TCRLA_Public/090331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, March 31, 2009, Vol. 9, No. 63

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Receiver Seeks Court's Ok on Accounts Release
TGN SA: Court Halts Govt's Intervention With Firm's Operations


A R G E N T I N A

AES CORP: AES Eletropaulo Posts BRL529.4 Million Net Profit in 4Q
LIBRERIAS URBANAS: Trustee Verifying Proofs of Claim Until May 12
MEDIZIN SA: Trustee Verifying Proofs of Claim Until June 5
SAIS SISTEMAS: Trustee Verifying Proofs of Claim Until June 5


B E R M U D A

HELICOPTER RENTALS: Creditors' Proofs of Debt Due on April 10
HELICOPTER RENTALS: Member to Receive Wind-Up Report on May 1
NORTON II: Creditors' Proofs of Debt Due on April 10
NORTON II: Members to Receive Wind-Up Report on May 4
SAGECREST HOLDINGS: Voluntary Chapter 15 Case Summary


B R A Z I L

BANCO DO BRASIL: May End Buyout Cycle After 2 Bank Purchase
BANCO FIBRA: Moody's Changes Outlook to Stable; Affirms 'D' BFSR
BNDES: Inks US$135.6 Mln Wind Power Project Deal With KfW
TAM SA: Posts R$1,122.7 Million Net Loss in the Fourth Quarter
USINIMAS: Gets IDB Loan to Finance Thermoelectric Power Plant


C A Y M A N  I S L A N D S

BRIGHTON CDO: Creditors' Proofs of Debt Due on April 2
CASTLE HOLDCO: Scheme of Arrangement Meetings Set on April 28
CORTLAND CAPITAL: Creditors' Proofs of Debt Due on April 2
EURUS LIMITED: Shareholders Final Meeting Set for April 2
GREYWOLF SPC 4: Creditors' Proofs of Debt Due on April 2

HSBC INVESTOR ET AL: Placed Under Voluntary Liquidation
HYPPCO FINANCE: Creditors' Proofs of Debt Due on April 2
KBW CREDIT: Creditors' Proofs of Debt Due on April 2
KBW CREDIT: Creditors' Proofs of Debt Due on April 2
KINGSLAND VI: Creditors' Proofs of Debt Due on April 2

LOGAN FINANCE: Creditors' Proofs of Debt Due on April 2
MERRILL LYNCH: Creditors' Proofs of Debt Due on April 2
N7 MONROE: Commences Wind-Up Proceedings
PALLAS III: Creditors' Proofs of Debt Due on April 2
PAM CAPITAL: Creditors' Proofs of Debt Due on April 2

SALVEO INSURANCE: Placed Under Voluntary Liquidation
SPROUT II: Placed Under Voluntary Liquidation
THE GLOBAL: Creditors' Proofs of Debt Due on April 2
TPF2 HOLDING: Creditors' Proofs of Debt Due on April 2
WARAKU CAPITAL: Creditors' Proofs of Debt Due on April 2

YOTSUYA OFFICE: Creditors' Proofs of Debt Due on April 2


C H I L E

CHILQUINTA ENERGIA: Moody's Withdraws Rating on 2011 Notes


C O L O M B I A

ECOPETROL: Investment to Exceed US$6.22 Bln Budget Plan
ECOPETROL: Plans to Strengthen Cooperations With Chinese Firms


J A M A I C A

AIC: Noteholders Will be Repaid Within 3 Months, Owner Says
NTCS: President to Respond on Closing Down Firm's Operations
RBTT BANK: Union Waits for Management's Response on Salary Freeze


M E X I C O

BANK OF AMERICA: Moody's Confirms 'D+' Financial Strength Rating
CEMEX: To Receive Loans, Guarantees & Equity With Hacienda's Aid
COMERCI: May Reach Accord With Creditors as April 3 Deadline Nears
KANSAS CITY: Fitch Affirms 'BB-' Issuer Default Rating


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

MILLENNIUM BANK: Government Appoints KPMG Int'l as Bank Receiver


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

STANFORD INT'L BANK: Receiver Seeks Court's Ok on Accounts Release
------------------------------------------------------------------
Laurel Brubaker Calkins of Bloomberg News reports Stanford Group
Co. investors can soon submit data and explanations to persuade a
court-appointed receiver to unlock accounts still frozen during a
probe involving Robert Allen Stanford.

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

In a statement, Ralph S. Janvey, Receiver for SIBL and all
Stanford-related entities, asked a court in Dallas, Texas for an
order authorizing him to implement procedures for review and
potential release of customer accounts that remain subject to the
freeze orders previously issued by the same court and still in
effect.

The statement said approximately 4,000 accounts remain subject to
the asset hold, containing aggregate assets of approximately
US$1.7 billion.  The Receiver seeks approval to publish and
implement procedures to expedite the process of reviewing the
remaining accounts and determining which, if any, should be
released from the asset hold.

The Receiver also seeks authority, upon review of applications
submitted pursuant to the release application procedures, to
release accounts from the freeze orders that the Receiver in his
discretion deems eligible for release.

According to Bloomberg News, Timothy Durst, one of Mr. Janvey’s
attorneys, said to get their money back, account holders will have
to agree to abide by the Dallas court decisions and not sue
Stanford entities anywhere else.

Bloomberg News relates, under Mr. Janvey’s proposed procedures:

   –- Stanford investors who submit account data must detail any
      activity they’ve conducted with SIBL, including what they
      did with any interest earned on or redemptions of the
      offshore CDs;

   -– account holders must provide a statement explaining why Mr.
      Janvey shouldn’t view them as someone who has participated
      in or gained from fraudulent activities.  They must be
      ready to provide the receiver with information and
      documentation supporting their explanations; and

   -– account holders must also sign a declaration submitting to
      the exclusive jurisdiction of the Dallas federal court and
      irrevocably waiving all rights to object to that court’s
      decisions regarding their money or to sue the Stanford
      entities in another court to regain access to their funds.

Bloomberg News says Houston attorney Michael Stanley, who
represents scores of brokers and investors suing Stanford for
fraud and Mr. Janvey for wrongly freezing their accounts, said
investors who accept Mr. Janvey’s terms could be blocked from
suing to recover their CD investments through the Antiguan
receiver, who claims authority over the offshore bank.  Mr.
Stanley, Bloomberg News relates, added that Mr. Janvey’s proposal
drops an earlier suggestion that unsatisfied investors could
appeal the receiver’s decisions to mediators or the Dallas judge
overseeing the SEC case.

Bloomberg News states there is no timetable for U.S. District
Judge David Godbey to approve Mr. Janvey’s procedures so that
investors can begin submitting applications.

                   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.


TGN SA: Court Halts Govt's Intervention With Firm's Operations
------------------------------------------------------------------
An Argentine court has halted the government's intervention in
Transportadora de Gas del Norte SA (“TGN”)'s operations, Lucas
Bergman of Reuters reports.  The report relates the court ruling,
dated March 23, ordered the "suspension of the ... faculties of
TGN's co-administrator."

As reported in the Troubled Company Reporter - Latin America on
Jan. 7, 2009, Reuters said Argentina's government filed a legal
complaint against TGN over "grave irregularities" at the firm, a
week after appointing a temporary co-administrator to the company.
Latin American Herald Tribune said the Argentine government took
over TGN for 120 days to guarantee service by the company and to
audit its accounts.   According to The Tribune, Roberto Ponswas
was appointed as overseer of the company and was also responsible
for auditing the company's accounts.

Reuters noted that in a statement to the Buenos Aires stock
exchange, TGN responded by saying: "Only the judicial branch ...
can order in extreme cases the intervention and co-administration
of a company."  The move was "baseless" and does not further the
aim of maintaining proper service, TGN said.  Bloomberg News
reported TGN said it will default on its US$22.1 million debt.

                            About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
Dec. 19, 2008, Fitch Ratings downgraded the long-term local and
foreign currency Issuer Default Ratings of Transportadora de Gas
del Norte S.A. to 'C/C (arg)' from 'CCC BB (arg)' .  Fitch also
downgraded TGN's senior unsecured notes due in 2012 to 'CC' from
'CCC', while the Recovery Rating of the notes remains at 'RR4'.
In conjunction with the rating actions, Fitch downgraded TGN's
national scale issuance ratings to 'CC (arg)' from 'BB(arg)'.  All
Ratings have been placed on Rating Watch Negative.



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

AES CORP: AES Eletropaulo Posts BRL529.4 Million Net Profit in 4Q
-----------------------------------------------------------------
The AES Corporation's Brazilian unit, AES Eletropaulo, posted
BRL529.4 million (US$236 million) net profit in the fourth-quarter
up from BRL9.5 million a year earlier, Dow Jones Newswire reports.
The report relates the company attributed the increase in net
profit to the rise of its net profit in the period to a non-
recurrent gain of BRL210 million in the period, due to tax
credits.

According to the report, Eletropaulo reported BRL1.98 billion net
revenue in the fourth quarter, up from BRL1.8 billion in the
fourth quarter of 2007, while earnings before interest,
depreciation and amortization (EBITDA)of BRL554.9 million, up from
BRL145.9 million in the previous year.

Dow Jones says for the entire year of 2008, the company reported a
net profit of BRL1.03 billion, up from BRL712.6 million in 2007.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at Ba1,
its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
Moody's said the rating outlook for AES is stable.


LIBRERIAS URBANAS: Trustee Verifying Proofs of Claim Until May 12
-----------------------------------------------------------------
The court-appointed trustee for Librerias Urbanas S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 12, 2009.


MEDIZIN SA: Trustee Verifying Proofs of Claim Until June 5
----------------------------------------------------------
The court-appointed trustee for Medizin S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 5, 2009.

The trustee will present the validated claims in court as
individual reports on August 3, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 14, 2009.


SAIS SISTEMAS: Trustee Verifying Proofs of Claim Until June 5
-------------------------------------------------------------
The court-appointed trustee for SAIS Sistemas Argentinos
Integrales de Salud S.A.'s bankruptcy proceedings will be
verifying creditors' proofs of claim until June 5, 2009.



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

HELICOPTER RENTALS: Creditors' Proofs of Debt Due on April 10
-------------------------------------------------------------
The creditors of Helicopter Rentals Limited are required to file
their proofs of debt by April 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08
          Bermuda


HELICOPTER RENTALS: Member to Receive Wind-Up Report on May 1
-------------------------------------------------------------
The member of Helicopter Rentals Limited will recieve the
liquidator's report on the company's wind-up proceedings and
property disposal on May 1, 2009, at 10:00 a.m.

The company commenced wind-up proceedings on March 26, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08
          Bermuda


NORTON II: Creditors' Proofs of Debt Due on April 10
----------------------------------------------------
The creditors of Norton II Holdings Limited are required to file
their proofs of debt by April 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2009.

The company's liquidator is:

          John C. McKenna
          CA of Finance & Risk Services Ltd.
          Suite 502, 26 Bermudiana Road
          Hamilton HM 11, Bermuda


NORTON II: Members to Receive Wind-Up Report on May 4
-----------------------------------------------------
The members of Norton II Holdings Limited will recieve the
liquidator's report on the company's wind-up proceedings and
property disposal on May 4, 2009, at 9:30 a.m.

The company commenced wind-up proceedings on March 26, 2009.

The company's liquidator is:

          John C. McKenna
          CA of Finance & Risk Services Ltd.
          Suite 502, 26 Bermudiana Road
          Hamilton HM 11, Bermuda


SAGECREST HOLDINGS: Voluntary Chapter 15 Case Summary
-----------------------------------------------------
Chapter 15 Petitioner: Peter C.B. Mitchell
                       provisional liquidator of SageCrest
                       Holdings Limited

Chapter 15 Debtor:     SageCrest Holdings Limited
                       Canon's Court
                       22 Victoria Street
                       Hamilton HM 12
                       Bermuda

Chapter 15 Case No.: 09-50546

Debtor-affiliates filing Chapter 11 petitions Aug. 20, 2008:

        Entity                                     Case No.
        ------                                     --------
SageCrest Holdings Ltd.                            08-50763

Type of Business: The Debtors specialize in making secured loans
                  to smaller companies in financial, life-
                  insurance and mortgage businesses.

Chapter 15 Petition Date: March 27, 2009

Court: United States Bankruptcy Court
       District of Connecticut (Bridgeport)

Chapter 15
Petitioner's Counsel:   Melissa Zelen Neier, Esq.
                        mneier@ibolaw.com
                        Ivey, Barnum, and O'Mara
                        170 Mason Street
                        P.O. Box 1689
                        Greenwich, CT 06836
                        Tel: (203) 661-6000

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$100 million to US$500 million



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

BANCO DO BRASIL: May End Buyout Cycle After 2 Bank Purchase
-----------------------------------------------------------
Banco do Brasil SA President Antonio Francisco Lima Neto said the
bank will likely end a recent cycle of acquisitions with the
purchase of the state level banks Espirito Santo-based Banestes
and Federal District-based BRB, Gerald Jeffris of Dow Jones
Newswire reports, citing Estado news agency.

According to DJ Newswire, Mr. Neto said the newly acquired banks
would help bring value as they cater to numerous public sector
workers in those regions.

The report notes Mr. Neto denied rumors that Banco do Brasil had
interest in acquiring the Banrisul state bank of Rio Grande do
Sul.

                      About Banco do Brasil

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

                          *     *     *

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


BANCO FIBRA: Moody's Changes Outlook to Stable; Affirms 'D' BFSR
----------------------------------------------------------------
Moody's Investors Service changed to stable, from positive, the
outlook on Banco Fibra S.A.'s D bank financial strength rating, as
well as on the Ba2 long-term global local-currency deposit
ratings, and on the A1.br long-term national scale rating.  The
stable outlook on the Not-Prime short-term global local currency
deposit rating and on the Ba2/NP short- and long-term foreign
currency deposit ratings were affirmed.

In changing the outlook to stable, Moody's noted that the
prospects for growth and earnings generation that had supported
the positive rating action back in early September 2008 are now
less likely to be realized.  Moody's said that unfavorable market
conditions and the economic deceleration since then have resulted
in increasing funding costs and higher provisions to reflect
weakening asset quality overall.  Recurring profitability ratios
are also less likely to improve because of lower business
opportunities.

Moody's acknowledges that, relative to peers, Banco Fibra's
liquidity position has been reasonably comfortable, owing to
timely bond issuances and capital injection from shareholders in
2008.  However, as funding flows declined, management has also
reduced loan origination, in a context of higher risk aversion,
and has increased provisions as delinquencies rise.

Moody's last rating action on Banco Fibra was on September 11,
2008 when the bank financial strength and global local currency
deposit ratings were placed on positive outlook.

Banco Fibra is headquartered in Sao Paulo, Brazil.  As of December
31, 2008, Fibra had R$9.2 billion in assets and R$ 757.6 million
in equity.

These ratings had outlook changed to stable from positive:

  -- Bank Financial Strength rating: D

  -- Long-term global local currency deposit rating: Ba2

  -- Long-term national scale rating: A1.br

  -- The outlook remains stable on these ratings:

  -- Short term global local currency deposit rating: Not Prime

  -- Long and short-term foreign currency deposit ratings: Ba2 and
     Not Prime


BNDES: Inks US$135.6 Mln Wind Power Project Deal With KfW
---------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
has signed a US$135.6 million agreement with German Development
Bank (KfW) to finance wind power plants in Brazil, Xinhua News
reports.

The report, citing a BNDES statement, says the two banks will
finance the wind power project from Brazilian private companies.

According to Latin Finance, the financing will be made available
to private Brazilian developers building projects in a portfolio
of 10-12 wind farms in Brazil’s northeast that BNDES is
evaluating.

Latin France notes the credit line was motivated by an energy
sector cooperation agreement signed by Brazil and Germany last
year.

                            About KfW

KfW was created in 1948 to finance the reconstruction projects in
post-war Germany.  The bank turned to channel part of its
resources to the developing countries afterwards.

                           About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

As of February 19, 2009, Banco Nacional continues to carry a Ba2
foreign long-term bank deposit rating from Moody's Investors
Service.  The rating was assigned in August 2007.


TAM SA: Posts R$1,122.7 Million Net Loss in the Fourth Quarter
--------------------------------------------------------------
TAM S.A. posted a net loss of R$1,122.7 million in the fourth
quarter 2008, and a negative margin of 38.4%.

The company's total CASK decreased by 0.3% in 4Q08 compared to
4Q07, and CASK excluding fuel decreased 11.3%, while EBIT and
EBITDAR margins of 11.2% and 17.9% respectively.

Total cash and cash equivalents equalled R$1,914 million.

The company posted a return on equity (ROE) of (82.3)%, and return
on assets (ROA) of (12.2)%.

The company reached a 50.7% average market share for its domestic
operations in 4Q08, while it reached a 84.7% average market share
in 4Q08 for its international operations.

                         About TAM S.A.

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

                          *     *     *

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

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


USINIMAS: Gets IDB Loan to Finance Thermoelectric Power Plant
-------------------------------------------------------------
Usinas Siderurgicas do Minas Gerais S.A. (Usiminas) has clinched
an IDB A/B loan to help finance a new thermoelectric power plant
in the state of Minas, Latin France reports.  The report relates
the facility is denominated wholly in JPY and will likely be
swapped back into BRL.

According to the report, the IDB is providing a JPY2.1 billion
(US$21.5 million) 8.5-year A loan at an undisclosed rate over Yen
Libor, while SMBC led a club that involves 3 other undisclosed
Japanese banks for JPY17.5 billion (US$179 million) at Yen Libor
plus 150bp.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                          *     *     *

The company continues to carry Moody's Ba1 Suboridate Debt rating.



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

BRIGHTON CDO: Creditors' Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of Brighton CDO 2007-1, 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. 19, 2009.

The company's liquidators are:

        Dianne Scott
        Prashant Veturkar
        Maples Finance Limited
        P.O. Box 1093GT, Grand Cayman
        Cayman Islands


CASTLE HOLDCO: Scheme of Arrangement Meetings Set on April 28
-------------------------------------------------------------
The High Court of Justice in England and Wales scheduled meetings
for the purpose of considering a scheme of arrangement between
Castle Holdco 4 Ltd and the holders of the FRNs and Senior Notes
it issued.

The meetings will start 10:00 a.m. on April 28, 2009, at the
offices of Slaughter and May at One Bunhill Row in London.

Meanwhile, a petition was presented to the Grand Court of the
Cayman Islands on March 19, 2009 for confirmation of the reduction
of the company's share capital by cancelling and extinguishing the
scheme shares.

The petition is scheduled to be heard at 9:30 a.m. on May 7, 2009,
at the Law Courts, George Town in Grand Cayman, Cayman Islands.

For more information, contact:

   a) Castle Holdco's English solicitors

          Slaughter and May
          One Bunhill Row
          London EC1Y 8YY

   b) Castle Holdco's Cayman Islands Attorneys-at-Law

          Maples and Calder
          PO Box 309
          Ugland House
          Grand Cayman
          KY1-1104 Cayman Islands


CORTLAND CAPITAL: Creditors' Proofs of Debt Due on April 2
----------------------------------------------------------
The creditors of Cortland Capital 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. 3, 2009.

The company's liquidators are:

          Guy Major
          Bobby Toor
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


EURUS LIMITED: Shareholders Final Meeting Set for April 2
---------------------------------------------------------
The shareholders of Eurus Limited will hold their final meeting on
April 2, 2009, at 10:00 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GREYWOLF SPC 4: Creditors' Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Greywolf SPC 4 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 liquidators are:

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


HSBC INVESTOR ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on December 19, 2008, the
shareholders resolve to voluntarily liquidate the business of:

   -- HSBC Investor Core Fixed Income Fund, Ltd;
   -- HSBC Investor Core Plus Fixed Income Fund, Ltd.
   -- HSBC Investor High Yield Fixed Income Fund, Ltd.
   -- HSBC Investor Intermediate Duration Fixed Income Fund, Ltd.;
      and
   -- HSBC Investor Short Duration Fixed Income Fund, Ltd.

Creditors are required to file their proofs of debt by April 2,
2009, to be included in the company's dividend distribution.

The companies liquidator is:

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


HYPPCO FINANCE: Creditors' Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Hyppco Finance Company A2 Restructured CDO, 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. 19, 2009.

The company's liquidators are:

          Jan Neveril
          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


KBW CREDIT: Creditors' Proofs of Debt Due on April 2
----------------------------------------------------
The creditors of KBW Credit Opportunity Master Fund, Ltd. are
required to file their proofs of debt by April 2, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 2009.

The company's liquidator is:

          Bobby Toor
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


KBW CREDIT: Creditors' Proofs of Debt Due on April 2
----------------------------------------------------
The creditors of KBW Credit Opportunity Fund, Ltd. are required to
file their proofs of debt by April 2, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 2009.

The company's liquidator is:

          Bobby Toor
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands



KINGSLAND VI: Creditors' Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of Kingsland VI, 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. 19, 2009.

The company's liquidators are:

        Phillip Hinds
        Prashant Veturkar
        Maples Finance Limited, P.O. Box 1093GT
        Grand Cayman, Cayman Islands


LOGAN FINANCE: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------
The creditors of Logan Finance CLO 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 liquidation proceedings on Feb. 18, 2009.

The company's liquidators are:

         Phillip Hinds
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


MERRILL LYNCH: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------
The creditors of Merrill Lynch Taurus 2000 Singapore 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 Dec. 31, 2008.

The company's liquidator is:

          Bobby Toor
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


N7 MONROE: Commences Wind-Up Proceedings
----------------------------------------
On February 13, 2009, the sole shareholder of N7 Monroe
International Ltd. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

         RTB Secretaries limited
         c/o Rothschild Trust Cayman Limited
         PO Box 10129APO, 5th Floor Citrus Grove
         George Town, Grand Cayman
         Telephone: (345) 946 7033
         Facsimile: (345) 946 7043


PALLAS III: Creditors' Proofs of Debt Due on April 2
----------------------------------------------------
The creditors of Pallas III 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. 6, 2009.

The company's liquidators are:

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


PAM CAPITAL: Creditors' Proofs of Debt Due on April 2
-----------------------------------------------------
The creditors of PAM Capital Funding Corp. 1998-1 Class A
Restructured CDO, 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. 19, 2009.

The company's liquidators are:

        Jan Neveril
        Onson Mukwedeya
        Maples Finance Limited
        P.O. Box 1093GT, Grand Cayman
        Cayman Islands


SALVEO INSURANCE: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on February 18, 2009, the
members of Salveo Insurance Company Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Marilyn C. Nevin
          John W. Kelly
          c/o Marsh Management Services Cayman Ltd.
          PO Box 1051, 23 Lime Tree Bay Avenue
          Governors Square, Building 4, Floor 2
          Grand Cayman KY1-1102 , Cayman Islands


SPROUT II: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on February 17, 2009, the
shareholders of Sprout II 2003 Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 19, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

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


THE GLOBAL: Creditors' Proofs of Debt Due on April 2
----------------------------------------------------
The creditors of The Global Convertible Opportunities Fund Limited
are required to file their proofs of debt by April 2, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Bobby Toor
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


TPF2 HOLDING: Creditors' Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of TPF2 Holding Inc. are required to file their
proofs of debt by April 2, 2009, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


WARAKU CAPITAL: Creditors' Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Waraku Capital Co., Ltd are required to file
their proofs of debt by April 2, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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


YOTSUYA OFFICE: Creditors' Proofs of Debt Due on April 2
--------------------------------------------------------
The creditors of Yotsuya Office Corporation are required to file
their proofs of debt by April 2, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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



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

CHILQUINTA ENERGIA: Moody's Withdraws Rating on 2011 Notes
----------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the 6.20%
notes due 2011 issued by Chilquinta Energia Finance Co.  LLC and
guaranteed by MBIA Corporation. Moody's has withdrawn this rating
for business reasons.

The rating withdrawal reflects Moody's current policy to withdraw
ratings on MBIA Corporation-wrapped securities for which there is
no published underlying rating.  Should MBIA Corporation's rating
subsequently move back into the investment grade range or should
Chilquinta Energia Finance Co.  LLC subsequently publish the
underlying rating, Moody's would reinstate the rating to the
wrapped instruments.

This rating has been withdrawn:

  -- Senior secured rating Baa1 withdrawn

The last rating action was on February 18, 2009 when the ratings
of MBIA Corporation were downgraded to B3.

Headquartered in Chile, Chilquinta Energia Finance Co. LLC is an
electric utility.



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

ECOPETROL: Investment to Exceed US$6.22 Bln Budget Plan
-------------------------------------------------------
Ecopetrol S.A. will invest more than the US$6.22 billion
originally planned for 2009 for acquisition purposes, Inti
Landauro of Dow Jones Newswire reports, citing Chief Executive
Javier Gutierrez.  The report relates Ecopetrol had set apart
US$870 million for acquisitions this year, but the company has
already spent more.

According to the report, as of this year the company have
acquired:

   * 50% of Peru's Petrotech Peruana SA for US$450 million;
   * 51% stake in a Cartagena refinery from Swiss commodity
     company Glencore International AG for US$549 million; and
   * the Colombian unit of France's Etablissements Maurel et Prom
     for US$748 million; and
   * a stake in an oil pipeline from Enbridge Inc. for US$418
     million.

The report notes Ecopetrol plans to invest US$60 billion between
2008 and 2015.

                       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.


ECOPETROL: Plans to Strengthen Cooperations With Chinese Firms
--------------------------------------------------------------
Ecopetrol S.A. expressed the will to strengthen cooperation with
China, Xinhua News reports, citing Company President Javier
Gutierrez.

Mr. Gutierrez told Xinhua in an interview that his company is
currently working with Chinese companies like China Petroleum &
Chemical Corporation (Sinopec), and since last year 10% of
Ecopetrol's (heavy oil) exports went to China.

The report relates Mr. Gutierrez added that Ecopetrol is
interested on further cooperations with China, including
investment and supplying equipments.

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.




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

AIC: Noteholders Will be Repaid Within 3 Months, Owner Says
-----------------------------------------------------------
Jamaican born Canadian-based billionaire Michael Lee-Chin owned
company, AIC (Barbados) Limited -- a privately held company owned
by AIC Limited -- assured investors that they will be repaid
despite news that the company faces liquidity problems, Radio
Jamaica News reports.

According to the Jamaican Observer, the global financial recession
has hit AIC's operations hard as jittery noteholders of AIC
(Barbados) called in their notes, forcing Mr. Lee-Chin to
liquidate assets to honour his creditors.  The Observer relates
Mr. Lee-Chin made it clear that he intends to make good and pay
out US$170 million on the notes within the next three months.

"We are carrying US$170 million worth of debt in the form of
commercial paper to help fund our operations in the Caribbean,"
the Observer, citing Caribbean Business Report, quoted Mr. Lee-
Chin as saying.  "Normally the notes would roll over, but due to
the global financial crisis noteholders are calling for their
money now and we are unable to roll over the notes any more.  Pan
Caribbean and First Global, who are trustees and arrangers for the
notes, are now working on restructuring the maturities of those
notes and we will be able to make good in three months' time."

Meanwhile, the Observer relates AIC Barbados said in a statement:
"the Caribbean private equity fund managed by AIC International
Investments Limited, a subsidiary of AIC (Barbados) Limited, which
is seeking to invest a further US$100 million in the Caribbean,
has no exposure to the notes of AIC (Barbados) Limited.  AIC
Limited, the Canadian sister company of AIC (Barbados) Limited,
and the approximately US$3 billion of assets managed by AIC
Limited also has no exposure to the notes."

The Jamaica Gleaner reported on March 18 that AIC (Barbados) seeks
to raise US$10 million (US$667 million) through a fixed rate
secured note.  The Gleaner related the bond, which will have a
tenure of 18 months, with maturity in September 2008, will have a
fixed coupon rate of 8.5%, payable six months after the closing
date and semi-annually up to the maturity date, with NCB Capital
Markets (NCBCM), an NCB subsidiary, as its lead arranger for the
instrument.

The report said NCBCM documents disclosed that the the purpose of
the facility is to refinance existing loan facilities.

                 NBC Operation Not Associated
                      With AIC (Barbados)

National Commercial Bank Jamaica Limited clarified the
relationship between AIC (Barbados) Limited and its unit, NCB,
amid the recent news on AIC (Barbados)'s liquidity problems.

AIC Barbados, a privately held company owned by AIC Limited, is a
majority shareholder in NCB, with 62% of total issued shares as at
the end of the 2008 Financial Year.  Its connection with the bank
is that of being a shareholder to whom dividends are paid and its
operations are not in any way associated with NCB.

NCB cannot provide financial assistance to or undertake business
dealings with any shareholder – regardless of the extent of
his/her/its stake in our group – beyond what the Jamaican Banking
Act and Regulations allow.

In any event, the NCB group has no financial exposure to AIC
Barbados or its parent AIC Limited and in that regard, can
therefore expect no impact on our business arising from their
operations.

Business operations at NCB continue in the usual manner.

                  About AIC Financial Group

AIC Financial Group -- http://www.aic.tt/default.asp/-- is a
member of the Michael Lee-Chin owned group of companies which is
headed by Portland Holdings Limited and includes:

    * AIC Limited, a leading Canadian asset manager that manages
      approximately US$8 billion for approximately 1 million
      customers.

    * National Commercial Bank of Jamaica, one of the largest
      banking groups in Jamaica with assets of approximately
      US$3.5 billion.

    * Several other investments in the telecommunications, health
      care, media, real estate and tourism sectors in the
      Caribbean.

Through its subsidiaries, AIC Financial Group in Trinidad & Tobago
seeks to create wealth for its clients through disciplined
adherence to proven wealth creation principles and innovative
products including mutual funds, stock brokerage, trade finance,
merchant banking, deposits, fixed income securities and foreign
exchange.


NTCS: President to Respond on Closing Down Firm's Operations
------------------------------------------------------------
President of the National Transport Co-operative Society (NTCS)
Ezroy Millwood is to respond to instructions issued by Transport
Minister Mike Henry for his company to close its operations, Radio
Jamaica News reports.  The report relates Mr. Millwood has called
a press conference for Thursday morning, April 2.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2009, Radio Jamaica said the Jamaican government has
given NTCS nine more months to operate before it will be required
to wind down its bus service operations in the corporate area.

The report related at the end of the period, which expires in
November, the NTCS will have to make a formal bid to the
government to operate on specific routes.

According to Radio Jamaica, Transport Minister Mike Henry said the
decision was made following discussions by Cabinet and is part of
plans to transform the public transport sector.  "That nine month
extension is still subject to reviews and they will be allowed to
bid or tender for the routes that they want ... making their offer
in relation to the structured approach to be announced and put to
the public under the procurement procedures," Radio Jamaica quoted
Mr. Henry as saying.


RBTT BANK: Union Waits for Management's Response on Salary Freeze
-----------------------------------------------------------------
Bustamante Industrial Trade Union, the trade union representing
RBTT Bank Jamaica Limited's workers, is awaiting a response from
the bank's management regarding a counterproposal presented
following a recent call for a wage freeze, Radio Jamaica News
reports.

The report relates a meeting that was reportedly scheduled for
this week to continue discussions was cancelled.

"Based on the request of the bank the union has made several
proposals that we think would benefit our members.  The parties
have agreed to continue discussions.  I believe we are still
having serious dialogue in pursuant to a settlement," the report
quoted President-General of Bustamante Industrial Trade Union,
Kavon Gayle as saying.

RBTT Bank Jamaica Limited (formerly Union Bank of Jamaica Limited)
-- http://www.rbtt.com-- was acquired by RBTT Financial Holdings
Limited on March 22, 2001.  Through its 20 branches, the bank
provides a complete range of products and services, and includes
different classes of saving and chequing accounts, certificates of
deposit, US dollar accounts, credit facilities, international
trade services, card services, telephone banking services, foreign
business, and general services such as night deposit, safety
deposit boxes, payroll preparation and standing orders.



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

BANK OF AMERICA: Moody's Confirms 'D+' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service confirmed Bank of America Mexico, S.A.'s
D+ financial strength rating, but downgraded the global local
currency deposit ratings to Baa3/Prime-3 from A2/Prime-2.  On its
Mexican National Scale, Moody's downgraded BAMSA's ratings to
Aa2.mx from Aaa.mx and confirmed the short-term MX-1 rating.  All
these ratings have a negative outlook.

Moody's also downgraded Merrill Lynch Mexico, S.A.'s long term
Mexican National Scale issuer rating to Aa2.mx from Aaa.mx and
confirmed the short term rating of MX-1.  The outlook is negative.

The rating actions on BAMSA and Merrill Mex conclude the review
for possible downgrade initiated on March 6, 2009 and follow the
actions taken on the ratings of Bank of America Corporation and
its subsidiaries including its lead bank Bank of America, N.A., on
March 25, 2009.

In confirming BAMSA's BFSR, Moody's has indicated that the
performance of the Mexican subsidiary and its local franchise and
financial metrics continue to position it well within the group of
foreign wholesale bank peers operating in Mexico.  It appears that
the difficulties faced by its parent bank have thus far had no
material effect on the Mexican operations.  Nevertheless, Moody's
negative outlook on the bank's ratings is predicated on potential
future pressures on BAMSA as it is so linked to a now weaker U.S.
parent.  The negative outlook also incorporates the less favorable
business and economic environment present in Mexico.

The last rating actions on BAMSA's and Merrill Lynch Mexico's
ratings were on March 06, 2009 when Moody's placed on review for
possible downgrade BAMSA's ratings, including a BFSR of D+, GLC
deposit ratings of A2/Prime 2, foreign currency deposit ratings of
Baa1/Prime-2 and the Mexican National Scale ratings of Aaa.mx/MX-
1.  Moody's also placed on review for possible downgrade Merrill
Lynch Mexico, S.A.'s Mexican National Scale issuer ratings of
Aaa.mx and MX-1.

The long-term Mexican National Scale rating of Aa2.mx indicates
issuers or issues with good creditworthiness relative to other
domestic issuers.  The short-term Mexican National Scale rating of
MX-1 indicates that the issuer has a very good ability to repay
short-term senior unsecured debt obligations relative to other
domestic issuers.

These rating actions were taken on Bank of America Mexico S.A:

  -- Bank Financial Strength of D+: confirmed, with negative
     outlook

  -- Global local currency deposits, long term: Downgrade to Baa3
     from A2, negative outlook

  -- Global local currency deposits, short term: Downgrade to
     Prime-3 from Prime-2

  -- Long term foreign currency deposits: Downgraded to Baa3 from
     Baa1, negative outlook

  -- Short term foreign currency deposits: Downgraded to Prime-3
     from Prime-2

  -- Long term Mexican National Scale: Downgraded to Aa2.mx from
     Aaa.mx, with negative outlook

  -- Short term Mexican National Scale of MX-1: Confirmed

These rating actions were taken on Merrill Lynch Mexico S.A.:

  -- Long term Mexican National Scale: Downgraded to Aa2.mx from
     Aaa.mx

  -- Short term Mexican National Scale: confirmed at MX-1

  -- Outlook: Negative


CEMEX: To Receive Loans, Guarantees & Equity With Hacienda's Aid
----------------------------------------------------------------
Hacienda is working with local development banks to provide Cemex
S.A.B de C.V with additional financial relief, Latin France
reports, citing Gerardo Rodriguez, Mexico’s head of public credit.

According to the report, a combination of loan guarantees for
commercial lenders includes new loans issued by development banks
and secured by assets and financial flows; and even equity.  Latin
France says Mexico state development bank Nacional Financiera
(Nafin), Mexican state-owned bank Banco Nacional de Comercio
Exterior ("Bancomext”) and Mexico development bank Banco Nacional
de Obras y Servicios Públicos, SNC (National Works and Public
Services Bank) or (Banobras) are involved.

The company’s leading 12 banks, Latin France notes, appear to have
agreed initially to accept an extension of maturities and, though
a few were heard dissenting and getting additional attention from
Hacienda.

                           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.


COMERCI: May Reach Accord With Creditors as April 3 Deadline Nears
------------------------------------------------------------------
Controladora Comercial Mexicana SAB (Comerci) may reach an accord
with creditors that cuts its liabilities by as much as 30%, Hugh
Collins of Bloomberg News reports, citing Francisco Suarez, head
of equity research at Actinver, Mexico’s biggest independent money
manager.  “There are positive signs that counterparties are
willing to refinance,” Mr. Suarez told the news agency in a
telephone interview.

According to the report, Marisol Huerta, an analyst at Actinver,
said that Comerci may reduce its liabilities by 20% to 30% in a
restructuring and get 10 years to pay off the debt.

Comerci, the report says, has until April 3 to reach an agreement
before creditors can take legal action.

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

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

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

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

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

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

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

                          About Comerci

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


KANSAS CITY: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed Kansas City Southern de Mexico, S.A. de
C.V.'s outstanding ratings.  In addition, Fitch has assigned a
'BB-' foreign currency rating to KCSM's new US$200 million 12.5%
senior notes due 2016.  The Rating Outlook for all ratings has
been revised to Negative from Stable.

Fitch has affirmed these ratings:

  -- Long-term Issuer Default Rating at 'BB-';
  -- Local Currency Long-term IDR at 'BB-';
  -- US$460 million 9.375% senior notes due 2012 at 'BB-';
  -- US$175 million 7.625% senior notes due 2013 at 'BB-';
  -- US$165 million 7.375% senior notes due 2014 at 'BB-';
  -- US$200 million 12.5% senior notes due 2016 at 'BB-'.

The Outlook revision reflects Fitch's concern about KCSM's
challenging operating environment, declining revenues, and
expected increase in leverage during 2009.  Over the last two
quarters, KCSM has operated in a challenging environment
characterized by shorter length of haul, reduced fuel surcharge
revenue, a depreciating Mexican peso versus the U.S. dollar, and a
slowing economy.  This latter factor has resulted in a decline in
the shipment of cargo from most of the sectors served by KCSM,
including commodities, automotive, and consumer products.  KCSM's
revenues and EBITDA declined 17.54% and 17.14%, respectively,
during the fourth quarter-2008 (4Q'08) as compared to the same
period of 2007 (4Q'07).  Further, through the 10-week period ended
March 14, 2009, KCSM's total carload and intermodal unit volumes
for the 2009 first quarter have declined 25.9% compared to the
same period in 2008.  Fitch expects a declining trend in KCSM's
revenues to continue in the near term which in turn could put
additional pressure to the company's cash flows.

KCSM's capital structure is levered and is expected to rise over
the near term.  As of Dec. 31, 2008, KSCM had approximately
US$1.46 billion in total debt consisting primarily of US$958.4
million in unsecured notes due in 2012 (US$460 million), 2013
(US$175 million), and 2014 (US$165 million); and an estimated
US$508 million of off-balance debt associated with lease
obligations.  KCSM's EBITDAR was US$383 million during 2008 and
the ratio of total adjusted debt-to-EBITDAR was 3.8 times (x) by
the end of December 2008, up from 3.6x by the end of December
2007.  Improving leverage trends over the last several years are
expected to reverse with adjusted debt to EBITDAR increasing to
the mid 4.0x as volumes and profitability decrease.

KCSM's near-term liquidity is satisfactory.  The successful
completion of the company's $200 million of unsecured private bond
offering due 2016, reduces refinancing risk and should provide
KCSM with sufficient near liquidity to face the current difficult
business environment.  Net proceeds are expected to pay all short-
term indebtedness and amounts outstanding under its credit
facility with banks ($30 million approximately by the end of
December 2008).  The issuance should also build its cash position
to be used for working capital purposes; no other maturities are
due until 2012.  Despite this improvement in near-term liquidity,
further profitability and credit metrics deterioration beyond
Fitch's expectations could negatively affect the current rating
level.

The ratings for KCSM are supported by the company's business
position as a leading provider of railway transportation in
Mexico.  KCSM operates one of three main railroad networks in
Mexico, transporting more than 40% of the country's railway
freight volumes.  KCSM's main tracks consist of about 2,700 miles
throughout commercial and industrial areas in the northeastern and
central regions of the country and serve three of Mexico's main
seaports.  KCSM operates a strategically significant route
connecting Mexico City with Laredo, Texas, the largest freight
exchange point between the United States and Mexico.  In 2008,
revenues of US$819 million were generated from diverse sectors
such as agro-industrial, cement, metals and minerals, chemical and
petrochemical, automotive, manufacturing and industrial, and
intermodal.  Kansas City Southern owns 100% of KCSM.



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

MILLENNIUM BANK: Government Appoints KPMG Int'l as Bank Receiver
----------------------------------------------------------------
St Vincent and the Grenadines government's financial arm,
International Financial Services Authority (IFSA), has appointed
KPMG International as receiver for Caribbean-based Millennium
Bank, following the US Securities Exchange Commission (SEC) fraud
allegations, Duggie Joseph of Caribbean Net News reports.  The
report relates the government appointed the receiver “to preserve
records and assets.”

As reported in the Troubled Company Reporter-Latin America on
March 30, 2009, the SEC obtained an emergency court order halting
a US$68 million Ponzi scheme involving the sale of fictitious
high-yield certificates of deposit (CDs) by Millennium Bank.

The SEC alleged 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 alleged 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.

According to Caribbean Net News, Minister of Finance, Prime
Minister Dr. Ralph Gonsalves, said the government prevented
Millennium Bank from operating in the country in 2001, but after
the bank appealed against the decision and it was allowed to
operate.

Mr. Gonsalves, Caribbean Net News relates, said the the bank's
licence was revoked “due to contraventions of the Banking Act of
1996.” and stated these reasons:

  * the bank was undercapitalized;
  * carrying out business in a reckless manner,
  * detrimental to the public interest;
  * was without a Resident Director as stipulated by law; and
  * the bank was deemed insolvent.

“The funds alleged to be defrauded from investors did not pass
through Millennium Bank in St Vincent and the Grenadines nor our
National Commercial Bank,” Mr. Gonsalves was quoted by Caribbean
Net News as saying.  “It is believed that domestic banks in the US
were used to deposit funds from investors in the name of United
Trust Switzerland and then payments made to the defendants.”

Caribbean Net News notes Mr. Gonsalves added that United Trust,
another registered offshore bank in St Vincent, was also placed
into receivership.

IFSA, Caribbean Net News states, said it is cooperating with the
US SEC in its investigation of activities of Millennium Bank.



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

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

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

ARGENTINA

IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
COMERCIAL PLAT-$     COMED AR          422118016    -747305024
COMERCIAL PLA-BL     COMEB AR          422118016    -747305024
COMERCIAL PL-C/E     COMEC AR          422118016    -747305024
SNIAFA SA-B          SNIA5 AR           39681268      -2901931
SOC COMERCIAL PL      CADN SW          422118016    -747305024
COMERCIAL PL-ADR     SCPDS LI          422118016    -747305024
SOC COMERCIAL PL      COME AR          422118016    -747305024
IMPSAT FIBER-C/E     IMPTC AR          535007008     -17165000
SOC COMERCIAL PL       CAD IX          422118016    -747305024
IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
SNIAFA SA-B          SDAGF US           39681268      -2901931
SOC COMERCIAL PL     SCDPF US          422118016    -747305024
SNIAFA SA             SNIA AR           39681268      -2901931
SOC COMERCIAL PL     CVVIF US          422118016    -747305024
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
IMPSAT FIBER NET   330902Q GR          535007008     -17165000
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000


BRAZIL

DOC IMBITUBA-RTP     IMBI2 BZ          202283008     -25164000
PARQUE TEM-RCT P    PQTM10 BZ          152268000    -388872000
PET MANG-RIGHTS      RPMG1 BZ          183988992     -66954004
PARQUE TEM-DV PF      PQT6 BZ          152268000    -388872000
HOPI HARI SA         PQTM3 BZ          152268000    -388872000
PARQUE TEM-RT PF     PQTM2 BZ          152268000    -388872000
NORDON MET-RTS       NORD1 BZ           36317000     -33521000
PARQUE TEM-DV CM      PQT5 BZ          152268000    -388872000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
NORDON METAL        NORDON BZ           36317000     -33521000
BOMBRIL CIRIO SA    BOBRON BZ          442846016    -485678016
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
CAF BRASILIA         CAFE3 BZ           38244000   -1042639040
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
COARI PART           COAR3 BZ         3270861056        -56000
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
RIMET-PREF          REEMPN BZ          144454000    -232197008
TEKA-PREF           TEKAPN BZ          526557984    -449536992
CORREA RIBEIRO       CORR3 BZ           10835000       -154000
MINUPAR-PREF         MNPR4 BZ          179201008     -34191000
CONST A LINDEN       CALI3 BZ           51808000     -13659000
PARQUE TEM-RT CM     PQTM1 BZ          152268000    -388872000
SAUIPE               PSEG3 BZ           17641202     -16319050
PROMAN               PRMN3 BZ           24221000       -555000
PARQUE TEM-RCT C     PQTM9 BZ          152268000    -388872000
TEKA                 TKTQF US          526557984    -449536992
DTC DIRECT CO SA    1DTCON BZ           11902000     -16264999
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
SAUIPE SA           PSEGON BZ           17641202     -16319050
TEKA-ADR             TEKAY US          526557984    -449536992
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
HERCULES-PREF        HETA4 BZ           25126000    -273456000
FERRAGENS HAGA      HAGAON BZ           24512548    -113844104
DOCAS IMBITUB-PR    IMBIPN BZ          202283008     -25164000
TECEL S JOSE-PRF    FTSJPN BZ           79567000     -37557000
DOC IMBITUB-PREF     IMBI4 BZ          202283008     -25164000
DOC IMBITUBA         IMBI3 BZ          202283008     -25164000
FER HAGA-PREF        HAGA4 BZ           24512548    -113844104
AZEVEDO E TRA-PR    AZEVPN BZ          116398000     -10976000
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
HERCULES             HETA3 BZ           25126000    -273456000
HERCULES SA-PREF    HERTPN BZ           25126000    -273456000
NORDON MET           NORD3 BZ           36317000     -33521000
FERRAGENS HAGA-P    HAGAPN BZ           24512548    -113844104
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
PET MANG-RIGHTS      RPMG2 BZ          183988992     -66954004
CONST A LINDEN      LINDON BZ           51808000     -13659000
WETZEL SA-PREF       MWET4 BZ          145738992      -8419000
HAGA                 HAGA3 BZ           24512548    -113844104
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
GASCOIGNE EMP-PF    1GASPN BZ         1586146944   -1048602048
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
MINUPAR              MNPR3 BZ          179201008     -34191000
PETRO MANGUIN-PF    MANGPN BZ          183988992     -66954004
PETRO MANGUINHOS    MANGON BZ          183988992     -66954004
TEXTEIS RENAUX      RENXON BZ           86140000    -135343008
TEXTIL RENAUXVIE     TXRX3 BZ           86140000    -135343008
TEXTEIS RENAU-RT     TXRX2 BZ           86140000    -135343008
PET MANG-RECEIPT    RPMG10 BZ          183988992     -66954004
TEXTEIS RENAU-RT     TXRX1 BZ           86140000    -135343008
WIEST                WISA3 BZ           71372000    -140973008
DOCA INVESTIMENT     DOCA3 BZ          206494000     -23571000
BOMBRIL-PREF         BOBR4 BZ          442846016    -485678016
TEXTEIS RENAU-PF     TXRX4 BZ           86140000    -135343008
TEC TOY SA-PF B      TOYB6 BZ           41684000      -2539000
TEC TOY SA-PREF      TOYB5 BZ           41684000      -2539000
BAUMHARDT IRM-PR    BAUMPN BZ           20444000      -3589000
VARIG SA             VAGV3 BZ         2094450944  -10176870400
TEC TOY SA-PREF      TOYDF US           41684000      -2539000
TECTOY SA-PREF      TOYBPN BZ           41684000      -2539000
WIEST SA            WISAON BZ           71372000    -140973008
TECTOY-RCT ORD       TOYB9 BZ           41684000      -2539000
MINUPAR SA          MNPRON BZ          179201008     -34191000
FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
RIMET                REEM3 BZ          144454000    -232197008
WIEST SA-PREF       WISAPN BZ           71372000    -140973008
TECTOY SA           TOYBON BZ           41684000      -2539000
BOMBRIL-RIGHTS       BOBR1 BZ          442846016    -485678016
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
DTCOM-RT             DTCY1 BZ           11902000     -16264999
VARIG SA            VARGON BZ         2094450944  -10176870400
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
CORREA RIBEIRO      CORIPN BZ           10835000       -154000
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
DOC IMBITUBA-RTC     IMBI1 BZ          202283008     -25164000
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
DTC DIRECT CO-RT   1DTCONR BZ           11902000     -16264999
TECTOY-RCT PREF     TOYB10 BZ           41684000      -2539000
BOTUCATU TEXTIL      STRP3 BZ           66833000      -3164000
STAROUP SA-PREF     STARPN BZ           66833000      -3164000
BUETTNER             BUET3 BZ          148186992     -54926000
SCHLOSSER SA         SCHON BZ           21962000    -118044000
GASCOIGNE EMPREE    1GASON BZ         1586146944   -1048602048
PET MANG-RECEIPT     RPMG9 BZ          183988992     -66954004
PET MANGUINH-PRF     RPMG4 BZ          183988992     -66954004
RIMET               REEMON BZ          144454000    -232197008
F GUIMARAES-PREF     FGUI4 BZ           24631000    -224564000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
SCHLOSSER SA-PRF     SCHPN BZ           21962000    -118044000
TECTOY-RTS/3         TOYB1 BZ           41684000      -2539000
TEKA-ADR             TKTQY US          526557984    -449536992
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
TECTOY               TOYB3 BZ           41684000      -2539000
TECTOY-BONUS RTS    TOYB13 BZ           41684000      -2539000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
SCHLOSSER            SCLO3 BZ           21962000    -118044000
TEKA                TEKAON BZ          526557984    -449536992
TEKA-PREF            TEKA4 BZ          526557984    -449536992
TEKA                 TEKA3 BZ          526557984    -449536992
DOCAS IMBITUBA      IMBION BZ          202283008     -25164000
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
TEKA-PREF            TKTPF US          526557984    -449536992
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
HOPI HARI-PREF       PQTM4 BZ          152268000    -388872000
TECTOY-PF-RTS5/6    TOYB11 BZ           41684000      -2539000
EXCELSIOR ALIMEN     BAUH3 BZ           20444000      -3589000
CAMBUCI SA-PREF     CAMBPN BZ          177378992     -42495000
BUETTNER SA-PRF     BUETPN BZ          148186992     -54926000
CAFE BRASILIA-PR    CSBRPN BZ           38244000   -1042639040
ESTRELA SA-PREF      ESTR4 BZ          153186000     -80125000
CHIARELLI SA         CCHON BZ           42853000     -85685000
TEXTEIS RENAUX      RENXPN BZ           86140000    -135343008
CAF BRASILIA-PRF     CAFE4 BZ           38244000   -1042639040
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
EXCELSIOR-PREF       BAUH4 BZ           20444000      -3589000
CAMBUCI SA-PREF      CAMB4 BZ          177378992     -42495000
CAMBUCI SA           CAMB3 BZ          177378992     -42495000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
TEXTEIS RENA-RCT    TXRX10 BZ           86140000    -135343008
CAFE BRASILIA SA    CSBRON BZ           38244000   -1042639040
CORREA RIBEIR-PR     CORR4 BZ           10835000       -154000
WETZEL SA-PREF      MWELPN BZ          145738992      -8419000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
TECEL S JOSE        FTSJON BZ           79567000     -37557000
FERREIRA GUIM-PR    FGUIPN BZ           24631000    -224564000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
COARI PART-PREF      COAR4 BZ         3270861056        -56000
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
CORREA RIBEIRO      CORION BZ           10835000       -154000
FABRICA RENAUX-P    FRNXPN BZ          125797000     -64182000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
EXCELSIOR-RCT       BAUH10 BZ           20444000      -3589000
EXCELSIOR-RT         BAUH1 BZ           20444000      -3589000
STAROUP SA          STARON BZ           66833000      -3164000
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
BAUMHARDT IRMAOS    BAUMON BZ           20444000      -3589000
EXCELSIOR-RCT        BAUH9 BZ           20444000      -3589000
EXCELSIOR-RT         BAUH2 BZ           20444000      -3589000
ARTEX SA            ARTXON BZ           11856000     -33570000
KUALA-PREF           ARTE4 BZ           11856000     -33570000
KUALA                ARTE3 BZ           11856000     -33570000
WETZEL SA            MWET3 BZ          145738992      -8419000
AZEVEDO E TRAVAS    AZEVON BZ          116398000     -10976000
AZEVEDO-PREF         AZEV4 BZ          116398000     -10976000
AZEVEDO              AZEV3 BZ          116398000     -10976000
BUETTNER SA-RT P     BUET2 BZ          148186992     -54926000
BUETTNER SA-RTS      BUET1 BZ          148186992     -54926000
BOMBRIL CIRIO-PF    BOBRPN BZ          442846016    -485678016
WETZEL SA           MWELON BZ          145738992      -8419000
CAMBUCI SA          CAMBON BZ          177378992     -42495000
BUETTNER SA         BUETON BZ          148186992     -54926000
BUETTNER-PREF        BUET4 BZ          148186992     -54926000
WIEST-PREF           WISA4 BZ           71372000    -140973008
BOMBRIL SA-ADR       BMBPY US          442846016    -485678016
BOMBRIL SA-ADR       BMBBY US          442846016    -485678016
BOMBRIL              BMBBF US          442846016    -485678016
RIMET-PREF           REEM4 BZ          144454000    -232197008
TEXTEIS RENA-RCT     TXRX9 BZ           86140000    -135343008
BOMBRIL              BOBR3 BZ          442846016    -485678016
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
FERREIRA GUIMARA    FGUION BZ           24631000    -224564000
SCHLOSSER-PREF       SCLO4 BZ           21962000    -118044000
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
FABRICA RENAUX       FTRX3 BZ          125797000     -64182000
FABRICA TECID-RT     FTRX1 BZ          125797000     -64182000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ESTRELA SA           ESTR3 BZ          153186000     -80125000
HERCULES SA         HERTON BZ           25126000    -273456000
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
ACO ALTONA-PREF      EALT4 BZ          170270992     -31429000
F GUIMARAES          FGUI3 BZ           24631000    -224564000
ESTRELA SA-PREF     ESTRPN BZ          153186000     -80125000
ESTRELA SA          ESTRON BZ          153186000     -80125000
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
ACO ALTONA SA        EAAON BZ          170270992     -31429000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
GASCOIGNE EMP-PF     GASC4 BZ         1586146944   -1048602048
GAZOLA SA            GAZON BZ           27266214     -73665296
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
GAZOLA               GAZO3 BZ           27266214     -73665296
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
BOTUCATU-PREF        STRP4 BZ           66833000      -3164000
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
FABRICA RENAUX-P     FTRX4 BZ          125797000     -64182000
ALL MALHA PAULIS     GASC3 BZ         1586146944   -1048602048
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
FABRICA RENAUX      FRNXON BZ          125797000     -64182000
CAMBUCI SA-PREF      CXDOF US          177378992     -42495000
MINUPAR SA-PREF     MNPRPN BZ          179201008     -34191000
CENT AMAPA           CTAP3 BZ              15000     -11996000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
DHB IND E COM        DHBON BZ          221336000    -588646016
D H B-PREF           DHBI4 BZ          221336000    -588646016
D H B                DHBI3 BZ          221336000    -588646016
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
TEKA-ADR             TKTPY US          526557984    -449536992
BOMBRIL-RGTS PRE     BOBR2 BZ          442846016    -485678016
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
TECTOY-PREF          TOYB4 BZ           41684000      -2539000
TECTOY-RCPT PF B    TOYB12 BZ           41684000      -2539000
N.A.                 DTCY9 BZ           11902000     -16264999
DTCOM- DIRECT-PR     DTCY4 BZ           11902000     -16264999
DTCOM- DIR TO CO     DTCY3 BZ           11902000     -16264999
TECEL S JOSE-PRF     SJOS4 BZ           79567000     -37557000
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
ACO ALTONA           EALT3 BZ          170270992     -31429000
ACO ALTONA-PREF      EAAPN BZ          170270992     -31429000
DOCAS SA            DOCAON BZ          206494000     -23571000
DOCA INVESTI-PFD     DOCA4 BZ          206494000     -23571000
DOCAS SA-RTS PRF     DOCA2 BZ          206494000     -23571000
PETRO MANGUINHOS     RPMG3 BZ          183988992     -66954004
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
DOCAS SA-PREF       DOCAPN BZ          206494000     -23571000

COLOMBIA

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

                            ***********

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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