TCRLA_Public/090326.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

             Thursday, March 26, 2009, Vol. 9, No. 60

                            Headlines

B R A Z I L

BANCO DO BRASIL: Brazil to Increase Loan to Farmers by 28%
BANCO NOSSA: Moody's Upgrades Bank Fin'l Strength Rating from 'D+'
CITIGROUP: To Raise US$1.25 Billion in Redecard Sale


C A Y M A N  I S L A N D S

ARLO VI: Moody's Withdraws 'B2' Rating on Series 2006-A1 Notes
CLESSIDRA GLOBAL: Creditors' Proofs of Debt Due on April 2
CREEKSIDE HOLDINGS: Shareholders Receive Wind-Up Report
CS GLOBAL ET AL: Liquidator Presents Wind-Up Report
DOLOMITE EMERGING: Shareholders Receive Wind-Up Report

FIRST DOMINION: Members Receive Wind-Up Report
ELKHORN GLOBAL: Shareholders Receive Wind-Up Report
EURUS LIMITED: Creditors' Proofs of Debt Due on April 2
HA HOLDINGS: Shareholders Receive Wind-Up Report
HAMILTON CDO: Members Receive Wind-Up Report

HIGHBRIDGE EVENT: Placed Under Voluntary Wind-Up
KATONAH I, LTD: Members Receive Wind-Up Report
KINKO'S CAYMAN: Placed Under Voluntary Wind-Up
MVWFP CERTIFICATE: Members to Receive Wind-Up Report on May 2
NOVA GAS: Placed Under Voluntary Liquidation

PARK STREET: Creditors' Proofs of Debt Due on April 2
POLAR CAPITAL: Creditors' Proofs of Debt Due on April 2
SMOKY RIVER ET AL: Liquidator Presents Wind-Up Report
SSGA CM: Creditors' Proofs of Debt Due on April 2
WEST SIDE: Shareholders Receive Wind-Up Report

WORLDWIDE INVESTMENTS: Creditors' Proofs of Debt Due on April 2


E C U A D O R

* ECUADOR: To Announce Debt Restructuring Plan This Week


J A M A I C A

AIR JAMAICA: Adds Weekly Flights From New York to Grenada


P E R U

DORAL FINANCIAL: Names Robert Wahlman as Chief Financial Officer


M E X I C O

GRUMA SAB: S&P Retains CreditWatch on 'B+' Corporate Credit Rating
INDUSTRIAS UNIDAS: Moody's Cuts Ratings on US$200 Mil. Notes to Ca
MTI GLOBAL: Seeks Covenant Relief From Lenders
MTI GLOBAL: To Focus on Aerospace Program; Divest Other Assets


V E N E Z U E L A

PDVSA: Begins Gradual Payments of Outstanding Bills to Contractors
* VENEZUELA: To Hike Taxes & Issue Debts on Decreasing Oil Prices


X X X X X X X X

* IATA Sees US$4.7BB Losses in 2009 for Global Airline Industry
* Upcoming Meetings, Conferences and Seminars


                         - - - - -



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

BANCO DO BRASIL: Brazil to Increase Loan to Farmers by 28%
----------------------------------------------------------
Brazil may increase lending to farmers by as much as 28% in the
coming crop year after access to credit tightened amid the global
financial crisis, Katia Cortes of Bloomberg News reports, citing
Luis Carlos Guedes Pinto, Banco do Brasil SA Vice President for
Agribusiness.

The report relates Mr. Pinto said the government may offer farmers
as much as BRL100 billion (US$45 billion) in loans for the crop
year that starts in July, with Banco do Brasil contributing around
60% of the total.

According to the report, the government financing plan, which will
probably be announce in May, aims to offset a drop in lending from
commodities traders after the global financial crunch reduced
available credit worldwide.  "Financing from traders will continue
to be restricted.  Public and private banks will have to be
prepared for higher demand from farmers," Mr. Pinto was quoted by
Bloomberg as saying.

Bloomberg News relates Carlos Sperotto, vice president for the
National Agriculture Confederation, said the amount to be provided
is lower than the BRL155 billion farmers requested from President
Luiz Inacio Lula da Silva.  "The amount of financing will
determine the size of the crop," Mr. Sperotto told the news agency
in a telephone interview.  "Lower financing means smaller crops,"
he added, the report notes.

                      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 Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO NOSSA: Moody's Upgrades Bank Fin'l Strength Rating from 'D+'
------------------------------------------------------------------
Moody's Investors Service upgraded to C from D+ (D plus) the bank
financial strength rating assigned to Banco Nossa Caixa S.A.  The
rating agency also raised NC's global local currency long and
short-term deposit ratings to A1/Prime-1 from A3/ Prime-2.  The
Ba2/Not Prime global foreign currency deposit ratings, currently
constrained by the country ceiling for foreign currency deposits,
and the Aaa.br/BR-1 Brazilian national scale deposit ratings were
affirmed.  All ratings have stable outlook.

The rating actions follow the completion of the acquisition of
Banco Nossa Caixa by Banco do Brasil, approved by the local
regulatory authority on March 16th, 2009.

Moody's said the upgrade of Nossa Caixa's BFSR to C reflects the
alignment of its rating to those of BB and the important business
leverage potential that is expected from being part of a larger
banking conglomerate.  Banco do Brasil's broad business platform
is likely to offer important cross-selling opportunities to NC's
sizable client base -- estimated at 5.7 million accountholders,
with positive effect on the bank's profitability.  Banco do Brasil
intends to maintain the two brands separated while it integrates
the technological and business platforms gradually in order to
preserve its clients and risk management practices.

Moody's last rating action on Banco Nossa Caixa was on November
24, 2008, when the bank's bank financial strength rating and the
long and short-term local currency deposits were placed on review
for possible upgrade.  At that time, Moody's also affirmed all
BB's ratings.

Banco Nossa Caixa is headquartered in São Paulo, Brazil. As of
December 31, 2008, Banco Nossa Caixa had total assets of
R$54.3 billion (US$23 billion) and equity of R$3.2 billion
(US$1.7 billion) and Banco do Brasil S.A. had total assets of
R$507.3 billion (US$215.3 billion) and equity of R$29.9 billion
(US$16.3 billion).

These ratings of Banco Nossa Caixa S.A. were upgraded:

  -- Bank financial strength rating: to C from D+, with stable
     outlook

  -- Long-term global local currency deposit rating: to A1 from
     A3, with stable outlook;

  -- Short-term global local currency deposit rating: to Prime-1
     from Prime-2.

These ratings assigned to Banco Nossa Caixa S.A. were affirmed:

  -- Long and short-term foreign currency deposit ratings of Ba2 /
     Not Prime, stable outlook

  -- Long and short-term national scale ratings in Brazil of
     Aaa.br / BR-1, stable outlook



CITIGROUP: To Raise US$1.25 Billion in Redecard Sale
----------------------------------------------------
Citigroup Inc. seeks to raise BRL2.8 billion (US$1.25 billion)
through the sale of its 17% stake in Brazilian card-processing
company Redecard SA, Paulo Winterstein of Bloomberg News reports .

The report relates, citing a filing Brazil’s securities regulator
Web site, the New York-based bank plans to sell 90.3 million
shares at BRL24.50 reais each in a public offering.  According to
the report, Citigroup had planned to sell 82 million shares to the
public, with the possibility of offering 8.3 million more to meet
investor demand.

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Reuters said 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.

Bloomberg News noted that Citigroup Chief Executive Officer Vikram
Pandit said the company is shedding its 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.



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

ARLO VI: Moody's Withdraws 'B2' Rating on Series 2006-A1 Notes
--------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its rating of
the Series 2006-A1 note issued by Arlo VI Limited.

Moody's explained that it has withdrawn this rating for business
reasons.

The rating action is:

ARLO VI Limited:

(1) Series 2006-A-1 (Prima-CDO Long/Short) US$ 20,000,000 Secured
Limited Recourse Credit-Linked Notes due December 2013

  -- Current Rating: WR
  -- Prior Rating: B2
  -- Prior Rating Date: 10 March 2009


CLESSIDRA GLOBAL: Creditors' Proofs of Debt Due on April 2
----------------------------------------------------------
The creditors of Clessidra Global Equity beta Neutral Fund are
required to file their proofs of debt by April 2, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 9, 2009.

The company's liquidator is:

        Candace L. Ebanks
        Piccadilly Cayman Limited
        c/o BNP Paribas Bank & Trust Cayman Limited
        P.O. Box 10632, 3rd Floor
        Royal Bank House, 24 Shedden Road
        Grand Cayman KY1-1006, Cayman Islands
        Telephone: 345 945 9208
        Fax: 345 945 9210


CREEKSIDE HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On March 19, 2009, the shareholders of Creekside Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CS GLOBAL ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------
On March 17, 2009, Ian D. Stokoe presented the companies' wind-up
report and property disposal to the members of:

   -- CS Global Rates and Currency Fund; and
   -- CS Global Rates and Currency Master Fund

The Liquidator can be reached at:

          Ian D. Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914-8662
          Facsimile: (345) 945-4237


DOLOMITE EMERGING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Dolomite Emerging Markets Total Return Fund,
Ltd. met on March 16, 2009, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Raj Kewsani
          122 East 42nd Street, Suite 735
          New York, NY 10168, U.S.A.


FIRST DOMINION: Members Receive Wind-Up Report
----------------------------------------------
On March 19, 2009, the shareholders of First Dominion Funding II
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ELKHORN GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On March 20, 2009, the shareholders of Elkhorn Global Alternative
Energy Offshore 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


EURUS LIMITED: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------
The creditors of Eurus Limited are required to file their proofs
of debt by April 2, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 10, 2009.

The company's liquidator is:

          Ellen J. Christian
          c/o Piccadilly Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945 9208
          Fax: 345 945 9210


HA HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------
On March 23, 2009, the shareholders of HA Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HAMILTON CDO: Members Receive Wind-Up Report
--------------------------------------------
On March 19, 2009, the members of Hamilton CDO, Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Martin Couch
          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


HIGHBRIDGE EVENT: Placed Under Voluntary Wind-Up
------------------------------------------------
On February 9, 2009, the shareholders of Highbridge Event
Driven/Relative Value Fund, Ltd. passed a resoution that
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 24, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Harmonic Management Services
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


KATONAH I, LTD: Members Receive Wind-Up Report
----------------------------------------------
On March 19, 2009, the members of Katonah I, Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KINKO'S CAYMAN: Placed Under Voluntary Wind-Up
----------------------------------------------
On February 6, 2009, the sole shareholder of Kinko's Cayman
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


MVWFP CERTIFICATE: Members to Receive Wind-Up Report on May 2
-------------------------------------------------------------
The members of MVWFP Certificate 2003 will hold their final
general meeting on May 2, 2009, at 12:00 noon to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


NOVA GAS: Placed Under Voluntary Liquidation
--------------------------------------------
On November 13, 2008, the sole shareholder of Nova Gas Sur Gas
Distribution Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          Donald Marchand
          John Scott
          TransCanada PipeLines Limited
          450 - 1st Street S.W.
          Calgary, Alberta T2P 5H1
          Canada


PARK STREET: Creditors' Proofs of Debt Due on April 2
-----------------------------------------------------
The creditors of Park Street SPV RMV (Cayman) Limited are required
to file their proofs of debt by April 2, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 11, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


POLAR CAPITAL: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------
The creditors of Polar Capital Global Utilities Fund Limited are
required to file their proofs of debt by April 2, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 8, 2008.

The company's liquidator is:

         Avalon Management Limited
         Zephyr House, 3rd Floor
         122 Mary Street, George Town
         Grand Cayman KY1-1107, Cayman Islands
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351


SMOKY RIVER ET AL: Liquidator Presents Wind-Up Report
-----------------------------------------------------
On March 19, 2009, Richard Gordon presented the companies' wind-up
report and property disposal to the members of:

   -- Smoky River CDO G.P. Co., Ltd; and
   -- Smoky River CDO L.P. Co., Ltd.

The Liquidator can be reached at:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


SSGA CM: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------
The creditors of SSGA CM Emerging Equity Market Neutral Fund, Ltd.
are required to file their proofs of debt by April 2, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 2009.

The company's liquidator is:

          Avalon Ltd.
          c/o P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769-4422
          Facsimile: (+1) 345 769-9351


WEST SIDE: Shareholders Receive Wind-Up Report
----------------------------------------------
On March 16, 2009, the shareholders of West Side V Offshore
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          West Side Advisors LLC
          1995 Broadway, 8th Floor
          New York, NY 10023, USA


WORLDWIDE INVESTMENTS: Creditors' Proofs of Debt Due on April 2
---------------------------------------------------------------
The creditors of Worldwide Investments Ltd. are required to file
their proofs of debt by April 2, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 29, 2009.

The company's liquidator is:

          Avalon Ltd.
          c/o Mourant du Feu & Jeune
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647



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

* ECUADOR: To Announce Debt Restructuring Plan This Week
--------------------------------------------------------
Ecuador will unveil a restructuring of its defaulted debt this
week, Lester Pimentel of Bloomberg News reports, citing UBS AG.

Ecuador’s declining foreign-exchange reserves and central bank
deposits don’t "leave much margin for an appealing buyback to
bondholders," UBS analyst Mariano Szafowal said in a report
obtained by Bloomberg News.

Bloomberg News recalls that in December, President Rafael Correa
skipped a US$30.6 million interest payment for Ecuador’s US$510
million 12% bonds due in 2012, and defaulted on a US$135 million
payment for its US$2.7 billion 10% notes maturing in 2030 earlier
this month.

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

Bloomberg News adds President Correa said in a radio and
television address that plans for a restructuring of the two bonds
are “very advanced” and will be announced “soon.”



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

AIR JAMAICA: Adds Weekly Flights From New York to Grenada
---------------------------------------------------------
Air Jamaica Limited will add two weekly non-stop flights from New
York/JFK to Grenada, bringing the airline's total weekly Grenada
flights to four, Jamaica Information Service reports.

According to the report, starting June 26, Air Jamaica will add a
Friday flight; and beginning July 13, the company will add a
Monday flight. The airline currently operates two weekly, non-stop
flights on Wednesday and Saturday.

The report relates that the airline's newly revised schedule
comprises 218 weekly flights to 13 destinations, with service
between Jamaica and Toronto, New York (JFK), Chicago (O'Hare),
Baltimore, Philadelphia, Orlando, Fort Lauderdale, Curacao and
Nassau, as well as service between New York and Barbados and New
York and Grenada.

                     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.



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

DORAL FINANCIAL: Names Robert Wahlman as Chief Financial Officer
----------------------------------------------------------------
Doral Financial Corporation appointed Robert E. Wahlman, a banking
industry veteran, as the Company's new Chief Financial &
Investment Officer.  Mr. Wahlman is succeeding Marito Domingo, who
led Doral's finance function as the Company successfully
recapitalized and repositioned itself as a leading community
banking organization.  Mr. Domingo will be assisting Doral in its
transition process.

Mr. Wahlman joins Doral with 25 years of experience in bank
accounting and finance management.  Most recently, he served as
Chief Financial Officer of Merrill Lynch Bank USA and Merrill
Lynch Bank & Trust, where he had oversight for the financial
management, internal controls structure and financial reporting of
a grouping of U.S.-based banks with approximately US$100 billion
in aggregate assets.  Prior to that, Mr. Wahlman served in a
number of key senior finance roles at financial services companies
such as CIGNA Corporation and Bank One Corporation.

Mr. Wahlman will report directly to Glen R. Wakeman, President and
CEO of Doral Financial Corporation, and will have oversight of all
corporate finance, accounting and investment operations of the
Company.

"We are delighted in welcoming Robert to our executive team.  He
is an industry veteran with finance and accounting experience at
the senior levels of some of the largest financial institutions in
the world.  We are in the process of effecting a seamless
transition in bringing Robert on board, and we look forward to
working together with him in executing our strategy," said Mr.
Wakeman.

"Mr. Wahlman's appointment reflects the strong progress we have
made in our Company's turnaround, and in particular, the
outstanding efforts on the part of Mr. Domingo, who joined Doral
with the mission of assisting us in the repositioning of the
Company.  Mr. Doming's accomplishments include the
recapitalization of Doral, elimination of all accounting material
weaknesses and the elimination of unusually high interest rate
risk.  We are a substantially safer and stronger company as a
result of his work. With these milestones successfully completed,
we understand Mr. Doming's desire to rejoin his family on the West
Coast of the U.S. on a full time basis and pursue other
professional interests.  We wish Mr. Doming all the best in his
future endeavors, and we extend to him our company's deep
gratitude."

Mr. Doming said, "It has been a pleasure working with Mr. Wakeman
and my other colleagues at Doral.  I am proud of all that we have
accomplished and I believe I am departing at a time when Doral is
well-positioned for the future."

                    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.



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

GRUMA SAB: S&P Retains CreditWatch on 'B+' Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on GRUMA
S.A.B. de C.V., including the 'B+' corporate credit rating on the
company, remain on CreditWatch.

S&P placed the ratings on CreditWatch with negative implications
on Oct. 13, 2008, based on S&P's perception of a more aggressive
financial policy including the use of derivative instruments.  A
negative CreditWatch listing means that S&P will either lower or
affirm the ratings after completing S&P's review.

S&P's update of the CreditWatch listing came after the company's
March 23 announcement that it had agreed with several
counterparties to terminate 87% of its exposure to foreign-
exchange derivative instruments, a portion totaling
$668.3 million.

GRUMA also revealed that it has 120 days to negotiate rolling over
the aggregate amount, which would otherwise become due and
payable, into a term loan.

"We believe GRUMA is highly capable of negotiating the term loan
within the next 120 days and under the terms set forth in
yesterday's announcement," said Standard & Poor's credit analyst
Juan Pablo Becerra.

The high likelihood that it will negotiate its term loan before
the deadline mitigates most of S&P's concerns regarding GRUMA's
foreign-exchange derivative exposure.  S&P would therefore affirm
the rating at 'B+' once the company closes the term loan
transaction.

Nevertheless, GRUMA still needs to address some open foreign-
exchange positions.  If it doesn't finalize the term loan within
the next 120 days, S&P could take a negative rating action on the
company.


INDUSTRIAS UNIDAS: Moody's Cuts Ratings on US$200 Mil. Notes to Ca
------------------------------------------------------------------
Moody's Investors Service downgraded its ratings on the US$200
million in guaranteed senior unsecured notes due in 2016 issued by
Industrias Unidas, S.A. de C.V.'s to Ca from Caa2.  At the same
time, Moody's downgraded IUSA's corporate family rating to Caa3
from Caa1.  This action concludes the rating review initiated on
December 16, 2008.  The ratings outlook is negative.

These ratings were affected:

  -- Industrias Unidas, S.A. de C.V. Corporate Family Rating: Caa3

  -- 11.5% US$200 million of Gteed. Senior Unsecured Notes due
     2016: Ca

The downgrade primarily reflects IUSA's announcement of partial
payment and restructuring of its US$20 million Euro Short Term
Notes (not rated) due March 2009 and US$15 million Euro Short Term
Notes (not rated) due August 2009.  The US$20 million notes will
be amortized with one payment of US$10.5 million on March 26, 2009
and three payments of about US$3.2 million on September 26, 2009,
November 26, 2009 and March 26, 2010.  The US$15 million notes
will be paid after the US$20 million notes are fully paid.
Moody's views both initiatives as distressed restructurings,
although none will accelerate payment of other indebtedness.

IUSA's US$200 million guaranteed senior unsecured notes due 2016
were lowered to Ca, one notch below the Caa3 corporate family
rating, due to their subordination to secured loans as well as to
debt at subsidiaries not providing guarantees for the notes.  The
Ca rating also reflects that, in case of default, recovery rate
would likely be modest.

Lower economic activity in Mexico and the U.S. and poor credit
appetite have increased the likelihood that IUSA may not be able
to meet all of its upcoming near and medium term financial
obligations.  The latter include an annual US$23 million coupon
payment under its 2016 notes and an estimated US$33 million in
principal debt maturities up to the first quarter 2010 (including
US$15 million in Euro ST notes, mentioned above), which compares
to the company's modest cash balance (US$29 million as of
September 30, 2008) amid limited visibility for 2009 free cash
flow.  Continued negative pressures on earnings may cause free
cash flow to remain weak and leverage high during 2009 and 2010,
despite significant ongoing cost reduction efforts and a likely
material cut in capital spending.

The company's liquidity has recently been aided by the renewal of
one of two asset-backed bank credit facilities available to IUSA's
U.S. subsidiaries.  Moody's believes that the second credit
facility will likely be renewed soon.  These credit lines are
expected to be renewed at a smaller aggregate amount but should be
in line with the lower current working capital needs.

The negative outlook on the ratings reflects the continued high
default risk given the company's weak operating performance and
high leverage.

The last rating action on IUSA was the downgrade of its Corporate
Family Rating to Caa1 and the 2016 global notes to Caa2 on
December 16, 2008.

Industrias Unidas is one of Mexico's largest diversified
industrial groups, manufacturing a wide range of copper-based and
electrical products for the housing and electrical power sectors
mainly in Mexico and the U.S.  In 2008, Moody's expects the
company to processes approximately 185,000 of metric tons of
copper.  As of September 2008, last twelve month revenues were in
excess of US$2.3 billion.


MTI GLOBAL: Seeks Covenant Relief From Lenders
----------------------------------------------
MTI Global Inc. reports that it is in breach of financial and
general covenants with its lenders.  In particular, the Company
did not achieve its December 31, 2008 earnings before interest,
taxes and depreciation, fixed charge coverage and funded debt to
earnings before interest, taxes and depreciation covenants.
Furthermore, the Company is in breach of certain general covenants
it was obligated to satisfy pursuant to waiver agreements entered
into by the Company with its lenders based on its June 30, 2008
and subsequent interim monthly results.

The Company entered into a new agreement with its bank in June
2008.  Under the terms of the new agreement, similar financial and
general covenants and more restrictive reporting requirements have
been placed on the Company.  The Company signed a waiver of its
second quarter breach of financial and general covenants with its
lenders on August 15, 2008.  Under the terms of the waiver, the
Company agreed to additional general covenants and to amend the
pricing of the warrants issued in connection with the June 3, 2008
financing.  The Company signed an amended waiver on October 21,
2008, that included amendments to the general covenants in the
original waiver.

According to MTI Global, the covenant violations provide the
lenders with the right to demand repayment of its indebtedness.
The Company is in continuing discussions with the lenders to
obtain a waiver of the breaches.

Earlier this week, MTI Global reported financial results for the
three months and year ended December 31, 2008.  Revenue for the
three months ended December 31, 2008 was C$18.0 million
representing an increase of 13.9% over 2007.   The net loss for
the fourth quarter of fiscal 2008 was C$6.1 million compared to a
loss of C$5.2 million for the same period in 2007.

Revenue for the year ended December 31, 2008, was C$71.2 million,
an increase of approximately 11.9% compared to revenues of C$63.6
million for the year ended December 31, 2007.  Revenue in 2008
includes an increase of approximately C$870,000 due to the impact
of currency fluctuations.  The net loss for the year ended
December 31, 2008 was C$18.1 million compared to a net loss of
C$8.1 million compared to last year.

As at December 31, 2008, the Company had working capital of C$1.1
million, including cash and cash equivalents, plus restricted cash
totaling C$800,000, compared with C$5.8 million at December 31,
2007.  Despite an increase in current assets through revenue
growth, working capital has decreased due to an increase in bank
indebtedness, and accounts payable used to finance operations and
subordinated debt.

The Company has a demand line of credit, with a maximum of C$6.0
million.  The demand line of credit is subject to working capital
limits, bearing interest at the Bank's prime rate plus 2.00%.  The
effective rate at December 31, 2008 was 5.50%.  As part of the
Bank's facility agreement for the demand line of credit, certain
subsidiaries of the Company have provided a general security
agreement and collateral security over substantially all assets of
its Polyfab and N.A. Silicone units. The amount of bank
indebtedness outstanding at December 31, 2008, was C$5.9 million
compared with C$6.0 million at December 31, 2007.

                        About MTI Global

MTI Global Inc. (CA:MTI) -- http://www.mtiglobalinc.com/--
designs, develops and manufactures custom-engineered products
using silicone and other cellular materials.  The Company serves a
variety of specialty markets focused on three main product
categories: Silicone, Aerospace and Fabricated Products.  MTI
Global's manufacturing divisions develop and produce silicone foam
using patented technology.  The Company designs and fabricates
energy management systems from a variety of flexible, cellular
materials.  MTI Global also produces and distributes specialty
silicone elastomer products.  MTI Global's primary markets are
aerospace and mass transit.  Secondary markets include sporting
goods, automotive, industrial, institutional, electronics, and the
medical market through a 51% interest in MTI Sterne SARL of
Cavaillon, France.  MTI Global's head office and Canadian
manufacturing operations are located in Mississauga, Ontario,
with international manufacturing operations located in Richmond
Virginia; Pensacola, Florida; Bremen, Germany; and a contract
manufacturer venture in Ensenada, Mexico.  The Company also has
sales operations in England and Sweden, and an engineering support
centre in Brazil.


MTI GLOBAL: To Focus on Aerospace Program; Divest Other Assets
--------------------------------------------------------------
MTI Global Inc. and certain of its subsidiaries have entered into
a binding asset purchase and sale agreement with Connecticut-based
Rogers Corporation to sell the majority of the assets of Leewood
and the N.A. Silicone Richmond, Virginia plant.  The purchase
price is US$7.4 million.  Closing of the transaction, which is
expected to occur within 30 days, remains subject to a number of
customary conditions.

MTI Global's President and Chief Executive Officer, Bill Neill,
commented, "This sale was a very difficult decision to make, but
it is absolutely the right one for the Company.  In the face of
continuing economic challenges, MTI's management and Board are
committed to reducing the Company's debt obligations and stem
ongoing losses.  This sale will generate capital to reduce debt
and allow the Company to re-focus on its primary business."

Mr. Neill added, "In addition, the Company intends to divest
itself of the remaining silicone assets in Milton, Florida and
Cavaillon, France (Sterne) when an appropriate opportunity
presents itself.  We will be judicious in seeking the right buyer
at the right price at the right time.  Meanwhile, we will continue
to manage those divisions efficiently and appropriately.  In time,
this planned further disposition of assets will ensure a complete
and orderly exit from the silicone business.  Going forward MTI
Global will focus on Aerospace as its core line of business, which
has excellent future growth prospects."

MTI Global intends to focus on the aerospace market in 2009.  The
2009 outlook, the Company says, is predicated on the successful
closing of the transaction to sell the majority of the assets of
Leewood and the N.A. Silicone Richmond, Virginia plant.  The
disposition of these assets will allow MTI Global to reduce its
debt obligations and improve the health of the Company's balance
sheet.

The Company intends to sell its remaining silicone assets in
Milton, Florida and Cavaillon, France (Sterne) when an appropriate
opportunity presents itself.  As the Company pursues this goal,
the remaining N.A. Silicone operations at Milton will be run as
efficiently as possible with cost cutting measures introduced in
early 2009.  At Sterne, management expects sales to continue to
grow in 2009 and the division to remain profitable.  The Company
has outsourced its Aerospace manufacturing operations to Mexico.

The focus of the Company will be to strengthen its balance sheet
and return ongoing operations to full profitability.  To
strengthen the Company's balance sheet, address its liquidity
requirements and the requirements of its lenders and to realize on
its restructuring investments, the Company continues to consider
and evaluate on an ongoing basis, all alternatives available to
it.  These alternatives include, without limitation, seeking
additional sources of debt and equity financing, identifying and
pursuing strategic partnerships, the disposition of certain non-
core assets and other value enhancing transactions.  However,
there can be no assurance that such efforts will result in the
Company pursuing any such alternative or, if pursued, there can be
no assurance any such alternative will be successfully completed
and implemented.

The Company says it remains cautiously optimistic that it will
report improving results into 2009.  In view of the Canadian
dollar value against the U.S. dollar, the Company is increasingly
confident about achieving improved results with all of its
aerospace programs relocated to Mexico.

                        About MTI Global

MTI Global Inc. (CA:MTI) -- http://www.mtiglobalinc.com/--
designs, develops and manufactures custom-engineered products
using silicone and other cellular materials.  The Company serves a
variety of specialty markets focused on three main product
categories: Silicone, Aerospace and Fabricated Products.  MTI
Global's manufacturing divisions develop and produce silicone foam
using patented technology.   The Company designs and fabricates
energy management systems from a variety of flexible, cellular
materials.  MTI Global also produces and distributes specialty
silicone elastomer products.  MTI Global's primary markets are
aerospace and mass transit.  Secondary markets include sporting
goods, automotive, industrial, institutional, electronics, and the
medical market through a 51% interest in MTI Sterne SARL of
Cavaillon, France.  MTI Global's head office and Canadian
manufacturing operations are located in Mississauga, Ontario,
with international manufacturing operations located in Richmond
Virginia; Pensacola, Florida; Bremen, Germany; and a contract
manufacturer venture in Ensenada, Mexico.  The Company also has
sales operations in England and Sweden, and an engineering support
centre in Brazil.



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

PDVSA: Begins Gradual Payments of Outstanding Bills to Contractors
------------------------------------------------------------------
Petroleos de Venezuela S.A. has paid a fraction of its debt to a
group of 56 oil-service companies and rig operators struggling to
get paid by Venezulean government, Raul Gallegos of Dow Jones
Newswires reports.  The report relates an unnamed industry
executives said PDVSA has paid as much as much as 7% of total
outstanding receivables to some of these companies but many claim
to have received even less.

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Reuters said 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.  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 related that PDVSA owes Helmerich &
Payne over nearly US$100 million.

Dow Jones Newswires relates oil service giants Halliburton Co.
(HAL) and Schlumberger Ltd. (SLB), have received anywhere between
5% and 7% of their total pending bill which adds to roughly US$1
billion combined, by some estimates.  According to the report, Oil
Minister Rafael Ramirez said the government will review the
legality of these debts.

Dow Jones Newswires says PDVSA plans to continue seizing oil rigs
that become idle because of lack of payment.  "We won't allow
these companies to paralyze the industry," the report quoted PDVSA
Director Eulogio Del Pino as saying.  Paralyzing equipment
violates the contracts these companies have signed with PDVSA, he
added, the report says.  Dow Jones Newswires adds Mr. Del Pino
said that in those cases, PDVSA will take control and operate the
equipment for as long as it takes until PDVSA can negotiate new
rates and a payment schedule with the contractor.

                          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.


* VENEZUELA: To Hike Taxes & Issue Debts on Decreasing Oil Prices
-----------------------------------------------------------------
The Venezuelan government plans to increase its value-added tax to
12% and almost triple its domestic debt issue plans for 2009 to
VEB34 billion (US$15.8 billion) to deal with the decrease in oil
prices that is squeezing the government's finances and threatening
President Hugo Chavez's socialist agenda, Dow Jones Newswires
reports.  The report relates Mr. Chavez labeled the package as
"anti-crisis economic measures."

The measures are geared "to confront a great threat that
originates in the economic model defended by the national
bourgeois," Mr. Chavez said referring to the global economic
crisis during a countrywide television broadcast, Dow Jones
Newswires notes.  According to the report, Mr. Chavez defended his
government's socialist-inspired agenda and pledged that he would
"protect what we've been achieving" as he listed scores of social
projects which are behind a massive jump in public spending in
recent years.

The government package, Dow Jones Newswires says, will help Mr.
Chavez offset the decline in the price of oil, but are sure to
spawn new inflationary forces.  Mr. Chavez, the report notes,
ruled out a currency devaluation or increasing the price of gas,
and instead adjusted the government's oil forecast to US$40 per
barrel.  The budget will be cut by 6.7%, shrinking it to VEB156
billion (US$72.7 billion.), Dow Jones Newswires says.

Dow Jones Newswires relates the government will also increase the
minimum wage by 20%, divided in two 10% hikes later on this year,
and will implement cosmetic measures, like a salary freeze for top
public officials, pledges to review government wages and a promise
to eliminate superfluous spending in the budget.

The report states the government's measures may not be enough for
Venezuela to navigate the decline in the price of oil, which
accounts for half of state revenue.  "The spending cuts are very
modest," Dow Jones Newswires quoted Tamara Herrera, an economist
with Caracas-based research firm Sintesis Financiera, as saying.
Despite Chavez's adjustment to the state's official budget, his
government may face spending cuts that will go far beyond what was
unveiled on Saturday, she added, the report notes.

Economists, Dow Jones Newswires relates, argued that Mr. Chavez
could avoid weakening the bolivar if oil prices showed signs of
stabilizing.

The report adds Mr. Chavez, despite such forecasts, pledged to
continue steering Venezuela towards socialism, recently confirming
that he will nationalize the local unit of Banco Santander even as
his government is falling behind payments to oil contractors.

                         *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.



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

* IATA Sees US$4.7BB Losses in 2009 for Global Airline Industry
---------------------------------------------------------------
The International Air Transport Association (IATA) disclosed a
revised outlook for the global air transport industry with losses
of US$4.7 billion in 2009.  This is significantly worse than
IATA’s December forecast for a US$2.5 billion loss in 2009,
reflecting the rapid deterioration of the global economic
conditions.

Industry revenues are expected to fall by 11.7% (US$62 billion) to
US$467 billion.  By comparison, the previous revenue decline,
after the events of September 11, 2001, saw industry revenues fall
by US$23 billion over the period of 2000 to 2002 (approximately
7.0%).

"The state of the airline industry today is grim.  Demand has
deteriorated much more rapidly with the economic slowdown than
could have been anticipated even a few months ago.  Our loss
forecast for 2009 is now US$4.7 billion.  Combined with an
industry debt of US$170 billion, the pressure on the industry
balance sheet is extreme," said Giovanni Bisignani, IATA’s
Director General and CEO.

Demand is projected to fall sharply with passenger traffic
expected to contract by 5.7% over the year.  Revenue implications
of this fall will be exaggerated by an even sharper fall in
premium traffic.  Cargo demand is expected to decline by 13.0%.
Both are significantly worse than the December forecast of a 3.0%
drop in passenger demand and a 5.0% fall in cargo demand.  Yields
are expected to drop by 4.3%.

Falling fuel prices are helping to curb even larger losses.  With
an expected fuel price of US$50 per barrel (Brent oil), the
industry’s fuel bill is expected to drop to 25% of operating costs
(compared to 32% in 2008 when oil averaged US$99 per barrel).
Combined with lower demand, total expenditure on fuel will fall to
US$116 billion (compared to US$168 billion in 2008).

"Fuel is the only good news.  But the relief of lower fuel prices
is overshadowed by falling demand and plummeting revenues.  The
industry is in intensive care.  Airlines face two immediate
fundamental challenges: conserving cash and carefully matching
capacity to demand," said Mr. Bisignani.

IATA also revised its forecast losses for 2008 from US$5.0 billion
to US$8.5 billion.  The fourth quarter of 2008 was particularly
difficult as carriers reported large hedging-related losses and a
very sharp fall in premium travel and cargo traffic.

Regional differences remain significant:

Asia Pacific: Carriers in this region continue to be hardest hit
by the current economic turmoil and are expected to post losses of
US$1.7 billion (significantly worse than the previous loss
forecast of US$1.1 billion).  Japan, the region’s largest market
is expected to see GDP drop by 5.5% in 2009 with exports already
in freefall.  China has been successful in stimulating demand in
domestic markets with pricing adjustments.  International demand
to and from China is expected to contract by between 5% and 10%
over the year.  India, whose market for international air services
tripled in size between 2000 and 2008, is expected to see capacity
increase by 0.7% in 2009, while demand drops between 2% and 3%.
Overall, the region is expected to see a 6.8% fall in demand but
only a 4.0% drop in capacity.

North America: Carriers in this region are expected to deliver the
best performance for 2009 with a combined US$100 million profit. A
7.5% fall in demand is expected to be matched by a 7.5% cut in
capacity.  Despite the worsening economic conditions, this is
relatively unchanged from the earlier forecast of a US$300 million
profit.  Carriers are benefiting from careful capacity management
and lower spot prices for fuel.

Europe: Europe’s carriers are expected to lose US$1 billion in
2009.  A forecast 2.9% fall in the continent’s GDP is expected to
result in a drop in demand of 6.5%. Capacity cuts of 5.3% will not
keep pace with the fall in demand, driving yields and
profitability down.

Latin America: While Latin America is forecast to maintain
positive GDP growth in 2009, the collapse in demand for commodity
products is expected to see traffic plunge by 7.8%.  Carriers are
only expected to be able to drop capacity by 3.8% resulting in
losses of US$600 million.

Africa: African carriers are expected to produce 2009 losses of
US$600 million.  This is six times the US$100 million lost in
2008.  The continent’s carriers are losing market share on long-
haul routes. Demand is expected to drop by 7.8% with only a 6.0%
fall in capacity.

Middle East: Middle East will be the only region with demand
growth in 2009 (+1.2%).  But this will be overshadowed by the
impact of a 3.8% increase in capacity.  While this is
significantly below the double-digit growth of previous years, the
region continues to add capacity ahead of demand.  The result is
expected to be a loss of US$900 million (a slight deterioration
from the US$800 million loss recorded in 2008).

Looking ahead:

Much of the deterioration forecast for 2009 had already happened
by January.  As manufacturers end their de-stocking there should
be a modest bounce in air freight as component shipping rises a
little.  But weak consumer and business confidence is expected to
keep spending and demand for air transport low.

"The prospects for airlines are dependant on economic recovery.
There is little to indicate an early end to the downturn. It will
be a grim 2009.  And while prospects may improve towards the end
of the year, expecting a significant recovery in 2010 would
require more optimism than realism," said Mr. Bisignani.

Mr. Bisignani also cautioned that this crisis must bring change.
"Recovery will not come without change.  There is no doubt that
this is a resilient industry capable of catalysing economic
growth. But we are structurally sick.  The historical margin of
this hyper-fragmented industry is 0.3%.  Bail-outs are not the
prescription to return to health.  Access to global capital, the
ability to merge and consolidate and the freedom to access markets
are needed to run this industry as normal profitable business.
This is IATA’s Agenda for Freedom - and a very cost effective
solution for governments desperate to stimulate their economies,"
said Mr. Bisignani.



* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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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