TCRLA_Public/090401.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, April 1, 2009, Vol. 9, No. 64

                            Headlines

A R G E N T I N A

AGENCIA ECUADOR: Proofs of Claim Verification Due on April 22
ALMANCOR SRL: Trustee Verifying Proofs of Claim Until April 13
APART RECOLETA: Trustee Verifying Proofs of Claim Until May 27
BANCO HIPOTECARIO: Cash Tender Offer Cues S&P's Junk Rating
CONSTRUCCIONES CONCASA: Asks for Opening of Preventive Contest

DROGUERIA NORWAY: Asks for Opening of Preventive Contest
EXPOMAPICA SA: Proofs of Claim Verification Due on April 27
LATIN FISH: Trustee Verifying Proofs of Claim Until May 7
MAME SRL: Asks for Opening of Preventive Contest
PRECY LEFEVRE: Proofs of Claim Verification Due on April 15

RAOR MONTAJES: Trustee Verifying Proofs of Claim Until May 11
RECORTERA VESUBIO: Trustee Verifying Proofs of Claim Until April 6
VITAL SOJA: Trustee Verifying Proofs of Claim Until June 3


B E R M U D A

XL CAPITAL: Completes Tender Offer for Series C Preference Shares


B R A Z I L

LOCALIZA RENT: S&P Affirms Corporate Credit Rating at 'BB'


C A Y M A N  I S L A N D S

ALLEGHENY HEALTH: Shareholders to Hear Wind-Up Report on April 29
CLESSIDRA GLOBAL: Shareholders' Final Meeting Set for April 9
COBALT V: Members to Hear Wind-Up Report on April 16
GEORGIA CAPITAL: Shareholders Receive Wind-Up Report
GROWTH VALUE: Shareholders to Hear Wind-Up Report on April 17

IIAL SERVICES: Shareholders to Hear Wind-Up Report on April 6
JOVE CAPITAL: Shareholders to Hear Wind-Up Report on April 3
JOVE MASTER: Shareholders to Hear Wind-Up Report on April 3
KANEGOLD CAYMAN: Shareholders to Hear Wind-Up Report on April 3
KINKO'S CAYMAN: Shareholders to Hear Wind-Up Report on April 3

MASTER ASIA: Members to Hear Wind-Up Report on April 2
OPALINE LIMITED: Members to Receive Wind-Up Report on April 3
OSPREY CLO: Shareholders to Hear Wind-Up Report on April 3
POLAR CAPITAL: Shareholders to Hear Wind-Up Report on April 3
SSGA CM: Shareholders to Hear Wind-Up Report on April 3

TEDADCO LIMITED: Shareholders Receive Wind-Up Report
THE ECLECTIC: Shareholders to Hear Wind-Up Report on April 6
WESTPORT LOAN: Shareholders to Hear Wind-Up Report on April 3
WHITEHORSE OAK: Shareholders to Hear Wind-Up Report on April 3
WORLDWIDE INVESTMENTS: Members to Hear Wind-Up Report on April 3


C O L O M B I A

ECOPETROL SA: Shareholders OK COP$220 Per Share Annual Dividend


J A M A I C A

AIR JAMAICA: Cuts New York-Barbados Flights
CABLE & WIRELESS: LIME Names Two New Management Team Leaders


M E X I C O

COMERCI: Incurs 4.3 Billion Pesos Loss in Fourth Quarter 2008
TEMPLETON EMERGING: Moody's Assigns 'Ba' Bond Fund Ratings


P U E R T O  R I C O

FLEXIBLE PACKAGING: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Bahamas's Liabilities Exceed Assets by US$18Mln


V E N E Z U E L A

PDVSA: Offers JV Deals to Oil Service Companies to Address Debts


                         - - - - -


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

AGENCIA ECUADOR: Proofs of Claim Verification Due on April 22
-------------------------------------------------------------
Ariel Marsili, the court-appointed trustee for Agencia Ecuador
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 22, 2009.

Mr. Marsili will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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.


ALMANCOR SRL: Trustee Verifying Proofs of Claim Until April 13
--------------------------------------------------------------
The court-appointed trustee for Almancor S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
April 13, 2009.

The trustee will present the validated claims in court as
individual reports on May 29, 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.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 21, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 16, 2009.


APART RECOLETA: Trustee Verifying Proofs of Claim Until May 27
--------------------------------------------------------------
The court-appointed trustee for Apart Recoleta S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 27, 2009.

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

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


BANCO HIPOTECARIO: Cash Tender Offer Cues S&P's Junk Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty credit
rating on Banco Hipotecario S.A. and the ratings on two of the
bank's notes issues to 'CC' from 'B-', following the announcement
of a cash tender offer that S&P considers distressed under its
criteria.

S&P affirmed all other issue-level ratings, based on S&P's
expectation that these ratings will remain unchanged after a
potential tender offer transaction.  The outlook is negative.

These actions followed the company's announcement of a cash tender
offer to buy back some of its outstanding U.S. dollar-denominated
and Argentine peso-linked notes due 2010.  Bondholders will be
paid up to $650 for each $1,000 principal amount of dollar-
denominated notes and up to $450 for each $1,000 principal amount
of peso-linked notes.  Banco Hipotecario will also pay accrued and
unpaid interest on dollar-denominated notes validly tendered and
accepted from the last interest payment date.

"Our downgrade is based on the offer Banco Hipotecario has made to
retire debt for less than originally contracted, which S&P
considers a de facto partial restructuring." said Standard &
Poor's credit analyst Sebastian Liutvinas.  "It is our preliminary
expectation that S&P would raise the issuer credit rating back to
'B-' following the completion of the offers, based on our forward-
looking opinion on Banco Hipotecario's overall creditworthiness."


CONSTRUCCIONES CONCASA: Asks for Opening of Preventive Contest
--------------------------------------------------------------
Construcciones Concasa S.A. asked for the opening of preventive
contest before the National Commercial Court of First Instance
No. 17 in Buenos Aires, with the assistance of Clerk 33.


DROGUERIA NORWAY: Asks for Opening of Preventive Contest
--------------------------------------------------------
Drogueria Norway S.R.L. asked for the opening of preventive
contest before the National Commercial Court of First Instance
No. 2 in Buenos Aires, with the assistance of Clerk 3.


EXPOMAPICA SA: Proofs of Claim Verification Due on April 27
-----------------------------------------------------------
Pablo Exposito, the court-appointed trustee for Expomapica S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until April 27, 2009.

Mr. Exposito will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 10, 2010.


LATIN FISH: Trustee Verifying Proofs of Claim Until May 7
---------------------------------------------------------
The court-appointed trustee for Latin Fish S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
May 7, 2009.


MAME SRL: Asks for Opening of Preventive Contest
------------------------------------------------
Mame S.R.L. asked for the opening of preventive contest before the
National Commercial Court of First Instance No. 22 in Buenos
Aires, with the assistance of Clerk 43.


PRECY LEFEVRE: Proofs of Claim Verification Due on April 15
-----------------------------------------------------------
Alfredo Iriondo, the court-appointed trustee for Precy Lefevre
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 15, 2009.

Mr. Iriondo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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.


RAOR MONTAJES: Trustee Verifying Proofs of Claim Until May 11
-------------------------------------------------------------
The court-appointed trustee for Raor Montajes Industriales S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 11, 2009.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 25, 2009.


RECORTERA VESUBIO: Trustee Verifying Proofs of Claim Until April 6
------------------------------------------------------------------
The court-appointed trustee for Recortera Vesubio S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 6, 2009.

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

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

Creditors will vote to ratify the completed settlement plan
during the assembly on September 14, 2009.


VITAL SOJA: Trustee Verifying Proofs of Claim Until June 3
----------------------------------------------------------
The court-appointed trustee for Vital Soja S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 3, 2009.

The trustee will present the validated claims in court as
individual reports on July 17, 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.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on May 3, 2010.



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

XL CAPITAL: Completes Tender Offer for Series C Preference Shares
-----------------------------------------------------------------
XL Capital Ltd disclosed the final results of its tender offer for
any and all of its 20,000,000 outstanding Series C Preference
Ordinary Shares, liquidation preference US$25.00 per share.  The
tender offer expired 11:59 p.m., Eastern Time, on March 26, 2009.

According to the company, based on the final count by Global
Bondholder Services Corporation, the depositary for the tender
offer, 12.7 million Preference Shares were properly tendered and
not withdrawn pursuant to the tender offer.  The company said it
has accepted for purchase all Preference Shares tendered.  XL
Capital will promptly pay US$8.25 per Preference Share, plus
accrued but unpaid dividends up to, but not including, the date
the Preference Shares are purchased, in cash and without interest.

The company said that based on the final results, the aggregate
purchase price for the 12.7 million Preference Shares to be
purchased is approximately US$104.7 million plus accrued and
unpaid dividends.  As a result, a book value gain of approximately
US$211.8 million will be reflected in the company's first quarter
2009 results.  The final number of Preference Shares to be
purchased represents approximately 63.5% of the company's
Preference Shares that were outstanding prior to the expiration of
the tender offer.

Goldman, Sachs & Co. acted as the Dealer Manager for the tender
offer.  The Depositary Agent and Information Agent of the tender
offer was Global Bondholder Services Corporation.

                        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
===========

LOCALIZA RENT: S&P Affirms Corporate Credit Rating at 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
corporate credit rating and its 'brAA-' Brazil National Scale
rating on Localiza Rent a Car S.A.  The outlook is stable.

"The ratings on Localiza reflect the company's exposure to
volatile car-rental demand in Brazil (which bears a strong
correlation to the country's economic activity); increasing
leverage and refinancing risk in 2010; the fragmented car-rental
industry in Brazil; and the increased risks in the used car market
due to the economic slowdown," said Standard & Poor's credit
analyst Piero Parolin.  These risks are partially offset by the
company's dominant position in the country, its strong brand name,
its expertise in weathering volatility, no debt maturing in the
short-term, its adequate operating cash flow, and the liquidity of
its used-car fleet, which, with the company's sales channels,
gives Localiza the flexibility to adjust its fleet to demand
rapidly.

Localiza posted strong growth during 2008, especially in the first
quarters of the year, but the company's performance weakened in
fourth-quarter 2008 due to the economic slowdown in Brazil.  Even
with stable tariffs in nominal terms in the car rental division
aiming to gain market share, increasing rental volumes through
September 2008 helped improve year-end results due to gains of
scale.  Since then, Localiza has adopted some tariff increases by
year-end 2008.

Weaker demand since fourth-quarter 2008 led capacity utilization
in the daily car rental segment to decline to about 66% (from 71%
in 2007).  The company has strived to adjust its fleet size since
then by selling approximately 6,600 cars in fourth-quarter 2008
(with purchases of 2,700 cars in the period).  S&P expects this
not only to strengthen liquidity and reduce short-term debt
refinancing risk, but also to improve utilization rates for 2009.
So far, despite the slower sale pace in the early months of 2009,
Localiza has managed to successfully divest its used cars through
its store network.  Consumer credit availability, though generally
more scarce in the Brazilian bank market, has remained fairly
stable for Localiza's used-car sales efforts, thus not
jeopardizing the company's operations significantly.  Despite the
stable performance, S&P believes uncertainties in the Brazilian
used-car market will keep posing some risks to Localiza's strategy
in the medium term, especially because the company may depend on
fleet monetization to face debt maturities in 2010.  In any event,
as its base-case scenario, S&P assumes the company will continue
downsizing and monetizing its fleet to support liquidity and
sustain its operating efficiency.

The stable outlook reflects S&P's expectation that Localiza will
improve cash-flow generation and credit metrics in 2009 and 2010.
S&P expects the company to reduce fleet, leading to higher
utilization rates.  The stable outlook also incorporates some
improvement in Localiza's current capital structure and adequate
liquidity.

The ratings could be pressured downward if Localiza has trouble
financing its fleet renewal beyond S&P's expectations, or if the
company remains exposed to refinancing risks in 2010.  Given
current market uncertainties, S&P still see limited potential for
a change in the outlook to positive if economic fundamentals in
the country improve and the company shows stronger capital
structure and credit metrics.



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

ALLEGHENY HEALTH: Shareholders to Hear Wind-Up Report on April 29
-----------------------------------------------------------------
The shareholders of Allegheny Health Services Providers Insurance
Company will hold their final meeting on April 29, 2009, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLESSIDRA GLOBAL: Shareholders' Final Meeting Set for April 9
-------------------------------------------------------------
The shareholders of Clessidra Global Equity Beta Neutral Fund will
hold their final meeting on April 9, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COBALT V: Members to Hear Wind-Up Report on April 16
----------------------------------------------------
The members of Cobalt V (Cayman) Ltd. will hold their final
meeting on April 16, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GEORGIA CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Georgia Capital Limited met on March 31, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Westport Services Ltd.
          Patricia Tricarico
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


GROWTH VALUE: Shareholders to Hear Wind-Up Report on April 17
-------------------------------------------------------------
The shareholders of Growth Value Finance Ltd. will hold their
final meeting on April 17, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


IIAL SERVICES: Shareholders to Hear Wind-Up Report on April 6
-------------------------------------------------------------
The shareholders of IIAL Services Limited will hold their final
meeting on April 6, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


JOVE CAPITAL: Shareholders to Hear Wind-Up Report on April 3
------------------------------------------------------------
The shareholders of Jove Capital Offshore Fund, Ltd. will hold
their final meeting on April 3, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


JOVE MASTER: Shareholders to Hear Wind-Up Report on April 3
-----------------------------------------------------------
The shareholders of Jove Master Fund, Ltd. will hold their final
meeting on April 3, 2009, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KANEGOLD CAYMAN: Shareholders to Hear Wind-Up Report on April 3
---------------------------------------------------------------
The shareholders of Kanegold Cayman Ltd. will hold their final
meeting on April 3, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KINKO'S CAYMAN: Shareholders to Hear Wind-Up Report on April 3
--------------------------------------------------------------
The shareholders of Kinko's Cayman Limited will hold their final
meeting on April 3, 2009, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MASTER ASIA: Members to Hear Wind-Up Report on April 2
------------------------------------------------------
The members of Master Asia Holdings Ltd will hold their final
meeting on April 2, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OPALINE LIMITED: Members to Receive Wind-Up Report on April 3
-------------------------------------------------------------
The members of Opaline Limited will hold their final meeting on
April 3, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

Condor Nominees Limited is the company's liquidator.


OSPREY CLO: Shareholders to Hear Wind-Up Report on April 3
----------------------------------------------------------
The shareholders of Osprey CLO 2008-1 Ltd. will hold their final
meeting on April 3, 2009, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


POLAR CAPITAL: Shareholders to Hear Wind-Up Report on April 3
-------------------------------------------------------------
The shareholders of Polar Capital Global Utilities Fund Limited
will hold their final meeting on April 3, 2009, at 12:00 noon, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Zephyr House, 3rd Floor
          122 Mary Street
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


SSGA CM: Shareholders to Hear Wind-Up Report on April 3
-------------------------------------------------------
The shareholders of SSGA CM Emerging Equity Market Neutral Fund,
Ltd. will hold their final meeting on April 3, 2009, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Zephyr House, 3rd Floor
          122 Mary Street
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


TEDADCO LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Tedadco Limited met on March 20, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Philip Sutcliffe
          Trident Trust Company (Cayman) Limited
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


THE ECLECTIC: Shareholders to Hear Wind-Up Report on April 6
------------------------------------------------------------
The shareholders of The Eclectic Fund will hold their final
meeting on April 6, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Zephyr House, 3rd Floor
          122 Mary Street
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


WESTPORT LOAN: Shareholders to Hear Wind-Up Report on April 3
-------------------------------------------------------------
The shareholders of Westport Loan Funding Company will hold their
final meeting on April 3, 2009, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WHITEHORSE OAK: Shareholders to Hear Wind-Up Report on April 3
--------------------------------------------------------------
The shareholders of Whitehorse Oak Cliff I will hold their final
meeting on April 3, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WORLDWIDE INVESTMENTS: Members to Hear Wind-Up Report on April 3
----------------------------------------------------------------
The members of Worldwide Investments Ltd. will hold their final
meeting on April 3, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Zephyr House, 3rd Floor
          122 Mary Street
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351





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

ECOPETROL SA: Shareholders OK COP$220 Per Share Annual Dividend
---------------------------------------------------------------
Ecopetrol S.A's shareholders approved the distribution of an
annual per share dividend payment of COP$220, comprised of COP$115
of ordinary dividend and COP$105 of extraordinary dividend.

The dividend is payable in three equal installments (within the
last five days of April, 2009; within the last five days of
August, 2009; and from the 15th day of December, 2009) to
shareholders who are of record ten business days before the
relevant payment date.

The company's shareholders also approved the re-election of these
members to the Board of Directors:

   --- Minister of Finance, Minister of Mines and
       Energy, and the Director of Planning Department,
       all of them representing the Government of
       Colombia; and

   --- independent members:

        * Fabio Echeverri Correa,
        * Joaquin Moreno Uribe,
        * Ignacio Sanin Bernal,
        * Maria Elena Velasquez, and
        * Mauricio Cardenas Santamaria.

The shareholders also approved the replacement of Omar A. Baquero
Soler by German Bernal Gutierrez and the election of
Pricewaterhouse Coopers Ltda as statutory and external auditor of
Ecopetrol and its affiliates.

In addition, the shareholders approved the issuance of non-
convertible bonds up to an amount equivalent to US$4 billion,
which can be placed in Colombia and/or abroad, according to the
particular market conditions, as well as the authorization
granted by the Board of Directors and the government entities
competent to that effect, at the time of any relevant issuance.

Latin France News relates Colombian brokers said the domestic
market expects a local offering of as much as COP3 trillion
(US$1.2 billion).

“An issue of COP2 trillion or COP3 trillion from Ecopetrol could
be accommodated in the domestic market,” Latin France quoted Luisa
Fernanda Charry, who covers the oil producer as head of equity
research at Bancolombia, as saying.  The same report relates Ms.
Charry noted that the strong domestic debt issuance this year to
date in Colombia driven by a strong local bid.

According to Latin France, despite likely appetite for Ecopetrol
paper, however, Ms. Charry said the government may want to avoid
soaking up too much local liquidity which could crowd out other
corporates.

Latin France says an international bond offering, meanwhile, would
be highly dependent on an opportune window, given the likelihood
of a double B debt rating.

                       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.




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

AIR JAMAICA: Cuts New York-Barbados Flights
-------------------------------------------
Air Jamaica Limited plans to cut its New York-Barbados flights on
April 20, Caribbean Net News reports.

The report relates the airline will increases travel on other
routes as the airline aligns capacity to meet market demand.

As reported in the Troubled Company Reporter-Latin America on
March 26, 2009, Jamaica Information Service said Air Jamaica will
add two weekly non-stop flights from New York/JFK to Grenada,
bringing the airline's total weekly Grenada flights to four.

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

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

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


CABLE & WIRELESS: LIME Names Two New Management Team Leaders
------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of  Cable &
Wireless plc, has appointed Daniel (Danny) Tathum as Head of Sales
Retail, Direct & Residential Services and Dwayne Mellaneo as Head
of Corporate Sales and Service for its Cayman business, Cayman Net
News reports.

The report relates Country Manager for the Cayman Islands Anthony
Ritch said the two new management team leaders come with a wealth
of telecommunication experience and are graduates of the Cable &
Wireless Telecommunications College in Porthcurno, Cornwall,
England.”

“The responsibility that comes with these new positions requires
strong leadership, vision, creativity and passion as we work
towards making LIME a better place for our colleagues, customers
and communities.  These two talented individuals will undoubtedly
help us to achieve our many challenging objectives and I look
forward to their successes and ongoing development,” the report
quoted Mr. Ritch as saying.

                           About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

As of March 17, 2009, Cable & Wireless plc continues to carry
Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company also continues to Standard & Poor's "BB-" long-term
foreign and local issuer credit ratings and "B" short-term foreign
and local issuer credit ratings.



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


COMERCI: Incurs 4.3 Billion Pesos Loss in Fourth Quarter 2008
-------------------------------------------------------------
Controladora Comercial Mexicana SAB (Comerci) posted a 4.3 billion
pesos (US$301 million) loss for the fourth quarter, compared with
a profit of 1.1 billion pesos a year earlier, Hugh Collins of
Bloomberg News reports.

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.

                          *     *     *

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 the
company 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.


TEMPLETON EMERGING: Moody's Assigns 'Ba' Bond Fund Ratings
----------------------------------------------------------
Moody's de Mexico assigned bond fund ratings of Ba and A.mx to
Templeton Emerging Markets Bond Fund, S.A. de C.V., a fund of
funds managed by Franklin Templeton Mexico.  The agency also
assigned to the fund a rating of A on the Mexican regulator
Comisión Nacional Bancaria y de Valores homogeneous scale.
Finally, the agency assigned to the fund an MR5 market risk rating
and a 7 (very high) sensitivity rating on the CNBV homogeneous
scale.

"The bond fund ratings reflect Moody's expectation that FT-EMER
will invest mainly in Templeton Emerging Markets Bond Fund (the
'underlying fund') and so will be passively managed," said Moody's
lead analyst Jose Angel Montano.  "However, the underlying fund
will be actively managed." The fund rating incorporates Moody's
view of the credit quality of the underlying fund.

Moody's anticipates that the underlying fund, which is a
specialized investment vehicle, will invest primarily in long-term
debt securities issued by governments, government-related entities
and corporations of emerging markets.  The fund, according to its
prospectus, may invest in defaulted securities and in derivative
instruments such as currency forwards.  Nonetheless, Moody's
understands that, in line with its historical investment strategy,
the fund is likely to maintain a credit profile consistent with
Moody's Ba fund rating.  The fund has a 17-year track record and
the portfolio management team has remained stable for the last
several years.

In addition, Moody's has assigned a market risk rating of MR5 to
the fund, which denotes "very high sensitivity" to interest rate
changes and other market movements.  The underlying fund invests
in emerging market bonds, which are subject to price volatility
and the risk of credit events.

"In addition, although the underlying fund is denominated in US
dollars, the securities in which it invests are denominated in a
range of currencies; the underlying fund may not hedge all
currency risk, thereby increasing the likely volatility of its net
asset value," Montaño noted.

Finally, he said, although the underlying fund is denominated in
US dollars, the FT-EMER is denominated in Mexican pesos, exposing
investors to additional foreign exchange risk.

Franklin Templeton Investments is one of the largest asset
managers in the world.  As of January, the company managed over
$401 billion in assets.

Moody's money market and bond fund ratings are opinions of the
investment quality of shares in mutual funds and similar
investment vehicles that principally invest in short- and long-
term fixed-income obligations, respectively.  As such, these
ratings incorporate Moody's analysis of a fund's published
investment objectives and policies, the creditworthiness of the
assets held by the fund, as well as the management characteristics
of the fund.

The national scale ratings are opinions of the relative
creditworthiness of issuers in a particular country and may be
used in specific local capital markets.

Moody's market risk ratings are opinions of the relative degree of
volatility of a rated fund's net asset value.  In forming an
opinion on the fund's future price volatility, Moody's analysts
consider risk elements that may have an effect on a fund's net
asset value, such as interest rate risk, prepayment and extension
risk, liquidity and concentration risks, currency risk, and
derivatives risk.  The ratings are not intended to consider
prospective performance of a fund with respect to price,
appreciation or yield.



====================
P U E R T O  R I C O
====================

FLEXIBLE PACKAGING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Flexible Packaging Company, Inc.
       P.O. Box 4321
       Bayamon, PR 00620-4321

Bankruptcy Case No.: 09-02335

Debtor-affiliates filing subject to Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
Packaging Solutions, Inc.                          09-02336
Flepak Investment, Inc.                            09-02337
Flepak Shared Services Division, Inc.              09-02338

Type of Business: The Debtors make and sell plastics foam
                 products.

                 See http://www.flexpackmag.com/

Chapter 11 Petition Date: March 28, 2009

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Wigberto Lugo Mender, Esq.
                  wlugo@lugomender.com
                  Lugo Mender & Co.
                  Centro Internacional De Mercadeo
                  Road 165 Torre 1, Suite 501
                  Guaynabo, PR 00968
                  Tel: (787) 707-0404

Estimated Assets: US$10 million to US$50 million

Estimated Debts: US$10 million to US$50 million

The Debtor's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Westernbank                    collateral FMV: US$27,755,202
PO Box 1180                    US$9,000,000
Mayaguez, PR 00680

Tecmar International Inc.                        $515,890
593 Avenue Notre Dame
Saint Lambert
Quebec Canada J4P
2k88, QC

Smurfit Stone Puerto Rico                        $345,366
Inc.
Amelia Industrial Park
47 Amelia Street
Guaynabo, PR 00968-8003

Container Board                                  $325,724

Smurfit Stone Puerto Rico Inc.                   $255,358

Schwarz Partners Packaging                       $162,676

137 company employees                            $134,659

Autoridad de Energia Electrica                   $126,704

International Paper                              $121,788

International Paper                              $109,649

Tech-Aerofoam Prod                               $98,865

International Paper Welwood                      $67,574
Finance Limited

GOPLACA                                          $58,928

International Paper                              $58,360

IVEX Protective Packaging                        $53,782

Flepak Shared & Services                         $47,830

Flepak Investment Inc.                           $42,533

Containerboard                                   $36,728

Flepak Shared & Services                         $36,151

Perez Trading Company                            $35,501

The petition was signed by Carlos A. Casellas, president.




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

CL FIN'L: CLICO Bahamas's Liabilities Exceed Assets by US$18Mln
---------------------------------------------------------------
The liabilities of CLICO Bahamas Limited, a unit of CL Financial
Limited, exceed its assets by US$18 million, Curtis Rampersad of
Trinidad and Tobago Express reports, citing provisional liquidator
Craig Tony Gomez's report filed with the Bahamas Supreme Court.

Trinidad and Tobago Express says Mr. Gomez's report listed CLICO
Bahamas's total assets at US$116,965,096 and total liabilities at
US$135,085,964.

In the report, Trinidad and Tobago Express relates Mr. Gomez also
noted that the company had a "considerable amount of critical
claims", which were being reviewed, including death benefits,
emergency surgeries, cancer patient treatments and HIV patient
treatments.

In addition, Trinidad and Tobago Express notes, Mr. Gomez said
CLICO Bahamas can't recover the US$73 million it loaned to CLICO
Enterprises Ltd as part of a Florida real estate deal because of
the downturn in the US real estate market.

Meanwhile, Trinidad and Tobago Express says CLICO Guyana and CLICO
Suriname are claiming policy packages of US$34 million and US$15.5
million respectively with CLICO Bahamas.

                       About CL Financial

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

                          *     *     *

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

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

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

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



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

PDVSA: Offers JV Deals to Oil Service Companies to Address Debts
----------------------------------------------------------------
Petroleos de Venezuela S.A. (PDVSA) is offering oil service
companies possible joint venture deals as a way of capitalizing
billions of dollars in unpaid service bills, Raul Gallegos of Dow
Jones Newswires reports.

According to the report, the Venezuela Oil Chamber said its
members met with PDVSA officials to discuss these joint ventures
between the company and its contractors, which in some cases are
already being signed.  "In some cases, in which PDVSA owes
important amounts, new accords are being worked on to capitalize
these debts by creating mixed companies [or joint ventures], an
option that several chamber members can pursue," the trade group
was quoted by the report as saying.

PDVSA, the report relates, has overdue services payments to many
oil service companies and drill firms as it faces a cash crunch
on low oil prices.

PDVSA last month paid a fraction of its debt to a group of 56 oil-
service companies and rig operators, Dow Jones's Mr. Gallegos said
in an earlier report.  However, many claim to have received even
less despite PDVSA paying as much as much as 7% of total
outstanding receivables to some of the companies, the same report
said citing unnamed industry executives.

Some U.S. drill companies, such as Helmerich & Payne Inc. (HP),
have already idled drills and plan to cease work on many others in
coming months, the report says.

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

                           About PDVSA

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

                          *     *     *

As of March 16, 2009, Petroleos de Venezuela continues to carry a
'BB-' local currency issuer rating from Moody's Ratings.

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


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *