TCRLA_Public/090416.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 16, 2009, Vol. 9, No. 74

                            Headlines

A R G E N T I N A

AGENCIA ECUADOR: Proofs of Claim Verification Due on April 22
CABAATA AVICOLA: Proofs of Claim Verification Deadline Is May 7
COMPANIA EXPORTADORA: Proofs of Claim Verification Due on May 11
D PORT MOTOR: Proofs of Claim Verification Due on May 5
GIZETA ARGENTINA: Asks for Opening of Preventive Contest

LIBRERIAS URBANAS: Proofs of Claim Verification Due on May 12
MBA GROUP: Proofs of Claim Verification Due on May 4
TGN: Regulator Probes Merrill Lynch's “Unusual” Shares Sales


B R A Z I L

EMBRAER: Inks US$1.3BB KC-390 Development With Brazilian Air Force


C A Y M A N  I S L A N D S

AVENUE EVENT: Placed Under Voluntary Liquidation
BENODET INSURANCE: Creditors' Proofs of Debt Due on May 5
COAST DIVERSIFIED ET AL: Placed Under Voluntary Liquidation
DRACO 2007-1: Commences Wind-Up Proceedings
DS INVESTMENT: Commences Wind-Up Proceedings

FLATIRON OFFSHORE: Creditors' Proofs of Debt Due on May 15
INVESTCORP EQUITY: Commences Liquidation Proceedings
INVESTCORP JAPANESE: Commences Liquidation Proceedings
INVESTCORP MINI-FUND ET AL: Commences Liquidation Proceedings
JEFFERIES RTS: Creditors' Proofs of Debt Due on May 14

JOFI FUCHU-MIYANISHI: Commences Wind-Up Proceedings
KOOKMIN CREDIT: Placed Under Voluntary Liquidation
MA1945 LIMITED: Commences Wind-Up Proceedings
PARKHEAD LIMITED: Placed Under Voluntary Liquidation
PETROPROD LIMITED: Court Appoints Provisional Liquidators

PHILAN INSURANCE: Creditors' Proofs of Debt Due on May 5
PIMCO ABSOLUTE: Placed Under Voluntary Wind-Up
SACKVILLE INVESTMENTS: Creditors' Proofs of Debt Due on May 31
SANTA CLARA ET AL: Creditors' Proofs of Debt Due on May 14
VALUEVEST HIGH ET AL: Creditors' Proofs of Debt Due on May 5


C H I L E

COMPANIA SUD: In Talks to Raise US$750 Million


C O L O M B I A

BANCOLOMBIA SA: Posts Ps. 129.0 Billion Net Income for March


E C U A D O R

ECOPETROL: Brazil Unit Signs Participation Agreement With Anadark


M E X I C O

* MEXICO: Trump Sues Baja Condo Developers on Buyers’ Lawsuits


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO and BAI May Receive US$80 Million Funding


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

AGENCIA ECUADOR: Proofs of Claim Verification Due on April 22
-------------------------------------------------------------
Ariel Marsili, the court-appointed trustee for Agencia Ecuador
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 22, 2009.

Mr. Marsili will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ariel Marsili
          Pedro Lozano 5776
          Buenos Aires, Argentina


CABAATA AVICOLA: Proofs of Claim Verification Deadline Is May 7
---------------------------------------------------------------
The court-appointed trustee for Cabaata Avicola San Diego S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until May 7, 2009.

The trustee will present the validated claims in court as
individual reports on June 19, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.


COMPANIA EXPORTADORA: Proofs of Claim Verification Due on May 11
----------------------------------------------------------------
The court-appointed trustee for Compania Exportadora Argentina
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 11, 2009.

The trustee will present the validated claims in court as
individual reports on July 8, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 4, 2009.


D PORT MOTOR: Proofs of Claim Verification Due on May 5
-------------------------------------------------------
The court-appointed trustee for D Port Motor Tercer Milenio S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 5, 2009.

The trustee will present the validated claims in court as
individual reports on June 23, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 20, 2009.


GIZETA ARGENTINA: Asks for Opening of Preventive Contest
--------------------------------------------------------
Gizeta Argentina SA asked for the opening of preventive contest
before the National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14.


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

Ms. Basualdo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Liliana Basualdo
          Lavalle 1537
          Buenos Aires, Argentina


MBA GROUP: Proofs of Claim Verification Due on May 4
----------------------------------------------------
Julio Villalba, the court-appointed trustee for MBA Group SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 4, 2009.

Mr. Villalba will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Julio Villalba
          Viamonte 1464
          Buenos Aires, Argentina



TGN: Regulator Probes Merrill Lynch's “Unusual” Shares Sales
------------------------------------------------------------
Argentine securities regulator, known by its Spanish initials CNV,
has opened a summary investigation of Merrill Lynch & Co., Pierce,
Fenner & Smith and one of its representatives for “unusual” sales
of Transportadora de Gas del Norte SA (TGN)'s shares less than two
weeks before the company defaulted on its debt, Drew Benson of
Bloomberg News reports.

According to the report, CNV said Merrill Lynch worked on a
proposal to restructure debt for TGN prior to its Dec. 23 default.
The report relates CNV said TGN volume increased from Dec. 10
through Dec. 12, with Merrill Lynch's Argentine unit, Merrill
Lynch Valores SA, accounting for 97% of the trading and selling
shares for U.S. brokerage Merrill Lynch, Pierce, Fenner & Smith.

CNV, as cited by Bloomberg News, said a review of Merrill Lynch
Valores's trading from Jan. 2 to Dec. 9 2008 showed “that the
operators participating on those days were not habitual operators,
which could qualify them, prima facie, as unusual.”

“The review would indicate that Merrill Lynch, Pierce, Fenner &
Smith Incorporated, with knowledge of relevant and non- public
information, may have used it to sell its shares, anticipating a
market reaction that could be caused by the corporate bond default
announced in the Dec. 23 communique,” Bloomberg News quoted CNV as
saying.

Bloomberg News notes CNV will hold a preliminary hearing in the
case on Sept. 16.

                            About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
Dec. 19, 2008, Fitch Ratings downgraded the long-term local and
foreign currency Issuer Default Ratings of Transportadora de Gas
del Norte S.A. to 'C/C (arg)' from 'CCC BB (arg)' .  Fitch also
downgraded TGN's senior unsecured notes due in 2012 to 'CC' from
'CCC', while the Recovery Rating of the notes remains at 'RR4'.
In conjunction with the rating actions, Fitch downgraded TGN's
national scale issuance ratings to 'CC (arg)' from 'BB(arg)'.  All
Ratings have been placed on Rating Watch Negative.



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


EMBRAER: Inks US$1.3BB KC-390 Development With Brazilian Air Force
------------------------------------------------------------------
Brazil-based Empresa Brasileira de Aeronautica SA (Embraer) and
Brazilian Air Force agreed to develop the KC-390, planemaker’s
first military cargo jet, Bloomberg News reports.  The report
relates Embraer Chief Executive Officer Frederico Fleury Curado
said the KC-390 development will take seven years and cost US$1.3
billion.

According to the report, Embraer said the aircraft is scheduled to
enter service in 2015.

Bloomberg News says the airline company aims to expand its defense
portfolio to diversify and offset declining sales of commercial
and business jets; and plans to boost revenue at its defense and
government operations by 20% this year to US$600 million.

The report notes Orlando Jose Ferreira Neto, Embraer vice
president overseeing the defense and government business, said the
Brazilian government will finance all of the plane development and
own the technology rights of the KC-390.  Embraer will have to pay
royalties to the government when it sells the plane, he added.

Meanwhile, Bloomberg News says Embraer also signed a US$140
million contract with the Brazilian Air Force to modernize 12 A-4
Skyhawk jets.

                          About Embraer

Empresa Brasileira de Aeronautica SA ("Embraer") –-
http://www.embraer.com -- develops and produces aircraft for the
Brazilian Air Force into a public company that produces aircraft
for commercial aviation, executive jet and defense and government
purposes.  The company is a manufacturer of commercial aircraft.
The company has developed a line of executive jets based on one of
its regional jet platforms and launched executive jets in the very
light, light, and ultra-large categories, the Phenom 100, Phenom
300 and Lineage 1000, respectively.  In July 2008, the company
announced the acquisition of the remaining 40% interest in ELEB --
Embraer Liebherr Equipamentos do Brasil S.A., held by Liebherr
Aerospace S.A.S. ELEB's name will be changed to ELEB Equipamentos
S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.



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

AVENUE EVENT: Placed Under Voluntary Liquidation
------------------------------------------------
On March 23, 2009, the sole shareholder of Avenue Event Driven
Offshore Master Genpar, Ltd. passed a resolution that voluntarily
liquidates the company's business.

The company's liquidator is:

          Marc Lasry
          535 Madison Avenue
          New York, NY 10022, U.S.A.


BENODET INSURANCE: Creditors' Proofs of Debt Due on May 5
---------------------------------------------------------
The creditors of Benodet Insurance Ltd. are required to file their
proofs of debt by May 5, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings March 23, 2009.

The company's liquidator is:

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


COAST DIVERSIFIED ET AL: Placed Under Voluntary Liquidation
-----------------------------------------------------------
On Feb. 18, 2009, the shareholders passed a resolution that
voluntarily liquidates the business of:

   -- Coast Diversified Unlevered Fund II - Alternative, Ltd.;
   -- Coast Diversified Fund II, Ltd.;
   -- Coast Diversified Fund II - Alternative, Ltd.; and
   -- Coast Diversified Fund, Ltd.

The companies' liquidator is:

          Maples and Calder
          c/o Maples and Calder
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


DRACO 2007-1: Commences Wind-Up Proceedings
------------------------------------------
On March 26, 2009, the sole shareholder of Draco 2007-1, Ltd.
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


DS INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------
On March 25, 2009, the sole shareholder of DS Investment Holding
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


FLATIRON OFFSHORE: Creditors' Proofs of Debt Due on May 15
----------------------------------------------------------
The creditors of Flatiron Offshore Inc. are required to file their
proofs of debt by May 15, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings March 26, 2009.

The company's liquidator is:

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


INVESTCORP EQUITY: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on March 24, 2009, the members of
Investcorp Equity Market Neutral World Fund Limited passed a
resolution that voluntarily liquidates the company's business.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP JAPANESE: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on March 24, 2009, the members of
Investcorp Japanese Equity Fund Limited passed a resolution that
voluntarily liquidates the company's business.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP MINI-FUND ET AL: Commences Liquidation Proceedings
-------------------------------------------------------------
On March 24, 2009, the members passed a resolution that
voluntarily liquidates the business of:

   -- Investcorp Mini-Fund 6 Limited;
   -- Investcorp Mini-Fund 7 Limited; and
   -- Investcorp Mini-Fund 11 Limited.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


JEFFERIES RTS: Creditors' Proofs of Debt Due on May 14
------------------------------------------------------
The creditors of Jefferies RTS Master Fund, Ltd. are required to
file their proofs of debt by May 14, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


JOFI FUCHU-MIYANISHI: Commences Wind-Up Proceedings
---------------------------------------------------
On March 25, 2009, the sole shareholder of Jofi Fuchu-Miyanishi
Holding 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


KOOKMIN CREDIT: Placed Under Voluntary Liquidation
--------------------------------------------------
On March 27, 2009, the sole shareholder of Kookmin Credit Card
2002-1 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


MA1945 LIMITED: Commences Wind-Up Proceedings
---------------------------------------------
On March 23, 2009, the sole shareholder of MA1945 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


PARKHEAD LIMITED: Placed Under Voluntary Liquidation
----------------------------------------------------
On March 12, 2009, the sole shareholder of Parkhead Limited passed
a resolution that voluntarily liquidates the company's business.

The company's liquidator is:

          Ogier Employee Benefit Services Limited
          Whiteley Chambers
          Don Street, St Helier, Jersey, JE4 9WG
          Ogier Fiduciary Services (Cayman) Limited
          Queensgate House, PO Box 1234 GT
          Grand Cayman, Cayman Islands



PETROPROD LIMITED: Court Appoints Provisional Liquidators
---------------------------------------------------------
The Grand Court of the Cayman Islands has ordered Simon Lovell
Clayton Whicker and Kris Beighton of KPMG be appointed as joint
provisional liquidators of PetroProd Ltd.

Pursuant to the court's order, the powers of the existing
directors ceased immediately.  However, for the time being, the
existing directors are still regarded as a Director and retain
their duties and obligations to the company, but the existing
directors will no longer have any power to act on behalf of the
company in any way whatsoever, without the prior approval and
explicit authority of the provisional liquidators.

Norsk Tillitsmann ASA, the loan trustee for certain of PetroProd's
bond loans, has formally informed the company on April 8, 2009
that NT has filed an application for the urgent appointment of
provisional liquidators to the company in the Cayman Islands.  NT
has earlier issued a notice to the company to declare that the
aforementioned bond loans were in default and immediately due for
payment.

PetroProd Ltd.  –- http://www.petroprod.com–-  is a Cayman
Islands-registered holding company engaged, together with its
subsidiaries, in the business of tanker shipping, drilling and
floating production.  The company is managed by Larsen Oil & Gas
Pte Ltd of Singapore.  During 2007, PetroProd acquired 3 Aframax
tanker vessels for planned conversion to floating production
offloading and storage (FPSO) vessels.  It also entered into
contracts for the construction of one MSC/Gusto CJ70 Jackup
drilling rig, and conversion of the first acquired tanker vessel
M/T Arc to a FPSO vessel with Jurong Shipyard in Singapore.  The
company markets the FPSO’s mainly in the Asian market, whilst the
MSC/Gusto CJ70 Jackup drilling rig is constructed and marketed for
harsh environments.  PetroProd Ltd is listed on the Oslo Axess
Exchange.


PHILAN INSURANCE: Creditors' Proofs of Debt Due on May 5
--------------------------------------------------------
The creditors of Philan Insurance Ltd. are required to file their
proofs of debt by May 5, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings March 23, 2009.

The company's liquidator is:

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


PIMCO ABSOLUTE: Placed Under Voluntary Wind-Up
----------------------------------------------
On March 20, 2009, the sole shareholder of Pimco Absolute Return
Strategy IV Offshore Fund 3 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


SACKVILLE INVESTMENTS: Creditors' Proofs of Debt Due on May 31
--------------------------------------------------------------
The creditors of Sackville Investments Limited are required to
file their proofs of debt by May 31, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings April 4, 2009.

The company's liquidator is:

          Howard Robert Callow
          Belgravia House, 3rd Floor
          Circular Road, Douglas, Isle of Man
          Fax: (345) 949 7959
          Tel: (345) 949 9898


SANTA CLARA ET AL: Creditors' Proofs of Debt Due on May 14
----------------------------------------------------------
Nicolas Matthews and Mark Longbottom fixes May 14, 2009, as the
last day to file proofs of debt for the creditors of:

   -- Santa Clara I Fund; and
   -- Santa Clara II Fund.

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

The Liquidators can be reacheda at:

          Nicolas Matthews
          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone:(345) 623 9904
          Facsimile:(345) 623 0007


VALUEVEST HIGH ET AL: Creditors' Proofs of Debt Due on May 5
------------------------------------------------------------
Ogier fixes May 5, 2009, as the last day to file proofs of debt
for the creditors of:

   -- Valuevest High Concentration Master Fund, Ltd.; and
   -- Valuevest High Concentration Fund, Ltd.

The companies commenced wind-up proceedings on March 20, 2009.

The companies' liquidator is:

          Ogier
          c/o Shameer Jasani
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815 1802
          Facsimile: (345) 949 1986



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

COMPANIA SUD: In Talks to Raise US$750 Million
----------------------------------------------
Cia. Sudamericana de Vapores SA (CSAV) said it is in talks to
raise US$750 million to turn around unprofitable shipping
operations, Bloomberg News reports.

In a statement to the Chilean securities regulator, Bloomberg News
relates the company said it plans to sell about US$350 million in
new shares and may raise US$400 million from companies it leases
ships from.

According to the report, Company Chairman Jaime Claro is seeking
funds after Vapores reported a US$38.6 million net loss for 2008
and forecast “important” losses and service cutbacks this year as
the global financial crisis saps shipping demand at a time of
increased supply of vessels.

Vapores hired a unit of Germany’s HSH Nordbank AG to evaluate
cost-saving measures and the possibility of selling “non-
essential” assets, the company wrote in an e-mailed statement to
Bloomberg News.  The financing plans would put the company “in a
very strong position to not only overcome the current external
pressures but to recover its financial strength,” the statement
added.

                        About Compania Sud

Compania Sud Americana De Vapores (CSAV) -– http://www.csav.cl
-- is a Chilean shipping company.  The sphere of the Company's
activities extends across five continents.  Its services feature a
comprehensive service for general cargo, bulk cargo, fresh and
frozen products and vehicles, using both owned and chartered
vessels.  CSAV provides permanent sailings from certain ports
through its line service, fixed itineraries and operates a fleet
of vessels able to convey a large number of containers and a
variety of conventional cargoes.  CSVA also owns vessels specially
designed for frozen cargo, cars, bulk cargo and forest products.
In addition to complementary storage areas and pier services, an
intermodal service has also been established, which combines
different means of carriage.  CSAV provides these services in
conjunction with its subsidiaries: Sudamericana Agencias Aereas y
Maritimas S.A., as a maritime forwarding agency, and COSAN, a
container terminal in Santiago.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
April 6, 2009, Standard & Poor's Rating Services lowered its long-
term counterparty credit rating on Compania Sud Americana de
Vapores to 'B-' from 'BB-'.  The rating remains on CreditWatch
with negative implications.



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

BANCOLOMBIA SA: Posts Ps. 129.0 Billion Net Income for March
------------------------------------------------------------
Bancolombia S.A reported unconsolidated net income of Ps. 129.0
billion for the month ended March 31, 2009.  Net income for
Bancolombia on an unconsolidated basis totaled Ps. 362.2 billion
for the first three months of 2009, increasing 9.1% as compared to
the same period last year.

The company's net interest income totaled Ps. 238.1 billion in
March 2009.  For the three month period ended March 31, 2009, net
interest income totaled Ps. 696.6 billion, increasing 19.7% as
compared to the same period last year.

Bancolombia S.A.'s total assets (unconsolidated) amounted to Ps.
40.1 trillion, gross loans amounted to Ps. 27.8 trillion, deposits
totaled Ps. 26.1 trillion and Bancolombia's total shareholders'
equity amounted to Ps. 5.9 trillion.

Bancolombia's unconsolidated level of past due loans (overdue more
than 30 days) as a percentage of total loans was 3.90% as of
March 31, 2009, and the coverage for past due loans was 140.4% as
of the same date.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded Bancolombia SA's
Foreign currency deposits rating to Ba2, stable from Ba3
and Foreign currency subordinated debt rating to Baa3, stable from
Ba1.



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

ECOPETROL: Brazil Unit Signs Participation Agreement With Anadark
-----------------------------------------------------------------
Ecopetrol S.A.'s Brazil unit, Ecopetrol Oil Gas do Brasil Ltda.,
signed a participation agreement with Anadarko's subsidiary,
Anadarko Exploracao e Producao de Petroleo e Gas Natural Ltda.

Through this agreement, Ecopetrol Oil will have a 50%
participation in the BMC-29 Concession in Brazil.

The BMC-29 Concession is an offshore concession located in the
Campos Basin of Brazil that has a water depth between 30 and 100
meters and an area of 179 km2.  The Concession was awarded to
Anadarko during the sixth round of auctions in Brazil and it is
currently in the exploratory phase.

The participation agreement allows Ecopetrol to continue its
international growth, especially in Brazil.

                       About Ecopetrol S.A.

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

                          *     *     *

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



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

* MEXICO: Trump Sues Baja Condo Developers on Buyers’ Lawsuits
--------------------------------------------------------------
Donald Trump sued the developers of a Baja California, Mexico,
condominium project, Trump Ocean Resort Baja, after buyers named
him in lawsuits that accused the builders of taking their deposits
without starting construction, Edvard Pettersson of Bloomberg News
reports.  The report says Mr. Trump licensed his name to the
project.

In a complaint filed with a federal court in New York, the report
relates Mr. Trump said the developers, Jason Grosfeld and Adam
Fisherthe, were required to protect and defend him from the
buyers’ claims.

According to the report, Mr. Trump is seeking US$40 million in
compensatory and punitive damages.

Bloomberg News recalls Mr. Trump and the developers were sued
March 13 in California state court in Los Angeles by 69
condominium buyers who claimed they lost as much as US$18 million
in deposits.  The complaint, the report relates, said buyers were
led to think that Mr. Trump played an active role in the
condominium development, held an equity stake and that his
children had bought condo units.

The case is Donald Trump v. Jason Grosfeld, 09-3664, U.S. District
Court, Southern District of New York.



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


CL FINANCIAL: CLICO and BAI May Receive US$80 Million Funding
-------------------------------------------------------------
A US$80 million fund is being set up to ensure the viability of
Colonial Life Insurance Company (CLICO), a unit of CL Financial
Limited, and British American Insurance, Caribbean360.com News
reports.

According to the report, Prime Minister of St Vincent and the
Grenadines Dr Ralph Gonsalves, Chairman of the Joint Task Force of
the Organisation of Eastern Caribbean States (OECS) and the
Eastern Caribbean Central Bank (ECCB), said a Memorandum of
Understanding will be signed on the Liquidity Support Fund in
order to safeguard the interests of policyholders of the two
insurance companies.

The report relates during a recent meeting in Antigua, parties
involved agreed that Barbados, member states of the ECCU and
Trinidad and Tobago would contribute towards the establishment of
the fund which would provide additional liquidity to the financial
sector in the Eastern Caribbean Currency Union (ECCU).

Caribbean360.com News notes as far as the initial contributions
toward the fund in relation to British American are concerned, the
government of Trinidad and Tobago, through the CARICOM Petroleum
Fund, will put in the lion share - US$50 million.  The report
relates Barbados will contribute US$5 million; ECCU governments
US$10 million and regional and international organisations, US$15
million.

                        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.



===============
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 * * *