TCRLA_Public/090413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, April 13, 2009, Vol. 9, No. 71

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD GROUP: Former Clients Warned Against Scammers


A R G E N T I N A

INDUSTRIAS METALURGICAS: S&P Pares Global Scale Rating to 'B-'
INDUSTRIAS METALURGICAS: S&P Downgrades Global Ratings to 'B-'
NACION SEGUROS: Moody's Reviews 'B1' Insurer Strength Ratings


B E R M U D A

BERNARD L. MADOFF: Trustee Wants Bermuda Attys. to Track Assets
SYNCORA HOLDINGS: $138MM Payment to Ala. County Has Adverse Effect
SYNCORA HOLDINGS: To Deregister Common and Preferred Shares


B R A Z I L

BANCO DO BRASIL: Chief Executive Fired on High Interest Rates
CAIXA ECONOMICA: Outlines Spending Rules for US$1.34-Bln Funding
TELEMAR NORTE: Cuts 500 Jobs as Part of Restructuring
TELEMAR NORTE: Plans to Sell at Least US$500-Mln of 10-Year Bonds


C A Y M A N  I S L A N D S

ACUMEN WORKS: Sole Member's Meeting Set for May 5
AL THURWA: Shareholders' Meeting Set for May 1
CONTEXT PYTHON: Placed Under Voluntary Wind-Up
CYRUS REINSURANCE: Creditors’ Proofs of Debt Due on April 30
EFC RISING: Members to Hear Wind-Up Report on April 30

ENDEAVOUR FUND: Creditors’ Proofs of Debt Due on April 30
ENDEAVOUR GENERAL: Creditors’ Proofs of Debt Due on April 30
ENDEAVOUR FUND: Creditors’ Proofs of Debt Due on April 30
ENDEAVOUR SPECIAL: Creditors’ Proofs of Debt Due on April 30
EVERBRIGHT DRAGON: Shareholder to Hear Wind-Up Report on May 5

FGPI LIMITED: Creditors’ Proofs of Debt Due on April 30
FRANK SOUND: Creditors' Proofs of Debt Due on April 30
IMANCO LTD: Sole Shareholder to Hear Wind-Up Report on May 5
INVESTCORP EVENT: Placed Under Voluntary Liquidation
JUPITER CAPITAL: Shareholders' Meeting Set for May 1

MH FUNDING: Creditors’ Proofs of Debt Due on April 30
NNE ILIT: Creditors’ Proofs of Debt Due on April 30
RED BAY: Creditors' Proofs of Debt Due on April 30
SIGNUM GOLD: Shareholders' Meeting Set for April 30
STRATEGIC ADVISOR: Shareholders' Meeting Set for May 1

STRATEGIC CONTRACTOR: Shareholders' Meeting Set for May 1


C H I L E

AES CORP: AES Gener Issues US$183 Million 10-Year Bonds


E C U A D O R

PETROECUADOR: February Export Income Drops to US$199 Million
* ECUADOR: January Andean Exports Down 63% to US$121 Million


J A M A I C A

AIR JAMAICA: Reliability & Dependability Record Improves, CEO Says
JAMALCO: U.S. Co-Owner Incurs US$497Mln Net Loss for 3Mo to March
JPSCO: Marubeni Caribbean Buys Back Units' US$180 Million Debt


P U E R T O  R I C O

ANTONIO DOMENECH: Voluntary Chapter 11 Case Summary


X X X X X X X X

* BOND PRICING: For the Week April 6, 2009 to April 9


                         - - - - -


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

STANFORD GROUP: Former Clients Warned Against Scammers
------------------------------------------------------
David Scheer of Bloomberg News reports that according to U.S.
regulators, investors burned by R. Allen Stanford's alleged
US$8 billion Ponzi scheme should avoid being cheated again by
people offering to help recoup their losses.  The report points
out that the court-appointed receiver is working to pay legitimate
claims and make distributions to investors as soon as possible.

According to Bloomberg, the Securities and Exchange Commission in
an April 7 statement said buyers of Stanford certificates of
deposit now awaiting their share of funds recovered by a court-
appointed receiver are being offered "services" by people who
aren't involved in the legal proceeding and can't increase
payouts.

"Unscrupulous individuals often approach victims with false
promises of faster or larger returns.  Investors "are often
victimized a second time", the SEC said in its statement without
specifically accusing anyone of trying to deceive buyers of CDs
issued by Stanford International Bank.

                    About Stanford Group

Stanford Financial Group was a privately held global network of
independent, affiliated financial services companies led by
Chairman and CEO Sir Allen Stanford. The first Stanford Company
was founded by his grandfather, Lodis B. Stanford in 1932.

Stanford's core businesses are private wealth management and
investment banking for institutions and emerging growth companies.

Stanford had over $50 billion in assets under management or
advisement.

The U.S. Securities and Exchange Commission, on February 17, 2009,
charged R. Allen Stanford and three of his companies for
orchestrating a fraudulent, multi-billion dollar investment scheme
centering on an US$8 billion Certificate of Deposit program.
Mr. Stanford's companies include Stanford International Bank,
Stanford Group Company (SGC), and investment adviser Stanford
Capital Management.

The U.S. District Court for the Northern District of Texas
(Dallas) appointed Ralph Janvey as receiver for Stanford Group.



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

INDUSTRIAS METALURGICAS: S&P Pares Global Scale Rating to 'B-'
--------------------------------------------------------------
On April 8, 2009, Standard & Poor's Ratings Services lowered its
global scale ratings on Argentine turbine producer Industrias
Metalurgicas Pescarmona S.A.I.C. y F. to 'B-' from 'B'.  At the
same time, S&P revised the company's CreditWatch placement to
Developing from Negative.

The downgrade reflects IMPSA's current tight liquidity position
and its financial inflexibility as its $65 million bond nears its
maturity date of June 4, 2009.  In S&P's opinion, the current
rating category reflects IMPSA's strong reliance on external
sources of cash to make those payments (mainly from the sale of a
49% stake (around $90 million) in its Ceara wind project to
Companhia Energética de Minas Gerais (not rated)).

The CreditWatch placement reflects S&P's concerns regarding the
company's ability to cash in proceeds from external sources in an
amount that allows it to both pay down its short-term obligations
and improve its liquidity position.  If the company successfully
cashes in a substantial share of the proceeds of the Ceara sale,
and/or is able to implement other financing initiatives, it could
strengthen its financial flexibility, leading to a possible
ratings upgrade.  S&P expects that any such upgrade would not
exceed one notch.  On the other hand, since this would present the
company with significant refinancing risk, failure to collect a
significant share of the proceeds of the sale within the next 40
days could lead to a further ratings downgrade. S&P expects to
resolve the CreditWatch by that time.

The ratings on IMPSA also reflect its high leverage and short-term
debt concentration, as well as its exposure to the inherent
volatility in both the capital goods industry and the economic
environment in the countries in which it operates.  IMPSA's
adequate competitive position in the hydropower business and some
geographic diversification partially mitigate these factors.  The
rating also incorporates the expected improvement in IMPSA's cash
generation and financial profile resulting from its sizable
backlog and business diversification from its relatively new
division in wind power generator production.

IMPSA is incorporated in the Republic of Argentina (B-/Stable/C).
However, IMPSA's exposure to Argentine sovereign risk is partially
mitigated because most of its revenues have traditionally come
from outside the country; after a recent corporate restructuring,
100% of revenues are expected to come from other countries.
Nevertheless, the company's backlog is concentrated in the
emerging economies of Latin America, mainly in Brazil (50% of the
current backlog) and Venezuela (45%).

As of Dec. 31, 2008, IMPSA's backlog in capital goods was
adequate, reaching $1.7 billion, mainly in hydropower turbines
(70%) and wind power generators (28%).  Also, in recent months the
company has transferred its stakes in subsidiaries Impsa Asia Ltd.
(cranes) and TCA S.A. (auto parts) to related companies, focusing
its business strategy on producing only capital goods for
renewable-energy generation.  S&P expects this to give the company
stronger and more predictable cash flow and profits.

For the 12 months ended Oct. 31, 2008, IMPSA's EBITDA increased to
$87 million, compared with $79 million one year earlier.  The
growth in profits was mainly from increased production of wind
generators, which contributed almost $41 million to overall
EBITDA.  However, funds from operations for that period were
significantly lower than anticipated, mainly due to increased
foreign-exchange losses caused by the dollar's appreciation
against Latin American currencies (a large part of IMPSA's debt
burden is dollar denominated).

The weaker-than-expected FFO and higher working capital needs
resulting from the sale of Impsa Asia and the ramp-up of the wind
power generation business resulted in negative free cash flow
generation of about $154 million, which was financed through more
debt and cash holdings.  S&P expects FFO to strengthen materially
once the wind power division scales up and working capital needs
decrease consistently, allowing the company to significantly
reduce its aggressive debt.  In this sense, S&P expects EBITDA
interest coverage and FFO-to-debt ratios (including only debt with
recourse to IMPSA) in 2009 forward to improve to 3x and 15% from
2x and 1.8%, respectively, in the 12 months ended Oct. 31, 2008.
Although these credit indicators have improved, S&P still see them
as somewhat weak, especially considering the company's debt
maturities in 2011-2014.

During 2008, IMPSA developed a new business unit comprising two
wind power generation projects in the Brazilian states of Ceara
and Santa Catarina with an installed capacity of 100 megawatts and
217 MW, respectively.  The first project was financed by the
state-owned development bank, Caixa Econômica Federal, with no
recourse to IMPSA.  The national power company, Eletrobras S.A.
('BBB-/Stable'), will be the main purchaser of electricity from
the Ceara project through 20-year power purchase agreements.  S&P
expects the Ceara project to come on line in first-quarter 2009
the Santa Catarina project in 2010, although the company is still
arranging financing for the latter.

For analytical purposes, S&P does not add the debt allocated at
the wind farms' special purpose vehicles to IMPSA's debt.  As of
Jan. 31, 2009, this amounted to $91 million and should increase to
nearly $600 million with the financing of the Santa Catarina
project.  S&P does not follow a consolidated approach when
analyzing IMPSA, because S&P expects the company to limit its
support to planned equity infusions, despite the wind power
projects' strategic value to the company.  Also, the debt
allocated at the SPVs is nonrecourse to IMPSA.

As of March 23, 2009, the company's stand-alone debt totaled $394
million, excluding $91 million of nonrecourse debt.  S&P expects
IMPSA's debt to fall to less than 3.5x EBITDA in 2009, mainly as a
consequence of higher EBITDA generation, compared with 4.7x for
the 12 months ended Oct. 31, 2008 (excluding nonrecourse debt and
EBITDA generation from the SPVs).

After transferring its cranes and auto parts operations, IMPSA has
focused its business on providing equipment for hydroelectric and
wind power generation in Latin America and Asia.  The company will
also operate its turnkey wind farms in Brazil in association with
local operators.

                            Liquidity

As of March 23, 2009, IMPSA's liquidity was weak, with
consolidated cash and short-term investments of about $52 million
compared with short-term debt of about $75 million (principal
only), which includes a bullet bond amortization of $65 million
that comes due on June 4, 2009.  During first-quarter 2009, the
company announced the sale of a 49% stake in its Ceara project to
CEMIG for close to $90 million--still subject to certain
approvals.  In addition, the company is currently negotiating some
other short-term bank facilities.  S&P do, however, remain
concerned about IMPSA's approaching $65 million bond amortization,
along with its lack of alternative sources of cash (other than
those mentioned above) and its internal cash generation.

                           Ratings List

              Downgraded; CreditWatch/Outlook Action

         Industrias Metalurgicas Pescarmona S.A.I.C.y.F.

                                To                 From
                                --                 ----
Corporate Credit Rating        B-/Watch Dev/--    B/Watch Neg/--

         Industrias Metalurgicas Pescarmona S.A.I.C.y.F.

                                 To                 From
                                 --                 ----
  Senior Unsecured               B-/Watch Dev       B/Watch Neg

           Ratings Affirmed; CreditWatch/Outlook Action

         Industrias Metalurgicas Pescarmona S.A.I.C.y.F.

                                      To                 From
                                      --                 ----
Senior Unsecured                      raBBB+/Watch Dev   raBBB+


INDUSTRIAS METALURGICAS: S&P Downgrades Global Ratings to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its global
scale ratings on Argentine turbine producer Industrias
Metalurgicas Pescarmona S.A.I.C. y F. to 'B-' from 'B'.  At the
same time, S&P revised the company's CreditWatch placement to
Developing from Negative.

The downgrade reflects IMPSA's current tight liquidity position
and its financial inflexibility as its $65 million bond nears its
maturity date of June 4, 2009.  In S&P's opinion, the current
rating category reflects IMPSA's strong reliance on external
sources of cash to make those payments (mainly from the sale of a
49% stake (around $90 million) in its Ceara wind project to
Companhia Energética de Minas Gerais (not rated)).

"The CreditWatch placement reflects our concerns regarding the
company's ability to cash in proceeds from external sources in an
amount that allows it to both pay down its short-term obligations
and improve its liquidity position.  If the company successfully
cashes in a substantial share of the proceeds of the Ceara sale,
and/or is able to implement other financing initiatives, it could
strengthen its financial flexibility, leading to a possible
ratings upgrade.  S&P expects that any such upgrade would not
exceed one notch.  On the other hand, since this would present the
company with significant refinancing risk, failure to collect a
significant share of the proceeds of the sale within the next 40
days could lead to a further ratings downgrade.  S&P expects to
resolve the CreditWatch by that time," said Standard & Poor's
credit analyst Diego Ocampo.

The ratings on IMPSA also reflect its high leverage and short-term
debt concentration, as well as its exposure to the inherent
volatility in both the capital goods industry and the economic
environment in the countries in which it operates.  IMPSA's
adequate competitive position in the hydropower business and some
geographic diversification partially mitigate these factors.  The
rating also incorporates the expected improvement in IMPSA's cash
generation and financial profile resulting from its sizable
backlog and business diversification from its relatively new
division in wind power generator production.

IMPSA is incorporated in the Republic of Argentina (B-/Stable/C).
However, IMPSA's exposure to Argentine sovereign risk is partially
mitigated because most of its revenues have traditionally come
from outside the country; after a recent corporate restructuring,
100% of revenues are expected to come from other countries.
Nevertheless, the company's backlog is concentrated in the
emerging economies of Latin America, mainly in Brazil (50% of the
current backlog) and Venezuela (45%).

During 2008, IMPSA developed a new business unit comprising two
wind power generation projects in the Brazilian states of Ceara
and Santa Catarina with an installed capacity of 100 megawatts and
217 MW, respectively.  The first project was financed by the
state-owned development bank, Caixa Econômica Federal, with no
recourse to IMPSA.  The national power company, Eletrobras S.A.
('BBB-/Stable'), will be the main purchaser of electricity from
the Ceara project through 20-year power purchase agreements.  S&P
expects the Ceara project to come on line in first-quarter 2009
the Santa Catarina project in 2010, although the company is still
arranging financing for the latter.

As of March 23, 2009, IMPSA's liquidity was weak, with
consolidated cash and short-term investments of about $52 million
compared with short-term debt of about $75 million (principal
only), which includes a bullet bond amortization of $65 million
that comes due on June 4, 2009.  During first-quarter 2009, the
company announced the sale of a 49% stake in its Ceara project to
CEMIG for close to $90 million--still subject to certain
approvals.  In addition, the company is currently negotiating some
other short-term bank facilities.  "We do, however, remain
concerned about IMPSA's approaching $65 million bond amortization,
along with its lack of alternative sources of cash and its
internal cash generation," Mr. Ocampo added.



NACION SEGUROS: Moody's Reviews 'B1' Insurer Strength Ratings
-------------------------------------------------------------
Moody's Latin America has placed the insurance financial strength
ratings of Nacion Seguros de Retiro S.A. -- B1 global local-
currency and Aa3.ar Argentine national scale -- under review for
possible downgrade.

Nacion Retiro is the annuity insurance subsidiary of state-owned
Banco de la Nacion Argentina, which is the largest bank in the
country.  The company specializes in underwriting group annuity
products for large corporations and individual annuities.  Nacion
Retiro also administers the run-off of its "previsional" annuity
business, which had been the company's core activity until
December 2008, when national pension reform eliminated that
segment for new business.

For the six-month period ended December 2008, Nacion Retiro
reported a significant loss -- resulting in a 41% reduction of
statutory capital -- and causing the company's non-compliance with
local capital requirements.  This sharp decline in capital was
largely due to weak investment performance, which was not
sufficient to offset the increasing obligations to policyholders
during this period.  Underwriting losses also contributed to the
company's recent poor performance.

According to Moody's, the review for possible downgrade will focus
on management's ability to restore and maintain both profitability
and capital adequacy in the medium- and long-term, as well as on
the ability and willingness of Nacion Retiro's bank shareholder to
provide further capital contributions, as necessary, to meet and
exceed minimum regulatory capital requirements.  The review will
also consider whether there has been any change in the bank's
strategic interest in the insurance company, given that its core
previsional annuity business is now in run-off, and evaluate the
shareholder's commitment to assist in due time and form in case of
further future needs.

Moody's also points out that Nacion Retiro's credit profile
continues to reflect little product diversification, as well as
its still significant investment risk, its deteriorating capital
adequacy, and its broad country-specific risk exposure— traits
common to all Argentine insurers.

Another concern that could affect the company's creditworthiness
relates to uncertainty associated with dollar-denominated
annuities issued before 2002 -- a factor also common to most
previsional annuity companies in the country.  The majority of
those annuity contracts have been converted to a lower amount in
Argentine pesos; consequently, future regulatory/judicial
decisions in favor of policyholders that increase the policy
benefits could damage the company's earnings and solvency.

Based in Buenos Aires, Argentina, Nacion Retiro reported total
assets of Ar$1.4 billion, and shareholders' equity of Ar$43
million as of December 31, 2008.  Nacion Retiro reported a net
loss of Ar$27 million for that six-month period ended December 31,
2008, as compared with a net loss of Ar$16 million for the same
period in 2007.



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

BERNARD L. MADOFF: Trustee Wants Bermuda Attys. to Track Assets
---------------------------------------------------------------
Irving Picard, the trustee liquidating Bernard L. Madoff
Investment Securities LLC, is asking the U.S. Bankruptcy Court for
the Southern District of New York for permission to hire attorneys
in Bermuda and Cayman Islands to track down and protect customer
assets.

According to Bloomberg News, Mr. Picard wants to hire Williams
Barristers & Attorneys in Hamilton, Bermuda.  He selected Williams
as special counsel "because of its knowledge, expertise and
experience in liquidation proceedings in the Cayman Islands and
other foreign jurisdictions," the court filing said.

According to Bloomberg, an attorney with the firm, Damien Justin
Williams, said in a declaration that Mr. Picard wants counsel to
represent him in matters related to US$80 million held at the Bank
of Bermuda Ltd., which funds belong to the estate.

                  About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
district Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.



SYNCORA HOLDINGS: $138MM Payment to Ala. County Has Adverse Effect
------------------------------------------------------------------
Syncora Holdings Ltd. said in a regulatory filing with the
Securities and Exchange Commission that payment of claims on its
guaranteed obligations, including Jefferson County, Alabama, and
residential mortgage-backed securities transactions could have a
material adverse effect on its financial condition, cash flows and
liquidity.

Syncora insured the payment of scheduled debt service on sewer
revenue warrants issued by the Jefferson County in 2002 and 2003
and has provided a surety bond policy.  Through March 30, 2009,
Syncora has paid gross claims in an aggregate amount of roughly
US$165.5 million on the County’s warrants and surety policy.
Syncora estimates that it may be required to pay additional claims
under its policies through 2009 of roughly US$138.0 million.

Syncora also has guaranteed certain payments under its insured
RMBS transactions.  Through March 30, 2009, on its guaranteed RMBS
transactions, Syncora has paid gross claims in an aggregate amount
of roughly US$684.2 million.

Syncora estimates that it may be required to pay additional claims
under its RMBS policies through 2009 of roughly US$630.7 million
in the aggregate.

As reported by the Troubled Company Reporter on Thursday,
Jefferson County has spent more than a year trying to devise a
plan to restructure more than US$3 billion of adjustable-rate
sewer obligations.  Interest-rates on the bonds surged after
Syncora and Financial Guarantee Insurance Co., which also
guaranteed the debt, lost their top credit ratings following
unrelated subprime mortgage losses, Bloomberg News' Martin Z.
Braun said.

Syncora and FGIC have sued Jefferson County, asking a federal
court to appoint a receiver to take control over the sewer system.
However, U.S. District Court Judge David Proctor said he wasn't
sure he had the authority to appoint a receiver with rate-making
powers and urged the county and its creditors to resolve the
financial crisis outside the courtroom.

                       About Syncora Holdings

Based in Hamilton, Bermuda, Syncora Holdings Ltd., formerly
Security Capital Assurance Limited, is a holding company whose
operating subsidiaries provide financial guarantee insurance,
reinsurance, and other credit enhancement products to the public
finance and structured finance markets throughout the United
States and internationally.  The Company's businesses consists of
Syncora Guarantee Inc. (formerly XL Capital Assurance Inc.) and
its wholly owned subsidiary, XL Capital Assurance (U.K.) Limited
(XLCA-UK) and Syncora Guarantee Re Ltd. (formerly XL Financial
Assurance Ltd.).  The segments of the Company are financial
guarantee insurance and financial guarantee reinsurance.  The
financial guarantee insurance segment offers financial guarantee
insurance policies and credit-default swaps (CDS) contracts.  The
financial guarantee reinsurance segment reinsures financial
guarantee policies and CDS contracts issued by other monoline
financial guarantee insurance companies.

                           Junk Ratings

Prior to the first quarter of 2008, the Company had maintained
triple-A ratings from Moody’s, Fitch and S&P, and these ratings
had been fundamental to its historical business plan and business
activities.  However, in response to the deteriorating market
conditions, the rating agencies updated their analyses and
evaluations of the financial guarantee insurance industry
including the Company.  As a result, the Company’s IFS ratings
have been downgraded by the rating agencies and the rating
agencies have placed its IFS ratings on creditwatch/ratings watch
negative or on review for further downgrade.  Consequently, the
Company suspended writing substantially all new business in
January 2008.

On March 9, 2009, Moody’s downgraded to “Ca” from “Caa1” the IFS
ratings of Syncora Guarantee and Syncora Guarantee-UK, with the
ratings placed on developing outlook, and on January 29, 2009, S&P
downgraded to “CC” from “B” the IFS ratings of Syncora Guarantee
and Syncora Guarantee-UK, with the ratings placed on negative
outlook.  Effective August 27, 2008, the Company terminated the
agreement for the provision of ratings with Fitch.  Since it has
suspended writing substantially all new business, the Company
believes ratings from two agencies are sufficient.  Moody’s, S&P
and Fitch have also downgraded the Company’s debt and other
ratings.

The rating agency actions reflect Moody’s, S&P’s and Fitch’s
current assessment of the Company’s creditworthiness, business
franchise and claims-paying ability.  This assessment reflects the
Company’s direct and indirect exposures to the U.S. residential
mortgage market, which has precipitated its weakened financial
position and business profile based on increased reserves for
losses and loss adjustment expenses, realized and unrealized
losses on credit derivatives and modeled capital shortfalls.

              US$2.4 Billion Policyholders’ Deficit

As reported by the Troubled Company Reporter on March 17, 2009,
Syncora Guarantee has reported a policyholders’ deficit of US$2.4
billion as of December 31, 2008.  Failure to maintain positive
statutory policyholders’ surplus or non-compliance with the
statutory minimum policyholders’ surplus requirement permits the
New York Superintendent of Insurance to seek court appointment as
rehabilitator or liquidator of Syncora Guarantee.

As a result of this material adverse development, and in
accordance with the Company’s strategic plan, effective as of
March 5, 2009, Syncora Guarantee signed a non-binding letter of
intent with certain of the Counterparties whereby the parties
agreed to negotiate in good faith to seek to promptly agree on
mutually agreeable definitive documentation, in the form of a
master transaction agreement and related agreements. In addition,
pursuant to the RMBS Transaction Agreement, dated as of March 5,
2009, on March 11, 2009, the fund referenced therein commenced a
tender offer to acquire certain residential mortgage-backed
securities that are insured by Syncora Guarantee.  The 2009 MTA
and tender offer represent the principal elements of the second
phase of the Company’s strategic plan.

As of Dec. 31, 2008, Syncora Guarantee has $3.90 billion in
assets, and debts of US$3.17 billion, according to its Annual
Report on Form 10-K.  The Company reported a $1.42 billion net
loss for year 2008.  A full-text copy of the Company’s Annual
Report is available at no charge at http://ResearchArchives.com/t/
s?3b59

PricewaterhouseCoopers LLP in New York in its audit report says
there is substantial doubt about the Company’s ability to continue
as a going concern.

                    About Jefferson County

Jefferson County has its seat in Birmingham, Alabama.  It has a
population of 660,000.  It ended its 2006 fiscal year with a
US$42.6 million general fund balance, according to Standard &
Poor's.  The Birmingham firm of Bradley Arant Rose & White,
represents Jefferson County.  Porter, White & Co. in Birmingham is
the county's financial adviser.  A bankruptcy by Jefferson County
stands to be the largest municipal bankruptcy in U.S. history.  It
could beat the record of US$1.7 billion, set by Orange County,
California in 1994.

                         *     *     *

As reported by the Troubled Company Reporter on March 24, 2009,
Standard & Poor's Ratings Services kept the ratings on Jefferson
County, Alabama's series 1997A, 2001A, 2003-B-8, 2003 B- 1-A
through series 2003 B-1-E, and series 2003 C-1 through 2003 C-
10 sewer system revenue bonds ('C' underlying rating) on
CreditWatch negative, where they were placed Sept. 16, 2008, due
to previous draws against the system's cash and surety reserves
beginning in September 2008 and S&P's uncertainty of the system's
continued timely payment on the obligations.

Although the system depleted its cash reserves and a portion of
its surety reserves in late 2008, the trustee indicates there have
been no additional draws against its surety reserves since last
year.  The trustee estimates the system currently has $176 million
remaining in total combined surety reserves with Financial
Guaranty Insurance Co. (FGIC; CCC/Negative), Syncora Guarantee
Inc. (CC/Negative), and Financial Security Assurance Inc.
(AAA/Watch Neg), which can be applied on a pro rata basis to
any parity debt.


SYNCORA HOLDINGS: To Deregister Common and Preferred Shares
-----------------------------------------------------------
Syncora Holdings Ltd. has filed a Form 15 with the Securities and
Exchange Commission to voluntarily deregister its common and
preferred shares.  In filing the Form 15, the Company's obligation
to file certain reports and forms with the SEC, including Forms
10-K, 10-Q and 8-K, is immediately suspended.  The Company expects
that deregistration of its common and preferred shares will become
effective in 90 days.

The Company expects that it will, from time to time, provide
certain financial information to the market via its Web site --
http://www.syncora.com/ The Company's securities will continue to
be traded over the counter and its common shares quoted on the
Pink Sheets, but the Company can make no assurance that any broker
will continue to make a market in the Company's securities.

                       About Syncora Holdings

Based in Hamilton, Bermuda, Syncora Holdings Ltd., formerly
Security Capital Assurance Limited, is a holding company whose
operating subsidiaries provide financial guarantee insurance,
reinsurance, and other credit enhancement products to the public
finance and structured finance markets throughout the United
States and internationally.  The Company's businesses consists of
Syncora Guarantee Inc. (formerly XL Capital Assurance Inc.) and
its wholly owned subsidiary, XL Capital Assurance (U.K.) Limited
(XLCA-UK) and Syncora Guarantee Re Ltd. (formerly XL Financial
Assurance Ltd.).  The segments of the Company are financial
guarantee insurance and financial guarantee reinsurance.  The
financial guarantee insurance segment offers financial guarantee
insurance policies and credit-default swaps (CDS) contracts.  The
financial guarantee reinsurance segment reinsures financial
guarantee policies and CDS contracts issued by other monoline
financial guarantee insurance companies.

                           Junk Ratings

Prior to the first quarter of 2008, the Company had maintained
triple-A ratings from Moody’s, Fitch and S&P, and these ratings
had been fundamental to its historical business plan and business
activities.  However, in response to the deteriorating market
conditions, the rating agencies updated their analyses and
evaluations of the financial guarantee insurance industry
including the Company.  As a result, the Company’s IFS ratings
have been downgraded by the rating agencies and the rating
agencies have placed its IFS ratings on creditwatch/ratings watch
negative or on review for further downgrade.  Consequently, the
Company suspended writing substantially all new business in
January 2008.

On March 9, 2009, Moody’s downgraded to “Ca” from “Caa1” the IFS
ratings of Syncora Guarantee and Syncora Guarantee-UK, with the
ratings placed on developing outlook, and on January 29, 2009, S&P
downgraded to “CC” from “B” the IFS ratings of Syncora Guarantee
and Syncora Guarantee-UK, with the ratings placed on negative
outlook.  Effective August 27, 2008, the Company terminated the
agreement for the provision of ratings with Fitch.  Since it has
suspended writing substantially all new business, the Company
believes ratings from two agencies are sufficient.  Moody’s, S&P
and Fitch have also downgraded the Company’s debt and other
ratings.

The rating agency actions reflect Moody’s, S&P’s and Fitch’s
current assessment of the Company’s creditworthiness, business
franchise and claims-paying ability.  This assessment reflects the
Company’s direct and indirect exposures to the U.S. residential
mortgage market, which has precipitated its weakened financial
position and business profile based on increased reserves for
losses and loss adjustment expenses, realized and unrealized
losses on credit derivatives and modeled capital shortfalls.

              US$2.4 Billion Policyholders’ Deficit

As reported by the Troubled Company Reporter on March 17, 2009,
Syncora Guarantee has reported a policyholders’ deficit of $2.4
billion as of December 31, 2008.  Failure to maintain positive
statutory policyholders’ surplus or non-compliance with the
statutory minimum policyholders’ surplus requirement permits the
New York Superintendent of Insurance to seek court appointment as
rehabilitator or liquidator of Syncora Guarantee.

As a result of this material adverse development, and in
accordance with the Company’s strategic plan, effective as of
March 5, 2009, Syncora Guarantee signed a non-binding letter of
intent with certain of the Counterparties whereby the parties
agreed to negotiate in good faith to seek to promptly agree on
mutually agreeable definitive documentation, in the form of a
master transaction agreement and related agreements. In addition,
pursuant to the RMBS Transaction Agreement, dated as of March 5,
2009, on March 11, 2009, the fund referenced therein commenced a
tender offer to acquire certain residential mortgage-backed
securities that are insured by Syncora Guarantee. The 2009 MTA and
tender offer represent the principal elements of the second phase
of the Company’s strategic plan.

As of Dec. 31, 2008, Syncora Guarantee has US$3.90 billion in
assets, and debts of US$3.17 billion, according to its Annual
Report on Form 10-K.  The Company reported a US$1.42 billion net
loss for year 2008.  A full-text copy of the Company’s Annual
Report is available at no charge at http://ResearchArchives.com/t/
s?3b59

PricewaterhouseCoopers LLP in New York in its audit report says
there is substantial doubt about the Company’s ability to continue
as a going concern.


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

BANCO DO BRASIL: Chief Executive Fired on High Interest Rates
-------------------------------------------------------------
Brazil President Luiz Inacio Lula da Silva fired state-owned Banco
do Brasil Chief Executive Officer Antonio Francisco Lima Neto
because of concerns over persistently high interest charges for
consumers, Rogerio Jelmayer of Dow Jones Newswires reports.

According to the Associated Press, President Silva insisted he had
not fired Mr. Neto, rather Mr. Neto offered his resignation to
Brazil Finance Minister Guido Mantega.  However, AP relates local
media have widely speculated that Mr. Neto was forced out.

Bloomberg News relates Mr. Mantega told reporters in Brasilia that
Aldemir Bendine, formerly vice president of credit and debit cards
and new business for retail services at Banco do Brasil, will
replace Mr. Neto as bank CEO.  AP says Mr. Bendine is set to take
over on April 29.

“Mr. Bendine comes with a specific mission -- a management
contract to give loans at a faster pace, compete more with other
banks and incorporate new clients,” Bloomberg News quoted Mr.
Mantega as saying.

AP says since the world economic crisis began to slow Brazil's
economy last year, President Silva has often mentioned the need
for banks to slash commercial lending rates to boost economic
activity.

                      About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


CAIXA ECONOMICA: Outlines Spending Rules for US$1.34-Bln Funding
----------------------------------------------------------------
Business News Americas News reports Caixa Economica Federal (CEF)
has published rules in government register Diario Oficial da Uniao
governing how it will spend its BRL3 billion (US$1.34 billion)
credit line from government workers' compensation and savings fund
FGTS.

According to the report, the rules limit the bank's investments to
80% of the value of a given FII real estate investment fund, FIDC
receivable fund, construction company bond or CRI real estate
receivables certificate.  The report relates all the projects in
the program must comply with the rules of national housing finance
system SFH.

BNAmericas notes CEF's role in aiding the construction sector has
been anticipated since October, when the government announced MP
443, an executive order turned law that, among other things, gave
CEF permission to set up an investment banking arm, CaixaPar.

                      About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                          *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.



TELEMAR NORTE: Cuts 500 Jobs as Part of Restructuring
-----------------------------------------------------
Telemar Norte Leste SA -- which operates a fixed-line and
mobile telephone service in Brazil under the name Oi -- said it
was cutting 500 employees as part of a restructuring following the
purchase of rival Brasil Telecom (BRP), Alastair Stewart of Dow
Jones Newswires reports.

According to DJ Newswires, the job cut was due to the duplication
of positions, principally in the area of sales.  About 20% of the
affected employees will take retirement, the report relates.

DJ Newswires recalls the company had already fired 400 staff from
management posts in February.

As reported in the Troubled Company Reporter-Latin America on
Nov. 24, 2008, the Associated Press said Telemar Norte's parent
company, Tele Norte Leste Participacoes S.A., received the
government's green light to acquire Brasil Telecom, as Brazil
President Luiz Inacio Lula da Silva approved a change in the
country's telecommunications law that would allow fixed-line
telecoms to operate in more than one region of the country.

The Financial Times reported on April 27, 2008, that Tele Norte
agreed to buy Brasil Telecom for R$5.9 billion (US$3.5 billion)
and to make an offer to minority shareholders which, if completed,
would raise the total purchase price to about R$12.4 billion.

DJ Newswires says that as part of approval for the takeover,
telecom watchdog Anatel demanded that the merged company would
employ at least 25,542 people.  As of December, the combined
payroll stood at 31,433 people, the same report notes.

                       About Telemar Norte

Headquartered in Brazil, Telemar Norte Leste SA is involved in
the telecommunications sector.  It operates a fixed-line and
mobile telephone service in Brazil under the name Oi.  The company
also offers Internet network, through the service Oi Velox, and
cable television, through Oi TV, to both individual and corporate
customers.  Telemar Norte Leste SA operates in the states of Rio
de Janeiro, Minas Gerais, Espirito Santo, Bahia, Sergipe, Alagoas,
Pernambuco, Paraiba, Rio Grande do Norte, Ceara, Piaui, Maranho,
Para, Roraima, Amapa and Amazonas.

Its subsidiaries include TNL PCS (Oi), Telemar Internet Ltda and
Serede Servicos de Rede SA, among others.  The Company is owned by
Tele Norte Leste Participacoes SA. In 2008,  the Company launched
the third generation (3G) service.  As of January 2009, Telemar
Norte Leste SA acquired Brasil Telecom Participacoes SA.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Sept. 2, 2008, Standard & Poor's Ratings Services revised its
outlooks on Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA (collectively, Telemar), and Amazonia Celular SA to
positive from stable, while affirming the 'BB+' long-term
corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.


TELEMAR NORTE: Plans to Sell at Least US$500-Mln of 10-Year Bonds
-----------------------------------------------------------------
Telemar Norte Leste SA plans to sell at least US$500 million of
10-year bonds, Francisco Marcelino and Lester Pimentel of
Bloomberg News report, citing a person familiar with the offering.

According to the report, the unnamed source said the company may
complete the sale as soon as this week after pitching the bonds to
investors in New York, Boston, London and other cities.

The report relates the company is tapping international markets as
demand for corporate debt from Brasil's economy picks up amid
signs the worst of the global financial crisis is over

Telemar, the report says, is also selling debt in the local market
after it purchased Brasil Telecom Participacoes SA and pledged in
January to invest BRL30 billion over five years.  In addition, the
report relates, the company said in a March 6 regulatory filing
that it plans to sell BRL3 billion of bonds maturing in 2011 and
2012.

                       About Telemar Norte

Headquartered in Brazil, Telemar Norte Leste SA is involved in
the telecommunications sector.  It operates a fixed-line and
mobile telephone service in Brazil under the name Oi.  The company
also offers Internet network, through the service Oi Velox, and
cable television, through Oi TV, to both individual and corporate
customers.  Telemar Norte Leste SA operates in the states of Rio
de Janeiro, Minas Gerais, Espirito Santo, Bahia, Sergipe, Alagoas,
Pernambuco, Paraiba, Rio Grande do Norte, Ceara, Piaui, Maranho,
Para, Roraima, Amapa and Amazonas.

Its subsidiaries include TNL PCS (Oi), Telemar Internet Ltda and
Serede Servicos de Rede SA, among others.  The Company is owned by
Tele Norte Leste Participacoes SA. In 2008,  the Company launched
the third generation (3G) service.  As of January 2009, Telemar
Norte Leste SA acquired Brasil Telecom Participacoes SA.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Sept. 2, 2008, Standard & Poor's Ratings Services revised its
outlooks on Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA (collectively, Telemar), and Amazonia Celular SA to
positive from stable, while affirming the 'BB+' long-term
corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.



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

ACUMEN WORKS: Sole Member's Meeting Set for May 5
-------------------------------------------------
The sole member of Acumen Works Limited will hear the liquidator's
report on the company's wind-up proceedings and property disposal
on May 5, 2009, at 10:00 a.m.

The company's liquidator is:

          Tang Ying Ming, Mai
          Flat 6B, 20 Fa Po Street
          Yau Yat Chuen, Kowloon, Hong Kong
          Telephone: (852) 2660 1978
          Facsimile: (852) 2660 1908


AL THURWA: Shareholders' Meeting Set for May 1
----------------------------------------------
The shareholders of AL Thurwa Overseas Limited will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on May 1, 2009, at 8:30 a.m.

The company's liquidator is:

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


CONTEXT PYTHON: Placed Under Voluntary Wind-Up
----------------------------------------------
On March 18, 2009, the sole shareholder of Context Python Offshore
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


CYRUS REINSURANCE: Creditors’ Proofs of Debt Due on April 30
------------------------------------------------------------
The creditors of Cyrus Reinsurance Holdings SPC are required to
file their proofs of debt by April 30, 2009, to be included in the
company’s dividend distribution.

The company commenced liquidation proceedings on March 12, 2009.

The company’s liquidator is:

         John C. Mckenna, CA
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands
         Telephone: (441) 292-5525
         e-mail: john.mckenna@frsl.bm


EFC RISING: Members to Hear Wind-Up Report on April 30
------------------------------------------------------
The members of EFC Rising Star I Ltd will hear the liquidator's
report on the company's wind-up proceedings and property disposal
on April 30, 2009, at 10:00 a.m.

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


ENDEAVOUR FUND: Creditors’ Proofs of Debt Due on April 30
---------------------------------------------------------
The creditors of Endeavour Fund II Limited are required to file
their proofs of debt by April 30, 2009, to be included in the
company’s dividend distribution.

The company commenced liquidation proceedings on March 11, 2009.

The company’s liquidator is:

         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


ENDEAVOUR GENERAL: Creditors’ Proofs of Debt Due on April 30
------------------------------------------------------------
The creditors of Endeavour General Partner Limited are required to
file their proofs of debt by April 30, 2009, to be included in the
company’s dividend distribution.

The company commenced liquidation proceedings on March 11, 2009.

The company’s liquidator is:

         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


ENDEAVOUR FUND: Creditors’ Proofs of Debt Due on April 30
---------------------------------------------------------
The creditors of Endeavour Fund III Limited are required to file
their proofs of debt by April 30, 2009, to be included in the
company’s dividend distribution.

The company commenced liquidation proceedings on March 11, 2009.

The company’s liquidator is:

         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


ENDEAVOUR SPECIAL: Creditors’ Proofs of Debt Due on April 30
------------------------------------------------------------
The creditors of Endeavour Special Member Limited are required to
file their proofs of debt by April 30, 2009, to be included in the
company’s dividend distribution.

The company commenced liquidation proceedings on March 11, 2009.

The company’s liquidator is:

         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


EVERBRIGHT DRAGON: Shareholder to Hear Wind-Up Report on May 5
--------------------------------------------------------------
The sole shareholder of Everbright Dragon Fund Overseas Limited
will hear the liquidator's report on the company's wind-up
proceedings and property disposal on May 5, 2009, at 11:00 a.m.

The company's liquidator is:

          Lee Cheong Wing
          Far East Finance Centre, 40th Floor
          16 Harcourt Road, Admiralty
          Hong Kong
          Telephone: (852) 2528 9882
          Facsimile: (852) 2110 2946


FGPI LIMITED: Creditors’ Proofs of Debt Due on April 30
-------------------------------------------------------
The creditors of FGPI Limited are required to file their proofs of
debt by April 30, 2009, to be included in the company’s dividend
distribution.

The company commenced liquidation proceedings on Feb. 23, 2009.

The company’s liquidators are:

         Bobby Toor
         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


FRANK SOUND: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------
The creditors of Frank Sound Estate Limited are required to file
their proofs of debt by April 30, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          G. James Cleaver
          c/o Gemma Sherwood
          Zolfo Cooper
          P.O Box 1102, Bermuda House, 4th Floor
          Cayman Financial Centre
          Grand Cayman KY1-1102
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082
          e-mail: gemma.sherwood@zolfocooper.com


IMANCO LTD: Sole Shareholder to Hear Wind-Up Report on May 5
------------------------------------------------------------
The sole shareholder of Imanco Ltd will hear the liquidator's
report on the company's wind-up proceedings and property disposal
on May 5, 2009, at 12:00 noon.

The company's liquidator is:

          Cayman National Trust Co. Ltd.
          c/o Joyce Seymour
          Telephone: (345) 640 9268
          Facsimile: (345) 640 9004


INVESTCORP EVENT: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on March 18, 2009, a
special resolution was passed to voluntarily liquidate the
business of:

  -- Investcorp Event Arbitrage Fund Limited SPC; and
  -- Investcorp Event Arbitrage Leveraged Master Fund Limited SPC

The companies’ liquidator is:

         Westport Services Ltd.
         c/o Evania Ebanks
         c/o Paget-Brown Trust Company Ltd.
         Boundary Hall, Cricket Square
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


JUPITER CAPITAL: Shareholders' Meeting Set for May 1
----------------------------------------------------
The shareholders of Jupiter Capital International, Ltd. will hear
the liquidator's report on the company's wind-up proceedings and
property disposal on May 1, 2009, at 9:00 a.m.

The company's liquidator is:

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


MH FUNDING: Creditors’ Proofs of Debt Due on April 30
-----------------------------------------------------
The creditors of MH Funding Corporation are required to file their
proofs of debt by April 30, 2009, to be included in the company’s
dividend distribution.

The company commenced liquidation proceedings on March 9, 2009.

The company’s liquidators are:

         Bobby Toor
         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


NNE ILIT: Creditors’ Proofs of Debt Due on April 30
---------------------------------------------------
The creditors of NNE Ilit Cayman, Ltd. are required to file their
proofs of debt by April 30, 2009, to be included in the company’s
dividend distribution.

The company commenced liquidation proceedings on March 16, 2008.

The company’s liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


RED BAY: Creditors' Proofs of Debt Due on April 30
--------------------------------------------------
The creditors of Red Bay Estates Ltd are required to file their
proofs of debt by April 30, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          G. James Cleaver
          c/o Gemma Sherwood
          Zolfo Cooper
          P.O Box 1102, Bermuda House, 4th Floor
          Cayman Financial Centre
          Grand Cayman KY1-1102
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082
          e-mail: gemma.sherwood@zolfocooper.com


SIGNUM GOLD: Shareholders' Meeting Set for April 30
---------------------------------------------------
The shareholders of Signum Gold Limited will hear the liquidator's
report on the company's wind-up proceedings and property disposal
on April 30, 2009, at 10:00 a.m.

The company's liquidator is:

          Ellen J. Christian
          c/o Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945 9208
          Fax: 345 945 9210


STRATEGIC ADVISOR: Shareholders' Meeting Set for May 1
------------------------------------------------------
The shareholders of Strategic Advisor Limited will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on May 1, 2009, at 8:45 a.m.

The company's liquidator is:

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


STRATEGIC CONTRACTOR: Shareholders' Meeting Set for May 1
---------------------------------------------------------
The shareholders of Strategic Contractor Limited will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on May 1, 2009, at 9:00 a.m.

The company's liquidator is:

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



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

AES CORP: AES Gener Issues US$183 Million 10-Year Bonds
-------------------------------------------------------
Chile power generator AES Gener, a unit of AES Corporation, placed
US$183 million of bonds on the local market, Antonio de la Jara of
Reuters reports, citing sources close to the deal.

The report relates the sources said AES Gener placed 10-year bonds
denominated in dollars with an internal rate of return of 8.5%
from the 8.65% originally offered.

Carolina Pica of Dow Jones Newswires reports that funds from the
issue will be used to finance the company's investment and growth
plans.

According to DJ Newswires, AES Gener is the second-largest power
generator in Chile.

                      About AES Corporation

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.



=============
E C U A D O R
=============

PETROECUADOR: February Export Income Drops to US$199 Million
------------------------------------------------------------
Petroecuador's February export income fell sharply to US$199
million from US$659 million in the same month in 2008, Alonso Soto
of Reuters reports, citing central bank data.

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Reuters said Petroecuador's export income in
January tumbled to US$257 million from US$794.5 million during the
same month last year.

According to Reuters, Petroecuador has been the cash machine that
President Rafael Correa has tapped for heavy spending on health
and education for the poor majority.  However, the report relates
falling oil prices are hurting Ecuador's coffers as President
Correa campaigns for re-election on April 26.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


* ECUADOR: January Andean Exports Down 63% to US$121 Million
------------------------------------------------------------
Ecuador's January exports to the Andean countries -- Bolivia,
Colombia, Ecuador, Venezuela and Peru -- dropped 63% to
US$121 million from US$325 million in the same period in 2008,
while imports from Andean countries dropped 24% to US$220 million
from US$291 million registered in the previous year, Mercedes
Alvaro of Dow Jones Newswires reports, citing central bank data.

The report relates the central bank said that in the January
exports:

   * US$52 million, or 43%, went to Colombia;
   * US$39 million, or 32%, to Peru;
   * US$30 million, or 25%, to Venezuela; and
   * US$200,000 to Bolivia.

On the import side of the ledger:

   * US$108 million came from to Colombia;
   * US$66 million from Venezuela;
   * US$45 million from Peru; and
   * US$470,000 from Bolivia.

According to Dow Jones, in 2008 Ecuador's exports to the Andean
countries totaled US$3.20 billion while imports from the group
totaled US$4.67 billion.

The central bank, the report notes, said Ecuadorian exports
worldwide totaled US$826 million in January while imports totaled
US$1.32 billion.


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

AIR JAMAICA: Reliability & Dependability Record Improves, CEO Says
------------------------------------------------------------------
Air Jamaica Limited President and CEO Bruce Nobles is confident
that the national carrier has reached a stage where its success
can be measured by its reliability and dependability record, which
has seen improvements, Jamaica Gleaner reports.

"Reliability is now up at 99.2%, because we are virtually not
cancelling any flights anymore," Mr. Nobles told The Gleaner in an
interview.

Mr. Nobles, the report relates, said up to last summer the
airline's dependability was dismal, struggling at a rate of 25-
35%.  In 2009, it is 65% and growing, he said.

"We have made great improvements.  The increase in the airline's
success rate was crucial in order for us to survive," Mr. Nobles
told The Gleaner.

However, the report relates Mr. Nobles admits that the airline has
had to streamline its operations in order to service viable
routes.  Hence, the recent cuts in a number of routes, including
popular Miami, Los Angeles and Atlanta, resulting from a new
business plan which seeks to have a leaner airline, reducing cost
by US$150 million over the losses incurred in 2008 and realizing a
profit by this summer, Mr. Nobles said as cited by the report.

                        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.


JAMALCO: U.S. Co-Owner Incurs US$497Mln Net Loss for 3Mo to March
-----------------------------------------------------------------
The US-based co-owner of Jamalco Plant in Clarendon, Aluminum
giant Alcoa Inc, suffered a net loss of US$497 million in the
three months to March 31, from a net income of US$303 million in
the corresponding period last year, Radio Jamaica News reports.
The report relates this is the company's second consecutive
quarterly loss, as the global economic crisis deepens.

Radio Jamaica says Alcoa plans to cut 13,500 jobs, or 13% of the
work force, because of the global slowdown.  Alcoa is also selling
four business units and reducing output to save money, the report
relates.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Caribbean Net News said Jamaica Prime Minister
Bruce Golding said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.

Aluminum giant Alcoa Inc holds 55% of the company, which has a
production capacity of 1.4 million tonnes of alumina.


JPSCO: Marubeni Caribbean Buys Back Units' US$180 Million Debt
--------------------------------------------------------------
Marubeni Caribbean is buying back the US$180 million debt of its
subsidiaries, Jamaica Public Service Company Limited (JPSCO)
and MaruEnergy JPSCo Finance Ltd, to reflect Abu Dhabi National
Energy Company's (TAQA's) 50% acquisition of its Caribbean
operations, The Jamaica Observer reports.  The report relates the
purchaser is MaruEnergy JPS (Cayman Islands) Finance Ltd, a
limited purpose entity and a subsidiary formed for the purpose of
overseeing the change of control offer.

According to the report, the process started April 6 and is
intended to end May 1.  According to the report, The Marubeni
Caribbean is willing to pay a premium for this debt and has
already secured financing for this purpose.

"The MaruEnergy JPS intends to finance the change of control offer
with proceeds from new fully documented credit facilities
aggregating US$193 million," Marubeni told stakeholders via
Marketwire.com, the Observer notes.

The Observer relates Marubeni Caribbean said "holders who validly
tender their notes (debt) by the expiration date will receive the
purchase price of 101% of the principal amount of the notes, plus
accrued and unpaid interest to, but not including, the purchase
date".  MaruEnergy JPS, the report notes, expects to pay the
Change of Control Purchase Price for notes validly tendered on or
prior to the Expiration Date and accepted for purchase on
Thursday, May 7, 2009, unless extended.

As reported in the Troubled Company Reporter-Latin America on
March 27, 2009, The Jamaica Gleaner said JPSCO's 40% stake was
bought by Abu Dhabi National Energy Company PJSC (TAQA) from
parent company Marubeni Corporation for US$320 million.

In a press release, TAQA Chief Executive Officer Peter Barker-
Homek said the purchase was made under a 50/50 joint venture
focused on long-term investments in the energy sector in the
region.

TAQA said the new joint venture portfolio consists of equity
stakes in power generation and transmission facilities with a
combined generation capacity of 2,300 MW (gross) in Jamaica, the
Bahamas, Trinidad and Tobago and Curacao, as follows:

    * 55.4% equity interest in Grand Bahama Power Company in Grand
      Bahama

    * 80% equity interest in Jamaica Public Service Company in
      Jamaica, which owns and operates ten generating facilities,
      including six hydroelectric plants. These plants expand
      TAQA’s downstream business into this sustainable energy
      source;

    * 39% equity interest in PowerGen which is an independent
      power producer that supplies 80% of total electricity demand
      in Trinidad & Tobago; and

    * 25.5% equity interest in Curacao Utilities Company N.V.
      which supplies electricity, steam and water to the Island
      Refinery operated by Petroleos de Venezuela, S.A. in
      Curacao, Netherlands Antilles

TAQA said its role is operational, with its 50% interest
represented at the board level at each facility and holding key
management positions.

                          About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime
work and redundancy adjustments from 2001 to 2007, which amounts
to about $600 million.



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

ANTONIO DOMENECH: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Antonio Cruz Domenech
        JA1 Paseo Del Parque
        Urb. Garden Hills
        Guaynabo, PR 00966

Bankruptcy Case No.: 09-02495

Chapter 11 Petition Date: March 31, 2009

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

Debtor's Counsel: Luis A Medina Torres, Esq.
                  Luis A Medina Torres Law Firm
                  P.O. Box 191191
                  San Juan, PR 00918
                  Tel: (787) 765-3795
                  Fax: (787) 756-7087
                  Email: lumedina@coqui.net

Total Assets: US$1,176,254

Total Debts: US$5,413,544

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

         http://bankrupt.com/misc/prb09-02495.pdf

The petition was signed by Antonio Cruz Domenech.



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

* BOND PRICING: For the Week April 6, 2009 to April 9
-----------------------------------------------------

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

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

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


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

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


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



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


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


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


   PANAMA
   ------

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


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


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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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