TCRLA_Public/090330.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

            Monday, March 30, 2009, Vol. 9, No. 62

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Joint Receivers Disclose Proceedings Update
STANFORD INT'L BANK: Owner Denies Running Ponzi Scheme


B E R M U D A

BURGAN MAN: Commences Wind-Up Proceedings
BURGAN MAN: Members Receive Wind-Up Report
XL CAPITAL: Stops UK and Irish Reinsurance Policy Sales
XL CAPITAL: Unit Names Tony Cabot as Director of Global Programs


B R A Z I L

BANCO SOFISA: Sees 5% Loan Increase This Year
CAMARGO CORREA: Petrobras Suspends Payments to Firm
ENERGISA SA: Moody's Confirms 'Ba3' Corporate Family Rating


C A Y M A N  I S L A N D S

APEX SILVER: Placed Under Voluntary Wind-Up
ARIANE CAYMAN: Creditors’ Proofs of Debt Due on April 2
CLIFFWOOD ABSOLUTE: Creditors’ Proofs of Debt Due on April 2
COLONIAL ADVISORY: Creditors’ Proofs of Debt Due on April 2
CONNEMARA LEASING: Creditors’ Proofs of Debt Due on April 2

CRESCENT BAY: Creditors’ Proofs of Debt Due on April 2
GREYWOLF SPC 1: Creditors’ Proofs of Debt Due on April 2
GREYWOLF SPC 2: Creditors’ Proofs of Debt Due on April 2
GREYWOLF SPC 3: Creditors’ Proofs of Debt Due on April 2
L-JAC ONE: Creditors’ Proofs of Debt Due on April 2

LION SYNTHETIC: Creditors’ Proofs of Debt Due on April 2
NC PROPERTY: Placed Under Voluntary Wind-Up
OLEARIUS LTD: Commences Wind-Up Proceedings
PENDRAGON (CONVERTIBLES): Creditors’ Proofs of Debt Due on April 3
POLARIS CAYMAN: Placed Under Voluntary Wind-Up

PORTUS LTD: Creditors’ Proofs of Debt Due on April 2
SPI CAPITAL: Commences Wind-Up Proceedings
TAURUSTWO CDS: Creditors’ Proofs of Debt Due on April 3
UBB DIVERSIFIED: Placed Under Voluntary Wind-Up
ZS-SAY LEASING: Creditors’ Proofs of Debt Due on April 2


C O L O M B I A

ECOPETROL SA: To Increase Output to 531,000 Barrels/Day


E C U A D O R

* ECUADOR: May Offer to Buy Back Defaulted Debts, Barclays Says


G U A T E M A L A

* GUATEMALA: Inks US$950 Million Financing Pact With IMF


J A M A I C A

SCJ: Minister Firm Can't Disburse Redundancy Payments to Workers


M E X I C O

INDUSTRIAS UNIDAS: S&P Downgrades Corporate Credit Rating to 'SD'


S T  V I N C E N T  &  T H E  G R E N A D I N E S

MILLENNIUM BANK: Involved in US$68 Million Ponzi Scheme, SEC Says


X X X X X X X X

* BOND PRICING: For the Week March 23 – March 27, 2009


                         - - - - -


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

STANFORD INT'L BANK: Joint Receivers Disclose Proceedings Update
----------------------------------------------------------------
Stanford International Bank Ltd (“SIBL”) and Stanford Trust
Company Limited's receiver-managers, Nigel Hamilton-Smith and
Peter Wastell, client partners at Vantis Business Recovery
Services, provided updates on the companies' proceedings.

Mr. Hamilton-Smith said: “We have now issued statements to all
investors who would normally receive them and we have received
more than 3,000 change of address and mail instructions, which are
being processed on a daily basis.  Together with our IT team, we
are also putting in place a web-based claims management process to
assist the efficient administration of claims from investors
around the world.

“We continue in our work to identify SIB assets.  This is
increasingly a forensic exercise to trace funds that have flowed
through other Stanford entities and, due to the scale of this
project, is likely to take many months to complete.  We are
seeking further co-operation with the US Receiver to ensure that
all possible assets are located to secure a fair distribution of
those assets recovered to investors.  It is worth clarifying
again, that though the US Receiver has released some brokerage
accounts held with Stanford Group Company, Stanford Group Company
is a separate entity to SIBL.  Where there is any connection
between a Stanford Group Company brokerage account and SIBL
Certificate of Deposits, these accounts remain frozen along with
all other SIB accounts.

“While our investigations continue, we are unable to advise of the
value of assets we expect to recover, though at this time there
does appear to be a significant shortfall of assets again.”

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

                   About Stanford International

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


STANFORD INT'L BANK: Owner Denies Running Ponzi Scheme
------------------------------------------------------
Stanford International Bank Limited owner Robert Allen Stanford
denied running a Ponzi scheme and claims US regulators caused
investors to panic, creating a fatal run on his financial empire,
Laurel Brubaker Calkins of Bloomberg News reports, citing lawyer
Dick DeGuerin.  “He’s not a swindler,” Mr. DeGuerin told Bloomberg
News in an interview.  “This isn’t a Ponzi scheme.  He was able to
pay back every investor until the regulators came in like storm
troopers, caused a panic, and his banks got nationalized in
Venezuela and Antigua.”

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

According to Bloomberg News, Mr. DeGuerin, denying the Ponzi
allegation, said: “There were hard assets behind every dollar
invested in his bank.  Sure, the stock market crash hit him, but
it didn’t hit him any harder than anybody else.  His returns were
in line with what the stock market indexes lost.”

Mr. DeGuerin, the report relates, said Stanford Groups’s almost
US$8 billion investment portfolio was held in cash and
investments.

                   About Stanford International

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



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

BURGAN MAN: Commences Wind-Up Proceedings
-----------------------------------------
Burgan Man Strategic Trading Ltd commenced wind-up proceedings on
February 19, 2009.

Only creditors who were able to file their proofs of debt by
March 6, 2009, will be included in the company’s dividend
distribution.

The company’s liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


BURGAN MAN: Members Receive Wind-Up Report
------------------------------------------
On March 27, 2009, the members of Burgan Man Strategic Trading Ltd
received the liquidator’s report on the company’s wind-up
proceedings and property disposal.

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

The company’s liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


XL CAPITAL: Stops UK and Irish Reinsurance Policy Sales
-------------------------------------------------------
XL Capital Limited halted policy sales at its UK and Irish life
reinsurance businesses as the company focuses on property-casualty
coverage, The Royal Gazette News reports.

According to the report, the company said it continues to explore
options for its US life reinsurance business.

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
“Ba1” preferred stock rating.


XL CAPITAL: Unit Names Tony Cabot as Director of Global Programs
----------------------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd,
has appointed Tony Cabot as Director of Global Programs.

Based in Zurich, in his role as Director of Global Programs
Mr. Cabot is responsible for leading the unit that provides
multinational clients with compliant and relevant solutions to
manage their complex risk management and risk transfer needs
across all territories.  By leveraging its underwriting expertise
across the Property, Casualty, Professional and Specialty lines,
and its global network, XL Insurance participates in approximately
1,400 global programs for many of the world's multinational
companies.

Mr. Cabot brings over 25 years of experience in the insurance
industry to this role, having held various management positions
within XL Insurance over the past ten years including Country
Manager for Italy and management roles in Sales, Marketing and
Client Relations.  He takes on this role in addition to his
current responsibility as Product Development Manager for
Continental Europe and Asia.

Commenting on Mr. Cabot's appointment, David Duclos, Chief
Executive Officer of XL Insurance, said: "I am delighted that we
can count on Tony Cabot's multinational experience, innovative
thinking and effective management skills to further strengthen XL
Insurance's well recognised position as one of the leading Global
Program providers."   Mr. Duclos further added: "Mr. Cabot's
responsibility to accelerate delivery of innovative products and
services that better respond to customers' needs complements our
key Global Program capabilities, such as the ability to deliver to
clients consolidated program information from our single IT
platform."

                       About XL Insurance

XL Insurance –- http://www.xlinsurance.com.–- is the global brand
used by member insurers of the XL Capital Ltd group of companies.

                        About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
“Ba1” preferred stock rating.



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

BANCO SOFISA: Sees 5% Loan Increase This Year
---------------------------------------------
Banco Sofisa SA expects to increase loans by 5% this year from
BRL2.6 billion (US$1.16 billion) last year, after reporting no
growth in 2008 because of the credit crisis, Heloiza Canassa of
Bloomberg News reports.  Chief Financial Officer Ricardo Simone
Pereira told Bloomberg News in an interview that the bank will
increase credit to small- and medium-size companies to achieve its
forecasts.

According to the report, Banco Sofisa missed its goal of expanding
credit by 62% in 2008 as companies reduced investments to cope
with slowing consumption and loan demand dropped because of an
increase in interest rates.

“There was a global decline in industrial sales in Brazil in the
first quarter, but we expect there will be a recovery beginning in
the second quarter,” the news agency quoted Mr. Pereira as saying.
“The mere recovery of sales growth will allow for the increase” in
its credit portfolio, he added.

The report notes Mr. Pereira said loans to corporate clients,
which make up 50% of the bank’s operations, are expected to
increase 10% this year, while credit for vehicle purchases and
payroll deductible loans should be stable.

Banco Sofisa, Bloomberg News notes, raised US$32.5 million through
a 6-year loan with the Netherlands Development Finance Co. and
France’s development- finance agency Proparco.  The bank, the
report says, received the loan under the terms that it will lend
all the money to producers of ethanol and biodiesel, as well as to
“social and environmentally responsible” companies.

                       About Banco Sofisa

Established in 1961, Banco Sofisa SA --
http://www.sofisa.com.br/ir-- is headquartered in Sao Paulo,
Brazil.  The bank offers commercial and retail banking products
primarily to small and medium-size companies.  As of June 2007,
the bank had total assets of approximately BRL3.44 billion
(US$1.79 billion) and equity of BRL821.5 million (US$427
million).

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
July 1, 2008, Moody's Investors Service assigned long-term
foreign currency rating of Ba1 to Banco Sofisa S.A.'s
US$1,000,000,000 Global Medium Term Note Programme.  Moody's
also assigned a Ba1 long-term foreign currency debt rating to
the senior unsecured notes due in 2011 issued under the program
in the amount of US$125,000,000.  Moody's said the outlook on
the ratings is stable.


CAMARGO CORREA: Petrobras Suspends Payments to Firm
---------------------------------------------------
Petroleo Brasileiro SA (Petrobras) suspended its payments to
Construtora Camargo Correa SA after a court ruled the builder may
be overcharging for work at the Abreu e Lima refinery project in
Pernambuco state, Laura Price of Bloomberg News reports.

The report says Petrobras was ordered by the court to partially
halt payments to Camargo Correa.

According to the report, Petrobras said while it doesn’t believe
the company overpriced the contract, it will respect the court’s
decision.  Petrobras, the report relates, will contest the
tribunal’s claim of irregularities.

Camargo Correa said it was “perplexed” by an investigation by
Brazil’s federal police and hasn’t been notified of the reason
search and arrest warrants were issued, according to an e-mailed
statement obtained by the news agency.

                         About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.  Petrobras has operations in China, India, Japan, and
Singapore.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2009, Fitch Ratings affirmed the Issuer Default Rating
and outstanding debt ratings of Camargo Correa and its special-
purpose vehicle CCSA Finance Limited:

  -- Foreign currency IDR at 'BB';
  -- Local currency IDR at 'BB';


ENERGISA SA: Moody's Confirms 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's confirmed the Ba3 local currency corporate family rating
for Energisa S.A. and the Ba3 rating for the US$250 million
unsecured notes units jointly but not severally issued by Energisa
Sergipe - Distribuidora de Energia S.A. and Energisa Paraiba --
Distribuidora de Energia S.A. due 2013 and guaranteed by Energisa.
At the same time, Moody's confirmed Energisa's A3.br corporate
family rating on the Brazilian national scale.  The outlook is now
stable.  This concludes the review initiated on August 11, 2008.

Energisa's Ba3 corporate family rating reflects its strong credit
metrics for the rating category, adequate liquidity and its stable
and predictable cash flow from its monopoly electricity
distribution business.  The ratings are constrained by the
utility's lack of an effective financial policy to control risks
associated with its foreign currency debt obligations, relatively
large capital expenditures in 2009 and Moody's expectations that
operating margins will be lower in the near term due to tariff
revisions.

Together with its relatively strong credit metrics, Moody's
upgrade of the level of supportiveness of Brazil's regulatory
environment caused us to place Energisa's ratings under review for
upgrade in August 2008.

However, the upgrade in the regulatory environment has been offset
by Moody's opinion that the utility needs to improve its financial
policy to control risks associated with its foreign currency debt
obligations, In addition, although still strong for the rating
category, the utility's credit metrics have deteriorated in 2008
vs. 2007 and there are uncertainties surrounding the current
negative economic environment and upcoming tariff revision, which
may further impact metrics in 2009.

The A3.br national scale issuer rating reflects the standing of
the company's credit quality relative to its domestic peers.
Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issuances and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Brazil are designated by the ".br"
suffix.  Issuers or issues rated A3.br demonstrate strong
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.

In 2008, Energisa posted an EBITDA margin of 35% (calculated
according to Moody's standard adjustments), above the average for
its peer group but down from 37% in 2007.  The fall in operating
margin stemmed from non-recurring BRL 58 million in expenses
related to a fourth quarter 2008 labor claim settlement at
Energisa Paraíba.  Lower tariffs also impacted margins due to the
result of the second periodic tariff review at Energisa Sergipe
and Energisa Minas Gerais.  The impact of the non-recurring costs
and lower tariffs was somewhat mitigated by consolidated 7.3%
electricity volume growth.

Higher than expected financial expenses have further impaired
Energisa's profitability.  These stem mainly from the impact of
the devaluation of the Real on the utility's foreign currency
liabilities and derivative contracts, which generated non-cash
losses of BRL 145 million in 2008.  The company has entered into
certain derivative transactions to reduce the cost of its dollar-
denominated debt.

These derivatives did not effectively protect the company's
balance sheet against the extreme and rapid currency devaluation
that occurred in the second half of 2008.  Thus, leverage has
increased as a result of the currency devaluation and the company
maintains open currency derivatives contracts that could result in
additional losses.  However, Moody's believe that the current Ba3
rating could be maintained even if the company experiences further
losses on these contracts, due to the company's low leverage for
its rating category and adequate liquidity.

Moody's expects that Energisa will post negative free cash flow in
2009, which will likely result in increased leverage.  However,
Moody's do not expect a deterioration in Energisa's liquidity
profile, since the bulk of the projected capital expenditures will
be financed with long term, low cost financing provided by Banco
do Nordeste and BNDES development bank.  Higher capital
expenditures of around BRL 400 million in 2009 reflect the
company's need to reduce energy losses mainly at Energisa Paraíba,
comply with regulatory service quality requirements, expand its
distribution facilities to meet the forecasted growth in
consumption and BRL 175 million associated with new generation
assets.  The latter relates to investments in small generation
power assets with total installed capacity of 31 MW, starting in
2009 with completion scheduled by the end of 2010, which Moody's
estimates will generate annual EBITDA of around BRL 20 million..

Energisa's liquidity is adequate.  Energisa has a consolidated
cash position of BRL561 million vis-à-vis short term debt of BRL
of BRl 175 million as of December 31, 2008.  This along with
contracted long-term funding from BNB and BNDES provide sufficient
resources to comfortably meet maturing short-term debt and
forecasted negative free cash flow in 2009.

Energisa's corporate governance has improved over time.  There has
been an enhancement in the quality of information, including the
publication of quarterly cash flow statements since 2008 and
greater disclosure regarding the breakdown of net financial
expenses and detailed information on its derivative positions.

However, there are still areas in which the company could improve,
such as in its corporate-wide financial risk control policies and
board independence and oversight.  Moody's understands that the
company is reviewing its risk management guidelines to address
corporate governance issues.

The stable outlook reflects Moody's expectation that Energisa will
prudently manage capital expenditures to maintain near break-even
free cash flow and adequate liquidity.  The stable outlook also
reflects Moody's expectation that, even in a stress scenario with
major further devaluation of the Real, Energisa's currency
derivatives losses would not be sufficient to increase leverage to
a level weaker than what is appropriate for the Ba3 rating
category.

The rating or the outlook could be upgraded if the company's
financial policies become more effective in controlling its
exposure to foreign currency liabilities, liquidity remains
adequate, retained cash flow to total debt is above 15% (11% in
2008) on a sustainable basis and interest coverage (3.3x in 2008)
continues to be above 3.0x.

A downgrade could be triggered by a significant deterioration in
the company's liquidity or greater than expected losses related to
foreign currency liabilities.  Quantitatively, a downgrade could
result from retained cash flow to debt of below 10% or interest
coverage of below 2.5x.

The last rating action for Energisa was on August 11, 2008, when
the ratings were put on review for possible upgrade after the
upgrade of the level of supportiveness of Brazil's regulatory
environment for regulated electric utilities.

Energisa, based in Cataguases, Minas Gerais, is a holding company
that controls five electricity distribution utilities in four
Brazilian states (Paraíba, Sergipe, Minas Gerais and Rio de
Janeiro), serving approximately 2.2 million consumers.  In 2008,
Energisa sold 6,614 GWh, equivalent to approximately 1.5% of all
electricity distributed in Brazil.  Energisa is listed on the
Brazilian stock market and is controlled by the Botelho family.



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

APEX SILVER: Placed Under Voluntary Wind-Up
-------------------------------------------
On Feb. 18, 2009, the shareholders of Apex Silver Finance Ltd.
passed a resolution that voluntarily winds up the company’s
operations.

The company’s liquidator is:

         Jonathan Calley
         c/o Thomas Williams
         Telephone: (345) 814 4659
         Facsimile: (345) 814 8360
         Walkers, Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9001
         Cayman Islands


ARIANE CAYMAN: Creditors’ Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of Ariane 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 wind-up proceedings on February 18, 2009.

The company’s liquidators are:

         Carlos Farjallah
         Jan Neveril
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


CLIFFWOOD ABSOLUTE: Creditors’ Proofs of Debt Due on April 2
------------------------------------------------------------
The creditors of Cliffwood Absolute Return Strategy 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 wind-up proceedings on February 10, 2009.

The company’s liquidator is:

         CDL Company Ltd.
         P.O. Box 31106SMB, Grand Cayman


COLONIAL ADVISORY: Creditors’ Proofs of Debt Due on April 2
-----------------------------------------------------------
The creditors of Colonial Advisory Services CBO I 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 wind-up proceedings on February 19, 2009.

The company’s liquidators are:

         Christopher Bryan
         Onson Mukwedeya
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


CONNEMARA LEASING: Creditors’ Proofs of Debt Due on April 2
-----------------------------------------------------------
The creditors of Connemara Leasing 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 wind-up proceedings on February 10, 2009.

The company’s liquidators are:

         Scott Aitken
         Connan Hill
           P.O. Box 1109GT, Grand Cayman
         Telephone: (345) 949-7755
           Facsimile: (345) 949-7634


CRESCENT BAY: Creditors’ Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of Crescent Bay CLO, 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 wind-up proceedings on February 6, 2009.

The company’s liquidators are:

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


GREYWOLF SPC 1: Creditors’ Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Greywolf SPC 1 are required to file their proofs
of debt by April 2, 2009, to be included in the company’s dividend
distribution.

The company commenced wind-up proceedings on February 20, 2009.

The company’s liquidators are:

         Liezel Kleynhans
         Onson Mukwedeya
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


GREYWOLF SPC 2: Creditors’ Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Greywolf SPC 2 are required to file their proofs
of debt by April 2, 2009, to be included in the company’s dividend
distribution.

The company commenced wind-up proceedings on February 20, 2009.

The company’s liquidators are:

         Liezel Kleynhans
         Onson Mukwedeya
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


GREYWOLF SPC 3: Creditors’ Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Greywolf SPC 3 are required to file their proofs
of debt by April 2, 2009, to be included in the company’s dividend
distribution.

The company commenced wind-up proceedings on February 20, 2009.

The company’s liquidators are:

         Liezel Kleynhans
         Onson Mukwedeya
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


L-JAC ONE: Creditors’ Proofs of Debt Due on April 2
---------------------------------------------------
The creditors of L-JAC One Holdings are required to file their
proofs of debt by April 2, 2009, to be included in the company’s
dividend distribution.

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

The company’s liquidator is:

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


LION SYNTHETIC: Creditors’ Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Lion Synthetic No. 1 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 wind-up proceedings on February 17, 2009.

The company’s liquidators are:

         Bronwynne R. Arch
           Scott Aitken
           P.O. Box 1109, Grand Cayman KY-1102
           Cayman Islands
           Telephone: 949-7755
           Facsimile: 949-7634


NC PROPERTY: Placed Under Voluntary Wind-Up
-------------------------------------------
On February 18, 2009, the sole shareholder of NC Property
Investment Cayman passed a resolution that voluntarily winds 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


OLEARIUS LTD: Commences Wind-Up Proceedings
-------------------------------------------
Olearius, Ltd. commenced wind-up proceedings on Jan. 29, 2009.

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 Prue Lawson
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237


PENDRAGON (CONVERTIBLES): Creditors’ Proofs of Debt Due on April 3
------------------------------------------------------------------
The creditors of Pendragon (Convertibles) Fund Limited are
required to file their proofs of debt by April 3, 2009, to be
included in the company’s dividend distribution.

The company commenced wind-up proceedings on February 18, 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 Islands


POLARIS CAYMAN: Placed Under Voluntary Wind-Up
----------------------------------------------
On February 18, 2009, the sole shareholder of Polaris Cayman
Limited passed a resolution that voluntarily winds 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


PORTUS LTD: Creditors’ Proofs of Debt Due on April 2
----------------------------------------------------
The creditors of Portus 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 wind-up proceedings on November 25, 2008.

The company’s liquidator is:

         Jeanette Rosalie Jamieson
         c/o Stuarts Walker Hersant
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888


SPI CAPITAL: Commences Wind-Up Proceedings
------------------------------------------
SPI Capital Preservation Offshore Ltd. commenced wind-up
proceedings on Feb. 16, 2009.

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

The company’s liquidator is:

         Ogier
         Shameer Jasani
         c/o Ogier, Queensgate House
         South Church Street, PO Box 1234
         Grand Cayman KY1-1108, Cayman Islands
         Telephone: (345) 815 1802
         Facsimile: (345) 949 9877


TAURUSTWO CDS: Creditors’ Proofs of Debt Due on April 3
-------------------------------------------------------
The creditors of Taurustwo CDS are required to file their proofs
of debt by April 3, 2009, to be included in the company’s dividend
distribution.

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

The company’s liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall, Cricket Square
         171 Elgin Avenue, George Town
           Grand Cayman KY1-1104, Cayman Islands


UBB DIVERSIFIED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On February 18, 2009, the sole shareholder of UBB Diversified
Payment Rights Finance Company passed a resolution that
voluntarily winds 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


ZS-SAY LEASING: Creditors’ Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of ZS-Say Leasing 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 wind-up proceedings on February 10, 2009.

The company’s liquidators are:

         Scott Aitken
         Connan Hill
           P.O. Box 1109GT, Grand Cayman
         Telephone: (345) 949-7755
           Facsimile: (345) 949-7634



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

ECOPETROL SA: To Increase Output to 531,000 Barrels/Day
-------------------------------------------------------
Ecopetrol S.A. will boost production to 531,000 barrels of oil per
day by the end of 2009, Dow Jones Newswires reports, citing
Company Chief Executive Javier Gutierrez.

Ecopetrol, the report relates, is expected to produce an average
of 457,000 barrels of oil equivalent a day this year, up from the
average 447,000 barrels of oil equivalent a day in 2008.

According to the report, Mr. Gutierrez said the company will
manage to boost production due to the increase in its existing
fields and the acquisition of producing operations in Colombia and
Peru in the past months.

                       About Ecopetrol S.A.

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

                          *     *     *

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



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

* ECUADOR: May Offer to Buy Back Defaulted Debts, Barclays Says
---------------------------------------------------------------
Ecuador might pay holders of the country’s 12% bonds due in 2012
and 10% notes maturing in 2030 as much as 30 cents on the dollar,
plus accrued interest, Lester Pimentel of Bloomberg News reports,
citing Barclays Plc analyst Alejandro Grisanti.

The report relates Mr. Grisanti said Ecuador may have already
bought back as much as US$1.9 billion of its defaulted bonds.  The
government may tap its international reserves or social security
funds to repurchase the remaining US$1.3 billon, he said.
“Ecuador may need US$490 million to buy the outstanding bonds if
they have already bought 60%,” the report quoted Mr. Grisanti as
saying.

As reported in the Troubled Company Reporter-Latin America on
March 26, 2009, Bloomberg News recalled that in December, Ecuador
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 in March.

Bloomberg News said Ecuador 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 related.

Finance Minister Maria Elsa Viteri, as cited by Bloomberg News,
said Ecuador will provide details of its debt plan at an Inter-
America Development Bank meeting this month.



=================
G U A T E M A L A
=================

* GUATEMALA: Inks US$950 Million Financing Pact With IMF
--------------------------------------------------------
Guatemala has signed an 18-month SDR630.6 million (US$950 million)
stand-by arrangement with the International Monetary Fund (IMF).

Mr. Gabriel Lopetegui, IMF mission chief for Guatemala, said:
“During the past two weeks, an IMF staff mission visited Guatemala
for discussions on possible IMF financial support for the
government's economic program for 2009 and 2010.  Agreement with
the authorities has been reached at staff-level on a program that
could be supported by a 18-month Stand-By Arrangement in the
amount of SDR 630.6 million (about US$950 million).  The
Guatemalan authorities intend to treat the arrangement as
precautionary.  Guatemala has no immediate balance of payments
need, and this program is part of a comprehensive preventive
strategy to strengthen the country’s liquidity cushion in the face
of an uncertain global environment, thereby enhancing the
confidence of investors and market participants.  As part of this
strategy, an additional US$1 billion of resources from other IFIs,
including the World Bank and the IDB, have already been committed
for 2009-2010.

“The agreement reached with the authorities is subject to approval
by the IMF management and Executive Board, which could consider
the request for a Stand-By Arrangement in the second half of
April.

“Guatemala’s long standing record of prudent economic policies has
helped to consolidate macroeconomic stability, while progress has
been made in implementing important structural reforms.  However,
as in the rest of the region, the global economic and financial
crisis is having a negative impact on the Guatemalan economy,
including through a deceleration of economic activity and
tightening of domestic financial conditions.

“The Guatemalan economy is well positioned to face the adverse
external outlook.  As the global slowdown is likely to be
protracted and significant downside risks still remain, the
authorities have designed a program to preserve macroeconomic and
financial stability, strengthen social policies, and continue
working on improving medium-term growth.

“The authorities’ short-term strategy is based on three pillars: a
sustainable fiscal stimulus, with a fiscal deficit of the
consolidated public sector that could reach 2.4% of GDP in 2009, a
monetary policy focused on anchoring inflation at low levels
combined with a flexible exchange rate system, and financial
policies oriented to continue strengthening the banking sector.

“The authorities have moved quickly in implementing this strategy.
Public spending is being refocused on social spending and labor-
intensive infrastructure investment.  Monetary policy has been
supportive and additional liquidity provision has been made
available to banks to confront credit risks.  In the banking
sector, provisioning requirements are set to increase gradually,
to avoid undue procyclical effects while strengthening banks’
capital buffers, and enhanced on-site supervision has been put in
place.

“The mission wishes to express its gratitude to the authorities
and technical staff of the Ministry of Finance, the Bank of
Guatemala, and the Superintendency of Banks, for their warm
reception and close collaboration.”



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

SCJ: Minister Firm Can't Disburse Redundancy Payments to Workers
----------------------------------------------------------------
State-owned Sugar Company of Jamaica ("SCJ") cannot disburse
redundancy benefits to more than 7,000 workers at the end of this
month, Radio Jamaica News reports.

The report relates that in a meeting involving Agriculture
Minister Dr. Christopher Tufton and trade union officials,
President of the National Workers Union, Vincent Morrison, said
Dr. Tufton asked for another week to consult with the Prime
Minister on the matter.

According to the report, union officials will be meeting with the
workers to advise them of the delay.  "I will be going to Frome in
Westmoreland to inform the workers of the new development.  They
were expecting to hear some sweeter news in terms of the payment
but we're working on the matter and I'm sure that after (Dr.
Tufton) consults with the Prime Minister and the Ministry of
Finance, he'll get back to us within a week to inform us exactly
when the payment will be made," the report quoted Mr. Morrison
as saying.

As reported in the Troubled Company Reporter-Latin America on
March 23, 2009, Reuters said the Jamaican government received 14
bids for the purchase of SCJ's five sugar factories.  Caribbean
Net News recalled Jamaica's Sugar Industry Authority is seeking
interested buyers for the sugar assets in the SCJ after a failed
purchase bid by Brazilian-company Infinity Bio-Energy.

According to The Jamaica Gleaner, Agriculture Minister Christopher
Tufton said if a new deal is not inked soon, the public will be
called on again to plug a projected US$4.2 billion hole,
representing a US$2 billion operational loss, and bank penalties,
apparently from continuous hefty overdrafts, incurred by the SCJ's
four factories during the 2008/2009 season.

The Gleaner said the enterprise has a US$21-billion debt and
losses totalling more than US$14 billion since 2005.

Caribbean Net News disclosed the government had decided to
continue with milling operations at the factories for the present
harvest, which is expected to end in July.  However, the same
report notes officials said the state cannot continue to run the
loss-making factories for longer than this year.



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

INDUSTRIAS UNIDAS: S&P Downgrades Corporate Credit Rating to 'SD'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its global
scale corporate credit rating on Industrias Unidas S.A. de C.V. to
'SD' from 'CC'.  At the same time, S&P lowered the national scale
corporate credit rating to 'SD' from 'mxCCC'.  The senior
unsecured rating on IUSA's notes due 2016 remains at 'CC'.

According to Standard & Poor's definition, a selective default
represents an issuer defaulting selectively, that is, defaulting
on one issue or class of issues but honoring others in a timely
fashion.  S&P's default definitions include payment defaults on
both rated and unrated financial obligations.

S&P has lowered the issuer credit rating on IUSA to 'SD' because
the company made a partial payment of $10.5 million and extended
the term on the balance of $20 million in notes due March 26,
2009, issued under its euro short-term notes program, until March
2010; however, the payments on its rated $200 million senior
unsecured notes remain current, which is why S&P considers this
default as selective.

"If investors consent to the extension of maturity of the short-
term notes, S&P would reassess the company's financial profile and
assign new ratings," said Standard & Poor's credit analyst Marcela
Dueñas.  "If, on the other hand, investors don't give their
consent, the 'SD' rating will remain in place until the company
pays the short-term notes in full."

IUSA is one of Mexico's largest and most diversified industrial
companies, with operations in copper tubing, wire and cable,
copper alloys, electrical products, watt-hour meters, valves and
controls, and diversified assets.



=================================================
S T  V I N C E N T  &  T H E  G R E N A D I N E S
=================================================

MILLENNIUM BANK: Involved in US$68 Million Ponzi Scheme, SEC Says
-----------------------------------------------------------------
The United States Securities and Exchange Commission (SEC) has
obtained an emergency court order halting a US$68 million Ponzi
scheme involving the sale of fictitious high-yield certificates of
deposit (CDs) by Caribbean-based Millennium Bank.

The SEC alleges that the scheme targeted U.S. investors and misled
them into believing they were putting their money in supposedly
safe and secure CDs that purportedly offered returns that were up
to 321% higher than legitimate bank-issued CDs.  The SEC's
complaint alleges that William J. Wise of Raleigh, N.C., and
Kristi M. Hoegel of Napa, Calif., orchestrated the scheme through
Millennium Bank, its Geneva, Switzerland-based parent United Trust
of Switzerland S.A., and U.S.-based affiliates UT of S, LLC and
Millennium Financial Group.  In addition, the SEC has charged
Jacqueline S. Hoegel (who is the mother of Kristi Hoegel), Brijesh
Chopra, and Philippe Angeloni for their roles in the scheme.

"As alleged in our complaint, the defendants disguised their Ponzi
scheme as a legitimate offshore investment and made promises about
exuberant returns that were just too good to be true," said Rose
Romero, Director of the SEC's Fort Worth Regional Office.  "This
case demonstrates that investors need to be especially cautious
when placing money with entities that may be outside the reach of
U.S. regulators."

According to the SEC's complaint, at least US$68 million was
raised from more than 375 investors since July 2004.  Millennium
Bank, a licensed St. Vincent and the Grenadines bank, solicited
new investors for its CD program through blatant
misrepresentations and glaring omissions in its online
solicitations and in advertising campaigns targeting high net-
worth individuals.  For example, in offering materials, Millennium
Bank claimed tha its parent, United Trust of Switzerland S.A.,
provides Millennium Bank with "over 75 years of banking
experience, correspondent banking relationships, decades of
knowledge in privacy and confidentiality as well as extensive
training for our customer services professionals."  In fact, the
SEC alleges, United Trust of Switzerland S.A. is not a Swiss-
licensed bank or securities dealer.  Potential investors visiting
Millennium Bank's web site also were falsely informed that
Millennium Bank is not affected by the global financial crisis and
has a 100% client satisfaction record going back close to 10
years, and has its own affiliate asset management company with
highly seasoned professionals who invest meticulously.

The SEC alleges that investor funds were not used for legitimate
banking or investment activities.  Instead, to create the
appearance of a legitimate offshore investment, investors
purchasing the CDs were instructed to deliver their investment
checks to the offshore bank.  The SEC alleges that the checks were
then packaged and delivered to UT of S LLC's office in Napa,
Calif., where the checks were electronically deposited by a remote
deposit machine into a UT of S, LLC account.  The account, which
is held at a U.S. financial institution, also received millions of
dollars of investor funds via wire transfer.  From that account,
the SEC alleges, the defendants misappropriated a vast majority of
the investor funds to enrich themselves and pay personal expenses,
while making relatively small Ponzi payments to investors.

Judge Reed O'Connor, in the U.S. District Court for the Northern
District of Texas, granted the SEC's request for an asset freeze
and emergency relief for investors.

The SEC charges that the defendants violated the anti-fraud
provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934.  The SEC's complaint also alleges that the
defendants violated the registration provisions of the Securities
Act.  The complaint seeks permanent injunctions, disgorgement
together with prejudgment interest, and financial penalties.

Additionally, the SEC's complaint names four individuals and four
entities as relief defendants: Lynn P. Wise of Raleigh, N.C. (the
wife of William J. Wise); Ryan D. Hoegel of Lincoln, Calif. (the
brother of Kristi Hoegel); Daryl C. Hoegel of American Canyon,
Calif. (the husband of Jacqueline Hoegel), Laurie H. Walton of
Raleigh; and United T of S, LLC, Sterling I.S., LLC, Matrix
Administration, LLC, and Jasmine Administration, LLC. All four
entities are based in Las Vegas.  The SEC's enforcement action
seeks an order compelling them to return funds and assets
traceable to the Millennium Bank fraud.



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

* BOND PRICING: For the Week March 23 – March 27, 2009
------------------------------------------------------

Issuer                  Coupon    Maturity   Currency   Price
  ------                  ------    --------   --------   -----

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      48.75
Argent-DIS               5.830    12/31/33     ARS      39.49
Argent-CDIS              7.820    12/31/33     ARS      20.00
Argent-$DIS              8.820    12/31/33     ARS      21.84
Argent-$DIS              8.820    12/31/33     ARS      26.50
Argent-Par               0.630    12/31/38     ARS      10.85
Argnt-Bocon PRE8         2.000    01/03/10     ARS      45.89
Argnt-Bocon PR11         2.000    12/03/10     ARS      29.99
Argnt-Bocon PRE9         2.000    03/15/24     ARS      47.29
Argnt-Bocon PR12         2.000    01/03/16     ARS      47.88
Argnt-Bocon PR13         2.000    03/15/24     ARS      14.01
Arg Boden                2.000    09/30/14     ARS      41.45
Arg Boden                7.000    10/03/15     ARS      25.50
Argentina - NGB          2.000    01/03/16     ARS      36.55
Autopistas Del S        11.500    05/23/17     USD      32.81
Banco Hipot SA           9.750    11/16/10     USD      58.46
Banco Hipot SA           9.750    04/27/16     USD      31.29
Banco Macro SA           8.500    02/01/17     USD      53.95
Banco Macro SA           9.750    12/18/36     USD      33.36
Bonar ARG $ V           10.500    06/12/12     USD      32.55
Bonar V                  7.000    03/28/11     USD      40.75
Bonar X                  7.000    04/17/17     USD      41.15
Bonar VII                7.000    09/12/13     USD      33.40
Buenos Aire Prov         9.625    04/18/28     USD      23.68
Buenos Aire Prov         9.375    09/14/18     USD      22.50
Buenos-$DIS              9.250    04/15/17     USD      23.25
Buenos-$DIS              8.500    04/15/17     USD      23.50
Hidroelec Piedra         9.000    07/11/17     USD      62.00
Industries Metal        11.250    10/22/14     USD      40.85
Invers Rep Y Soc         8.500    02/02/17     USD      59.00
Mendoza Province         5.500    09/04/18     USD      33.75
Transener                8.875    12/15/16     USD      38.50
Trasport De Gas          7.875    05/14/17     USD      52.37
YPF SA                  10.000    11/02/28     USD      75.00

   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      68.25
Banco Ind E Com          9.750    03/03/16     USD      69.01
Bertin Ltda             10.250    10/05/16     USD      43.25
Braskem SA               9.000    04/29/49     USD      66.62
BR Malls Int Fi          8.500    04/15/17     EUR      68.50
Cosan Finance            7.000    02/01/17     USD      62.00
Cosan SA Industr         8.250    02/28/49     USD      42.25
JBS SA                  10.500    08/04/16     USD      65.75
Independencia In         9.875    05/15/15     USD      13.97
Independencia In         9.875    01/31/17     USD      13.97
National Steel           9.875    05/29/49     USD      68.80
Rede Empresas           11.120    04/29/49     USD      38.56
RBS-Zero Hora Ed        11.250    06/15/17     BRL      61.47
Sadia Overseas           6.875    05/24/17     USD      74.00
Vigor                    9.250    02/23/17     USD      30.50


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      48.87
Aes Dominicana          11.000    12/13/15     USD      60.25
Aig Sunamerica           5.625    02/01/12     GBP      47.51
Aig Sunamerica           5.375    10/05/20     GBP      56.38
Agile Property           9.000    02/22/13     USD      70.50
Asif II                  5.125    01/28/13     GBP      47.51
Barion Funding           0.100    12/20/56     USD       4.77
Barion Funding           0.250    12/20/56     USD       4.74
Barion Funding           0.250    12/20/56     USD       4.69
Barion Funding           0.250    12/20/56     USD       4.69
Barion Funding           0.250    12/20/56     USD       4.69
Barion Funding           0.250    12/20/56     USD       4.69
Barion Funding           0.250    12/20/56     USD       4.69
Barion Funding           0.630    12/20/56     USD      12.28
BBVA Bancomer SA         4.799    05/17/17     EUR      36.50
BCP Finance Company      5.543    06/29/49     EUR      40.48
BCP Finance Company      4.239    10/29/49     EUR      40.49
Bes Finance Limited      4.500    12/29/49     EUR      52.50
Bes Finance Limited      6.625    05/08/49     EUR      63.50
Bes Finance Limited      5.580    07/29/49     EUR      47.50
Bishopgate Asse          5.107    09/28/37     GBP      71.56
Braskem Fin Limited      7.250    06/06/18     USD      72.70
Cam Global Fin           6.080    12/22/30     EUR      56.74
Castle Holdco 4          9.875    05/15/15     GBP      05.37
Castle Holdco 4          9.875    05/15/15     GBP      05.37
China Med Tech           3.500    11/15/11     USD      64.56
China Med Tech           4.000    08/15/13     USD      48.94
China Properties         9.125    05/04/14     USD      37.00
Citadel Finance          6.250    12/15/11     USD      70.47
CKWH-UT2 LTD             9.125    05/29/49     USD      64.81
Country Garden           2.500    02/22/13     CNY      70.64
Credit Sail Ltd          8.500    12/22/12     NZD       5.00
DP World Sukuk           6.250    07/02/17     USD      57.78
DP World Sukuk           6.250    07/02/17     USD      56.50
Dubai Holding Comm       4.750    01/30/14     EUR      57.50
Dubai Holding Comm       6.000    02/01/17     GBP      54.03
DWR CYMN FIN             4.473    03/31/57     GBP      62.92
Esfg Internation         5.753    06/29/49     EUR      42.00
Gol Finance              7.500    04/03/17     USD      49.56
Gol Finance              8.750    04/28/49     USD      42.50
Greentown China          9.000    11/08/13     USD      47.50
Ja Solar Hold Company    4.500    05/15/13     USD      48.06
Lai Funding Holding      9.125    04/04/14     USD      71.67
Ldk Solar Co Ltd         4.750    04/15/13     USD      44.50
Lupatech Finance         9.875    07/29/49     USD      62.00
Mafrig Overseas          9.635    11/16/16     USD      58.00
Malachite Fdg            0.630    12/21/56     EUR      15.23
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.68
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.72
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.68
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.68
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.68
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.60
Mazarin Fdg Ltd          0.630    09/20/68     USD      10.50
Mazarin Fdg Ltd          1.440    09/20/68     USD      23.61
Mazarin Fdg Ltd          1.440    09/20/68     USD      22.06
Minerva Overse           9.500    02/01/17     USD      37.50
Mizuho Capital I         5.020    06/29/49     EUR      58.50
Mizuho Capital INV I     6.686    03/29/49     EUR      40.50
Monument Global          5.405    11/17/31     EUR      71.60
Mufg Cap Fin1            6.346    07/29/49     EUR      67.47
Mufg Cap Fin2            4.850    07/29/49     EUR      47.46
Mufg Cap Fin4            5.271    01/29/49     EUR      49.45
Mufg Cap Fin5            6.299    01/25/49     GBP      40.00
Prince Fin Global        4.500    01/26/17     EUR      47.54
Pubmaster Fin            5.943    12/30/24     GBP      65.91
Reg Div Funding          5.251    01/25/36     USD      67.83
Resona PFD Glob          7.191    12/29/49     USD      41.53
Santander                7.250    12/29/49     GBP      55.75
Seagate Tech HDD         6.800    10/01/16     USD      57.98
Seagate Tech HDD         6.375    10/01/11     USD      68.50
Shimao Property          8.000    12/01/16     USD      54.00
Shinsei Fin Caym         7.160    07/29/49     USD      17.43
SMFG Preferred           6.078    01/29/49     USD      61.63
SMFG Preferred           6.164    01/29/49     USD      42.52
SMFG Preferred 2        10.231    07/18/49     USD      53.50
STB Finance              5.834    09/29/49     GBP      48.00
Subsea                   2.800    06/06/11     USD      70.93
Suntech Power            3.000    03/15/13     USD      45.12
Tam Capital Inc.         7.375    04/25/17     USD      56.40
Tam Capital Inc.         7.375    04/25/17     USD      55.12
Trina Solar Ltd          4.000    07/15/13     USD      43.50
US Cap Fdg VI            6.775    07/10/43     USD      72.55
Vestel Elec Fin          8.750    05/09/12     USD      56.50
Vontobel Cayman          8.350    03/27/09     USD      65.40
Vontobel Cayman         11.300    04/24/09     USD      71.00
Vontobel Cayman         10.550    03/27/09     USD      51.10
XL Capital Limited       5.250    09/15/14     USD      65.54
XL Capital Limited       6.250    05/15/27     USD      49.91
XL Capital Limited       6.375    11/15/24     USD      56.95
XL Capital Limited       6.500    12/31/49     USD      19.00

   DOMINICAN REPUBLIC
   ------------------
Dominican Republ         8.625    04/20/27     USD      60.25
DOM REP CBN             13.000    02/22/13     DOP      73.29
Edge Haina Finance       9.500    04/26/17     USD      52.70


   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      45.50
Rep of Ecuador           9.375    12/15/15     USD      43.96



  EL SALVADOR
  -----------
El Salvador Rep          7.650    06/15/35     USD      73.38
El Salvador Rep          7.650    06/15/35     USD      71.87


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      58.19
Jamaica Govt             8.000    06/24/19     USD      75.00
Jamaica Govt             8.000    03/15/39     USD      56.00
Jamaica Govt             8.500    02/28/36     USD      62.70
Jamaica Govt             9.250    10/17/25     USD      67.25
Jamaica Govt LRS        12.750    06/29/22     JMD      45.80
Jamaica Govt LRS        12.750    04/27/12     JMD      72.46
Jamaica Govt LRS        12.750    06/29/22     JMD      45.82
Jamaica Govt LRS        12.250    07/13/12     JMD      70.05
Jamaica Govt LRS        12.850    05/31/22     JMD      46.22
Jamaica Govt LRS        13.625    06/23/14     JMD      64.02
Jamaica Govt LRS        13.375    04/27/32     JMD      46.57
Jamaica Govt LRS        13.575    12/15/26     JMD      47.24
Jamaica Govt LRS        13.375    12/15/21     JMD      48.26
Jamaica Govt LRS        13.875    05/17/13     JMD      69.30
Jamaica Govt            14.000    06/30/21     EUR      70.40
Jamaica Govt            14.000    06/21/13     EUR      70.21
Jamaica Govt            14.000    06/21/13     EUR      50.68
Jamaica Govt            14.125    07/08/13     EUR      74.41
Jamaica Govt            14.125    08/31/12     EUR      69.26
Jamaica Govt            14.250    03/15/13     EUR      71.11
Jamaica Govt            14.250    08/19/15     EUR      60.46
Jamaica Govt            14.250    05/31/13     EUR      71.26
Jamaica Govt            14.375    11/29/12     EUR      72.82
Jamaica Govt            14.375    11/15/12     EUR      72.62
Jamaica Govt            14.375    05/03/14     EUR      67.97
Jamaica Govt            14.375    06/28/14     EUR      67.70
Jamaica Govt            14.375    09/06/14     EUR      66.03
Jamaica Govt            14.375    09/13/14     EUR      65.36
Jamaica Govt            14.375    05/30/14     EUR      64.48
Jamaica Govt            14.400    08/03/27     EUR      51.90
Jamaica Govt            14.500    11/13/13     EUR      68.79
Jamaica Govt LRS        14.500    05/17/13     JMD      72.00
Jamaica Govt LRS        14.500    06/28/17     JMD      58.57
Jamaica Govt LRS        14.500    08/02/17     JMD      55.69
Jamaica Govt LRS        14.750    03/21/14     JMD      72.90
Jamaica Govt LRS        14.750    03/21/14     JMD      69.56
Jamaica Govt LRS        14.625    04/19/14     JMD      68.86
Jamaica Govt LRS        15.000    07/31/13     JMD      71.20
Jamaica Govt LRS        15.000    11/15/21     JMD      53.91
Jamaica Govt LRS        15.000    09/06/32     JMD      54.08
Jamaica Govt LRS        15.000    07/31/14     JMD      67.39
Jamaica Govt LRS        15.000    07/31/16     JMD      60.76
Jamaica Govt LRS        15.125    04/24/14     JMD      68.86
Jamaica Govt LRS        15.000    08/30/32     JMD      54.08
Jamaica Govt LRS        15.500    03/24/28     JMD      54.06
Jamaica Govt LRS        15.750    08/22/19     JMD      58.07
Jamaica Govt LRS        15.800    06/26/17     JMD      62.93
Jamaica Govt LRS        16.000    08/24/13     JMD      73.49
Jamaica Govt LRS        16.000    06/13/22     JMD      57.05
Jamaica Govt            16.500    06/14/27     EUR      57.41
Jamaica Govt            16.000    12/06/32     EUR      55.66
Jamaica Govt LRS        16.000    05/17/17     JMD      61.97
Jamaica Govt LRS        16.250    05/22/27     EUR      56.53
Jamaica Govt LRS        16.125    08/21/32     EUR      58.09
Jamaica Govt LRS        16.250    06/18/27     EUR      58.62
Jamaica Govt LRS        16.250    05/22/22     EUR      57.94
Jamaica Govt LRS        16.150    06/12/22     EUR      57.57
Jamaica Govt LRS        16.150    06/21/22     EUR      59.59
Jamaica Govt LRS        16.250    07/26/32     EUR      56.51
Jamaica Govt LRS        16.250    08/26/32     EUR      58.55
Jamaica Govt LRS        17.000    07/11/23     EUR      60.00


    NETHERLANDS  ANTILLES
    ---------------------
KBC Intl Fin             5.000    05/29/49     EUR      49.00
KBC Intl Fin             5.050    01/15/20     EUR      73.04
Mer Lynch Int Cv        22.000    03/30/09     USD       9.42
Mer Lynch Int Cv        18.000    03/27/09     USD      75.00
Mer Lynch Int Cv        16.800    04/24/09     USD      31.05
Soc Gen Accept           0.750    12/21/11     EUR      40.68
Soc Gen Accept           9.000    03/21/14     EUR      69.04
Soc Gen Accept           7.000    02/27/13     EUR      13.32
Soc Gen Accept          14.000    04/09/09     EUR      20.10
Soc Gen Accept           8.000    12/20/13     EUR      25.13


   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      32.25
Doral Fin Corp           7.100    04/26/17     USD      34.75
Doral Fin Corp           7.150    04/26/22     USD      28.75
Doral Fin Corp           7.650    03/26/16     USD      35.37


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      43.16
Uruguay                  4.250    04/05/27     UYU      54.00
Uruguay                  5.000    09/14/18     UYU      66.12


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      41.82
Petroleos de Ven         5.375    04/12/27     USD      33.50
Petroleos de Ven         5.500    04/12/37     USD      33.50
TCCIC                    6.250    04/06/17     USD      48.12
Venezuela                7.000    03/31/38     EUR      41.17
Venezuela                6.000    12/09/20     EUR      42.50
Venezuela                7.650    04/21/25     EUR      44.00
Venezuela                5.750    02/26/16     EUR      46.75
Venezuela               13.625    08/15/18     USD      73.11
Venezuela               13.625    08/15/18     USD      73.11
Venezuela               13.625    08/15/18     USD      70.50
Venezuela                7.000    03/16/15     USD      52.49
Venezuela                7.000    03/16/15     USD      50.74
Venezuela                7.000    12/01/18     USD      48.00
Venezuela                9.000    05/07/23     USD      50.50
Venezuela                9.000    05/07/23     USD      50.50
Venezuela                9.250    09/15/27     USD      57.00
Venezuela                9.250    05/07/28     USD      49.62
Venezuela                8.500    10/08/14     USD      61.00
Venezuela               10.750    09/19/13     USD      70.67
Venzod - 189000          9.375    01/13/34     USD      51.00
Venzod - 189000         10.750    09/19/13     USD      69.50
Venezuela               10.750    09/19/13     USD      70.67



                            ***********

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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