TCRLA_Public/090402.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, April 2, 2009, Vol. 9, No. 65

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Antigua Gov't to Probe Land Investment
STANFORD INT'L BANK: SFG Officer Files US$20MM Suit Against Lawyer


A R G E N T I N A

FONDO FINANCIERO: Moody's Assigns 'E+' Bank Strength Rating
KBSTORE SRL: Trustee Verifying Proofs of Claim Until May 4
LIBRERIAS URBANAS: Proofs of Claim Verification Due on May 12
MUTUAL AGUA: Proofs of Claim Verification Due on June 10
NUR PLAST: Proofs of Claim Verification Due on May 12

PEVICO SRL: Trustee Verifying Proofs of Claim Until May 22
PINCHOS'S SRL: Proofs of Claim Verification Due on June 3
PRECY LEFEVRE: Proofs of Claim Verification Due on April 15
RUTA 5: Proofs of Claim Verification Due on May 12
SACR SRL: Trustee Verifying Proofs of Claim Until April 17


B R A Z I L

BANCO DO BRASIL: BM&F OKs Delay of Shares Increase to June 2011
BANCO IBI: Moody's Cuts Bank Financial Strength Rating to 'E+'
BNDES: To Take on Greater Export Credit Role, Estado News Say
FUNDO BONSUCESSO: Moody's Cuts Rating on Senior Shares to 'Ba1'
FUNDO DE INVESTIMENTO: Moody's Cuts Sr. Shares Ratings to 'Ba3'

ODEBRECHT FINANCE: Fitch Assigns 'BB+' Rating on US$150 Mil. Notes
ODEBRECHT FINANCE: S&P Assigns 'BB' Rating on US$150 Mil. Notes


C A Y M A N  I S L A N D S

APEX SILVER: Shareholders to Hear Wind-Up Report on April 3
CENTAURUS CAYMAN: Shareholders to Hear Wind-Up Report on April 3
CONNEMARA LEASING: Shareholder to Receive Wind-Up Report Today
DYNAMIC DECISIONS: Court May Order Liquidator for Master Fund
HESS ENERGY: Sole Member to Receive Wind-Up Report on April 3

HIGHBRIDGE EVENT: Members to Receive Wind-Up Report Today
L-JAC ONE: Shareholders to Hear Wind-Up Report Today
LION SYNTHETIC: Shareholder to Receive Wind-Up Report Today
MQ JAPAN ET AL: Liquidator to Present Wind-Up Report Today
NC PROPERTY: Shareholders to Hear Wind-Up Report on April 3

PENDRAGON: Shareholders to Hear Wind-Up Report on April 6
POLARIS CAYMAN: Shareholders to Hear Wind-Up Report on April 3
SIGMA ABSOLUTE: Shareholder to Receive Wind-Up Report Today
SOUTHNEWS LTD: Shareholder to Receive Wind-Up Report Today
SPI CAPITAL: Sole Shareholder to Hear Wind-Up Report on April 15

TAURUSTWO CDS: Members to Hear Wind-Up Report on April 3
UBB DIVERSIFIED: Shareholders to Hear Wind-Up Report on April 3
UNIVERSO NEWS: Shareholder to Receive Wind-Up Report Today
UNIVEST GLOBAL: Members to Receive Wind-Up Report on April 9
ZS-SAY LEASING: Shareholder to Receive Wind-Up Report Today


G U Y A N A

CL FIN'L: Guyana Freezes US$15MM Loan Due to First Citizens Bank


J A M A I C A

ALPART: Redundancy Program Costs Firm US$100 Million


M E X I C O

CEMEX SAB: May Benefit From Central Bank's Fed Swap Plan


V E N E Z U E L A

PDVSA: Chavez Tells Firm to Substitute Foreign Service Companies
TOYOTA DE VENEZUELA: “Threatened” by Chronic Labor Problems


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD INT'L BANK: Antigua Gov't to Probe Land Investment
-----------------------------------------------------------
The Antigua and Barbuda government will launch an investigation
into Robert Allen Stanford's acquisition of Guiana Island, which
was reportedly sold for US$68 million when, back in 2004, Mr.
Stanford had offered US$22 million for the property, Oscar Ramjeet
of Caribbean Net News reports.

According to Caribbean Net News, citing Antigua Sun, Attorney
General Justin Simon raised concerns on the price the island was
sold for to Mr. Stanford.  Caribbean Net News recalls Mr. Simon
told the Financial Times that "in that period there was no
development at all -- certainly not to justify the difference in
price.”

Caribbean Net News notes Mr. Simon said if a criminal
investigation were launched, it would include the circumstances in
which the transfer of shares were made, as well as the value of
the assets.

Guiana Island, Caribbean Net News says, is owned by Asian Village
Antigua Ltd, an offshore company incorporated in Tortola by
Malaysian businessman Dato Tan Koy Hock, who acquired the land in
1997 to develop hotels and a resort.

                   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.

                          *     *     *

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.


STANFORD INT'L BANK: SFG Officer Files US$20MM Suit Against Lawyer
------------------------------------------------------------------
Stanford Financial Group Chief Investment Officer Laura
Pendergest-Holt filed a US$20 million lawsuit against former firm
attorney Thomas Sjoblom -- a partner in the Washington law firm
Proskauer Rose LLP –- for malpractice that led to her arrest, Anna
Driver of Reuters reports.

In a complaint filed with the Dallas District Court, the report
relates Ms. Pendergest-Holt said Mr. Sjoblom's actions are the
reason she "has been wrongfully accused of a crime" and is
incurring "hundreds of thousands of dollars in attorney's fees."

According to Reuters, Ms. Pendergest-Holt accused Mr. Sjoblom, who
advised her before her recorded SEC testimony, of representing the
company's interests rather than her individual interests.  The
report notes the lawsuit said that the night before Mr. Sjoblom
met Ms. Pendergest-Holt to prepare her for her SEC testimony, the
lawyer solicited a multimillion dollar retainer from Mr. Stanford
to represent him personally.

Reuters says court documents also show that shortly after Ms.
Pendergest-Holt's testimony, Ms. Sjoblom notified the SEC that his
firm no longer represented 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.

The SEC also charged SIBL chief financial officer James Davis as
well as Ms. Pendergest-Holt in the enforcement action.

Ms. Pendergest-Holt, who was arrested on February 26, concealed
her role in and familiarity with the Antigua bank's investments
when she was questioned earlier that month, Reuters relates citing
the US Justice Department.

                  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.



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

FONDO FINANCIERO: Moody's Assigns 'E+' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E+ to Fondo Financiero Privado Ecofuturo S.A.  At the
same time, Moody's assigned long- and short-term global local-
currency deposit ratings of B3 and Not Prime, respectively, as
well as long-and short-term foreign currency deposit ratings of
Caa1 and Not Prime.  In addition, the rating agency assigned long
term Bolivian National Scale ratings of A1.bo for both local and
foreign currency deposits.

All the ratings have stable outlooks.

Moody's noted that its E+ BFSR reflects Ecofuturo's modest market
share within the Fondos Financieros industry in Bolivia (which are
regulated microfinance entities), which in itself accounts for
1.2% of the Bolivian banking system's total assets.  The rating
also incorporates these factors: (1) its monoline business model,
focused on micro-lending; (2) a client base that is highly
sensitive to economic cycles; and (3) a funding structure reliant
on foreign multilateral institutions.

In addition, the rating agency said that Ecofuturo's recent merge
with Fades (Fundacion para Alternativas de Desarrollo) -- an
unregulated Bolivian microfinance entity -- while presenting
integration challenges, also allows for the broadening of
Ecofuturo's franchise.  Moody's views the combined entity as
benefiting from enhanced geographic presence and, thus, lending
capability.  Moreover, senior management expertise in microfinance
likely to improve Ecofuturo's credit and operating processes.
Fades now controls 82% of Ecofuturo's total capital.

In analyzing Ecofuturo's loan portfolio under a number of
scenarios (base and stressed) Moody's said that the entity's
capital adequacy ratio (11.95%), although currently satisfying
regulator's requirements could come under pressure were asset
quality to substantially deteriorate.  Positive rating pressures
could result from Ecofuturo's ability to remain profitable and
thus strengthen its capital base, while monitoring credit costs as
it grows.  The entity's ability to secure funding with
international financial institutions is critical to support its
growth prospects.

The B3 global local-currency deposit rating derives from
Ecofuturo's Baseline Credit Assessment of B3, as well as Moody's
assessment that the entity would not be elegible to receive
systemic support in case of stress because of its marginal market
share in terms of deposits.

Fondo Financiero Privado Ecofuturo S.A. is headquartered in La
Paz, Bolivia.  As of December 2008, the entity reported Bs. 588.2
million in assets and Bs. 65.7 million in equity.

These ratings were assigned:

  -- Bank Financial Strength Rating: E+, stable outlook
  -- Global Local Currency Deposits, long term: B3, stable outlook
  -- Global Local Currency Deposits, short term: Not Prime
  -- Foreign Currency deposits, long term: Caa1, stable outlook
  -- Foreign Currency deposits, short term: Not Prime
  -- National Scale Local Currency: A1.bo
  -- National Scale Foreign Currency: A1.bo


KBSTORE SRL: Trustee Verifying Proofs of Claim Until May 4
----------------------------------------------------------
The court-appointed trustee for Kbstore S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 4, 2009.

The trustee will present the validated claims in court as
individual reports on June 16, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 13, 2009.


LIBRERIAS URBANAS: Proofs of Claim Verification Due on May 12
-------------------------------------------------------------
Liliana Basualdo, the court-appointed trustee for Librerias
Urbanas SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until May 12, 2009.

Mr. Basualdo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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.


MUTUAL AGUA: Proofs of Claim Verification Due on June 10
--------------------------------------------------------
Estudio Turco y Gola, the court-appointed trustee for Mutual Agua
y Energia Electrica Capital Federal's reorganization proceedings,
will be verifying creditors' proofs of claim until June 10, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 1, 2010.


NUR PLAST: Proofs of Claim Verification Due on May 12
-----------------------------------------------------
Dora Paiva, the court-appointed trustee for Nur Plast SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 12, 2009.

Ms. Paiva will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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.


PEVICO SRL: Trustee Verifying Proofs of Claim Until May 22
----------------------------------------------------------
The court-appointed trustee for Pevico S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
May 22, 2009.

The trustee will present the validated claims in court as
individual reports on July 6, 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 3, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 8, 2010.


PINCHOS'S SRL: Proofs of Claim Verification Due on June 3
---------------------------------------------------------
Ernesto Garcia, the court-appointed trustee for Pinchos's SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 3, 2009.

Mr. Garcia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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.


PRECY LEFEVRE: Proofs of Claim Verification Due on April 15
-----------------------------------------------------------
Alfredo Iriondo, the court-appointed trustee for Precy Lefevre
SA'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.


RUTA 5: Proofs of Claim Verification Due on May 12
--------------------------------------------------
Pablo Amante, the court-appointed trustee for Ruta 5 SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until May 12, 2009.

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


SACR SRL: Trustee Verifying Proofs of Claim Until April 17
----------------------------------------------------------
The court-appointed trustee for S.A.C.R. S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
April 17, 2009.

The trustee will present the validated claims in court as
individual reports on June 2, 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
July 15, 2009.



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

BANCO DO BRASIL: BM&F OKs Delay of Shares Increase to June 2011
---------------------------------------------------------------
Rogerio Jelmayer of Dow Jones Newswires reports BM&F Bovespa SA,
Brazil's financial exchange, has approved Banco do Brasil SA's
request to delay a planned increase in its free float of shares to
June 2011.  The report recalls before the exchange's decision, the
bank had been obliged to reach 25% by the end of June 2009.

According to the report, the bank currently has a free float of
21.7%.

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 IBI: Moody's Cuts Bank Financial Strength Rating to 'E+'
--------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Banco Ibi S.A. -- Banco Multiplo to E+ from D-.  Ibi's
long-term local and foreign currency deposit ratings were also
lowered to B1 from Ba3.  At the same time, Moody's downgraded the
bank's long-term Brazilian national scale ratings to Baa1.br from
A3.br.  Ibi's short-term local and foreign currency deposits
ratings were affirmed at Not Prime, while its short-term NSR was
affirmed at BR-2.  The outlooks on all ratings are stable.

The rating action concludes the review for possible downgrade
initiated in October 14, 2008.  In lowering Ibi's ratings, Moody's
noted the consistent weakening of asset quality in the loan book
during 2008, which produced high levels of nonperforming loans by
year-end.  The generation of recurrent earnings from credit
operations remained robust in light of the inherently high-
margined nature of the bank's credit card portfolio, the rating
agency pointed out, but profitability was significantly pressured
by high credit costs.

Moody's added that Ibi's bottom-line results could face further
compression as economic deceleration unfolds in 2009.  The agency
believes that potential exists both for lower revenues as sales
volumes decline in the retail sector and for higher credit costs
as consumers' disposable income flattens.

Furthermore, the bank's franchise is challenged by Ibi's limited
ability to replenish capital through earnings retention in order
to support loan operations growth.  Nevertheless, Moody's
recognizes that Ibi's shareholder has always been forthcoming in
providing capital injections that maintain the bank's solvency
satisfactorily above regulatory minimum levels.

Banco Ibi's headquarters are located in Barueri, Sao Paulo,
Brazil.  As of December 2008, the bank reported total assets of
R$5.6 billion (US$2.7 billion) and equity of R$864 million (US$370
million).

Moody's last rating action on Ibi was on October 14, 2008, when
Moody's Investors Service placed Ibi's ratings on review for
possible downgrade.

These ratings of Banco Ibi were downgraded:

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

  -- Long-term global local-currency deposit rating: to B1 from
     Ba3, stable outlook

  -- Long-term foreign currency deposit rating: to B1 from Ba3,
     stable outlook

  -- Long-term Brazilian national scale deposit rating: to Baa1.br
     from A3.br, stable outlook

These ratings assigned to Banco Ibi were affirmed:

  -- Short-term global local- currency deposit rating at Not
     Prime;

  -- Short-term foreign currency deposit rating at Not Prime;

  -- Short-term Brazilian national scale deposit rating at BR-2


BNDES: To Take on Greater Export Credit Role, Estado News Say
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES) is
taking on a larger role in providing export credits, John
Kolodziejski of Dow Jones Newswires reports, citing Estado news
agency.  DJ Newswires relates BNDES Planning Director Joao Carlos
Ferraz said the export credit market still wasn't showing any
signs of returning to normal.

According to DJ Newswires, Mr. Ferraz said BNDES' export finance
provision jumped 54% to BRL6.59 billion from the previous year due
to the drying up of private credit for foreign sales.  "We have
had to temporarily replace this type of financing, but the banks
haven't come back yet.  They ran off with the crisis," the report
quoted Mr. Ferraz as saying.

DJ Newswires notes Mr. Ferraz said the bank wouldn't change its
role in this area until the economic scenario returns to
stability.

Meanhile, DJ Newswires notes Mr. Ferraz also said the bank was
likely to easily exceed the BRL100 billion mark in loans released
in 2009.

                          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.


FUNDO BONSUCESSO: Moody's Cuts Rating on Senior Shares to 'Ba1'
---------------------------------------------------------------
Moody's America Latina has downgraded the rating of the senior
shares of Fundo Bonsucesso de Investimento em Direitos Creditorios
- Emprestimos com Consignacao em Folha, Series 2006-1 (FIDC
Bonsucesso), to Ba1 from Baa2 on the global local currency scale,
and to Aa2.br from Aaa.br on the Brazilian national scale.  The
rating continues on review for possible downgrade.

This rating action reflects Moody's concerns about the dependence
of this securitization on the servicing and credit support
provided by the originating bank, Banco Bonsucesso, whose
financial strength has weakened.  Moody's had downgraded ratings
for Banco Bonsucesso in December 2008 to reflect its more modest
growth and profitability prospects in light of the changing
business and funding dynamics that have resulted in a substantial
scale down of its loan origination.  Moody's has since withdrawn
ratings for Bonsucesso.  For further details on these rating
actions, please refer to the respective press releases at
moodys.com.

Because the performance of the securitized consigned loans could
be affected by any disruption in servicing, a higher likelihood of
financial distress of the primary servicer would likely increase
the probability of deterioration in the performance of the
securitized collateral.  In this particular case, the originating
bank plays an important role as primary servicers of the
securitized assets.

Moody's noted that upon the potential financial failure of the
primary servicer, the processes of collection, transfer and
reconciliation of amounts deducted from borrowers could be halted
for a period of time, the duration of which is difficult to
predict.  Delays could potentially lead to a default of the FIDC's
obligations.  In a more stressful scenario, the servicer would
have to be replaced by another bank, thus requiring a new
servicing arrangement for the FIDC.  The degree of servicing
disruption would depend on the severity of the potential scenarios
regarding the bank's failure -- either intervention by the central
bank, liquidation of the bank or bankruptcy.

Moody's therefore believes that the rating of this consigned loan
securitization has become more closely aligned with the rating of
the originator.

Moreover, Moody's assesses no probability of systemic support to
the local currency deposit ratings of Banco Bonsucesso, in an
indication of its very small share in the deposits market in
Brazil.  Moody's highlights that the consigned loan transactions
may also be supported by the originators in the form of repurchase
of delinquent assets, replacement of loans to avoid the breach of
transaction triggers, and cash advances to cover shortfalls from
prepaid loans.  A financial distress of the originator would halt
support to the securitization transaction, and as a result the
performance of the receivables could deteriorate significantly.

The rating will continue on review for possible downgrade.
Moody's notes that currently the FIDC has an amount equivalent to
approximately 63% of the senior shares' outstanding balance
invested in highly-liquid Brazilian government securities.
However, this amount could currently be applied to amortize
subordinated shares, with the only restriction of maintaining a
minimum level of subordination of 23% of the FIDC's net asset
value.  The originator has informed Moody's that it intends to
amend the transaction's documents to restrict any payments to
subordinated shares until the senior shares are fully paid down.
The review will focus on the effective, valid and binding
amendment of the transaction documents on a timely fashion so as
to restrict any payments to subordinated shareholders until the
senior shares are fully paid down.  Failure by the originator to
amend the documents in a timely fashion could have a negative
effect on the transaction's rating.

The senior shares of FIDC Bonsucesso are scheduled to fully
amortize by August 2009, with two quarterly payments due in May
and August 2009.

The last rating action for this transaction was on January 19,
2009 when the rating was placed on review for a possible
downgrade.

                        Rating Methodology

The rating methodology used to rate consigned-loan backed
transactions is based on historical performance data, the deal's
structural features and qualitative assessments.  The performance
data includes, among others, historical information about the
origination of receivables, delinquencies, and prepayments.  The
qualitative assessment includes, among other factors, a review of
origination and credit approval processes and servicing.

Moody's estimates the expected loss of the securitized pool based
on the analysis of the originating bank's static pool data, which
is incorporated in a cash flow model to determine the expected
loss for the rated securities.  The cash flow model simulates a
wind-down scenario, which would occur under an early amortization.

Moody's considers the risk that a jurisdiction fails to transfer
to the servicer the cash flow coming from collections on the loan
installments deducted from employee's paychecks.  This risk is
usually the result of short-to-medium term liquidity pressures
observed at the jurisdiction level and it is expected to be
mitigated by the fund's eligibility criteria.  In order to test
the transaction for concentration per jurisdiction, Moody's runs a
simulation considering the worst-possible portfolio composition,
given the concentration limits allowed in the transaction and the
expected losses assumed for each paying entity in the pool.  This
ensures that the expected loss on the pool, given the permitted
concentrations, is consistent with the expected loss from the
rated securities.

Moody's also analyzes structural features such as the triggers
present in the transaction and the availability of reserve
accounts.

The resulting expected losses for the securities deriving from the
cash flow model are ultimately mapped to a global rating.  Moody's
considers these results, together with the analysis of the
transaction's qualitative factors and structural features, to
arrive at a final rating in the global scale, which is further
mapped to an equivalent rating in the Brazilian national rating
scale.

                          Rating Action

The complete rating action is:

  - Fundo Bonsucesso de Investimento em Direitos Creditorios -
    Emprestimos com Consignacao em Folha, Series 2006-1:
    downgraded to Ba1 from Baa2 rating (Global Scale, Local
    Currency) and to Aa2.br from Aaa.br rating (Brazilian National
    Scale); the rating remains on review for possible downgrade.

The last rating action occurred on January 19, 2009, when the
ratings were placed on review for possible downgrade.


FUNDO DE INVESTIMENTO: Moody's Cuts Sr. Shares Ratings to 'Ba3'
---------------------------------------------------------------
Moody's America Latina has downgraded the ratings of the senior
shares of Fundo de Investimento em Direitos Creditorios
Intermedium Creditos Consignados, Series 2007-1 and 2008-1, to Ba3
from Baa3 on the global local currency scale, and to A2.br from
Aaa.br on the Brazilian national scale.  The rating continues on
review for possible downgrade.

This rating action reflects Moody's concerns about the dependence
of this securitization on the servicing and credit support
provided by the originating bank, Banco Intermedium.  Moody's does
not rate Banco Intermedium.  Moody's noted that the current
environment in which niche banks in Brazil operate will continue
to reflect more modest growth and profitability prospects in light
of the changing business and funding dynamics that have resulted
in a substantial scale down of some of these banks' loan
origination.

Because the performance of the securitized consigned loans could
be affected by any disruption in servicing, a higher likelihood of
financial distress of the primary servicer would likely increase
the probability of deterioration in the performance of the
securitized collateral.  In this particular case, the originating
bank plays an important role as primary servicer of the
securitized assets.

Moody's noted that upon the potential financial failure of the
primary servicer, the processes of collection, transfer and
reconciliation of amounts deducted from borrowers could be halted
for a period of time, the duration of which is difficult to
predict.  Delays could potentially lead to a default of the FIDC's
obligations.  In a more stressful scenario, the servicer would
have to be replaced by another bank, thus requiring a new
servicing arrangement for the FIDC.  The degree of servicing
disruption would depend on the severity of the potential scenarios
regarding the bank's failure -- either intervention by the central
bank, liquidation of the bank or bankruptcy.

Moody's therefore believes that the ratings of these consigned
loan securitizations have become more closely aligned with the
rating of the originator.

Moreover, in general Moody's assesses no probability of systemic
support to the local currency deposit ratings of Brazilian banks
with modest share in the deposit market and little importance to
the Brazilian payment system.  Moody's highlights that the
consigned loan transactions may also be supported by the
originators in the form of repurchase of delinquent assets,
replacement of loans to avoid the breach of transaction triggers,
and cash advances to cover shortfalls from prepaid loans.  A
financial distress of the originator would halt support to the
securitization transaction, and as a result the performance of the
receivables could deteriorate significantly.

The ratings will continue on review for possible downgrade as the
originator explores the possibility of fully transferring
servicing of the collateral to a highly-rated financial
institution.  The review will focus on the full transfer of
servicing of all the securitized loans, including collection,
reconciliation and transferring of funds to the FIDC, to a highly-
rated financial institution in a timely fashion.  Failure of the
originator to accomplish such transfer in a timely fashion could
have a negative effect on the transaction's rating.

The last rating action for these transactions was on January 19,
2009 when the ratings were placed on review for a possible
downgrade.

                        Rating Methodology

The rating methodology used to rate consigned-loan backed
transactions is based on historical performance data, the deal's
structural features and qualitative assessments.  The performance
data includes, among others, historical information about the
origination of receivables, delinquencies, and prepayments.  The
qualitative assessment includes, among other factors, a review of
origination and credit approval processes and servicing.

Moody's estimates the expected loss of the securitized pool based
on the analysis of the originating bank's static pool data, which
is incorporated in a cash flow model to determine the expected
loss for the rated securities.  The cash flow model simulates a
wind-down scenario, which would occur under an early amortization.

Moody's considers the risk that a jurisdiction fails to transfer
to the servicer the cash flow coming from collections on the loan
installments deducted from employee's paychecks.  This risk is
usually the result of short-to-medium term liquidity pressures
observed at the jurisdiction level and it is expected to be
mitigated by the fund's eligibility criteria.  In order to test
the transaction for concentration per jurisdiction, Moody's runs a
simulation considering the worst-possible portfolio composition,
given the concentration limits allowed in the transaction and the
expected losses assumed for each paying entity in the pool.  This
ensures that the expected loss on the pool, given the permitted
concentrations, is consistent with the expected loss from the
rated securities.

Moody's also analyzes structural features such as the triggers
present in the transaction and the availability of reserve
accounts.

The resulting expected losses for the securities deriving from the
cash flow model are ultimately mapped to a global rating.  Moody's
considers these results, together with the analysis of the
transaction's qualitative factors and structural features, to
arrive at a final rating in the global scale, which is further
mapped to an equivalent rating in the Brazilian national rating
scale.

                          Rating Action

The complete rating action is:

  - Fundo de Investimento em Direitos Creditorios Intermedium
    Creditos Consignados, Series 2007-1 and 2008-1: downgraded to
    Ba3 from Baa3 rating (Global Scale, Local Currency) and to
    A2.br from Aaa.br rating (Brazilian National Scale); the
    ratings remain on review for possible downgrade.

The last rating action occurred on January 19, 2009, when the
ratings were placed on review for possible downgrade.


ODEBRECHT FINANCE: Fitch Assigns 'BB+' Rating on US$150 Mil. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the five-year US$150
million senior notes issued by Odebrecht Finance Ltd with maturity
in April 2014.  The notes are fully and irrevocably guaranteed by
Construtora Norberto Odebrecht S.A. OFL is a full subsidiary of
Odebrecht S.A., holding company of CNO.  The proceeds of the
issuer will migrate to Odebrecht and, in its last instance, will
be transferred to four of Odebrecht's full subsidiaries:

  -- Odebrecht Investmentos em Infra-estrutura Ltda;
  -- Odebrecht Oleo e Gas Ltda;
  -- Odebrecht Empreendimentos Imobiliarios Ltda;
  -- Odebrecht Engenharia Ambiental S.A.

The proceeds will be used for investments, working capital and
other corporate purposes.

Fitch rates CNO's Foreign and Local Currency Issuer Default
Ratings 'BB+', and the Long-Term National Scale 'AA(bra)'.  The
Outlook for the corporate ratings is Stable.

The ratings reflect CNO's continued leading position in
construction and contracting in Latin America, its wide
international engineering and heavy construction expertise, as
well as its geographical and project diversification.  The ratings
are also supported by CNO's robust liquidity, adequate leverage,
consistently growing revenues and cash flows, and its strong and
diversified backlog.  The ratings also incorporate CNO's exposure
to economic and political volatilities associated with its
operations being concentrated in the emerging markets.  The global
financial market crisis and the expectations of a sharp downturn
in world economic activity may negatively impact CNO's business.
The likely reductions in investment levels could reduce revenue
growth rates, particularly in 2011 and beyond as the current
backlog winds down.

CNO has a substantial and diversified backlog of work located in
various countries, which has consistently expanded over the last
three years in Brazil and abroad.  Currently, 28% of the total
backlog relates to projects located in Brazil, 30% in Venezuela,
18% in Angola, 7% in Argentina, 5% in Libya and 3% in the United
States.  In March 2009, total backlog achieved US$18 billion,
against US$13.3 billion at year-end 2007 and US$7.1 billion at
year-end 2006.  The robust backlog growth achieved over this
period should ensure the continuity of adequate revenue flow over
the next two to three years.

Over the last four years, CNO's operating performance steadily
improved.  From 2004 to 2008, CNO's net revenues grew 188% to
BRL16.6 billion, EBITDA increased 460% to BRL2.3 billion and
EBITDA margin increased to 14% from 7.2%.  Funds from operations
(FFO) grew 756% to BRL3.6 billion in the same period.  The 164%
growth of EBITDA in 2008 in relation to 2007 was mainly due to the
greater booking of revenues of construction contracts.

CNO's exposure and concentration to more volatile emerging market
countries are partially mitigated by advanced payments received
from customers.  On average, CNO receives 15% of the total project
cost in advance in the emerging markets it participates.  In
addition, transfer and convertibility risks are mitigated by the
fact that CNO has significant access to hard currency.

CNO's robust liquidity gives more financial flexibility to face
the current global credit crisis. CNO's policy of sizeable
advances from customers has strengthened its financial structure
and liquidity position.  CNO's liquidity covered 2.3 times (x)
short-term debt, 0.9x total debt and 0.7x total adjusted debt,
including off balance sheet guarantees at year-end 2008.

CNO has efficiently demonstrated its capacity to preserve low
leverage.  At year-end 2008, total adjusted debt/EBITDA declined
to 1.5x from 1.9x, and adjusted net debt/EBITDA increased to 0.5x
from 0.3x when compared with year-end 2007.  These ratios are in
line with the current rating category.  Fitch expects total
adjusted debt/EBITDA ratio of around 2.0x at year-end 2009.  At
year-end 2008, CNO reported total adjusted debt of BRL3.5 billion
and total cash and marketable securities of BRL2.4 billion.  About
89% of total cash was denominated in foreign currency, and covered
95% of foreign currency debt.  Total adjusted debt included debt
guaranteed by CNO in the amount of BRL935 million.  The net amount
of funds provided to related companies of the group was of BRL729
million at year-end 2008.

CNO is a leading Latin American engineering and construction
company in gross revenues, wholly owned by the Odebrecht group,
one of the 10 largest Brazilian private groups.  CNO ranked 20th
in revenues among 225 international contractors in 2007 and is the
country's largest services export organization.  The group's main
businesses are heavy engineering and construction through CNO, and
petrochemicals through Braskem S.A., a leading petrochemicals
company in Brazil.  (Fitch rates Braskem S.A.: Local and Foreign
Currency IDRs 'BB+'; Local Term National Scale 'AA(bra)'; Outlook
Stable).


ODEBRECHT FINANCE: S&P Assigns 'BB' Rating on US$150 Mil. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
rating to the proposed US$150 million, five-year senior unsecured
notes to be issued by Odebrecht Finance Ltd.

The notes will count on an unconditional and irrevocable guarantee
by Brazil-based heavy engineering and construction company
Construtora Norberto Odebrecht S.A. (CNO; BB/Stable/--).  OFL is a
wholly-owned subsidiary of CNO's parent company, Odebrecht S.A.
(not rated).

S&P expects the proceeds of the notes to support the Odebrecht
Group's general corporate purposes, including Odebrecht S.A.'s
additional equity investments in its new business segments (among
which the most relevant ones are oil and gas equipment,
infrastructure concessions, real estate, environmental
engineering, and sugar and ethanol).  The notes will rank equally
with CNO's other senior unsecured debt, and pari passu with OFL's
existing US$400 million senior unsecured notes due 2017 (also
guaranteed by CNO).

The ratings on CNO reflect the firm's exposure to the competitive,
volatile, and cyclical E&C business; some backlog concentration in
public works in economically and politically volatile countries
(tempered by advances from customers/down payments); and a
potentially more aggressive cash-flow distribution to Odebrecht
S.A.  These risks are partly offset by CNO's increasing backlog,
with geographic and business diversification; its competent risk
management, which enabled the company to report improvements in
its credit metrics while maintaining strong revenue growth; and
the company's improved debt profile, marked by long-term
financings and strong financial liquidity.

                         Rating Assigned

                      Odebrecht Finance Ltd.

        Senior Unsecured Debt                          BB



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

APEX SILVER: Shareholders to Hear Wind-Up Report on April 3
-----------------------------------------------------------
The shareholders of Apex Silver Finance Ltd. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 3, 2009, at 10:00 a.m.

The company's liquidator is:

          Jonathan Calley
          Tax Manager
          Apex Silver Mines Corporation
          1700 Lincoln Street, Suite 3050
          Denver, CO 80203, United States of America


CENTAURUS CAYMAN: Shareholders to Hear Wind-Up Report on April 3
----------------------------------------------------------------
The shareholders of Centaurus Cayman Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 3, 2009, at 10:00 a.m.

The company's liquidator is:

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


CONNEMARA LEASING: Shareholder to Receive Wind-Up Report Today
--------------------------------------------------------------
The shareholder of Connemara Leasing Limited will hear today,
April 2, 2009, at 10:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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



DYNAMIC DECISIONS: Court May Order Liquidator for Master Fund
-------------------------------------------------------------
The Grand Court of Cayman Islands is set to consider a petition
this week for a provisional liquidator to safeguard Dynamic
Decisions Capital Management Limited’s main hedge fund, DD Growth
Premium Master Fund, after investors accused manager of “gross
mismanagement and misfeasance,” Saijel Kishan of Bloomberg News
reports, citing unnamed sources.

“Dynamic Decisions founder Mr. Micalizzi vehemently denies these
allegations and believes that they are unfounded,” Raul Guerrero,
a Boston- based spokesman for Dynamic Decisions, told Bloomberg
News in a telephone interview.  “He firmly believes he acted in
the best interests of investors at a time of substantial market
upheaval.”

According to the court filing, Bloomberg News relates, Mr.
Micalizzi had stated that the fund had “substantial” losses in
2008, and assets may have fallen to as low as US$20 million,
excluding illiquid investments.

Bloomberg News says the March 23 petition was submitted by Zolfo
Cooper, a restructuring firm appointed to oversee two so-called
feeder funds set up to invest in the Cayman-incorporated DD Growth
Premium Master Fund, at the request of investors London-based
Strathmore Capital LLP and Cadogan Management LLC of New York.

The report relates people familiar with the case said while
Strathmore Capital and Cadogan Management won petitions for
provisional liquidators for the secondary funds, Dynamic
Decisions’ investment manager opposed the request on the master
fund.  The Cayman court scheduled a hearing for today, April 2, to
reconsider that petition, Bloomberg News notes.

Dynamic Decisions suspended investor withdrawals and Mr. Micalizzi
resigned from the board of the master fund to avoid conflicts of
interests, according to a Feb. 27 letter to clients of one of the
feeder funds, Bloomberg News recalls.

In a Feb. 20 letter to investors obtained by Bloomberg News, Mr.
Micalizzi said the firm had cut its equity and options holdings in
mid-December and invested in asset-backed bonds.  Settlement of
those purchases was delayed until February because of “credit
market conditions,” the letter said.

“The board had little information concerning the investment in
bonds, and were not even sure if the bonds were genuine,”
according to the investors’ petitions, Bloomberg News notes.
According to the petitions, the same report says, the main fund
holds illiquid, commodity-linked bonds that were organized and
executed by Mr. Micalizzi.

According to Bloomberg News, citing marketing documents, Dynamic
Decisions said its strategy is to invest mainly in the shares of
large US and European companies.  However, the report says the
petitions noted that for the DD Growth Premium and DD Growth
Premium 2X funds, 55% of assets were held in commodity-linked
bonds at the end of 2008.  Bloomberg News relates the petition
also said Dynamic Decisions also provided conflicting information
and failed to give five days’ notice to investors about the
termination of its prime broker relationship with Morgan Stanley,
as well as the change in its auditor to Deloitte & Touche LLP from
PricewaterhouseCoopers LLP.  In addition, Bloomberg News says
Dynamic Decisions also gave inconsistent and late information to
investors about the amount of assets it managed.


HESS ENERGY: Sole Member to Receive Wind-Up Report on April 3
-------------------------------------------------------------
The sole member of Hess Energy Trading Company Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on April 3, 2009, at 12:00 noon.

The company's liquidator is:

         George C. Barry
         1185 Avenue of the Americas
         New York, NY 10036


HIGHBRIDGE EVENT: Members to Receive Wind-Up Report Today
---------------------------------------------------------
The members of Highbridge Event Driven/Relative Value Fund, Ltd.
will hear today, April 2, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Harmonic Management Services
          c/o Maples and Calder Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


L-JAC ONE: Shareholders to Hear Wind-Up Report Today
----------------------------------------------------
The shareholders of L-JAC One Holdings will hear today, April 2,
2009, at 10:00 a.m., 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
          Royal Bank House, 3rd Floor, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945 9208
          Fax: 345 945 9210


LION SYNTHETIC: Shareholder to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholder of Lion Synthetic No. 1 Limited will hear today,
April 2, 2009, at 10:45 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Bronwynne R. Arch
          Scott Aitken
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


MQ JAPAN ET AL: Liquidator to Present Wind-Up Report Today
----------------------------------------------------------
Bobby Toor will present today, April 2, 2009, the companies' wind-
up report and property disposal to the members of:

   -- MQ Japan Market Neutral Fund; and
   -- MQ Japan Market Neutral Master Fund.

The Liquidator can be reached at:

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


NC PROPERTY: Shareholders to Hear Wind-Up Report on April 3
-----------------------------------------------------------
The shareholders of NC Property Investment Cayman will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 3, 2009, at 10:45 a.m.

The company's liquidator is:

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


PENDRAGON: Shareholders to Hear Wind-Up Report on April 6
---------------------------------------------------------
The shareholders of Pendragon (Convertibles) Fund Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on April 6, 2009, at 11:30 a.m.

The company's liquidator is:

          Avalon Ltd.
          Zephyr House, 3rd Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107
          Cayman Islands
          Fax: 1 345 769-9351


POLARIS CAYMAN: Shareholders to Hear Wind-Up Report on April 3
--------------------------------------------------------------
The shareholders of Polaris Cayman Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 3, 2009, at 10:15 a.m.

The company's liquidator is:

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


SIGMA ABSOLUTE: Shareholder to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholder of Sigma Absolute Return Fund Ltd will hear today,
April 2, 2009, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Krissa Jeffers
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4398
          Facsimile: 345-949-7164
          Telephone: 345-949-4800


SOUTHNEWS LTD: Shareholder to Receive Wind-Up Report Today
----------------------------------------------------------
The shareholder of Southnews Ltd. will hear today, April 2, 2009,
at 2:00 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          RBR Director Services Ltd.
          Corporate Plaza, 1st Floor
          24 Howard Street, P.O. Box 30349
          Grand Cayman KY1-1202


SPI CAPITAL: Sole Shareholder to Hear Wind-Up Report on April 15
----------------------------------------------------------------
The sole shareholder of SPI Capital Preservation Offshore Ltd.
will receive the liquidator's report on the company's wind-up
proceedings and property disposal on April 15, 2009, at 11:00 a.m.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 9877


TAURUSTWO CDS: Members to Hear Wind-Up Report on April 3
--------------------------------------------------------
The members of Taurustwo CDS will receive the liquidator's report
on the company's wind-up proceedings and property disposal on
April 3, 2009.

The company's liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


UBB DIVERSIFIED: Shareholders to Hear Wind-Up Report on April 3
---------------------------------------------------------------
The shareholders of UBB Diversified Payment Rights Finance Company
will receive the liquidator's report on the company's wind-up
proceedings and property disposal on April 3, 2009, at 10:30 a.m.

The company's liquidator is:

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


UNIVERSO NEWS: Shareholder to Receive Wind-Up Report Today
----------------------------------------------------------
The shareholder of Universo News Ltd. will hear today, April 2,
2009, at 3:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          RBR Director Services Ltd.
          Corporate Plaza, 1st Floor
          24 Howard Street, P.O. Box 30349
          Grand Cayman KY1-1202


UNIVEST GLOBAL: Members to Receive Wind-Up Report on April 9
------------------------------------------------------------
The members of Univest Global Fund Ltd. will hear on April 9,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Kenneth M. Krys
          c/o Stephanie Scott
          Krys & Associates
          P.O. Box 31237, Grand Cayman KY1-1205
          Cayman Islands
          E-mail: Stephanie.scott@krysandassoc.com


ZS-SAY LEASING: Shareholder to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholder of ZS-SAY Leasing Limited will hear today,
April 2, 2009, at 10:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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



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

CL FIN'L: Guyana Freezes US$15MM Loan Due to First Citizens Bank
----------------------------------------------------------------
CLICO Life and General Insurance Company South America Limited
(CLICO Guyana) Judicial Manager has secured a restraining order
from Chief Justice Ian Chang against First Citizens Bank Limited
(fka Caribbean Investment Bank), a subsidiary of CL Financial
Limited, from collecting US$15 million from Bosai Minerals Group,
Oscar Ramjeet of Caribbean Net News reports, citing Kaieteur News.

Caribbean Net News recalls Bosai Minerals secured a US$18 million
loan from Caribbean Investment Bank to conduct its investment in
Guyana.  The report relates the bank, over time, received US$3
million payments from Bosai.

According to Caribbean Net News, the Judicial Manager, having
secured control of the assets of CLICO (Guyana) and recognizing
that Bosai Minerals was linked to Caribbean Investment Bank,
decided to seek to freeze any payments to be made out of Guyana.
Caribbean Net News notes CL Financial owed the country through
investments made to CLICO (Bahamas, by CLICO (Guyana).  The report
recalls following CLICO (Bahamas)'s collapse, Guyana was forced to
retain lawyers to help recover its money which represented some
53% of CLICO (Guyana)'s assets.

Caribbean Net News says the payment freeze is aimed to recover
almost half of the money invested in 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.



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

ALPART: Redundancy Program Costs Firm US$100 Million
----------------------------------------------------
Alumina Partners of Jamaica (Alpart)'s redundancy programme, now
underway, stands at more than US$100 million, Radio Jamaica News
reports.

"The cost of the redundancy there is estimated at US$120 million
and you can calculate from that that the payments are quite
substantial.  They are working with the workers to ensure that
they manage those funds in a proper way to the benefit of
themselves and their families," the report quoted Prime Minister
Bruce Golding as saying.

As reported in the Troubled Company Reporter-Latin America on
March 23, 2009, Radio Jamaica News said Alpart's management met
with worker-delegates and representatives of the National Workers
Union (NWU) and Union of Technical Administrative and Supervisory
Personnel (UTASP) on March 20 to discuss workers concerns amid
reports of suspension of operations.

The same report related NWU President Vincent Morrison said the
meeting examined legal obligations to the workers as well as the
impact on the surrounding communities.  "In terms of employee
benefits, ALPART has given us a schedule regarding the payments
and we will be meeting with the company over the coming weeks to
sign off on those arrangements.  ALPART has also informed us that
in terms of its community efforts, it will not be abandoning the
community . . . it will be working with the displaced local
people," Radio Jamaica News quoted Mr. Morrison as saying.

Radio Jamaica reported Alpart will suspend its operations for one
year by May 15, sending home 900 permanent employees in the
process; amid a 60% decline in alumina product prices since July
2008.

According to Radio Jamaica, Alpart Managing Director Alberto
Fabrini said the upcoming temporary shutdown will allow the plant
to prepare for future developments.  Although the company took
steps to maintain the operations even at reduced capacity,
circumstances still left the company with no other choice but to
shutdown, he added.

                          About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.



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

CEMEX SAB: May Benefit From Central Bank's Fed Swap Plan
--------------------------------------------------------
Mexico's central bank said it will tap a US$30 billion swap line
with the Federal Reserve to help companies meet financing needs,
Hugh Collins of Bloomberg News reports.  “If they open a line of
support to corporations, Cemex S.A.B de C.V could be one of those
that benefits,” the report quoted Francisco Suarez, head of equity
research at Actinver SA, as saying.

According to Bloomberg News, Central Bank Governor Guillermo Ortiz
said Mexico will carry out an auction related to the currency swap
line and will disclose the amount in a few days.  Mr. Ortiz, the
report recalls, previously said the facility could be used to help
finance the private sector.

Bloomberg News notes the government also said it will seek a US$47
billion credit line from the International Monetary Fund, more
than President Felipe Calderon indicated.

The report relates Cemex S.A.B's shares gained 4.4% to 9.31 pesos
on April 1, in Mexico City trading, the highest since Feb. 24,
following the central bank disclosure's on the planned swap line.
The report relates the company's American depositary receipts
increased 6.2% to US$6.64 in New York, yesterday.

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

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

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

                          About Cemex

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

                          *     *     *

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



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

PDVSA: Chavez Tells Firm to Substitute Foreign Service Companies
----------------------------------------------------------------
Venezuela President Hugo Chavez told state-owned company
Petroleos de Venezuela S.A. to substitute foreign oil service
contractors, Elio Ohep of Petroleumworl.com News reports.  The
report relates Mr. Chaves on television said: "PDVSA continues to
hire foreign service companies, privately owned companies.  We
need to create substitute companies."

According to the report, Mr. Chaves said that if foreign service
companies are necessary, the country would get its own community-
run oil service outfits to do it.  Mr. Chaves, the report notes,
said he would support importing additional oil industry equipment
and training personnel if necessary to local service firms.

Mr. Chavez's comments, the report notes, came at the time when
PDVSA is hit by pay-related protests by workers of oil services
companies and thousands of oil workers are demanding new
collective contracts.

As reported in the Troubled Company Reporter-Latin America on
April 1, 2009, Dow Jones Newswires said PDVSA is offering oil
service companies possible joint venture deals as a way of
capitalizing billions of dollars in unpaid service bills.

According to DJ Newswires, 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 same report as saying.

PDVSA, DJ Newswires related, 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, DJ Newswires said.

                           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.


TOYOTA DE VENEZUELA: “Threatened” by Chronic Labor Problems
-----------------------------------------------------------
The continued presence of Toyota de Venezuela C.A., a unit of
Toyota Motor Corporation, in the country was "threatened" by
chronic labor problems, Reuters reports.  "For the first time in
51 years of uninterrupted labor in Venezuela, the continued
presence of Toyota de Venezuela is seriously threatened," the
company said in a full-page ad published in a principal daily
newspaper obtained by Reuters.

According to the report, Toyota de Venezuela accused a small group
of union leaders of blocking efforts to restart Toyota's
operations, which have been halted for several weeks over labor
disputes.  However, Reuters relates, a union representative denied
the accusations and said workers were still seeking a contract
agreement.

Reuters notes that Toyota de Venezuela's situation highlights the
delicate state of Venezuela's auto industry.  The report recalls
Venezuela's car manufacturers association last week said
production could halt in April because of strikes and a lack of
imported auto parts caused by bureaucracy in obtaining dollars
through the government's currency control system.

The problems, the report says, highlight growing challenges for
President Hugo Chavez as his administration struggles to continue
providing hard currency for imports as lower oil prices leave
fewer dollars available.

                        About Toyota Motor

Toyota Motor Corporation -- http://toyota.jp -- primarily
conducts automobile, financial and other businesses.  Its business
segments are automotive operations, financial services operations
and all other operations.  Its automotive operations include the
design, manufacture, assembly and sale of passenger cars, minivans
and trucks and related parts and accessories.  Toyota Motor's
financial services business consists primarily of providing
financing to dealers and their customers for the purchase or lease
of Toyota Motor vehicles.  Its financial services also provide
retail leasing through the purchase of lease contracts originated
by Toyota Motor dealers.



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *