TCRLA_Public/090325.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

             Wednesday, March 25, 2009, Vol. 9, No. 59

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Investors Want to Join Lawsuit
STANFORD INT'L: Stanford Group Executive Sues Lloyd's for Funds
STANFORD GROUP: James Davis Cooperating in Fraud Probe


A R G E N T I N A

ARGENVERSAL SA: Proofs of Claim Verification Due on May 22
CONTRERA CONSTRUCCIONES: Asks for Opening of Preventive Contest
ESPOSEL SA: Asks for Declaration of Bankruptcy
PESQUERA OLIVOS: Asks for Opening of Preventive Contest
PRO MIX: Proofs of Claim Verification Due on May 5

PROPUESTA MEDIA: Proofs of Claim Verification Due on May 27


B R A Z I L

AGRENCO LTD: To Sell Units & Inventories to Fund Operations
AGRENCO LTD: Marubeni Agrees to Sale & Transfer of Quotas in Unit
BANCO HIPOTECARIO: Commences Tender Offer to Buy 2010 Notes
CITIGROUP INC: Itau Exercises Option to Buy Redecard Shares
TAM SA: To Release Fourth Quarter 2008 Results on March 31

TELEMAR: Shareholders Approve Firm's Plans to Issue Debentures


C A Y M A N  I S L A N D S

AGR ASSET: Shareholders Receive Wind-Up Report
APHEX PACIFIC: S&P Downgrades Ratings on Series 6 Notes to 'D'
CALYPSO ASIA: Shareholders' Meeting Set for March 31
CALYPSO DAIKOKU: Shareholders' Meeting Set for March 31
CALYPSO INVESTMENT: Shareholders' Meeting Set for March 31

CAREEL BAY: Shareholders Hear Wind-Up Report
DARLENE INVESTMENTS: Shareholders Hear Wind-Up Report
EBI/NSM ADVISORS: Shareholder Receives Wind-Up Report
EDGESTREAM GLOBAL: Shareholders' Meeting Set for March 31
EL PASO: Shareholders Hear Wind-Up Report

GLOBAL HEDGE: Members Receive Wind-Up Report
GLOBALVEST ET AL: Liquidator Presents Wind-Up Report
INDOCHINA LAND ET AL: Liquidator Presents Wind-Up Report
KUBA LIMITED: Members to Receive Wind-Up Report on April 2
RIVERSIDE HOTEL: Members Receive Wind-Up Report

SAFE HARBOR: Shareholders Hear Wind-Up Report
TE GLOBAL ET AL: Liquidator Presents Wind-Up Report
TE GRINHAM ET AL: Liquidator Presents Wind-Up Report
TE O'CONNOR ET AL: Liquidator Presents Wind-Up Report
TE SPINNERHAWK ET AL: Liquidator Presents Wind-Up Report

TE WNTN ET AL: Liquidator Presents Wind-Up Report


C H I L E

BANCO SANTANDER: Plans to Sell Bonds in Local Market


G U Y A N A

CL FIN'L: CLICO Guyana Not Liquidating Despite Job Cuts


J A M A I C A

AIR JAMAICA: Number of Voluntary Layoffs to be Disclosed


M E X I C O

CITIGROUP: Mexican Congress Set to Debate on Banamex's Fate
INDUSTRIAS UNIDAS: S&P Downgrades Corporate Credit Rating to 'CC'
KANSAS CITY SOUTHERN: Moody's Cuts Corporate Family Rating to 'B2'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Finance Minister to Address Senate on CLICO Issue


V E N E Z U E L A

PDVSA: Holcim Initiates Arbitration Proceedings Against Venezuela
PDVSA: Helmerich & Payne Idles Four Rigs Due to Payment Dispute
STANFORD INT'L BANK: Venezuela Fails to Sell Local Bank


V I R G I N  I S L A N D S

PLAZA MANAGEMENT: Wants Caribbean Court as Main Bankr. Proceeding


                         - - - - -

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

STANFORD INT'L BANK: Investors Want to Join Lawsuit
---------------------------------------------------
Stanford Group Co. investors, whose accounts remain frozen since
the U.S. Securities and Exchange Commission (SEC) accused owner
Robert Allen Stanford of fraud, urged a judge to let them join a
government lawsuit against the company, Laurel Brubaker Calkins of
Bloomberg News reports.  The report relates the frozen accounts
are investigated by court-appointed receiver Ralph Janvey to
determine whether the funds are related to the alleged fraud at
Antigua-based Stanford International Bank Limited(SIBL).

“The SEC has accomplished what no ordinary litigant would ever
dare to try to accomplish -- obtain a pre-judgment, indeed pre-
suit garnishment, of the assets of innocent third parties against
whom the receiver thinks that maybe someday he might bring an
action,” Michael Quilling, a lawyer for investors, wrote in a
motion filed in Dallas federal court, Bloomberg News relates.
The report notes Mr. Quilling said Mr. Janvey is misinterpreting
his authority and standing “due process in this country on its
head.”

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.

As reported in the Troubled Company Reporter-Latin America on
Mrach 20, 2009, Bloomberg News recalled 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 noted, 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.

                  Receiver & SEC Want Investors
                    Barred from Joining Suit

Bloomberg News reported that Mr. Janvey and the 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
Mr. Stanford.

“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 same report related 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.

                 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.


STANFORD INT'L: Stanford Group Executive Sues Lloyd's for Funds
---------------------------------------------------------------
Stanford Financial Group Chief Investment Officer Laura
Pendergest-Holt sued Lloyd’s of London to get funds to pay for her
defence againts lawsuits connected to the Stanford fraud case,
Laurel Brubaker Calkins of Bloomberg News reports.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include Stanford International Bank Limited, Stanford
Group Company, and investment adviser Stanford Capital Management.
The SEC also charged SIBL chief financial officer James Davis as
well as Ms. Pendergest-Holt in the enforcement action.

According to Bloomberg News, Ms. Pendergest-Holt's lawyers said
the defendant was refused coverage under Stanford’s directors and
officers policy three times since her February 25 arrest.

“Despite the acknowledged receipt of such notices,” the London-
based insurer has “failed and refused to provide plaintiff with a
defence for the SEC action, the criminal action and the civil
action,” her lawyers said in a filing obtained by Bloomberg News.

Ms. Pendergest-Holt, Bloomberg News relates, is seeking US$5
million in actual damages and more than US$40 million in punitive
damages.

                  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.


STANFORD GROUP: James Davis Cooperating in Fraud Probe
------------------------------------------------------
Stanford Financial Group Chief Financial Officer and director
James M. Davis is cooperating with authorities in the
investigation of an alleged $8 billion Ponzi scheme at the
Company, Steve Stecklow at The Wall Street Journal reports, citing
David Finn, a Dallas attorney for Mr. Davis.

WSJ relates that people familiar with the matter said that Mr.
Davis' cooperation could advance the inquiries, which haven't been
able to secure information from Texas financier R. Allen Stanford,
who had asserted his Fifth Amendment right against self-
incrimination in its civil case against him.

Laurel Brubaker Calkins and Laurence Viele Davidson at Bloomberg
News states that Mr. Davis initially refused to cooperate in the
investigation, also asserting his "privilege against self-
incrimination under the Fifth Amendment of the U.S. Constitution
and decline to testify or provide an accounting."

WSJ says that Mr. Stanford is also being accused of engineering
the Ponzi scheme.  Laura Pendergest-Holt, another Stanford
Financial executive, was faces a separate criminal complaint
accusing her of obstruction of justice, WSJ relates.

                       About Stanford Group

Stanford Financial Group was a privately held global network of
independent, affiliated financial services companies led by
Chairman and CEO Sir Allen Stanford. The first Stanford company
was founded by his grandfather, Lodis B. Stanford in 1932.

Stanford's core businesses are private wealth management and
investment banking for institutions and emerging growth companies.

Stanford had over $50 billion in assets under management or
advisement.

The U.S. Securities and Exchange Commission, on February 17, 2009.
charged R. Allen Stanford and three of his companies for
orchestrating a fraudulent, multi-billion dollar investment scheme
centering on an US$8 billion Certificate of Deposit program.  Mr.
Stanford's companies include Stanford International Bank, Stanford
Group Company (SGC), and investment adviser Stanford Capital
Management.



The U.S. District Court for the Northern District of Texas
(Dallas) appointed Ralph Janvey as receiver for Stanford Group.



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

ARGENVERSAL SA: Proofs of Claim Verification Due on May 22
----------------------------------------------------------
Viviana Palopoli, the court-appointed trustee for Argenversal SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 22, 2009.

Ms. Palopoli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reacheda at:

          Viviana Palopoli
          Av. Cordoba 859
          Buenos Aires, Argentina


CONTRERA CONSTRUCCIONES: Asks for Opening of Preventive Contest
---------------------------------------------------------------
Contrera Construcciones SRL asked for the opening of preventive
contest before the National Commercial Court of First Instance
No. 25 in Buenos Aires, with the assistance of Clerk No. 50.


ESPOSEL SA: Asks for Declaration of Bankruptcy
----------------------------------------------
Esposel SA has asked for the declaration of its own bankruptcy.

The company cease to service its payment on March 2, 2009.


PESQUERA OLIVOS: Asks for Opening of Preventive Contest
-------------------------------------------------------
Pesquera Olivos SA asked for the opening of preventive contest
before the National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14.


PRO MIX: Proofs of Claim Verification Due on May 5
--------------------------------------------------
Hector Vegetti, the court-appointed trustee for Pro Mix SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 5, 2009.

Mr. Vegetti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Hector Vegetti
          Montevideo 711
          Buenos Aires, Argentina


PROPUESTA MEDIA: Proofs of Claim Verification Due on May 27
-----------------------------------------------------------
Miriam de Luca, the court-appointed trustee for Propuesta Media
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 27, 2009.

Ms. de Luca will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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.



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

AGRENCO LTD: To Sell Units & Inventories to Fund Operations
-----------------------------------------------------------
Agrenco Limited's debt holders approved the sale of producing
units in Brazil and Argentina, as well as its inventories, as
as part of the company's bankruptcy recovery plan, Heloiza Canassa
of Bloomberg News reports.

According to the report, the money raised through the sale will
help Agrenco fund its operations and complete the construction
of some plants.

Bloomberg News recalls the company filed for bankruptcy on
August 27.

Agrenco Ltd -- http://www.agrencogroup.com –- is a Bermudas-based
company involved in the agricultural sector.  The company is
active in the distribution, sale, purchase, storage and transport
of agricultural products.  It also provides technical and
financial services to farmers.  Agrenco Ltd operates 19
warehouses.  Through a joint venture with Marubeni Corporation, a
Japanese company that operates in various sectors, including
energy, agricultural and chemicals, the company is involved in a
project for the construction of three industrial plants to produce
biofuel in Brazil.  Its product line includes corn, fertilizers
and seeds.  Agrenco Ltd’s subsidiary is Agrenco Cooperatief UA.
In addition, the company has port operations.  It is listed on the
Sao Paulo Stock Exchange.


AGRENCO LTD: Marubeni Agrees to Sale & Transfer of Quotas in Unit
-----------------------------------------------------------------
Agrenco Limited disclosed that on February 27, 2009, Marubeni
Corporation entered into a private instrument of agreement for the
purchase and sale of Agrenco Bioenergia Industria e Comercio de
Oleos e Biodiesel Ltda – Em Recuperacao Judicial (“Agrenco
Bioenergia”)'s quotas.

Marubeni Corp. holds 15% of the quota capital of Agrenco
bioenergia and Agrenco Netherlands N.V.

Marubeni Corp. will sell, transfer and deliver all its quotas in
Agrenco Bioenergia, representing 15% of the Agrenco Bioenergia’s
quota capital, free and disengaged of any liability, subscripted
and fully paid in domestic currency.

Subsequently, the 10th Amendment to the Agrenco Bioenergia’s
Articles of Association, which reflects the exclusion of Marubeni
and the inclusion of Agrenco N.V. as a quotaholder of Agrenco
Bioenergia, is in a registration process at the Sao Paulo Board of
Trade.

Agrenco Ltd -- http://www.agrencogroup.com –- is a Bermudas-based
company involved in the agricultural sector.  The company is
active in the distribution, sale, purchase, storage and transport
of agricultural products.  It also provides technical and
financial services to farmers.  Agrenco Ltd operates 19
warehouses.  Through a joint venture with Marubeni Corporation, a
Japanese company that operates in various sectors, including
energy, agricultural and chemicals, the company is involved in a
project for the construction of three industrial plants to produce
biofuel in Brazil.  Its product line includes corn, fertilizers
and seeds.  Agrenco Ltd’s subsidiary is Agrenco Cooperatief UA.
In addition, the company has port operations.  It is listed on the
Sao Paulo Stock Exchange.


BANCO HIPOTECARIO: Commences Tender Offer to Buy 2010 Notes
-----------------------------------------------------------
Banco Hipotecario S.A. commenced a tender offer to purchase for
cash up to US$85,850,000 aggregate principal amount of its U.S.
Dollar-Denominated Notes due 2010 and up to US$53,772,000
aggregate principal amount of its Argentine Peso-linked Notes due
2010.  The Tender Offer will expire at 11:59 p.m., New York City
time on April 23, 2009, unless extended or earlier terminated.

If the amount of Eligible Notes validly tendered for one series is
less than the offer amount for such series and the amount of
Eligible Notes validly tendered for the other series exceeds the
offer amount for such other series, Banco Hipotecario will
increase the cash proceeds used in the oversubscribed series by an
amount equal to the unused portion of the cash proceeds in the
series that is undersubscribed.  In each case, the offer amount of
the oversubscribed series will thereby be increased by an amount
equal to the unused cash proceeds divided by the Total
Consideration for such series multiplied by US$1,000 which we
refer to as the "Adjusted Offer Amount".  Banco Hipotecario will
calculate the proration factor for the oversubscribed series, if
any, based on such Adjusted Offer Amount.  In no case will any
such proration cause the bank to pay an aggregate total
consideration for both series of Eligible Notes in excess of
US$80,000,000.

Holders who validly tender Eligible Notes on or prior to 5:00
p.m., New York City time, April 8, 2009 will be paid US$630 for
each US$1,000 principal amount of US$Notes, plus an early tender
premium of US$20 for a total of US$650, and US$430 for each
US$1,000 principal amount of ARS Peso-linked Notes, plus an early
tender premium of US$20 for a total of US$450.

Holders who validly tender Eligible Notes after the Early Tender
Deadline but on or prior to the Expiration Date will not receive
an early tender premium and will be paid US$630 for each US$1,000
principal amount of USD Notes and US$430 for each US$1,000
principal amount of ARS Peso-linked Notes.  In addition, Banco
Hipotecario will pay accrued and unpaid interest on USD Notes
validly tendered and accepted from the last interest payment date
to, but excluding, the date set for settlement of the Tender Offer
per the terms of the Offer to Purchase.

Holders who validly tender Eligible Notes have withdrawal rights
only until the Early Tender Deadline, unless Banco Hipotecario
materially modifies the terms of the Tender Offer as described in
the Offer to Purchase under "Terms of the Tender Offer--Withdrawal
Rights."  Upon the expiration of the Early Tender Deadline,
holders will not be able to withdraw their tenders received by a
Designated Clearing System (as defined in the Offer to Purchase)
per the terms of the Offer to Purchase.

Barclays Capital is acting as the Dealer Manager for the Tender
Offer and Bondholder Communications Group is acting as the
Information and Tender Agent, each for the Tender Offer.

                     About Banco Hipotecario

Banco Hipotecario S.A. is a commercial bank that accepts deposits
and offers retail and commercial banking services. Banco
Hipotecario offers mortgage, personal and corporate loans, credit
cards, and insurance services. It operates through a network of 43
branches and 43 additional points of sale located in Argentina.

                          *     *     *

As reported by the Troubled Company reporter-Latin America on
March 24, 2009, 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.


CITIGROUP INC: Itau Exercises Option to Buy Redecard Shares
-----------------------------------------------------------
Brazilian card-processing company Redecard SA said Itau Unibanco
Banco Multiplo SA (former Banco Itau Holding Financeira SA)
exercised an option to buy 24.08 million shares of the credit card
processor being sold by Citigroup Inc in a secondary offering,
Elzio Barreto of Reuters reports.  The report relates Redecard
said the price of the shares will set at a later date, after the
conclusion of the bookbuilding period for the offering.

As reported in the Troubled Company Reporter-Latin America on
March 24, 2009, Bloomberg News said Citigroup may sell its stake
in Redecard SA at a discount of as much as 19% to lure
buyers.

Bloomberg News recalled Citigroup Inc. planned to sell a 12% stake
in Redecard, 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 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 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.  Citigroup had $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 $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.


TAM SA: To Release Fourth Quarter 2008 Results on March 31
----------------------------------------------------------
TAM S.A. will release its results for the fourth quarter 2008
(4Q08) on March 31, 2009.

The information will be available on the company's website http://
www.tam.com.br/ir and through the CVM (Comissao de Valores
Mobiliarios) and SEC (Securities and Exchange Commission) "before
market open".

The conference calls in Portuguese and English will be Tuesday,
March 31 at 10:00am and 11:30am (Eastern Time), respectively.

    Conference Calls

    Portuguese                            English
    March 31, 2009                        March 31, 2009
    11:00 am (Brazil time)                12:30 am (Brazil time)
    10:00 am (US EDT)                     11:30 am (US EDT)

    Investor Relations:
    Phone: (55) (11) 5582-9715
    Fax: (55) (11) 5582-8149
    invest@tam.com.br
    http://www.tam.com.br/ir

    Press Agency Contact:
    MVL Comunicacao
    Phone: (55) (11) 3594- 0302 / 0303 / 0304 / 0305 / 0306
    equipetam@mvl.com.br

                         About TAM S.A.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


TELEMAR: Shareholders Approve Firm's Plans to Issue Debentures
--------------------------------------------------------------
Telemar Norte Leste SA (Telemar)'s shareholders approved the
company's plan to issue up to BRL3 Billion in debentures to repay
debts, Latin France News reports.

The report relates the company's unit plans to sell 2011 note
paying DI plus 115% and 2012 notes paying DI 120%.

According to the report, Telemar faces bridge maturities from
financing the acquisition of Brasil Telecom, having borrowed
BRL3.6 billion in 1-year notes in July and BRL2 billion notes of
the same tenor in December.

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.



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

AGR ASSET: Shareholders Receive Wind-Up Report
----------------------------------------------
On March 23, 2009, the shareholders of AGR Asset Management 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


APHEX PACIFIC: S&P Downgrades Ratings on Series 6 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
credit rating on the series 6 notes issued by Aphex Pacific
Capital Ltd.

The rating action follows our receipt of the final recovery
valuations for credit events affecting some obligors in the
underlying portfolio.  In our opinion, a consequence of the final
recovery valuations is that noteholders are unlikely to receive
full principal at maturity.


CALYPSO ASIA: Shareholders' Meeting Set for March 31
----------------------------------------------------
The shareholders of Calypso Asia Long Short Fund will hold their
final meeting on March 31, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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, KYI-1102
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


CALYPSO DAIKOKU: Shareholders' Meeting Set for March 31
-------------------------------------------------------
The shareholders of Calypso Daikoku Fund will hold their final
meeting on March 31, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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, KYI-1102
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


CALYPSO INVESTMENT: Shareholders' Meeting Set for March 31
----------------------------------------------------------
The shareholders of Calypso Investment Fund Limited will hold
their final meeting on March 31, 2009, at 8:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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, KYI-1102
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


CAREEL BAY: Shareholders Hear Wind-Up Report
--------------------------------------------
On March 20, 2009, the shareholders of Careel Bay CDO 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


DARLENE INVESTMENTS: Shareholders Hear Wind-Up Report
-----------------------------------------------------
On March 16, 2009, the shareholders of Darlene Investments LLC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o James Bagnall
          Telephone: (345) 949-9876
          Facsimile: (345) 949-1986


EBI/NSM ADVISORS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On March 17, 2009, the sole shareholder of EBI/NSM Advisors, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Vijayabalan Murugesu
          Telephone: 345 815-1481
          Facsimile: 345 945-6265


EDGESTREAM GLOBAL: Shareholders' Meeting Set for March 31
---------------------------------------------------------
The shareholders of Edgestream Global Fund Limited will hold their
final meeting on March 31, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Managementplus Limited
          c/o Nicole Ebanks
          DMTC Group
          Grand Pavilion Commercial Centre
          802 West Bay Road, 1st Floor
          P.O. Box 31855, Grand Cayman KY1-1207
          Telephone: (345) 943-2295
          Facsimile: (345) 943-2294


EL PASO: Shareholders Hear Wind-Up Report
-----------------------------------------
On March 20, 2009, the shareholders of El Paso Cayman BS-1 Company
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


GLOBAL HEDGE: Members Receive Wind-Up Report
--------------------------------------------
On March 17, 2009, the members of Global Hedge Fund LLC received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Skye Quinn
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914-8678
          Facsimile: (345) 945-4237


GLOBALVEST ET AL: Liquidator Presents Wind-Up Report
----------------------------------------------------
On March 17, 2009, David A.K. Walker presented the companies'
wind-up report and property disposal to the members of:

   -- Globalvest Value Discovery Fund Ltd; and
   -- Globalvest Octane Master Fund LDC.

The Liquidator can be reached at:

          David A.K. Walker
          c/o Skye Quinn
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914-8678
          Facsimile: (345) 945-4237


INDOCHINA LAND ET AL: Liquidator Presents Wind-Up Report
--------------------------------------------------------
On March 24, 2009, Tony Xuan Diep presented the companies' wind-up
report and property disposal to the shareholders of:

   -- Indochina Land Riverside Tower II Ltd; and
   -- Indochina Land Riverside Tower III Ltd.

The Liquidator can be reached at:

          Tony Xuan Diep
          Capital Place, 9th Floor
          6 Thai Van Lung Street
          District 1, HCM City, Vietnam
          Tel: +84 8 910-4855
          Fax: +84 8 910-4860


KUBA LIMITED: Members to Receive Wind-Up Report on April 2
----------------------------------------------------------
The members of Kuba Limited will hold their final meeting on
April 2, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

Joseph Halbreich is the company's liquidator.


RIVERSIDE HOTEL: Members Receive Wind-Up Report
-----------------------------------------------
On March 24, 2009, the members of Riverside Hotel Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Mayo-Smith III
          Capital Place, 10th Floor
          6 Thai Van Lung Street
          District 1, HCM City, Vietnam
          Tel: +84 8 910-4855
          Fax: +84 8 910-4860


SAFE HARBOR: Shareholders Hear Wind-Up Report
---------------------------------------------
On March 20, 2009, the shareholders of Safe Harbor Fund 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


TE GLOBAL 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 members of:

   -- Te Global Advisors Investors, Ltd.; and
   -- Te Global Advisors 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 GRINHAM 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 members of:

   -- Te Grinham Investors, Ltd; and
   -- Te Grinham 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 O'CONNOR 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 members of:

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

The Liquidator can be reached at:

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


TE SPINNERHAWK 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 members of:

   -- Te Spinnerhawk Investors, Ltd; and
   -- Te Spinnerhawk 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 WNTN 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 members of:

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

The Liquidator can be reached at:

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



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

BANCO SANTANDER: Plans to Sell Bonds in Local Market
----------------------------------------------------
Banco Santander Chile plans to sell up to US$220 million bonds
denominated in the UF inflation-linked unit of the domestic
market, Latin France News reports.

According to the report, the bank plans to issue up to UF3 million
each of 2013 and 2014 tranches, both with a 4.5% coupon.

The report relates the bank's own capital markets will manage the
sale.

Banco Santander-Chile (Santander-Chile/the Bank) –-
http://www.santandersantiago.cl/–- is a Chilean bank that
provides a range of commercial and retail banking services to its
customers.  Its product mix includes Chilean peso and foreign
currency denominated loans to finance a variety of commercial
transactions, trade financing, foreign currency forward contracts,
credit lines and a variety of retail banking services, including
mortgage financing.  In addition to its traditional banking
operations, the bank also offers financial leasing, financial
advisory services, mutual fund management, securities brokerage,
insurance brokerage and investment management.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 4, 2008, Fitch Ratings affirmed Banco Santander Chile's
individual rating at 'B'.



===========
G U Y A N A
===========

CL FIN'L: CLICO Guyana Not Liquidating Despite Job Cuts
-------------------------------------------------------
CLICO Life and General Insurance Company South America Limited
(CLICO Guyana), a unit of CL Financial Limited, is not being
liquidated despite a recent 35 job cuts from its marketing
department, Caribbean360.com reports, citing CLICO Guyana
Commissioner of Insurance and Judicial Manager Maria van Beek.

The report relates Ms. Van Beek said the staff reduction aimed to
conserve much needed cash in the company.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2009, Trinidad and Tobago Newsday said the Guyana
government 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 is said to have a 51% stake in CLICO Guyana.

According to Caribbean360.com, Ms. Van Beek said because CLICO
Guyana cannot issue any new policies or renew existing ones, the
marketing staff had no work to do and they were therefore sent
home.

“This reduces the amount of money available to effectively conduct
the operations of the company.  Since as judicial manager, I am
mandated to manage the affairs of the company with the greatest
economy compatible with efficiency, it has become necessary to
release all sales, part-time and contract employees,” Caribbean
Net News quoted Ms. van Beek as saying.

“Some administrative staff have also had their services terminated
along with a number of other cost-saving measures, which include
the closure of the company’s sales offices in Georgetown and some
of the outlying areas.  In total, it is expected that some 43
staff will be affected by this cost saving measure.”

Caribbean Net News notes Ms. van Beek said the laid off staff
would receive their severance packages shortly.

Meanwhile, Caribbean Net News relates Guyana Leader of the main
opposition People’s National Congress Reform (PNCR) Robert Corbin
believes that the many questions behind the failure of CLICO
Guyana must be answered by its regulators and directors.

“The PNCR, therefore, calls upon the government to hold an urgent
and impartial inquiry into the CLICO matters, including the
disbursement of the funds obtained from the sale of the bonds held
by CLICO in the Berbice Bridge Company... among the action
required, is for the directors and regulators associated with the
debacle at CLICO, to give a full account of what transpired prior
to the collapse of the company, those managers and directors of
the company who had a fiduciary duty to all policy holders and
depositors must be made to account to taxpayers for their
performance. There is definitely need to know if there was any
malfeasance prior to the collapse,” Caribbean Net News quoted Mr.
Corbin as saying.

                       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.



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

AIR JAMAICA: Number of Voluntary Layoffs to be Disclosed
--------------------------------------------------------
The number of Air Jamaica employees who have taken up separation
offers from the cash strapped airline will be known this week,
Radio Jamaica News reports.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2009, Radio Jamaica News said Air Jamaica extended the
deadline for workers to take up separation offers it presented a
month ago.  The same report said employees who were given up to
March 13 to indicate if they were interested were given a seven-
day extension.

Radio Jamaica News recalled Air Jamaica expanded options available
to its staff as it tried to streamline its operations.  In
addition to a voluntary separation plan, employees were given the
option of early retirement, the same report added.

Bustamante Industrial Trade Union President-General Kavon Gayle,
as cited by Radio Jamaica, said the level of response to the
offers will determine how other cost cutting measures will be
carried out at the airline.

According to Radio Jamaica, up to 600 Air Jamaica workers could
lose their jobs when the reorganisation of the airline is
completed.

                        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.



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

CITIGROUP: Mexican Congress Set to Debate on Banamex's Fate
-----------------------------------------------------------
Mexican lawyers may start debate this week on the fate of Grupo
Financiero Banamex SA, a unit of Citigroup Inc, after the
government declared the company could legally keep the division,
Bloomberg News reports.

The report says the Mexican finance ministry may propose a bill in
Congress this week that would make it clear that foreign
governments can own a stake in local banks during times of crisis,
ending legal argument over whether Citigroup can retain Banamex
SA.

The report recalls the finance ministry ruled on March 19 that
current law permits foreign government stakes in a crisis,
however, some lawmakers disagreed with the interpretation and said
only new rules would address the issue.  Opposition party members
said completely banning foreign stakes in banks would be difficult
and said they will study the proposal, the report relates.

“What the finance ministry wants to do is minimize the violation
of the law,” Bloomberg News quoted Pablo Trejo, a member of the
finance committee in the lower house of Congress, as saying.
“There is fear of confronting a government that has decided to
save a financial institution, but in so doing violates the law.”

The proposed legislation “would establish with total clarity the
exceptions strictly necessary to face crises such as those that
present themselves today,” the ministry said in a March 19
statement obtained by the news agency.  New rules would specify
that banks with foreign government stakes would have to sell 25%
of their Mexican unit’s shares after three years, the ministry
added.

Bloomberg News notes Manlio Fabio Beltrones, head of Mexico’s
opposition Institutional Revolutionary Party in the Senate, said
that allied lawmakers will try to block the finance ministry’s
ruling on foreign government ownership.

                         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.  Citigroup had $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 $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.


INDUSTRIAS UNIDAS: S&P Downgrades Corporate Credit Rating to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its global
scale corporate credit rating on Industrias Unidas S.A. de C.V. to
'CC' from 'CCC+'.  At the same time, S&P lowered the national
scale corporate credit rating to 'mxCCC' from 'mxB+'.  The outlook
is negative.

The downgrade follows IUSA's announcement that it is restructuring
its $20 million euro short-term notes program due on March 26,
2009, which S&P considers to be distressed according to Standard &
Poor's criteria.  The restructuring consists of the payment of
$10.5 million of principal and all interest due on March 26, and
the payment in three equal amortizations of the remaining
outstanding principal, which will mature in March 2010.

"The restructuring and amendment resulted in what S&P see as
modifications to the payment terms of the original obligations,
and S&P would consider this tantamount to a default," said
Standard & Poor's credit analyst Marcela Dueñas.

Although a payment default may not have occurred under the legal
provisions of the notes, Standard & Poor's considers a technical
default to have occurred when a payment related to an obligation
isn't made in accordance with its original terms, even with
investor agreement.

The short-term note program's restructuring will not accelerate
the payment of any other of the company's debt.

According to our ratings criteria, upon an announcement of this
sort, S&P lower the ratings to 'CC' on the global scale and/or
'mxCCC' on the Mexican local scale.

Upon the successful completion of the restructuring, S&P will
lower the corporate and senior unsecured ratings on IUSA to 'SD'
(selective default) and then reassess the company's financial
profile and assign new ratings.

S&P expects that, in the event the exchange succeeds, the
corporate credit ratings will likely remain in the 'CCC' category.
This would reflect the continued refinancing risk on IUSA's credit
facilities due in 2009 -- risk that has increased after the
restructuring announcement -- and S&P's ongoing concerns regarding
the group's liquidity and volatile free cash flow generation.


KANSAS CITY SOUTHERN: Moody's Cuts Corporate Family Rating to 'B2'
------------------------------------------------------------------
Moody's Investors Service has lowered the ratings of Kansas City
Southern de Mexico S.A. de C.V., corporate family rating to B2
from B1, and has changed the outlook to negative from stable.  At
the same time, Moody's affirmed the debt ratings of The Kansas
City Southern Railway Company and KCSM's parent company Kansas
City Southern (corporate family at B1), and changed the outlook to
negative from stable.

Moody's lowered KCSM's rating to B2 to reflect expectations for
weakening financial performance at KCSM because of the high degree
of sensitivity to conditions in both the U.S. and the Mexican
economies.  Because of KCSM's exposure to the freight groups
associated with the U.S. automobile, housing, and consumer goods
markets, financial results are expected to be materially impacted
by recessionary conditions in North America.  With weaker
financial results, the company could violate minimum fixed
coverage charge covenants prescribed under the terms of its
current bank credit facility, in which case it would be unable to
draw on that facility.  The loss of access to this facility
without adequate replacement would weaken the company's liquidity.
Adequate alternate liquidity will become especially important as
free cash flow is expected to be negative if recessionary demand
conditions persist.  Nonetheless, the company operates a
geographically attractive concession in northeast Mexico with good
growth prospects, which will likely support the company's
operating profile over the longer term.

Neither KCSR nor KCSM guarantees the other's debt, nor are the
obligations of KCSR and KCSM cross defaulted to each other.
Therefore, Moody's provides separate corporate family ratings for
both KCSM and KCS.

The negative outlook for both KCS and KCSM reflects Moody's
expectations that the company will face continued contraction in
volumes over the near term, which will likely result in weakening
sales, particularly in Mexican operations.  Due to the high degree
of operating leverage inherent in these railroads, Moody's
anticipates that operating ratios will remain above 80% for the
foreseeable future, until volume growth associated with economic
recovery resumes.  Debt is expected to remain approximately stable
over the near term, as capital spending has been curtailed in
response to lower demand.  As such, credit metrics are expected to
be below levels that are normally associated with each railroad's
ratings at least through 2009.

The ratings could be lowered if volumes continue to deteriorate
through 2009, potentially due to prolonged and deepening
recessionary conditions driving demand for the railroads'
services.  Ratings could be lowered at KCSM if the company gets
close to or breaches financial covenants without obtaining
amendments or waivers of covenants under its bank credit facility.
KCSM's ratings could also be lowered if EBIT/Interest is sustained
below 1.0 time or if free cash flow remains substantially negative
while weak demand conditions persist over the near term.  At KCSR,
ratings could be lowered if Debt/EBITDA increases to over 5.0
times, if EBIT/Interest approaches 1.5 times, or if deterioration
in liquidity (either inadequate cash available to U.S. operations
or insufficient availability under its revolving credit facility)
becomes a constraint on the company's operating or investing
activities.

The rating could be stabilized for both KCSR and KCSM if positive
free cash flow can be restored at those entities, with Operating
Ratios trending below 80% for a sustained period.  EBIT/Interest
at KCSM would need to be above 1.2 times with Debt/EBITDA of no
higher than 5.5 times in to change the outlook to stable at the B2
rating level.  At KCSR, Debt/EBITDA of less than 4.0 times and
EBIT/Interest of more than 2.0 times would be required for stable
ratings at the B1 level.

Downgrades:

  -- Corporate Family Rating, Downgraded to B2 from B1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B2
     from B1

Outlook Actions:

Issuer: Kansas City Southern

  -- Outlook, Changed To Negative From Stable

Issuer: Kansas City Southern Railway Company (The)

  -- Outlook, Changed To Negative From Stable

Issuer: Kansas City Southern de Mexico, S.A. de C.V.

  -- Outlook, Changed To Negative From Stable

The last rating action was on December 16, 2008 when a B2 rating
was assigned to a new KCSR note issuance.

The ratings of KCS, KCSR, and KCSM were assigned by evaluating
factors Moody's believe are relevant to the credit profile of the
issuer, such as i) the business risk and competitive position of
the company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of the core industry and KCS's, KCSR's, and KCSM's ratings
are believed to be comparable to those of other issuers of similar
credit risk.

Kansas City Southern operates a Class I railway in the central
U.S. (The Kansas City Southern Railway Company, `KCSR') and,
through its wholly-owned subsidiary Kansas City Southern de
Mexico, S.A. de C.V., owns the concession to operate Mexico's
northeastern railroad.



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

CL FINANCIAL: Finance Minister to Address Senate on CLICO Issue
---------------------------------------------------------------
Trinidad and Tobago Finance Minister Karen Nunez-Tesheira will
address the Senate on Friday regarding her involvement with CL
Financial Limited/CLICO, Oscar Ramjeet of Caribbean Net News
reports.  The report relates the Opposition is calling on the
Finance Minister to resign alleging that she acted on inside
information about CL Financial's state.

According to the report, Prime Minister Patrick Manning told a
news conference that the opposition and the public should allow
Ms. Nunez-Tesheira to have her say before they condemn her on her
involvement with CL Financial/CLICO.

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

The revelations, Caribbean Net News related, raised questions
whether Ms. Nunez-Tesheira has a serious conflict of interest, why
she had not disclosed her ownership of CL Financial shares before
and why the shares are held in her name and not in a blind trust.

Caribbean360.com News recalled Ms. Nunez-Tesheira strongly denied
former opposition leader Kamla Persad-Bissessar's allegations of
insider trading.  The allegations, the same report related, were
made after it was found out that the Finance Minister withdrew
funds from CLICO Investment Bank (CIB) ahead of the Central Bank
takeover of the financial institution.

Ms. Persad-Bissessar, Caribbean360.com News noted, charged
the Finance Minister of acting in contravention of the Prevention
of Corruption Act and the Integrity in Public Life Act.

                       About CL Financial

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

                          *     *     *

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

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

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

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



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

PDVSA: Holcim Initiates Arbitration Proceedings Against Venezuela
-----------------------------------------------------------------
Holcim Limited has initiated international arbitration proceedings
against the Republic of Venezuela before the International Centre
for the Settlement of Investment Disputes in Washington D.C.  The
group seeks full compensation for the expropriation of its
subsidiary, Holcim Venezuela, by the Venezuelan government.

On April 3, 2008, the President of Venezuela publicly announced
that the government would nationalize the cement industry in
Venezuela.  On May 27, 2008, the President issued a Decree
nationalizing Holcim Venezuela and the two other foreign-owned
cement companies.  The Nationalization Decree became effective on
June 18, 2008.

Pursuant to the terms of the Nationalization Decree, the
Venezuelan Government invited Holcim to negotiate the compensation
for its nationalized assets.  In the interest of reaching an
amicable resolution, Holcim accepted the government’s invitation.

On August 18, 2008, Holcim and Petroleos de Venezuela S.A.
(PDVSA), acting on behalf of the Venezuelan government, signed a
Memorandum of Understanding by which they agreed in accord with
the Nationalization Decree to proceed to negotiate an agreement
that would effect the transfer from Holcim to PDVSA of 85% of the
shares in Holcim Venezuela.

In accord with the Memorandum of Understanding, the parties
proceeded to negotiate the terms of a share purchase agreement,
but in October 2008 the Venezuelan government ceased
communications.  No agreement was ever signed, and Holcim has
received no compensation for the expropriated assets.

In its filing with ICSID, Holcim contends that Venezuela has
breached its obligations to Holcim, under the Agreement between
the Republic of Venezuela and the Swiss Confederation on the
Reciprocal Promotion and Protection of Investments, dated
November 18, 1993, by failing to pay the compensation required
under those treaties for the expropriated assets.  In the
arbitration proceedings, Holcim intends to seek relief in the form
of compensation equivalent to the full fair market value of all
assets at the time of the nationalization, an amount substantially
greater than the value placed on Holcim Venezuela for purpose of
the transaction contemplated by the Memorandum of Understanding.

                      About Holcim Limited

Holcim Limited –- http://www.holcim.com–- is one of the world's
leading suppliers of cement and aggregates (crushed stone, gravel
and sand) as well as further activities such as ready-mix concrete
and asphalt including services.  The group holds majority and
minority interests in more than 70 countries on all continents.

                         About PDVSA

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

                          *     *     *

Petroleos de Venezuela continues to carry a 'BB-' local currency
issuer rating from Moody's Ratings.

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


PDVSA: Helmerich & Payne Idles Four Rigs Due to Payment Dispute
---------------------------------------------------------------
Helmerich & Payne Inc has idled four rigs in Venezuela so far due
to a payment dispute and expects all 11 there to be idled by this
summer, Braden Reddall of Reuters reports, citing CEO Hans
Helmerich.

According to a company press release, Helmerich & Payne disclosed
that it was ceasing operations on their rigs in Venezuela as their
drilling contracts expire due to the lateness of accounts
receivable collections from its customer, PDVSA.  Reuters relates
that PDVSA owes Helmerich & Payne over nearly US$100 million.

Reuters notes PDVSA has amassed huge debts and sources have said
it is skipping payments to partners and service providers as
weaker oil prices and heavy government social spending have sapped
its finances.

In the press statement, the company said labor unions appear to be
pleading for continuity of operations on all of the company's rigs
in Venezuela.  The company added that it will continue to work
with PDVSA to resolve pending receivable collections and
potentially resume operations under new contracts with rigs that
are currently idle.

Meanwhile, the company denied rumors that there has been attempt
by PDVSA or labor unions to seize company rigs or other property.

The company said of the nine H&P rigs that are active in
Venezuela, operations on two rigs have been recently impacted by
work stoppages initiated by a local labor union organization.  It
is not yet clear how long the labor unions will impede
transportation of crews to the two rig locations.

                     About Helmerich & Payne

Helmerich & Payne, Inc. is primarily a contract drilling company.
As of January 29, 2009, the Company's existing fleet included 194
U.S. land rigs, 32 international land rigs and nine offshore
platform rigs. In addition, the company is scheduled to complete
another 27 new H&P-designed and operated FlexRigs, all of which
correspond to previously announced commitments with customers.
Upon completion of these commitments, the Company's global land
fleet will include a total of 190 FlexRigs.

                         About PDVSA

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

                          *     *     *

Petroleos de Venezuela continues to carry a 'BB-' local currency
issuer rating from Moody's Ratings.

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


STANFORD INT'L BANK: Venezuela Fails to Sell Local Bank
-------------------------------------------------------
Venezuela failed to sell in an auction a small local bank
previously owned by Robert Allen Stanford, Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, The Associated Press said Standard International
Bank Limited (SIBL)'s Venezuelan unit will be put up for sale
after the goverment seized its business.

The AP recalled Venezuela's government seized temporary control of
Stanford Bank SA after panicked withdrawals on news of U.S. fraud
charges against Mr. Stanford and three of his companies.

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.

Reuters relates that only one offer was presented at March 20's
auction, by local finance firm Italcambio for US$56 million, also
below the minimum price established.

According to Reuters, the board did not say if the government
would try to auction the bank again.

                            About SIBL

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



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

PLAZA MANAGEMENT: Wants Caribbean Court as Main Bankr. Proceeding
-----------------------------------------------------------------
Plaza Management Overseas SA filed a Chapter 15 petition in the
U.S. Bankruptcy Court for the District of New Jersey.

Bloomberg's Bill Rochelle said Plaza Management filed for
bankruptcy to protect $860 million in loans and investment from
Credit Suisse Strategic Partners.  The Bankruptcy Court has issued
a temporary order barring any actions against the Debtor until
March 30, when the Court is scheduled to hold another hearing.

According to Bloomberg, Plaza Management filed for protection from
creditors on March 13 in the High Court of Justice in the British
Virgin Islands where it says it’s based.

In its Chapter 15 petition, Plaza Management is asking the New
Jersey Court to recognize the court in the Caribbean as having the
“foreign main proceeding.”  If the petition is approved, Credit
Suisse and other creditors will be barred from pursuing their
claims in the U.S.

Plaza Management says Credit Suisse “compelled” it to make
investments in “poorly performing funds,” Bill Rochelle reported.
The Company, according to the same report, also contends that
former counsel mistakenly pledged the investments to Credit
Suisse. Credit Suisse invested $751 million.

Plaza Management Overseas SA is a family-owned manager of
investment portfolios.  It filed for Chapter 16 protection on
March 18 (Bankr. D. N.J., Case No. 09-16545).



                            ***********

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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