, which was concluded after the
Central Bank gave regulatory approval to the deal and BdB gained
the controlling shares from the Sao Paulo State Government.  The
ratings on Nossa Caixa reflect S&P's opinion that the bank will
operate as a core subsidiary of BdB until full incorporation and
will benefit in terms of loan portfolio expansion, enterprise risk
management, efficiency, and results," said Standard & Poor's
credit analyst Marcelo Peixoto.

With R$54 billion in total assets as of Dec. 31, 2008, Nossa Caixa
had a strong franchise and geographic presence in São Paulo state
and access to low-cost funding from BdB; the bank will remain a
financial agent of the state.  Nossa Caixa serves the state's
public employees and acts as payment agent for the state
government's suppliers.  Its position is supported by an adequate
branch network, but it has a proportionally smaller market share
and faces stiff competition from large, private retail banks.

Nossa Caixa will benefit from its integration into BdB, as the
bank lags peers in terms of enterprise risk management, especially
in credit risk.  Nossa Caixa is particularly unleveraged (its loan
portfolio accounts for only 24% of total assets) and, thus,
maintains a strong liquidity position.  S&P believes there is a
lot of potential for rising margins.  During fourth-quarter 2008,
the bank took advantage of its liquidity and opportunistically
acquired credit portfolios from niche banks -- both payroll
discount and auto loan portfolios.  Improving operating efficiency
is also one of the bank's priorities, and this has already
achieved significant results. Its efficiency should improve
further as the bank captures material synergies in both revenues
and costs under BdB's management.

The stable outlook mirrors that of BdB as S&P expects the ratings
to move in tandem, given the strategic importance of Nossa Caixa
to BdB as it fully integrates into BdB's operations.  "We believe
that Nossa Caixa will pursue growth with adequate risk management,
especially regarding costs and revenues.  S&P expects the bank to
maintain at least adequate liquidity and asset quality ratios even
in the more challenging economic environment expected to last
throughout 2009," Mr. Peixoto added.


CITIGROUP INC: Mulls Selling Redecard Shares at 19% Discount
------------------------------------------------------------
Citigroup Inc. may sell its stake in Brazilian card-processing
company Redecard SA at a discount of as much as 19% to lure
buyers, Paulo Winterstein of Bloomberg News reports, citing BNP
Paribas SA.

As reported in the Troubled Compamy Reporter-Latin America on
March 11, 2009, Bloomberg News said Citigroup Inc. plans to sell a
12% stake in Redecard SA, through a public offering that may raise
more than BRL1.8 billion (US$778 million) for the U.S. Bank.

According to Bloomberg News, the sale represents 82 million voting
shares and may be increased by an additional 8.3 million shares to
meet investor demand.  Citigroup, the same report related, may
also sell a further 16.4 million shares should shareholder Banco
Itau Holding Financeira SA decide not to increase its stake.

Bloomberg News noted Chief Executive Officer Vikram Pandit is
shedding Citigroup’s businesses to free up capital after the bank
posted a record US$18.7 billion loss in 2008.

“Finding a strategic partner willing to invest R$2.1 billion of
its capital in the current market environment is a very difficult
task,” Credit Suisse AG analyst Marcello Telles wrote in a Feb. 27
note, Bloomberg News said.

                       About Redecard SA

Redecard SA –- https://services.redecard.com.br/novoportal/ -- is
a Brazil-based company that provides credit and debit cards and
transaction-related services.  The company’s product line includes
credit and debit cards, phone shop services, point of sale (POS)
electronic terminals used for electronic transactions, the
prepayment of credit card financial transaction settlements, bank
check verification services via POS, benefit card and private
label cards, among other services.  Redecard captures, transmits
and processes transactions for merchants through credit cards,
such as MasterCard, MasterCard Electronic and Diners Club
International, and debit card, including MasterCard Maestro,
Maestro and RedeShop.  Its main shareholders are Banco Citibank
SA, Banco Itaucard SA, Dibens Leasing SA Arrendamento Mercantil
and Unibanco Participacoes Societarias SA. As of November 18,
2008, the Company announced a strategic partnership with Cetelem
and MasterCard.
                        About Citigroup

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citi had US$2.0 trillion in total assets on $1.9
trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately US$306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


PERDIGAO SA: Fire Broke Out at Goias State Plant
------------------------------------------------
Perdigao SA said a fire broke out Saturday morning at a plant in
Rio Verde, in Goias state, Jessica Brice of Bloomberg News
reports.

The report relates the company, in a statement to Brazil’s
securities regulator, said firefighters are still trying to put
out the flames, and the extent of the damage won’t be known until
the blaze is completely under control.

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 10, 2008, Moody's Investors Service affirmed Perdigao's Ba1
corporate family rating following an analysis of Perdigao's
liquidity and its third quarter results.  The outlook remains
negative.


TELEMAR NORTE: Gets US$300 Mln Loan from China Development Bank
---------------------------------------------------------------
Telemar Norte Leste SA has obtained a US$300 million loan from
China Development Bank, Latin France reports.

The report relates the loan is a 7-year facility pays Libor plus
250bp and features a 2-year grace period.

Acccording to the report, the company will use the proceeds to
finance its 2008-2009 investment activity in China with network
supplier Huawei.

Headquartered in Brazil, Telemar Norte Leste SA is involved in
the telecommunications sector.  It operates a fixed-line and
mobile telephone service in Brazil under the name Oi.  The company
also offers Internet network, through the service Oi Velox, and
cable television, through Oi TV, to both individual and corporate
customers.  Telemar Norte Leste SA operates in the states of Rio
de Janeiro, Minas Gerais, Espirito Santo, Bahia, Sergipe, Alagoas,
Pernambuco, Paraiba, Rio Grande do Norte, Ceara, Piaui, Maranho,
Para, Roraima, Amapa and Amazonas.

Its subsidiaries include TNL PCS (Oi), Telemar Internet Ltda and
Serede Servicos de Rede SA, among others.  The Company is owned by
Tele Norte Leste Participacoes SA. In 2008,  the Company launched
the third generation (3G) service.  As of January 2009, Telemar
Norte Leste SA acquired Brasil Telecom Participacoes SA.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Sept. 2, 2008, Standard & Poor's Ratings Services revised its
outlooks on Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA (collectively, Telemar), and Amazonia Celular SA to
positive from stable, while affirming the 'BB+' long-term
corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.


* BRAZIL: May Refuse to Join OPEC's Invitation, Minister Says
-------------------------------------------------------------
Brazil was officially invited to join the Organization of
Petroleum Exporting Countries (OPEC) by Saudi Arabia, Qatar,
Venezuela and Iran, Jessica Brice of Bloomberg News reports,
citing Veja magazine reported

Veja magazine, the report relates, reported that the invitation
was made to Brazilian Energy Minister Edison Lobao.

However, Bloomberg News notes Veja magazine posted that it’s
likely that Brazil will refuse the offer.  Veja reported that Mr.
Lobao told an unnamed person that Brazil needs to have a bigger
oil-output surplus before it considers the invitation, Bloomberg
News relates.



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

ASENQUA GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On March 23, 2009, the shareholders of Asenqua Global Resources
Fund Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Zephyr House, 3rd Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107, Cayman Islands


ASHBOURNE LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
On March 20, 2009, the shareholders of Ashbourne Limited 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
          P.O. Box 1350, Grand Cayman KY1-1108
          Cayman Islands


BELGRAVIA SECURITIES: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On March 20, 2009, the shareholders of Belgravia Securities
Investments Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


BITE FINANCE: Moody's Changes Default Rating to 'Ca/LD'
-------------------------------------------------------
Moody's Investors Service changed the probability of default
rating of Bite Finance International B.V to Ca/LD.  It also
downgraded the rating on the EUR 110 million senior subordinated
floating rate notes due 2017 to Ca; and kept all ratings under
review.

The change in PDR to Ca/LD (from Ca) follows the successful
conclusion on 18 March 2009 of the tender offer by Bite Finance
International (Cayman) Ltd for the EUR 110 million senior
subordinated floating rate notes due 2017 (issued by Bite Finance
International B.V) at a price of 35% of par value.  Acceptances
were received for EUR 103.93 million of notes (about 94.5%,
exceeding the 90% minimum threshold).  The "/LD" suffix will be
removed after three business days.

The downgrade of the subordinated notes to Ca from Caa3 reflects
the 65% loss arising from the exchange, compared to the par value
of those notes.

The balance EUR 6.07 million of subordinated notes that were not
tendered will remain outstanding.  Moody's notes that amendments
to the subordinated notes requested by Bite in parallel with the
tender offer, that remove substantially all covenants and release
collateral, have also been passed.

Additionally, Moody's notes some residual uncertainty as to the
amount of purchased notes that Bidco will cancel. Approval by
Bite's banks is required to cancel more than EUR 50 million.
Moody's believes that Bidco will cancel at least EUR 50 million of
notes, and that ultimately all the notes are likely to be
cancelled as the consequent reduction in Bite's debt should
benefit all creditors.  However, the ratings will be kept under
review until there is greater certainty over Bite's final capital
structure, as well as its resulting liquidity profile and updated
strategic plan.

If a high percentage of the notes is cancelled, then a ratings
downgrade of Bite's CFR and PDR below their current levels is
unlikely.  However, the rating of the outstanding subordinated
notes will need to incorporate their new status as unsecured
obligations, due to the loss of collateral (and removal of
protective covenants).

The last rating announcement for Bite was on 18 February 2009,
when the PDR was downgraded to Ca and the ratings placed under
review.

Bite Finance International B.V. is the Dutch holding company of
the Lithuanian company Bite Lietuva UAB.  Bite is a mobile
telecommunications operator in Lithuania and Latvia, which
reported 2008 service revenue of about EUR 188 million.  In
February 2007 a private equity consortium led by Mid Europa
Partners acquired Bite through a leveraged buyout for a total
consideration of EUR 443 million.


UAB BITE: Fitch Downgrades Issuer Default Rating to 'RD'
--------------------------------------------------------
Fitch Ratings has taken these rating actions in respect of
Lithuania-based mobile operator UAB Bite Lietuva following
confirmation of the settlement of the purchase of EUR103.93m of
Bite Finance International B.V.'s EUR110m subordinated notes by
Bite's holding company, Bite Finance International (Cayman) Ltd.:

UAB Bite Lietuva:

  -- Long-term Issuer Default Rating downgraded to 'RD' from 'C'

Bite Finance International B.V.:

  -- EUR110m senior subordinated notes: affirmed at 'C'; Recovery
     Rating revised to 'RR5' from 'RR6'.  Both ratings have been
     withdrawn.

The revision of the Recovery Rating for Bite Finance International
B.V.'s subordinated notes reflects the higher recovery level
received by tendering noteholders.  The agency has withdrawn the
rating on this instrument, due to the very small amount of debt
outstanding and the removal of the restrictive covenants and
events of default noted below.

Bite also received sufficient consents to amend the indenture
applying to the subordinated notes to remove substantially all of
the restrictive covenants and events of default, except for those
relating to non-payment, and to release collateral.  The purchase
was considered a coercive debt exchange in accordance with Fitch's
criteria.

Subsequently, Fitch has taken these rating actions:

UAB Bite Lietuva:

  -- Long-term IDR upgraded to 'CCC' from 'RD'; assigned a
     Negative Outlook

SIA EECF Bella Finco:

  -- EUR30m senior secured revolving credit facility (RCF)
     upgraded to 'B-' (B minus) from 'CC'; Recovery Rating is
     'RR3'

Bite Finance International B.V.:

  -- EUR190m senior secured notes upgraded to 'CCC' from 'CC';
     Recovery Rating revised to 'RR4' from 'RR3'

The upgrade of the IDR to 'CCC' subsequent to the completion of
the CDE reflects the improved cash flow headroom which the company
will have following the reduction in interest payable on the
EUR103.93m of subordinated notes repurchased, but this is
counterbalanced by deteriorating economic conditions in Lithuania
and Latvia, which drive the Negative Outlook assigned to the IDR.
The agency estimates that the cash interest savings of up to
EUR10m p.a. could be sufficient to enable the company to reach
cash flow breakeven if EBITDA and operating cashflows do not
deteriorate in 2009.  However, the expected sharp contraction in
economic growth in both countries this year (Fitch forecasts
Lithuania's real GDP will contract by 6.5% and that Latvia's real
GDP will contract by 12%) make this goal very challenging.  The
Negative Outlook therefore reflects the continued risks inherent
in the new entrant strategy in Latvia, which is the reason why the
consolidated group has yet to generate sustainable positive free
cash flows.

Despite the increased risk to the currency peg in Latvia
highlighted by Fitch on 24 February 2009, the agency does not
currently consider a failure of the peg as the most likely
scenario in either Latvia or Lithuania.  The continuation of the
currency peg in Lithuania in particular supports the company's
capital structure, in which substantially all debt is denominated
in euros whilst 90-95% of revenues are generated in local
currencies.


CALZA INC: Shareholders Receive Wind-Up Report
----------------------------------------------
On March 20, 2009, the shareholders of Calza Inc. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


D.B. ZWIRN SPECIAL: Members to Receive Wind-Up Report on March 31
-----------------------------------------------------------------
The members of D.B. Zwirn Special Opportunities Fund II, Ltd. will
meet on March 31, 2009, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GFN FINANCIAL: Creditors' Proofs of Debt Due on March 30
--------------------------------------------------------
The creditors of GFN Financial Corp. are required to file their
proofs of debt by March 30, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 2009.

The company's liquidator is:

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


GOLDEN KNIGHT: Shareholders Receive Wind-Up Report
--------------------------------------------------
On March 20, 2009, the shareholders of Golden Knight CDO Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


GREAT OAKS: Shareholders Receive Wind-Up Report
-----------------------------------------------
On March 16, 2009, the shareholders of Great Oaks Strategic Master
Fund II, Ltd received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


INDIAN CREEK ET AL: Liquidators Present Wind-Up Report
------------------------------------------------------
On March 20, 2009, Glen Trenouth and Rodney Graham presented the
companies' wind-up report and property disposal to the
shareholders of:

   -- Indian Creek Investors Ltd; and
   -- Indian Creek Ltd.

The Liquidators can be reached at:

          Glen Trenouth
          Rodney Graham
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 943-8800
          Facsimile: (345) 943-8801


LEUCAS LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
On March 20, 2009, the shareholders of Leucas Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


ONZE VILLE: Shareholders Receive Wind-Up Report
-----------------------------------------------
On March 20, 2009, the shareholders of Onze Ville Holdings Inc.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


PC ONE: Shareholders Receive Wind-Up Report
-------------------------------------------
On March 20, 2009, the shareholders of PC One Holdings received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TE ANALOG ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------
On March 20, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TE BLUE ET AL: Liquidator Presents Wind-Up Report
-------------------------------------------------
On March 20, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TE BRIGHTFIELD ET AL: Liquidator Presents Wind-Up Report
--------------------------------------------------------
On March 20, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TE CIPHER ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------
On March 20, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TE CORNERSTONE ET AL: Liquidator Presents Wind-Up Report
--------------------------------------------------------
On March 20, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TE DRURY ET AL: Liquidator Presents Wind-Up Report
--------------------------------------------------
On March 20, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TUCKERBROOK LONG/SHORT ET AL: Liquidator Present Wind-Up Report
---------------------------------------------------------------
On March 17, 2009, John Hassett presented the companies' wind-up
report and property disposal to the shareholders of:

   -- Tuckerbrook Long/Short Value Offshore Fund, Ltd; and
   -- Tuckerbrook Long/Short Value Master Fund, Ltd.

The Liquidator can be reached at:

          John Hassett
          America’s Cup Building
          30 Doaks Lane, Marblehead MA, 01945
          USA



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

ALPART: To Give Benefits to Workers
-----------------------------------
Alumina Partners of Jamaica (Alpart)'s management met with worker-
delegates and representatives of the National Workers Union (NWU)
and Union of Technical Administrative and Supervisory Personnel
(UTASP) on March 20 to discuss workers concerns amid reports of
suspension of operations, Radio Jamaica News reports.

The report relates NWU President Vincent Morrison said the meeting
examined legal obligations to the workers as well as the impact on
the surrounding communities.  "In terms of employee benefits,
ALPART has given us a schedule regarding the payments and we will
be meeting with the company over the coming weeks to sign off on
those arrangements.  ALPART has also informed us that in terms of
its community efforts, it will not be abandoning the community ...
it will be working with the displaced local people," the report
quoted Mr. Morrison as saying.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2009, Radio Jamaica said 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.

According to Radio Jamaica, Alpart Managing Director Alberto
Fabrini 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.

                       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.



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

COMERCI: Presents Debt Restructuring Proposal
---------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci) has presented
a debt restructuring proposal, Hugh Collins of Bloomberg News
reports, citing a statement filed to the Mexico City stock
exchange.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2009, Bloomberg News said Comerci received a
restructuring proposal from derivatives counterparties.

Bloomberg News recalled Comerci hired N.M. Rothschild &
Sons to advise on its debt restructuring.

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

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

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

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

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

                      About Comerci

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


COMPANIA VIDRIERA: Moody's Lowers Global Scale Rating to Ba1
------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has downgraded to Ba1 from Baa1
(Global Scale, Local Currency) and to Aa3.mx from Aaa.mx (Mexican
National Scale) the ratings of VENACB 05 certificates of Compañía
Vidriera, S.A. de C.V., Industria del Alcali, S.A. de C.V. and
Comercializadora Alcali, S. de R.L. de C.V. issued in March 2005
by ABN AMRO Bank (Mexico), S.A., Institucion de Banca Múltiple,
Division Fiduciaria, acting solely in its capacity as trustee.

The certificates are backed by trade receivables generated by
Covisa and Alcali (Comercializadora was merged with Covisa in mid
2008), which are glass container subsidiaries of Vitro, S.A.B. de
C.V.  Vitro is Mexico's leading glass manufacturer and operate
through two divisions, glass containers and flat glass.  Glass
containers division supply a wide range of end markets, including
the soft drink, beer, wine and liquor, food and cosmetics.

The rating action is driven by the following events.  First,
according to the most recent servicer report for the transaction
(for the month of January 2009), transaction performance has
deteriorated.  The monthly default ratio increased from 0.63% in
September 2008 to 2.79% in December 2008.  While in January 2009
this ratio decreased to 2.54% it continues to be well above its
historical average of 0.47%.  Similarly, the 3-month average
default ratio has increased steadily from 0.82% in September 2008
to 2.42% in January 2009.  Historically, this ratio has been below
1%. According to the January 2009 servicer report the transaction
has reserves of 25.56%.  According to the company, the system
migration from J.D. Edwards to S.A.P. that started in late
September 2008 impacted some of the reports.  Vitro and Finacity
continue to review the reported information.

Second, on January 26, 2009, Moody's downgraded Vitro's rating to
Ca from Caa1.  In addition, the current economic environment may
pressure the company's business and may place further stress in
the performance of the securitized receivables.  The rating action
also reflects the uncertainties related to a potential bankruptcy
of the originator and its impact on the transaction, as well as
the fact that the transaction is scheduled to start amortizing on
March 26, 2009.

Moody's last rating action on the certificates was on January 29,
2009 when the ratings were placed on review for possible
downgrade.

Issuer: Bank of America (Mexico), S.A., Institucion de Banca
Múltiple, Grupo Financiero Bank of America, acting solely in its
capacity as trustee.

  -- VENACB 05 - ratings downgraded to Ba1 from Baa1 (Global
     Scale, Local Currency) and downgraded to Aa3.mx to Aaa.mx
     (National Scale Rating).


VITRO SAB: Moody's Withdraws All Ratings on Debts Default
---------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Vitro,
S.A.B. de C.V.  The withdrawal has been prompted by the company's
default on its major debt instruments and its reorganization
involving negotiations with derivatives counterparties and
debtholders.

This ratings were withdrawn:

  -- Ca corporate family rating;

  -- Ca rating of US$700 million 9.125% senior unsecured notes due
     2017;

  -- Ca rating of US$300 million 8.625% senior unsecured notes due
     2012;

  -- Ca rating of US$225 million 11.75% senior unsecured notes due
     2013.

The last rating action on Vitro was on January 26, 2009, when
Moody's downgraded the company's ratings to Ca from Caa1,
concluding the review for downgrade initiated on October 30, 2008.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V., is
Mexico's leading glass manufacturer with revenues of US$2.6
billion in 2008.  Vitro operates through two divisions, glass
containers and flat glass, which cater to a wide range of end
markets, including the construction and automotive sectors for
flat glass and the soft drink, beer, wine and liquor, food and
cosmetics industries for glass containers.



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

DORAL FINANCIAL: Parent Incurs US$318.3 Million Net Loss in 4Q
--------------------------------------------------------------
Doral Financial Corporation reported a net loss (before preferred
stock dividends) of US$318.3 million in 2008 compared with a net
loss (before preferred stock dividends) of US$170.9 million in
2007.

The company's pre-tax net loss in 2008 was US$32.3 million,
compared to a pre-tax net loss of US$302.8 million in 2007, which
reflects an improvement of US$270.5 million.

After the payment of preferred stock dividends, there was a net
loss attributable to common shareholders of US$351.6 million for
the year ended December 31, 2008, compared to a net loss
attributable to common shareholders of US$204.2 million and
US$257.2 million for the years ended December 31, 2007 and 2006,
respectively.

Diluted loss per share for the year ended December 31, 2008 was
US$6.53,compared to a diluted loss per share of US$7.45 and
US$47.66 for the years ended December 31, 2007 and 2006,
respectively.

Net interest income for the year ended December 31, 2008 was
US$177.5 million for the year ended December 31, 2008, compared to
US$154.3 million and US$201.4 million for the years ended
December 31, 2007 and 2006, respectively.

The provision for loan and lease losses for the year ended
December 31, 2008 was US$48.9 million, compared to US$78.2 million
and US$39.8 million for 2007 and 2006, respectively. Non-
performing loans as of December 31, 2008 increased by US$85.4
million, or 13%, compared to December 31, 2007, while they
increased by US$258.9 million, or 69%, in the corresponding
preceding period.

Non-interest income for the year ended December 31, 2008 was
US$79.5 million, compared to non-interest loss of US$75.4 million
and US$59.2 million in 2007 and 2006, respectively.

Non-interest expense for the year ended December 31, 2008 was
US$240.4 million, compared to US$303.5 million and US$374.3
million for the years ended December 31, 2007 and 2006
respectively. Compared to 2007, the reduction of US$63.1 million,
or 21%, in non-interest expenses for 2008 was driven by the
elimination of expenses associated with 2007 recapitalization and
reorganization efforts and the cost control measures implemented
by the company during 2008.

For the year ended December 31, 2008, Doral Financial reported an
income tax expense of US$286.0 million, compared to an income tax
benefit of US$131.9 million and US$48.1 million for the years
ended December 31, 2007 and 2006, respectively.

                     About Doral Financial

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.

Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                          *     *     *


As reported by the Troubled Company Reporter-Latin America on
March 19, 2009, Moody's Investors Service lowered the senior
unsecured rating of Doral Financial Corporation to B2 from B1.



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

CL FINANCIAL: To Wind Up Wine Distribution Company
--------------------------------------------------
CL Financial Limited will close its wine distribution company,
Paragon Vintners, blaming the way it had been left by its previous
owners before it was bought by CL Financial in 2004; the economic
downturn, and the weakened pound, William Lyons of Scotland On
Sunday reports.

The report relates Paragon Vintners has entered into consultation
with its 28 staff and is expected to be wound up within weeks.

"We have made significant progress in reviving the business over
the last year despite the many legacy issues that were inherited.
The economic climate coupled with the rapid devaluation of
sterling has made the ongoing trading position of Paragon
unattractive," the report quoted the company as saying.

Paragon Vintners was set up as a joint venture by Baron Philippe
de Rothschild and Veuve Clicquot Ponsardin.  The company is the
distributor of a number of well-known wine labels, including
Chile's De Martino, Alsace's Trimbach and Portugal's Quinta do
Noval, and beverages such as Angostura Bitters, Hine Vintage
Cognacs and Barbancourt Rum.

                        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 US$6
billion and US$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
US$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
US$10 billion debt.


MEDIA DATA: To Cut 60 Jobs by End of March
------------------------------------------
Employees at Medical Data Caribbean Limited plans to retrench 60
trained medical transcriptionists by the end of March, Trinidad
and Tobago Newsday reports, citing an unnaned female employee.

According to the report, the unnamed employee said that during a
meeting on March 17, the workers were told that their termination
letters and severance packages were being formulated and their
last working day would be March 31.  However, she said the workers
were informed they would be paid their full salaries for the month
of March and their vacation, the report notes.

“We are feeling betrayed and the company has failed us because
they kept telling us that because this is a new company everyone
would have to work on a base salary until they were able to source
more work, so we took them at their word and agreed to that only
to be told that we are going to be laid off.  That is hard,”
Newsday quoted the female employee as saying.


* TRINIDAD & TOBAGO: Union Fights Lay Offs
------------------------------------------
President of the Transport and Industrial Workers Union(TIWU),
Roland Sutherland, said despite the Government’s promise to
maintain employment levels, they seem to be adding to the problem
rather than creating a solution, Trinidad and Tobago newsday
reports.

The report relates Mr. Sutherland said the government's intention
to send home 2,175 public servants at the Board of Inland Revenue
and Customs and Excise Division, indicated they were spearheading
the increasing number of layoffs which were being seen on a weekly
basis.

“Any Government that has consideration for its workers would have
gotten together with the trade union movement and employers, in an
effort to slow down this recent spate of retrenchments and
layoffs.  The Government is leading this layoff movement by
example and in my opinion no public servant can feel safe
anymore,” the report quoted Mr. Sutherland as saying.



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

PDVSA: Petrobras Cuts Ties With Firm on Refinery Project
--------------------------------------------------------
Petroleo Brasileiro SA (Petrobras) signed a BRL2.89 billion
(US$1.28 billion) of contracts for an oil refinery in Brazil,
moving ahead without partner Petroleos de Venezuela SA (PDVSA) Jeb
Blount of Bloomberg News reports.

According to the report, Petrobras said Usinas Siderurgias de
Minas Gerais SA, MRV Engenharia e Participacoes SA, Veolia
Enironnment, the Techint Group and Confab Industrial SA are among
the companies that won the contracts for construction, electrical
work, water treatment and pipes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Reuters said Venezuela hopes that its joint venture
plan with Petrobras on a US$4 billion Abreu e Lima Refinery
project in Pernambuco will reach an agreement despite
conflict over pricing and product marketing.

Dow Jones Newswires said a joint venture between Venezuela-owned
Petroleos de Venezuela ("PDVSA") and Petrobras on a refinery
project in Brazil may not come into fruition.

According to Dow Jones Newswires, citing the Estado News Agency,
Paulo Roberto Costa, Petrobras' Supply and Refining director, said
there was an impasse in the proposed oil refinery joint-venture
due to PdVSA's attempts to impose conditions on its participation
in the project, and this may lead to its being excluded.

Mr. Costa, Reuters related, told reporters that PDVSA's plan was
not acceptable due to the pricing mechanism for the heavy crude
that Venezuela would supply to the refinery and the plan for
commercialization of the refined products.

                        About PDVSA

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

                          *     *     *

As of March 16, 2009, Petroleos de Venezuela continues to carry a
'BB-' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.



==========================
V I R G I N  I S L A N D S
==========================

BORETS INTERNATIONAL: S&P Assigns 'BB-' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
long-term corporate credit rating and 'ruAA-' Russia national
scale rating to electrical submersible pumps producer Borets
International Ltd., which is registered in the British Virgin
Islands and operates mainly in Russia.  The outlook is stable.

"In our view, Borets' credit quality is constrained by the group's
internal liquidity, with currently restricted access to external
financing and a high dependence on shareholders to provide support
should the company require additional funds," said Standard &
Poor's credit analyst Varvara Nikanorava.  "Other constraining
factors include limited product and geographic diversification and
exposure to Russia country risks, where S&P understand a
significant part of the company's EBITDA is generated."

These factors are partly mitigated, in S&P's view, by the
company's leading position in the global electrical submersible
pumps business, its strong operating performance in recent years,
and the company's moderate financial leverage.  S&P also considers
the willingness and ability of both the majority and strategic
shareholders to support the company as a significantly positive
rating factor.

Borets is an oilfield services company, which manufactures full
ESP systems, ESP components and spare parts, and provides ESP
repair and maintenance services.  S&P notes that Borets enjoys a
leading market position in Russia and is among industry leaders
internationally.

S&P considers Borets' operating profitability to have been
relatively robust in recent years, with a reported EBITDA margin
of about 30%, reflecting strong ESP demand, especially in Russia.

S&P considers the company's financial profile as strong for the
current rating, with an estimated adjusted debt to EBITDA of about
2x for the fiscal year ended Dec. 31, 2008, including shareholder
loans in debt.  As of end-December 2008, Borets had about
$270 million reported total debt.

"The stable outlook reflects our view that the company will manage
its liquidity position in a manner commensurate with the current
rating and will be able to pay its mandatory debt payments when
they fall due from its internally generated funds, available cash,
and cash injections from the shareholders," said Ms. Nikanorava.
It also reflects S&P's view that the shareholders will continue to
be willing and able to support Borets.  S&P also assumes that
Borets will be successful in gradually expanding its geographic
presence and protecting its market positions as well as protecting
its operating margins from a further decline.



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

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                       Total       Shareholders
                                       Assets          Equity
Company              Ticker           (US$MM)         (US$MM)
-------              ------          ------------     -------

ARGENTINA

IMPSAT FIBER NET   330902Q GR          535007008     -17165000
SOC COMERCIAL PL     SCDPF US          422118016    -747305024
COMERCIAL PL-ADR     SCPDS LI          422118016    -747305024
SOC COMERCIAL PL       CAD IX          422118016    -747305024
COMERCIAL PLA-BL     COMEB AR          422118016    -747305024
IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
SOC COMERCIAL PL      COME AR          42211801     -747305024
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
SOC COMERCIAL PL     CVVIF US          422118016    -747305024
COMERCIAL PL-C/E     COMEC AR          422118016    -747305024
IMPSAT FIBER-C/E     IMPTC AR          535007008     -17165000
SOC COMERCIAL PL      CADN SW          422118016    -747305024
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
COMERCIAL PLAT-$     COMED AR          422118016    -747305024


BRAZIL

PET MANG-RIGHTS      RPMG1 BZ          183988992     -66954004
ESTRELA SA-PREF      ESTR4 BZ          153186000     -80125000
PETRO MANGUINHOS    MANGON BZ          183988992     -66954004
PETRO MANGUINHOS     RPMG3 BZ          183988992     -66954004
COBRASMA-PREF        CBMA4 BZ           19346000   -2764018944
PETRO MANGUIN-PF    MANGPN BZ          183988992     -66954004
PET MANG-RECEIPT     RPMG9 BZ          183988992     -66954004
PARQUE TEM-RCT P    PQTM10 BZ          152268000    -388872000
TEKA-PREF            TKTPF US          526557984    -449536992
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
PARQUE TEM-RT PF     PQTM2 BZ          152268000    -388872000
PARQUE TEM-RT CM     PQTM1 BZ          152268000    -388872000
TECTOY-PF-RTS5/6    TOYB11 BZ           41684000      -2539000
SANSUY-PREF A        SNSY5 BZ          235182000     -63134000
NORDON MET-RTS       NORD1 BZ           36317000     -33521000
SANSUY SA-PREF A    SNSYAN BZ          235182000     -63134000
TECTOY SA-PREF      TOYBPN BZ           41684000      -2539000
STAROUP SA          STARON BZ           66833000      -3164000
SANSUY-PREF B        SNSY6 BZ          235182000     -63134000
SAUIPE SA           PSEGON BZ           17641202     -16319050
RIMET                REEM3 BZ          144454000    -232197008
RIMET               REEMON BZ          144454000    -232197008
TEXTIL RENAUXVIE     TXRX3 BZ           86140000    -135343008
SANSUY               SNSY3 BZ          235182000     -63134000
PARQUE TEM-DV PF      PQT6 BZ          152268000    -388872000
RIMET-PREF          REEMPN BZ          144454000    -232197008
BUETTNER SA         BUETON BZ          148186992     -54926000
HOPI HARI-PREF       PQTM4 BZ          152268000    -388872000
BOMBRIL              BOBR3 BZ          442846016    -485678016
F GUIMARAES-PREF     FGUI4 BZ           24631000    -224564000
HOPI HARI SA         PQTM3 BZ          152268000    -388872000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
GAZOLA               GAZO3 BZ           27266214     -73665296
KUALA-PREF           ARTE4 BZ           11856000     -33570000
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
CAMBUCI SA-PREF      CXDOF US          177378992     -42495000
TECBLU-PREF C        TENE7 BZ           14637000     -13127000
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
HERCULES SA         HERTON BZ           25126000    -273456000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
DOC IMBITUBA         IMBI3 BZ          202283008     -25164000
HERCULES             HETA3 BZ           25126000    -273456000
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
EXCELSIOR-RCT       BAUH10 BZ           20444000      -3589000
NORDON METAL        NORDON BZ           36317000     -33521000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
PARQUE TEM-DV CM      PQT5 BZ          152268000    -388872000
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
DHB IND E COM        DHBON BZ          221336000    -588646016
MINUPAR SA-PREF     MNPRPN BZ          179201008     -34191000
MINUPAR-PREF         MNPR4 BZ          179201008     -34191000
MINUPAR              MNPR3 BZ          179201008     -34191000
BUETTNER             BUET3 BZ          148186992     -54926000
NORDON MET           NORD3 BZ           36317000     -33521000
SANSUY SA-PREF B    SNSYBN BZ          235182000     -63134000
N.A.                 DTCY9 BZ           11902000     -16264999
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
TEKA-ADR             TKTPY US          526557984    -449536992
DOCAS SA-RTS PRF     DOCA2 BZ          206494000     -23571000
CAF BRASILIA         CAFE3 BZ           38244000   -1042639040
TEKA                TEKAON BZ          526557984    -449536992
TEXTEIS RENA-RCT    TXRX10 BZ           86140000    -135343008
ALL MALHA PAULIS     GASC3 BZ         1586146944   -1048602048
TEKA-PREF           TEKAPN BZ          526557984    -449536992
CORREA RIBEIR-PR     CORR4 BZ           10835000       -154000
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
TECTOY-RCT PREF     TOYB10 BZ           41684000      -2539000
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
TEKA-ADR             TEKAY US          526557984    -449536992
TEKA                 TEKA3 BZ          526557984    -449536992
TECTOY-RTS/3         TOYB1 BZ           41684000      -2539000
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
SCHLOSSER SA         SCHON BZ           21962000    -118044000
WETZEL SA-PREF      MWELPN BZ          145738992      -8419000
BUETTNER SA-PRF     BUETPN BZ          148186992     -54926000
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
WETZEL SA           MWELON BZ          145738992      -8419000
WIEST SA-PREF       WISAPN BZ           71372000    -140973008
WIEST-PREF           WISA4 BZ           71372000    -140973008
WIEST                WISA3 BZ           71372000    -140973008
WIEST SA            WISAON BZ           71372000    -140973008
TEXTEIS RENAUX      RENXPN BZ           86140000    -135343008
TEXTEIS RENAUX      RENXON BZ           86140000    -135343008
DOCAS IMBITUB-PR    IMBIPN BZ          202283008     -25164000
TEXTEIS RENAU-RT     TXRX2 BZ           86140000    -135343008
VARIG SA             VAGV3 BZ         2094450944  -10176870400
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
COARI PART-PREF      COAR4 BZ         3270861056        -56000
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
TEC TOY SA-PREF      TOYB5 BZ           41684000      -2539000
BAUMHARDT IRMAOS    BAUMON BZ           20444000      -3589000
STAROUP SA-PREF     STARPN BZ           66833000      -3164000
TEC TOY SA-PF B      TOYB6 BZ           41684000      -2539000
AZEVEDO-PREF         AZEV4 BZ          116398000     -10976000
TECBLU -RTS          TENE1 BZ           14637000     -13127000
TECBLU               TENE3 BZ           14637000     -13127000
TECBLU              TBLUON BZ           14637000     -13127000
TEXTEIS RENAU-PF     TXRX4 BZ           86140000    -135343008
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
TEKA                 TKTQF US          526557984    -449536992
SCHLOSSER            SCLO3 BZ           21962000    -118044000
VARIG SA            VARGON BZ         2094450944  -10176870400
SAUIPE               PSEG3 BZ           17641202     -16319050
SCHLOSSER-PREF       SCLO4 BZ           21962000    -118044000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
TECBLU-PR A RC      TENE11 BZ           14637000     -13127000
ACO ALTONA-PREF      EAAPN BZ          170270992     -31429000
FABRICA RENAUX-P    FRNXPN BZ          125797000     -64182000
TECEL S JOSE        FTSJON BZ           79567000     -37557000
TECEL S JOSE         SJOS3 BZ           79567000     -37557000
SANSUY SA           SNSYON BZ          235182000     -63134000
TECTOY-BONUS RTS    TOYB13 BZ           41684000      -2539000
TECTOY               TOYB3 BZ           41684000      -2539000
PROMAN               PRMN3 BZ           24221000       -555000
DOCA INVESTI-PFD     DOCA4 BZ          206494000     -23571000
TECBLU-PREF B        TENE6 BZ           14637000     -13127000
TECBLU-PREF A       TBLUAN BZ           14637000     -13127000
TECBLU-PREF A        TENE5 BZ           14637000     -13127000
CAF BRASILIA-PRF     CAFE4 BZ           38244000   -1042639040
TECBLU-RCPT PREF      TEN9 BZ           14637000     -13127000
ACO ALTONA           EALT3 BZ          170270992     -31429000
TECBLU-PREF C       TBLUCN BZ           14637000     -13127000
CAMBUCI SA-PREF      CAMB4 BZ          177378992     -42495000
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
CAMBUCI SA           CAMB3 BZ          177378992     -42495000
CAMBUCI SA-PREF     CAMBPN BZ          177378992     -42495000

CHIARELLI SA         CCHON BZ           42853000     -85685000
SCHLOSSER SA-PRF     SCHPN BZ           21962000    -118044000
WETZEL SA            MWET3 BZ          145738992      -8419000
CENT AMAPA           CTAP3 BZ              15000     -11996000
BUETTNER SA-RTS      BUET1 BZ          148186992     -54926000
BOMBRIL              BMBBF US          442846016    -485678016
WETZEL SA-PREF       MWET4 BZ          145738992      -8419000
BUETTNER SA-RT P     BUET2 BZ          148186992     -54926000
CAFE BRASILIA SA    CSBRON BZ           38244000   -1042639040
CAFE BRASILIA-PR    CSBRPN BZ           38244000   -1042639040
TEKA-ADR             TKTQY US          526557984    -449536992
TECBLU-RCPT CMN       TEN8 BZ           14637000     -13127000
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
DTCOM- DIRECT-PR     DTCY4 BZ           11902000     -16264999
PET MANGUINH-PRF     RPMG4 BZ          183988992     -66954004
COBRASMA SA         COBRON BZ           19346000   -2764018944
COBRASMA SA-PREF    COBRPN BZ           19346000   -2764018944
TECTOY-RCT ORD       TOYB9 BZ           41684000      -2539000
TECTOY-RCPT PF B    TOYB12 BZ           41684000      -2539000
FERRAGENS HAGA-P    HAGAPN BZ           25668954    -110814000
CONST A LINDEN      LINDON BZ           51808000     -13659000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
TECTOY SA           TOYBON BZ           41684000      -2539000
COBRASMA             CBMA3 BZ           19346000   -2764018944
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
COARI PART           COAR3 BZ         3270861056        -56000
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
CONST A LINDEN       CALI3 BZ           51808000     -13659000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
KUALA                ARTE3 BZ           11856000     -33570000
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
ACO ALTONA-PREF      EALT4 BZ          170270992     -31429000
TEXTEIS RENA-RCT     TXRX9 BZ           86140000    -135343008
TEXTEIS RENAU-RT     TXRX1 BZ           86140000    -135343008
TECEL S JOSE-PRF    FTSJPN BZ           79567000     -37557000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
PET MANG-RECEIPT    RPMG10 BZ          183988992     -66954004
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
BOMBRIL CIRIO-PF    BOBRPN BZ          442846016    -485678016
BOMBRIL-PREF         BOBR4 BZ          442846016    -485678016
BOMBRIL-RGTS PRE     BOBR2 BZ          442846016    -485678016
BOMBRIL SA-ADR       BMBPY US          442846016    -485678016
ACO ALTONA SA        EAAON BZ          170270992     -31429000
BOTUCATU-PREF        STRP4 BZ           66833000      -3164000
MINUPAR SA          MNPRON BZ          179201008     -34191000
BOMBRIL-RIGHTS       BOBR1 BZ          442846016    -485678016
AZEVEDO              AZEV3 BZ          116398000     -10976000
TECBLU-COM RCT       TENE9 BZ           14637000     -13127000
BAUMHARDT IRM-PR    BAUMPN BZ           20444000      -3589000
AZEVEDO E TRA-PR    AZEVPN BZ          116398000     -10976000
BUETTNER-PREF        BUET4 BZ          148186992     -54926000
BOMBRIL CIRIO SA    BOBRON BZ          442846016    -485678016
AZEVEDO E TRAVAS    AZEVON BZ          116398000     -10976000
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
TEC TOY SA-PREF      TOYDF US           41684000      -2539000
EXCELSIOR-RT         BAUH1 BZ           20444000      -3589000
FABRICA RENAUX      FRNXON BZ          125797000     -64182000
FABRICA RENAUX       FTRX3 BZ          125797000     -64182000
EXCELSIOR-RT         BAUH2 BZ           20444000      -3589000
F GUIMARAES          FGUI3 BZ           24631000    -224564000
FABRICA TECID-RT     FTRX1 BZ          125797000     -64182000
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FABRICA RENAUX-P     FTRX4 BZ          125797000     -64182000
TECEL S JOSE-PRF     SJOS4 BZ           79567000     -37557000
CORREA RIBEIRO      CORION BZ           10835000       -154000
ESTRELA SA-PREF     ESTRPN BZ          153186000     -80125000
PET MANG-RIGHTS      RPMG2 BZ          183988992     -66954004
ESTRELA SA          ESTRON BZ          153186000     -80125000
ESTRELA SA           ESTR3 BZ          153186000     -80125000
EXCELSIOR-RCT        BAUH9 BZ           20444000      -3589000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
EXCELSIOR ALIMEN     BAUH3 BZ           20444000      -3589000
EXCELSIOR-PREF       BAUH4 BZ           20444000      -3589000
GASCOIGNE EMP-PF     GASC4 BZ         1586146944   -1048602048
DOC IMBITUBA-RTC     IMBI1 BZ          202283008     -25164000
TECTOY-PREF          TOYB4 BZ           41684000      -2539000
GASCOIGNE EMP-PF    1GASPN BZ         1586146944   -1048602048
BOTUCATU TEXTIL      STRP3 BZ           66833000      -3164000
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
GAZOLA SA            GAZON BZ           27266214     -73665296
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
FER HAGA-PREF        HAGA4 BZ           25668954    -110814000
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
FERREIRA GUIM-PR    FGUIPN BZ           24631000    -224564000
FERREIRA GUIMARA    FGUION BZ           24631000    -224564000
FERRAGENS HAGA      HAGAON BZ           25668954    -110814000
RIMET-PREF           REEM4 BZ          144454000    -232197008
D H B-PREF           DHBI4 BZ          221336000    -588646016
TEKA-PREF            TEKA4 BZ          526557984    -449536992
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
D H B                DHBI3 BZ          221336000    -588646016
HAGA                 HAGA3 BZ           25668954    -110814000
GASCOIGNE EMPREE    1GASON BZ         1586146944   -1048602048
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
DOC IMBITUB-PREF     IMBI4 BZ          202283008     -25164000
CORREA RIBEIRO      CORIPN BZ           10835000       -154000
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
CORREA RIBEIRO       CORR3 BZ           10835000       -154000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
HERCULES SA-PREF    HERTPN BZ           25126000    -273456000
DOCAS SA-PREF       DOCAPN BZ          206494000     -23571000
DTC DIRECT CO-RT   1DTCONR BZ           11902000     -16264999
DTCOM- DIR TO CO     DTCY3 BZ           11902000     -16264999
PARQUE TEM-RCT C     PQTM9 BZ          152268000    -388872000
DTC DIRECT CO SA    1DTCON BZ           11902000     -16264999
CAMBUCI SA          CAMBON BZ          177378992     -42495000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
DTCOM-RT             DTCY1 BZ           11902000     -16264999
HERCULES-PREF        HETA4 BZ           25126000    -273456000
TECBLU-PREF B       TBLUBN BZ           14637000     -13127000
DOCA INVESTIMENT     DOCA3 BZ          206494000     -23571000
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
BOMBRIL SA-ADR       BMBBY US          442846016    -485678016
DOC IMBITUBA-RTP     IMBI2 BZ          202283008     -25164000
DOCAS IMBITUBA      IMBION BZ          202283008     -25164000
DOCAS SA            DOCAON BZ          206494000     -23571000

COLOMBIA

ENACAR              ENACAR CI         2869195008   -36472102912
ENACAR-RT          ENACARO CI         2869195008   -36472102912
CARVILE            CARVILE CI         1265678976   -34953248768
ENACAR               EMPOF US         2869195008   -36472102912
N.A.              CARVILEO CI         1265678976   -34953248768


                            ***********

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 2009.  All rights reserved.  ISSN 1529-2746.

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

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

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


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