TCRLA_Public/090409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, April 9, 2009, Vol. 9, No. 70

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: SEC Wins Order to Freeze Owner's UK Assets


B A H A M A S

RENOVA HOLDING: Moody's Downgrades Corporate Family Rating to 'B1'


B R A Z I L

BNDES: To Lend Azul Linhas BRL254 Million for Plane Purchase
COSAN SA: Seeks Partnership With Petrobras


C A Y M A N  I S L A N D S

FRONTIER V: Placed Under Voluntary Wind-Up
SANWA CAPITAL: Placed Under Voluntary Wind-Up
NS INVESTMENTS: Placed Under Voluntary Wind-Up
BIG INVESTMENTS: Creditors’ Proofs of Debt Due on April 28
GREAT OAK: Placed Under Voluntary Wind-Up

NEPTUNE CDO: Placed Under Voluntary Wind-Up
SMITH BREEDEN: Placed Under Voluntary Wind-Up
PENGANA CAPITAL: Placed Under Voluntary Wind-Up
AERCAP LEASING: Creditors’ Proofs of Debt Due on April 27
RUMNA LIMITED: Creditors’ Proofs of Debt Due on April 21


C H I L E

AES GENER: S&P Changes Outlook to Negative; Affirms All Ratings


G U Y A N A

CL FINANCIAL: Clico Guyana Wants Clico Bahamas Investments Back


J A M A I C A

AIR JAMAICA: Probe Report to be Presented in Parliament
AIR JAMAICA: To Reintroduce 'Nitebird' Flight to New York
AIR JAMAICA: Won't Receive Government Provision This Year


M E X I C O

CORPORACION DURANGO: Board to Vote on New Equity Offering
CORPORACION DURANGO: May Present Restructuring Plan on April 23


P E R U

STANFORD INT'L BANK: Peru Investors' Losses May Reach US$120-Mln


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -

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

STANFORD INT'L BANK: SEC Wins Order to Freeze Owner's UK Assets
---------------------------------------------------------------
The U.S. Securities and Exchange Commission (SEC) won an order
extending a freeze on Stanford International Bank Limited (SIBL)
owner Robert Allen Stanford's UK assets, Bloomberg News reports.
The report says Justice Colin Mackay at the High Court in London
signed an order freezing the assets until April 27.

According to Bloomberg News, David Wolfson, a lawyer representing
the SEC in London, told Judge Mackay that he had been in contact
with the UK banks that held Stanford's assets, and they were
"holding the fort".

The SEC, on Feb. 17, charged Mr. Stanford and three of his
companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.  Mr. Stanford's companies include SIBL, Stanford
Group Company, and investment adviser Stanford Capital Management.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2009, Bloomberg News said U.S. District Judge David
Godbey seized all of Mr. Stanford’s corporate and personal assets
and placed them under the control of Dallas receiver Ralph Janvey.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



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

RENOVA HOLDING: Moody's Downgrades Corporate Family Rating to 'B1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Renova Holding Ltd to B1 from Ba3 and left the
probability of default rating unchanged at B2 and assigned the
A2.ru national scale rating.  The outlook is negative.

The rating action is predominantly driven by Moody's assessment of
the company's liquidity position and refinancing needs while
taking into account the action plan developed by the company to
manage proactively its liquidity position and debt service
obligations as well as the specific steps that, if concluded on a
timely basis, would address the company's 2009 refinancing
requirements.  Looking ahead, Renova also has substantial
refinancing needs in 2010 that may put additional pressure on its
liquidity position and credit profile.

The rating action takes further consideration of the impact of the
substantial decline in the equity markets and estimated comparable
reduction in the valuations of Renova's sizable unlisted assets on
the headroom that had existed under the group's Market Value-based
Leverage metrics, notwithstanding the gradual deleveraging
undertaken by the group.  The B1 Corporate Family Rating is
supported at this time by the expectation of relatively high
family recovery rates in the event of a default underpinned by the
current market valuations of the core listed assets,
notwithstanding the potential effect on the value of Renova's
investment in RUSAL, which is in the process of implementing a
broader refinancing transaction in negotiation with its creditors.

Moody's has chosen to affirm the Probability of Default rating of
B2 on the basis that: (i) Moody's can see scenarios where the
company's debt capital structure - currently a mix of senior
secured and unsecured bank debt - could evolve toward an all
senior secured bank debt capital structure over the course of the
next 12 months which, under Moody's methodology, would suggest the
prospect of higher recoveries albeit with higher probability of
default possibilities, and (ii) the developing stresses here
relate to liquidity and refinancing risk increasing
disproportionately Moody's probability of default assumption,
versus Moody's loss given default assumption.  Moody's
nevertheless acknowledges that the company is pursuing a
disciplined and well organized process for raising funds and cash
generation from the existing portfolio required to meet maturing
debt obligations so a ratings reversal is acknowledged as a
possibility if the company was able to complete its plans and
implement a more permanent debt capital structure that alleviated
liquidity and debt refinancing pressures.

The negative outlook reflects Moody's assessment of the challenges
presented by the current deterioration in the operating and credit
environments that may affect Renova's ability to execute its plans
in a timely manner.  Further downward pressure on the rating may
develop if delays with implementation of specific measures
designed to support the deleveraging process undermine the
assumptions supporting the B2 probability of default assessment
implied by the B1 corporate family rating.

Moody's previous rating action on Renova was on the 9 February
2009 when the rating agency downgraded the corporate family rating
of Renova by one notch to Ba3 and maintained the review for
downgrade of the rating.  This rating action concludes the review
process.

Renova Holding Ltd is a Bahamas-based investment holding company
with principal investments in TNK-BP, UC RUSAL, a number of
Russian power generation and distribution companies, as well as
chemical, machinery, telecoms and media and real estate companies
in Russia and Europe.  At the end of 2008, the fair value of its
portfolio was estimated at US$8 billion.



===========
B R A Z I L
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BNDES: To Lend Azul Linhas BRL254 Million for Plane Purchase
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
said it will lend Azul Linhas Aereas Brasileiras BRL245 Million
for the purchase of 4 planes, Latin France reports.

According to Latin France, Azul Aereas plans to use proceeds to
fund 85% of its purchase from Brazilian manufacturer Embraer.

The report says the bank said the 15-year facility pays TJLP, now
at 6.25%.

The bank, the report notes, said it will fund 50% directly and
pass the other half through Banco do Brasil.

                        About Azul Linhas

Azul Linhas Aereas Brasileiras is a low-cost airline set up last
year by JetBlue founder David Neeleman.

                           About BNDES

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

                          *     *     *

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


COSAN SA: Seeks Partnership With Petrobras
------------------------------------------
Cosan SA Industria & Comercio is seeking a partnership with
Brazilian state-controlled oil company Petroleo Brasileiro SA,
Bloomberg News says citing a media report.

According to Bloomberg News, Rio de Janeiro-based newsletter
Relatorio Reservado said, without saying where it got the
information, that billionaire Cosan controlling shareholder Rubens
Ometto is seeking funds from Petrobras and the National Bank for
Economic and Social Development to boost the company’s assets.

Bloomberg News relates Global Equity Administradora de Recursos’
Mariana Goncalves said Petrobras may be looking for a partnership
with Cosan to export ethanol to Japan.

“The news floating around is that Petrobras is interested in
creating a private company that would sell ethanol to Japanese
markets,” Ms. Goncalves, an equity analyst at Global in Rio de
Janeiro, told Bloomberg News in a telephone interview.  “That
company would be managed by Cosan.”

                         About Cosan SA

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.



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

FRONTIER V: Placed Under Voluntary Wind-Up
------------------------------------------
On March 16, 2009, the sole shareholder of Frontier V Limited
passed a resolution that voluntarily winds up the company’s
operations.

The company’s liquidator is:

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


SANWA CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 16, 2009, the sole shareholder of Sanwa Capital Genesis
TMK Holding Inc. passed a resolution that voluntarily winds up the
company’s operations.

The company’s liquidator is:

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


NS INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------
On March 16, 2009, the sole shareholder of NS Investments VIII,
Inc. passed a resolution that voluntarily winds up the company’s
operations.

The company’s liquidator is:

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


BIG INVESTMENTS: Creditors’ Proofs of Debt Due on April 28
----------------------------------------------------------
The creditors of Big Investments Ltd. are required to file their
proofs of debt by April 28, 2009, to be included in the company’s
dividend distribution.

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

The company’s liquidator is:

         Robert Bigelow III
         c/o Blue River Asset Management, LLC
         7 North Willow Street, Suite 8A
         Montclair, NJ 07042, USA


GREAT OAK: Placed Under Voluntary Wind-Up
-----------------------------------------
On March 18, 2009, the sole shareholder of Great Oak Investment
Limited passed a resolution that voluntarily winds up the
company’s operations.

The company’s liquidator is:

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


NEPTUNE CDO: Placed Under Voluntary Wind-Up
-------------------------------------------
On March 18, 2009, the sole shareholder of Neptune CDO IV, Ltd.
passed a resolution that voluntarily winds up the company’s
operations.

The company’s liquidator is:

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


SMITH BREEDEN: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 17, 2009, the sole shareholder of Smith Breeden Enhanced
Cash High Alpha Ltd. passed a resolution that voluntarily winds up
the company’s operations.

The company’s liquidator is:

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


PENGANA CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On March 18, 2009, the sole shareholder of Pengana Capital Real
Estate International Limited passed a resolution that voluntarily
winds up the company’s operations.

The company’s liquidator is:

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


AERCAP LEASING: Creditors’ Proofs of Debt Due on April 27
---------------------------------------------------------
The creditors of Aercap Leasing 8 Limited are required to file
their proofs of debt by April 27, 2009, to be included in the
company’s dividend distribution.

The company commenced liquidation proceedings on December 29,
2008.

The company’s liquidator is:

         Maria Van Der Linden-Van Gent
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


RUMNA LIMITED: Creditors’ Proofs of Debt Due on April 21
--------------------------------------------------------
The creditors of Rumna Limited are required to file their proofs
of debt by April 21, 2009, to be included in the company’s
dividend distribution.

The company commenced liquidation proceedings on March 13, 2008.

The company’s liquidator is:

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



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

AES GENER: S&P Changes Outlook to Negative; Affirms All Ratings
---------------------------------------------------------------
On April 7, 2009, Standard & Poor's Ratings Services revised the
outlook on Chile-based AES Gener S.A. to negative from stable. At
the same time, S&P affirmed all 'BBB-' ratings.  The outlook
change reflects the company's increasing leverage to finance its
intensive capital expenditure plan to incorporate efficient coal
fired generation capacity (about 500MW) amid highly volatile cash
flow generation.

The volatility is mainly due to fluctuating revenues, related to
the evolution of node prices in Chile and weather conditions in
Colombia, and volatile costs as a result of the evolution of spot
prices, natural gas availability, and diesel oil prices in Chile.
S&P expects the company to reach peak levels of debt to EBITDA of
about 3.5x during construction period (compared with 3.2x in 2008)
and to start reducing that ratio to levels more in line with the
rating category once the new projects come on line (2010-2011).

The output of the new projects is expected to be contracted under
framework of Short Law II and should somewhat reduce Gener's high
cash flow volatility.  S&P can lower the ratings upon further
deterioration of Gener's financial risk profile, particularly
during the expansion period.  The 'BBB-' ratings incorporate total
debt to EBITDA below 4x and FFO interest coverage and FFO to
average total debt above 3x and 20%, respectively.  Those ratios
incorporate the assumption that no additional projects are
developed and funded with additional debt until current projects
are completed and do not include Angamos project-related debt.
Should Gener decide to develop additional projects, S&P would
review S&P's expectations for its financial profile, and credit
metrics would have to strengthen to compensate for the incremental
construction and development risks.  Additionally, S&P does not
consolidate Angamos project related debt (about $1 billion in
2011) into Gener's analysis because S&P views the company's
exposure limited to its equity stake.  Should Angamos face
difficulties to complete the project or in a distress scenario for
project, S&P expects Gener not to financially support it.  Its
role would only be limited to supporting the project's operations
while renegotiating any financial obligation.  Should S&P find
evidence that Gener would financially support Angamos, S&P's
analysis will consolidate the project debt into Gener's, which
could significantly affect the ratings.

The ratings on Gener also reflect its good market position as a
reliable power provider in Chile, with lower-than-average exposure
to droughts in its core market, its large power sales contracts
with solid offtakers in the Chilean Central Interconnected System,
and its good competitive position in the Chilean Northern
Interconnected System and in Colombia.  The offsetting factors are
Gener's higher-than-average power generation costs under normal
hydrological conditions compared with relatively large
hydroelectric generators in the SIC and severe natural-gas supply
shortages in Chile, which raise the company's generation costs
and/or the cost of its power purchases.  Gener's profit margin and
cash flow generation highly depend on the evolution of the node
and spot electricity prices in the SIC -- where about 45% of the
company's generation assets are located -- and on the performance
of its operations in the SING and Colombia.  However, during 2007
and 2008, the SIC's contribution to the company's consolidated
EBITDA plunged to 16% and 18%, respectively, from 47% in 2006
because of the significant increase in operating and power
purchase costs, only partly offset by the higher node price.  As a
result, company's total consolidated EBITDA decreased by 14% to
$285 million in 2007, and was partially offset by a good
performance of the SING and Colombian operations.  During 2008,
EBITDA rose 53% compared with the 2007 level mainly due to
increased node prices and sales at high spot market prices in the
SIC, and to a lesser extent, to higher capacity revenues and spot
market sales in Colombia.  In a base case medium- to long-term
scenario, S&P expects Gener's operations in the SIC to generate
30%-50% of consolidated EBITDA, with the entry of new contracts
under more favorable terms (given the conditions established by
the Short Law II) and the entry in operations of new, more
efficient capacity.  Given its higher operating costs than for
other hydro based competitors, Gener's strategy in the SIC is to
execute sale contracts for its efficient generation units in order
to reduce revenue volatility.  When spot prices are below Gener's
generation costs (e.g., periods when water availability is normal
or high), the company buys lower-cost power from the spot market
to fulfill its power sales contracts.  Consequently, its margins
improve.  When spot prices are higher, margins fall because Gener
either buys more expensive power in the spot market or generates
it at a higher cost.  Below-average hydrology and the shortages in
natural-gas supply from Argentina increase the cost of buying and
generating power, given the need to burn higher-cost fuels, and
harm Gener's margins.  However, in a scenario of extremely tight
supply demand situation, when spot market prices reach very high
levels, such as in the first quarter of 2008, Gener benefits from
selling its non-contracted power generation (the most inefficient
units) in the spot market.  In addition, the company's profit
margin and cash flow generation depend on natural-gas availability
in the SING and on the performance of its 100%-owned Colombian
power generator AES Chivor.  These operations provided 42% and 40%
of total consolidated EBITDA, respectively, in 2008 compared with
45% and 39% in 2007, mainly because of the abovementioned
extraordinary adverse scenario in the SIC.  However, S&P expects
that in a base case medium- to long-term scenario, those markets
would contribute 20%-40% and 30%-40%, respectively, of
consolidated EBITDA.  Gener's financial risk profile is supported
by adequate, but volatile, cash flow generation, relatively low
debt maturities until 2014, and adequate financial flexibility.
These factors somewhat mitigate the increased use of debt.  During
2008, despite higher debt levels to finance investments, Gener's
consolidated debt service coverage ratios benefited from higher
node prices and sales in the spot market and to distribution
companies without contracts at very high spot prices in the SIC,
and from AES Chivor's higher capacity revenues and spot market
sales.  As a result, FFO interest coverage and FFO to total debt
improved to 4.7x and 19.6%, respectively, in 2008 from 4.1x and
18% in 2007.  Gener has developed an ambitious expansion strategy
in Chile through these measures:

The construction of new thermal capacity for about 1,200 MW (Santa
Lidia 130 MW diesel, Nueva Ventanas 267 MW coal, Campiche 270 MW
coal, and Angamos 518 MW coal); 304 MW expansion by its 50%-owned
Empresa Eléctrica Guacolda S.A.; and Other planned projects, such
as Alto Maipo 530 MW hydro and Los Robles 750 MW coal in Chile,
which S&P is not considering to be developed in the next two
years.

Gener accounts for about 20% of Chile's total generation capacity,
with an installed capacity of 2,559 MW.  The company is 70.6%
indirectly owned by the U.S.-based AES Corp. (BB-/Stable/--),
which is rated significantly lower than AES Gener
(BBB-/Stable/--).  Generally, Standard & Poor's will not rate the
debt of a majority-owned subsidiary higher than that of the
parent.  However, S&P make exceptions on the basis of the
cumulative value provided by enhancements, such as structural
protections, covenants, and an independent shareholder or
director.  According to the company's bylaws, Gener cannot make
intercompany loans to its shareholders.  Gener can distribute
dividends only if FFO interest coverage exceeds 2.4x, or has two
investment-grade credit ratings, or it obtains confirmation that
the dividend payment will not affect the ratings.  The
enhancements in place for Gener, with certain legal insulation
provided by Chilean bankruptcy law, provide sufficient comfort to
allow for the current three-notch difference between AES Corp. and
Gener.

                           Liquidity

S&P views Gener's liquidity as adequate.  Despite the expected
significant increase in investments in new generation projects in
the next five years, which would result in higher debt levels, S&P
expects Gener to benefit from a cash position of about
$100 million, low debt maturities until 2014, and a fluid access
to the financial markets, which includes access to committed bank
lines fully available for $130 million.  Evidence of the good
access to the markets is the recently made increase in capital (of
$272 million in June 2008 and $246 million in February 2009).

                              Outlook

The negative outlook reflects the deterioration in the financial
profile given the company's increasing debt levels to finance its
investment plan.  S&P could lower the ratings if the company's
credit metrics further deteriorate, with total debt to EBITDA
ratio exceeding 4x and FFO interest coverage and FFO to average
total debt below 3x and 20%, respectively (ratios excluding
Angamos project related debt and assuming no additional projects
funded with debt under development) in 2009.  S&P can revise the
outlook to stable if the company is able successfully cope with
cash flow volatility in the next two years and/or when the
projects under development start to come on line and contribute
additional cash flows.

                           Ratings List

                    Outlook Revised AES Gener S.A.

                              To                 From
                              --                 ----
    Corporate credit rating   BBB-/Negative/--   BBB-/Stable/--




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G U Y A N A
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CL FINANCIAL: Clico Guyana Wants Clico Bahamas Investments Back
---------------------------------------------------------------
The Guyana government is making headway to recover its investments
in CLICO Bahamas Limited, a unit of CL Financial Limited, as the
beleaguered company continues its liquidation exercise, Kendea
Jones of The Bahama Journal reports.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Caribbean Net News said CL Financial owed Guyana
through investments made to CLICO (Bahamas), by CLICO Life and
General Insurance Company South America Limited (CLICO Guyana).
The same report said following CLICO (Bahamas)'s collapse, Guyana
was forced to retain lawyers to help recover its money which
represented some 53% of CLICO (Guyana)'s assets.

Citing international reports, the Bahama Journal relates Guyana
President Bharrat Jagdeo said his government may phase an
allocation of $34 million over a 10-year period should the monies
invested in CLICO Bahamas not be recovered.

The president, as cited by the Journal, said the "bail out
package" would not be a large liability that Guyana’s treasury
could not handle should the company not be able to return its
funds.

Mr. Jagdeo, the report relates, said the Guyanese government is
hoping that by disposing of local assets, it can clear up the
dilemma of small policy holders.  The government might also
discuss ideas for returning, over a period of time, revenues on
investments made, he added.

The Journal notes Mr. Jagdeo said Bahamas authorities wanted to
classify CLICO Guyana’s investment in Clico (Bahamas) as an inter-
company loan and not as a policy, which would see it being handled
in a way that is more favorable to Guyana.

                   CLICO Bahamas's Liabilities
                    Exceed Assets by US$18Mln

The Trinidad and Tobago Express reported that CLICO Bahamas's
liabilities exceeded its assets by US$18 million.

According to the report, provisional liquidator Craig Tony Gomez
listed CLICO Bahamas's total assets at US$116,965,096 and total
liabilities at US$135,085,964.

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

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

                        About CL Financial

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

                          *     *     *

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

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

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

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



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J A M A I C A
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AIR JAMAICA: Probe Report to be Presented in Parliament
-------------------------------------------------------
Contractor General Greg Christie's probe report on Air Jamaica
Limited's controversial GBP5-million slot sale to Virgin Atlantic
Airlines at London's Heathrow Airport in 2007 will be tabled in
Parliament on Tuesday afternoon, Radio Jamaica News reports.

According to the report, Speaker of the House Delroy Chuck said he
had read the document and signed off on its release.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2009, the Jamaica Gleaner said Air Jamaica former Finance
Minister Dr Omar Davies rejected Mr. Christie's probe report that
claims he had illegally and improperly intervened into the sale of
Air Jamaica’s London Heathrow routes to Virgin Atlantic.  The
Gleaner related Mr. Christie also reportedly alleged that the sale
was unfair because Virgin Atlantic was placed in advantageous
position over British Airways which was the second bidder.

According to Radio Jamaica, the Office of the Contractor
General (OCG) investigation on Air Jamaica's slot sale to Virgin
Atlantic Airlines was initiated last April after Air Jamaica CEO
Don Wehby raised concern about impropriety and a lack of
transparency in the sale of state assets.  Questions were raised
about breach of the Government's Procurement Guidelines,
mismanagement and a breach of accounting procedures, Radio Jamaica
noted.

Radio Jamaica said the Bruce Golding administration had taken
issue with the decision by the previous government to divest
the Heathrow slots.  Finance Minister Audley Shaw maintained that
they were sold too cheaply and accused the People's National Party
administration of gross dereliction of duty in the manner it
disposed of the slots, Radio Jamaica said.

Meanwhile, Mr. Davis, as cited by the Gleaner, said he is
satisfied that his role as finance minister was entirely lawful at
the end of the slot divestment process in 2007.

Mr. Davis, the Gleaner related,  also claimed that the deal added
real value, because it led to Virgin making material improvements
in its bid.  In addition, the Gleaner notes Mr. Davies said
British Airways was also given the chance to improve its bid, but
it confirmed in writing that it would not be doing so.

The Gleaner added Mr. Davies said Mr. Christie has confirmed that
he is unable to conclude that Air Jamaica could have achieved more
for the slots.

                        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 Reintroduce 'Nitebird' Flight to New York
---------------------------------------------------------
Air Jamaica Limited will reintroduce the 'Nitebird' flight on the
New York route starting June 25, bringing to four the number of
flights between Jamaica and the U.S. City, The Jamaica Observer
reports.

According to the report, the airline will depart New York's John F
Kennedy (JFK) Airport at 2:15 am to arrive in Kingston at 5:00 am,
while the Kingston flight will depart at 12:15 am, arriving in New
York at 5:00 am.  The report relates the other three flights will
leave Jamaica at 8:00 am, 5:45 pm, and 6:00 pm, while those from
New York to Jamaica will depart 7:00 am, 12:45 pm, and 2:00 pm.

                        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: Won't Receive Government Provision This Year
---------------------------------------------------------
Air Jamaica Limited will not be included in the government's list
of state-owned companies that will be made self-sufficient this
year, Camilo Thame of The Jamaican Observer reports.  The report
relates no provision has been placed for Air Jamaica in the
estimates of expenditure tabled in Parliament.

According to the Observer, four public bodies are expected to
drain some $2 billion from the government's coffers.

The Observer notes Air Jamaica was supposed to have come off the
Government's books since March, but the deadline for divestment
was pushed back.

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 noted the government said it will not be
meeting its March 31 deadline for the sale of Air Jamaica despite
earlier assurances by government officials that a deal would have
been reached with a buyer in March.

According to Radio Jamaica, Don Wehby, minister overseeing the
talks, said no sale has been finalized.  Radio Jamaica 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.

                        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.



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

CORPORACION DURANGO: Board to Vote on New Equity Offering
---------------------------------------------------------
Mexico-based Corporacion Durango S.A.B. de C.V. said its board
will vote on the terms and conditions of a new equity offering,
Latin France reports.

According to the report, it is not clear if shares to be issued
would be new capital – which would dilute the Rincon family, which
holds 68% of the company – or if the company intends to offer
creditors part of the family’s equity stake as debt repayment.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2009, Latin France said Corporacion Durango reached a
tentative agreement with some 92% of its creditors to restructure
its debt.

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

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

As reported in the Troubled Company Reporter, Bloomberg News
said Corporacion Durango filed for Chapter 15 bankruptcy with the
U.S. Bankruptcy Court for the Southern District of New York (Lead
Case No. 08-13911) on Oct. 6, 2008, after missing a US$26.5
million interest payment on 10.5 percent bonds due in 2017.
Two of its affiliates filed for Chapter 11 protection separately
with the same court on the same day.

                    About  Corporacion Durango

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


CORPORACION DURANGO: May Present Restructuring Plan on April 23
---------------------------------------------------------------
Corporacion Durango S.A.B. de C.V. said it is set to present a
a debt restructuring plan, which may include issuing new dollar-
denominated debt, and propose issuing new shares at a
shareholder's meeting on April 23, Hugh Collins of Bloomberg News
reports, citing a statement to the Mexico stock exchange.

The report notes Gerardo Roman, head of equity sales and trading
at Mexico City-based independent money-manager Actinver SA, said
investors expect the company “can improve the terms of its debts.”

As reported in the Troubled Company Reporter-Latin America on
April 6, 2009, Latin France said Corporacion Durango reached a
tentative agreement with some 92% of its creditors to restructure
its debt.

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

As reported in the Troubled Company Reporter, Bloomberg News
said Corporacion Durango filed for Chapter 15 bankruptcy with the
U.S. Bankruptcy Court for the Southern District of New York (Lead
Case No. 08-13911) on Oct. 6, 2008, after missing a US$26.5
million interest payment on 10.5 percent bonds due in 2017.
Two of its affiliates filed for Chapter 11 protection separately
with the same court on the same day.

                 About  Corporacion Durango

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



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

STANFORD INT'L BANK: Peru Investors' Losses May Reach US$120-Mln
----------------------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford's allegedly fraudulent financial schemes may cause more
havoc than initially expected, as Peruvian investors could lose as
much as US$120 million, Latin France reports, citing a Lima-based
source involved in the investigation of the financial entity.

Latin France recalls Peruvian media previously estimated local
investors’ losses at between US$50 million and US$100 million.

According to Latin France's source, the government may have a hard
time recouping investors’ losses as funds are thought to have been
funneled to SIBL.

The SEC, on Feb. 17, charged Mr. Stanford and three of his
companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.  Mr. Stanford's companies include SIBL, Stanford
Group Company, and investment adviser Stanford Capital Management.

                 About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *