TCRLA_Public/090417.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

              Friday, April 17, 2009, Vol. 9, No. 75

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Hires Civil Attorney


A R G E N T I N A

BEAUTYMAX SA: Proofs of Claim Verification Due on June 15
CAF LA CONEXION: Proofs of Claim Verification Due on May 8
CELI CONSTRUCCIONES: Proofs of Claim Verification Due on May 13
EDENOR: Prepares to Issue Four-Year Bonds in Local Market
EMPRESA DISTRIBUIDORA: Moody's Assigns 'B2/A1.ar' Ratings on Notes

NEW SAN: Moody's Assigns First-Time Corp. Family Rating at 'B2'
* ARGENTINA: Central Bank May Require Banks to Delay Dividends


B E R M U D A

BRUNSWICK COMPANY: To Hold Annual Meetings on April 30
MARI LTD: Member to Receive Wind-Up Report on May 19
MARI HOLDINGS: Members to Hear Wind-Up Report on May 19
SYNCORA HOLDINGS: Edward J. Muhl Resigns From Board


B R A Z I L

BNDES: General Motors' Brazil Unit May Ask for Financing
GENERAL MOTORS: Brazil Unit May Turn to Government for Financing
ITAU-UNIBANCO: To Wind Up Storefront Credit Operations
JBS SA: S&P Affirms 'B+' Long-Term Corporate Credit Rating
SADIA SA: Holds “Weekly” Merger Talks With Rival; May Sell Shares


C A Y M A N  I S L A N D S

AESCULAPIUS INSURANCE: Creditors' Proofs of Debt Due on April 30
AOI INVESTMENTS: Creditors' Proofs of Debt Due on May 5
ARLO X: Moody's Withdraws 'B3' Rating on Series B-1Z Notes
CALIX INC: Placed Under Voluntary Wind-Up
CAMPOS VERDES: Creditors' Proofs of Debt Due on May 5

CT CHINA: Creditors' Proofs of Debt Due on May 14
DYNAMIS ENERGY: Creditors' Proofs of Debt Due on May 14
GFX GLOBAL ET AL: Liquidator Receiving Proofs of Debt Until May 14
IPIL LIMITED: Creditors' Proofs of Debt Due on May 14
JEFFERIES RTS: Creditors' Proofs of Debt Due on May 14

PADDLE BRIDGE: Creditors' Proofs of Debt Due on May 14
PIVOT CAPITAL: Creditors' Proofs of Debt Due on May 5
QUANTUM TELECOMMUNICATIONS: Proofs of Debt Due on May 6
RYE SELECT ET AL: Placed Under Voluntary Wind-Up
SWORD FUND: Commences Wind-Up Proceedings

TAKU INVESTMENTS: Commences Liquidation Proceedings
THE ZIPANGU: Creditors' Proofs of Debt Due on May 15
TRIDENT SELECTIONS: Creditors' Proofs of Debt Due on April 24
TURNBERRY ABSOLUTE ET AL: Commence Wind-Up Proceedings
VERBENA LIMITED: Placed Under Voluntary Wind-Up


C H I L E

CORPBANCA: Fitch Rates Support Rating Floor at 'BB-'


G U Y A N A

BANK OF GUYANA: Denies Report on GBTI's Request for Funds


M E X I C O

COMERCI: Investors Bet Firm Will Reach Agreement With Creditors


V E N E Z U E L A

EMPRESAS POLAR: No Plans to Reduce Venezuela Investments
PDVSA: Fire Broke Out at Cardon Oil Refinery


X X X X X X X X

* Fitch Issues List on 48 March Latin America Rating Actions


                         - - - - -


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

STANFORD INT'L BANK: Owner Hires Civil Attorney
-----------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford has hired Jacks "JC" Nickens -- from the firm of Nickens,
Keeton, Lawless, Farrell & Flack LLP -- as his civil lawyer, Anna
Driver of Reuters reports, citing papers filed with the U.S.
District Court in Dallas.

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

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

A TCRLA report on April 3, citing CaribbeanWorldNews, said
Mr. Stanford, while claiming innocence on any involvement with the
“massive Ponzi scheme” complaint by the U.S. SEC, urged the court
for a case dismissal and the unfreezing of his assets by receiver
Ralph Janvey, so he can hire a lawyer.  The same report related
Mr. Stanford stated that due to the asset freeze imposed by the
SEC he was unable to retain counsel.

                   About Stanford International

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



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

BEAUTYMAX SA: Proofs of Claim Verification Due on June 15
---------------------------------------------------------
The court-appointed trustee for Beautymax S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
June 15, 2009.

The trustee will present the validated claims in court as
individual reports on August 11, 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 22, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 23, 2010.


CAF LA CONEXION: Proofs of Claim Verification Due on May 8
----------------------------------------------------------
The court-appointed trustee for Caf La Conexion S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 8, 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.


CELI CONSTRUCCIONES: Proofs of Claim Verification Due on May 13
---------------------------------------------------------------
The court-appointed trustee for Celi Construcciones S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 13, 2009.

The trustee will present the validated claims in court as
individual reports on June 30, 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 10, 2009.


EDENOR: Prepares to Issue Four-Year Bonds in Local Market
---------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) is
preparing to issue ARP150 million (US$41 million) in 4-year bonds
on the local market to fund the company's 2009-2013 capital
investment plan, Latin France reports, citing regulatory
documents.

The report relates a company official said the company plans to
launch the sale April 22, and aims to complete it by the end of
the month.

According to the report, the 2013 bonds feature a 1-year grace
period and will pay a spread over Badlar.

Banco Comafi and Banco Macro are managing the transaction, the
report says.

                          About Edenor

Based in Buenos Aires, Argentina, Empresa Distribuidora y
Comercializadora Norte S.A. aka Edenor is the largest electricity
distribution company in Argentina in terms of number
of customers and volume of energy sold.  The company commenced
operations in 1992, as a result of the privatization of the
previously state-owned SEGBA.  At that time, it was granted a
95-year concession to distribute electricity on an exclusive
basis in its concession area, the greater Buenos Aires
metropolitan area and northern portion of the City of Buenos
Aires.  Edenor is 51% owned by Electricidad Argentina S.A., an
Argentine holding company which is 100% owned by Pampa Holding
S.A., another Argentine holding company with investments in
power generation, transmission, and distribution in Argentina.
EASA, which is controlled by Dolphin Energia S.A., is
Edenor's holding company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services affirmed Empresa
Distribuidora Y Comercializadora Norte S.A.'s “B-/Stable/--”
Foreign Currency rating and revised outlook on the company's Local
Currency rating to “B-/Stable/--” from “B/Watch Neg/--”.


EMPRESA DISTRIBUIDORA: Moody's Assigns 'B2/A1.ar' Ratings on Notes
------------------------------------------------------------------
Moody's Latin America assigned a B2/A1.ar ratings to Edenor's up
to ARS150 million proposed notes, with a stable outlook.  As the
peso notes will have the same priority of the outstanding
US$notes, the ratings at are the same level.

Edenor's B2 rating primarily reflects its expected financial
performance and its regulatory risk profile in accordance with
Moody's global rating methodology for regulated electric
utilities.  The A1.ar is a National Scale rating and it is
intended to measure the relative creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Argentina are
designated by the ".ar" suffix.  NSRs differ from global scale
ratings in that they are not globally comparable to the full
universe of Moody's rated entities, but only with other rated
entities within the same country.

The ratings reflect Edenor's dominant position as the largest
distribution utility in the domestic electricity market and its
improved financial profile as a result of the recently approved
tariff increases for Edenor's residential and non-residential
consumers.  Nevertheless, the ratings anticipate a continuation of
volatile pricing and the possibility of a significant decline in
its distribution margin as a result of lack of timely cost
recovery.  Despite last year's authorized increases in the
distribution tariff by the Argentinean regulators, the ratings
still reflect the uncertainty that surrounds Argentina's electric
industry due to the lack of transparency and predictability of the
current regulatory framework.

Most of Edenor's outstanding debt is dollar denominated and un-
hedged while revenues are in the local currency.  Although debt
repurchases of about US$100 million and planned issuance of ARS
150 million notes will contribute to reduce US$exposure, a
substantial proportion of Edenor's debt will continue to be
exposed to potential further devaluation risk.

                          Rating Outlook

The stable outlook reflects Moody's expectation that the company
will be able to reasonably maintain its current financial profile
given the recent measures adopted by the Argentine government in
favor of the electricity sector.  Since Edenor's revenues are in
local currency and its bonds are dollar-denominated, if inflation
increases significantly and leads to a further devaluation of the
Argentine Peso, Edenor's financial profile could be substantially
and adversely affected.

                What Could Change the Rating - Up

Ratings could come under upward pressure if the evolution of the
current regulatory framework leads to a more stable and
predictable regulatory environment.

The implementation of a more conservative financial policy by the
company that further reduces leverage leading to a debt to EBITDA
ratio of less than 1.5 times and if the company is able to
generate free cash flow to debt of around 10% on a sustainable
basis could also result in a rating upgrade.

               What Could Change the Rating - Down

If the company is unable to reach the expected improvement in
margins and overall profitability despite tariff increases due to
stronger than- anticipated cost pressures, the rating could be
negatively impacted.

If the current regulatory environment deteriorates and/or the
company's financial position returns to the levels registered in
the 2004-2005 period or where Funds from Operations plus Interest
to Interest were to fall below 3 times or FFO to Debt were to drop
below 20%, the ratings could come under pressure.

Empresa Distribuidora Norte S.A., headquartered in Buenos Aires,
Argentina, is the country's largest electricity distribution
company in terms of number of customers and electricity sold.
Total revenues for the fiscal year ending December 2008 amounted
to ARS 2.0 billion (approximately US$650 million).


NEW SAN: Moody's Assigns First-Time Corp. Family Rating at 'B2'
---------------------------------------------------------------
Moody's Latin America assigned a first-time corporate family
rating of B2 on its global scale and A2.ar on its Argentina
national scale rating to New San S.A.  At the same time, Moody's
assigned a B2 global scale rating and an A2.ar Argentina National
Scale Rating to New San's ARS 30 million bank loan with Banco de
la Nación Argentina (not rated).  All of the ratings assigned are
local currency ratings.  The outlook for all ratings is stable.

"The B2 and A2.ar ratings principally reflect New San's position
as one of the leading consumer electronics manufacturers in
Argentina, its market leadership in the television and residential
air conditioning segments and its flexible manufacturing base,
with 4 plants located strategically to serve the Argentine
consumer market," said Moody's AVP-Analyst Veronica Amendola.

The ratings also reflect New San's relatively low leverage for its
rating category and its well-established relationships with parts
suppliers, one of which is New San's 45% minority shareholder,
Sanyo Electric Co., Ltd (Sanyo, rated Baa3).  "An important
consideration for the assigned ratings was the incorporation of
expected ongoing support of New San by Sanyo, both in terms of
technology licensing arrangements and its payment terms and credit
policies for New San," explained Amendola.

The ratings are principally constrained by New San's challenging
competitive environment, particularly in the flat-panel display
category, where myriad new entrants have appeared in the Argentine
market over the past three years, in addition to traditional
competitors.  The company's business model is likely to become
increasingly challenged as consumers switch from TV to LCD
products and as the air conditioning business line matures, with
demand potentially being impacted by residential electricity
tariff increases.  The ratings are further constrained by New
San's exclusive focus on the Argentine consumer market, relatively
small scale and low margins.

New San's B2 local currency rating reflects its global default and
loss expectation, while the A2.ar national scale rating is based
on the standing of New San's credit quality relative to its
domestic peers.  Moody's National Scale Ratings are intended to be
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Argentina are designated by
the ".ar" suffix.  Issuers or issues rated A2.ar present the
average creditworthiness relative to other domestic issuers.  NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country

The stable outlook is based on Moody's expectation that New San
will continue to successfully implement its business model and
receive support from Sanyo during what is likely to be a much
weaker Argentine economic environment in 2009 and possibly 2010.
The weaker macroeconomic environment is likely to drive down New
San's revenues and funds from operations, but Moody's expect that
the company will benefit from improved working capital management
and continue to be able to roll over its advised bank lines due to
its longstanding banking relationships.

Although unlikely in the near term, an upgrade of the ratings or
outlook could result from increased size and geographical
diversification, along with an improving business environment in
Argentina, the stabilization of operating margins and solid market
share trends.

Negative pressure on the ratings or outlook could result from a
greater than anticipated impact of the expected Argentine economic
downturn on New San's business, likely driven by a major increase
in unemployment.

Quantitatively, a downgrade could result from a drop in New San's
EBIT margin to below 4% or a significant increase in leverage,
with cash from operations to total debt below 20%.  Indications of
a weakening market share in the domestic retail market could also
place pressure on the ratings, especially if New San in unable to
remain among the leaders in the important flat-panel display
segment.

Headquartered in Buenos Aires, Argentina, New San is one of the
leading manufacturers of digital consumer electronics products,
components and audio and home appliances.  With total revenues of
ARS 997 million as of December 31, 2008 and a widely known brand
name in the local retail market, New San is a 55% family-owned
company and 45% owned by Sanyo Electric Co, Ltd (Japan).


* ARGENTINA: Central Bank May Require Banks to Delay Dividends
--------------------------------------------------------------
Argentina central bank is considering a plan to require local
banks to delay dividend payments to shareholders, Bloomberg News
reports, citing an unnamed Argentina central bank officer.

Delaying the payments would help strengthen bank capital, a
“prudent move in light of the international crisis,” the official
was quoted by Bloombeg News as saying.  The official did not
disclose when a final decision on the plan will be made, the
report says.

According to the report, most Argentine banks are having
shareholder meetings this month.

Citing La Nacion newspaper, Bloomberg News relates Banco Macro SA
President Jorge Brito said the bank is preparing to pay about 150
million pesos (US$41 million) worth of dividends to shareholders,
while Banco Patagonia SA may issue more than 133 million pesos
worth of dividends.

                          *     *     *

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

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



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

BRUNSWICK COMPANY: To Hold Annual Meetings on April 30
------------------------------------------------------
The members of Brunswick Company Limited will hold their combined
2006, 2007, 2008 and 2009 annual general meetings on April 30,
2009, at 2:30 p.m., at The Loyal Flower of Day Lodge, in 71
Victoria Street, Hamilton.


MARI LTD: Member to Receive Wind-Up Report on May 19
----------------------------------------------------
The member of MaRI, Ltd. will hear the liquidator's report on the
company's wind-up proceedings and property disposal on May 19,
2009, at 10:00 a.m.

The meeting will be held at KPMG Advisory Limited, Crown House, in
4 Par-la-Ville Road, Hamilton Bermuda.


MARI HOLDINGS: Members to Hear Wind-Up Report on May 19
-------------------------------------------------------
The members of MaRI Holdings Limited will hear the liquidator's
report on the company's wind-up proceedings and property disposal
on May 19, 2009, at 11:00 a.m.

The meeting will be held at KPMG Advisory Limited, Crown House, in
4 Par-la-Ville Road, Hamilton Bermuda.


SYNCORA HOLDINGS: Edward J. Muhl Resigns From Board
---------------------------------------------------
Syncora Holdings Limited disclosed that one of the members of its
board of directors, Edward J. Muhl, resigned from his post
effective April 6, 2009.

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 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
===========

BNDES: General Motors' Brazil Unit May Ask for Financing
--------------------------------------------------------
General Motors Corp.'s Brazil unit, General Motors do Brasil Ltda,
may turn to Banco Nacional de Desenvolvimento Economico e Social
SA (BNDES) to finance its billion-dollar investment plan, Kenneth
Rapoza of Dow Jones Newswires reports, citing an executive with
close ties to GM's regional chief executive.

"We are considering BNDES, private banks and Banrisul," the
executive was quoted by DJ Newswires as saying.  "We are not in
the market for immediate financing."

According to the report, General Motors do Brasil plans US$1
billion in fleet upgrades and new models in its 2009 to 2012
investment plan.  DJ Newswires relates some of the money would
come from local GM resources.

The report says General Motors Co. does not fund its Brazil unit's
operations.

                           About BNDES

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

                          *     *     *

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


GENERAL MOTORS: Brazil Unit May Turn to Government for Financing
----------------------------------------------------------------
General Motors Corp's Brazil unit, General Motors do Brasil Ltda,
may turn to Banco Nacional de Desenvolvimento Economico e Social
SA (BNDES) to finance its billion-dollar investment plan, Kenneth
Rapoza of Dow Jones Newswires reports, citing an executive with
close ties to GM's regional chief executive.

"We are considering BNDES, private banks and Banrisul," the
executive was quoted by DJ Newswires as saying.  "We are not in
the market for immediate financing."

According to the report, General Motors do Brasil plans US$1
billion in fleet upgrades and new models in its 2009 to 2012
investment plan.  DJ Newswires relates some of the money would
come from local GM resources.

The report says General Motors Co. does not fund its Brazil unit's
operations.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


ITAU-UNIBANCO: To Wind Up Storefront Credit Operations
------------------------------------------------------
Itau Unibanco Banco Multiplo SA -- the combination of Banco Itau
Holding Financeira SA and Uniao de Bancos Brasileiros SA –- said
it will wind up operations of its storefront credit outlet known
as Taii, as part of a "general reorganization of operations
following the merger of Itau and Unibanco," Tom Murphy of Dow
Jones Newswires reports.

According to the report, Itau-Unibanco, in a statement, said it
would close up the remaining 135 Taii storefronts by May.  The
report relates some of the bank's 1,000 employees at the stores
will be absorbed into other Itau-Unibanco units.

The report recalls the bank has been quietly closing down Taii
storefronts since late last year.

                       About Itau Unibanco

Itau Unibanco Banco Multiplo SA, former Banco Itau Holding
Financeira SA, is a Brazil-based bank that, with its subsidiaries,
offers services in commercial and financial banking, investment,
real estate credit, among others.  The bank provides credit and
non-credit products and solutions directed towards individuals,
small and middle-market companies and large corporations.  In
addition, the bank also offers services in underwriting, custody,
equities brokerage, credit cards, insurance, annuities and private
pension plans and financing.  The bank operates on the domestic
and international markets, through such subsidiaries as Banco Fiat
SA (Brazil), Afinco Americas Madeira, SGPS, Sociedade Unipessoal
Ltda (Portugal), Banco Itau Argentina SA (Argentina) and Unibanco
Cayman Bank Ltd (the Cayman Islands), among others.
On November 3, 2008, Itau - Investimentos Itau SA (Itausa) and
Unibanco Holdings SA signed the agreement for the merger.


JBS SA: S&P Affirms 'B+' Long-Term Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term corporate credit rating on Brazil-based meat-processing
company JBS S.A.  The outlook is negative.

At the same time, S&P assigned a 'B+' long-term corporate credit
rating to JBS's fully owned subsidiary, JBS USA, LLC.  S&P also
assigned a 'B+' rating to JBS USA LLC´s and JBS USA Finance Inc.´s
(co-issuer) forthcoming $400 million senior unsecured notes due
2014.  The notes are fully, unconditionally guaranteed by JBS and
the issuers' directly controlled U.S. operating subsidiaries.  The
outlook on the corporate credit rating is negative.

"The ratings on JBS and JBS USA reflect the group's aggressive
consolidated financial profile, with high debt levels resulting
from an acquisitive growth policy during the past several years;
exposure to near-term maturities of short-term debt, which remain
high in the context of tighter global credit markets; negative
free operating and discretionary cash-flow generation; and the
volatile, cyclical, and working capital-intensive nature of the
low-margin beef industry," said Standard & Poor's credit analyst

Marcelo Schwarz.  These risks are partly offset by JBS's global
presence in the beef business (with operations in South America,
North America, Australia, and Italy) and adequate liquidity, as
reflected in its high cash reserves.

The ratings on JBS USA also reflect its being a core subsidiary of
JBS (accounting for a substantial portion of the consolidated
group's revenues and cash-flow generation) and its financial
profile mirroring that of its parent, as the group's consolidated
financial planning determines its cash management and financial
profile.  JBS USA LLC is a wholly owned subsidiary of JBS USA
Holdings, which, in turn, is wholly owned by JBS S.A.  Although
S&P has also analyzed JBS USA's individual creditworthiness,
considering its relevant position in the U.S. beef market and its
stand-alone financial profile, S&P views JBS USA as an integral
part of JBS, and S&P's financial analysis focuses on the group's
consolidated financial profile.

The ratings on JBS and JBS USA also reflect S&P's view that the
company will continue to be acquisitive as it seeks to grow its
position in the global meat industry.  In 2007, the company
acquired JBS USA (formerly Swift & Co.) as it began to expand its
operations outside of Brazil.  Through significant restructuring
activities, management has been able to improve operating results
that are more comparable to its peers in the region.  With the
October 2008 acquisition of Smithfield Food Inc.'s beef division,
S&P expects the company to look for further cost savings given its
greater economies of scale due to its large and integrated
operation.  JBS USA is one of the three largest beef processing
companies in the U.S. with nationwide market coverage and strong
market share.  JBS also benefits from its leading position in
Brazil, its market position and operations in Australia, and its
niche position in Italy.

The outlook is negative.  Although S&P believes JBS has faced
stable market conditions in the U.S. and modest improvement in
Brazil, S&P feels the company's high financial leverage and its
exposure to short-term debt are key risks in the short term,
especially considering the weak economic environment and uncertain
credit market conditions.  S&P could lower the ratings if the
company's operating performance and liquidity deteriorate in the
next several quarters, signaling that market conditions have
worsened beyond S&P's expectations, or if further debt-financed
acquisitions materially raise the company's debt leverage to more
than 5.0x.  S&P could revise the outlook to stable if there is
stable to positive performance in the U.S. along with improving
operations in Brazil.  This would have to result in lower
financial leverage in the next couple of quarters and continued
positive free operating cash flow.  In S&P's view, there is
currently limited upside potential on S&P's ratings on JBS because
of the still-volatile and uncertain conditions in the company's
main markets, its overall highly leveraged financial profile, and
significant exposure to short-term debt maturities.


SADIA SA: Holds “Weekly” Merger Talks With Rival; May Sell Shares
-----------------------------------------------------------------
Sadia S. A. said it is in “weekly” merger talks with competitor
Perdigao SA and may also sell shares or assets to shore up losses
from wrong-way bets on the Brazilian currency, Carlos Caminada of
Bloomberg News reports.  The report relates Sadia Chairman Luiz
Furlan said a decision by Sadia about a merger, asset or share
sale will likely be made by June.

As reported in the Troubled Company Reporter-Latin on March 19,
2009, Bloomberg News said Sadia SA is facing pressure to merge
with Perdigao SA as its BRL3.5 billion (US$1.5 billion) short-term
debt payment deadline approaches.

Eduardo Simoes of Reuters related Sadia SA said it was considering
a business tie-up with Perdigao, and was analyzing with Perdigao
"the viability and the convergence of interests in some type of
association."

A TCRLA report on Nov. 10, citing Bloomberg News, said Sadia SA
was accused in a lawsuit of misleading investors about its
financial "well-being and future business."

Bloomberg News said the complaint was filed in a federal court in
Manhattan by Westchester Putnam Counties Heavy & Highway Laborers
Local 60 Benefit Funds.  The complaint accused the company of
failing to disclose to holders of its American depositary receipts
that it had entered into currency derivative contracts to hedge
against U.S. dollar exposure that were "far larger" than
necessary, and that those contracts violated company policy,
Bloomberg News said.

According to Bloomberg News, Sadia posted its first net loss in
nine years after a currency slump derailed bets that Brazil's real
would continue a four-year winning streak against the dollar.
Sadia posted a third-quarter net loss of BRL777.4 million, after
booking BRL1.21 billion in financial expenses, mostly from bad
bets on currencies and other wrong-way investments, from a profit
of BRL188.4 million in the year- earlier quarter, the same report
said.

                         About Sadia S.A.

Headquartered n Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                         *     *      *

As reported in the Troubled Company Reporter-Latin America on
November 10, 2008, Moody's Investors Service downgraded all
ratings related to Sadia S.A. to B1 from Ba3, following the
company's reported third quarter results and greater disclosure of
its derivatives exposure and counterparty risk.

Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Sadia S.A. and the rating on
subsidiary Sadia Overseas Ltd.'s US$250 million in senior
unsecured notes to 'BB' from 'BB+'.  At the same time, S&P removed
the ratings from CreditWatch, where they had been placed with
negative implications on Sept. 26, 2008.  S&P said the outlook on
the ratings is negative.



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

AESCULAPIUS INSURANCE: Creditors' Proofs of Debt Due on April 30
----------------------------------------------------------------
The creditors of Aesculapius Insurance Company 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 31, 2009.

The company's liquidators are:

          Nick Gale
          Pierre Amparado
          Marsh Management Services Cayman Ltd.
          P.O. Box 1051GT
          Governors Square, 23 Lime Tree Bay Avenue
          George Town, Grand Cayman


AOI INVESTMENTS: Creditors' Proofs of Debt Due on May 5
-------------------------------------------------------
The creditors of AOI Investments 2 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 on March 16, 2009.

The company's liquidator is:

          Ogier
          Michael Lubin
          Queensgate House, South Church Street
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815 1793
          Facsimile: (345) 945 8604


ARLO X: Moody's Withdraws 'B3' Rating on Series B-1Z Notes
----------------------------------------------------------
Moody's Investors Service has announced that it has withdrawn its
ratings on CPDO notes issued by Arlo X limited

Moody's has withdrawn this rating at the request of investors.

The rating action is:

Arlo X Limited

(1) Series B-1Z ZAR 300,000,000 Alhambra Secured Limited Recourse
Credit-Linked Notes

  -- Current rating: WR

  -- Prior rating: B3 under review for possible downgrade

  -- Prior rating action: 20 October 2008, downgraded from Ba3 to
     B3 and left under review for possible downgrade


CALIX INC: Placed Under Voluntary Wind-Up
-----------------------------------------
On March 5, 2009, the sole shareholder of Calix Inc. resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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


CAMPOS VERDES: Creditors' Proofs of Debt Due on May 5
-----------------------------------------------------
The creditors of Campos Verdes Advisors Limited 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 on March 16, 2009.

The company's liquidator is:

          Ogier
          Michael Lubin
          Queensgate House, South Church Street
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815 1793
          Facsimile: (345) 945 8604


CT CHINA: Creditors' Proofs of Debt Due on May 14
-------------------------------------------------
The creditors of CT China Fund Limited 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 on March 23, 2009.

The company's liquidator is:

          Lau Yiu Wai
          c/o Taifook Asset Management Limited
          New World Tower, 25th Floor
          16-18 Queen's Road Central
          Hong Kong


DYNAMIS ENERGY: Creditors' Proofs of Debt Due on May 14
-------------------------------------------------------
The creditors of Dynamis Energy Fund Limited 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 on April 2, 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


GFX GLOBAL ET AL: Liquidator Receiving Proofs of Debt Until May 14
------------------------------------------------------------------
DMS Corporate Services Ltd. fixed May 14, 2009, as the deadline to
file proofs of debt for the creditors of:

   -- GFX Global Currency Fund Limited; and
   -- GFX Global Currency Master Fund Limited.

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

The Liquidator can be reached at:

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


IPIL LIMITED: Creditors' Proofs of Debt Due on May 14
-----------------------------------------------------
The creditors of Ipil Limited 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 on March 18, 2009.

The company's liquidator is:

          Royhaven Secretaries Limited
          Laura Henry
          P.O. Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


JEFFERIES RTS: Creditors' Proofs of Debt Due on May 14
------------------------------------------------------
The creditors of Jefferies RTS Fund (Cayman), 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 on March 31, 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


PADDLE BRIDGE: Creditors' Proofs of Debt Due on May 14
------------------------------------------------------
The creditors of Paddle Bridge Limited 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 on March 31, 2009.

The company's liquidator is:

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


PIVOT CAPITAL: Creditors' Proofs of Debt Due on May 5
-----------------------------------------------------
The creditors of Pivot Capital Offshore Fund 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 on March 23, 2009.

The company's liquidator is:

          Ogier
          c/o Hayden Isbister
          Queensgate House, South Church Street
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


QUANTUM TELECOMMUNICATIONS: Proofs of Debt Due on May 6
-------------------------------------------------------
The creditors of Quantum Telecommunications Limited are required
to file their proofs of debt by May 6, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


RYE SELECT ET AL: Placed Under Voluntary Wind-Up
------------------------------------------------
On March 23, 2009, the Grand Court entered an order to wind up the
operations of:

   -- Rye Select Broad Market Insurance Portfolio LDC; and
   -- Rye Select Broad Market XL Portfolio Limited.

Richard Fogerty is the companies' liquidator.


SWORD FUND: Commences Wind-Up Proceedings
-----------------------------------------
Sword Fund Limited commenced wind-up proceedings on March 31,
2009.

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


TAKU INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------
On March 31, 2009, the shareholders of Taku Investments Ltd.
resolved to wind-up the company's operations.

The company's liquidator is:

          Satoshi Iwase
          c/o Michael Makridakis of Walkers
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands


THE ZIPANGU: Creditors' Proofs of Debt Due on May 15
----------------------------------------------------
The creditors of The Zipangu Fund 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 on Jan. 23, 2009.

The company's liquidator is:

         Keith Olson
         Telephone: (852) 2845 0956
         P.O. Box 484, HSBC House, 68 West Bay Road
         Grand Cayman, KY1-1106, Cayman Islands
         e-mail: kolson@bowenasia.com


TRIDENT SELECTIONS: Creditors' Proofs of Debt Due on April 24
-------------------------------------------------------------
The creditors of Trident Selections are required to file their
proofs of debt by April 24, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Schell D. Stubbs
          Cititrust (Bahamas) Limited
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


TURNBERRY ABSOLUTE ET AL: Commence Wind-Up Proceedings
------------------------------------------------------
On March 31, 2009, a resolution was passed to voluntarily wind up
the operations of:

   -- Turnberry Absolute Return Equity Master Ltd; and
   -- Turnberry Absolute Return Eequity International Ltd.

The companies' liquidator is:

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


VERBENA LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on April 2, 2009, the
shareholder of Verbena Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626



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

CORPBANCA: Fitch Rates Support Rating Floor at 'BB-'
----------------------------------------------------
Fitch Ratings has assigned a 'BBB+' foreign currency long-term
rating to Corpbanca's new US$200 million bonds programme, under
which the bank plans to issue debt in the Peruvian market in local
currency and/or in US dollars.

Fitch currently rates Corpbanca:

  -- Issuer Default Rating 'BBB+' (Stable Outlook);
  -- Short-term 'F2';
  -- Long-term national rating 'AA-(chl)';
  -- Short-term national rating 'N1+(chl)';
  -- Individual 'C';
  -- Support '3';
  -- Support rating floor 'BB-'.

Corpbanca's ratings reflect its adequate financial performance,
good asset quality and sound capital base.  They also reflect its
depressed profitability and its high dependence on concentrated,
although stable, time deposits.

Corpbanca is a mid-sized bank that operates in almost all market
segments, through a multi-product strategy.  It is 50.86% owned by
Corp Group Banking S.A.; 8.23% by Cia.  Inmobiliaria y de
Inversiones SAGA (entity controlled by Alvaro Saieh Bendeck and
his family); and the remaining 39.69% is held by domestic and
foreign institutional investors.  In turn, CGB is controlled by a
group of Chilean businesses men, in which the main individual
shareholder is Alvaro Saieh, who together with his family
maintains indirectly a 59.1% stake in Corp Group Banking.



===========
G U Y A N A
===========

BANK OF GUYANA: Denies Report on GBTI's Request for Funds
---------------------------------------------------------
Bank of Guyana (BOG) has denied claims from an April 12 Sunday
Stabroek article by Robert McRae of Ram & McRae Chartered
Accountants that it has been approached by Guyana Bank for Trade &
Industry (GBTI) seeking emergency funds, Caribbean Net News
reports.

According to the report, the central bank, in a press release,
explained that from time to time, licensed financial institutions
may approach the BoG or source from other financial institutions
overnight/short-term support to cover temporary excess cash
requirements.  BOG, the report relates, said such support, when
provided by the bank, is carefully analysed and where approved,
the financial institution seeking the support is generally
required to provide marketable securities as collateral.  Such
transactions are normal between the central bank and licensed
depositary financial institutions and cannot, in any way, be
sensationalized as a ‘bail-out,’ the bank added as cited by
Caribbean Net News.

Caribbean Net News notes the Stabroek article also mentioned the
shortfall in the reserve requirement by GBTI at the end of 2008.
However, the report says that contrary to what the article stated,
the shortfall was authorized by the BoG in order to complete an
approved transaction.

              About Guyana Bank for Trade and Industry

The Guyana Bank for Trade and Industry Limited has a rich and
successful history of over 160 years that began with the
establishment of the first commercial bank in British Guiana, the
Colonial Bank, in May 1836, continuing with the operations of
Barclays PLC.

                       About Bank of Guyana

The Bank of Guyana is the central bank of Guyana.  It was
established in 1965 in advance of the country's independence in
1966.  The Bank of Guyana was established by virtue of the Bank of
Guyana Ordinance No. 23 of 1965.  Actual operation commenced on
October 16. 1965 – seven months before the country gained
political independence.  The early establishment of the Bank was
promoted by an agreement of the U.K. Government (acting for the
still colonial members of the British Caribbean Currency Board
(BCCB) and the Trinidad & Tobago Government), for the dissolution
of the BCCB by mid-1967 and the cessation of issuance of currency
after 1965.



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

COMERCI: Investors Bet Firm Will Reach Agreement With Creditors
---------------------------------------------------------------
Controladora Comercial Mexicana SAB (Comerci)'s investors are
betting that the company will reach an agreement with creditors,
Hugh Collins of Bloomberg News reports.  The report relates the
company has until today, April 17, to reach an agreement before
U.S.-based creditors can pursue legal action against it.

“There’s a lot of speculation that they’ll reach a good
agreement,” Bloomberg News quoted Marisol Huerta, an analyst with
Actinver SA, Mexico’s largest independent money manager, as
saying.

As reported in the Troubled Company Reporter-Latin America on
April 3, 2009, Reuters said Comerci had until April 3, to strike a
deal with its creditors before a standstill agreement that has
prevented further legal disputes in court expires.  However, a
source close to the negotiations told Reuters Comerci could reach
a new deal and push the deadline for after Easter Week.

The company, which had US$2 billion of liabilities as of October,
made a restructuring proposal to creditors on March 19, Hugh
Collins at Bloomberg News related.

According to Reuters's source, Barclays, Goldman Sachs, JPMorgan
and Merrill Lynch, which are seeking to recover the money they
loaned Comerci, met with the retailer's key negotiators in New
York and presented the company with a new proposal, which
includes ways to pay back to all Comerci creditors.

Comerci's new plan eyes asset sales in two to three years, except
its venture with CostCo Wholesale Corp which it considers a “key
asset”, the source said as cited by Reuters.

Reuters recalled Comerci defaulted in October after massive
derivatives losses sent its debt soaring above US$2 billion.  On
Oct. 9, 2008, Comerci filed for protection under Mexico's
bankruptcy code Ley de Concurso Mercantil.  According to Bloomberg
News, Mexican companies posted losses tied to derivatives
contracts in the second half of last year as the peso plunged to
record lows against the U.S. dollar and prices of commodities such
as natural gas fell.

                          About Comerci

Comerci a.k.a Controladora Comercial Mexicana SAB de CV
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.



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

EMPRESAS POLAR: No Plans to Reduce Venezuela Investments
--------------------------------------------------------
Empresas Polar SA has no plans to reduce investments in Venezuela
this year, even as President Hugo Chavez threatens to expropriate
the company, Joshua Goodman of Bloomberg News reports, citing
Polar President Lorenzo Mendoza.  The report relates Venezuela
President Hugo Chavez has directly warned Mr. Mendoza that he is
now in the government’s crosshairs.

Polar will invest US$350 million this year in Venezuela as
planned, Mr. Mendoza told Bloomberg News in an interview.  “We’re
not going to change our investment plan as a result of this
situation,” the report quoted Mr. Mendoza as saying.  Polar had no
plans to relocate some of its production to neighboring Colombia,
where it also has operations, he added.

According to the report, Mr. Mendoza said assembly lines should
return to normal levels when government forces leave a rice plant
they occupied last month to check whether the company was making
enough price-controlled white rice.  That is expected to happen in
50 days, he said.

                     About Empresas La Polar

Empresas La Polar SA  –- http://www.lapolar.cl/-- is a Chilean
company primarily engaged in the retail sector.  The company's
activities include the import, export, distribution and sale of
household appliances, electronics, toys, furniture and home
accessories, as well as apparel and accessories for men, women and
children.  The company operates a network of stores located in the
Metropolitan, I, II, III, IV, V, VI, VII, VIII, X and XII Regions
of Chile.  The company owns such subsidiaries as Inversiones SCG
SA, Asesorias y Evaluaciones SA, Collect SA, Agencia de Publicidad
Conexion SA, Tecnopolar SA, La Polar Corredores de Seguros Ltda
and Corpolar SA.  In addition, the company is involved in the
insurance sector and it offers a range of insurance policies such
as life, health, home and auto insurances, among others.


PDVSA: Fire Broke Out at Cardon Oil Refinery
--------------------------------------------
A fire broke out in a vacuum distillation unit at Petroleos de
Venezuela S.A. (PDVSA)'s Cardon oil refinery, Reuters reports,
citing unnamed sources.  The report relates the refinery has a
300,000-barrel-per-day output.

According to the report, it was not immediately clear what had
started the fire or whether anyone had been hurt.

Reuters notes PDVSA's Cardon and the neighboring Amuay refinery
have suffered repeated outages in recent years.

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is
Venezuela's state oil company in charge of the development of the
petroleum, petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                          *     *     *

As of March 16, 2009, Petroleos de Venezuela continues to carry a
'BB-' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.



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

* Fitch Issues List on 48 March Latin America Rating Actions
------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 48 Latin America
national scale rating changes for the month of March, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch upgraded these National ratings:

Union de Credito Agicola de Huatabampo (Mexico)

  -- National long-term rating to 'B+(mex)' from 'B(mex)'; Outlook
     revised to Stable;

  -- Rating Actions took place on March 03, 2009.

Unibanco-Uniao de Bancos Brasileiros S.A. (Brasil)

  -- National long-term rating to 'AAA(bra)' from 'AA+(bra)';
     removed from Rating Watch Positive; assigned a Stable
     Outlook;

  -- Rating Actions took place on March 06, 2009.

Compania de Seguros y Reaseguros Fortaleza S.A. (Bolivia)

  -- National Insurer Financial Strength rating to 'AA-(bol)' from
     'A+(bol)'; Outlook revised to Stable from Negative;

  -- Rating Actions took place on March 31, 2009.

BCI Securitizadora (Chile)

  -- PS 2005-8 consumer loans ser 2005-8 national long-term rating
     to 'AAA(chl)' Outlook Stable from 'AA(chl)'; Outlook revised
     to Stable;

  -- Rating Actions took place on March 31, 2009.

Fitch has also downgraded these ratings:

Metro METROCB032_033 (F#374) (Mexico)

  -- METROCB032_033 (F#374) construction bridge loan ser 2003
     national long-term rating to 'CCC(mex)' Rating Watch Negative
     from 'BBB(mex)' Rating Watch Negative;

  -- METROCB032_033 (F#374) construction bridge loan ser 2003-2
     national long-term rating to 'CCC(mex)' Rating Watch Negative
     from 'BBB(mex)' Rating Watch Negative;

  -- Rating Actions took place on March 02, 2009.

Metro METROCB07_072 (F#590) (Mexico)

  -- METROCB07_072 (F#590) construction bridge loan ser 2007
     national long-term rating to 'CCC(mex)' Rating Watch Negative
     from 'BBB(mex)' Rating Watch Negative;

  --  METROCB07_072 (F#590) construction bridge loan ser 2007
     national long-term rating to 'CCC(mex)' from 'C(mex)'; placed
     on Rating Watch Negative;

  -- Rating Actions took place on March 02, 2009.

Copamex, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB(mex)' Outlook Stable from
     'A-(mex)' Outlook Stable;

  -- National short-term rating to 'F3(mex)' from 'F2(mex)';

  -- Rating Actions took place on March 03, 2009.

Royal Bank of Scotland (Chile)

  -- National long-term rating to 'AA+(chl)' from 'AAA(chl)';
     Outlook revised to Negative from Stable;

  -- Rating Actions took place on March 03, 2009.

Distribucion y Servicio D&S S.A. (D&S) (Chile)

  -- National Equity Rating to Primera Clase Nivel 4 from Primera
     Clase Nivel 1;

  -- Rating Actions took place on March 03, 2009.

Soldaduras y Tuberias de Oriente, C.A. (Venezuela)

  -- National long-term rating to 'BB(ven)' from 'BBB(ven);
  -- National short-term rating to 'B(ven)' from 'F3(ven);
  -- Rating Actions took place on March 04, 2009.

Sigma Alimentos, S.A. de C.V. (Mexico)

  -- National long-term rating to 'A-(mex)' Rating Watch Negative
     from 'A(mex)' Rating Watch Negative;

  -- Rating Actions took place on March 06, 2009.

Tenedora Nemak, S.A. De C.V. (Mexico)

  -- National long-term rating to 'AA-(mex)' Outlook Stable from
     'AA+(mex)' Outlook Stable;

  -- Rating Actions took place on March 06, 2009.

Empresas IANSA S.A. (Chile)

  -- National long-term rating to 'BB-(chl)' Rating Watch Negative
     from 'BBB-(chl)' Rating Watch Negative;

  -- National Equity Rating to Primera Clase Nivel 4 from Primera
     Clase Nivel 3;

  -- Rating Actions took place on March 09, 2009.

CEMEX, S.A.B. de C.V. (Mexico)

  -- National long-term rating to 'BB-(mex)' from 'A+(mex)'
     Outlook Negative; placed on Rating Watch Negative;

  -- National short-term rating to 'B(mex)' from 'F1(mex)'; placed
     on Rating Watch Negative;

  -- Rating Actions took place on March 10, 2009.

Compania de Telecomunicaciones de Chile S.A. (Telefonica Chile)
(Chile)

  -- National Equity Rating - Acciones A to Primera Clase Nivel 4
     from Primera Clase Nivel 1;

  -- National Equity Rating - Acciones B to Primera Clase Nivel 4
     from Primera Clase Nivel 3;

  -- Rating Actions took place on March 13, 2009.

Municipio de San Nicolas de los Garza, N.L. (Mexico)

  -- National long-term rating to 'A(mex)' Outlook Negative from
     'A+(mex)' Outlook Negative;

  -- Rating Actions took place on March 13, 2009.

Servicios de Agua y Drenaje de Monterrey (SADM) (Mexico)

  -- National long-term rating to 'A(mex)' Outlook Negative from
     'AA-(mex)' Rating Watch Negative;

  -- Rating Actions took place on March 13, 2009.

Compania Sud Americana de Vapores S.A. (Chile)

  -- National long-term rating to 'BBB(chl)' from 'A(chl)' Outlook
     Stable; placed on Rating Watch Negative;

  -- National Equity Rating to Primera Clase Nivel 3 from Primera
     Clase Nivel 2;

  -- Rating Actions took place on March 16, 2009.

Banco IBI S.A. Banco Multiplo (Brasil)

  -- National long-term rating to 'A-(bra)' Outlook Negative from
     'A(bra)' Outlook Negative;

  -- National short-term rating to 'F2(bra)' from 'F1(bra)';

  -- Rating Actions took place on March 16, 2009.

Invertec Pesquera Mar de Chiloe S.A. (Chile)

  -- National long-term rating to 'B-(chl)' from 'BB+(chl)'
     Outlook Negative; placed on Rating Watch Negative;

  -- National Equity Rating to Segunda Clase from Primera Clase
     Nivel 4;

  -- Rating Actions took place on March 18, 2009.

Multiexport Foods S.A. (Chile)

  -- National Equity Rating to Segunda Clase from Primera Clase
     Nivel 4;

  -- Rating Actions took place on March 18, 2009.

Banco Promerica (El Salvador)

  -- National long-term rating to 'BB(slv)' from 'BB+(slv);
     Outlook revise to Negative from Stable;

  -- Rating Actions took place on March 20, 2009.

Inversiones Financieras Promerica, S.A. (El Salvador)

  -- National long-term rating to 'BB(slv)' from 'BB+(slv);
     Outlook revise to Negative from Stable;

  -- Rating Actions took place on March 20, 2009.

Empresa Guaracachi S.A. (Bolivia)

  -- National long-term rating to 'A(bol)' Outlook Stable from
     'A+(bol)' Outlook Stable;

  -- Rating Actions took place on March 26, 2009.

Cementos Bio-Bio S.A. (Chile)

  -- National long-term rating to 'A(chl)' Outlook Negative from
     'A-(chl)' Outlook Negative;

  -- National Equity Rating to Primera Clase Nivel 3 from Primera
     Clase Nivel 2;
  -- Rating Actions took place on March 27, 2009.

Asociacion Romana de Ahorros y Prestamos (Republica Dominicana)
  -- National long-term rating to 'B(dom)' from 'BB+(bra);
  -- Rating Actions took place on March 30, 2009.

Intervalores Casa de Bolsa C.A. (Venezuela)
  -- National long-term rating to 'BB-(ven)' from 'BB(ven);
  -- Rating Actions took place on March 30, 2009.

Patrimonio Autonomo Bisa ST-001 (Bolivia)

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - B national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - C national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - D national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - E national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - F national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - G national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - H national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - I national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - J national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Co-participation tax rev collateralized ser 2008 ISSUE DETAIL
     - K national long-term rating to 'A(bol)' from 'AA-(bol)';

  -- Rating Actions took place on March 31, 2009.

Patrimonio Autonomo COBOCE-NAFIBO 003 (Bolivia)

  -- Patrimonio Autonomo COBOCE-NAFIBO 003 future flows ser 2003
     national long-term rating to 'A(bol)' from 'AA(bol)';

  -- Rating Actions took place on March 31, 2009.

Patrimonio Autonomo CONCORDIA-NAFIBO 004 (Bolivia)

  -- Co-participation tax rev collateralized ser 2004 ISSUE DETAIL
     - B national long-term rating to 'BBB+(bol)' from 'AA(bol)';

  -- Co-participation tax rev collateralized ser 2004 ISSUE DETAIL
     - C national long-term rating to 'BBB+(bol)' from 'AA(bol)';

  -- Rating Actions took place on March 31, 2009.

These Outlook Revisions and Rating Watch changes were made:

Royal Bank of Scotland (Chile)

  -- National long-term rating 'N1+(chl)'; Outlook revised to
     Negative from Stable;

  -- Rating Actions took place on March 03, 2009.

Rede Energia S.A. (Rede) (Brasil)

  -- National long-term rating 'BBB(bra)'; Outlook revised to
     Negative from Positive;

  -- Rating Actions took place on March 06, 2009.

Centrais Eletricas Matogrossenses S.A. (Cemat) (Brasil)

  -- National long-term rating 'BBB(bra)'; Outlook revised to
     Negative from Positive;

  -- Rating Actions took place on March 06, 2009.

Centrais Eletricas do Para S.A. (Celpa) (Brasil)

  -- National long-term rating 'BBB(bra)'; Outlook revised to
     Negative from Positive;

  -- Rating Actions took place on March 06, 2009.

Altere Securitizadora S.A. (Brasil)

  -- Serie 2004-6 de CRIs national long-term rating 'A(bra)';
     Outlook revised to Stable;

  -- Rating Actions took place on March 09, 2009.

Brazilian Securities S.A.: (Brasil)

  -- Serie 2006-49 de CRIs national long-term rating 'A+(bra)';
     Outlook revised to Stable;

  -- Serie 2006-51 de CRIs national long-term rating 'AA(bra)';
     Outlook revised to Stable;

  -- Serie 2006-53 de CRIs national long-term rating 'BB(bra)';
     Outlook revised to Stable;

  -- Serie 2006-58 de CRIs national long-term rating 'A+(bra)';
     Outlook revised to Stable;

  -- Serie 2007-69 de CRIs national long-term rating 'AA(bra)';
     Outlook revised to Stable;

  -- Serie 2007-71 de CRIs national long-term rating 'BBB+(bra)';
     Outlook revised to Stable;

  -- Serie 2007-74 de CRIs national long-term rating 'A+(bra)';
     Outlook revised to Stable;

  -- Serie 2008-98 de CRIs national long-term rating 'A(bra)';
     Outlook revised to Stable;

  -- Rating Actions took place on March 09, 2009.

Matone Securitizadora S.A. (Brasil)
  -- Serie 2008-1 de CRIs national long-term rating 'A(bra)';
     Outlook revised to Stable;

  -- Rating Actions took place on March 09, 2009.

MPD KC Fundo de Investimento em Direitos Creditorios Imobiliarios
(Brasil)

  -- 1a serie de cotas seniores national long-term rating
     'A(bra)'; Outlook revised to Stable;

  -- Rating Actions took place on March 09, 2009.

FIDC Matone (Brasil)

  -- Cotas seniores do Fundo de Investimento em Direitos
     Creditorios Matone Emprestimos Consignados - Servidores
     Publicos national long-term rating 'AA(bra)'; Outlook revised
     to Negative;

  -- Rating Actions took place on March 11, 2009.

Estado de Veracruz (Mexico)

  -- Estado de Veracruz VRZCB 06 ser 2006-2 national long-term
     rating 'AAA(mex)'; placed on Rating Watch Negative;

  -- Estado de Veracruz VRZCB 06U ser 2006-1 national long-term
     rating 'AAA(mex)'; placed on Rating Watch Negative;

  -- Rating Actions took place on March 12, 2009.

Estado de Nayarit (Mexico)

  -- Estado de Nayarit Fideic. Financ. Banorte ser 2008 national
     long-term rating 'AA(mex)'; placed on Rating Watch Negative;

  -- Rating Actions took place on March 23, 2009.

Minerva S.A. (Brasil)

  -- National long-term rating 'BBB(bra)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on March 30, 2009.

These ratings were affirmed and withdrawn:

Los Grobo SGR (Argentina)

  -- National long-term rating 'A-(bra)' Outlook Sable;
  -- Rating Actions took place on March 09, 2009.

Municipio de Pachuca, Hidalgo (Mexico)

  -- National long-term rating 'A-(mex)';
  -- Rating Actions took place on March12, 2009.

Banco Finansur S.A. (Argentina)

  -- National short-term rating 'A3(bra)';
  -- Rating Actions took place on March 17, 2009.

Municipio de Celaya, Guanajuato (Mexico)

  -- National long-term rating 'AA-(mex)';
  -- Rating Actions took place on March 17, 2009.

BCI Securitizadora PS-15 (Chile)

  -- Decimo Quinto Patrimonio Separado (PS-15) Serie A national
     long-term rating 'AA(chl)';

  -- Decimo Quinto Patrimonio Separado (PS-15) Serie W national
     long-term rating 'C(chl)';

  -- Decimo Quinto Patrimonio Separado (PS-15) Serie Y national
     long-term rating 'AA(chl)';

  -- Rating Actions took place on March 20, 2009.

BCI Securitizadora PS-18 (Chile)

  -- Decimo Octavo Patrimonio Separado (PS-18) Serie B national
     long-term rating 'AA(chl)';

  -- Decimo Octavo Patrimonio Separado (PS-18) Serie E national
     long-term rating 'C(chl)';

  -- Rating Actions took place on March 20, 2009.

National Ratings are an assessment of credit quality relative to
the rating of the 'best' credit risk in a country.  This 'best'
risk will normally, although not always, be assigned to all
financial commitments issued or guaranteed by the sovereign state.


                            ***********

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 * * *