TCRLA_Public/090420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, April 20, 2009, Vol. 9, No. 76

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Won't be Indicted Before Month's End
STANFORD INT'L BANK: Placed Into Liquidation; Vantis Appointed
STANFORD INT'L BANK: Receiver Has 'Little Doubt' of Ponzi Scheme
STANFORD INT'L BANK: SGC Receiver Sues Former Brokers


A R G E N T I N A

BANCO MACRO: Argentina to Exercise Voting Rights at Meeting
FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
LABORATORIO DE COSMETICA: Verifying Proofs of Claim Until May 7


B E R M U D A

ABACUS INVESTMENTS: Members' Meeting Set for May 20
RIDGEMOUNT LTD: Creditors' Proofs of Debt Due on May 1
RIDGEMOUNT LTD: Members' Meeting Set for May 19
SWS INTERNATIONAL: Creditors' Proofs of Debt Due on May 1
SWS INTERNATIONAL: Members' Meeting Set for May 19


B R A Z I L

ARACRUZ CELULOSE: Moody's Hikes Corp. Rating to 'Ba1' After Sale
BANCO PANAMERICANO: S&P Affirms 'B+/B' Counterparty Ratings
HSBC BANK: S&P Assigns 'BB' Subordinated Debt Rating
TELEMAR NORTE: Sells US$750 Million 10-Year Bonds


C A Y M A N  I S L A N D S

AALL INVESTMENT: Creditors' Proofs of Debt Due on May 20
APEX SILVER: Creditors' Proofs of Debt Due on April 28
ASPARTA FUND: Creditors' Proofs of Debt Due on May 15
ASPARTA MASTER: Creditors' Proofs of Debt Due on May 15
CHIBA CAPITAL: Creditors' Proofs of Debt Due on May 29

CONDOR STRATEGIES: Creditors' Proofs of Debt Due on May 15
FALCON CAPITAL: Creditors' Proofs of Debt Due on May 15
FALCON LIQUID: Creditors' Proofs of Debt Due on May 15
FLR CAYMAN: Creditors' Proofs of Debt Due on May 15
GLOBANT HOLDINGS: Creditors' Proofs of Debt Due on May 22

HARLEY INTERNATIONAL: Creditors' Proofs of Debt Due on April 30
LAURUS MASTER: Creditors' Proofs of Debt Due on May 11
OSPREY STRATEGIES: Creditors' Proofs of Debt Due on May 15
PEREGRINE STRATEGIES: Creditors' Proofs of Debt Due on May 15
PERPETUAL REINSURANCE: Creditors' Proofs of Debt Due on May 31


M E X I C O

AES CORP: S&P Affirms BBB- Corporate Credit Rating on AES Panama
CORPORACION GEO: S&P Affirms 'BB-' Corporate Credit Rating
PATRIMONIO MORTGAGE: Moody's Cuts Ratings on Three Securitizations


P A N A M A

STANFORD INT'L BANK: Panama Gov't to Sell Local Stanford Affiliate


T R I N I D A D  &  T O B A G O

WELDFAB: Laid Off Workers Refuse to Resume Work


X X X X X X X X

* BOND PRICING: For the Week April 13, 2009 to April 17


                         - - - - -


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


STANFORD INT'L BANK: Owner Won't be Indicted Before Month's End
---------------------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford, who is facing civil charges for a massive fraud, will
not likely be indicted before the end of April, Anna Driver of
Reuters reports, citing one of Mr. Stanford's lawyers, Houston
criminal attorney Dick DeGuerin.  "But an indictment shouldn't
come at all," the report quoted Mr. DeGuerin as saying.

The Securities and Exchange Commission (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 (SGC), 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 court-appointed SGC receiver Ralph Janvey.

According to Reuters, Mr. DeGuerin said he expected any criminal
charges to be filed in Houston, so Mr. Stanford is in the process
of moving there.  "We are negotiating on a lease for a condo,"
Reuters quoted Mr. DeGuerin as saying.  My client is eager to
answer any charges, he added.

Reuters relates Mr. DeGuerin said he plans to ask the US District
Court in Dallas -- where the civil charges were filed -- to
release funds to pay Mr. Stanford's legal team.  "I hope the court
will realize that it's not fair to tie someone's hands behind
their back and then throw them in a ring and tell them to fight,"
Reuters quoted Mr. DeGuerin as saying.

                   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.


STANFORD INT'L BANK: Placed Into Liquidation; Vantis Appointed
--------------------------------------------------------------
Nigel Hamilton-Smith and Peter Wastell, Client Partners at Vantis
Business Recovery Services, a division of Vantis, the UK
accounting, tax and business advisory group, were appointed as
joint liquidators for Stanford International Bank Limited (SIBL)
on April 15, 2009, by an Order of the High Court of Antigua and
Barbuda.  Stanford Trust Company Limited remains in receivership
and the receivers continue with their investigations.

The liquidation proceedings have been commenced following the
receivership of SIBL, during which time the receivers concluded
that it had become clear that the Bank's assets were significantly
less than its liabilities.

Commenting, Nigel Hamilton-Smith said: "It quickly became apparent
that there were a large number of investors seeking to withdraw
funds and the bank's cash reserves were wholly inadequate.  It is
also now apparent, that the assets of SIBL are insufficient to
meet the level of liabilities."

At this time the liquidators said they are unable to forecast the
extent of the deficiency, but it is likely to be substantial.  The
liquidator's role is to continue to identify and realize the
assets of SIBL, agree the claims of the creditors and investors
and, in due course, effect a distribution of realized assets.

Mr. Hamilton-Smith continued: "We appreciate this is a difficult
time for SIBL investors.  Unfortunately, to ensure the fair
distribution of assets, it is crucial all SIBL accounts remain
frozen while we continue in our efforts to locate and realise the
assets of SIBL, which are held in numerous jurisdictions
worldwide.  This is an extremely complex task and we regret that
it is very unlikely that any distribution of SIBL assets will be
made in the determinable future."

                           About Vantis

Vantis Business Recovery Services --- www.vantisplc.com/ --- is a
trading division of Vantis Group Ltd, which is regulated by the
Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                 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.


STANFORD INT'L BANK: Receiver Has 'Little Doubt' of Ponzi Scheme
----------------------------------------------------------------
There is “little doubt” that Stanfod International Bank (SIBL)
owner Robert Allen Stanford was engaged in a “Ponzi scheme” based
on the condition of SIBL, Alison Fitzgerald of Bloomberg News
reports, citing the institution’s receiver.

“We have identified assets in multiple jurisdictions around the
world that are measured in the hundreds of millions of US
dollars,” the news agency quoted Nigel Hamilton-Smith, who is
liquidating SIBL in Antigua, as saying.  “The liabilities are over
US$7 billion US dollars.”

The report relates Mr. Hamilton-Smith said SIBL was days from
collapse when those officials took Mr. Stanford’s company into
receivership.

Investors whose accounts have been frozen since receivers took
over are unlikely to get their full investments back and shouldn’t
expect to get access to their money any time soon,  Mr. Hamilton-
Smith said in a statement obtained by Bloomberg News.

Mr. Hamilton-Smith, as cited by the report, said he plans to
liquidate the bank now that he’s concluded its assets were
“significantly less than liabilities.”

The Securities and Exchange Commission (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, SGC, and investment adviser Stanford
Capital Management.

“Stanford bank was massively illiquid, and all that the SEC did
was hasten what would have been a collapse within days in any
event,” the news agency quoted Mr. Hamilton-Smith as saying.

                  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.


STANFORD INT'L BANK: SGC Receiver Sues Former Brokers
-----------------------------------------------------
Court-appointed Stanford Group Company (SGC) receiver Ralph Janvey
has filed a lawsuit to recover more than US$40 million paid to
dozens of SGC's former financial advisors, Caribbean360.com
reports.

According to the report, Mr. Janvey submitted court documents
stating that the money was paid in commissions, front-end loans
and other compensation to 66 advisors for soliciting clients to
purchase certificates of deposits (CDs) from the Antigua-based
Stanford International Bank Limited (SIBL).  The report relates
Mr. Janvey wants the money to benefit defrauded investors and
other claimants.

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

Caribbean360.com notes the receiver's lawsuit alleges "that the
brokerage services performed by the financial advisors in exchange
for the compensation payments were not legitimate and did not
confer any benefit on their customers, and therefore that the
financial advisors have no rightful ownership interest that could
justify their retaining possession of the funds".  Mr. Janvey, the
same report relates, further accused Mr. Stanford and the other
defendants of keeping their fraudulent scheme going by using the
financial advisors "to lure new investors and then diverting the
investors' funds to the defendants' own illicit purposes".

Caribbean360.com says the financial advisors named in the lawsuit
each received amounts ranging from US$200,000 to US$2.6 million to
promote the sale of the CDs over a two-year period.

“This lawsuit changes everything,’’ Caribbean Net News quoted
Houston lawyer Michael Stanley, who represents about a third of
the brokers named in the receiver’s suit, as saying.  “These are
the people who’ve been trying to intervene in the SEC case.  Now,
they’ll be able to take a look at the evidence of what Mr. Janvey
said the fraud is.’’

                   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
=================

BANCO MACRO: Argentina to Exercise Voting Rights at Meeting
-----------------------------------------------------------
The Argentine government notified Banco Macro SA that it plans to
exercise its right to vote for board members at the company's
April 21 shareholder meeting, Taos Turner of Dow Jones Newswires
reports.

According to the report, the notification is the latest in a
series of moves by the state to exert more control over companies
whose stock it acquired by taking over private pension funds last
year.

The report notes according to a letter sent to the bank by the
social security agency Anses, the government holds a 26.6% stake
in Banco Macro.

Anses, DJ Newswires relates, manages the assets acquired by the
government when it took over pension funds.

                        About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro  --
http://www.macro.com.ar/-- had consolidated assets of ARS11.6
billion (US$3.7 billion) and consolidated deposits of ARS6 billion
(US$2 million) as of June 2007.

                          *     *     *

The bank continues to carry Moody's Caa1 foreign long-term bank
deposits rating and Fitch's CCC+ subordinate debt rating.


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXVIII issued by
Equity Trust Company (Argentina) S.A. - acting solely in its
capacity as Issuer and Trustee.

Moody's also assigned ratings of Caa2.ar (Argentine National
Scale) and Caa3 (Global Scale, Local Currency) to the Class B
Fixed Rate Securities; and ratings of C.ar (Argentine National
Scale) and C (Global Scale, Local Currency) to the subordinated
Certificates.

The assigned ratings are based on these factors:

  -- The credit quality of the securitized personal loans

  -- The ability and willingness of ANSES to make monthly pensions

  -- The ability of Banco Supervielle to act as the servicer of
     the pool.

  -- The ability of Equity Trust to act as trustee in this
     transaction

  -- Initial credit enhancement provided through subordination

  -- The availability of various reserve accounts, and

  -- The legal structure of the transaction.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 24,448 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of AR$60,648,904.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administración Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent for this government entity and
deducts the monthly loan installment directly from the borrower's
paycheck.

                            Structure

Equity Trust Company (Argentina) S.A. (Issuer and Trustee) issued
three classes of Debt Securities (Class A Fixed Rate Securities,
Floating Rate Securities and Class B Fixed Rate Securities) and
one class of Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 16%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 505 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 26% or lower
than 16%.  The Class B Fixed Rate Securities will bear a fixed
interest rate of 24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

                          Rating Action

Originator: Banco Banex S.A. (now Banco Supervielle S.A.)

  -- AR$36,076,942 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXVIII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- AR$15,474,626 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXVIII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- AR$8,708,868 in Class B Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXVIII",
     rated Caa2.ar (Argentine National Scale) and Caa3 (Global
     Scale, Local Currency)

  -- AR$3,032,445 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXVIII", rated C.ar (Argentine
     National Scale) and C (Global Scale, Local Currency)


LABORATORIO DE COSMETICA: Verifying Proofs of Claim Until May 7
---------------------------------------------------------------
The court-appointed trustee for Laboratorio de Cosmetica Van
S.A.'s bankruptcy 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 July 3, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of [company]'s
accounting and banking records will be submitted in court on
August 18, 2009.



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

ABACUS INVESTMENTS: Members' Meeting Set for May 20
---------------------------------------------------
The members of Abacus Investments Limited will hold their meeting
on May 20, 2009, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicholas Hoskins
          Wakefield Quin, Chancery Hall
          52 Reid Street, Hamilton
          Bermuda


RIDGEMOUNT LTD: Creditors' Proofs of Debt Due on May 1
------------------------------------------------------
The creditors of Ridgemount Ltd. are required to file their proofs
of debt by May 1, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 15, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


RIDGEMOUNT LTD: Members' Meeting Set for May 19
-----------------------------------------------
The members of Ridgemount Ltd. will hold their meeting on May 19,
2009, at 9:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 15, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SWS INTERNATIONAL: Creditors' Proofs of Debt Due on May 1
---------------------------------------------------------
The creditors of SWS International Properties Limited are required
to file their proofs of debt by May 1, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 15, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SWS INTERNATIONAL: Members' Meeting Set for May 19
--------------------------------------------------
The members of SWS International Properties Limited will hold
their meeting on May 19, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 15, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda




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

ARACRUZ CELULOSE: Moody's Hikes Corp. Rating to 'Ba1' After Sale
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
ratings of Aracruz Celulose S.A. to Ba1 from Ba2 on the global
scale and to Aa2.br from A1.br on the Brazilian national scale.
The ratings outlook is negative.  This rating action concludes the
review process initiated on January 28, 2009.

The upgrade follows the conclusion of the acquisition by
Votorantim Celulose e Papel S.A. (rated Ba1 / outlook negative) of
the interests of Arapar S.A. and Arainvest S.A. in Aracruz for a
total cash consideration of BRL 5.42 billion, making VCP the
controlling shareholder of Aracruz.  Despite its excessive
leverage as measured by Total Adjusted Debt to EBITDA that could
peak at around 8.7x at 2009 year-end (7.7x on a Net Debt basis) if
weak market conditions persist through the rest of the year, the
upgrade reflects the equalization of Aracruz's and VCP's ratings
as Moody's expect the two companies to operate on a fully
integrated basis in the foreseeable future.  Aracruz's Ba1 rating
also incorporates the benefit from the indirect ownership by and
expected support from Votorantim Participações S.A. (Baa3 /
outlook stable).  Finally, the rating considers that Aracruz's
final debt restructuring agreement will be concluded fairly soon
as anticipated in its 2008 fiscal year financial statements.
Moody's regards the acquisition of Aracruz by VCP as a credit
positive in terms of scale, operational and geographic
diversification, and potential synergies.

Aracruz's rating is supported its position as a global supplier of
bleached eucalyptus kraft pulp, its competitive production costs
which are among the lowest worldwide based on a long-term
sustainable business model based on structural cost advantages
including self-sufficiency in wood fiber and electricity and
efficient logistics.  Aracruz's low product and operational
diversity and its relative small size as measured by net revenues
are constraining factors for its rating.  Revenues are largely
generated under long-term supply contracts that support stable
sales volume with good geographic diversification.

While the Ba1 global scale rating reflects the default and loss
expectation of Aracruz on a global basis, the Aa2.br national
scale rating reflects the standing of their credit quality
relative to other domestic issuers.  Issuers rated Aa2.br
demonstrate very strong creditworthiness relative to other
domestic issuers.  National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Brazil are designated by the ".br"
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 negative outlook reflects Moody's view that pulp prices will
likely remain depressed over the near term, constraining free cash
flow available for debt reduction.

The ratings of Aracruz could be downgraded if market conditions do
not improve over the coming quarters resulting in increased
refinancing risk.  Also, a deterioration of VCP's and / or
Votorantim's credit quality could negatively impact Aracruz's
ratings.

Moody's last rating action on Aracruz was on January 28, 2009,
when the review direction of its ratings was changed to a possible
upgrade from a possible downgrade.

Aracruz Celulose S.A. is the world's largest and most cost
efficient producer of bleached hardwood kraft market pulp, having
reported consolidated net revenues of US$1,912 million in the
fiscal year ended on December 31, 2008, including 50% of Veracel
S.A., a joint-venture with Stora Enso (rated Ba2, under review for
possible downgrade).  Combined with Votorantim Celulose e Papel
S.A. net revenues would reach US$3,278 million in 2008.

Votorantim Participações S.A. is the holding company of one of
Brazil's largest conglomerates with a diverse business portfolio
that includes banking, metals and mining, pulp and paper, cement,
agribusiness, and chemicals.  VPAR reported consolidated net
revenues of US$19,762 million in the last twelve months ended on
September 30, 2008, of which some 69% were generated by the
group's industrial activities and 31% by its fast-growing
financial arm represented by Banco Votorantim S.A. (rated Baa1,
under review for upgrade).


BANCO PANAMERICANO: S&P Affirms 'B+/B' Counterparty Ratings
-----------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+/B' counterparty
credit ratings and its 'brBBB+/brA-3' Brazilian national scale
ratings on Banco Panamericano S.A.  At the same time, S&P revised
the outlook to negative from stable.

"The outlook revision reflects the risks of potentially higher
levels of nonperforming assets in the bank's loan portfolio and
their related costs, especially in light of the current weakness
in the consumer credit cycle.  In addition, the bank's liquidity
has tightened following the decrease in its core deposit base
since forth-quarter 2008," said Standard & Poor's credit analyst
Ricardo Brito.

The ratings reflect the bank's product mix, which, while broad,
focuses on higher credit risk consumer lending -- particularly
vehicle financing -- which lately has shown increased levels of
delinquency.  The actions also consider the bank's dependence on
wholesale funding from institutional investors and companies. Such
funding has been not only scarce but volatile since the beginning
of the global economic crisis.  The ratings are also supported by
the bank's extensive experience (more than 30 years) in its target
markets, its diversified loan portfolio, and its adequate capital
position.

Higher funding costs and increasing loan-loss provisions led Banco
Panamericano to report a loss in fourth-quarter 2008, reducing net
income for 2008 by 27% as compared with 2007. Consolidated net
income for 2008 was BRL96 million, resulting in a return on
average assets of 2.7% -- still adequate.  Deposits have shrunk
materially, with time deposits falling from BRL2.2 billion to
BRL1.5 billion (down 32% quarter-over-quarter).  While this
decrease in deposits pressured the bank's liquidity, Banco
Panamericano has maintained its access to loan securitization,
which remains its mains source of funding (around 50%).

S&P expects core earnings to be affected negatively as credit
losses in consumer portfolios rise throughout 2009. Specifically,
the bank's ratio of NPAs to customer loans increased to 8.4% as of
Dec. 31, 2008, from 6.6% one year earlier.  This is relatively
high compared with other banks at the same ratings level and was
mainly caused by the deterioration in its auto loan portfolio.

"The negative outlook reflects our opinion that Banco Panamericano
will continue to face higher delinquency ratios in its core loan
portfolio, given the weakness in the broader economy, resulting in
lower core earnings.  It also reflects the increased liquidity
risk incurred by Banco Panamericano in this challenging
environment.  If there is a further downturn in asset quality
indicators or if the bank's funding and liquidity come under even
further pressure, S&P could lower the ratings.  On the other hand,
S&P could revise the outlook to stable if S&P sees the bank's
asset quality and liquidity ratios return to historical levels in
a sustained way," Mr. Brito added.


HSBC BANK: S&P Assigns 'BB' Subordinated Debt Rating
----------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
subordinated debt rating to HSBC Bank Brasil S.A. – Banco
Multiplo's (HSBC-Brasil; BBB-/Stable/A-3) $100 million U.S.
dollar-denominated floating-rate subordinated notes due 2014.

The issue carries a floating rate with interest payments quarterly
until maturity.  The proceeds will be used for general working
capital and capital-management purposes.

The subordinated notes will be direct, unsecured, and subordinated
obligations of HSBC-Brasil, and will rank junior to the claims of
senior creditors (including depositors), but senior to all share
capital of HSBC-Brasil and Tier 1 capital securities.  The notes
will rank pari passu with all subordinated debt issued by HSBC-
Bank that Banco Central do Brasil, the regulator, approves as
qualifying for Tier 2 capital treatment, in accordance with the
article 7 of its Resolution 3.444.

The difference between the rating on the notes and the 'BBB-'
long-term counterparty credit rating on HSBC-Brasil reflects the
subordinated nature of the notes and regulatory deferral risk.

     HSBC Bank Brasil S.A.                     BBB-/Stable/A-3

                            New Rating

                    Subordinated Debt     BB



TELEMAR NORTE: Sells US$750 Million 10-Year Bonds
-------------------------------------------------
Telemar Norte Leste SA sold US$750 million of 10-year bonds,
Lester Pimentel of Bloomberg News reports.

According to the report, the bonds priced to yield 9.625%, or
678.4 basis points above similar-maturity U.S. Treasuries, with a
basis point equals 0.01 percentage point.   The report relates
Itau Unibanco Banco Multiplo SA, Citigroup Inc. and Banco
Santander SA managed the sale.

The report says the company sold the bonds as investor appetite
for emerging-market dollar debt improves.

                       About Telemar Norte

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

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

                          *     *     *

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



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

AALL INVESTMENT: Creditors' Proofs of Debt Due on May 20
--------------------------------------------------------
The creditors of AALL Investment Management (Cayman) Ltd. are
required to file their proofs of debt by May 20, 2009, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Brian Patrick Randall
          Susan G. Raesmith
          P O Box 1166, Grand Cayman KY1-1102
          Telephone: 345-814-3117
          Facsimile: 345-945-5772


APEX SILVER: Creditors' Proofs of Debt Due on April 28
------------------------------------------------------
The creditors of Apex Silver Mines Limited are required to file
their proofs of debt by April 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 3, 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


ASPARTA FUND: Creditors' Proofs of Debt Due on May 15
-----------------------------------------------------
The creditors of Asparta 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 March 26, 2009.

The company's liquidators are:

          Tracy Thornewill
          Sylvia Solomon
          c/o 1 Grosvenor Crescent
          London, SW1X 7EF


ASPARTA MASTER: Creditors' Proofs of Debt Due on May 15
-------------------------------------------------------
The creditors of Asparta Master 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 March 26, 2009.

The company's liquidators are:

          Tracy Thornewill
          Sylvia Solomon
          c/o 1 Grosvenor Crescent
          London, SW1X 7EF


CHIBA CAPITAL: Creditors' Proofs of Debt Due on May 29
------------------------------------------------------
The creditors of Chiba Capital Funding (Cayman) Ltd are required
to file their proofs of debt by May 29, 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:

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


CONDOR STRATEGIES: Creditors' Proofs of Debt Due on May 15
----------------------------------------------------------
The creditors of Condor Strategies Ltd 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 March 27, 2009.

The company's liquidators are:

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


FALCON CAPITAL: Creditors' Proofs of Debt Due on May 15
-------------------------------------------------------
The creditors of Falcon Capital Strategies Ltd 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 March 27, 2009.

The company's liquidators are:

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


FALCON LIQUID: Creditors' Proofs of Debt Due on May 15
------------------------------------------------------
The creditors of Falcon Liquid Reserves Ltd 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 March 27, 2009.

The company's liquidators are:

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


FLR CAYMAN: Creditors' Proofs of Debt Due on May 15
---------------------------------------------------
The creditors of FLR Cayman Ltd 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 March 27, 2009.

The company's liquidators are:

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


GLOBANT HOLDINGS: Creditors' Proofs of Debt Due on May 22
---------------------------------------------------------
The creditors of Globant Holdings, Ltd. are required to file their
proofs of debt by May 22, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 21, 2009.

The company's liquidator is:

          Richard Garman
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


HARLEY INTERNATIONAL: Creditors' Proofs of Debt Due on April 30
---------------------------------------------------------------
The creditors of Harley International (Cayman) Limited are
required to file their proofs of debt by April 30, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2009.

The company's liquidators are:

          Nicolas Matthews
          Mark Longbottom
          c/o Camele Burke and Mark Longbottom
          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


LAURUS MASTER: Creditors' Proofs of Debt Due on May 11
------------------------------------------------------
The creditors of Laurus Master Fund Ltd. are required to file
their proofs of debt by May 11, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Russell Smith
          c/o John D’Cunha
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946 0820
          Facsimile: (345) 946 0864


OSPREY STRATEGIES: Creditors' Proofs of Debt Due on May 15
----------------------------------------------------------
The creditors of Osprey Strategies Ltd 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 March 27, 2009.

The company's liquidators are:

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


PEREGRINE STRATEGIES: Creditors' Proofs of Debt Due on May 15
-------------------------------------------------------------
The creditors of Peregrine Strategies Ltd 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 March 27, 2009.

The company's liquidators are:

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


PERPETUAL REINSURANCE: Creditors' Proofs of Debt Due on May 31
--------------------------------------------------------------
The creditors of Perpetual Reinsurance Company 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 on April 2, 2009.

The company's liquidator is:

          Dugald Macleod
          Caledonian House, 69 Dr Roy’s Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Tel: 345-914-0050
          Fax: 345-814-4875



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

AES CORP: S&P Affirms BBB- Corporate Credit Rating on AES Panama
----------------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'BBB-'
long-term corporate credit rating on AES Panama S.A. and its
'BBB-' senior unsecured debt rating on AES Panama's $300 million
senior notes due in 2016.  The outlook is stable.

"The 'BBB-' rating on AES Panama S.A. reflects the company's
strong profitability, projected cash-flow stability as a result of
the somewhat diversified long-term purchase-power agreements
signed with the three distribution companies in Panama, the
growing prospects for power consumption in Panama, and Panama's
attractive and business-oriented regulatory framework that seeks
to optimize the system's efficiency," said Standard & Poor's
credit analyst Fabiola Ortiz.  The rating also incorporates the
company's ability to generate electricity at a very low cost and
its plants' operating efficiency, with average firm capacity
contracted at around 85%.  The company has been able to generate
consistently strong EBITDA margins of around 65%, which compare
favorably with those of other regional hydro-generators.

At the same time, the rating incorporates exposure to hydrological
conditions (drought seasons), which is partially offset by the
Bayano River's reservoir; the aggressive capital structure due to
the investments needed to upgrade and repower the facilities; the
high energy prices that could affect distribution companies'
future collection rates; and a high dividend payout policy.

AES Panama is a joint venture between AES Panama Energy (49%), a
subsidiary of The AES Corp. (BB-/Stable/--), and the Republic of
Panama (50.5%; BB+/Stable/B), which controls AES Panama's
operating activities through a management agreement.  Employees
control the remaining 0.5%.

Although AES Panama is subject to the risks of operating in
Panama, the 'BBB-' rating is linked to, but not constrained by,
the sovereign rating on the Republic of Panama.  The transaction's
structure and the sponsor's operating capabilities indicate that
AES Panama's likelihood of defaulting on any of its debt
obligations is lower than the sovereign default risk.

AES Panama owns and operates the lowest-cost hydropower generation
units in Panama.  It has 482 MW installed capacity at four
hydroelectric plants in eastern and western Panama, namely Bayano,
Estí, La Estrella, and Los Valles.

The stable outlook on AES Panama reflects S&P's expectation that
the company will maintain its adequate margins, providing for
relatively stable revenues and cash flow, as well as its long-term
sales agreements with distributors.  The rating could be pressured
downward if the company's financial profile deteriorates
considerably, with a total debt-to-EBITDA margin of more than 3.2x
and FFO-to-interest coverage ratio of less than 3.0x.  S&P could
raise the rating if AES Panama's financial performance improves
further or if there is a significant debt reduction.  An upgrade
of the Republic of Panama will not imply an upgrade of AES Panama.


CORPORACION GEO: S&P Affirms 'BB-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
long-term corporate credit rating and its 'mxA-' national scale
rating on Corporacion Geo S.A.B de C.V.  At the same time, S&P
revised S&P's outlook on the company to negative from stable.

"The rating action reflects Geo's higher-than-expected use of
short-term debt, which has increased its refinancing needs during
2009, and S&P's expectations regarding the high working capital
requirements needed to sustain the company's growth plans for the
year, which could limit cash flow generation.  However, S&P
believes that Geo continues to have sufficient cash reserves and
access to refinancing options that would allow it to meet its
short-term commitments.  Geo is currently refinancing most of its
short-term debt through two issues in the capital markets, which,
if successful, they should allow the company to significantly
improve its maturity schedule," said Standard & Poor's credit
analyst Laura Martinez.

The ratings on Geo are limited by the company's aggressive
financial policy and accounting practices, as evidenced by the
changes in its interim and audited financial statements, and its
use of financing strategies that have required restricted cash
balances.  They also reflect the intense working capital Geo needs
to sustain its growth targets, as well as its greater use of
external financing (specifically short-term debt) to fund a longer
operating cycle and important capital expenditures.  The ratings
are supported by Geo's position as one of the leading homebuilders
in Mexico, its geographic diversification and scale, and its
diverse product line.

"The negative outlook reflects our concerns regarding Geo's short-
term debt levels, its current refinancing needs, and the expected
high working capital requirements needed to sustain the company's
current growth targets.  The ratings could be downgraded if the
issuer's refinancing program does not take place according to its
plans and/or if negative free operating cash flow generation is
above S&P's expectations by year-end 2009.  A substantial
improvement in the company's debt maturity schedule and a prudent
financial policy, evidenced by positive free operating cash flow,
could return the outlook to stable," Ms. Martinez added.


PATRIMONIO MORTGAGE: Moody's Cuts Ratings on Three Securitizations
------------------------------------------------------------------
Moody's de Mexico has downgraded the ratings of three Patrimonio
mortgage backed securitizations. The affected securitizations
include three certificates backed by residential mortgages
originated by Patrimonio S.A. de C.V., Sociedad Financiera de
Objeto Limitado (PATRICB 06U, PATRICB 07U, and PATRICB 07).  The
three transactions benefit from a financial guaranty insurance
policy issued by Ambac Assurance Corporation.  On April 13, 2009,
Moody's downgraded Ambac's insurance financial strength rating to
Ba3 from Baa1 (Global Scale).

The rating actions are based on Moody's approach to rating
structured finance securities wrapped by financial guarantors,
detailed in the press release dated November 10, 2008 and titled
"Moody's modifies approach to rating structured finance securities
wrapped by financial guarantors".  Under Moody's approach, if a
structured finance security is wrapped by a financial guarantor,
the Moody's rating will be the higher of (i) the guarantor's
financial strength rating and (ii) the current underlying rating
(i.e., absent consideration of the guaranty) on the security,
regardless of whether the underlying rating is published or not.

                          Rating Action

The complete rating action is:

Originator and Servicer: Patrimonio, S.A. de C.V., Sociedad
Financiera de Objeto Limitado

Issuer: Banco Invex, S.A., Institución de Banca Múltiple, Invex
Grupo Financiero only in its capacity as trustee of these
securitization trusts:

  -- Class A certificates PATRICB 06U ratings downgraded to Baa3
     from Baa1 (Global Scale, Local Currency) and downgraded to
     Aa2.mx from Aaa.mx (National Scale Rating).  The last rating
     action occurred on March 23, 2009, when the ratings were
     placed on review for possible downgrade.

  -- Class A certificates PATRICB 07U ratings downgraded to Ba1
     from Baa1 (Global Scale, Local Currency) and downgraded to
     Aa3.mx from Aaa.mx (National Scale Rating).  The last rating
     action occurred on March 23, 2009, when the ratings were
     placed on review for possible downgrade.

  -- Class A certificates PATRICB 07 ratings downgraded to Baa2
     from Baa1 (Global Scale, Local Currency) and downgraded to
     Aa1.mx from Aaa.mx (National Scale Rating).  The last rating
     action occurred on March 23, 2009, when the ratings were
     placed on review for possible downgrade.

                        Rating Methodology

When rating mortgage backed securitizations in Mexico, Moody's
considers the characteristics and historical performance of the
collateral backing a given transaction.  Moody's assesses the
collateral characteristics, considering key credit metrics such as
original and actual loan-to-value, documentation type, payment-to-
income, seasoning, current delinquency status, payment history,
and geographic concentrations, among other factors, and uses this
information to estimate the pool's future performance over the
life of the transaction.  In determining potential performance
trends for a given transaction, Moody's also takes into
consideration the performance of similar mortgages securitized by
different players in the Mexican market.

Moody's prepares a loan-by-loan cash flow analysis that considers
scheduled interest and principal collections on the mortgages, a
distribution of cumulative gross default scenarios on the mortgage
portfolio, severity and recovery rate assumptions, an assumed
cumulative prepayment percentage, the priority of payments due to
investors, and the particular characteristics of the transaction
such as credit enhancement levels, reserves, and any type of
guarantee benefiting the certificate holders.

The main assumptions underlying Moody's expectations of the future
performance of the collateral are the cumulative gross default
percentage, the cumulative prepayment percentage, and the severity
of loss given a loan default.  For cumulative gross defaults,
Moody's uses a distribution such that the mortgage cash flows are
stressed using a range of default scenarios.  The distribution is
centered on a most likely cumulative gross default scenario;
defaults are timed along a default curve.  Moody's assumes that
prepayments are timed along a prepayment curve.  The assumed
severity of loss on defaulted loans considers numerous variables,
including, but not limited to, the balance of the loan at the time
of default, recovery lags, and downward adjustments to the
original property value to stress the value of the property at the
time of liquidation.

For each one of the cumulative gross default scenarios, Moody's
allocates the available cash flows according to the priority of
payments described in the transaction documents.  Moody's applies
varying weights, or probabilities of occurrence, to each of the
cumulative gross default scenarios according to a distribution to
arrive at an aggregate weighted average expected loss on the
certificates.  Moody's also calculates a weighted average life for
the certificates, which together with its weighted average loss
and Moody's idealized loss tables, are utilized to assign a rating
to the certificates.



===========
P A N A M A
===========

STANFORD INT'L BANK: Panama Gov't to Sell Local Stanford Affiliate
------------------------------------------------------------------
The Panama government will sell off Stanford Bank (Panama) SA, a
local affiliate of Stanford Financial Group, Eric Sabo of
Bloomberg News reports, citing the country’s banking regulator.

According to the report, bids are due today, April 20, and the
superintendent of banks will consider them over 60 days.

Buyers will receive all of the bank’s assets, the regulator said
in an e-mailed statement obtained by Bloomberg News.

The report recalls the local bank was taken over by the government
on Feb. 18 after fraud accusations by U.S. authorities prompted
customers to withdraw funds.

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, Stanford Group Company (SGC), 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 court-appointed SGC receiver Ralph Janvey.

                   About Stanford International

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



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

WELDFAB: Laid Off Workers Refuse to Resume Work
-----------------------------------------------
Weldfab Limited's workers who were temporarily laid off are
refusing to return to work until management brings all workers
back into the company at the same time, Felicia Rampersad of
Trinidad and Tobago Newsday reports.

As reported in the Troubled Company Reporter-Latin America on
April 14, 2009, Trinidad and Tobago Newsday said Weldfab Limited's
76 workers were denied access to the company's compound on
April 9.  The same report related a company memo was released
stating that only 24 workers were to report for duty.

According to Trinidad and Tobago Newsday, there are 120 workers in
total and the remainder of the workers were told to stay at home
until further notice due to the “unavailability of materials and
drawings.”  Newsday said the workers claimed their colleagues were
laid-off without warning or the proper documentation.

T&T Newsday notes the workers’ decision, not to return to work,
followed a meeting between management and a workers’ committee.
Committee head Jason Lewis told Newsday in an interview that
management said they would be unable to bring back all the
temporarily laid off workers at the same time.

“They sent home everybody at the same time, but are now saying
they could not bring back everybody at the same time.  And, they
said some workers might not even come back at all.  We related the
message to the workers and they decided that they are not taking
that,” Mr. Lewis was quoted by the news agency as saying.

Headquartered in Claxton Bay, Weldfab Limited is a welding and
fabricating company.



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

* BOND PRICING: For the Week April 13, 2009 to April 17
-------------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA         11.000    06/11/12     USD      50.49
Alto Palermo SA          7.875    05/11/17     USD      42.12
Argent-DIS               5.830    12/31/33     ARS      50.79
Argent-CDIS              7.820    12/31/33     ARS      23.50
Argent-$DIS              8.820    12/31/33     ARS      29.25
Argent-$DIS              8.820    12/31/33     ARS      25.57
Argent-Par               0.630    12/31/38     ARS      12.91
Argnt-Bocon PRE8         2.000    01/03/10     ARS      42.83
Argnt-Bocon PR11         2.000    12/03/10     ARS      31.51
Argnt-Bocon PRE9         2.000    03/15/24     ARS      52.97
Argnt-Bocon PR12         2.000    01/03/16     ARS      53.00
Argnt-Bocon PR13         2.000    03/15/24     ARS      22.38
Arg Boden                2.000    09/30/14     ARS      43.86
Arg Boden                7.000    10/03/15     ARS      27.66
Argentina - NGB          2.000    01/03/16     ARS      40.74
Autopistas Del S        11.500    05/23/17     USD      32.55
Banco Hipot SA           9.750    11/16/10     USD      67.06
Banco Hipot SA           9.750    04/27/16     USD      31.00
Banco Macro SA           8.500    02/01/17     USD      55.62
Banco Macro SA           9.750    12/18/36     USD      34.23
Banco Macro SA          10.750    06/07/12     USD      34.41
Bonar ARG $ V           10.500    06/12/12     USD      32.44
Bonar V                  7.000    03/28/11     USD      45.51
Bonar X                  7.000    04/17/17     USD      41.63
Bonar VII                7.000    09/12/13     USD      37.79
Buenos Aire Prov         9.625    04/18/28     USD      25.00
Buenos Aire Prov         9.375    09/14/18     USD      25.00
Buenos-$DIS              9.250    04/15/17     USD      23.87
Buenos-$DIS              8.500    04/15/17     USD      25.25
Emp Distib Nort         10.500    10/09/17     USD      58.62
Hidroelec Piedra         9.000    07/11/17     USD      62.12
Industries Metal        11.250    10/22/14     USD      40.23
Invers Rep Y Soc         8.500    02/02/17     USD      48.75
Masterllone Herma        8.000    06/30/12     USD      20.45
Mendoza Province         5.500    09/04/18     USD      33.25
Transener                8.875    12/15/16     USD      40.75
Trasport De Gas          7.875    05/14/17     USD      59.08
YPF SA                  10.000    11/02/28     USD      75.00

   BRAZIL
   ------
Bertin Ltda             10.250    10/05/16     USD      49.78
Braskem SA               9.000    04/29/49     USD      69.87
BR Malls Int Fi          9.750    11/29/49     EUR      68.50
CESP                     9.750    01/15/15     BRL      43.86
Cosan Finance            7.000    02/01/17     USD      74.00
Cosan SA Industr         8.250    02/28/49     USD      60.51
Independencia In         9.875    05/15/15     USD      14.46
Independencia In         9.875    05/15/15     USD      14.45
Independencia In         9.875    01/31/17     USD      14.46
National Steel           9.875    05/29/49     USD      72.55
Rede Empresas           11.120    04/29/49     USD      37.37
RBS-Zero Hora Ed        11.250    06/15/17     BRL      61.16
Sadia Overseas           6.875    05/24/17     USD      73.16
Vigor                    9.250    02/23/17     USD      42.46


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      66.25
Aes Dominicana          11.000    12/13/15     USD      66.25
Aig Sunamerica           5.625    02/01/12     GBP      50.09
Aig Sunamerica           6.375    10/05/20     GBP      54.51
Asif II                  5.125    01/28/13     GBP      56.00
Bancaja Intl Fin         5.700    06/30/22     EUR      61.68
Banco BPI (CI)           1.150    11/11/35     EUR      73.27
Barion Funding           0.100    12/20/56     USD       4.52
Barion Funding           0.250    12/20/56     USD       4.71
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           1.440    12/20/56     USD      22.42
Barion Funding           0.630    12/20/56     USD      11.45
BCP Finance Company      5.543    06/29/49     EUR      52.00
BCP Finance Company      4.239    10/29/49     EUR      51.50
Bes Finance Limited      4.500    12/29/49     EUR      56.50
Bes Finance Limited      6.625    05/08/49     EUR      66.00
Bes Finance Limited      5.580    07/29/49     EUR      56.00
Bishopgate Asse          5.107    09/28/37     GBP      73.88
Cam Global Fin           6.080    12/22/30     EUR      58.31
China Med Tech           4.000    08/15/13     USD      55.00
China Properties         9.125    05/04/14     USD      45.00
DP World Sukuk           6.250    07/02/17     USD      68.78
DP World Sukuk           6.250    07/02/17     USD      70.25
Dubai Holding Comm       4.750    01/30/14     EUR      57.50
Dubai Holding Comm       6.000    02/01/17     GBP      53.86
DWR CYMN FIN             4.473    03/31/57     GBP      61.63
Esfg Internation         5.753    06/29/49     EUR      48.00
Gol Finance              7.500    04/03/17     USD      49.55
Gol Finance              8.750    04/28/49     USD      41.00
Greentown China          9.000    11/08/13     USD      57.00
Iansa Overseas           7.250    07/28/12     USD      54.82
Inverstcorp Cap          8.080    07/12/32     USD      71.22
Ja Solar Hold Company    4.500    05/15/13     USD      58.75
Lai Funding Holding      9.125    04/04/14     USD      73.50
Ldk Solar Co Ltd         4.750    04/15/13     USD      50.00
Lupatech Finance         9.875    07/29/49     USD      64.00
Mafrig Overseas          9.625    11/16/16     USD      67.00
Malachite Fdg            0.630    12/21/56     EUR      15.38
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.630    09/20/68     USD       9.89
Mazarin Fdg Ltd          1.440    09/20/68     USD      21.04
Minerva Overse           9.500    02/01/17     USD      42.59
Mizuho Capital I         5.020    06/29/49     EUR      48.50
Mizuho Capital INV I     6.686    03/29/49     EUR      60.00
Monument Global          5.405    11/17/31     EUR      74.99
Mufg Cap Fin1            6.346    07/29/49     EUR      73.79
Mufg Cap Fin4            5.271    01/29/49     EUR      55.37
Mufg Cap Fin5            6.299    01/25/49     GBP      47.50
Prince Fin Global        4.500    01/26/17     EUR      54.81
Pubmaster Fin            5.943    12/30/24     GBP      65.11
Pubmaster Fin            6.962    06/30/28     GBP      42.81
Punch Taverns            4.767    06/30/33     GBP      66.60
Reg Div Funding          5.251    01/25/36     USD      27.75
Reg Div Funding          5.251    01/25/36     USD      27.75
Resona PFD Glob          7.191    12/29/49     USD      50.89
Santander                7.250    12/29/49     GBP      55.00
Shimao Property          8.000    12/01/16     USD      71.37
SMFG Preferred           6.078    01/29/49     USD      64.92
SMFG Preferred           6.164    01/29/49     USD      53.00
SMFG Preferred 2        10.231    07/18/49     USD      64.00
Suntech Power            3.000    03/15/13     USD      58.83
Tam Capital Inc.         7.375    04/25/17     USD      57.87
Trina Solar Ltd          4.000    07/15/13     USD      54.00
UOB Cayman Ltd           5.796    12/29/49     USD      65.24
Vestel Elec Fin          8.750    05/09/12     USD      59.87
Vontobel Cayman         11.300    04/24/09     USD      70.40
XL Capital Limited       5.250    09/15/14     USD      69.42
XL Capital Limited       6.250    05/15/27     USD      52.22
XL Capital Limited       6.375    11/15/24     USD      59.69
XL Capital Limited       6.500    12/31/49     USD      28.87

   DOMINICAN REPUBLIC
   ------------------
Dominican Republ         8.625    04/20/27     USD      73.00

   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      44.51
Rep of Ecuador           9.375    12/15/15     USD      46.44


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      58.49
Jamaica Govt             8.000    03/15/39     USD      58.25
Jamaica Govt             8.500    02/28/36     USD      61.00
Jamaica Govt LRS        12.750    04/27/12     JMD      72.77
Jamaica Govt LRS        12.750    06/29/22     JMD      44.98
Jamaica Govt LRS        12.750    06/29/22     JMD      44.96
Jamaica Govt LRS        12.250    07/13/12     JMD      70.27
Jamaica Govt LRS        12.850    05/31/22     JMD      45.39
Jamaica Govt LRS        13.375    04/27/32     JMD      45.91
Jamaica Govt LRS        13.575    12/15/26     JMD      46.56
Jamaica Govt LRS        13.625    06/23/14     JMD      63.45
Jamaica Govt LRS        13.375    12/15/21     JMD      47.42
Jamaica Govt LRS        13.875    05/17/13     JMD      69.25
Jamaica Govt            14.000    06/30/21     EUR      49.82
Jamaica Govt            14.000    06/21/13     EUR      70.25
Jamaica Govt            14.000    07/05/13     EUR      70.05
Jamaica Govt            14.125    07/08/13     EUR      69.10
Jamaica Govt            14.125    08/31/12     EUR      74.54
Jamaica Govt            14.250    03/15/13     EUR      71.16
Jamaica Govt            14.250    03/15/13     EUR      71.07
Jamaica Govt            14.250    05/31/13     EUR      60.13
Jamaica Govt            14.375    11/29/12     EUR      72.70
Jamaica Govt            14.375    11/15/12     EUR      72.92
Jamaica Govt            14.375    05/03/14     EUR      67.12
Jamaica Govt LRS        14.375    06/28/14     EUR      65.44
Jamaica Govt            14.375    09/06/14     EUR      64.72
Jamaica Govt            14.375    09/13/14     EUR      65.09
Jamaica Govt            14.400    08/03/27     EUR      51.17
Jamaica Govt            14.500    11/13/13     EUR      68.45
Jamaica Govt LRS        14.500    08/02/17     JMD      54.94
Jamaica Govt LRS        14.500    05/17/13     JMD      71.90
Jamaica Govt LRS        14.500    06/28/17     JMD      57.79
Jamaica Govt LRS        14.750    03/21/14     JMD      68.98
Jamaica Govt LRS        14.750    04/26/13     JMD      72.84
Jamaica Govt LRS        14.625    04/19/14     JMD      68.31
Jamaica Govt LRS        15.000    07/31/13     JMD      59.97
Jamaica Govt LRS        15.000    11/15/21     JMD      53.07
Jamaica Govt LRS        15.000    08/30/32     JMD      53.30
Jamaica Govt LRS        15.000    09/06/32     JMD      50.17
Jamaica Govt LRS        15.000    07/31/13     JMD      70.97
Jamaica Govt LRS        15.000    07/31/14     JMD      66.76
Jamaica Govt LRS        15.125    04/24/14     JMD      68.31
Jamaica Govt LRS        15.500    03/24/28     JMD      53.22
Jamaica Govt LRS        15.750    08/22/19     JMD      57.19
Jamaica Govt LRS        15.800    06/26/17     JMD      62.11
Jamaica Govt LRS        16.000    08/24/13     JMD      61.13
Jamaica Govt LRS        16.000    08/24/13     JMD      73.19
Jamaica Govt LRS        16.000    06/13/22     JMD      56.08
Jamaica Govt            16.000    12/06/32     EUR      54.85
Jamaica Govt LRS        16.125    08/21/32     EUR      57.26
Jamaica Govt LRS        16.250    08/26/32     EUR      57.70
Jamaica Govt LRS        16.250    05/22/27     EUR      55.73
Jamaica Govt LRS        16.150    06/12/22     EUR      58.59
Jamaica Govt LRS        16.150    06/12/22     EUR      56.58
Jamaica Govt LRS        16.250    07/26/32     EUR      55.66
Jamaica Govt LRS        16.250    06/18/27     EUR      55.62
Jamaica Govt LRS        16.250    08/22/22     EUR      56.27
Jamaica Govt LRS        16.500    06/11/27     EUR      56.58
Jamaica Govt LRS        17.000    07/11/23     EUR      59.92


    NETHERLANDS  ANTILLES
    ---------------------
KBC Intl Fin             4.950    01/15/18     EUR      74.74
KBC Intl Fin             5.050    01/15/20     EUR      69.87
Mer Lynch Int Cv        16.800    04/24/09     USD      32.46
Soc Gen Accept           0.750    12/21/11     EUR      42.90
Soc Gen Accept           9.000    03/21/14     EUR      73.57
Soc Gen Accept           7.000    02/27/13     EUR      16.21
Soc Gen Accept           7.000    02/19/12     EUR      18.06
Soc Gen Accept           8.000    12/20/13     EUR      33.00


   PANAMA
   ------
MMG (Afs El Sai V)       6.750    02/01/16     USD      49.56
Willbros Group           2.750    03/15/24     USD      69.50


   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      32.37
Doral Fin Corp           7.100    04/26/17     USD      34.37
Doral Fin Corp           7.150    04/26/22     USD      27.00
Doral Fin Corp           7.650    03/26/16     USD      34.87


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      48.33
Uruguay                  4.250    04/05/27     UYU      57.25
Uruguay                  5.000    09/14/18     UYU      68.62
Uruguay                  5.250    04/12/17     UYU      45.75


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      45.75
Petroleos de Ven         5.375    04/12/27     USD      38.50
Petroleos de Ven         5.500    04/12/37     USD      38.25
TCCIC                    6.250    04/06/17     USD      56.11
Venezuela                7.000    03/31/38     EUR      48.25
Venezuela                8.500    10/08/14     USD      68.50
Venezuela                6.000    12/09/20     EUR      48.60
Venezuela                7.650    04/21/25     EUR      53.00
Venezuela                5.750    02/26/16     EUR      51.55
Venezuela                7.000    03/16/15     USD      55.26
Venezuela                7.000    03/16/15     USD      56.49
Venezuela                7.000    12/01/18     USD      54.00
Venezuela                9.000    05/07/23     USD      58.02
Venezuela                9.250    09/15/27     USD      63.00
Venezuela                9.250    05/07/28     USD      57.37
Venzod - 189000          9.375    01/13/34     USD      56.50


                            ***********

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 * * *