TCRLA_Public/090407.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, April 7, 2009, Vol. 9, No. 68

                            Headlines

A R G E N T I N A

CASI SRL: Trustee Verifying Proofs of Claim Until May 27
LA CABAATA: Trustee Verifying Proofs of Claim Until May 20
LOS SOLES: Trustee Verifying Proofs of Claim Until May 20
ROBERTO LEOZ: Trustee Verifying Proofs of Claim Until June 25
TECNAT SA: Trustee Verifying Proofs of Claim Until May 26

TELECOM ARGENTINA: To Prepay Outstanding Notes on April 15
VASIL CORP: Trustee Verifying Proofs of Claim Until August 7
* ARGENTINA: May Fail to Make Debt Payments Next Year


B A H A M A S

* BAHAMAS: Central Bank Says Economy Continues to Weaken


B E R M U D A

GEOBIOTICS COPPER: Creditors' Proofs of Debt Due on April 17
GEOBIOTICS COPPER: Members' Meeting Set for May 5
NOTCUTT WARBURG: Creditors' Proofs of Debt Due on April 17
NOTCUTT WARBURG: Members' Meeting Set for May 5
VESTA CAPITAL: Creditors' Proofs of Debt Due on April 17

VESTA CAPITAL: Members' Meeting Set for May 5


B R A Z I L

BANCO DAYCOVAL: Board OKs Renewal of Share Buyback Program
COSAN SA: Investors Should Buy Firm's Shares, Citigroup Says
INDEPENDENCIA SA: Closes 3 More Plants, Cuts 1,400 Jobs
MAGNESITA REFRATARIOS: Moody's Cuts Corp. Family Ratings to 'Ba3'


C A Y M A N  I S L A N D S

ABSOLUTE SYNTHETIC: Shareholders' Final Meeting Set for April 17
BDT INVEST ET AL: Liquidator to Present Wind-Up Report on April 16
BLACK DIAMOND: Shareholders to Hear Wind-Up Report on May 4
CIRCLE T: Shareholders to Hear Wind-Up Report on April 17
CORAL SEA: Sole Member to Receive Wind-Up Report on April 15

CRYSTAL CREDIT: More Losses Cues S&P's Junk Rtng. on Class C Notes
DURAT AL: Shareholders' Meeting Set for April 16
ECLIPSE FUNDING: Shareholder to Hear Wind-Up Report on April 17
GLOBALCAPITAL INVESTMENT: Members to Hear Wind-Up Report on June 1
KINTYRE TRADERS: Shareholders' Final Meeting Set for April 17

MERIT HOLDINGS: Fitch Junks Rating on US$150 Mil. Notes
NAVESINK EQUITY: Shareholders to Hear Wind-Up Report on April 16
NAVESINK INVESTMENTS: Shareholders' Meeting Set for April 16
NEW STAR: Final Meeting Slated for May 1
PAC FUNDING: Shareholders' Final Meeting Set for April 16

PINE STREET: Shareholder to Hear Wind-Up Report on April 23
SHELTER ISLAND: Shareholder to Hear Wind-Up Report on April 17
SIVIK GLOBAL: Creditors' Proofs of Debt Debt Due on February 10
THE OLD MASTER: Placed Under Voluntary Liquidation
TT EVENT-DRIVEN ET AL: Creditors' Proofs of Debt Due on April 16

TT LONG/SHORT ET AL: Creditors' Proofs of Debt Due on April 16


C H I L E

* CHILE: Minister Sees Economic Growth Lower Than Estimate


C O L O M B I A

ECOPETROL: Pays US$62,000 Fine to Local Utilities Regulator


J A M A I C A

AIR JAMAICA: Suspends Unlicenced Mechanical Engineers
AIR JAMAICA: To Offer Flights from Fort Lauderdale to Jamaica
AIR JAMAICA: CEO Confident Airline Will Survive Crisis
ALPART: Group Urges Firm to Keep Ties With Local Contractors


M E X I C O

INTERACCIONES SOCIEDAD: Moody's Withdraws Risk Ratings on 11 Funds
VITRO SAB: Continues Debt Restructuring Talks With Lenders


N E T H E R L A N D S  A N T I L L E S

WINAIR: To Keep Nevis - St. Maarten Route


P E R U

DOE RUN PERU: Gets 3-Month Extension on Clean-Up Projects


N E T H E R L A N D S  A N T I L L E S

WINAIR: To Keep Nevis - St. Maarten Route


V E N E Z U E L A

PDVSA: Signs MOU with Iran to Participate in Oil Fields Projects


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

CASI SRL: Trustee Verifying Proofs of Claim Until May 27
--------------------------------------------------------
The court-appointed trustee for Casi S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 27, 2009.

The trustee will present the validated claims in court as
individual reports on July 10, 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 8, 2009.


LA CABAATA: Trustee Verifying Proofs of Claim Until May 20
----------------------------------------------------------
The court-appointed trustee for La Cabaata Distribuidora S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 20, 2009.

The trustee will present the validated claims in court as
individual reports on July 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
August 31, 2009.


LOS SOLES: Trustee Verifying Proofs of Claim Until May 20
---------------------------------------------------------
The court-appointed trustee for Los Soles S.R.L.'s reorganization
proceeding will be verifying creditors' proofs of claim until
May 20, 2009.


ROBERTO LEOZ: Trustee Verifying Proofs of Claim Until June 25
-------------------------------------------------------------
The court-appointed trustee for Roberto Leoz S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 25, 2009.

The trustee will present the validated claims in court as
individual reports on August 25, 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 [company]'s
accounting and banking records will be submitted in court on
October 6, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 28, 2010.


TECNAT SA: Trustee Verifying Proofs of Claim Until May 26
---------------------------------------------------------
The court-appointed trustee for Tecnat S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 26, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 17, 2009.


TELECOM ARGENTINA: To Prepay Outstanding Notes on April 15
----------------------------------------------------------
Telecom Argentina S.A. said it intends to make a Note Payment on
April 15, 2009 or as soon as practicable thereafter.

According to the company, the Note Payment will result in the
payment of 48.75% of the principal amortization payment scheduled
to be paid on April 15, 2012.

The company said it also intends to make these corresponding
interest payment on the same date:


Series  Currency  Due   ISIN No.   % of the     % of Original
                   Date  Original   Principal    Amount
                         Principal  Outstanding  after
                         Amount                  the Note Payment
------  --------  ----  ---------  -----------  ----------------
Sries A   US$     2014  US879273AK60  3.48075%     37.67925%
                         XS0218481744
                         Not Listed

           Euro    2014  XS0218482122  3.48075%     37.67925%
                         XS0218482395
                         Not Listed

           AR$     2014  Not Listed    3.48075%     37.67925%
           JPY     2014  Not Listed    3.48075%     37.67925%

Telecom Argentina said the payment will be made to the holders of
the Notes in global form through the settlement systems of DTC,
Euroclear or Clearstream, as applicable.  Payments to holders of
Notes in certificated form will be made by wire transfer to the
accounts of the respective holders.

As of December 31, 2008, Telecom Argentina had 984,380,978 shares
outstanding.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As reported in the Troubled Company reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered Telecom
Argentina SA's foreign currency rating to B-/Stable/ and local
currency rating to B/Stable/.  The outlook on both ratings is
stable.


VASIL CORP: Trustee Verifying Proofs of Claim Until August 7
------------------------------------------------------------
The court-appointed trustee for Vasil Corp S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 7, 2009.

The trustee will present the validated claims in court as
individual reports on June 18, 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 29, 2009.



* ARGENTINA: May Fail to Make Debt Payments Next Year
-----------------------------------------------------
Argentina may not be able to pay its creditors next year, which
would be its second time since 2002, Richard Reynolds of The
Guardian reports.

"This year should be fine, there is enough money to pay off what
it owes, but next year looks very different," the report quoted
Eugenio Bruno, a Buenos Aires lawyer specialising in international
debt issues, as saying.

The report recalls Argentina's last default in 2002 involved
nearly $100 billion in debts.

According to the report, Argentina's debt is now $150 billion and
the government owes more than $20 billion (GBP13.9 billion) this
year alone from a combination of debts falling due and servicing
charges.

The report says the government is due to repay $14 billion this
year and $10 billion next year.

However, the report notes, as some Argentinian dollar-denominated
bonds are yielding more than 50%, a default is likely to happen.

Meanwhile, the report relates the country is now sliding into a
recession.  Optimistic estimates show gross domestic product
shrinking by at least 2.5%, the report states.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to 'B-'
; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'.  The rating
outlook on the local currency IDR is Stable.

In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.



=============
B A H A M A S
=============

* BAHAMAS: Central Bank Says Economy Continues to Weaken
--------------------------------------------------------
The Bahamas Central Bank said the country's tourism and foreign
investments continue to weaken due to the global financial crisis
with no expectations that the situation will turn around anytime
soon, Caribbean360.com reports.

"The outlook for the Bahamian economy remains weak throughout
2009, with developments expected to be heavily influenced by the
responsiveness of the global economy - particularly the United
States - to the stimulus measures implemented by monetary and
fiscal authorities," the bank said in a review of economic and
financial developments obtained by the news agency.
"Consequently, tourism and foreign-investment activity are likely
to remain subdued in the near term, with implications for a
further elevation in the unemployment rate above the 12% estimated
at end-2008."

With regards to the tourism industry, the central bank, as quoted
by Caribbean360.com, said: "activity in the [tourism] sector is
expected to have weakened significantly over the closing months of
the year and into early 2009, reflecting downturns in both
occupancy levels and average daily room rates".

The bank, the report notes, added that during February, inflation
remained at elevated levels, reflecting mainly higher prices for
consumer goods.  In addition, Caribbean360.com relates the bank
said that with the expected increase in spending and weakness in
revenue collection, fiscal deficit is expected to widen
considerably, while the current account deficit is not likely to
encounter significant deterioration.



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

GEOBIOTICS COPPER: Creditors' Proofs of Debt Due on April 17
------------------------------------------------------------
The creditors of GeoBiotics Copper Ltd. 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 April 1, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


GEOBIOTICS COPPER: Members' Meeting Set for May 5
-------------------------------------------------
The members of GeoBiotics Copper Ltd. will hold their meeting on
May 5, 2009, at 9:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 1, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


NOTCUTT WARBURG: Creditors' Proofs of Debt Due on April 17
----------------------------------------------------------
The creditors of Notcutt Warburg International Limited 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 April 2, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


NOTCUTT WARBURG: Members' Meeting Set for May 5
-----------------------------------------------
The members of Notcutt Warburg International Limited will hold
their meeting on May 5, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


VESTA CAPITAL: Creditors' Proofs of Debt Due on April 17
--------------------------------------------------------
The creditors of Vesta Capital Partners Limited 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 April 1, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


VESTA CAPITAL: Members' Meeting Set for May 5
---------------------------------------------
The members of Vesta Capital Partners Limited will hold their
meeting on May 5, 2009, at 9:30 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 1, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda



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

BANCO DAYCOVAL: Board OKs Renewal of Share Buyback Program
----------------------------------------------------------
Banco Daycoval SA's board has approved a renewal of the company's
share buyback program, Dow Jones reports citing a regulatory
filing.

According to Dow Jones, Daycoval's board approved the purchase of
up to 3.08 million shares traded on the Sao Paulo Stock Exchange.

Over the past year, the report relates, Daycoval has repurchased
3.35 million outstanding shares.

Currently, Daycoval has 59.6 million shares outstanding, the
report says.

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2008, Standard & Poor's Ratings Services revised the
outlooks on Banco Daycoval S.A. to stable from positive.  At the
same time, S&P affirmed the 'BB-' long-term and 'B' short-term
counterparty credit ratings on the bank.

Fitch revised its outlook on Banco Daycoval to Stable from
Positive and affirmed its long-term foreign currency issuer
default rating affirmed at 'BB-'/Stable Outlook; short-term
foreign currency issuer default rating affirmed at 'B'; long-term
local currency issuer default rating affirmed at 'BB-'/Stable
Outlook; short-term local currency issuer default rating affirmed
at 'B'; and individual rating at 'C/D'.


COSAN SA: Investors Should Buy Firm's Shares, Citigroup Says
------------------------------------------------------------
Citigroup Inc. said investors should buy Cosan SA Industria e
Comercio's shares as higher prices for the commodity and a weaker
Brazilian currency may boost earnings, Allen Wan of Bloomberg News
reports.

“We look for strong sugar prices in 2009-10, as demand is
relatively resilient to an economic slowdown and production is
down,” Citigroup analyst Tereza Mello wrote in a note obtained by
Bloomberg News.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 14, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on sugar and ethanol producer Cosan Ltd.
and its Brazilian operating subsidiary, Cosan S.A. Industria e
Comercio (jointly referred to as Cosan), to 'BB-' from 'BB'.  At
the same time, S&P removed the ratings from CreditWatch, where
they were placed with negative implications on April 24, 2008.


INDEPENDENCIA SA: Closes 3 More Plants, Cuts 1,400 Jobs
-------------------------------------------------------
Independencia SA closed three more plants and fired 1,400
employees because of slumping demand, Francisco Marcelino of
Bloomberg News reports.

Units in Sao Paulo and Mato Grosso states will be shut, the
company said in an e-mailed statement obtained by Bloomberg News.

Last week, the report recalls, the company fired 4,800 workers and
shut five plants.

“The failure of Lehman Brothers in September dried up export
credit lines and increased lending costs for Brazilian meat
producers,” Soummo Mukherjee, a meat and beverage senior analyst
for Moody’s Investors Service in Sao Paulo told Bloomberg News in
a phone interview.

According to Bloomberg News, Independencia SA -- Brazil's fourth
largest meat exporter -- filed for bankrupcy protection earlier
this year after the global economic crisis caused exports to
slump.


MAGNESITA REFRATARIOS: Moody's Cuts Corp. Family Ratings to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Magnesita Refratarios
S.A.'s corporate family ratings to Ba3 from Ba1 on the global
scale and to A3.br from Aa2.br on the Brazilian national scale.
The ratings remain under review for possible further downgrade.

The rating action reflects the company's significantly increased
leverage as measured by Total Adjusted Net Debt (adjusted for BRL
303 million pension obligations) to EBITDA (as defined by Moody's)
above 4.5x at December 31, 2008 (pro-forma for 12 months of LWB's
operations acquired in November 2008).  The higher leverage
derived from the combination of additional debt to fund
Magnesita's inorganic growth with the company's weak performance
during the fourth quarter of 2008, consequently tightening the
headroom under existing financial covenants of a substantial
portion of the company's outstanding debt.  Moody's believe that
its performance in the first three months of 2009 remained weak
due to lingering unfavorable market conditions for the global
steel industry that traditionally represents about 70% of
refractories consumption worldwide, thus placing further pressure
on certain of its financial covenants.

The review of Magnesita's ratings will focus on the company's
ability to reduce indebtedness as measured by Total Adjusted Net
Debt to EBITDA below 3.0x over the near term and maintain adequate
liquidity from cash balance and free cash flow generation.

The last rating action was on April 23, 2008, when Moody's
assigned the corporate family ratings to Magnesita.

Magnesita Refratarios S.A. is the largest manufacturer of
refractories in Latin America and the third largest worldwide,
with operations in Brazil, U.S., Europe and Asia.  Pro-forma for
twelve months of LWB's operations acquired in November 2008,
Magnesita reported consolidated revenues of BRL 2,398 million
(US$1,303 million converted by the average exchange rate) in 2008.



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

ABSOLUTE SYNTHETIC: Shareholders' Final Meeting Set for April 17
----------------------------------------------------------------
The shareholders of Absolute Synthetic SCO Limited will hold their
meeting on April 17, 2009, at 8:30 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BDT INVEST ET AL: Liquidator to Present Wind-Up Report on April 16
------------------------------------------------------------------
On April 16, 2009, DMS Corporate Services Ltd will present the
companies' wind-up report and property disposal to the members of:

   -- BDT Invest Asia Fund (Accumulator) Limited;
   -- BDT Invest Asia Fund (Distributor) Limited;
   -- BDT Invest Asia Fund (GP) Limited;
   -- BDT Invest Japan Fund (Accumulator) Limited;
   -- BDT Invest Japan Fund (Distributor) Limited; and
   -- BDT Invest Japan Fund (GP) Limited.

The Liquidator can be reached at:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


BLACK DIAMOND: Shareholders to Hear Wind-Up Report on May 4
-----------------------------------------------------------
The shareholders of Black Diamond Multi-Manager Offshore Fund Ltd.
will hold their meeting on May 4, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders to Hear Wind-Up Report on April 17
---------------------------------------------------------
The shareholders of Circle T Market-Neutral Offshore Fund, Ltd.
will hold their meeting on April 17, 2009, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CORAL SEA: Sole Member to Receive Wind-Up Report on April 15
------------------------------------------------------------
The sole member of Coral Sea Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on April 15, 2009, at 10:00 a.m.

The company's liquidator is:

          Juan A. Bacardi
          P.O. Box N-9915, Nassau
          Bahamas


CRYSTAL CREDIT: More Losses Cues S&P's Junk Rtng. on Class C Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on all the classes of principal-
at-risk variable-rate notes issued by Crystal Credit Ltd., due to
the deterioration in claim activity and increase in aggregate
losses in that deal.

This transaction involves the securitization of payments related
to an indemnity-based excess-of-loss retrocession agreement
between Swiss Reinsurance Co. and Crystal Credit, covering the
risk on a defined portfolio of credit reinsurance treaties for the
underwriting years 2006 to 2008.

S&P has now received further information from Swiss Re, including
confidential information regarding its reserving levels and
additional analysis on the potential portfolio development under
various scenarios.

Based on this information S&P has concluded that the default
probability has increased for all classes of notes issued by
Crystal Credit, with the class C notes being most vulnerable to a
principal loss by the final legal maturity of the notes.  The
worse-than-expected downturn in the global economic environment is
the main driver behind the deterioration in claims activity for
this securitized portfolio of credit reinsurance treaties.  In
particular, the portfolio has been hit by a steep increase in
claims reported in the Spanish market.  The exposure in Spain
represented 16% of Swiss Re's portfolio by assigned credit limit
as of December 2008.

For the class C notes to incur a loss, aggregate losses have to
reach EUR666 million.  The last investor report provided by Swiss
Re, which is based on information as of Feb. 22, states current
reported aggregate losses to be ceded to Crystal Credit for the
underwriting years 2006–2008 of EUR424 million.  The aggregate
gross amount of losses is EUR221 million for underwriting year
2006, EUR211 million for 2007, and EUR79 million for 2008.
According to the terms of the retrocession agreement between
Crystal Credit and Swiss Re, Swiss Re will retain at least 10% of
the aggregate losses for each underwriting year.  The ultimate
percentage will depend on the gross reinsurance premium that Swiss
Re receives for each underwriting year.

Given the nature of the credit reinsurance business, it will take
about two years for premiums and losses reported to Swiss Re to
reach a stable level.  As such, S&P don't expect much variability
around the underwriting year 2006 reported figures.  For the
underwriting year 2008, on the other hand, the uncertainty remains
high as some of the credit reinsurance treaties are still at risk
(i.e., losses are still occurring) and premium and loss numbers
have only started to be reported to Swiss Re.

Although the treaties for the underwriting year 2007 are no longer
at risk, the delay in reporting means that there is still
significant uncertainty around the numbers reported to Swiss Re.
Further, the 2007 losses are already close to the 2006 loss level
and S&P expects that further losses will be reported.  As a
result, S&P has revised the ultimate loss ratio estimates used as
a basis for S&P's analysis above the historical loss ratios.

On March 30, S&P also received a notice that Swiss Re has
appointed Towers, Perrin, Forster & Crosby, Inc., a professionally
recognised actuarial firm, to act as the reserve validation firm
according to the terms of the retrocession agreement between
Crystal Credit and Swiss Re.  If Swiss Re delivers a proof of loss
in April 2012 which contains reported reserves greater than zero,
TPFC will conduct a review of the reported reserves with a report
being due 15 days after the delivery of proof of loss.  KPMG
Cayman Islands is the appointed claims reviewer.

The extended maturity for all classes of notes is June 30, 2012.
Swiss Re has the option to redeem one or more classes of notes
before the extended maturity.

S&P will continue to monitor the quarterly premium and loss
reports and request further information from Swiss Re as S&P deems
necessary until the maturity of the notes.

                           Ratings List

                      Crystal Credit Ltd.
     EUR252 Million Principal-At-Risk Variable-Rate Notes
      Ratings Lowered And Removed From CreditWatch Negative

                               Rating
                               ------
         Class          To                From
         -----          --                ----
         A              BB+               BBB-/Watch Neg
         B              B-                BB/Watch Neg
         C              CCC               B/Watch Neg


DURAT AL: Shareholders' Meeting Set for April 16
------------------------------------------------
The shareholders of Durat Al Doha will hold their meeting on
April 16, 2009, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Ali Taymoor
          Mohammad Al-Mana
          Qatar Islamic Bank
          Grand Hamad Street
          Doha, Qatar


ECLIPSE FUNDING: Shareholder to Hear Wind-Up Report on April 17
---------------------------------------------------------------
The sole shareholder of Eclipse Funding Ltd. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 17, 2009.

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

The company's liquidator is:

          CIBC Bank and Trust Company (Cayman) Limited
          PO Box 694 KY1-1107, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626


GLOBALCAPITAL INVESTMENT: Members to Hear Wind-Up Report on June 1
------------------------------------------------------------------
The members of Globalcapital Investment SPC will hold their
meeting on June 1, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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


KINTYRE TRADERS: Shareholders' Final Meeting Set for April 17
-------------------------------------------------------------
The shareholders of Kintyre Traders Limited will hold their
meeting on April 17, 2009, at 9:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


MERIT HOLDINGS: Fitch Junks Rating on US$150 Mil. Notes
-------------------------------------------------------
Fitch Ratings has downgraded Merit Holdings Ltd's notes and
assigned a Recovery Rating:

  -- US$150m, Merit credit linked notes (ISIN: XS0250338414) due
     February 10, 2011: downgraded to 'CCC/RR5' from 'B'; removed
     from Negative Outlook.

This transaction is a funded, single-tranche static synthetic
corporate CDO referencing 126 pre-dominantly US entities.  The
notes were issued in 2006 by Merit Holdings, a Cayman Islands-
based issuing vehicle of Standard Chartered Bank.

The rating downgrade reflects further significant deterioration in
the credit quality of the reference portfolio since the last
review in October 2008, resulting in net 54-notches of downgrades.
Since the transaction's close in 2006, the portfolio has
experienced three Credit Events, namely Washington Mutual, Inc.,
Fannie Mae and Freddie Mac, where the associated losses will erode
the transaction's credit enhancement.  In addition, a further
Credit Event is likely, as the International Swaps and Derivatives
Association, Inc. has called a credit event on Idearc Inc. on 31
March 2009.  Should this happen, the available credit enhancement
of the notes is expected to decrease further, to approximately
2.16% from the closing-date level of 3.02%.

Given that 16.8% of the portfolio is currently rated non-
investment grade, of which 4.0% is rated 'CCC+' to 'C', this level
of the remaining credit enhancement is only sufficient to
withstand a very limited amount of further stress.  Indeed, it
appears extremely unlikely that the available credit enhancement
could withstand the default of all CCC+ and below rated assets.

The assignment of RR5 indicates Fitch's view of the poor recovery
prospects for this note due to the ever deteriorating credit
profile of the portfolio coupled with the 'tranche thickness' of
the note, representing just 4% of the reference portfolio.

At closing, SCB (rated 'A+'/'F1'/Outlook Stable) bought protection
on a reference portfolio comprising 125 reference obligations.
Due to one succession event, there are currently 126 assets in the
portfolio and now the entire portfolio will mature in February
2011.  The protection is obtained via a single tranche CDS with
Merit.  To fund its obligations under the CDS, Merit issued
US$150m of notes, the proceeds from which were invested in
collateral comprising cash (20%) and eligible collateral
securities (80%).  The eligibility guidelines of the collateral
securities will ensure that the securities purchased are
sufficiently high in credit quality to support the rating assigned
to the notes.


NAVESINK EQUITY: Shareholders to Hear Wind-Up Report on April 16
----------------------------------------------------------------
The shareholders of Navesink Equity Derivative Fund LDC will hold
their meeting on April 16, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Mervin Solas, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


NAVESINK INVESTMENTS: Shareholders' Meeting Set for April 16
------------------------------------------------------------
The shareholders of Navesink Investments Limited will hold their
meeting on April 16, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Mervin Solas, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


NEW STAR: Final Meeting Slated for May 1
----------------------------------------
New Star Asia Renaissance Hedge Fund Limited will hold its final
meeting on May 1, 2009, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PAC FUNDING: Shareholders' Final Meeting Set for April 16
---------------------------------------------------------
The shareholders of PAC Funding Corporation will hold their
meeting on April 16, 2009, at 10:45 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


PINE STREET: Shareholder to Hear Wind-Up Report on April 23
-----------------------------------------------------------
The sole shareholder of Pine Street Special Opportunity Fund SPC
will receive the liquidator's report on the company's wind-up
proceedings and property disposal on April 23, 2009, at 10:00 a.m.

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


SHELTER ISLAND: Shareholder to Hear Wind-Up Report on April 17
--------------------------------------------------------------
The sole shareholder of Shelter Island Offshore Fund, Ltd. will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on April 17, 2009, at 10:00 a.m.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


SIVIK GLOBAL: Creditors' Proofs of Debt Debt Due on February 10
---------------------------------------------------------------
The creditors of Sivik Global Life Sciences Offshore are required
to file their proofs of debt by February 10, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on February 10, 2009.

The company's liquidator is:

          Norman Schleifer
          Telephone: (212) 702 2038
          Facsimile: (212) 702 2001


THE OLD MASTER: Placed Under Voluntary Liquidation
--------------------------------------------------
The Old Master Giotto Fund Limited commenced liquidation
proceedings on March 6, 2009.

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

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey -Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: 345 946 7665
          Facsimile: 345 946 7666


TT EVENT-DRIVEN ET AL: Creditors' Proofs of Debt Due on April 16
----------------------------------------------------------------
Stuart Sybersma fixes April 16, 2009, as the last day to file
proofs of debt for the creditors of:

   -- TT Event-Driven Alpha Fund Limited; and
   -- TT Event-Driven Fund Limited.

The companies commenced wind-up proceedings on February 28, 2009.

The Liquidator can be reached at:

          Stuart Sybersma
          c/o Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


TT LONG/SHORT ET AL: Creditors' Proofs of Debt Due on April 16
--------------------------------------------------------------
Stuart Sybersma fixes April 16, 2009, as the last day to file
proofs of debt for the creditors of:

   -- TT Long/Short Japan Fund Limited; and
   -- TT Long/Short Japan Alpha Fund Limited.

The companies commenced wind-up proceedings on February 28, 2009.

The Liquidator can be reached at:

          Stuart Sybersma
          c/o Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com



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

* CHILE: Minister Sees Economic Growth Lower Than Estimate
----------------------------------------------------------
Chile Finance Minister Andres Velasco said the country's economy
will probably expand this year at a pace slower than the
government’s January estimate of 2 to 3%, James Attwood of
Bloomberg News reports, citing El Mercurio newspaper.

According to the report, the newspaper said Mr. Velasco is
confident of economic growth as authorities boost spending and
slash interest rates.



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

ECOPETROL: Pays US$62,000 Fine to Local Utilities Regulator
-----------------------------------------------------------
Ecopetrol S.A. paid a 150 million Colombian pesos (US$62,000)
penalty to the local utilities regulator, after the regulator
fined the company for not disclosing information on its proven
reserves and its output capacity in a national newspaper in 2005,
Inti Landauro of Dow Jones Newswires reports, citing a company
statement.

Ecopetrol SA, the report relates, is carrying on legal procedures
to recover that money as it considers the regulator was wrong to
fine.

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

                          *     *     *

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





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

AIR JAMAICA: Suspends Unlicenced Mechanical Engineers
-----------------------------------------------------
Air Jamaica Limited has suspended nine of its mechanical engineers
as they were without the requisite licenses, Radio Jamaica
reports.

The report relates the National Workers Union (NWU) said it was
taken by surprise as it was in discussions with Air Jamaica's
management regarding the possibility of the engineers remaining on
the job until they are licensed.

"We are in shock ... this is not the way we normally operate at
Air Jamaica ... we would have had dialogue.  The management of Air
Jamaica must now be held fully responsible for any industrial
action that is taken at the company," the report quoted Vice
President of the National Workers Union Granville Valentine as
saying.

The report notes NWU said the engineers are attached to the Norman
Manley and Sangster International Airports.

                        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.


AIR JAMAICA: To Offer Flights from Fort Lauderdale to Jamaica
-------------------------------------------------------------
Air Jamaica Limited will operate five daily flights between Fort
Lauderdale and Jamaica starting June 25, 2009, in anticipation of
the busy summer travel season, South Florida Caribbean News
reports.

“This additional daily flight from Fort Lauderdale is in response
to passenger demands from the South Florida area,” the report
quoted Airline Chief Revenue Officer Tom Hill as saying.  “We have
enjoyed a substantial increase in our load factor on this route
since our new schedule was introduced at the end of February, and
we aim to continue providing the best schedule for our
passengers.”

According to the report, Air Jamaica has now established Fort
Lauderdale as South Florida’s gateway to Jamaica.

                        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.


AIR JAMAICA: CEO Confident Airline Will Survive Crisis
------------------------------------------------------
Air Jamaica Limited Chief Executive Officer Bruce Nobles has
expressed confidence that the cash-strapped airline will come
through the current crisis a "stronger and more viable" entity,
Alicia Dunkley of Jamaica Observer reports.

"These are difficult times for Air Jamaica.  Times are changing,
we must learn from our past.  I expect Air Jamaica to emerge from
this very difficult time, stronger and more viable.  I believe our
best times are yet to come," the report quoted Mr. Nobles as
saying.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2009, the Associated Press said the Jamaican government
has extended Air Jamaica's divestment deadline to June 30 as it
tries to attract buyers.  Radio Jamaica News recalled the
government said it will not be meeting its March 31 deadline for
the sale of Air Jamaica despite earlier assurances that a deal
would have been reached with a buyer in March.

According to Radio Jamaica, Don Wehby, minister without portfolio
in the finance ministry with responsibility for Air Jamaica, said
no sale has been finalized.  Radio Jamaica related 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.

Mr. Wehby, as cited by the Observer, said charting the airline's
future had been a difficult decision-making process.  "I have had
to take tough decisions as it relates to the airline... coming out
of the choices we have said it takes cash to care and the choice
we have made is to find a partner that has capital and
experience," the Observer quoted Mr. Wehby as saying.

The Observer notes it is uncertain how much will be Mr. Wehby's
role with the finalization of Air Jamaica's divestment as he will
be heading back to the private sector when his two-year commitment
with the Jamaican government ends.

The Observer recalls Mr. Wehby resigned his senior executive
position at GraceKennedy to serve in the new Cabinet after the
2007 general elections and was given the responsibility of
divesting Air Jamaica by March 31.

                        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.



ALPART: Group Urges Firm to Keep Ties With Local Contractors
------------------------------------------------------------
The Manchester Chamber of Commerce is urging Alumina Partners of
Jamaica (Alpart) to continue its partnership with local
contractors in the restoration of mined-out bauxite lands even
after the scheduled May 15 suspension of mining and refining
operations, The Jamaica Observer reports.

In a release obtained by the news agency, the chamber said that
during a recent meeting with Alpart officials it "made an appeal
to the company on behalf of businesses who would have prepared
themselves to carry out restoration work for the company but may
also now be under threat of rescind by Alpart".

The Jamaica Observer relates the chamber noted in the release
that its concern stemmed from the recognition that with closure of
normal operations Alpart would have "increased capacity to carry
out restorative work themselves rather than to outsource".

Chamber president Winston Lawson told the Observer that private
operators had invested heavily in preparing themselves for the
work involved in restoring mined-out lands and would have lost
greatly should their services be suddenly discarded.

As reported in the Troubled Company Reporter-Latin America on
Mar. 20, 2009, Radio Jamaica News said 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.

Alpart Managing Director Alberto Fabrini, as cited by Radio
Jamaica News, 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.

Mr. Fabrini, Radio Jamaica noted, said the company will continue
to meet its obligations to employees and the surrounding
communities in a timely manner.

Radio Jamaica related General Secretary of the Union of Technical
Administrative and Supervisory Personnel, St. Patrice Ennis, said
the 900 workers to be affected have already received notice.  "We
are aware of this by way of letter from the company advising that
come May 15 total operations of the ALPART plant will be curtailed
and the process will begin as early as in a few weeks.  It is my
understanding that the company's management is informing the
workers as to what exactly will happen," the report quoted Mr.
Fabrini as saying.

                           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
===========

INTERACCIONES SOCIEDAD: Moody's Withdraws Risk Ratings on 11 Funds
-----------------------------------------------------------------=
Moody's Investors Service has withdrawn the credit and market risk
ratings assigned to 11 funds advised by Interacciones Sociedad
Operadora de Sociedades de Inversion, S.A. de C.V.

Moody's has withdrawn these ratings for business reasons.

At the time of their withdrawals, the ratings on the funds were:

  -- Fondo Interacciones 1, S.A. de C.V.: Global Local Currency
     credit rating: Baa;

  -- National scale rating: Aaa.mx; Comision Nacional Bancaria y
     de Valores homogeneous credit rating scale: AAA; Market risk
     rating: MR1 and CNBV homogeneous market risk rating: 1

  -- Fondo Interacciones 2, S.A. de C.V. (Inter7): GLC: Ba; NSR:
     Aa.mx; CNBV homogeneous credit rating scale: AA; Market risk
     rating: MR2 and CNBV homogeneous market risk rating: 4.

  -- Fondo Interacciones 3, S.A. de C.V. (Inter30): GLC: Ba; NSR:
     Aa.mx; CNBV homogeneous credit rating scale: AA; Market risk
     rating: MR3 and CNBV homogeneous market risk rating: 5.

  -- Fondo Interacciones NC, S.A. de C.V. (InterNC): GLC: Baa;
     NSR: Aaa.mx; CNBV homogeneous credit rating scale: AAA;
     Market risk rating: MR2 and CNBV homogeneous market risk
     rating: 2.

  -- Fondo Interacciones PB, S.A. de C.V. (InterMG): GLC: Ba; NSR:
     Aa.mx; CNBV homogeneous credit rating scale: AA; Market risk
     rating: MR4 and CNBV homogeneous market risk rating: 5.

  -- Fondo Interacciones PM1, S.A. de C.V. (InterM1): GLC: Baa;
     NSR: Aaa.mx; CNBV homogeneous credit rating scale: AAA;
     Market risk rating: MR1 and CNBV homogeneous market risk
     rating: 1.

  -- Fondo Interacciones TR1, S.A. de C.V. (InterS1): GLC: Ba;
     NSR: Aa.mx; CNBV homogeneous credit rating scale: AA; Market
     risk rating: MR5 and CNBV homogeneous market risk rating: 7.

  -- Fondo Inters-2, S.A. de C.V. (InterS2): GLC: Baa; NSR:
     Aaa.mx; CNBV homogeneous credit rating scale: AAA; Market
     risk rating: MR5 and CNBV homogeneous market risk rating: 7.

The last rating action for InterMD, Inter7, Inter30, InterNC,
InterMG, InterM1, InterS1 and InterS2 was on February 2, 2006,
when the ratings of the funds were assigned for first time.

  -- Fondo Interacciones 4, S.A. de C.V. (IntEuro): GLC: Baa; NSR:
     Aaa.mx; CNBV homogeneous credit rating scale: AAA; Market
     risk rating: MR5 and CNBV homogeneous market risk rating: 6.

The last rating action for IntEuro was on July 29, 2008, when the
market risk ratings were downgraded.

  -- Fondo Interacciones 5, S.A. de C.V. (InterPL): GLC: Baa; NSR:
     Aa.mx; CNBV homogeneous credit rating scale: AA; Market risk
     rating: MR4 and CNBV homogeneous market risk rating: 5.

The last rating action for InterPLwas on May 3, 2006, when the
ratings of the fund were assigned for first time.

  -- Fondo Interval, S.A. de C.V. (IValor): GLC: Baa1; NSR:
     Aaa.mx; CNBV homogeneous credit rating scale: AAA; Market
     risk rating: MR2 and CNBV homogeneous market risk rating: 2.

The last rating action for IValor was on March 23, 2007, when the
credit ratings of the fund were upgraded.

Moody's money market and bond fund ratings are opinions of the
investment quality of shares in mutual funds and similar
investment vehicles which principally invest in short- and long-
term fixed-income obligations, respectively.  As such, these
ratings incorporate Moody's analysis of a fund's published
investment objectives and policies, the creditworthiness of the
assets held by the fund, as well as the management characteristics
of the fund.  The ratings are not intended to consider the
prospective performance of a fund with respect to appreciation,
volatility of net asset value, or yield.

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

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


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 Bursatiles 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'.




======================================
N E T H E R L A N D S  A N T I L L E S
======================================

WINAIR: To Keep Nevis - St. Maarten Route
-----------------------------------------
Windward Islands Airways International NV (Winair)'s planned
closure of its Nevis route will not come into fruitition, after
the airline and the Nevis Island Administration reached an
agreement to keep the airlines' Nevis operations going, Caribbean
Net News reports, citing Managing Director Edwin Hodge.

“Maintaining a reliable, scheduled air link between Nevis and St
Maarten is in the best interest of the island and the people of
Nevis, especially in the present world economic climate,” the
report quoted Premier and Minister of Tourism on Nevis Joseph
Parry as saying.  “Our objective was to maintain St. Maarten as a
gateway to Nevis for international travelers while providing the
opportunity for Nevisians to travel to St. Maarten for a day trip.
This we have achieved and I’m sure that the mutually beneficial
relationship, between Nevis and Winair, will continue into the
future.”

As reported in the Troubled Company Reporter-Latin America on
March 13, 2009, Caribbean360.com said Winair, after 30 years of
flights, planned to stop scheduled flights to St Kitts & Nevis by
the end of March due to increased competition, fluctuating fuel
prices, and the increase in other operational costs.

Caribbean Net News recalls that immediately after the airline
disclosed its plans to cut its routes, the Nevis government
approached Winair with a view of salvaging the destination.

                          About Winair

Headquartered in the Netherlands Antilles, Windward Islands
Airways (Winair) –- http://www.fly-winair.com/–- is a government
owned airline founded in 1961.  It has a fleet of eight aircraft
serving ten destinations, all within the Leeward Islands group of
the Lesser Antilles in the North East Caribbean.



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

DOE RUN PERU: Gets 3-Month Extension on Clean-Up Projects
--------------------------------------------------------
Doe Run Peru’s zinc and lead smelter received a three-month
extension to complete planned environmental cleanup projects,
Bloomberg News reports citing Environment Minister Antonio Brack.

According to the report, Mr. Brack said Renco Group Inc.’s
Peruvian unit, which has reached an agreement with suppliers to
resume operations in a government-brokered deal, has until the end
of January to reduce sulfuric-acid emissions at its La Oroya
smelter.

The report relates Doe Run Peru committed 100 percent of its
shares as a guarantee it will complete the clean-up after a
government- brokered deal to lend the company US$75 million and
provide US$100 million of concentrates after banks halted funding.

                        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.



======================================
N E T H E R L A N D S  A N T I L L E S
======================================

WINAIR: To Keep Nevis - St. Maarten Route
-----------------------------------------
Windward Islands Airways International NV (Winair)'s planned
closure of its Nevis route will not come into fruitition, after
the airline and the Nevis Island Administration reached an
agreement to keep the airlines' Nevis operations going, Caribbean
Net News reports, citing Managing Director Edwin Hodge.

“Maintaining a reliable, scheduled air link between Nevis and St
Maarten is in the best interest of the island and the people of
Nevis, especially in the present world economic climate,” the
report quoted Premier and Minister of Tourism on Nevis Joseph
Parry as saying.  “Our objective was to maintain St. Maarten as a
gateway to Nevis for international travelers while providing the
opportunity for Nevisians to travel to St. Maarten for a day trip.
This we have achieved and I’m sure that the mutually beneficial
relationship, between Nevis and Winair, will continue into the
future.”

As reported in the Troubled Company Reporter-Latin America on
March 13, 2009, Caribbean360.com said Winair, after 30 years of
flights, planned to stop scheduled flights to St Kitts & Nevis by
the end of March due to increased competition, fluctuating fuel
prices, and the increase in other operational costs.

Caribbean Net News recalls that immediately after the airline
disclosed its plans to cut its routes, the Nevis government
approached Winair with a view of salvaging the destination.

                          About Winair

Headquartered in the Netherlands Antilles, Windward Islands
Airways (Winair) –- http://www.fly-winair.com/–- is a government
owned airline founded in 1961.  It has a fleet of eight aircraft
serving ten destinations, all within the Leeward Islands group of
the Lesser Antilles in the North East Caribbean.



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

PDVSA: Signs MOU with Iran to Participate in Oil Fields Projects
----------------------------------------------------------------
Petroleos de Venezuela S.A. (PDVSA) signed signed a memorandum of
understanding to participate in 17 oil fields in Iran, Bloomberg
News reports, citing an e-mailed statement from Venezuela’s
Information and Communications Ministry.

PDVSA also agreed to participate in additional development of
Iran’s South Park block, according to Bloomberg News.

In addition, Venezuela and Iran signed an agreement to carry out a
joint study of Iran’s Dobokubi oil field, the statement cited by
the news agency said.

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.



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

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

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

ARGENTINA

COMERCIAL PL-ADR     SCPDS LI          531491040    -882216960
SNIAFA SA-B          SDAGF US           39681268      -2901931
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
COMERCIAL PLA-BL     COMEB AR          531491040    -882216960
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
SOC COMERCIAL PL     SCDPF US          531491040    -882216960
SOC COMERCIAL PL      CADN SW          531491040    -882216960
SNIAFA SA-B          SNIA5 AR           39681268      -2901931
SOC COMERCIAL PL      COME AR          531491040    -882216960
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
SOC COMERCIAL PL       CAD IX          531491040    -882216960
IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
SOC COMERCIAL PL     CVVIF US          531491040    -882216960
SNIAFA SA             SNIA AR           39681268      -2901931
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
COMERCIAL PL-C/E     COMEC AR          531491040    -882216960
COMERCIAL PLAT-$     COMED AR          531491040    -882216960
IMPSAT FIBER NET   330902Q GR          535007008     -17165000


BRAZIL

FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
STAROUP SA          STARON BZ           66833000      -3164000
PARQUE TEM-RT PF     PQTM2 BZ          152268000    -388872000
SANSUY SA           SNSYON BZ          232096000    -106033000
PARQUE TEM-RT CM     PQTM1 BZ          152268000    -388872000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
SANSUY SA-PREF A    SNSYAN BZ          232096000    -106033000
TEXTEIS RENAU-RT     TXRX2 BZ           86140000    -135343008
PARQUE TEM-DV CM      PQT5 BZ          152268000    -388872000
RIMET-PREF          REEMPN BZ          144454000    -232197008
RIMET               REEMON BZ          144454000    -232197008
RIMET-PREF           REEM4 BZ          144454000    -232197008
KUALA-PREF           ARTE4 BZ           11856000     -33570000
PET MANG-RECEIPT    RPMG10 BZ          183988992     -66954004
PET MANG-RIGHTS      RPMG1 BZ          183988992     -66954004
TEXTEIS RENAUX      RENXPN BZ           86140000    -135343008
HOPI HARI-PREF       PQTM4 BZ          152268000    -388872000
PROMAN               PRMN3 BZ           24221000       -555000
PARQUE TEM-RCT C     PQTM9 BZ          152268000    -388872000
SAUIPE               PSEG3 BZ           17641202     -16319050
TECTOY               TOYB3 BZ           41457000     -10455000
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
SAUIPE SA           PSEGON BZ           17641202     -16319050
CAF BRASILIA         CAFE3 BZ           38244000   -1042639040
DOCAS IMBITUB-PR    IMBIPN BZ          205018992     -25437000
WETZEL SA            MWET3 BZ          145738992      -8419000
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
DOCAS IMBITUBA      IMBION BZ          205018992     -25437000
CONST A LINDEN      LINDON BZ           51808000     -13659000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
HERCULES             HETA3 BZ           25126000    -273456000
TEKA-PREF            TEKA4 BZ          526557984    -449536992
PET MANG-RIGHTS      RPMG2 BZ          183988992     -66954004
FERRAGENS HAGA-P    HAGAPN BZ           24512548    -113844104
HERCULES SA         HERTON BZ           25126000    -273456000
FER HAGA-PREF        HAGA4 BZ           24512548    -113844104
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
DOC IMBITUBA-RTC     IMBI1 BZ          205018992     -25437000
DOC IMBITUBA-RTP     IMBI2 BZ          205018992     -25437000
HERCULES SA-PREF    HERTPN BZ           25126000    -273456000
MMX MINERACA-GDR      3M11 GR         2328652032    -101079000
WETZEL SA-PREF      MWELPN BZ          145738992      -8419000
TECEL S JOSE         SJOS3 BZ           42233000     -41080000
NORDON MET           NORD3 BZ           36317000     -33521000
AZEVEDO-PREF         AZEV4 BZ          116398000     -10976000
WETZEL SA-PREF       MWET4 BZ          145738992      -8419000
TECEL S JOSE-PRF     SJOS4 BZ           42233000     -41080000
MINUPAR              MNPR3 BZ          179201008     -34191000
NORDON METAL        NORDON BZ           36317000     -33521000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
PETRO MANGUINHOS    MANGON BZ          183988992     -66954004
MMX MINERACAO        MMXM3 BZ         2328652032    -101079000
MMX MINERACA-GDR     MMXMY US         2328652032    -101079000
FABRICA RENAUX-P    FRNXPN BZ          125797000     -64182000
FERRAGENS HAGA      HAGAON BZ           24512548    -113844104
FERREIRA GUIM-PR    FGUIPN BZ           24631000    -224564000
TEKA                TEKAON BZ          526557984    -449536992
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
MINUPAR-PREF         MNPR4 BZ          179201008     -34191000
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
TEXTEIS RENA-RCT    TXRX10 BZ           86140000    -135343008
DTCOM- DIRECT-PR     DTCY4 BZ           11902000     -16264999
MMX MINERACAO        TRES3 BZ         2328652032    -101079000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
TEXTEIS RENA-RCT     TXRX9 BZ           86140000    -135343008
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
TEXTIL RENAUXVIE     TXRX3 BZ           86140000    -135343008
TEC TOY SA-PF B      TOYB6 BZ           41457000     -10455000
TEC TOY SA-PREF      TOYB5 BZ           41457000     -10455000
SANSUY SA-PREF B    SNSYBN BZ          232096000    -106033000
RIMET                REEM3 BZ          144454000    -232197008
TEC TOY SA-PREF      TOYDF US           41457000     -10455000
TECTOY SA-PREF      TOYBPN BZ           41457000     -10455000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
TECTOY-RCT ORD       TOYB9 BZ           41457000     -10455000
WIEST                WISA3 BZ           71372000    -140973008
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
PETRO MANGUINHOS     RPMG3 BZ          183988992     -66954004
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
MMX MINERACA-GDR       XMM CN         2328652032    -101079000
WIEST SA-PREF       WISAPN BZ           71372000    -140973008
WIEST SA            WISAON BZ           71372000    -140973008
WIEST-PREF           WISA4 BZ           71372000    -140973008
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
ALL MALHA PAULIS     GASC3 BZ         1586146944   -1048602048
BOMBRIL              BOBR3 BZ          460744992    -485765024
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
DTC DIRECT CO SA    1DTCON BZ           11902000     -16264999
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
SANSUY               SNSY3 BZ          232096000    -106033000
TEKA-PREF           TEKAPN BZ          526557984    -449536992
MMX MINERACAO        MMXCF US         2328652032    -101079000
NORDON MET-RTS       NORD1 BZ           36317000     -33521000
TECTOY-PREF          TOYB4 BZ           41457000     -10455000
DOC IMBITUBA         IMBI3 BZ          205018992     -25437000
SANSUY-PREF B        SNSY6 BZ          232096000    -106033000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
MINUPAR SA          MNPRON BZ          179201008     -34191000
PET MANG-RECEIPT     RPMG9 BZ          183988992     -66954004
PET MANGUINH-PRF     RPMG4 BZ          183988992     -66954004
TEXTEIS RENAUX      RENXON BZ           86140000    -135343008
KUALA                ARTE3 BZ           11856000     -33570000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
SCHLOSSER SA-PRF     SCHPN BZ           21962000    -118044000
SCHLOSSER SA         SCHON BZ           21962000    -118044000
BOMBRIL SA-ADR       BMBBY US          460744992    -485765024
TEKA-ADR             TKTQY US          526557984    -449536992
CAMBUCI SA          CAMBON BZ          177378992     -42495000
TEKA-ADR             TKTPY US          526557984    -449536992
TECTOY-BONUS RTS    TOYB13 BZ           41457000     -10455000
TECTOY-RCPT PF B    TOYB12 BZ           41457000     -10455000
DOC IMBITUB-PREF     IMBI4 BZ          205018992     -25437000
TECTOY-RCT PREF     TOYB10 BZ           41457000     -10455000
BOTUCATU TEXTIL      STRP3 BZ           66833000      -3164000
TEXTEIS RENAU-RT     TXRX1 BZ           86140000    -135343008
HOPI HARI SA         PQTM3 BZ          152268000    -388872000
PARQUE TEM-RCT P    PQTM10 BZ          152268000    -388872000
VARIG SA            VARGON BZ         2094450944  -10176870400
TEKA-ADR             TEKAY US          526557984    -449536992
WETZEL SA           MWELON BZ          145738992      -8419000
TEKA                 TEKA3 BZ          526557984    -449536992
TECTOY-RTS/3         TOYB1 BZ           41457000     -10455000
BUETTNER-PREF        BUET4 BZ          148186992     -54926000
BUETTNER SA-PRF     BUETPN BZ          148186992     -54926000
BUETTNER SA-RT P     BUET2 BZ          148186992     -54926000
BUETTNER             BUET3 BZ          148186992     -54926000
CONST A LINDEN       CALI3 BZ           51808000     -13659000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
CAF BRASILIA-PRF     CAFE4 BZ           38244000   -1042639040
BOMBRIL-RGTS PRE     BOBR2 BZ          460744992    -485765024
TEKA-PREF            TKTPF US          526557984    -449536992
BOMBRIL SA-ADR       BMBPY US          460744992    -485765024
BOMBRIL-RIGHTS       BOBR1 BZ          460744992    -485765024
BOMBRIL CIRIO-PF    BOBRPN BZ          460744992    -485765024
DOCAS SA-RTS PRF     DOCA2 BZ          428661984     -53866000
BOMBRIL-PREF         BOBR4 BZ          460744992    -485765024
CAMBUCI SA-PREF      CXDOF US          177378992     -42495000
COARI PART           COAR3 BZ         3270861056        -56000
COARI PART-PREF      COAR4 BZ         3270861056        -56000
TEKA                 TKTQF US          526557984    -449536992
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
CORREA RIBEIRO      CORIPN BZ           10835000       -154000
CORREA RIBEIRO       CORR3 BZ           10835000       -154000
BAUMHARDT IRM-PR    BAUMPN BZ           20444000      -3589000
PETRO MANGUIN-PF    MANGPN BZ          183988992     -66954004
CHIARELLI SA         CCHON BZ           42853000     -85685000
CAMBUCI SA-PREF     CAMBPN BZ          177378992     -42495000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
CAMBUCI SA-PREF      CAMB4 BZ          177378992     -42495000
EXCELSIOR-RCT       BAUH10 BZ           20444000      -3589000
TEXTEIS RENAU-PF     TXRX4 BZ           86140000    -135343008
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
BOTUCATU-PREF        STRP4 BZ           66833000      -3164000
TECTOY-PF-RTS5/6    TOYB11 BZ           41457000     -10455000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
EXCELSIOR-RCT        BAUH9 BZ           20444000      -3589000
GAZOLA SA            GAZON BZ           27266214     -73665296
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
FABRICA RENAUX       FTRX3 BZ          125797000     -64182000
GASCOIGNE EMP-PF    1GASPN BZ         1586146944   -1048602048
VARIG SA             VAGV3 BZ         2094450944  -10176870400
DTC DIRECT CO-RT   1DTCONR BZ           11902000     -16264999
GASCOIGNE EMPREE    1GASON BZ         1586146944   -1048602048
HERCULES-PREF        HETA4 BZ           25126000    -273456000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
TRESSEM PART SA     1TSSON BZ         2328652032    -101079000
EXCELSIOR-RT         BAUH2 BZ           20444000      -3589000
EXCELSIOR ALIMEN     BAUH3 BZ           20444000      -3589000
EXCELSIOR-RT         BAUH1 BZ           20444000      -3589000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
BAUMHARDT IRMAOS    BAUMON BZ           20444000      -3589000
BOMBRIL              BMBBF US          460744992    -485765024
EXCELSIOR-PREF       BAUH4 BZ           20444000      -3589000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
DOCAS SA            DOCAON BZ          428661984     -53866000
HAGA                 HAGA3 BZ           24512548    -113844104
AZEVEDO E TRAVAS    AZEVON BZ          116398000     -10976000
AZEVEDO E TRA-PR    AZEVPN BZ          116398000     -10976000
AZEVEDO              AZEV3 BZ          116398000     -10976000
BUETTNER SA         BUETON BZ          148186992     -54926000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
FABRICA RENAUX      FRNXON BZ          125797000     -64182000
F GUIMARAES-PREF     FGUI4 BZ           24631000    -224564000
FERREIRA GUIMARA    FGUION BZ           24631000    -224564000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
FABRICA RENAUX-P     FTRX4 BZ          125797000     -64182000
CORREA RIBEIRO      CORION BZ           10835000       -154000
FABRICA TECID-RT     FTRX1 BZ          125797000     -64182000
BOMBRIL CIRIO SA    BOBRON BZ          460744992    -485765024
ESTRELA SA           ESTR3 BZ          153186000     -80125000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
ACO ALTONA-PREF      EALT4 BZ          180308000     -22762000
TECEL S JOSE        FTSJON BZ           42233000     -41080000
F GUIMARAES          FGUI3 BZ           24631000    -224564000
ESTRELA SA-PREF      ESTR4 BZ          153186000     -80125000
ESTRELA SA          ESTRON BZ          153186000     -80125000
PARQUE TEM-DV PF      PQT6 BZ          152268000    -388872000
GAZOLA               GAZO3 BZ           27266214     -73665296
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
SCHLOSSER            SCLO3 BZ           21962000    -118044000
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
ESTRELA SA-PREF     ESTRPN BZ          153186000     -80125000
TECEL S JOSE-PRF    FTSJPN BZ           42233000     -41080000
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
GASCOIGNE EMP-PF     GASC4 BZ         1586146944   -1048602048
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
CORREA RIBEIR-PR     CORR4 BZ           10835000       -154000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
ACO ALTONA-PREF      EAAPN BZ          180308000     -22762000
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
CAMBUCI SA           CAMB3 BZ          177378992     -42495000
D H B                DHBI3 BZ          221336000    -588646016
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
TECTOY SA           TOYBON BZ           41457000     -10455000
CENT AMAPA           CTAP3 BZ              15000     -11996000
ACO ALTONA           EALT3 BZ          180308000     -22762000
DOCA INVESTIMENT     DOCA3 BZ          428661984     -53866000
CAFE BRASILIA-PR    CSBRPN BZ           38244000   -1042639040
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
MINUPAR SA-PREF     MNPRPN BZ          179201008     -34191000
SANSUY-PREF A        SNSY5 BZ          232096000    -106033000
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
DTCOM-RT             DTCY1 BZ           11902000     -16264999
DTCOM- DIR TO CO     DTCY3 BZ           11902000     -16264999
SCHLOSSER-PREF       SCLO4 BZ           21962000    -118044000
DOCAS SA-PREF       DOCAPN BZ          428661984     -53866000
ACO ALTONA SA        EAAON BZ          180308000     -22762000
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
STAROUP SA-PREF     STARPN BZ           66833000      -3164000
BUETTNER SA-RTS      BUET1 BZ          148186992     -54926000
DOCA INVESTI-PFD     DOCA4 BZ          428661984     -53866000
DHB IND E COM        DHBON BZ          221336000    -588646016
D H B-PREF           DHBI4 BZ          221336000    -588646016
N.A.                 DTCY9 BZ           11902000     -16264999
CAFE BRASILIA SA    CSBRON BZ           38244000   -1042639040


COLOMBIA

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




                            ***********

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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