TCRLA_Public/090421.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

              Tuesday, April 21, 2009, Vol. 9, No. 77

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Seeks to Unfreeze US$10 Million Funds


A R G E N T I N A

2MINDS SERVICIOS: Proofs of Claim Verification Due on June 2
FORD MOTOR: Argentina Unit to Cut 330 Jobs in May
HONESTIDAD Y FUTURO: Proofs of Claim Verification Due on May 11
MARDI SA: Proofs of Claim Verification Due on June 12
TELECOM ARGENTINA: Argentina to Rule on Telecom Italia’s Appeal

OPTICA DEL PILAR: Proofs of Claim Verification Due on May 26


B E L I Z E

CL FIN'L: CLICO (Bahamas)'s Belize Branch Under Judicial Mgt


B E R M U D A

SOUTHAMPTON METALS: Creditors' Proofs of Debt Due on May 15
SOUTHAMPTON METALS: Members' Final Meeting Set for May 29
THE ASIA OPPORTUNITIES: Creditors' Proofs of Debt Due on May 15
THE ASIA OPPORTUNITIES: Members' Final Meeting Set for May 29
THE LAND DEVELOPMENT: Creditors' Proofs of Debt Due on May 15

THE LAND DEVELOPMENT: Members' Final Meeting Set for May 29


B R A Z I L

BNDES: Seeks to Beef Up Presence in Mergers and Acquisitions
HSBC BANK: Moody's Affirms Foreign Deposit Ratings at 'Ba2'
TAM SA: Unit Inks Client Services Expansion Deal With TAP Cargo
TAM SA: To Add 34 News Flights to Seven Domestic Destinations
UBS AG: Sells Brazilian Unit for US$2.5 Bln to BTG


C A Y M A N  I S L A N D S

AVENUE EVENT: Shareholders' Final Meeting Set for May 14
DRACO 2007-1: Shareholders' Final Meeting Set for May 15
DS INVESTMENT: Shareholders' Final Meeting Set for May 15
FLATIRON OFFSHORE: Shareholders' Final Meeting Set for May 15
INVESTCORP EQUITY: Shareholders' Final Meeting Set for May 26

INVESTCORP ET AL: Liquidator to Present Wind-Up Report on May 26
INVESTCORP JAPANESE: Shareholders' Final Meeting Set for May 26
JEFFERIES RTS: Members' Final Meeting Set for May 14
JOFI FUCHU-MIYANISHI: Shareholders' Final Meeting Set for May 15
KOKOVENTURE LTD: Members to Hear Wind-Up Report on May 15

KOOKMIN CREDIT: Shareholders' Final Meeting Set for May 15
MA1945 LIMITED: Shareholders' Final Meeting Set for May 15
STEPNEXUS HOLDINGS: Members' Final Meeting Set for May 6
VALUEVEST HIGH ET AL: Liquidator to Give  Wind-Up Report on May 27
WEAVERING MACRO: Grand Court Orders Winding-Up of Firm

WEAVERING MACRO: First Creditors Meeting Slated for April 30


C O L O M B I A

* COLOMBIA: IMF Managing Director Makes Statement on Country


E C U A D O R

PETROECUADOR: Oil Export Revenue Up 57% to US$246-Mln in March
* ECUADOR: Government to Offer Debt Buyback at "Big Discount"


E L  S A L V A D O R

AES EL: Fitch Affirms Foreign Issuer Default Ratings at 'BB+'


G U Y A N A

CL FIN'L: Liabilities Exceed Assets by US$55 Million
CL FIN'L: Guyana Pres. to Support Criminal Probe on CLICO Guyana


M E X I C O

CORPORACION GEO: Moody's Assigns 'Ba3' Global Currency Rating
* MEXICO: IMF Board Approves US$47 Billion Credit Arrangement


P A N A M A

BLADEX: To Pay US$0.15 Per Share Dividend on May 7
BLADEX: To Hold First Quarter 2009 Conference Call on April 23


V E N E Z U E L A

PDVSA: Won't Pay Overdue Bills, Minister Says


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

STANFORD INT'L BANK: Owner Seeks to Unfreeze US$10 Million Funds
----------------------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford has asked a judge to unlock at least US$10 million in
frozen assets so he can hire defense attorneys, Laurel Brubaker
Calkins at Bloomberg News reports.

The report relates, in a filing with the Dallas federal court,
Jack C. Nickens, Mr. Stanford’s civil lawyer, said the court-
ordered freeze left Mr. Stanford “with no money to retain counsel
to defend himself from an avalanche of allegations in civil
actions not just across the country, but around the world, not to
mention a possible criminal indictment.”

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.

Houston criminal defense attorney Dick DeGuerin, Mr. Stanford’s
lawyer, told Bloomberg News in an interview: “It’s not fair that
the government can take away everything so you don’t even have
money for a lawyer.”

“We’re asking the court to free up an amount at least equal to the
funds the receiver has already earmarked for his own legal fees,”
Mr. DeGuerin said.  “We’re going to need lawyers all over the
world.”

According to Bloomberg News, Mr. DeGuerin said he’s already talked
to lawyers about representing Stanford in the UK and Antigua.
Additional lawyers will be needed to defend Mr. Stanford’s assets
in Panama, Mexico and Venezuela, where the financial services firm
maintained divisions, he added.

                   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
=================

2MINDS SERVICIOS: Proofs of Claim Verification Due on June 2
------------------------------------------------------------
The court-appointed trustee for 2Minds Servicios Informaticos
S.R.L.'s reorganization proceedings, will be verifying creditors'
proofs of claim until June 2, 2009.

The trustee will present the validated claims in court as
individual reports on July 15, 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 10, 2009.

The trustee is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 19, 2010.


FORD MOTOR: Argentina Unit to Cut 330 Jobs in May
-------------------------------------------------
Ford Motor Co.'s Argentine unit, Ford Argentina, is laying off 330
employees in May due to plummeting demand and production,
Associated Press reports, citing Ricardo Pignanelli, head of
Argentina's automotive mechanics' and workers' union.

According to the report, the Association of Automobile
Manufacturers said Argentine auto exports fell 45% in the first
quarter compared to the same period in 2008, while production
during the quarter fell 43%.

The report relates demand for Argentine-made cars has dried up in
Brazil, the sector's leading export market.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P's outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


HONESTIDAD Y FUTURO: Proofs of Claim Verification Due on May 11
---------------------------------------------------------------
The court-appointed trustee for Honestidad y Futuro S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 11, 2009.

The trustee will present the validated claims in court as
individual reports on 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 21, 2009.


MARDI SA: Proofs of Claim Verification Due on June 12
-----------------------------------------------------
The court-appointed trustee for Mardi S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
June 12, 2009.

The trustee will present the validated claims in court as
individual reports on August 18, 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 29, 2009.


TELECOM ARGENTINA: Argentina to Rule on Telecom Italia’s Appeal
---------------------------------------------------------------
The Argentine Competition Commission, the country's antitrust
agency, may rule this week on Telecom Italia SpA’s appeal against
an order to not use its voting rights in Telecom Argentina SA,
Drew Benson of Bloomberg News reports, citing an unnamed agency
spokesman.

As reported in the Troubled Company Reporter-Latin America on
April 15, 2009, Bloomberg News said Telecom Italia appealed to the
Argentine Competition Commission's anti trust ruling.  The company
argued that the ruling was an unconstitutional violation of its
property rights, according to a copy of the appeal obtained by Dow
Jones Newswires.

Bloomberg News recalled Telecom Italia's directors on Telecom
Argentina's board were told to abstain from exercising voting
powers while the regulator investigates Telco SpA's purchase of a
controlling stake in Telecom Italia.

According to Bloomberg News, Telefonica SA, Assicurazioni Generali
SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family
gained control of Telecom Italia, through holding company Telco,
in October 2007.  Telco owns 24.5 percent of the Milan-based
company.

The same report related the Argentine regulator ordered
Telefonica, which also runs Telefonica de Argentina SA, and its
partners to provide documents on their stake in Telecom Italia.

Telecom Italia said it plans to exercise an option to increase
its stake in Sofora Telecomunicaciones SA, the holding company
that controls Telecom Argentina, Bloomberg News noted.

In December, the commission ordered Telecom Italia not to exercise
the option to raise its stake in Sofora until the regulator issues
a final decision, the same report said.

Meanwhile, Gialluca Semeraro of Reuters reports an unnamed source
said Argentina's Planning Ministry has rejected an appeal by
Telecom Italia against the appointment of two antitrust observers
at unit Telecom Argentina.

"The ministry has rejected the appeal on the observers.  At the
moment I am not aware of any pronouncement on the April 13 appeal
against the voting rights freeze," the source was quoted by
Reuters as saying.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As reported in the Troubled Company reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered Telecom
Argentina SA's foreign currency rating to B-/Stable/ and local
currency rating to B/Stable/.  The outlook on both ratings is
stable.


OPTICA DEL PILAR: Proofs of Claim Verification Due on May 26
------------------------------------------------------------
The court-appointed trustee for Optica del Pilar Fotografia S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until May 26, 2009.

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

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

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

The trustee is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 11, 2010.



===========
B E L I Z E
===========

CL FIN'L: CLICO (Bahamas)'s Belize Branch Under Judicial Mgt
------------------------------------------------------------
The Supervisor of Insurance informs policy holders of CLICO
(Bahamas) Limited, a unit of CL Financial Limited, that certain
measures have recently been taken to protect the interests of
Belize policyholders.

The Supervisor of Insurance said it previously placed certain
restrictions on the operations of the Belize Branch of the
company.  These restrictions prevent the company from:

   –- issuing any new insurance contracts,
   -- modifying any existing contracts,
   -- repatriating any funds out of Belize or
   -- disposing of any of its assets without the prior
      written consent of the Supervisor of Insurance.

However, according to the Supervisor of Insurance, the company is
obliged to continue servicing existing insurance contracts, which
were issued and approved prior to February 25, 2009.

The Supreme Court of Belize, to further protect the interests of
the policyholders, has placed the Belize Branch of the company
under provisional judicial management.  The Supreme Court has also
appointed Mark Hulse of the accounting firm of Baker Tilly Hulse
as the Provisional Judicial Manager.

According to the Supervisor of Insurance, the effect of the
appointment is that the Provisional Judicial Manager will be fully
in charge of running the affairs of the Company in Belize under
the supervision of the Supervisor of Insurance.  Mr. Hulse will
also be required to report regularly to the Supreme Court.

In regard to existing insurance contracts, the policyholders are
advised that in order to keep their policies active, they must
continue to pay their insurance premiums.

                        About CL Financial

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



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

SOUTHAMPTON METALS: Creditors' Proofs of Debt Due on May 15
-----------------------------------------------------------
The creditors of Southampton Metals 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 April 16, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


SOUTHAMPTON METALS: Members' Final Meeting Set for May 29
---------------------------------------------------------
The members of Southampton Metals Ltd. will hold their final
meeting on May 29, 2009, at 11:30 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


THE ASIA OPPORTUNITIES: Creditors' Proofs of Debt Due on May 15
---------------------------------------------------------------
The creditors of The Asia Opportunities Fund Limited 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 April 16, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


THE ASIA OPPORTUNITIES: Members' Final Meeting Set for May 29
-------------------------------------------------------------
The members of The Asia Opportunities Fund Limited will hold their
final meeting on May 29, 2009, at 11:15 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


THE LAND DEVELOPMENT: Creditors' Proofs of Debt Due on May 15
-------------------------------------------------------------
The creditors of The Land Development Fund Limited 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 April 16, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


THE LAND DEVELOPMENT: Members' Final Meeting Set for May 29
-----------------------------------------------------------
The members of The Land Development Fund Limited will hold their
final meeting on May 29, 2009, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda



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

BNDES: Seeks to Beef Up Presence in Mergers and Acquisitions
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
said it wants to beef up its presence in mergers and acquisitions,
Jeff Fick of Dow Jones Newswires reports.  The report relates,
citing local Estado news agency, BNDES Capital Markets Director
Eduardo Rathfingerl said "business consolidation is one of our
priorities."

According to DJ Newswires, Mr. Rathfingerl said a Perdigao-Sadia
deal would present an opportunity for the BNDES.  "If it makes
sense to participate, we're going to study it.  If they seek us
out and the proposal is good, that would be a part of this
consolidation strategy," DJ Newswires quoted Mr. Rathfingerl as
saying.  "But, for now, we're not playing a part in these
negotiations."

DJ Newswires notes Perdigao and Sadia were in talks about a
possible tie-up, but Perdigao said in March that the negotiations
had ended.  The report relates the Brazilian government is known
to support any deal between the companies to keep Sadia in
Brazilian hands.

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.

                           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.


HSBC BANK: Moody's Affirms Foreign Deposit Ratings at 'Ba2'
-----------------------------------------------------------
Moody's Investors Service affirmed its ratings for HSBC Bank
Brasil S.A. -- Banco Múltiplo, including the C bank financial
strength rating and global local currency deposit ratings of A1/P-
1, as well as foreign currency deposit ratings of Ba2/NP.  Moody's
also affirmed HSBC Brazil's Aaa.br/BR-1 Brazilian national scale
ratings, long and short term respectively.  The outlook for all
the ratings is stable.

Moody's noted that the ratings assigned to HSBC Brazil reflect the
resilience of its franchise that has been based on recurring
earnings generation, which is well balanced among the bank's three
main business lines.  HSBC's good asset quality indicators
relative to peers' in Brazil and in the region also support the
ratings.

Moody's views the weaker credit environment and Brazil's economic
deceleration as affecting HSBC Brazil's asset quality and
profitability in 2009, which could exert pressure on the bank's
traditionally thin capital indicators.  However, the rating agency
notes that the bank has more manageable loan concentrations given
the smaller share of corporate loans relative to peers, and
comfortable provisioning levels.  Those factors could shield
HSBC's balance sheet from an expected deterioration in the
corporate and commercial lending segments in 2009.

Moody's last rating action on HSBC Brazil was on August 23, 2007,
when Moody's upgraded the bank's long-term foreign-currency bank
deposit ratings to Ba2 from Ba3 following the upgrade of Brazil's
foreign currency ceiling for deposits to Ba2.

HSBC Brazil is headquartered in Curitiba, Brazil, and as of
December 2008 had total consolidated assets of R$112.1 billion
(US$47.6 billion) and equity of R$6 billion (US$2.6 billion).

These ratings of HSBC Bank Brasil S.A. -- Banco Múltiplo were
affirmed with stable outlook:

  -- Bank financial strength rating: C

  -- Long and short term global local currency deposit ratings: A1
     and P-1

  -- Long and short term foreign currency deposit ratings: Ba2 and
     Not Prime

  -- Long and short term Brazilian national scale deposit ratings:
     Aaa.br and BR-1


TAM SA: Unit Inks Client Services Expansion Deal With TAP Cargo
---------------------------------------------------------------
TAM Cargo, the cargo unit of TAM S.A., and TAP Cargo signed a
contract that expands the range of destinations served by both
companies' cargo operations.  TAM Cargo will serve 15 new
locations in Europe and Africa.  TAP Cargo will in turn be able to
deliver cargo to 15 additional destinations throughout Brazil and
the rest of South America.

"The contract will enable us to offer more complete and efficient
service to our clients, who can rest assured that they will be
provided a high quality operation from start to finish, throughout
both TAM Cargo and TAP Cargo's processes," said Carlos Amodeo,
TAM's cargo director.

With the new partnership, TAM Cargo expands its operations in
Europe to include these cities:

   * Lisbon and Porto (Portugal),
   * Amsterdam (Holland),
   * Prague (Czech Republic),
   * Budapest (Hungary),
   * Stockholm (Sweden),
   * Copenhagen (Denmark),
   * Oslo (Norway), and
   * Zagreb (Croatia).

In Africa, it will now serve:

   * Luanda (Angola),
   * Maputo (Mozambique),
   * Dakar (Senegal),
   * Sal (Cape Verde),
   * Sao Tome, and
   * Guinea Bissau.

TAP Cargo also expands its operations to include ten more cities
in Brazil (Vitoria, Florianopolis, Porto Alegre, Curitiba, Manaus,
Belem, Goiania, Aracaju, Joao Pessoa and Sao Luis) and five in
other parts of South America (Buenos Aires, Asuncion, Lima,
Montevideo and Santiago).

"This agreement is exceedingly important for both companies and
takes advantage of complementary routes to expand their networks
of freight transportation service in South America and Europe, to
their mutual benefit," says Luis Vaz, TAP'S Executive
Administrator.

                        About TAM Cargo

TAM Cargo – http://www.tamcargo.com.br-- serves locations in
Brazil and abroad.  Striving for excellence in service, TAM Cargo
provides customer service channels and through a 24-hour Call
Center, through which users can obtain general information
concerning the transportation of goods, get quotes, request
samples and track cargo in real time.

                         About TAM S.A.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As of April 21, 2009, the company continues to carry Fitch
Ratings' “BB” Foreign and Local Currency Issuer Default Ratings.


TAM SA: To Add 34 News Flights to Seven Domestic Destinations
-------------------------------------------------------------
TAM S.A. will commence operating 34 new flights from Santos Dumont
Airport, Rio de Janeiro, to seven domestic destinations --
Aracaju, Belo Horizonte (Confins), Brasilia, Curitiba, Recife,
Salvador and Vitoria -- this month.

These 17 daily flights were authorized under a process of drawing
lots for time slots held by ANAC -- Agencia Nacional de Aviacao
Civil (National Civil Aviation Agency) -- for operating flights
without destination restrictions from Santos Dumont and are in
addition to the 31 regular daily shuttle flights between Rio and
Sao Paulo.

The airline on April 17, operated its first flights, leaving
Santos Dumont Airport for Recife and Salvador.  Flights to the
other five destinations from Santos Dumont -- Brasilia, Belo
Horizonte (Confins), Curitiba, Vitoria and Aracaju -- will
commence on Monday, April 27.

                          About TAM S.A.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As of April 21, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.


UBS AG: Sells Brazilian Unit for US$2.5 Bln to BTG
--------------------------------------------------
UBS AG has agreed to sell its Brazilian financial services
business, UBS Pactual, for approximately US$2.5 billion to BTG
Investments, headed by Andre Esteves.

In a statement, UBS said the sale of the Brazilian business is
consistent with UBS's policy to continue to reduce its risk
profile, strengthen its balance sheet and sharpen its business
focus.  UBS expects no disruption to its other businesses as a
result of the transaction.

The transaction will take place at a premium to book value.  It
will increase Tier 1 capital by CHF1.3 billion, decrease risk
weighted assets by CHF3.0 billion, and reduce total assets by
CHF6.3 billion.  It will strengthen UBS's BIS Tier 1 ratio by
approximately 60 basis points.

UBS expects the sale to result in a small loss.  A detailed
description of the effects of the transaction on UBS's quarterly
results will be provided in the company's Q1 2009 financial report
to be published on May 5, 2009.

The consideration will be a combination of cash and the assumption
of liabilities and the transaction is expected to close in mid
2009, subject to regulatory approval.

A TCR-Europe report on Feb. 11, 2009 said UBS AG's net loss for
full-year 2008 widened to CHF19,697 million from of CHF5,247
million in the prior year.

Net losses from continuing operations totaled CHF19,327 million,
compared with losses of CHF5,111 million in the prior year.

UBS attributed the losses to negative revenues in its fixed
income, currencies and commodities (FICC) area.

For the 2008 fourth quarter, UBS incurred a net loss of CHF8,100
million, down from a net profit of CHF296 million.

Net loss from continuing operations was CHF7,997 million compared
with a profit of CHF433 million.

The Investment Bank recorded a pre-tax loss of CHF7,483 million,
compared with a pre-tax loss of CHF2,748 million in the prior
quarter.  This result was primarily due to trading losses, losses
on exposures to monolines and impairment charges taken against
leveraged finance commitments.  An own credit charge of CHF1,616
million was recorded by the Investment Bank in fourth quarter
2008, mainly due to redemptions and repurchases of UBS debt during
this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.

UBS's personnel numbers reduced to 77,783 on December 31, 2008,
down by 1,782 from September 30, 2008, with most staff reductions
at its investment banking unit.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.



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

AVENUE EVENT: Shareholders' Final Meeting Set for May 14
--------------------------------------------------------
The shareholders of Avenue Event Driven Offshore Master Genpar,
Ltd. will hold their final meeting on May 14,2009, to hear the
liquidator's report on the comapny's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DRACO 2007-1: Shareholders' Final Meeting Set for May 15
--------------------------------------------------------
The shareholders of Draco 2007-1, Ltd. will hold their final
meeting on May 15, 2009, at 9:15 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DS INVESTMENT: Shareholders' Final Meeting Set for May 15
---------------------------------------------------------
The shareholders of DS Investment Holding Limited will hold their
final meeting on May 15, 2009, at 9:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FLATIRON OFFSHORE: Shareholders' Final Meeting Set for May 15
-------------------------------------------------------------
The shareholders of Flatiron Offshore Inc. will hold their final
meeting on May 15, 2009, at 4:00 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


INVESTCORP EQUITY: Shareholders' Final Meeting Set for May 26
-------------------------------------------------------------
The shareholders of Investcorp Equity Market Neutral World Fund
Limited will hold their final meeting on May 26, 2009, at
9:30 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


INVESTCORP ET AL: Liquidator to Present Wind-Up Report on May 26
----------------------------------------------------------------
On May 26, 2009, Bonnie Willkom, the companies' liquidator, will
present the companies wind-up report and property disposal to the
shareholders of:

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

The Liquidator can be reached at:

          Bonnie Willkom
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP JAPANESE: Shareholders' Final Meeting Set for May 26
---------------------------------------------------------------
The shareholders of Investcorp Japanese Equity Fund Limited will
hold their final meeting on May 26, 2009, at 9:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


JEFFERIES RTS: Members' Final Meeting Set for May 14
----------------------------------------------------
The members of Jefferies RTS Master Fund, Ltd. will hold their
final meeting on May 14, 2009, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


JOFI FUCHU-MIYANISHI: Shareholders' Final Meeting Set for May 15
----------------------------------------------------------------
The shareholders of Jofi Fuchu-Miyanishi Holding Limited will hold
their final meeting on May 15, 2009, at 8:45 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KOKOVENTURE LTD: Members to Hear Wind-Up Report on May 15
---------------------------------------------------------
The members of Kokoventure Ltd. will hear the liquidator's report
on the company's wind-up proceedings and property disposal on
May 15, 2009, at 12:00 p.m.

The company's liquidator is:

          Louise B. Schober
          PO Box 348
          Bryan Mawr, PA 19010, USA


KOOKMIN CREDIT: Shareholders' Final Meeting Set for May 15
----------------------------------------------------------
The shareholders of Kookmin Credit Card 2002-1 Limited will hold
their final meeting on May 15, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MA1945 LIMITED: Shareholders' Final Meeting Set for May 15
----------------------------------------------------------
The shareholders of MA1945 Limited will hold their final meeting
on May 15, 2009, at 8:30 a.m., to hear the liquidator's report on
the comapny's wind-up proceedings and property disposal.

The company's liquidator is:

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


STEPNEXUS HOLDINGS: Members' Final Meeting Set for May 6
--------------------------------------------------------
The members of Stepnexus Holdings will hold their final meeting on
May 6, 2009, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


VALUEVEST HIGH ET AL: Liquidator to Give  Wind-Up Report on May 27
------------------------------------------------------------------
On May 27, 2009, Ogier, the company's liquidator, will present the
companies wind-up report and property disposal to the shareholders
of:

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

The Liquidator can be reached at:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 1986


WEAVERING MACRO: Grand Court Orders Winding-Up of Firm
------------------------------------------------------
The Grand Court of The Cayman Islands has placed Weavering Macro
Fixed Income Fund Limited under liquidation and appointed David
Walker and Ian Stokoe of PricewaterhouseCoopers as official
liquidators of the fund.

The liquidators can be reached at:

            PricewaterhouseCoopers
            PO Box 258
            Strathvale House
            North Church Street
            George Town
            Grand Cayman KY1-1104


WEAVERING MACRO: First Creditors Meeting Slated for April 30
------------------------------------------------------------
The Grand Court of The Cayman Islands has scheduled a first
meeting of Weavering Macro Fixed Income Fund Limited's creditors
at 1:00 p.m. UK time on April 30, 2009.

The meeting will be held at:

            Hilton Hotel
            Terminal 4
            Heathrow Airport
            Hounslow Middlesex
            UK TW6 3AF

At the meeting the creditors are expected to:

        --- receive a report from the joint liquidators on
            the progress of the fund's liquidation; and

        --- consider and if thought fit adopt a resolution
            establishing a liquidation committee.

Ian Stokoe acts as the fund's joint official liquidator and will
serve as chairman at the meeting.

For more information, contact:

            Elizabeth Osborne
            PricewaterhouseCoopers
            Strathvale House
            North Church Street
            George Town
            Grand Cayman
            Tel: (345) 914-8686
            Fax: (345) 945-4237



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

* COLOMBIA: IMF Managing Director Makes Statement on Country
------------------------------------------------------------
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund (IMF), made the following statement:

“I welcome the announcement by finance minister Oscar Ivan Zuluaga
and central bank governor Jose Dario Uribe that Colombia is
interested in a one-year precautionary arrangement under the IMF’s
Flexible Credit Line (FCL) for 900 percent of quota (SDR 6.97
billion or about US$10.4 billion).  I am very pleased by this
positive response to the invitation I extended to strongly
performing economies to use this new instrument to bolster
international confidence on the strength and sustainability of
their policy framework.

“Colombia has a sustained record of sound economic policies, and
has very strong economic fundamentals and institutional and policy
frameworks.  The Colombian authorities’ have responded
appropriately to the global financial crisis, and have
demonstrated a commitment to maintaining this solid record.  I
therefore intend to move ahead rapidly in seeking approval by the
Fund's Executive Board of Colombia's request for an FCL
arrangement.

“The FCL is an instrument established on March 24, 2009 that is
available to Fund member countries deemed to possess very strong
fundamentals, policies, and track records of policy
implementation.  Access to an FCL arrangement is based on the
requesting country having met these criteria, rather than on
fulfilling ex-post performance criteria.”

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).



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

PETROECUADOR: Oil Export Revenue Up 57% to US$246-Mln in March
--------------------------------------------------------------
Petroecuador's March oil export revenue increased 57% to US$246
million from the US$157 million registered in the previous month,
Mercedes Alvaro of Dow Jones Newswires reports.  The report
relates the company posted oil export revenues of US$486 million
in March 2008.

Petroecuador exported 6.39 million barrels of crude oil in March,
up 7% from 5.96 million barrels registered in February, according
to Petroecuador's official data reviewed on Wednesday by Dow Jones
Newswires.

According to the report, exports of Oriente crude in March were
5.35 million barrels, while exports of Napo crude were 1.04
million barrels.

                       About Petroecuador

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

                          *     *     *

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


* ECUADOR: Government to Offer Debt Buyback at "Big Discount"
-------------------------------------------------------------
Ecuador will offer investors of its defaulted debt a buyback with
a "big discount" on its nominal value, Alexandra Valencia of
Reuters reports, citing Ecuador President Rafael Correa.

According to the report, President Correa said his government
could seek a buyback at a price similar to the market value of the
defaulted debt when it was restructured in 2000.  The report
relates President Correa said the global bonds, which were issued
as part of the 2000 renegotiation, were valued at around 20 cents
on the dollar at that time.

"The proposal is basically to try to buy back that debt at a big
discount," Reuters quoted President Correa as saying during a
television interview.  "The source of the debt's illegitimacy was
its overvalue when it was renegotiated in 2000 at a time (when)
our country was in shambles."

On March 16, 2009, the Troubled Company Reporter-Latin America,
citing Bloomberg News, reported Ecuador Economy Minister Diego
Borja said the government will make a buyback offer to holders of
its defaulted debt in March.  The report related Mr. Borja said
officials would review a plan and reach out to owners of US$3.2
billion in debt in the “coming days.”

Bloomberg News recalled President Rafael Correa skipped a US$30.6
million payment for the country’s 12% bonds due in 2012, calling
the debt “illegal” and “illegitimate.”  The move also sent its
bonds due 2015 and 2030 into default, the same report noted.

According to a Jan. 15 TCRLA report, citing Bloomberg News,
Ecuador made an interest payment on its bond due 2015 after
defaulting on other debt for the second time in a decade.  The
Associated Press related Mr. Correa considered the Global 2015
bond series as different from the Global 2012 and 2030 bonds
because Ecuador wasn't pressured into agreeing to it.

Bloomberg News said Ecuador, in February, invoked a 30-day grace
period on the bond that matures in 2030, which grace period
expired on March 14.



====================
E L  S A L V A D O R
====================

AES EL: Fitch Affirms Foreign Issuer Default Ratings at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed AES El Salvador Trust's foreign and
local currency Issuer Default Ratings at 'BB+'.  In addition Fitch
has also affirmed the 'BB+' international rating and the 'AA(slv)'
national scale rating for the US$300 million 6.75% Political Risk
Protected bond issuance due Feb. 1, 2016.  The Rating Outlooks for
AES El Salvador Trust and the notes are Negative.  Concurrently,
Fitch has affirmed the Compania de Alumbrado Electrico de San
Salvador,S.A.de C.V. national scale rating at `AA-(slv)' and the
Empresa Electrica de Oriente, S.A. de C.V. national scale rating
at `AA-(slv)'.  The Outlook on those ratings is Stable.

The rating reflects the company's weakening credit metrics due to
the impact of a tariff regime approved in 2008, where the
distribution and commercialization's charges were reduced for the
period of 2008-2012 as well as higher short-term debt.  As Fitch
expected, the tariff regime has negatively impacted the company's
EBITDA and cash flow generation, which in turn resulted in lower
interest coverage and higher leverage ratios compared with
previous years.  As of December 2008, AES El Salvador reported a
consolidated leverage, as measured by total debt to EBITDA of 4.9
times (x), net leverage of 4.6x and an interest coverage ratio, as
measured by EBTIDA to interest expense, of 2.9x.  Over the next
few years, according with Fitch's projections, the interest
coverage as measured by EBTIDA to interest expense will be around
3x and leverage ratio measured by total debt/EBITDA of near 4x.
These ratios are in accordance with the current rating.

The Negative Outlook is based on Fitch concerns about the
company's exposure to regulatory risk, its vulnerability to social
and political interference as well as the currently weakening
macroeconomic conditions in El Salvador, which has a sovereign
rating of `BB+' with a Negative Outlook.   Recent government
measures to eliminate general subsidies for the cost of
electricity for users with consumption over 99MWh bodes well for
the company's financial profile as these lower its exposure to
receiving government transfers.  Conversely, reduction of
subsidies will translate into higher electricity prices for end
users, which in turn could adjust demand downwards, pressuring the
distribution companies' revenues and cash flow generation.  Also,
the potential for the new government to further implement
regulatory changes that could impact the distribution companies'
financial profile is at this time uncertain.  The rating also
could be negatively affected if the company doesn't apply strict
measures to reduce operative expenses to offset the impact of the
tariff reduction applied in 2008 and augment the companies'
financial debt that will boost the negative impact in the
liquidity and leverage ratios.

AES El Salvador Trust's IDRs and issue ratings are based on the
combined credit quality of AES El Salvador's operating assets.
Those operating assets are:

  -- Compania de Alumbrado Electrico de San Salvador, S.A. de
     C.V.;

  -- Compania de Luz Electrica de Santa Ana S.A. de C.V.;

  -- Empresa Electrica del Oriente, S.A. de C.V.;

  -- Distribuidora Electrica de Usulutan S.E.M.

These operating companies are the guarantors of AES El Salvador's
outstanding debt issuance.  The company's PRP notes benefit from
external liquidity facilities totaling 12 months of interest
payments.  A six-month debt-service reserve account, coupled with
a six-month letter of credit provided by Credit Suisse (CS, acting
through its Cayman Islands branch), helps protect against a
potential currency inconvertibility/non-transfer event.  The
facilities will remain available for the life of the notes as long
as certain criteria are met.  While the stated maturity of the
notes is 2016, the notes can be extended by 12 months during an
event of transfer and convertibility restrictions.

AES El Salvador's operations are relatively efficient compared
with other distribution companies in the region.  The group, on a
consolidated basis, has reported losses of 8.7% as of December
2008, which compares favorable with other companies in the region.
The group has improved efficiency in terms of customers per
employee by increasing the number of customers per employee to
over 1,155 in 2008 from 639 in 1999.

AES El Salvador is the largest electric distributor utility group
in El Salvador, with a service area of 16,766 square km (80% of
geographic area as of 2008) and a market share of 68% of the total
demand in 2008, reaching more than one million customers.  AES El
Salvador Trust is a special-purpose vehicle located in Panama and
is the debtor of the issue on behalf of the four companies of AES
El Salvador Group.



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

CL FIN'L: Liabilities Exceed Assets by US$55 Million
----------------------------------------------------
During an April 14 hearing before Chief Justice Ian Chang in the
in the High Court of Guyana, it was revealed that CLICO Life and
General Insurance Company South America Limited (CLICO Guyana)'s
liabilities exceed the company’s assets by US$55 million (GY$11
billion) and its assets are not sufficient to meet its
obligations, Caribbean Net News reports.

Caribbean Net News notes CLICO (Guyana) entered an appearance in
the court matter through its attorney, Roysdale Forde, signaling a
possible challenge to the wind-up application before the court,
and even a challenge to the contents of Ms. Beek's report.

According to the report, Clico Guyana Judicial Manager Maria van
Beek said a best case presentation at liquidation shows the
liabilities exceeding assets by $8.1 billion, emphasizing that
there are ongoing concerns as it relates to the company’s assets
and liabilities.

According to the report, Ms. Beek said based on Nizam Ali &
Company's investigation, as a going concern, the book value of the
Clico Guyana’s assets and liabilities shows the net asset position
of the company is approximately -$1.6 billion.  Caribbean Net
relates Ms. Beek said that given the likely impairment of the
investment in CLICO (Bahamas) Limited valued at $7.1 billion and
“assuming some write-off in the value of the remaining assets of
the company”, the net deficit could rise to $11.9 billion should
the company be wound-up.

Ms. Beek, the report notes, stressed however that these estimates
are dependent on the value of the long term liabilities produced
by the actuary who is dependent on the policy data stored and
compiled by the staff of CLICO (Trinidad) who were subcontracted
to perform the work.

               Chief Justice Requests More Info on
                  Clico Guyana's Statutory Fund

Caribbean Net News notes Mr. Chang requested additional
information on CLICO (Guyana’s) statutory fund.  The report
relates Mr. Chang said more information is needed in relation to
the particulars of the fund, noting that Ms. Beek must provide
information on all the lines of businesses that CLICO (Guyana)
conducts, which relates to the various categories of insurances.

Mr. Chang, Caribbean Net News says, then granted the Judicial
Manager, who is also the Commissioner of Insurance, leave to file
a further report that would be reflective of the entire financial
position of the company.

In reporting on the company’s statutory fund, Ms. Beek said that
when the necessary calculation is done for the Actuary’s report,
it is expected that there would be insufficient funds to cover all
classes of business, the report notes.

                Clico Guyana Prepares Asset Sale Info

Ms. Beek, Caribbean Net News says, revealed in her report that
CLICO (Guyana) commenced the preparation of an information
memorandum for distribution to interested parties with the
intention of determining whether the company or parts of its
business could be sold.  The report relates Ms. Beek noted
interest has been expressed by local insurers.

"I would like to seek the permission of the court to fully explore
this by sharing information on the insurance business of the
company with these parties and reporting back to the court”, the
report quoted Ms. Beek as saying.

The report notes Ms. Beek stated that the sale of the company's
local assets would allow greater certainty with regard to the best
possible treatment of the company’s policyholders.

                        About CL Financial

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

                          *     *     *

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

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

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

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


CL FIN'L: Guyana Pres. to Support Criminal Probe on CLICO Guyana
----------------------------------------------------------------
Guyana President Bharrat Jagdeo said he fully intends to support
calls from the opposition parties for a criminal investigation in
CL Financial Limited's unit, CLICO Life and General Insurance
Company South America Limited (CLICO Guyana), which was declared
insolvent by Judicial Manager Maria van Beek, Caribbean Net News
reports.  The report relates Mr. Jagdeo wants an investigation
into Globe Trust And Investment Company Limited as well.

“The opposition has called for this.  I am prepared to support it.
In fact, I am waiting for a motion to come to Parliament.  I’ve
said to my Members of Parliament to support it but ask that we
extend it to Globe Trust,” Mr. Jagdeo was quoted by the report as
saying.

According to the report, Mr. Jagdeo noted that while CLICO Guyana
made bad investments, no criminal actions have been discovered in
the operations of the company thus far.  “We have not found any
case of criminality at CLICO.  We’ve found cases of bad
investment.  That’s what we are finding – bad investment abroad
but no case where there is money that someone took from the public
and invested somewhere and it disappeared, that you can’t find it
back.”

                       About CL Financial

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

                          *     *     *

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

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

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

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



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

CORPORACION GEO: Moody's Assigns 'Ba3' Global Currency Rating
-------------------------------------------------------------
Moody's de Mexico has assigned an A3.mx national scale and Ba3
global scale local currency rating, to the MXP$2 billion MTN
program of Corporacion GEO S.A.B de C.V.  Concurrently, Moody's
affirmed the company's short-term MX-2 national scale issuer
rating (Not Prime global scale local currency) and long-term A3.mx
national scale issuer rating (Ba3 global scale local currency).
The rating outlook is stable.  GEO intends to issue MXP $1 billion
pesos from the program, the proceeds of which will be used to
refinance the firm's short-term debt and bonds, and for working
capital needs.  GEO is a homebuilder engaged in the development,
construction, marketing and sale of affordable housing
developments in Mexico.

According to Moody's, these ratings reflect GEO's position as one
of the largest publicly traded homebuilders in Mexico in terms of
housing units sold, as well as its conservative capital structure
and solid profitability and liquidity metrics.  It is a leading
housing developer in Mexico, concentrating on the low- and middle-
income housing sectors (where the strongest demand lies).  The
company has an 8% market share in a very fragmented market.  In
addition, the ratings reflect GEO's efficient controls and
construction expertise, well executed land reserve strategy and
brand recognition.

These positive rating factors are mitigated by GEO's reliance on
the Mexican economic and political environment, the government's
current strong support for housing and the high costs of land and
land development.  Furthermore, the housing development market is
fragmented, and homes are built on a speculative basis.  GEO has
100% of the risk of finding the home buyers, while funding of
homes remains concentrated with INFONAVIT, FOVISSSTE and Sociedad
Hipotecaria Federal.  The company also uses modest levels of total
debt with approximately 61% of its debt being short-term debt,
which can create liquidity and funding problems, however the
proposed emission should bring these levels down.  Moody's notes
that GEO carries cash levels to sufficiently cover its corporate
short-term (short-term debt excluding debt tied to its
construction projects).

The stable rating outlook is based on Moody's determination that
GEO's sound management team executes strong internal controls,
construction expertise and efficient methods.  Moody's believes
that GEO has strong franchise value, with a well-recognized brand
and a valuable land reserve strategy.  The stable outlook also
reflects Moody's expectation that GEO will at least maintain its
fixed charge coverage ratio and effective leverage, continue to
improve efficiencies in land development and continue to access
the public capital markets.  Furthermore, Moody's also expects
that GEO will continue to focus on targeting its current product
mix, while maintaining high quality construction and its market
leadership.

Moody's stated that rating improvements will be based on GEO
maintaining its franchise leadership while improving its solid
credit statistics, which, Moody's believes, will take time.
Rating improvements could result from bringing Total Debt/EBITDA
closer to 1X, Total Debt/Total Assets closer to 11%, fixed charge
coverage closer to 9X (defined as recurring cash EBITDA over cash
interest expense), while at a minimum having EBITDA margins
between 20% to 25%.  Downward rating pressure would result from
substantial missteps in its growth strategy.  For example, GEO not
being able to successfully complete its large city projects or the
construction of a fully automated factory for prefabricated
components for home construction.  In addition, downward rating
movements will be predicated upon bringing total debt to total
asset levels closer to 35%, with EBITDA margins falling below 15%
and fixed charge coverage falling consistently below 5X (defined
as recurring cash EBITDA over cash interest expense).  Increased
costs of land and land development would also result in negative
rating pressure, as would an adverse shift in Mexican governmental
housing policy.

These ratings were assigned with a stable outlook:

  -- Corporacion GEO S.A.B de C.V.: A3.mx national scale MTN
     rating, and Ba3 global scale local currency MTN rating

These ratings were affirmed with a stable outlook:

  -- Corporacion GEO S.A.B de C.V.: Long-term A3.mx national scale
     issuer rating, and Ba3 global scale local currency issuer
     rating

  -- Corporacion GEO S.A.B de C.V.: Short-term MX-2 national scale
     issuer rating, and Not Prime global scale local currency
     issuer rating

Moody's last rating action with respect to GEO was on February 02,
2009 when Moody's assigned a long-term A3.mx national scale issuer
rating, and Ba3 global scale local currency issuer rating.  In
addition, Moody's assigned a short-term MX-2 national scale issuer
rating, and Not Prime global scale local currency issuer rating.

Corporacion GEO is a publicly traded, fully integrated homebuilder
engaged in the development, construction, marketing and sale of
affordable housing developments in Mexico.  The firm reported
total assets of approximately $25,141 million Mx pesos and total
equity of approximately $10,320 million Mx pesos at December 31,
2008.


* MEXICO: IMF Board Approves US$47 Billion Credit Arrangement
-------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a one year SDR31.5 billion (about US$47 billion)
arrangement for Mexico under the Flexible Credit Line (FCL).  The
Mexican authorities have stated they intend to treat the
arrangement as precautionary and do not intend to draw on the
line.

The arrangement for Mexico is the first commitment under the IMF’s
FCL, which was created in the context of a major overhaul of the
Fund’s lending framework on March 24, 2009.  The FCL is
particularly useful for crisis prevention purposes as it provides
the flexibility to draw on the credit line at any time.
Disbursements are not phased nor conditioned on compliance with
policy targets as in traditional IMF-supported programs.  This
flexible access is justified by the very strong track records of
countries that qualify for the FCL, which gives confidence that
their economic policies will remain strong.

Following the Executive Board discussion of Mexico, Mr. John
Lipsky, First Deputy Managing Director and Acting Chairman of the
Board, made the following statement:

“This is a historic occasion.  The IMF Executive Board has
approved the first Flexible Credit Line arrangement and, at the
same time, the largest financial arrangement in the Fund’s
history.  The approval of this arrangement for Mexico represents
the consolidation of a major step in the process of reforming the
IMF and making its lending framework more relevant to member
countries’ needs.

“For over a decade, Mexico’s macroeconomic performance has been
very strong, exemplified by solid growth with low inflation; a
steady reduction in public debt, and strengthened corporate
balance sheets; a contained current account deficit; and a
profitable and well capitalized banking sector. This has been
underpinned by a highly credible and very strong policy framework,
including a successful inflation targeting regime that has
supported the commitment to the flexible exchange rate; a rules-
based fiscal framework; and strong and sophisticated financial
sector supervision.

“However, the current difficult global economic and financial
environment poses challenges even for countries with very strong
fundamentals.  As the global situation has deteriorated, Mexican
asset prices have fallen sharply in line with the global market
sell off, and GDP growth has slowed sharply.  While Mexico’s
underlying fundamentals remain very strong, and the balance of
payments position is manageable, the open capital account and
close global financial linkages––on top of close trade links with
the United States––could expose the country to potential downside
risks.

“The authorities have taken robust and timely measures to respond
to the deteriorating global situation, including steps to maintain
orderly functioning of domestic markets, and to facilitate the
refinancing of corporate external debt; fiscal stimulus to support
demand, while simultaneously announcing measures to ensure medium
term fiscal sustainability; and monetary policy easing.  Looking
forward, policies will continue to be underpinned by the rules
based macroeconomic framework, accompanied by continued close
monitoring of financial and corporate sector developments, and the
authorities intend to continue to react as needed to any future
shocks that may arise.

“It is against this background that, at the authorities’ request,
the Executive Board today approved a one year arrangement under
the IMF’s FCL, which the authorities intend to treat as
precautionary.  The Executive Board considered that Mexico was an
excellent candidate to pioneer this facility.  The FCL will play
an important role in supporting the authorities’ overall
macroeconomic strategy and in bolstering confidence until external
conditions improve, complementing the previously agreed swap line
with the U.S. Federal Reserve, as well as financing from other
multilaterals.  All told, Mexico’s combination of strong
macroeconomic policies, institutional policy frameworks, and
economic fundamentals, together with the additional insurance
provided by the arrangement under the FCL, provides assurance that
Mexico is in a very strong position to manage any potential risks
and pressures in the event that the global situation were to
deteriorate further,” Mr. Lipsky said.




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

BLADEX: To Pay US$0.15 Per Share Dividend on May 7
--------------------------------------------------
Banco Latinoamericano de Exportaciones (Bladex) disclosed a
quarterly cash dividend of US$0.15 per share, corresponding to the
first quarter of 2009, during which the Bank generated US$16.7
million in Net Income.

Mr. Jaime Rivera, Bladex's chief executive officer, stated:
"Bladex is successfully operating in the midst of an international
financial crisis with unclear long-term implications.  In
response, the Bank has progressively increased liquidity,
decreased concentrations, reduced leverage, decreased expenses,
and strengthened reserve coverage.  In view of market volatility
and accompanying uncertainty that show few signs of abating,
however, the Board of Directors considers the new dividend amount
to be consistent with the Bank's proven, prudent approach to
capital management, and with the long-term interests of
shareholders."

The cash dividend is payable on May 7, 2009, to the Bank's
stockholders as of the April 27, 2009 record date.  As of
March 31, 2009, Bladex had 36,422,089.79 common shares
outstanding.

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex (NYSE: BLX) --
http://www.bladex.com-- is a supranational bank originally
established by the Central Banks of Latin American and Caribbean
countries to promote trade finance in the Region.  The bank's
shareholders include central banks and state-owned entities in
23 countries in the Region, as well as Latin American and
international commercial banks, along with institutional and
retail investors.  Through Dec. 31, 2005, Bladex had disbursed
accumulated credits of over US$135 billion.

                          *     *     *

The company continues to carry Moody's "C-" bank financial
strength rating.


BLADEX: To Hold First Quarter 2009 Conference Call on April 23
--------------------------------------------------------------
Banco Latinoamericano de Exportaciones (Bladex) will hold its
first quarter 2009 conference call on Thursday, April 23, 2009,
10:00 a.m. Eastern at http://www.videonewswire.com/event.asp?
id=57203 live over the Internet

   Ms. Melanie Carpenter
   Mr. Peter Majeski
   i-advize Corporate Communications, Inc.
   212-406-3690
   bladex@i-advize.com.

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex (NYSE: BLX) --
http://www.bladex.com-- is a supranational bank originally
established by the Central Banks of Latin American and Caribbean
countries to promote trade finance in the Region.  The bank's
shareholders include central banks and state-owned entities in
23 countries in the Region, as well as Latin American and
international commercial banks, along with institutional and
retail investors.  Through Dec. 31, 2005, Bladex had disbursed
accumulated credits of over US$135 billion.

                         *     *     *

The company continues to carry Moody's "C-" bank financial
strength rating.



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

PDVSA: Won't Pay Overdue Bills, Minister Says
---------------------------------------------
Venezuela state-oil company, Petroleos de Venezuela S.A., said its
vendors overcharged the company last year, and it won’t pay
overdue bills, Chron.com reports.

“There are many payments we don’t recognize,” Venezuelan Energy
and Oil Minister Rafael Ramirez was quoted by the report as
saying.  “They were overbilled.  To pay them would be illegal.”

As reported in the Troubled Company Reporter-Latin America on
April 1, 2009, Dow Jones Newswires said PDVSA is offering oil
service companies possible joint venture deals as a way of
capitalizing billions of dollars in unpaid service bills.

According to DJ Newswires, the Venezuela Oil Chamber said its
members met with PDVSA officials to discuss these joint ventures
between the company and its contractors, which in some cases are
already being signed.  "In some cases, in which PDVSA owes
important amounts, new accords are being worked on to capitalize
these debts by creating mixed companies [or joint ventures], an
option that several chamber members can pursue," the trade group
was quoted by the same report as saying.

PDVSA, DJ Newswires related, has overdue services payments to many
oil service companies and drill firms as it faces a cash crunch
on low oil prices.

PDVSA last month paid a fraction of its debt to a group of 56 oil-
service companies and rig operators, Dow Jones's Mr. Gallegos said
in an earlier report.  However, many claim to have received even
less despite PDVSA paying as much as much as 7% of total
outstanding receivables to some of the companies, the same report
said citing unnamed industry executives.

Some U.S. drill companies, such as Helmerich & Payne Inc. (HP),
have already idled drills and plan to cease work on many others in
coming months, DJ Newswires said.

                          About PDVSA

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.

                          *     *     *

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
===============

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                        Total       Shareholders
                                        Assets          Equity
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------

ARGENTINA

COMERCIAL PL-ADR     SCPDS LI          531491040    -882216960
SNIAFA SA-B          SDAGF US           39681268      -2901931
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
COMERCIAL PLA-BL     COMEB AR          531491040    -882216960
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
SOC COMERCIAL PL     SCDPF US          531491040    -882216960
SOC COMERCIAL PL      CADN SW          531491040    -882216960
SNIAFA SA-B          SNIA5 AR           39681268      -2901931
SOC COMERCIAL PL      COME AR          531491040    -882216960
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
SOC COMERCIAL PL       CAD IX          531491040    -882216960
IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
SOC COMERCIAL PL     CVVIF US          531491040    -882216960
SNIAFA SA             SNIA AR           39681268      -2901931
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
COMERCIAL PL-C/E     COMEC AR          531491040    -882216960
COMERCIAL PLAT-$     COMED AR          531491040    -882216960
IMPSAT FIBER NET   330902Q GR          535007008     -17165000


BRAZIL

FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
STAROUP SA          STARON BZ           66833000      -3164000
PARQUE TEM-RT PF     PQTM2 BZ          152268000    -388872000
SANSUY SA           SNSYON BZ          232096000    -106033000
PARQUE TEM-RT CM     PQTM1 BZ          152268000    -388872000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
SANSUY SA-PREF A    SNSYAN BZ          232096000    -106033000
TEXTEIS RENAU-RT     TXRX2 BZ           86140000    -135343008
PARQUE TEM-DV CM      PQT5 BZ          152268000    -388872000
RIMET-PREF          REEMPN BZ          144454000    -232197008
RIMET               REEMON BZ          144454000    -232197008
RIMET-PREF           REEM4 BZ          144454000    -232197008
KUALA-PREF           ARTE4 BZ           11856000     -33570000
PET MANG-RECEIPT    RPMG10 BZ          183988992     -66954004
PET MANG-RIGHTS      RPMG1 BZ          183988992     -66954004
TEXTEIS RENAUX      RENXPN BZ           86140000    -135343008
HOPI HARI-PREF       PQTM4 BZ          152268000    -388872000
PROMAN               PRMN3 BZ           24221000       -555000
PARQUE TEM-RCT C     PQTM9 BZ          152268000    -388872000
SAUIPE               PSEG3 BZ           17641202     -16319050
TECTOY               TOYB3 BZ           41457000     -10455000
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
SAUIPE SA           PSEGON BZ           17641202     -16319050
CAF BRASILIA         CAFE3 BZ           38244000   -1042639040
DOCAS IMBITUB-PR    IMBIPN BZ          205018992     -25437000
WETZEL SA            MWET3 BZ          145738992      -8419000
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
DOCAS IMBITUBA      IMBION BZ          205018992     -25437000
CONST A LINDEN      LINDON BZ           51808000     -13659000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
HERCULES             HETA3 BZ           25126000    -273456000
TEKA-PREF            TEKA4 BZ          526557984    -449536992
PET MANG-RIGHTS      RPMG2 BZ          183988992     -66954004
FERRAGENS HAGA-P    HAGAPN BZ           24512548    -113844104
HERCULES SA         HERTON BZ           25126000    -273456000
FER HAGA-PREF        HAGA4 BZ           24512548    -113844104
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
DOC IMBITUBA-RTC     IMBI1 BZ          205018992     -25437000
DOC IMBITUBA-RTP     IMBI2 BZ          205018992     -25437000
HERCULES SA-PREF    HERTPN BZ           25126000    -273456000
MMX MINERACA-GDR      3M11 GR         2328652032    -101079000
WETZEL SA-PREF      MWELPN BZ          145738992      -8419000
TECEL S JOSE         SJOS3 BZ           42233000     -41080000
NORDON MET           NORD3 BZ           36317000     -33521000
AZEVEDO-PREF         AZEV4 BZ          116398000     -10976000
WETZEL SA-PREF       MWET4 BZ          145738992      -8419000
TECEL S JOSE-PRF     SJOS4 BZ           42233000     -41080000
MINUPAR              MNPR3 BZ          179201008     -34191000
NORDON METAL        NORDON BZ           36317000     -33521000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
PETRO MANGUINHOS    MANGON BZ          183988992     -66954004
MMX MINERACAO        MMXM3 BZ         2328652032    -101079000
MMX MINERACA-GDR     MMXMY US         2328652032    -101079000
FABRICA RENAUX-P    FRNXPN BZ          125797000     -64182000
FERRAGENS HAGA      HAGAON BZ           24512548    -113844104
FERREIRA GUIM-PR    FGUIPN BZ           24631000    -224564000
TEKA                TEKAON BZ          526557984    -449536992
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
MINUPAR-PREF         MNPR4 BZ          179201008     -34191000
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
TEXTEIS RENA-RCT    TXRX10 BZ           86140000    -135343008
DTCOM- DIRECT-PR     DTCY4 BZ           11902000     -16264999
MMX MINERACAO        TRES3 BZ         2328652032    -101079000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
TEXTEIS RENA-RCT     TXRX9 BZ           86140000    -135343008
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
TEXTIL RENAUXVIE     TXRX3 BZ           86140000    -135343008
TEC TOY SA-PF B      TOYB6 BZ           41457000     -10455000
TEC TOY SA-PREF      TOYB5 BZ           41457000     -10455000
SANSUY SA-PREF B    SNSYBN BZ          232096000    -106033000
RIMET                REEM3 BZ          144454000    -232197008
TEC TOY SA-PREF      TOYDF US           41457000     -10455000
TECTOY SA-PREF      TOYBPN BZ           41457000     -10455000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
TECTOY-RCT ORD       TOYB9 BZ           41457000     -10455000
WIEST                WISA3 BZ           71372000    -140973008
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
PETRO MANGUINHOS     RPMG3 BZ          183988992     -66954004
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
MMX MINERACA-GDR       XMM CN         2328652032    -101079000
WIEST SA-PREF       WISAPN BZ           71372000    -140973008
WIEST SA            WISAON BZ           71372000    -140973008
WIEST-PREF           WISA4 BZ           71372000    -140973008
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
ALL MALHA PAULIS     GASC3 BZ         1586146944   -1048602048
BOMBRIL              BOBR3 BZ          460744992    -485765024
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
DTC DIRECT CO SA    1DTCON BZ           11902000     -16264999
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
SANSUY               SNSY3 BZ          232096000    -106033000
TEKA-PREF           TEKAPN BZ          526557984    -449536992
MMX MINERACAO        MMXCF US         2328652032    -101079000
NORDON MET-RTS       NORD1 BZ           36317000     -33521000
TECTOY-PREF          TOYB4 BZ           41457000     -10455000
DOC IMBITUBA         IMBI3 BZ          205018992     -25437000
SANSUY-PREF B        SNSY6 BZ          232096000    -106033000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
MINUPAR SA          MNPRON BZ          179201008     -34191000
PET MANG-RECEIPT     RPMG9 BZ          183988992     -66954004
PET MANGUINH-PRF     RPMG4 BZ          183988992     -66954004
TEXTEIS RENAUX      RENXON BZ           86140000    -135343008
KUALA                ARTE3 BZ           11856000     -33570000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
SCHLOSSER SA-PRF     SCHPN BZ           21962000    -118044000
SCHLOSSER SA         SCHON BZ           21962000    -118044000
BOMBRIL SA-ADR       BMBBY US          460744992    -485765024
TEKA-ADR             TKTQY US          526557984    -449536992
CAMBUCI SA          CAMBON BZ          177378992     -42495000
TEKA-ADR             TKTPY US          526557984    -449536992
TECTOY-BONUS RTS    TOYB13 BZ           41457000     -10455000
TECTOY-RCPT PF B    TOYB12 BZ           41457000     -10455000
DOC IMBITUB-PREF     IMBI4 BZ          205018992     -25437000
TECTOY-RCT PREF     TOYB10 BZ           41457000     -10455000
BOTUCATU TEXTIL      STRP3 BZ           66833000      -3164000
TEXTEIS RENAU-RT     TXRX1 BZ           86140000    -135343008
HOPI HARI SA         PQTM3 BZ          152268000    -388872000
PARQUE TEM-RCT P    PQTM10 BZ          152268000    -388872000
VARIG SA            VARGON BZ         2094450944  -10176870400
TEKA-ADR             TEKAY US          526557984    -449536992
WETZEL SA           MWELON BZ          145738992      -8419000
TEKA                 TEKA3 BZ          526557984    -449536992
TECTOY-RTS/3         TOYB1 BZ           41457000     -10455000
BUETTNER-PREF        BUET4 BZ          148186992     -54926000
BUETTNER SA-PRF     BUETPN BZ          148186992     -54926000
BUETTNER SA-RT P     BUET2 BZ          148186992     -54926000
BUETTNER             BUET3 BZ          148186992     -54926000
CONST A LINDEN       CALI3 BZ           51808000     -13659000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
CAF BRASILIA-PRF     CAFE4 BZ           38244000   -1042639040
BOMBRIL-RGTS PRE     BOBR2 BZ          460744992    -485765024
TEKA-PREF            TKTPF US          526557984    -449536992
BOMBRIL SA-ADR       BMBPY US          460744992    -485765024
BOMBRIL-RIGHTS       BOBR1 BZ          460744992    -485765024
BOMBRIL CIRIO-PF    BOBRPN BZ          460744992    -485765024
DOCAS SA-RTS PRF     DOCA2 BZ          428661984     -53866000
BOMBRIL-PREF         BOBR4 BZ          460744992    -485765024
CAMBUCI SA-PREF      CXDOF US          177378992     -42495000
COARI PART           COAR3 BZ         3270861056        -56000
COARI PART-PREF      COAR4 BZ         3270861056        -56000
TEKA                 TKTQF US          526557984    -449536992
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
CORREA RIBEIRO      CORIPN BZ           10835000       -154000
CORREA RIBEIRO       CORR3 BZ           10835000       -154000
BAUMHARDT IRM-PR    BAUMPN BZ           20444000      -3589000
PETRO MANGUIN-PF    MANGPN BZ          183988992     -66954004
CHIARELLI SA         CCHON BZ           42853000     -85685000
CAMBUCI SA-PREF     CAMBPN BZ          177378992     -42495000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
CAMBUCI SA-PREF      CAMB4 BZ          177378992     -42495000
EXCELSIOR-RCT       BAUH10 BZ           20444000      -3589000
TEXTEIS RENAU-PF     TXRX4 BZ           86140000    -135343008
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
BOTUCATU-PREF        STRP4 BZ           66833000      -3164000
TECTOY-PF-RTS5/6    TOYB11 BZ           41457000     -10455000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
EXCELSIOR-RCT        BAUH9 BZ           20444000      -3589000
GAZOLA SA            GAZON BZ           27266214     -73665296
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
FABRICA RENAUX       FTRX3 BZ          125797000     -64182000
GASCOIGNE EMP-PF    1GASPN BZ         1586146944   -1048602048
VARIG SA             VAGV3 BZ         2094450944  -10176870400
DTC DIRECT CO-RT   1DTCONR BZ           11902000     -16264999
GASCOIGNE EMPREE    1GASON BZ         1586146944   -1048602048
HERCULES-PREF        HETA4 BZ           25126000    -273456000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
TRESSEM PART SA     1TSSON BZ         2328652032    -101079000
EXCELSIOR-RT         BAUH2 BZ           20444000      -3589000
EXCELSIOR ALIMEN     BAUH3 BZ           20444000      -3589000
EXCELSIOR-RT         BAUH1 BZ           20444000      -3589000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
BAUMHARDT IRMAOS    BAUMON BZ           20444000      -3589000
BOMBRIL              BMBBF US          460744992    -485765024
EXCELSIOR-PREF       BAUH4 BZ           20444000      -3589000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
DOCAS SA            DOCAON BZ          428661984     -53866000
HAGA                 HAGA3 BZ           24512548    -113844104
AZEVEDO E TRAVAS    AZEVON BZ          116398000     -10976000
AZEVEDO E TRA-PR    AZEVPN BZ          116398000     -10976000
AZEVEDO              AZEV3 BZ          116398000     -10976000
BUETTNER SA         BUETON BZ          148186992     -54926000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
FABRICA RENAUX      FRNXON BZ          125797000     -64182000
F GUIMARAES-PREF     FGUI4 BZ           24631000    -224564000
FERREIRA GUIMARA    FGUION BZ           24631000    -224564000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
FABRICA RENAUX-P     FTRX4 BZ          125797000     -64182000
CORREA RIBEIRO      CORION BZ           10835000       -154000
FABRICA TECID-RT     FTRX1 BZ          125797000     -64182000
BOMBRIL CIRIO SA    BOBRON BZ          460744992    -485765024
ESTRELA SA           ESTR3 BZ          153186000     -80125000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
ACO ALTONA-PREF      EALT4 BZ          180308000     -22762000
TECEL S JOSE        FTSJON BZ           42233000     -41080000
F GUIMARAES          FGUI3 BZ           24631000    -224564000
ESTRELA SA-PREF      ESTR4 BZ          153186000     -80125000
ESTRELA SA          ESTRON BZ          153186000     -80125000
PARQUE TEM-DV PF      PQT6 BZ          152268000    -388872000
GAZOLA               GAZO3 BZ           27266214     -73665296
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
SCHLOSSER            SCLO3 BZ           21962000    -118044000
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
ESTRELA SA-PREF     ESTRPN BZ          153186000     -80125000
TECEL S JOSE-PRF    FTSJPN BZ           42233000     -41080000
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
GASCOIGNE EMP-PF     GASC4 BZ         1586146944   -1048602048
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
CORREA RIBEIR-PR     CORR4 BZ           10835000       -154000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
ACO ALTONA-PREF      EAAPN BZ          180308000     -22762000
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
CAMBUCI SA           CAMB3 BZ          177378992     -42495000
D H B                DHBI3 BZ          221336000    -588646016
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
TECTOY SA           TOYBON BZ           41457000     -10455000
CENT AMAPA           CTAP3 BZ              15000     -11996000
ACO ALTONA           EALT3 BZ          180308000     -22762000
DOCA INVESTIMENT     DOCA3 BZ          428661984     -53866000
CAFE BRASILIA-PR    CSBRPN BZ           38244000   -1042639040
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
MINUPAR SA-PREF     MNPRPN BZ          179201008     -34191000
SANSUY-PREF A        SNSY5 BZ          232096000    -106033000
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
DTCOM-RT             DTCY1 BZ           11902000     -16264999
DTCOM- DIR TO CO     DTCY3 BZ           11902000     -16264999
SCHLOSSER-PREF       SCLO4 BZ           21962000    -118044000
DOCAS SA-PREF       DOCAPN BZ          428661984     -53866000
ACO ALTONA SA        EAAON BZ          180308000     -22762000
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
STAROUP SA-PREF     STARPN BZ           66833000      -3164000
BUETTNER SA-RTS      BUET1 BZ          148186992     -54926000
DOCA INVESTI-PFD     DOCA4 BZ          428661984     -53866000
DHB IND E COM        DHBON BZ          221336000    -588646016
D H B-PREF           DHBI4 BZ          221336000    -588646016
N.A.                 DTCY9 BZ           11902000     -16264999
CAFE BRASILIA SA    CSBRON BZ           38244000   -1042639040


COLOMBIA

ENACAR              ENACAR CI         2869195008   -36472102912
ENACAR-RT          ENACARO CI         2869195008   -36472102912
CARVILE            CARVILE CI         1265678976   -34953248768
ENACAR               EMPOF US         2869195008   -36472102912
N.A.              CARVILEO CI         1265678976   -34953248768


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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