TCRLA_Public/090406.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, April 6, 2009, Vol. 9, No. 67

                            Headlines

A R G E N T I N A

AUTOPISTAS DE LEON: Moody's Withdraws Rating on EUR42 Mil. Notes


B A R B A D O S

COURTS BARBADOS: To Close Cave Shepherd Outlet; 27 Jobs Affected


B R A Z I L

ODEBRETCH FINANCE: Increases 2014 Notes Placement by US$50 Mln
VALENTIN TRUCKING: Voluntary Chapter 11 Case Summary
VARIG LOGISTICA: Wants Brazil Court to Govern Reorganization


C A Y M A N  I S L A N D S

ACTIVE DEVELOPER: Placed Under Voluntary Wind-Up
ANAK NORTH: Creditors' Proofs of Debt Due on April 16
ATLANTIC HEDGE: Creditors' Proofs of Debt Due on April 16
BLACK DIAMOND: Creditors' Proofs of Debt Due on April 20
CIRCLE T: Placed Under Voluntary Wind-Up

CCTI INVESTMENT: Creditors' Proofs of Debt Due on April 16
D. & M. STOP: Creditors' Proofs of Debt Due on April 17
FLOATING RATE: Placed Under Voluntary Wind-Up
GREENFIELD INVESTMENTS: Creditors' Proofs of Debt Due on April 15
GLOBALCAPITAL INVESTMENT: Filing Proofs of Debt Due on April 15

INVESTCORP REAL ET AL: Creditors' Proofs of Debt Due Today
INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due on April 6
MANGART LEVERAGED: Creditors' Proofs of Debt Due on April 7
MOUTON LTD: Creditors' Proofs of Debt Due on April 28
MPC PILGRIM: Creditors' Proofs of Debt Due on April 16

NEW STAR: Creditors' Proofs of Debt Due on April 24
PALIO PORTFOLIO: Creditors' Proofs of Debt Due on April 16
PINE STREET: Creditors' Proofs of Debt Due on April 16
PLUTUS TRANSEO ET AL: Creditors' Proofs of Debt Due on April 7
SANWA CAPITAL: Placed Under Voluntary Wind-Up

SOLENT CREDIT: Creditors' Proofs of Debt Due on April 7
SOLENT RELATIVE ET AL: Creditors' Proofs of Debt Due on April 7
SPYGLASS FOCUSED: Creditors' Proofs of Debt Due on April 16
TANGARA LTD: Creditors' Proofs of Debt Due on April 7
THE SOLENT ET AL: Creditors' Proofs of Debt Due on April 7


C H I L E

COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'B-'
COMPANIA SUD: S&P Cuts Rating to 'B-'; Retains Negative Watch


C O L O M B I A

* COLOMBIA: Oil Association Sees Lower Investment This Year


D O M I N I C A N  R E P U B L I C

AES CORP: Local Unit Signs 40-Km Gas Pipeline Project With CESPM


J A M A I C A

AIR JAMAICA: Government Sets June 30 as New Sale Date
WINDALCO: Temporary Shutdown of Operations Implemented


M E X I C O

ASARCO LLC: Gets $6BB in Damages for AMC Fraudulent Conveyance
CORPORACION DURANGO: Reaches Tentative Deal to Restructure Debt
GRUMA SAB: Fitch Downgrades Issuer Default Rating to 'B+'
ORGANIZACION SORIANA: Moody's Reviews 'Ba1' Senior Unsec. Rating
VITRO SAB: Continues Debt Restructuring Talks With Lenders


P E R U

DOE RUN: Unit Reaches Loan Accord With Suppliers


X X X X X X X X

* BOND PRICING: For the Week March 30 – April 3, 2009


                         - - - - -


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

AUTOPISTAS DE LEON: Moody's Withdraws Rating on EUR42 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the
EUR42 million European Investment Bank loan facility due 2031,
raised in 2001 by Autopistas de Leon, S.A., Concesionaria del
Estado, and guaranteed by MBIA Insurance Corporation.  Moody's has
withdrawn this rating for business reasons.

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

The rating on the EIB Loan has been withdrawn.

The last rating action was on 18 February 2009 when the insurance
financial strength rating of MBIA was downgraded to B3 from Baa1.

Aulesa is a special purpose company which holds a concession from
the Spanish government to operate a 37.5 km four-lane toll road
from the city of Astorga to the provincial capital of Leon in the
autonomous region of Castilla-Leon in the northwest of Spain.
Aulesa is a subsidiary of the Abertis group headquartered in
Barcelona, Spain.



===============
B A R B A D O S
===============

COURTS BARBADOS: To Close Cave Shepherd Outlet; 27 Jobs Affected
----------------------------------------------------------------
Courts Barbados Limited is closing its Cave Shepherd outlet in
July, Peter Thorne of CBC.bb News reported on March 31.  The
report related former Company Managing Director Nick Mison
attributed the closure to prevailing economic downturn.

In an update, CBC.bb News said 27 jobs in the company will be
facing possible redundancy in connection with the outlet closure.
Mr. Mison, the report related, said the company have held
discussions with the Barbados Workers Union about the proposed
closure, noting that it is doing everything possible to re-absorb
as many staff at its other outlets across Barbados.

CBC.bb News noted Mr. Mison said more emphasis will now be placed
on its main store at Lower Green bus terminal.

Meanwhile, CBC.bb News said Mr. Mison resigned on March 31, and
was replaced by Trisha Tannis.  Also, the company is now
registered as Unicomer Barbados Ltd, even though it will continue
to trade as Courts Barbados, the report added.

                      About Courts Barbados

Courts Barbados Limited is one of Barbados' leading retail stores
with six outlets and over 300 employees.



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

ODEBRETCH FINANCE: Increases 2014 Notes Placement by US$50 Mln
--------------------------------------------------------------
Odebrecht Finance Limited has placed US$200 million in 2014 notes,
upsized from US$150 million, Latin France reports.  The report
says the 9.625% coupon notes priced at 98.552 will yield 10.000%,
or UST plus 825bp.

The deal was oversubscribed including significant retail and
institutional participation, the report states citing bankers
involved in the transaction.

Latin France relates bankers away from the deal – acknowledging
successful execution in challenging circumstances – pegged the new
issue premium at 70bp-100bp, versus 40bp-60bp on recent
sovereigns.

According to Latin France, the company went out April 1, at
10.00%-10.25% guidance, versus earlier whispers of low 10s.

“Odebrecht is a name that investors are comfortable with – if any
high-yield name could come to the market it would be them,” Esther
Chan, who helps manage US$3 billion at Aberdeen Asset and
participated in the transaction, told Latin Finance in an
interview.  The business model and risk management in different
countries sets it apart from other construction names, she said.

Latin France notes CFO of Grupo Odebrecht Paulo Cesena said the
proceeds will fund future projects.  Mr. Cesena, the report says,
expects equity needs for the group’s projects to be US$700 million
in the next 3 years.

                         About Odebrecht

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

                     About Odebrecht Finance

Odebrecht Finance Limited is a wholly owned subsidiary of
Construtora Norberto Odebrecht S.A.'s parent company, Odebrecht
S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Standard & Poor's Ratings Services assigned a '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/--).


VALENTIN TRUCKING: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Valentin Trucking Services, Inc.
       P.O. Box 7258
       Carolina, PR 00986-7258

Bankruptcy Case No.: 09-12197

Chapter 11 Petition Date: March 24, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

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

Estimated Assets: US$500,001 to US$1,000,000

Estimated Debts: US$1,000,001 to US$10,000,000

The petition was signed by Selma Valentin Delgado, president of
the company.

A full-text copy of the Debtor's petition, including its largest
unsecured creditors, is available for free at:

            http://bankrupt.com/misc/prb09-02197.pdf


VARIG LOGISTICA: Wants Brazil Court to Govern Reorganization
------------------------------------------------------------
Varig Logistica SA filed a Chapter 15 petition before the U.S.
Bankruptcy Court for the Southern District of Florida to seek
recognition of its reorganization case in Brazil.

Varig sent itself to bankruptcy in Brazil on March 3.  The Company
said it owes $180 million to creditors, including $101 million to
creditors in the U.S.

If the Florida court approves the Chapter 15 petition, Brazil will
be considered as the home of the "foreign main proceeding," and
creditor actions in the U.S. will be halted permanently.
According to Bloomberg's Bill Rochelle, the Company filed for
Chapter 15 to stop U.S. creditors who sued to recover possession
of aircraft and engines under defaulted leases.  The Company was
also being sued in the U.S. for non-payment to suppliers.

Bill Rochelle relates that in an ordinary airline bankruptcy under
Chapter 11, a special rule applies requiring the airline to bring
payments on aircraft current in 60 days.  If defaults aren't
cured, the aircraft owner may repossess.  This rule doesn't apply
in Chapter 15 cases like VarigLog's.

Varig Logistica SA is a Brazilian cargo airline and provides air
transport services to major cargo companies including, among
others, Federal Express, DHL and UPS.  It was previously
controlled by affiliates of MatlinPatterson Global Advisers LLC.

On March 31, 2009, Alexandre Savio Abs da Cruz, manager of flight
operations of Varig Logstica S.A., filed a Chapter 15 petition for
the company (Bankr. S.D. Fla., Case No.: 09-15717).
Stephen P. Drobny, Esq., is the petitioner's counsel.  The Company
has assets and debts of $100 million to $500 million.



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

ACTIVE DEVELOPER: Placed Under Voluntary Wind-Up
------------------------------------------------
On March 6, 2009, the sole shareholder of Active Developer Company
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


ANAK NORTH: Creditors' Proofs of Debt Due on April 16
-----------------------------------------------------
The creditors of Anak North American Fund Limited are required to
file their proofs of debt by April 16, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 27, 2009.

The company's liquidator is:

          K.D. Blake
          c/o Dorra Mohammed
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4475
          Facsimile: 345-949-7164


ATLANTIC HEDGE: Creditors' Proofs of Debt Due on April 16
---------------------------------------------------------
The creditors of Atlantic Hedge Fund are required to file their
proofs of debt by April 16, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 25, 2009.

The company's liquidator is:

          Dr. Giuseppe Andrea Petretta
          Via L Settembrini 17
          20124 Milano, Italy
          Tel: 1 206 734 4381
          Fax: 1 206 350 3267


BLACK DIAMOND: Creditors' Proofs of Debt Due on April 20
--------------------------------------------------------
The creditors of Black Diamond Multi-Manager Offshore Fund Ltd.
are required to file their proofs of debt by April 20, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 22, 2009.

The company's liquidator is:

          Peter D. Anderson
          P.O. Box 897, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


CIRCLE T: Placed Under Voluntary Wind-Up
----------------------------------------
On February 20, 2009, the sole shareholder of Circle T Market-
Neutral Offshore Fund, Ltd. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


CCTI INVESTMENT: Creditors' Proofs of Debt Due on April 16
----------------------------------------------------------
The creditors of CCTI Investment Holding Ltd. are required to file
their proofs of debt by April 16, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


D. & M. STOP: Creditors' Proofs of Debt Due on April 17
-------------------------------------------------------
The creditors of D. & M. Stop Loss Fonds are required to file
their proofs of debt by April 17, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          K.D. Blake
          c/o Dorra Mohammed
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4475
          Facsimile: 345-949-7164


FLOATING RATE: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 6, 2009, the sole member of Floating Rate Senior Loan
Fund Limited resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          Kirsten Le Pape
          c/o Turner & Roulstone Management Ltd.
          Turner & Roulstone Management Ltd.
          P.O. Box 2636, Strathvale House
          Telephone: (345) 943 5555


GREENFIELD INVESTMENTS: Creditors' Proofs of Debt Due on April 15
-----------------------------------------------------------------
The creditors of Greenfield Investments Limited are required to
file their proofs of debt by April 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 27, 2009.

The company's liquidator is:

          Campbell Directors Limited
          Scotia Centre, George Town
          P.O. Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 2648
          Facsimile: (345) 949 8613


GLOBALCAPITAL INVESTMENT: Filing Proofs of Debt Due on April 15
---------------------------------------------------------------
The creditors of Globalcapital Investment SPC are required to file
their proofs of debt by April 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 2, 2009.

The company's liquidator is:

          Kwang Chuan Ting
          Portcullis TrustNet (Cayman) Ltd.
          Portcullis TrustNet (Cayman) Ltd.
          Marquee Place, Suite 300, 430 West Bay Road
          P.O. Box 32052, Grand Cayman KY1-1208
          Cayman Islands
          Tel: (65) 6496 0496
          Fax: (65) 6538 6585


INVESTCORP REAL ET AL: Creditors' Proofs of Debt Due Today
----------------------------------------------------------
Westport Services Ltd. fixes today, April 6, 2009, as the last day
to file proofs of debt for the creditors of:

   -- Investcorp Real Estate Equity Acquisition Ltd.;
   -- Investcorp Real Estate Equity Capital Ltd.;
   -- Investcorp Real Estate Equity Finance Ltd.; and
   -- Investcorp Real Estate Equity Planning Ltd.

The companies commenced wind-up proceedings on March 4, 2009.

The Liquidator can be reached at:

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


INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due on April 6
---------------------------------------------------------------
Paget-Brown Trust Company Ltd. fixed April 6, 2009, as the
deadline to file proofs of debt for the creditors of:

   -- Investcorp Washington Corner Distressed Opportunity
      Intermediate Fund Limited; and
   -- Investcorp Washington Corner Distressed Opportunity Fund
      Limited

The companies commenced wind-up proceedings on February 26, 2009.

The companies' liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          P.O. Box 1111, Grand Cayman
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


MANGART LEVERAGED: Creditors' Proofs of Debt Due on April 7
-----------------------------------------------------------
The creditors of Mangart Leveraged Fund Limited are required to
file their proofs of debt by April 7, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 27, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Ross Lister
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237


MOUTON LTD: Creditors' Proofs of Debt Due on April 28
-----------------------------------------------------
The creditors of Mouton Ltd. are required to file their proofs of
debt by April 28, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 6, 2009.

The company's liquidator is:

          Richard E. L. Fogerty
          c/o Barry Hunte
          Kroll (Cayman) Limited
          Cayman Financial Centre
          Bermuda House, 4th Floor
          Dr. Roy’s Drive, Grand Cayman
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082


MPC PILGRIM: Creditors' Proofs of Debt Due on April 16
------------------------------------------------------
The creditors of MPC Pilgrim Select Inc. are required to file
their proofs of debt by April 16, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 18, 2009.

The company's liquidator is:

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


NEW STAR: Creditors' Proofs of Debt Due on April 24
---------------------------------------------------
The creditors of New Star Asia Renaissance Hedge Fund Limited are
required to file their proofs of debt by April 24, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 13, 2009.

The company's liquidator is:

          Richard Finlay
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 945-3901
          Facsimile: (345) 945-3902


PALIO PORTFOLIO: Creditors' Proofs of Debt Due on April 16
----------------------------------------------------------
The creditors of Palio Portfolio Limited are required to file
their proofs of debt by April 16, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PINE STREET: Creditors' Proofs of Debt Due on April 16
------------------------------------------------------
The creditors of Pine Street Special Opportunity Fund SPC are
required to file their proofs of debt by April 16, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 15, 2009.

The company's liquidator is:

         Christine Ma
         c/o Neil Gray
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499


PLUTUS TRANSEO ET AL: Creditors' Proofs of Debt Due on April 7
--------------------------------------------------------------
Ian Stokoe fixes April 7, 2009, as the last day to file proofs of
debt for the creditors of:

   -- Plutus Transeo General Partner Inc; and
   -- Plutus Transeo Fund Inc.

The companies commenced wind-up proceedings on February 24, 2009.

The Liquidator can be reached at:

          Ian Stokoe
          c/o Ross Lister
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237


SANWA CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 5, 2009, the sole shareholder of Sanwa Capital One TMK
Holdings Inc. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


SOLENT CREDIT: Creditors' Proofs of Debt Due on April 7
-------------------------------------------------------
The creditors of Solent Credit Opportunities General Partner
Limited are required to file their proofs of debt by April 7,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on February 27, 2009.

The company's liquidator is:

          Hugh Dickson
          c/o Peter Bigwood
          PO Box 1370GT, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


SOLENT RELATIVE ET AL: Creditors' Proofs of Debt Due on April 7
---------------------------------------------------------------
Hugh Dickson fixed April 7, 2009, as the deadline to file proofs
of debt for the creditors of:

   -- Solent Relative Value Credit Fund;
   -- Solent Relative Value Credit Notes Fund; and
   -- Solent Relative Value Credit Master Fund

The companies commenced wind-up proceedings on February 27, 2009.

The companies' liquidator is:

          Hugh Dickson
          c/o Peter Bigwood
          PO Box 1370GT, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


SPYGLASS FOCUSED: Creditors' Proofs of Debt Due on April 16
-----------------------------------------------------------
The creditors of Spyglass Focused Equity Offshore Fund Limited are
required to file their proofs of debt by April 16, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2009.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          Glen Trenouth or Rodney Graham
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801


TANGARA LTD: Creditors' Proofs of Debt Due on April 7
-----------------------------------------------------
The creditors of Tangara Ltd. are required to file their proofs of
debt by April 7, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 27, 2009.

The company's liquidator is:

         Hugh Dickson
         c/o Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8242
         Facsimile: (345) 949 7120


THE SOLENT ET AL: Creditors' Proofs of Debt Due on April 7
----------------------------------------------------------
Hugh Dickson fixed April 7, 2009, as the deadline to file proofs
of debt for the creditors of:

   -- The Solent Multi Strategy Fund; and
   -- The Solent Multi Strategy General Partner Limited.

The companies commenced wind-up proceedings on February 27, 2009.

The companies' liquidator is:

          Hugh Dickson
          c/o Peter Bigwood
          PO Box 1370GT, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120



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

COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'B-'
---------------------------------------------------------------
On April 2, 2009, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on Compania Sud Americana de
Vapores to 'B-' from 'BB-'.  The rating remains on CreditWatch
with negative implications.

The action reflects S&P's opinion that the gap between supply and
demand in container shipping markets is currently far from
narrowing and the industry will therefore continue to face very
challenging conditions in 2009 and probably 2010.  Within this
scenario and absent a significant restructuring of its business
strategy, S&P expects CSAV to continue posting significant losses
that would challenge its credit quality by further eroding its
operational performance, its financial risk profile, and its
liquidity position, and that could lead the company to delay
payments to lessors.  In this context, CSAV may also need to
renegotiate the terms and conditions of its charting payments.

CSAV recently announced that it has retained HSH Corporate Finance
GmbH to help it redesign its business strategy, which in S&P's
opinion speaks to the disappointing results of the current
business model and the company's need to further restructure its
operations to improve profitability, one of its main weaknesses
when compared with other rated peers.  In addition, the company is
completing an equity infusion of up to $200 million (expected for
second-quarter 2009) that would enhance the company's liquidity
position and provide breathing room to restructure its business.

With an estimated idle capacity close to 10%, in March 2009, the
container markets are suffering from a severe deterioration in
demand, which makes tariff rates decline faster than S&P
previously expected.  In addition, the industry's large order
book, which currently exceeds 50% of worldwide capacity, will
continue adding pressure on pricing levels as it could widen the
gap between supply and demand in the next two years.  Furthermore,
financing institutions are reducing their exposure to the
industry, which adds more uncertainty regarding main industry
players' financial flexibility.

The ratings on CSAV reflect the company's weak business risk
profile and highly leveraged financial profile.  The company's
modest business position in the volatile container shipping market
is the result of its weak operating efficiency, particularly in
the most competitive long-haul routes such as the east-west
trades.  It also has an aggressive ship-management strategy
(involving heavy use of a chartered fleet) in a higher-than-
average risk industry.  These negatives lead to very volatile
profits and cash-flow generation.  In addition, CSAV's heavy use
of off-balance-sheet financing and its active investment program
are likely to reduce the company's financial flexibility.  The
company's strong positioning in the South American west-coast
routes (that stem from its long-standing relationships with major
Chilean exporters) and its port services operations in Chile's
major ports (which provide CSAV with a relatively predictable
stream of profits) partially mitigate the negative factors.

CSAV's leverage metrics are weak and worse than those of its
peers, reflecting its highly leveraged capital structure on a
lease-adjusted basis, although its low on-balance-sheet debt
($183 million as of Dec. 31, 2008) remains relatively well-
structured.  At year-end 2008, operating lease-adjusted debt
amounted to $1.9 billion, resulting in an OLA debt-to-
capitalization ratio of 69.7% and an adjusted debt-to-EBITDA ratio
of 31.8x, compared to 65% and 7.5x, respectively, in fiscal 2007.

CSAV is a Chilean shipping company founded in 1872 and
traditionally involved in the containership industry.  With total
revenues of $4.9 billion for fiscal 2008 and worldwide operations,
CSAV covers the routes that link the east and west coasts of South
America with North America and Europe and the competitive east-
west routes, with traffic between North Europe, the Mediterranean,
the Persian Gulf, Asia, and North America.  The Claro Group, a
diversified business group in Chile, controls CSAV.

                            Liquidity

CSAV's liquidity is weak and is likely to deteriorate further.
S&P's base case assumes negative cash flow from operations in 2009
in the range of $250 million to $300 million. Assuming equity
infusions close to $150 million, the company would face a
shortfall of about $100 million (with the bulk mainly concentrated
in the first half of 2009).  Under this scenario, CSAV will have
to reduce its charting programs materially and eventually sell
some noncore assets to avoid further liquidity deterioration.

The company's investment plan is considered somewhat less
restrictive, given that although it would entail close to
$60 million in 2009 and $300 million in 2010, the bulk of the
equity portion of these investments has already been disbursed and
thus, for the next two years it should be mostly debt-financed
(financing is already committed).


                           CreditWatch

The continuing CreditWatch listing reflects S&P's understanding
that the company's operations will remain unprofitable unless
there is a significant shift in business strategy or in market
conditions.  In this context, the company's credit quality heavily
relies on external factors such as capital infusions or the
ability to sell noncore assets successfully.  Failure to get
substantial capital inflows in the first half of 2009 (i.e., a
lower-than-expected or delayed capital infusion) would likely
result in additional downgrades.

                          Ratings List

                           Downgraded

                 Compania Sud Americana de Vapores

                               To                 From
                               --                 ----
Corporate Credit Rating       B-/Watch Neg/--    BB-/Watch Neg/--
Senior Unsecured              B-/Watch Neg       BB-/Watch Neg


COMPANIA SUD: S&P Cuts Rating to 'B-'; Retains Negative Watch
-------------------------------------------------------------
Standard & Poor's Rating Services said that it lowered its long-
term counterparty credit rating on Compania Sud Americana de
Vapores to 'B-' from 'BB-'.  The rating remains on CreditWatch
with negative implications.

"The action reflects our opinion that the gap between supply and
demand in container shipping markets is currently far from
narrowing and the industry will therefore continue to face very
challenging conditions in 2009 and probably 2010," said Standard &
Poor's credit analyst Diego Ocampo.

Within this scenario and absent a significant restructuring of its
business strategy, S&P expects CSAV to continue posting
significant losses that would challenge its credit quality by
further eroding its operational performance, its financial risk
profile, and its liquidity position, and that could lead the
company to delay payments to lessors.  In this context, CSAV may
also need to renegotiate the terms and conditions of its charting
payments.

CSAV recently announced that it has retained HSH Corporate Finance
GmbH to help it redesign its business strategy, which in S&P's
opinion speaks to the disappointing results of the current
business model and the company's need to further restructure its
operations to improve profitability, one of its main weaknesses
when compared with other rated peers.  In addition, the company is
completing an equity infusion of up to $200 million (expected for
second-quarter 2009) that would enhance the company's liquidity
position and provide breathing room to restructure its business.

With an estimated idle capacity close to 10%, in March 2009, the
container markets are suffering from a severe deterioration in
demand, which makes tariff rates decline faster than S&P
previously expected.  In addition, the industry's large order
book, which currently exceeds 50% of worldwide capacity, will
continue adding pressure on pricing levels as it could widen the
gap between supply and demand in the next two years.  Furthermore,
financing institutions are reducing their exposure to the
industry, which adds more uncertainty regarding main industry
players' financial flexibility.

The ratings on CSAV reflect the company's weak business risk
profile and highly leveraged financial profile.  The company's
modest business position in the volatile container shipping market
is the result of its weak operating efficiency, particularly in
the most competitive long-haul routes such as the east-west
trades.  It also has an aggressive ship-management strategy
(involving heavy use of a chartered fleet) in a higher-than-
average risk industry.  These negatives lead to very volatile
profits and cash-flow generation.  In addition, CSAV's heavy use
of off-balance-sheet financing and its active investment program
are likely to reduce the company's financial flexibility.  The
company's strong positioning in the South American west-coast
routes (that stem from its long-standing relationships with major
Chilean exporters) and its port services operations in Chile's
major ports (which provide CSAV with a relatively predictable
stream of profits) partially mitigate the negative factors.

CSAV is a Chilean shipping company founded in 1872 and
traditionally involved in the containership industry.  With total
revenues of $4.9 billion for fiscal 2008 and worldwide operations,
CSAV covers the routes that link the east and west coasts of South
America with North America and Europe and the competitive east-
west routes, with traffic between North Europe, the Mediterranean,
the Persian Gulf, Asia, and North America.  The Claro Group, a
diversified business group in Chile, controls CSAV.

The continuing CreditWatch listing reflects S&P's understanding
that the company's operations will remain unprofitable unless
there is a significant shift in business strategy or in market
conditions.

In this context, the company's credit quality heavily relies on
external factors such as capital infusions or the ability to sell
noncore assets successfully.  Failure to get substantial capital
inflows in the first half of 2009 (i.e., a lower-than-expected or
delayed capital infusion) would likely result in additional
downgrades.



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

* COLOMBIA: Oil Association Sees Lower Investment This Year
-----------------------------------------------------------
The Colombia Petroleum Association said Colombian oil exploration
and production investment will dip 11% to as low as US$3.2 billion
this year compared in 2008, as slowing global economy has cut
demand for commodities such as oil, Javier Mozzo of Reuters
reports.

The report relates Association Chief Alejandro Martinez said: "The
uncertainty has to do with the fact that we do not know how
petroleum prices are going to behave, we are not sure what will
happen with the cost of projects in Colombia."

According to the report, the oil sector had been one of the most
dynamic parts of the country's economy until gross domestic
product started slowing last year.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).



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

AES CORP: Local Unit Signs 40-Km Gas Pipeline Project With CESPM
----------------------------------------------------------------
AES Dominicana, a unit of The AES Corporation, and San Pedro power
company CESPM signed a letter of intent on April 1, to build a gas
pipeline between the AES Andres natural gas reception terminal at
the Port of Andres, to the CESPM power plant in San Pedro, The
Dominican Today reports, citing AES Dominicana President Roberto
Herrera and AES Dominicana President Marco De La Rosa.

The signature shows the two companies’ interest in a close
strategic collaboration in the next few years, centered in the use
of natural gas to generate power, the executives said in a press
statement obtained by The Dominican Today.

The pipeline will be operated by AES Dominicana, the report says.

According to the report, the pipeline will take from 12 to 15
months to build, starting from the signature of the letter of
intent.  The report relates the 40-kilometer long, 12 inch duct
will sustain a maximum pressure of 100 Barg (unit of measure) for
the use of the nonpolluting fuel, which maintains a competitive
price in international markets.

                      About AES Corporation

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Moody's Investors Service reaffirmed the B1 senior
unsecured rating assigned to The AES Corporation's new note
offering following its upsizing to $535 million from $350 million
and also affirmed AES' Corporate Family Rating at B1.



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

AIR JAMAICA: Government Sets June 30 as New Sale Date
-----------------------------------------------------
The Jamaican government has extended Air Jamaica Limited's
divestment deadline to June 30 as it tries to attract buyers, the
Associated Press reports.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2009, Radio Jamaica News said the government will not be
meeting its March 31 deadline for the sale of Air Jamaica despite
earlier assurances by government officials that a deal would have
been reached with a buyer in March.

According to Radio Jamaica, Don Wehby, minister overseeing the
talks, said no sale has been finalized.  Radio Jamaica relates Mr.
Wehby said a meeting is already scheduled for mid-April with an
international airline group from which the privatization committee
has already received an indicative offer for Air Jamaica.

“We anticipate that we will be able to advance the negotiating
process quite substantially at that meeting”, CaribbeanWorld News
quoted Mr. Wehby as saying.  “The Air Jamaica Privatization team
remains committed to its task of completing Air Jamaica’s
privatization and is working in a focused manner on concluding the
transaction.”

Radio Jamaica notes the airline has been haemorraghing over US$150
million (JA$13.2 billion) per annum and government has had to foot
the massive bill.  In addition, Radio Jamaica says, Air Jamaica
currently has loans outstanding of over US$600 million (JA$52.8
billion).

                        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.


WINDALCO: Temporary Shutdown of Operations Implemented
------------------------------------------------------
Jamaica-based West Indies Alumina Company ("Windalco") has
suspended bauxite mining as part of a plan to temporarily shutter
its operations due to a world downturn in demand, Reuters reports,
citing company employees.  "We stopped mining [April 1] and we
don't know how long this will continue," a veteran Windalco
employee, Paul Anderson, told Reuters in an interview.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2009, Radio Jamaica said Windalco's management and
employees signed new work arrangements suspending production
from March 31.  Radio Jamaica related in a statement issued by the
Manchester-based company, Windalco said it had concluded
discussions with the National Workers Union and the Union of
Technical Administrative and Supervisory Personnel for the new
agreements.

The Jamaica Observer reported Windalco and its workers
agreed to a 40% salary cut and three-day work-week arrangement
aiming to save jobs instead of widespread layoffs, as the bauxite
company closes production in reaction to depressed global markets.

According to the Observer, the interim agreement remains in force
until December 31, 2009, and if there are no significant changes
in the global bauxite market the terms will be extended.  The
same report related that in the event the plants return to normal
production, the agreement would immediately come to an end.

Windalco, as cited by the Radio Jamaica News, said once the
shutdown has taken place, specific action will be undertaken in
the areas of asset preservation, improvement projects,
documentation activities, training and skills improvement.

                          About Windalco

West Indies Alumina Company ("WINDALCO") --
http://www.windalco.com--  is situated on the island of Jamaica
in the Caribbean and is a joint venture between the Government of
Jamaica and UC RUSAL Alumina Jamaica Limited.  UC RUSAL Alumina
Jamaica Limited manages the joint venture.   The Company comprises
two alumina refineries (Ewarton Works and Kirkvine Works), a
shipping port (Port Esquivel) and also bauxite mines in
Schwallenburgh (Ewarton) and Russell Place (Kirkvine) and farms in
Manchester and St. Ann.



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

ASARCO LLC: Gets $6BB in Damages for AMC Fraudulent Conveyance
--------------------------------------------------------------
U.S. District Judge Andrew Hanen of Brownsville, Texas, has issued
a damages award to ASARCO LLC, currently valued at about $6.04
billion.  The ruling stems from the judge's decision in August
2008 that Americas Mining Corporation, a subsidiary of Grupo
Mexico S.A. de C.V., had fraudulently transferred to itself
ASARCO's 54.18% interest in Southern Peru Copper Corporation.

As restitution, the judge ordered that AMC return to ASARCO
260,093,694 shares of Southern Copper Corporation stock, which
based on Wednesday's closing price is worth approximately $4.68
billion, and pay money damages of approximately $1.35 billion.
The money damages are comprised of dividends AMC received of $1.94
billion and prejudgment interest on those dividends of $329
million, less the $747 million that AMC had paid for SPCC in the
2003 transfer, together with interest on that 2003 payment of $164
million.  ASARCO will own an approximate 30% equity interest in
Southern Copper Corporation.

The award represents return to ASARCO of the value of equity
interest that it lost in the fraudulent conveyance, plus post-
transfer dividends that ASARCO would have been paid over the past
six years had the transfer not taken place, and pre-judgment
interest on those dividends.

"Justice has ultimately prevailed," said Joseph F. Lapinsky,
President and Chief Executive Officer of ASARCO. "This award is
for the benefit of ASARCO's creditors in the bankruptcy and should
assist the Company in its efforts to successfully emerge from
chapter 11 in the coming months," he added.

Judge Hanen issued his liability opinion for the SPCC transfer on
August 30, 2008, finding AMC liable for actual fraudulent
transfer, aiding and abetting a breach of fiduciary duty, and
conspiracy.

ASARCO filed for chapter 11 bankruptcy protection on August 9,
2005.  Its parent, ASARCO Incorporated, a wholly owned subsidiary
of AMC, lost control of ASARCO in December 2005, when the
bankruptcy court appointed an independent board of directors to
manage the company.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006.  (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008.  The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for US$2,600,000,000.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case.  AMC would provide up to
US$2.7 billion in cash as well as a US$440 million guarantee to
assure payment of all allowed creditor claims, including payment
of liabilities relating to asbestos and environmental claims.
AMC's plan is premised on the estimation of the approximate
allowed amount of the claims against ASARCO.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CORPORACION DURANGO: Reaches Tentative Deal to Restructure Debt
---------------------------------------------------------------
Corporacion Durango has reached a tentative agreement with some
92% of its creditors to restructure its debt, Latin France News
reports.

Latin France recalls in October, the company said it would look to
restructure some US$1.5 billion, including over US$500 million at
the holdco level and around US$1 billion at its subsidiaries.  The
report relates in 2007, the company issued US$520 million in 10.5%
notes via Merrill Lynch.

“This restructuring will allow the company to substantially reduce
its debt, having achieved an equitable agreement which guarantees
it a future of growth and development,” the report quoted Company
CEO Miguel Rincon Arredondo as saying.

Durango, Mexico-based Corporacion Durango S.A.B. de C.V. produces
brown paper and packaging products.  Its packaging division,
Empresas Titan, manufactures corrugated packaging in Mexico.  It
also produces newsprint through Grupo Pipsamex.


GRUMA SAB: Fitch Downgrades Issuer Default Rating to 'B+'
---------------------------------------------------------
Fitch Ratings has downgraded Gruma, S.A.B. de C.V.'s ratings:

  -- Foreign Currency Long-Term Issuer Default Rating to 'B+' from
     'BB+';

  -- Local Currency Long-Term IDR to 'B+' from 'BB+';

  -- US$300 million perpetual bonds to 'BB-/RR3' from 'BB+'.

Fitch has also removed all ratings from Rating Watch Negative.

The Outlook for all ratings is Stable.

The rating downgrade reflects the leveraging impact on Gruma's
capital structure that will result from the termination of Gruma's
foreign exchange derivative positions and the subsequent
conversion of the realized losses into debt.  Gruma has closed
approximately 87% of its foreign exchange derivative instrument
positions with its three main counterparties, resulting in a
US$668.3 million realized loss, and has reached an agreement to
finance the total amount.  Over the next 120 days, Gruma will
negotiate with its counterparties the conversion of the US$668.3
million into a term loan, whose contemplated characteristics
include a 7.5 year term and will carry an initial interest rate of
LIBOR plus 2.875% for the first three years.  Gruma also expects
to close the remaining 13% of its derivative instrument positions
on similar terms.  The estimated mark-to-market value of this
position as of March 23, 2009 was of approximately US$100 million.

As of Dec. 31, 2008, Gruma had total debt of US$1.023 billion and
generated US$332 million of EBITDA.  Total debt was composed of
these:

  -- US$300 million of perpetual bonds;
  -- US$197 million syndicated credit facility due 2010;
  -- US$243.5 million Mexican peso facility due 2010;
  -- US$94 million revolving facility due 2011;
  -- US$ 188.4 million of bank and other debt.

Gruma had short-term debt maturities of approximately US$174.9
million and cash and marketable securities of US$102 million.

On a proforma basis, taking into account the successful conversion
of the US$668.3 million into a term loan and the additional US$100
million of the remaining positions, total debt would reach close
to US$1.791 billion, with the total debt to EBITDA ratio reaching
5.4 times (x) and net debt to EBITDA of 5.1x.  These ratios are
consistent with the new rating category.  The ratings also take
into account increased refinancing risk, as Gruma faces important
maturities toward the second half of 2010 with two of its credit
facilities coming due during the year for a total amount of
US$440.5 million.

Results for 2009 should remain stable even in the face of the
current adverse economic conditions, as food companies are more
resilient to economic downturns, and as the industry is considered
to posses steadier consumption patterns.  Gruma should also
benefit from factors such as consumers' propensity to eat more at
home and lower input costs coming from declines in the prices of
raw materials.

The ratings for Gruma are also supported by the geographic
diversification of revenues and cash flows, with 40% of EBITDA
earned from U.S. operations in 2008, 38% from Mexico, 19% from
Venezuela and 3% from Central America and its leadership position
in the tortilla and corn flour market.  The ratings are limited by
limited pricing flexibility in some of its markets, such as Mexico
and Venezuela, continued competitive pressures and the high
volatility in the prices of corn and wheat.

Gruma is one of the world's largest producers of corn flour and
tortillas.  The company has operations in Mexico, the U.S.,
Europe, Venezuela, Central America, China and Australia.  Gruma
also produces and sells wheat flour in Mexico and Venezuela.  The
company's U.S. subsidiary Gruma Corp. is the most important
contributor to total revenues and EBITDA, accounting for 54% and
40%, respectively.  For the last 12 months, the company had
revenues of US$ 3.2 billion and EBITDA of US$332 million.  Gruma
owns an 8.8% stake in Grupo Financiero Banorte S.A. de C.V., one
of the largest financial groups in Mexico and one of the few
listed retail banks in Mexico.  The market value of Gruma's stake
in Banorte is at present approximately US$270 million.


ORGANIZACION SORIANA: Moody's Reviews 'Ba1' Senior Unsec. Rating
----------------------------------------------------------------
Moody's Investors Service placed Organizacion Soriana, S.A.B. de
C.V.'s global and Mexican national scale Ba1 and A1.mx long term
senior unsecured ratings on review for possible downgrade.  At the
same time, Moody's assigned corporate family ratings of Ba1 and
A1.mx to Soriana, which were also placed on review for possible
downgrade.  The company's MX-2 short term rating was affirmed.

These debt instruments were affected:

  -- MXN5.5 billion in certificados bursatiles due 2012 (SORIANA
     08), Ba1/A1.mx under review for possible downgrade;

  -- MXN4.6 billion in certificados bursatiles due 2010 (SORIANA
     08-2), Ba1/A1.mx under review for possible downgrade.

These rating was affirmed:

  -- Short term rating on Mexico's national scale, at MX-2.

These ratings were assigned:

  -- Corporate family ratings at Ba1 and A1.mx, under review for
     possible downgrade.

The review has been primarily prompted by the deterioration in
Soriana's operating performance and liquidity profile in recent
months as evidenced by the weak 4Q08 results and marked increase
in short term certificados bursatiles (local commercial paper)
levels.

The review will focus on Soriana's ability to manage its cost
structure and cash flow levels amid a weak economic environment
and improve its liquidity profile over the very near term
(primarily by reducing commercial paper outstandings using free
cash flow).  The review will also assess the likelihood that the
company will be able to meet its overall debt reduction targets
for 2009 given challenging market conditions.  Moody's expects to
conclude the rating review over the next few weeks.

Moody's estimates that as of March 31, 2009, Soriana's total debt
was MXN15.0 billion, up 16% from MXN12.9 billion at year-end 2008
because of higher local commercial paper issuance.  Short term
debt was estimated at MXN7.3 billion, or 49% of total debt,
consisting of MXN4.9 billion in 28-day commercial paper and a
MXN2.5 billion installment due in December 2009 under local long
term notes (SORIANA 08-2).  In its 4Q08 earnings call, Soriana
stated that in 2009 it expects to reduce total debt by between
MXN3 billion and MXN4 billion vs. year-end 2008, implying a
potential reduction in total debt to around MXN9 billion by year
end 2009 when using the upper end of the guidance range.

Reported year-end 2008 cash reserves were MXN1.7 billion, leaving
limited funds available for debt reduction when adjusting for cash
tied up in operations.  Moody's believes that cash balances may
have dropped in 1Q09.  Soriana does not maintain committed backup
credit facilities for its commercial paper issuance but instead
relies on advised lines with several relationship banks.

The last rating action for Soriana was on October 14, 2008, when
Moody's downgraded the company's long term ratings to Ba1/A1.mx
from Baa2/Aa2.mx and its short term rating to MX-2 from MX-1.

Organizacion Soriana, S.A.B. de C.V., headquartered in Monterrey,
Mexico, is the country's second largest food retailer in terms of
revenues and one of the largest retail chains in Latin America.
As of December 31, 2008, Soriana operated 465 stores throughout
Mexico with a total sales floor of 2,799 thousand square meters.
The company's store count increased from 257 at the end of 2007,
following the acquisition of Gigante's food retail operation
(formerly Mexico's fourth largest food retailer).  In 2008,
Soriana reported MXN95.6 billion (US$8.5 billion) in revenues and
MXN6.1 billion (US$543 million) in EBITDA.


VITRO SAB: Continues Debt Restructuring Talks With Lenders
----------------------------------------------------------
Vitro S.A.B. de C.V. said it is continuing discussions with
derivative financial instrument counterparties, bondholders and
creditors to achieve an organized financial restructuring to
improve its balance sheet.

On February 5, 2009, Vitro disclosed it elected not to make a
scheduled payment of $150 million pesos, plus accrued interest,
due February 5, 2009 on its Certificados Bursátiles issued in 2003
(“CEBURES 03”).  Vitro said it is holding discussions with the
holders of the CEBURES 03 in an effort to reach a mutually
acceptable agreement to restructure this financial obligation
along with the rest of the financial creditors.

Vitro also announced that it was informed that Credit Suisse
International (CSIN) has filed a lawsuit against one of its
subsidiaries in the Supreme Court of the State of New York
demanding payment of approximately US$85 million.  The complaint
arises out of a derivative financial instrument, Vitro said.

Additionally, the company said an accounts receivable credit
facility with The Royal Bank of Scotland, which provided funds to
one of Vitro’s subsidiaries, with a balance of approximately US$19
million, which was scheduled to end April 2009, was concluded.

                       Other Loan Defaults

On January 29, 2009, Vitro said four of its derivative financial
instrument
counterparties provided notice to the company, invoking agreements
governing the derivative financial instruments, stating that the
failure of the company to pay an aggregate of approximately US$293
million (including approximately US$80 million held as cash
collateral by the counterparties) constitutes events of default
under the agreements, and have effectively demanded payment of
such amounts.

As of December 31, 2008, Vitro had a net loss of approximately
US$358 million according to the claims by its derivative
counterparties (not including accrued interest), including a loss
of approximately US$33 million related to the only open derivative
financial instruments covering natural gas contracts from 2009-
2011 with Pemex.

The events of default under the agreements result in an event of
default under the indentures governing the Senior Notes and the
11.75 percent Senior Notes due 2013 (the “2013 Notes”), enabling
the trustees of such Notes, or with respect to each of the 2012
Notes, the 2017 Notes, and the 2013 Notes, the holders of 25
percent or more in principal amount of such Notes, to declare the
US$300 million principal amount (and accrued interest) of the 2012
Notes, the US$700 million principal amount (and accrued interest)
of the 2017 Notes, respectively and the US$216 million principal
outstanding amount (and accrued interest) of the 2013 Notes, to be
immediately due and payable.

The failure of the company to make the payments due under the
agreements also results in events of default under various other
financing agreements of the company and its subsidiaries,
aggregating approximately US$81 million and permitting lenders
under such facilities to declare borrowings under these agreements
to be immediately due and payable.

In addition, the company and its subsidiaries are also in default
under loan agreements of approximately US$17 million, and the
lenders may declare such debt to immediately due and payable.

As of December 31, 2008, the counterparties held an aggregate of
approximately US$85 million (not including accrued interest), as
cash collateral for the obligations of the company and/or its
subsidiaries under the agreements.

In light of these four counterparties' notices and in order to
preserve the necessary cash to continue operations, Vitro said it
does not intend to make scheduled payments due February 2, 2009 of
interest of US$12.9 million on its 8.625 percent Senior Notes due
2012 (the “2012 Notes”) and US$31.9 million on its 9.125 percent
Senior Notes due 2017 (the “2017 Notes”).

Vitro stated failure of the company to make the interest payments
within 30 days after the scheduled payment date would constitute a
separate event of default under the indentures governing the 2012
Notes and the 2017 Notes.

                        Derivative Claims

As of December 31, 2008, certain positions have been unwinded for
approximately
US$325 million.  The cash deposited as collateral related to these
positions accounts approximately US$85 million (without including
interests).

Accordingly, Vitro said some derivative financial instrument
counterparties have filed law suits in the Supreme Court of the
State of New York demanding the payment of the unwinded positions.
The company said it has been notified of such demands and has
reached stay agreements with counterparties, agreeing a
continuance of the deadline for the filing of its initial response
and its defense to such demands.

As to the counterparties that have not filed any claims until this
date, the company said it has reached stay agreements for the same
period.

The company said it is still evaluating, assisted by its external
advisors, the validity, amount and legality of the derivative
financial instruments.

On March 17, 2009, the company reached stay agreements with Credit
Suisse, Calyon, Merrill Lynch, Barclays, Deutsche Bank and
Citibank, counterparties of derivative financial instruments.  The
parties agreed to a continuance of the deadline for the filing of
Vitro’s initial responsive pledging in the Supreme Court of the
State of New York and a stay of the litigation processes until
April 24, 2009, allowing parties time to negotiate solutions and
reach a satisfactory mutual and final agreements.

To save around US$80 to US$120 million annually, Vitro plans to,
among others,
reduce workforce, cancel airplane leasing contracts, divest
nonproductive assets and eliminate the outsourcing of non-
strategic services.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. through
its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and
Vimexico, S.A. de C.V., is a global glass producer, serving the
construction and automotive glass markets and glass containers
needs of the food, beverage, wine, liquor, cosmetics and
pharmaceutical industries.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 11, 2009, Fitch Ratings downgraded Vitro, S.A.B. De C.V's
Long-term Issuer Default Rating to 'D' from 'C '; Long-term
foreign currency IDR to 'D' from 'C'; National scale long-term
rating to 'D(mex)' from 'C(mex)'; and Certificados Bursatiles
issuances to 'D(mex)' from 'C(mex)'.

In addition, Fitch affirmed the rating on the company's US$300
million senior notes due 2012 at 'CC/RR4'; US$225 million senior
notes due 2013 at 'CC/RR4'; and US$700 million senior notes due
2017 at 'CC/RR4'.



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

DOE RUN: Unit Reaches Loan Accord With Suppliers
------------------------------------------------
Doe Run Peru S.R.L., an indirect subsidiary of Doe Run Resources
Corporation, reached an agreement with suppliers to resume
operations after banks halted funding to the refiner in February,
Alex Emery of Bloomberg News reports, citing Peruvian Finance
Minister Luis Carranza.

As reported in the Troubled Company reporter-Latin America on
March 27, 2009, Bloomberg News said Doe Run Peru shut 95% of its
operations because of a lack of financing.  Bloomberg News related
Doe Run's La Oroya smelter closed its copper plant and zinc- and
lead-processing installations.

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

Mr. Carranza, as cited by Bloomberg News, said a group of mining
companies agreed in government-brokered talks to lend Doe Run Peru
US$75 million and provide US$100 million of concentrates.  “This
was entirely a private solution,” Mr. Carranza was quoted by the
news agency as saying.  “The government didn’t put up a cent.”

Bloomberg News relates Hans Flury, head of Peru’s National Society
of Mining, Petroleum and Energy, said Cia. de Minas Buenaventura
SA, Volcan Cia. Minera SAA and Soc. Minera El Brocal SA were among
six mining companies that agreed to aid Doe Run Peru.

                        About Doe Run Peru

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

                           *     *     *

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




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

* BOND PRICING: For the Week March 30 – April 3, 2009
-----------------------------------------------------


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

  ARGENTINA
  ---------
Alto Palermo SA         11.000    06/11/12     USD      50.49
Alto Palermo SA          7.875    05/11/17     USD      48.75
Argent-DIS               5.830    12/31/33     ARS      42.24
Argent-CDIS              7.820    12/31/33     ARS      21.62
Argent-$DIS              8.820    12/31/33     ARS      23.03
Argent-$DIS              8.820    12/31/33     ARS      26.69
Argent-Par               0.630    12/31/38     ARS      10.72
Argnt-Bocon PRE8         2.000    01/03/10     ARS      41.69
Argnt-Bocon PR11         2.000    12/03/10     ARS      31.02
Argnt-Bocon PRE9         2.000    03/15/24     ARS      52.72
Argnt-Bocon PR12         2.000    01/03/16     ARS      45.95
Argnt-Bocon PR13         2.000    03/15/24     ARS      16.73
Arg Boden                2.000    09/30/14     ARS      42.48
Arg Boden                7.000    10/03/15     ARS      25.00
Argentina - NGB          2.000    01/03/16     ARS      36.99
Autopistas Del S        11.500    05/23/17     USD      32.82
Banco Hipot SA           9.750    11/16/10     USD      58.46
Banco Hipot SA           9.750    04/27/16     USD      30.67
Banco Macro SA           8.500    02/01/17     USD      54.43
Banco Macro SA           9.750    12/18/36     USD      33.60
Bonar ARG $ V           10.500    06/12/12     USD      30.99
Bonar V                  7.000    03/28/11     USD      41.42
Bonar X                  7.000    04/17/17     USD      43.12
Bonar VII                7.000    09/12/13     USD      32.40
Buenos Aire Prov         9.625    04/18/28     USD      23.25
Buenos Aire Prov         9.375    09/14/18     USD      22.82
Buenos-$DIS              9.250    04/15/17     USD      22.87
Buenos-$DIS              8.500    04/15/17     USD      23.93
Hidroelec Piedra         9.000    07/11/17     USD      61.40
Industries Metal        11.250    10/22/14     USD      39.42
Invers Rep Y Soc         8.500    02/02/17     USD      48.50
Inversora Elec           6.500    12/26/17     USD      15.44
Mendoza Province         5.500    09/04/18     USD      33.25
Petrobas Energi          5.875    05/15/17     USD      73.99
Transener                8.875    12/15/16     USD      38.75
Trasport De Gas          7.875    05/14/17     USD      57.12
YPF SA                  10.000    11/02/28     USD      74.37

   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      70.75
Banco Ind E Com          9.750    03/03/16     USD      72.12
Bertin Ltda             10.250    10/05/16     USD      44.66
Bertin Ltda             10.250    10/05/16     USD      45.25
Braskem SA               9.000    04/29/49     USD      66.87
BR Malls Int Fi          9.750    11/29/49     EUR      69.25
CESP                     9.750    01/15/15     BRL      42.84
Cosan Finance            7.000    02/01/17     USD      64.00
Cosan SA Industr         8.250    02/28/49     USD      51.00
JBS SA                  10.500    08/04/16     USD      70.00
Independencia In         9.875    05/15/15     USD      16.99
Independencia In         9.875    05/15/15     USD      17.00
Independencia In         9.875    01/31/17     USD      15.96
National Steel           9.875    05/29/49     USD      69.00
Rede Empresas           11.120    04/29/49     USD      40.05
RBS-Zero Hora Ed        11.250    06/15/17     BRL      60.66
Sadia Overseas           6.875    05/24/17     USD      71.50
Vigor                    9.250    02/23/17     USD      33.05


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      48.87
Aes Dominicana          11.000    12/13/15     USD      65.12
Aig Sunamerica           5.625    02/01/12     GBP      46.57
Aig Sunamerica           6.375    10/05/20     GBP      54.18
Agile Property           9.000    02/22/13     USD      74.31
Agile Property           9.000    02/22/13     USD      71.501
Bancaja Intl Fin         5.700    06/30/22     EUR      48.76
Banco BPI (CI)           1.150    11/11/35     EUR      71.77
Barion Funding           0.100    12/20/56     USD       4.33
Barion Funding           0.250    12/20/56     USD       4.70
Barion Funding           0.250    12/20/56     USD       4.70
Barion Funding           0.250    12/20/56     USD       4.70
Barion Funding           0.250    12/20/56     USD       4.70
Barion Funding           0.250    12/20/56     USD       4.70
Barion Funding           1.440    12/20/56     USD      23.27
Barion Funding           0.250    12/20/56     USD       4.74
Barion Funding           0.630    12/20/56     USD      12.11
BCP Finance Company      5.543    06/29/49     EUR      42.00
BCP Finance Company      4.239    10/29/49     EUR      42.50
Bes Finance Limited      4.500    12/29/49     EUR      55.00
Bes Finance Limited      6.625    05/08/49     EUR      65.00
Bes Finance Limited      5.580    07/29/49     EUR      48.50
Bishopgate Asse          5.107    09/28/37     GBP      73.72
Braskem Fin Limited      7.250    06/06/18     USD      72.80
Cam Global Fin           6.080    12/22/30     EUR      52.09
Castle Holdco 4          9.875    05/15/15     GBP      06.00
Castle Holdco 4          9.875    05/15/15     GBP      06.00
China Med Tech           3.500    11/15/11     USD      73.29
China Med Tech           4.000    08/15/13     USD      51.62
China Properties         9.125    05/04/14     USD      42.00
Citadel Finance          6.250    12/15/11     USD      73.60
CKWH-UT2 LTD             9.125    05/29/49     USD      64.81
Country Garden           2.500    02/22/13     CNY      72.06
DP World Sukuk           6.250    07/02/17     USD      57.50
DP World Sukuk           6.250    07/02/17     USD      59.22
Dubai Holding Comm       4.750    01/30/14     EUR      57.00
Dubai Holding Comm       6.000    02/01/17     GBP      54.00
DWR CYMN FIN             4.473    03/31/57     GBP      62.73
Esfg Internation         5.753    06/29/49     EUR      48.00
Gol Finance              7.500    04/03/17     USD      49.75
Gol Finance              7.500    04/03/17     USD      51.81
Gol Finance              8.750    04/28/49     USD      40.50
Greentown China          9.000    11/08/13     USD      47.50
Inverstcorp              8.080    07/12/32     USD      71.79
Ja Solar Hold Company    4.500    05/15/13     USD      55.00
Lai Funding Holding      9.125    04/04/14     USD      67.46
Ldk Solar Co Ltd         4.750    04/15/13     USD      44.50
Lupatech Finance         9.875    07/29/49     USD      63.00
Mafrig Overseas          9.625    11/16/16     USD      61.43
Mafrig Overseas          9.625    11/16/16     USD      59.75
Malachite Fdg            0.630    12/21/56     EUR      14.74
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.67
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.67
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.67
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.67
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.72
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.67
Mazarin Fdg Ltd          0.630    09/20/68     USD      10.34
Mazarin Fdg Ltd          1.440    09/20/68     USD      21.72
Minerva Overse           9.500    02/01/17     USD      39.88
Mizuho Capital I         5.020    06/29/49     EUR      40.50
Mizuho Capital INV I     6.686    03/29/49     EUR      59.75
Monument Global          5.405    11/17/31     EUR      68.40
Mufg Cap Fin2            4.850    07/29/49     EUR      47.72
Mufg Cap Fin4            5.271    01/29/49     EUR      47.19
Mufg Cap Fin5            6.299    01/25/49     GBP      43.50
Prince Fin Global        4.500    01/26/17     EUR      47.40
Pubmaster Fin            5.943    12/30/24     GBP      64.94
Reg Div Funding          5.251    01/25/36     USD      26.00
Resona PFD Glob          7.191    12/29/49     USD      42.41
Santander                7.250    12/29/49     GBP      52.50
Seagate Tech HDD         6.800    10/01/16     USD      61.29
Seagate Tech HDD         6.375    10/01/11     USD      73.87
Shimao Property          8.000    12/01/16     USD      55.50
SMFG Preferred           6.078    01/29/49     USD      61.44
SMFG Preferred           6.164    01/29/49     USD      36.99
SMFG Preferred 2        10.231    07/18/49     USD      61.16
STB Finance              5.834    09/29/49     GBP      49.01
Subsea                   2.800    06/06/11     USD      74.33
Suntech Power            3.000    03/15/13     USD      53.80
Tam Capital Inc.         7.375    04/25/17     USD      58.88
Tam Capital Inc.         7.375    04/25/17     USD      55.25
Trina Solar Ltd          4.000    07/15/13     USD      46.50
Unibanco Cayman          8.700    02/11/10     BRL      54.66
UOB Cayman Ltd           5.796    12/29/49     USD      60.37
US Cap Fdg VI            6.775    07/10/43     USD      70.88
Vestel Elec Fin          8.750    05/09/12     USD      58.14
Vontobel Cayman         11.300    04/24/09     USD      70.20
XL Capital Limited       5.250    09/15/14     USD      64.91
XL Capital Limited       6.250    05/15/27     USD      49.53
XL Capital Limited       6.375    11/15/24     USD      52.60
XL Capital Limited       6.500    12/31/49     USD      22.66

   DOMINICAN REPUBLIC
   ------------------
Cap Cana Sa              9.625    11/03/13     USD      34.88
Dominican Republ         8.625    04/20/27     USD      62.50
Dominican Republ         9.040    01/23/18     USD      72.50


   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      45.75
Rep of Ecuador           9.375    12/15/15     USD      44.40



  EL SALVADOR
  -----------
El Salvador Rep          7.650    06/15/35     USD      72.00


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      58.25
Jamaica Govt             8.000    06/24/19     USD      70.63
Jamaica Govt             8.000    03/15/39     USD      57.00
Jamaica Govt             8.500    02/28/36     USD      61.00
Jamaica Govt             9.250    10/17/25     USD      73.25
Jamaica Govt LRS        12.750    06/29/22     JMD      45.17
Jamaica Govt LRS        12.750    06/29/22     JMD      45.15
Jamaica Govt LRS        12.250    07/13/12     JMD      70.07
Jamaica Govt LRS        12.850    05/31/22     JMD      45.57
Jamaica Govt LRS        13.375    04/27/32     JMD      46.97
Jamaica Govt LRS        13.575    12/15/26     JMD      46.60
Jamaica Govt LRS        13.375    12/15/21     JMD      47.58
Jamaica Govt LRS        13.875    05/17/13     JMD      69.11
Jamaica Govt            14.000    06/30/21     EUR      49.95
Jamaica Govt            14.000    06/21/13     EUR      70.18
Jamaica Govt            14.000    07/05/13     EUR      69.99
Jamaica Govt            14.125    07/08/13     EUR      69.03
Jamaica Govt            14.125    08/31/12     EUR      74.39
Jamaica Govt            14.250    03/15/13     EUR      71.06
Jamaica Govt            14.250    03/15/13     EUR      70.95
Jamaica Govt            14.250    05/31/13     EUR      73.13
Jamaica Govt            14.375    11/29/12     EUR      72.54
Jamaica Govt            14.375    11/15/12     EUR      72.75
Jamaica Govt            14.375    05/03/14     EUR      67.24
Jamaica Govt LRS        14.375    06/28/14     EUR      65.55
Jamaica Govt            14.375    09/06/14     EUR      64.83
Jamaica Govt            14.375    09/13/14     EUR      74.39
Jamaica Govt            14.375    05/30/14     EUR      67.52
Jamaica Govt            14.400    08/03/27     EUR      51.23
Jamaica Govt            14.500    11/13/13     EUR      68.46
Jamaica Govt LRS        14.500    05/17/13     JMD      71.80
Jamaica Govt LRS        14.500    06/28/17     JMD      57.74
Jamaica Govt LRS        14.750    03/21/14     JMD      69.12
Jamaica Govt LRS        14.750    04/26/13     JMD      72.72
Jamaica Govt LRS        14.625    04/19/14     JMD      68.43
Jamaica Govt LRS        15.000    07/31/13     JMD      70.93
Jamaica Govt LRS        15.000    11/15/21     JMD      53.17
Jamaica Govt LRS        15.000    08/30/32     JMD      54.40
Jamaica Govt LRS        15.000    09/06/32     JMD      54.32
Jamaica Govt LRS        15.000    07/31/14     JMD      66.87
Jamaica Govt LRS        15.125    04/24/14     JMD      68.42
Jamaica Govt LRS        15.500    03/24/28     JMD      53.34
Jamaica Govt LRS        15.750    08/22/19     JMD      57.24
Jamaica Govt LRS        15.800    06/26/17     JMD      62.07
Jamaica Govt LRS        16.000    08/24/13     JMD      73.19
Jamaica Govt LRS        16.000    06/13/22     JMD      56.28
Jamaica Govt            16.000    12/06/32     EUR      54.93
Jamaica Govt LRS        16.000    05/17/17     JMD      61.10
Jamaica Govt LRS        16.250    05/22/27     EUR      55.78
Jamaica Govt LRS        16.125    08/21/32     EUR      57.36
Jamaica Govt LRS        16.250    06/18/27     EUR      57.68
Jamaica Govt LRS        16.250    05/22/22     EUR      57.16
Jamaica Govt LRS        16.150    06/12/22     EUR      56.79
Jamaica Govt LRS        16.150    06/21/22     EUR      58.81
Jamaica Govt LRS        16.250    07/26/32     EUR      55.77
Jamaica Govt LRS        16.250    08/26/32     EUR      57.81
Jamaica Govt LRS        16.500    06/14/27     EUR      56.64
Jamaica Govt LRS        17.000    07/11/23     EUR      59.20


    NETHERLANDS  ANTILLES
    ---------------------
KBC Intl Fin             5.000    05/29/49     EUR      50.00
KBC Intl Fin             5.050    01/15/20     EUR      70.25
Mer Lynch Int Cv        16.800    04/24/09     USD      31.95
Soc Gen Accept           0.750    12/21/11     EUR      40.89
Soc Gen Accept           9.000    03/21/14     EUR      71.03
Soc Gen Accept           7.000    02/27/13     EUR      13.21
Soc Gen Accept           7.000    02/19/12     EUR      14.22
Soc Gen Accept          14.000    04/09/09     EUR      20.10
Soc Gen Accept           8.000    12/20/13     EUR      29.07


   PANAMA
   ------

Willbros Group           2.750    03/15/24     USD      69.50
   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      30.75
Doral Fin Corp           7.100    04/26/17     USD      20.75
Doral Fin Corp           7.150    04/26/22     USD      16.12
Doral Fin Corp           7.650    03/26/16     USD      23.12


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      43.41
Uruguay                  4.250    04/05/27     UYU      54.28


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      39.50
Petroleos de Ven         5.375    04/12/27     USD      34.62
Petroleos de Ven         5.500    04/12/37     USD      35.87
TCCIC                    6.250    04/06/17     USD      50.57
Venezuela                7.000    03/31/38     EUR      44.12
Venezuela                8.500    10/08/14     USD      63.50
Venezuela                6.000    12/09/20     EUR      45.50
Venezuela                7.650    04/21/25     EUR      46.00
Venezuela                5.750    02/26/16     EUR      51.12
Venezuela               13.625    08/15/18     USD      73.00
Venezuela                7.000    03/16/15     USD      51.17
Venezuela                7.000    03/16/15     USD      51.87
Venezuela                7.000    12/01/18     USD      49.00
Venezuela                9.000    05/07/23     USD      52.67
Venezuela                9.250    09/15/27     USD      59.00
Venezuela                9.250    05/07/28     USD      51.49
Venezuela               10.750    09/19/13     USD      68.70
Venzod - 189000          9.375    01/13/34     USD      54.50
Venzod - 189000         10.750    09/19/13     USD      75.00





                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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