TCRLA_Public/090327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, March 27, 2009, Vol. 9, No. 61

                            Headlines

A R G E N T I N A

AEROPOL SA: Trustee Verifying Proofs of Claim Until May 27
ANDELSA SA: Verifying Proofs of Claim Until May 6
ESPUMAS ARGENTINAS: Verifying Proofs of Claim Until April 29
LITEC SA: Verifying Proofs of Claim Until June 4
NUR PLAST: Verifying Proofs of Claim Until May 12

ROSS-PLAST: Verifying Proofs of Claim Until May 12
THE BEST: Verifying Proofs of Claim Until May 6
TRANSPORTES ENERGIA: Verifying Proofs of Claim Until June 1


B E R M U D A

E D & F MAN ALTERNA: Creditors' Proofs of Debt Due on April 8
E D & F MAN ALTERNA: Members' Final Meeting Set for April 30
INTERNATIONAL FINANCIAL: Creditors' Proofs of Debt Due on April 8
INTERNATIONAL FINANCIAL: Members' Final Meeting Set for April 29
INTERNATIONAL PHARMA: Creditors' Proofs of Debt Due on April 8

INTERNATIONAL PHARMA: Members' Final Meeting Set for April 29
ROSSHAVET TANKERS: Creditors' Proofs of Debt Due on April 8
ROSSHAVET TANKERS: Members' Final Meeting Set for April 30


B R A Z I L

CEMEX SAB: Shares Hit One Month High on Debt Agreement Speculation
JBS SA: Moody's Changes Outlook to Stable; Affirms 'B1' Ratings


C A Y M A N  I S L A N D S

ALLEGHENY HEALTH: Creditors' Proofs of Debt Due on March 30
ASIAN ACCELERATION: Commences Wind-Up Proceedings
CENTAURUS CAYMAN: Commences Wind-Up Proceedings
COBALT V: Creditors' Proofs of Debt Due on April 14
DURUS LIFE ET AL: Placed Under Voluntary Wind-Up

GROWTH VALUE: Creditors' Proofs of Debt Due on April 2
HESS ENERGY: Creditors' Proofs of Debt Due on April 2
IIAL SERVICES: Placed Under Voluntary Liquidation
JOVE CAPITAL: Commences Wind-Up Proceedings
JOVE MASTER: Commences Wind-Up Proceedings

KANEGOLD CAYMAN: Commences Wind-Up Proceedings
MASTER ASIA: Intends to Declare Dividend
OPALINE LIMITED: Creditors' Proofs of Debt Due on April 2
OSPREY CLO: Commences Wind-Up Proceedings
SIVIK GLOBAL: Commences Wind-Up Proceedings

SOUTHNEWS LTD: Creditors' Proofs of Debt Due on April 2
THE ECLECTIC: Creditors' Proofs of Debt Due on April 2
UNIVERSO NEWS: Creditors' Proofs of Debt Due on April 2
WESTPORT LOAN: Commences Wind-Up Proceedings
WHITEHORSE OAK: Commences Wind-Up Proceedings


C O L O M B I A

ECOPETROL: Shareholders Approve US$4 Billion Bond Issue


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Home Builders Sector Lost 100,000 Jobs


G U Y A N A

CL FINANCIAL: Guyana NIS Losing $1Mln Per Day on CLICO Investment


J A M A I C A

CITRUS GROWERS: Agrees on Government's Demands to Obtain Funding
JPSCO: Seeks 60% Revenue Increase to Secure $7BB Return on Equity
JPSCO: Taqa Buys 40% Company Stake for US$320Mln From Marubeni


P E R U

DOE RUN PERU: Shuts 95% of Operations Due to Lack of Financing


T R I N I D A D  &  T O B A G O

CL FIN'L: CEO Sells Off Key Energy Assets to Raise Funds


                         - - - - -


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

AEROPOL SA: Trustee Verifying Proofs of Claim Until May 27
----------------------------------------------------------
The court-appointed trustee for Aeropol S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
May 27, 2009.

The trustee will present the validated claims in court as
individual reports on August 14, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 10, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 20, 2010.


ANDELSA SA: Verifying Proofs of Claim Until May 6
-------------------------------------------------
The court-appointed trustee for Andelsa S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 6, 2009.

The trustee will present the validated claims in court as
individual reports on June 11, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 7, 2009.


ESPUMAS ARGENTINAS: Verifying Proofs of Claim Until April 29
------------------------------------------------------------
The court-appointed trustee for Espumas Argentinas S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 29, 2009.

The trustee will present the validated claims in court as
individual reports on June 12, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 11, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 16, 2010.


LITEC SA: Verifying Proofs of Claim Until June 4
------------------------------------------------
The court-appointed trustee for Litec S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 4, 2009.


NUR PLAST: Verifying Proofs of Claim Until May 12
-------------------------------------------------
The court-appointed trustee for Nur Plast S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 12, 2009.

The trustee will present the validated claims in court as
individual reports on June 26, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 28, 2009.


ROSS-PLAST: Verifying Proofs of Claim Until May 12
--------------------------------------------------
The court-appointed trustee for Ross-Plast S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 12, 2009.

The trustee will present the validated claims in court as
individual reports on June 24, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 20, 2009.


THE BEST: Verifying Proofs of Claim Until May 6
-----------------------------------------------
The court-appointed trustee for The Best Service S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 6, 2009.

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

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 5, 2009.


TRANSPORTES ENERGIA: Verifying Proofs of Claim Until June 1
-----------------------------------------------------------
The court-appointed trustee for Transportes Energia S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 1, 2009.

The trustee will present the validated claims in court as
individual reports on July 14, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 8, 2009.



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

E D & F MAN ALTERNA: Creditors' Proofs of Debt Due on April 8
-------------------------------------------------------------
The creditors of E D & F Man Alterna (Bermuda) Ltd. are required
to file their proofs of debt by April 8, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 24, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


E D & F MAN ALTERNA: Members' Final Meeting Set for April 30
------------------------------------------------------------
The members of E D & F Man Alterna (Bermuda) Ltd. will hold their
final general meeting on April 30, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on March 24, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


INTERNATIONAL FINANCIAL: Creditors' Proofs of Debt Due on April 8
-----------------------------------------------------------------
The creditors of International Financial Solutions Group, Ltd. are
required to file their proofs of debt by April 8, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 19, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


INTERNATIONAL FINANCIAL: Members' Final Meeting Set for April 29
----------------------------------------------------------------
The members of International Financial Solutions Group, Ltd. will
hold their final general meeting on April 29, 2009, at 9:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on March 19, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


INTERNATIONAL PHARMA: Creditors' Proofs of Debt Due on April 8
--------------------------------------------------------------
The creditors of International Pharma Ltd. are required to file
their proofs of debt by April 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 17, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


INTERNATIONAL PHARMA: Members' Final Meeting Set for April 29
-------------------------------------------------------------
The members of International Pharma Ltd. will hold their final
general meeting on April 29, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on March 17, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


ROSSHAVET TANKERS: Creditors' Proofs of Debt Due on April 8
-----------------------------------------------------------
The creditors of Rosshavet Tankers Ltd. are required to file their
proofs of debt by April 8, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 23, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


ROSSHAVET TANKERS: Members' Final Meeting Set for April 30
----------------------------------------------------------
The members of Rosshavet Tankers Ltd. will hold their final
general meeting on April 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on March 23, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda



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

CEMEX SAB: Shares Hit One Month High on Debt Agreement Speculation
------------------------------------------------------------------
Cemex S.A.B de C.V gained the most in the Bolsa index, rising 9%
to 8.85 pesos at 3:14 p.m. New York time on March 24, the highest
in a month, in Mexico City on speculation that the company will
reach an agreement with creditors to refinance a US$14.5 billion
debt, Hugh Collins of Bloomberg News reports.

“There is speculation they’ll reach agreement with creditors,”
delaying principal payments that are coming due, the report quoted
Francisco Suarez, head of equity research at Actinver SA in Mexico
City, as saying.  The Mexican government may offer guarantees on
the debt according to the talk, he added.

The report relates Patricio Rivera, an analyst with Grupo
Financiero IXE SA, said there is speculation “they have extended
the maturity, and they have three months to reach agreement on the
$14.5 billion bank debt.”

As reported in the Troubled Company Reporter-Latin America on
March 11, 2009, Bloomberg News said Cemex started discussions with
banks to renegotiate about US$14.5 billion of debt after
postponing its bond sale.  Company spokesman Jorge Perez, as cited
by Bloomberg News, said the US$14.5 billion is all of Cemex’s bank
debt and doesn’t include any bonds.  At the end of December, Cemex
had total debt of US$18.8 billion, the report noted.

Bloomberg News recalled that Cemex delayed a US$500 million bond
sale after its borrowing costs surged amid a tumble in global
financial markets, with plans to revive the offering as early as
next week.  The cost of protecting Cemex’s debt against default
jumped on March 6, to the highest since at least November 2005,
according to Bloomberg data.

Reuters recalled Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit debacle.

                           About Cemex

Cemex S.A.B de C.V is the third-largest cement producer in the
world based on production capacity of approximately 97 million
metric tons and operates in more than 50 countries.  The company
is also the global leader in the ready mix concrete market with
sales of over 80.5 million cubic meters, and an important global
player in the aggregates business with sales of 222.7 million
tons.  In 2008, Cemex generated US$4.370 billion of EBITDA on
US$21.8 billion of sales revenues.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009.  At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.


JBS SA: Moody's Changes Outlook to Stable; Affirms 'B1' Ratings
---------------------------------------------------------------
Moody's Investors Service revised the rating outlook of JBS S.A.
to stable from negative, based on the company's improved operating
performance mainly at its U.S. beef operations for the last two
quarters, improved liquidity and overall stronger credit metrics
in fiscal 2008 and compared to its peers.  The company's corporate
family rating and senior unsecured ratings were affirmed at B1.

Ratings affirmed with a stable outlook:

  - Corporate family rating: B1
  - US$275 million 9.375% senior unsecured notes due 2011: B1
  - US$300 million 10.5% senior unsecured notes due 2016: B1

JBS's B1 corporate family rating incorporates the company's
position as the world's leading beef producer and exporter and the
3rd largest pork processor in the US market; and, the geographic
diversification of its sales and raw materials with the most
diverse global platform of operations with plants in Brazil,
Argentina, U.S., Europe and Australia.  This operating position is
balanced against the volatility of its cash flows and margins, the
dependence on beef sales amid severe global economic downturn, and
operating and financial challenges in managing its rapid growth
and global operations while maintaining adequate liquidity.

With global operations that include 22 plants located in 9
Brazilian states and 6 plants located in 4 Argentine provinces, in
addition to 18 plants in the USA, 10 in Australia and 8 in Italy,
JBS is able to supply beef to the main importing markets.  At the
end of 2008, 78% of its net revenues came from developed markets
with 32% derived from exports from a well-diversified list of
countries.  JBS's rating is also supported by the fact that its
global operations allow the company to source raw materials from
five different countries (Brazil, Argentina, USA, Italy and
Australia) mitigating the risks of disruptions of its operations
due to animal disease or trade embargoes.  Although, JBS also
enjoys diversification in other animal proteins such as pork, lamb
and processed products, its beef operations still represent close
to 80% of total revenues.

We consider JBS's liquidity profile stronger in this current
credit environment following its decision in February, 2009 not to
pursue the acquisition of National Beef, following the failure to
find acceptable conditions for the acquisition of the company
after the Department of Justice of the United States filed a suit
to block the transaction in October 2008.

At its current form, Moody’s consider JBS's liquidity to be able
to comfortably address all of its expected near-term debt
maturities, capital expenditures, interest costs, taxes, dividends
and working capital needs for the next four quarters.  This
assessment, however, is based on the expectation that the company
will have reduced working capital outflows and capital
expenditures in 2009.

On December 31st, 2008, JBS had a cash balance of BRL 2.3 billion
and total short-term debt of BRL 2.2 billion, of which BRL 1.5
billion or 66% was related to trade-finance lines.  While, Moody’s
recognize that export-financing lines such as (ACC, ACE, NCE,
Exim) have traditionally remained available for export-oriented
companies such as JBS, recent credit market conditions caused such
lines to become more scarce or expensive for even investment-grade
Brazilian corporates.  An increased strain on JBS's liquidity
caused by an inability to roll over its short-term debt or access
to financing would pressure its ratings.

The stable outlook reflects Moody's view that JBS's operating
performance and cash flow from operations will be relatively
stable.  Additionally the stable outlook is based on JBS's ability
to maintain adequate liquidity at all times.

Further upward pressure on JBS's current rating Moody’s outlook
would require a continued demonstration of stable operating
performance post the integration of its newly acquired assets.
Quantitatively, it would require sustained RCF/Net Debt above 15%,
positive free cash flow, EBITA/Interest above 1.5x and Debt/EBITDA
below 4.5x.

JBS's ratings could be lowered should its overall operating
performance deteriorate, should its US operation's market share
erode, or should JBS face an increased strain on its liquidity
caused by an inability to roll over its short-term debt or access
financing.  Quantitatively, negative rating pressure would arise
should LTM Debt/EBITDA likely be sustained above 6.0x,
EBITA/Interest below 1.0 x or RCF/Net Debt less than 10%.  All
credit metrics are adjusted according to Moody's standard
adjustments and definitions.

Moody's last rating action on JBS was on October 21st, 2008, when
Moody’s confirmed JBS's ratings at B1 with a negative outlook,
following the decision by the U.S. Department of Justice to file a
lawsuit to block JBS's proposed acquisition of National Beef
Packing Company LLC, but approving JBS's acquisition of Smithfield
Beef Group, Inc.

Headquartered in São Paulo, Brazil, JBS is the world's largest
beef producer in terms of slaughter capacity, the leading beef
player in Brazil, Australia and Argentina and the third largest
pork producer in the USA.  With net revenues of US$16.9 billion in
2008, JBS currently has a slaughter capacity of 65,200 heads per
day for cattle and 47,900 heads per day for hogs.



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

ALLEGHENY HEALTH: Creditors' Proofs of Debt Due on March 30
-----------------------------------------------------------
The creditors of Allegheny Health Services Providers Insurance
Company are required to file their proofs of debt by March 30,
2009, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         P.O. Box 1051GT, 23 Lime Tree Bay Avenue
         Governors Square, Building 4
         Floor 2 Grand Cayman, Kyl-1102
         Cayman Islands


ASIAN ACCELERATION: Commences Wind-Up Proceedings
-------------------------------------------------
On July 17, 2008, Asian Acceleration Fund I Limited commenced wind
up proceedings.

Only creditors who were able to file their proofs of debt by
March 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Hogi Hyun
          1 Robinson Road, AIA Tower #22-01
          Singapore 048542


CENTAURUS CAYMAN: Commences Wind-Up Proceedings
-----------------------------------------------
On February 17, 2009, the sole shareholder of Centaurus Cayman
Limited passed a resolution that 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


COBALT V: Creditors' Proofs of Debt Due on April 14
---------------------------------------------------
The creditors of Cobalt V (Cayman) Ltd. are required to file their
proofs of debt by April 14, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


DURUS LIFE ET AL: Placed Under Voluntary Wind-Up
------------------------------------------------
On December 31, 2008, a unanimous written resolution was passed by
the shareholders to voluntarily wind up the operations of:

   -- Durus Life Sciences Master Fund Limited; and
   -- Durus Life Sciences International Fund Limited.

The companies' liquidator is:

          Ian Stokoe
          c/o Miguel Brown
          PO Box 258, Grand CaymanKY1-1104
          Cayman Islands
          Telephone: (345) 914 8665
          Facsimile: (345) 945 4237


GROWTH VALUE: Creditors' Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of Growth Value Finance 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. 10, 2009.

The company's liquidator is:

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


HESS ENERGY: Creditors' Proofs of Debt Due on April 2
-----------------------------------------------------
The creditors of Hess Energy Trading Company Limited are required
to file their proofs of debt by April 2, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          George C. Barry
          1185 Avenue of the Americas
          New York, NY 100036


IIAL SERVICES: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on February 9, 2009, the
shareholders of IIAL Services Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 23, 2009, will be included in the company's dividend
distribution.

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


JOVE CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------
On February 17, 2009, the sole shareholder of Jove Capital
Offshore Fund, Ltd. passed a resolution that 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


JOVE MASTER: Commences Wind-Up Proceedings
------------------------------------------
On February 17, 2009, the sole shareholder of Jove Master Fund,
Ltd. passed a resolution that 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


KANEGOLD CAYMAN: Commences Wind-Up Proceedings
----------------------------------------------
On February 16, 2009, the sole shareholder of Kanegold Cayman Ltd.
passed a resolution 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:

         Ian Stokoe
         c/o Jodi Jones
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237


MASTER ASIA: Intends to Declare Dividend
----------------------------------------
Master Asia Holdings Ltd intends to declare dividend.

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:

          Joel Frank
          9 West, 57th Street, New York
          New York, USA


OPALINE LIMITED: Creditors' Proofs of Debt Due on April 2
---------------------------------------------------------
The creditors of Opaline 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. 12, 2009.

The company's liquidator is:

          Condor Nominees Limited
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          25 Main Street, George Town
          Grand Cayman, Cayman Islands


OSPREY CLO: Commences Wind-Up Proceedings
-----------------------------------------
On February 16, 2009, the sole shareholder of Osprey CLO 2008-1
Ltd. passed a resolution that 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


SIVIK GLOBAL: Commences Wind-Up Proceedings
-------------------------------------------
On February 10, 2009, the sole shareholder of Kanegold Cayman Ltd.
passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 20, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Norman Schleifer
          Telephone: (212) 702 2038
          Facsimile: (212) 702 2001


SOUTHNEWS LTD: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------
The creditors of Southnews 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. 20, 2009.

The company's liquidator is:

          RBR Director Services Ltd.
          c/o Karen M. Elliott
          RBR Director Services Ltd
          Corporate Plaza, 1st Floor
          24 Howard Street, George Town
          P.O. Box 30349, Grand Cayman KY1-1202
          Telephone: (345) 946-0754
          Facsimile: (345) 946-0751


THE ECLECTIC: Creditors' Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of The Eclectic 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 January 21, 2009.

The company's liquidator is:

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


UNIVERSO NEWS: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------
The creditors of Universo News 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. 20, 2009.

The company's liquidator is:

          RBR Director Services Ltd.
          c/o Karen M. Elliott
          RBR Director Services Ltd
          Corporate Plaza, 1st Floor
          24 Howard Street, George Town
          P.O. Box 30349, Grand Cayman KY1-1202
          Telephone: (345) 946-0754
          Facsimile: (345) 946-0751


WESTPORT LOAN: Commences Wind-Up Proceedings
--------------------------------------------
On February 16, 2009, the sole shareholder of Westport Loan
Funding Company passed a resolution that 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


WHITEHORSE OAK: Commences Wind-Up Proceedings
---------------------------------------------
On February 16, 2009, the sole shareholder of Whitehorse Oak Cliff
I a resolution that 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



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

ECOPETROL: Shareholders Approve US$4 Billion Bond Issue
-------------------------------------------------------
Ecopetrol S.A. said its shareholders approved the company's plan
to issue up to US$4 billion in bonds to fund its expansion
program, Javier Mozzo of Reuters reports.

The report relates the company is making a series of investments
in exploration, production and reserves.

According to the report, the company said the bond issues will be
available to local and international investors and help pay for
investments through 2011.

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

                          *     *     *

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



==================================
D O M I N I C A N  R E P U B L I C
==================================

* DOMINICAN REPUBLIC: Home Builders Sector Lost 100,000 Jobs
------------------------------------------------------------
Dominican Housing Builders and Promoters Association (Acoprovi)
has lost 100,000 jobs and nearly 70% of its operations have been
affected, The Dominican Today reports, citing Acoprovi President
Jaime Gonzalez.

The report relates Mr. Gonzales said his study shows that the
sector that creates 260,000 jobs per year has “its job rate
decreasing and has had an extremely significant deceleration.  The
projects which had begun are practically being finished and the
new projects are very timely.”

According to the Dominican Today, Mr. Gonzales, in an interview on
Telemicro, Channel 5, said there’s a need to create a housing law
to stimulate investment of foreign capital in the infrastructure
construction, which in his view has decreased because approval of
projects takes long time.  The report notes Mr. Gonzales said the
piece could centralize all agencies related to the housing sector
to dispense with their current dispersal, and instead create a
single entity to expedite construction projects.

Mr. Gonzalez, the report adds, also proposed lowering preferential
rates to spur construction, as well as to issue bonds for State
lands, for the private sector to work with them and sell simple
and sturdy homes to people of low income.



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

CL FINANCIAL: Guyana NIS Losing $1Mln Per Day on CLICO Investment
-----------------------------------------------------------------
Guyana's National Insurance Scheme is losing around G$1 million
(US$50,000) per day due to its investment in CLICO Life and
General Insurance Company South America Limited (CLICO Guyana), a
unit of CL Financial Limited, Oscar Ramjeet of Caribbean Net News
reports, citing financial analyst and economist, Christopher Ram.
The report relates Mr. Ram based his assestment that the principal
investment was no longer operational.

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Caribbean360.com said CLICO Guyana is not being
liquidated despite a recent 35 job cuts from its marketing
department.  The report related CLICO Guyana Commissioner of
Insurance and Judicial Manager Maria van Beek said the staff
reduction aimed to conserve much needed cash in the company.

Trinidad and Tobago Newsday recalled 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 Caribbean Net News, citing Kaieteur News, Mr. Ram
said the crisis that the company has found itself in was having a
ripple effect on the financial sector and as such the President
should refrain from reserving the CLICO Guyana issue to a mere
three percent of the financial sector.

Caribbean Net News notes Cabinet Secretary, Roger Luncheon, has
dismissed Opposition Alliance for Change (AFC) Leadrer Raphael
Trotman's claim of the imminent collapse of the NIS, saying Mr.
Trotman has no factual evidence to base from.

                        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.



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

CITRUS GROWERS: Agrees on Government's Demands to Obtain Funding
----------------------------------------------------------------
Citrus Growers Association Limited (CGA)'s members agreed to the
Jamaican government's short-term bailout conditions in return for
short-term funds as the organization struggles under debt, Patrick
Foster of the Jamaica Observer reports.

As reported in the Troubled Company Reporter-Latin America on
March 6, 2009, the Jamaica Observer said the government asked CGA
to agree to:

  -- restructure the organization;

  -- accept a ministry proposal to engage an equity partner; and

  -- the appointment of an interim financial controller by the
     ministry or the Development Bank of Jamaica to manage the
     funds and the establishment of a team with representatives
     from the association.  The ministry and the DBJ will outline
     the terms of reference for the equity partnership.

The Observer relates Herschell Brown, the agriculture ministry's
representative on the CGA board, said the ministry will be
providing bridge financing to take off this year's orange crop
despite the $120 million that the association already owed to the
government.  "We are hoping that some time this week the first
tranche will be made accessible," Mr. Brown told the Observer in
an interview, adding that he was, however, uncertain of the amount
to be disbursed.

Chairman of the CGA John Thompson, the Observer notes, was also on
uncertain grounds, saying that he did not know the full extent of
government's proposed bailout.  "We are still in negotiation, but
we had to take off the fruit from the farmers.  It is a perishable
item and could not be left on the trees," the Observer quoted Mr.
Thompson as saying.

Radio Jamaica News recalled the government plans to inject around
$100 million bail-out fund to CGA and its subsidiary, Jamaica
Citrus Growers Limited, which are on the verge of bankruptcy.

Minister of Agriculture and Lands Dr. Christopher Tufton, The
Jamaica Observer related, requested a management audit into
the operations of the companies before considering their request
for a $70 million loan.  Dr. Tufton's decision, the same report
said, followed complaints from citrus farmers about a $14 million
debt owed to them by CGA from last June, and the agricultural
ministry's confirmation that CGA also owed them over $50 million.

                       About Jamaica Citrus

The Jamaica Citrus Growers Limited, a limited liability company
since 1949, is engaged in the business of processing, packing and
marketing of citrus and dairy products as well as chilled
beverages under the Dairy Farmers and Juciful brand names.  It is
a subsidiary of Citrus Growers Association Limited (CGA).


JPSCO: Seeks 60% Revenue Increase to Secure $7BB Return on Equity
-----------------------------------------------------------------
Jamaica Public Service Company Limited (JPSCO) plans to increase
energy rates to customers as high as 97%, hoping to increase its
non-fuel revenue by 60% inorder to secure a $7 billion return on
equity for 2009, Jamaica Observer reports.  The report relates the
company, in its tariff review submission for the five years 2009-
2013, is claiming that it requires $38 billion in non-fuel
revenues for 2009, which would enable it to secure $7.1 billion
return on equity.

According to the report, JPSCO is allowed under its exclusive
electricity distribution licence to recover through the tariff a
return on investment.  This return, the report says, is
compensation to the company's investors for capital costs they
incur by investing in the utility's regulated asset base.

The Observer notes JPSCO retained Pacific Economics Group (PEG) as
adviser to the company on the appropriate value for its cost of
equity and recommended a real return on equity of 21.6%, up from
14.85% set in the 2004 tariff review.  "They indicate that the
world is currently in the midst of its worst financial crisis in
decades and it is uncertain whether a resolution is imminent in
the near future," said the company in its submission obtained by
the Observer.  "As financial markets will be characterised by
greater uncertainties, and probably higher capital demands than in
the recent past, PEG believes these factors point to a higher
required cost of equity for JPS."

The Observer says if the Office of the Utilities Regulation (OUR)
grants the company its new rate:

   * residential customers should see an average increase of 55%
     to the non-fuel component of their bills;

   * small commercial customers would see a 45% increase; and

   * larger customers - rate 40 and 50 - the non-fuel rate, or
     energy charge is proposed to be increased by 88 and 97%
     respectively, while their demand charge will go up by 40 to
     50%.

The report states that by keeping fuel rate unchanged and working
out the impact on the bill the weighted average increase looks set
to be between 22 and 26%, the increase JPS submits will be the
impact on bills.

                           About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report related
employees unions contend that the payments are owed for overtime
work and redundancy adjustments from 2001 to 2007, which amounts
to about $600 million.


JPSCO: Taqa Buys 40% Company Stake for US$320Mln From Marubeni
--------------------------------------------------------------
Jamaica Public Service Company Limited (JPSCO)'s 40% stake was
bought by Abu Dhabi National Energy Company PJSC (TAQA) from
parent company Marubeni Corporation for US$320 million, The
Jamaica Gleaner reports.

In a press release, TAQA Chief Executive Officer Peter Barker-
Homek said the purchase is made under a 50/50 joint venture
focused on long-term investments in the energy sector in the
region.

TAQA said the new joint venture portfolio consists of equity
stakes in power generation and transmission facilities with a
combined generation capacity of 2,300 MW (gross) in Jamaica, the
Bahamas, Trinidad and Tobago and Curacao, as follows:

    * 55.4% equity interest in Grand Bahama Power Company in Grand
      Bahama

    * 80% equity interest in Jamaica Public Service Company in
      Jamaica, which owns and operates ten generating facilities,
      including six hydroelectric plants. These plants expand
      TAQA’s downstream business into this sustainable energy
      source;

    * 39% equity interest in PowerGen which is an independent
      power producer that supplies 80% of total electricity demand
      in Trinidad & Tobago; and

    * 25.5% equity interest in Curacao Utilities Company N.V.
      which supplies electricity, steam and water to the Island
      Refinery operated by Petroleos de Venezuela, S.A. in
      Curacao, Netherlands Antilles

TAQA said its role is operational, with its 50% interest
represented at the board level at each facility and holding key
management positions.

                            About TAQA

Headquartered in Abu Dhabi, Abu Dhabi National Energy Company PJSC
(TAQA) –- http://www.taqa.ae–- is a United Arab Emirates-based
company, whoes principal activities include the ownership and
investment in companies engaged in power generation, water
desalination and development, production and storage of oil and
gas, in addition to other investments as considered appropriate to
meet its objectives.  TAQA has investments in over 60 companies
locally and internationally.  Its wholly owned subsidiaries
include Emirates Power Company PJSC, Gulf Power Company PJSC,
Arabian United Power Company PJSC, Al Shuweihat Power Company
PJSC, Taweelah United Power Company PJSC, Union Power Holding
Company PJSC, TAQA Bratani Limited, TAQA Bratani LNS Limited, TAQA
Energy B.V., TAQA North Ltd. and Takoradi International Company.

                    About Marubeni Corporation

Headquartered in Japan, Marubeni Corporation --
http://www.marubeni.co.jp/–- has 13 business divisions: Food,
which produces and sells grains, sugar and processed food;
Textile, including the planning, proposal, sale and logistics of
apparel products; Material and Paper Pulp, which sells rubber
products, footwear and paper; Chemical Product, which offers
electronic materials and agrochemicals; Energy, such as the
development of petroleum and gases; Metal Material, including the
manufacture and sale of nonferrous light metals; Transportation
and Industrial Machines, including the wholesale and retail of
transportation-related and manufacturing equipment; Plant,
Infrastructure and Ship, including the delivery and engineering of
industrial plants and infrastructure-related machines;
Information, which sells computers and others; Development and
Construction, which operates real estate; Finance, Logistics and
Others, including the operation of funds, and Steel, such as the
production of steel products.

                           About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report related
employees unions contend that the payments are owed for overtime
work and redundancy adjustments from 2001 to 2007, which amounts
to about $600 million.



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

DOE RUN PERU: Shuts 95% of Operations Due to Lack of Financing
--------------------------------------------------------------
Doe Run Peru S.R.L. shut 95% of its operations in Peru because of
a lack of financing, Alex Emery of Bloomberg News reports.  The
company in a statement obtained by Bloomberg News said Doe Run's
La Oroya smelter closed its copper plant this week, adding to
zinc- and lead-processing installations that have been shut since
last week.

Luis Castillo, general secretary of the Mining Federation, told
Bloomberg News in a telephone interview that the company may close
its facilities entirely if it can’t find a solution in a
government- brokered talks with banks and suppliers.  “Apparently
the government is going to provide Doe Run with guarantees,” the
report quoted Mr. Castillo as saying.  “But it’s going to be
complicated to regain people’s trust in the company.”

According to the report, the collapse of metals prices during the
global financial crisis forced about 30 mining companies in the
Peruvian central highlands, the country’s biggest-producing region
of zinc, lead and silver, to seek other buyers after banks halted
financing to Doe Run on Feb. 24.

                        About Doe Run Peru

Doe Run Peru S.R.L. is an indirect subsidiary of Doe Run Resources
Corporation.  Doe Run Peru operates an integrated primary lead
operation and a recycling operation located in Missouri, referred
to as Buick Resource Recycling.  Fabricated Products operates a
lead fabrication operation located in Arizona and a lead oxide
business located in Washington.

                           *     *     *

As of March 26, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.



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

CL FIN'L: CEO Sells Off Key Energy Assets to Raise Funds
--------------------------------------------------------
CL Financial Limited CEO Lawrence Duprey sold CL Financial Group's
51% stake in CLICO Energy to German Project Management Company
Proman, which held the balance of 49%, in order to pay CL
Financial's severance obligations and ongoing administrative
costs, Oscar Ramjeet of Caribbean Net News reports citing
documents obtained by the Trinidad Guardian Newspaper.  The report
recalls the Guardian Newspaper reported that the agreement between
Mr. Duprey and Proman was held on February 2.

Caribbean Net News notes Mr. Duprey would be among the
beneficiaries of the severance packages.

Mr. Duprey, Caribbean Net News recalls, agreed on February 3 to
sell CL Financial's 51% shareholding in CLICO Energy, the parent
company of Industrial Plant Services Ltd and Eurotecnia Melamine,
for US$46.5 million.

The agreement between Duprey and Proman placed a value of about
US$91 million on CLICO Energy, Caribbean Net News says.

                     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.

                            ***********

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.


           * * * End of Transmission * * *