TCRLA_Public/090422.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

              Wednesday, April 22, 2009, Vol. 9, No. 78

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: U.S. Receiver to Contest Bank Liquidation
STANFORD INT'L BANK: Owner Denies Swindling Clients


A R G E N T I N A

ALLIANZ ARGENTINA: Moody's Affirms 'Ba3' Global Currency Rating
ALTEMED SRL: Trustee Verifying Proofs of Claim Until June 15
AVALON INVESTMENTS: Verifying Proofs of Claim Until June 2
RAFLER SRL: Verifying Proofs of Claim Until June 17
RED OSAL: Trustee Verifying Proofs of Claim Until April 30

VITALFARMA SRL: Trustee Verifying Proofs of Claim Until June 4


B R A Z I L

AES CORP: AES Eletropaulo Could Cut 2009 Investments
BNDES: To Extend BRL4 Billion Credit for State Governments
INDEPENDENCIA SA: Wins Recognition of Brazilian Bankruptcy


C A Y M A N  I S L A N D S

CALIX INC: Shareholders' Final Meeting Set for May 15
DYNAMIS ENERGY: Members to Receive Wind-Up Report on May 14
FIDESO TRADING: Final Meeting Set for May 15
GENNAKER I: S&P Junks Ratings on Two Classes of Notes
GFX GLOBAL ET AL: Liquidator to Give Wind-Up Report on May 14

JEFFERIES RTS: Members to Receive Wind-Up Report on May 14
MELCHIOR JAPAN ET AL: Liquidator to Give Wind-Up Report on May 14
OXFORD ALTERNATIVE: Members to Receive Wind-Up Report on May 8
PIMCO ABSOLUTE: Shareholders' Final Meeting Set for May 15
QUANTUM TELECOMMUNICATIONS: Final Meeting Slated for May 7

SACKVILLE INVESTMENTS: Shareholders' Final Meeting Set for July 10
SPYGLASS FOCUSED: Shareholders' Final Meeting Set for May 5
SWORD FUND: Shareholders' Final Meeting Set for May 15
TAKU INVESTMENTS: Shareholders' Final Meeting Set for May 6
TRIDENT SELECTIONS: Members to Receive Wind-Up Report on May 4

VERBENA LIMITED: Sole Shareholder to Hear Wind-Up Report on May 15


C O L O M B I A

BANCOLOMBIA: Cut to “Hold” from “Buy” at Banco Santander
BANCOLOMBIA: VP-Technology's Spouse Allowed to Buy Company Shares


E C U A D O R

ECOPETROL: Mulls on Bonds Issue This Year
PETROECUADOR: To Auction 1 Million Barrels of Seized Crude


G U Y A N A

CL FIN'L: Government to Reduce CLICO Guyana's Liability-Asset Gap


J A M A I C A

GLOBAL TRUST: Liquidator Moves to Reclaim Funds From Debtors
RED STRIPE: Cuts 20 Jobs Including Two Executive Positions


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Trinidad Gov't Approves $315-Mln Lifeline for Units


U R U G U A Y

* URUGUAY: Plans to Sell US$600 Million Bonds


                         - - - - -


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

STANFORD INT'L BANK: U.S. Receiver to Contest Bank Liquidation
--------------------------------------------------------------
Stanford Financial Group (SFG) court-appointed receiver, Ralph
Janvey, is challenging the liquidation of Antigua-based Stanford
International Bank Limited (SIBL), Caribbean360.com reports.

As reported in the Troubled Company Reporter-Latin America, Nigel
Hamilton-Smith and Peter Wastell, client partners at Vantis
Business Recovery Services, were appointed as joint liquidators
for SIBL on April 15, 2009, by an Order of the High Court of
Antigua and Barbuda.  Stanford Trust Company Limited meanwhile
remains in receivership and the receivers continue with their
investigations.

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

Messrs. Hamilton-Smith and Wastell were previously appointed by
the Antiguan Financial Services Regulatory Commission as receivers
for SIBL.

"[SIBL] is one element of a consolidated enterprise that was
dedicated, by people in and from the United States, to the
perpetration of a scheme to defraud investors worldwide -- a
scheme in which only a very small percentage of the investors are
Antiguans," Mr. Janvey said in a press statement.

Mr. Janvey said he intends to contest efforts by the Antiguan-
appointed receiver/liquidators to seek to recover assets that
would be distributed only through the Antiguan proceedings.

                           About Vantis

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

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

                   About Stanford International

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

                          *     *     *

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.


STANFORD INT'L BANK: Owner Denies Swindling Clients
---------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford said “I’m not a damn swindler” in an interview with
Bloomberg News in Houston.  “The SEC far overreached and basically
ruined a multibillion-dollar company,” Mr. Stanford was quoted by
the news agency as saying.  “Everybody got paid and everybody got
made whole until the SEC came in and shut everything down.”

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.

In an interview with Bloomberg News, Mr. Stanford said his banking
companies suffered the same liquidity crisis as other financial
institutions during the global financial meltdown that began last
year.  “But [SIBL] didn’t have a fed-funds window to go to for a
bailout,” the report quoted Mr. Stanford as saying.  “We were
extra liquid, with more than US$2 billion on hand, but it turned
out not to be enough.’’

Mr. Stanford, the report relates, said Stanford CD depositors were
allowed to make early redemptions on about US$2 billion worth of
immature Antiguan CDs in late 2008 and early 2009 because people
needed to get to their cash during the credit collapse.

Bloomberg News notes Mr. Stanford said that in January, the bank
suspended early redemptions because, like most banks around the
world, it was running low on cash.  “But the assets were there,”
he insisted, saying the funds were invested in real estate and
business ventures around the globe, Bloomberg News notes.

According to Bloomberg News, Mr. Stanford said the US$1.6 billion
personal loan the SEC accuses him of taking represented corporate
borrowings that he’d signed as the company’s sole shareholder.
“That was a shareholder note, not a note to me personally,” the
news agency quoted Mr. Stanford as saying.  “That was money that
was then fronted to Stanford Venture Capital, which in turn would
go out and make investments.  I never got a dollar of that money.”

Mr. Stanford, as cited in the report, said it appeared depositor
withdrawals were beginning to level off in January and February.
The SEC complaint, kicked off a full-scale bank run on the bank's
operations, he added.

“The SEC came in and gestapo-ed my business, and I watched US$5
billion of my net worth disappear,” Mr. Stanford said as quoted by
Bloomberg News.  “If the SEC had not come in and taken the actions
they did, and had the ripple effect they did around the world,
unequivocally yes, we would’ve survived.  Now, I don’t know.  I
don’t know where the business stands because I’ve been locked out
of my businesses, too.”

                   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
=================

ALLIANZ ARGENTINA: Moody's Affirms 'Ba3' Global Currency Rating
---------------------------------------------------------------
Moody's Latin America has affirmed Allianz Argentina's Ba3 global
local currency and Aa2.ar national scale insurance financial
strength ratings.  The outlook remains stable.

With the affirmation of Allianz Argentina's ratings, Moody's
recognizes that the company continues to grow and diversify its
business and product portfolio, to improve overall asset quality,
and to sustain solid profitability metrics.  However, the rating
agency also noted that the continuous increase in the company's
operating leverage is a significant constraint to its credit
profile, particularly in view of the current unstable economic
environment in Argentina.

Allianz Argentina's market position has been slowly improving over
recent years, reaching a 3.2% market share in 2008.  Whereas the
company continues to focus on its main lines of operation --
namely auto and property -- much of its growth has come from other
insurance segments, such as hail insurance, and, as a result, has
been improving its product risk and diversification profile.
According to Moody's, Allianz Argentina's asset quality is also
showing an improving trend, as the company has been consistently
allocating a greater portion of its investments to higher quality
assets, such as US Treasury Bills and other highly-rated bonds.
Moody's added that Allianz Argentina has continuously reported
very solid profitability, with a five-year average return on
equity above 35%, which is well above its peers.

These positive credit factors are significantly constrained by the
continuing deterioration of Allianz Argentina's capitalization
levels, as measured by its gross underwriting leverage.  Moody's
notes that the driver of the overall increase in Allianz
Argentina's operating leverage is twofold: 1) the much higher
growth rate of the company's gross premiums and reserves relative
to growth of its shareholders' equity; and 2) the substantial
annual dividend payment to its shareholder (Allianz SE) --
totaling ARS 49.5 million over the past five years -- which,
although it corroborates the company's very strong profitability,
also weakens its capitalization level.

The rating agency commented that Allianz Argentina's ratings could
be upgraded should the company improve its operating leverage,
sustaining it below 7x.  The ratings, however, could be downgraded
should its profitability worsen, and/or its gross underwriting
leverage continues to deteriorate.

Based in Buenos Aires, Allianz Argentina is an indirect wholly-
owned subsidiary of Allianz SE, headquartered in Munich, Germany.
For the first half of 2009 fiscal year, ended on December 31,
2008, the company's total gross premium was ARS239 million and net
income was ARS12 million.  On December 31, 2008, Allianz
Argentina's total assets amounted to ARS539 million and its
shareholders' equity to ARS90 million.


ALTEMED SRL: Trustee Verifying Proofs of Claim Until June 15
------------------------------------------------------------
The court-appointed trustee for Altemed S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 15, 2009.


AVALON INVESTMENTS: Verifying Proofs of Claim Until June 2
----------------------------------------------------------
The court-appointed trustee for Avalon Investments 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 16, 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 11, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 15, 2010.


RAFLER SRL: Verifying Proofs of Claim Until June 17
---------------------------------------------------
The court-appointed trustee for Rafler S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 17, 2009.


RED OSAL: Trustee Verifying Proofs of Claim Until April 30
----------------------------------------------------------
The court-appointed trustee for Red Osal S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
April 30, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 20, 2009.


VITALFARMA SRL: Trustee Verifying Proofs of Claim Until June 4
--------------------------------------------------------------
The court-appointed trustee for Vitalfarma S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 4, 2009.

The trustee will present the validated claims in court as
individual reports on July 17, 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 15, 2009.



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


AES CORP: AES Eletropaulo Could Cut 2009 Investments
----------------------------------------------------
AES Eletropaulo, a Brazil unit of AES Corporation, could reduce
its investments in 2009 if industrial demand for electricity
continues to decline, Kenneth Rapoza of Dow Jones Newswires
reports.

The report relates global economic slowdown caused Brazil's
biggest energy consumers, from steelmakers to auto makers,
reducing power consumption by as much as 14% month over month.

According to the report, AES Eletropaulo has earmarked BRL562
million (US$241.2 million) in investments for 2009.  Of the total,
some 50% is geared for consumer services and network expansion,
the report relates.

As reported in the Troubled Company Reporter-Latin America on
March 31, 2009, DJ Newswires said AES Eletropaulo posted
BRL529.4 million (US$236 million) net profit in the fourth-quarter
up from BRL9.5 million a year earlier.  The report related the
company attributed the increase in net profit to the rise of its
net profit in the period to a non- recurrent gain of BRL210
million in the period, due to tax credits.

According to DJ Newswires, Eletropaulo reported BRL1.98 billion
net revenue in the fourth quarter, up from BRL1.8 billion in the
fourth quarter of 2007, while earnings before interest,
depreciation and amortization (EBITDA)of BRL554.9 million, up from
BRL145.9 million in the previous year.

                      About AES Eletropaulo

AES Eletropaulo is a major Brazilian power distributor in the
state of Sao Paulo, created in the breakup of the old state-owned
power distribution company Eletropaulo that monopolized
electricity distribution in São Paulo from 1981 to 1999.
The similarity of the names makes most old customers call it
simply Eletropaulo.

Eletropaulo has around 5 million customers, and it's stock is
traded on Bovespa, where it is part of the Ibovespa index.  The
company is majority owned by AES Corporation.

                      About AES Corporation

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

                          *     *     *

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


BNDES: To Extend BRL4 Billion Credit for State Governments
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
will extend BRL4 billion (US$1.83 billion) in credit for state
governments, following Brazil's National Monetary Council approval
during an extraordinary meeting, Gerald Jeffris of Dow Jones
Newswires reports, citing the central bank.

According to the report, the loans will carry an interest charge
of Brazil's TJLP long-term interest rate plus 3% annually.  The
TJLP interest rate is currently set at 6.25% annually, the report
relates.

The loans, the report says, come with a repayment period of eight
years following a one-year grace period.

                           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.


INDEPENDENCIA SA: Wins Recognition of Brazilian Bankruptcy
----------------------------------------------------------
Independencia SA was given by the U.S. Bankruptcy Court for the
Southern District of New York final protection stopping creditors
from taking action in the U.S., when Judge Stuart M. Bernstein
signed an order recognizing Brazil as home to the "foreign main"
bankruptcy proceeding, Bloomberg's Bill Rochelle said.

Independencia sought protection from creditors in its home country
on Feb. 27 and filed a Chapter 15 petition in New York on the same
day to protect assets in the U.S.

Bloomberg relates that Judge Bernstein made significant changes in
the recognition order given him by the Company's counsel.  Among
other things, he modified provisions to insure that the halt to
creditor actions was effective only in the U.S.  Judge Bernstein
also deleted a provision in the recognition order that in
substance would have ruled that any action taken in the
future by the Brazilian court would be enforced in the U.S.

Independencia said it has $1.2 billion in debt.

According to Bloomberg News, Independencia SA -- Brazil's fourth
largest meat exporter -- filed for bankrupcy protection earlier
this year after the global economic crisis caused exports to
slump.  Independencia S.A. filed its Chapter 15 petition on March
27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).  Paul R.
DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the Debtor's
counsel.



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

CALIX INC: Shareholders' Final Meeting Set for May 15
-----------------------------------------------------
The shareholders of Calix Inc. will hold their final meeting on
May 15, 2009, at 10:00 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


DYNAMIS ENERGY: Members to Receive Wind-Up Report on May 14
-----------------------------------------------------------
The members of Dynamis Energy Fund Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on May 14, 2009, at 4:00 p.m.

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


FIDESO TRADING: Final Meeting Set for May 15
--------------------------------------------
The shareholders of Fideso Trading Co. Ltd will hold their final
meeting on May 15, 2009, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


GENNAKER I: S&P Junks Ratings on Two Classes of Notes
-----------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative the credit ratings on the class A-1A to D
notes issued by Gennaker I CDO Ltd.  At the same time, the rating
on the CP notes was lowered (see list below).

These rating actions reflect S&P's assessment of a significant
credit deterioration in the quality of the underlying portfolio in
this cash flow collateralized debt obligation transaction.
Notably, the deal contains six synthetic CDO assets (about 30% of
the portfolio), which have been downgraded by several rating
notches since December 2008.

Another factor in S&P's rating analysis is the high share of
assets (30%) in the underlying portfolio currently on CreditWatch
negative.  On April 6, 2009, S&P published revised assumptions
governing structured finance assets with ratings on CreditWatch
held within CDO transactions (see "Related Research" below).
Under these revised assumptions, S&P take a more conservative view
of the credit quality of such assets by adjusting downward in
S&P's analysis the ratings of these assets currently on
CreditWatch negative by at least three notches.

In S&P's opinion, these factors have reduced the likelihood that
transaction cash flows will be sufficient to fully repay each of
the rated notes.  S&P's analysis indicates that the A1A, A1B, and
A2 notes currently have the benefit of credit enhancement
(including excess spread) commensurate with a 'BBB-' rating, while
the enhancement on the class B notes is commensurate with a 'BB-'
rating.

S&P's analysis indicates that, in light of the portfolio's
deterioration and the defaults it has experienced, cash flows will
be insufficient to repay the class D notes.  Interest payments on
the class D notes are currently being deferred as a result of a
breach of the class C over collateralization trigger.

This means that interest cash flows usually due to the class D
notes are being used to redeem senior notes, as required under the
terms of the transaction documents, in order to bring the over
collateralization trigger back into compliance.  The class C notes
receive interest payments before the curing of the over
collateralization test trigger, and therefore interest payments
are not currently being deferred.

The CP notes are exposed to refinancing risk, which occurs when
the CP needs to be "rolled".  This refinancing risk is mitigated
by a put option provided by Bank of America N.A. (A+/Negative/A-
1).  In addition, the CP notes have risk of exposure to losses in
the underlying pool similar to the risk faced by the class A-1A
notes.  As a result, the rating on the CP notes has been lowered
to 'A-3' to reflect S&P's view of the short-term risk of a 'BBB-'
equivalent exposure.  S&P will continue to monitor further
developments in the credit quality of the underlying pool.

                           Ratings List

                        Gennaker I CDO Ltd.
         $600 Million Floating- And Deferrable-Rate Notes


      Ratings Lowered And Removed From CreditWatch Negative

         Class             To                From
         -----             --                ----
         A1A               BBB-              AAA/Watch Neg
         A1B               BBB-              AAA/Watch Neg
         A2                BBB-              AAA/Watch Neg
         B                 BB-               AA/Watch Neg
         C                 CCC-              A/Watch Neg
         D                 CC                BBB/Watch Neg

                         Rating Lowered

             Class             To                From
             -----             --                ----
             CP                A-3               A-1+


GFX GLOBAL ET AL: Liquidator to Give Wind-Up Report on May 14
-------------------------------------------------------------
On May 14, 2009, DMS COrporate Services Ltd will give a report on
the companies' wind-up proceedings and property disposal to the
shareholders of:

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

The Liquidator can be reached at:

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


JEFFERIES RTS: Members to Receive Wind-Up Report on May 14
----------------------------------------------------------
The members of Jefferies RTS Fund (Cayman), Ltd. will meet 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


MELCHIOR JAPAN ET AL: Liquidator to Give Wind-Up Report on May 14
-----------------------------------------------------------------
On May 14, 2009, Richard E.L. Fogerty will give a report on the
companies' wind-up proceedings and property disposal to the
shareholders of:

   -- Melchior Japan Fund Limited; and
   -- Melchior Japan (Master) Fund Limited.

The Liquidator can be reached at:

          Richard E.L. Fogerty
          c/o Dian Wardle
          Zolfo Cooper 4th Floor, Bermuda House
          Dr. Roy’s Drive, Grand Cayman
          Telephone: (345) 946-0081


OXFORD ALTERNATIVE: Members to Receive Wind-Up Report on May 8
--------------------------------------------------------------
The members of Oxford Alternative Strategy Fund will meet on
May 8, 2009, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787 GT
          Grand Cayman, Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


PIMCO ABSOLUTE: Shareholders' Final Meeting Set for May 15
----------------------------------------------------------
The shareholders of Pimco Absolute Return Strategy IV Offshore
Fund 3 Ltd. will hold their final meeting on May 15, 2009, at
9:45 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


QUANTUM TELECOMMUNICATIONS: Final Meeting Slated for May 7
----------------------------------------------------------
Quantum Telecommunications Limited will hold its final meeting on
May 7, 2009, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SACKVILLE INVESTMENTS: Shareholders' Final Meeting Set for July 10
------------------------------------------------------------------
The shareholders of Sackville Investments Limited will hold their
final meeting on July 10, 2009, at 10:15 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Howard Robert Callow
          Belgravia House, 3rd Floor
          Circular Road, Douglas, Isle of Man


SPYGLASS FOCUSED: Shareholders' Final Meeting Set for May 5
-----------------------------------------------------------
The shareholders of Spyglass Focused Equity Offshore Fund Limited
will hold their final meeting on May 5, 2009, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801


SWORD FUND: Shareholders' Final Meeting Set for May 15
------------------------------------------------------
The shareholders of Sword Fund Limited will hold their final
meeting on May 15, 2009, at 10:15 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


TAKU INVESTMENTS: Shareholders' Final Meeting Set for May 6
-----------------------------------------------------------
The shareholders of Taku Investments Ltd. will hold their final
meeting on May 6, 2009, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRIDENT SELECTIONS: Members to Receive Wind-Up Report on May 4
--------------------------------------------------------------
The members of Trident Selections will meet on May 4, 2009, at
10:00 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


VERBENA LIMITED: Sole Shareholder to Hear Wind-Up Report on May 15
------------------------------------------------------------------
The sole shareholder of Verbena Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on May 15, 2009.

The company's liquidator is:

          Commerce Corporate Services Limited
          PO Box 694
          Grand Cayman KY-1107
          Telephone: 949 8666
          Facsimile: 949 0626




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

BANCOLOMBIA: Cut to “Hold” from “Buy” at Banco Santander
--------------------------------------------------------
Bancolombia S.A. was reduced to “hold” from “buy” at Banco
Santander SA on prospects that earnings will fall as lending
growth slows and costs rise, James Attwood of Bloomberg News
reports.  The report relates Bancolombia’s American depositary
receipt estimate was cut to US$23.50 from US$35

“Despite the resilience of earnings in the last two quarters amid
a rapid economic slowdown, we believe the expected increase in
provisions and charge-offs due to an ongoing deterioration of the
loan book and an expected decline in the net interest margin will
drive down earnings in 2009,” Bloomberg News quoted New York-based
strategist Alonso Aramburu as saying in a note to clients.

According to Bloomberg News, Mr. Aramburu said Bancolombia’s
profit probably will fall 13% in local currency terms and 29% in
U.S. dollars, meaning its shares are “fairly priced.”

                     About Bancolombia S.A.

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

                          *     *     *

Based on Moody's Web site, the company continues to carry  Ba2
foreign currency deposits rating and D financial strength rating.


BANCOLOMBIA: VP-Technology's Spouse Allowed to Buy Company Shares
-----------------------------------------------------------------
Bancolombia S.A.'s Board of Directors of Bancolombia S.A.
authorized Mr. Guillermo Alberto Duque Lourido, spouse of Olga
Botero Pelaez, Vice President of Technology of Bancolombia, to
purchase shares of Bancolombia for up to Ps 100 million
(approximately USD $ 42,081).

Bancolombia and Mr. Lourido will follow the authorization
procedures for the acquisition and disposal of shares of
Bancolombia by its officers and directors, which can be viewed on
Bancolombia's Investor Relations website at
http://www.grupobancolombia.com.co,in the Corporate Governance
section.

   Contacts:

   Sergio Restrepo
   Executive VP
   (574) 4041424

   Jaime A. Velasquez
   Financial VP
   (574) 4042199

   Juan E. Toro
   IR Manager
   (574) 4041837

                      About Bancolombia S.A.

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

                          *     *     *

Based on Moody's Web site, the company continues to carry  Ba2
foreign currency deposits rating and D financial strength rating.



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

ECOPETROL: Mulls on Bonds Issue This Year
-----------------------------------------
Ecopetrol S.A clarified information published by international
media sources regarding the extension of the deadline to receive
debt issuance offers.

In a statement Monday, the company said:

   -- Ecopetrol does plan on issuing bonds in the capital
      markets in the year 2009.  The amount and timing of
      the issuance(s) will be determined in accordance with market
      conditions.

   -- Ecopetrol has not yet submitted a formal request for
      bond issuance offers.  A market study is currently being
      conducted in order to determine the competence and
      experience of well-positioned firms in the capital
      markets.

   -- In early 2009, the authorization procedure required for
      access to the capital markets was commenced.  It is
      expected that the necessary authorizations will be
      issued within the time established under the regulations
      and will not cause any delay in the schedule.

                       About Ecopetrol S.A.

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

                          *     *     *

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


PETROECUADOR: To Auction 1 Million Barrels of Seized Crude
----------------------------------------------------------
State oil company Petroecuador plans to auction 1 million barrels
in seized crude from French oil company Perenco, Alonso Soto of
Reuters reports.

Ecuador Oil Minister Derlis Palacios told Reuters in an interview
that the country will continue to auction Perenco's seized crude
until the French oil company repays US$350 million in late taxes.
The government expects to receive around US$40 million from the
upcoming sale of Perenco's seized crude, he added.

Bloomberg News, citing a statement in a local daily, relates the
sale will be of future shipments of both Oriente and Napo crudes
until June.

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.



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

CL FIN'L: Government to Reduce CLICO Guyana's Liability-Asset Gap
-----------------------------------------------------------------
Guyana President Bharrat Jagdeo asked that the information in
CLICO Life and General Insurance Company South America Limited
(CLICO Guyana) Judicial Manager Maria van Beek's report be viewed
as a range, not as an absolute figure, Caribbean Net News reports.

As reported in the Troubled Company Reporter-Latin America,
Caribbean Net News said that during an April 14 hearing before
Chief Justice Ian Chang in the High Court of Guyana, it was
revealed that 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.

The report related 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 Caribbean Net News, Ms. van 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.

Ms. Beek, as cited by Caribbean Net News, 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.

President Jagdeo, as cited by Caribbean Net News, indicated that
while the report has discounted investment properties by 25% in
the best case scenario and 50% in the worst case scenario, and
expects to recover only $401M of $2.1B invested in the group,
government believes much more can be recovered.  It is also
expected that the gap can be reduced further by paying the
policyholders’ liabilities in cash and withholding payment to
CLICO Trinidad, he added.

“Where you have the policyholders’ liabilities, the actuaries have
shown that if you pay this out in cash . . .you can reduce this
$8.1B by another $840M and then you will see also another $922M
here as part of what we owe CLICO Trinidad . . . if that is not
paid, then the best case scenario is close to $6B (liabilities
exceeding assets),” Caribbean Net News quoted President Jagdeo as
saying.

Meanwhile, Caribbean Net News notes the government is also taking
steps to recover the investment in the Bahamas and holdings of the
CL Financial Group in Guyana, and will also seek to access the
CARICOM facility that is being set up to help the Organisation of
Eastern Caribbean States (OECS).

                        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.



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

GLOBAL TRUST: Liquidator Moves to Reclaim Funds From Debtors
------------------------------------------------------------
Globe Trust and Investment Company Limited (GTICL) and its
liquidator Nizam Ali is in court battling to reclaim funds owed to
the institution after months of reluctance from debtors, filing
claims to levy on personal property that were put up as
collateral, Stabroeknews reports.  The report relates the company
will move against some debtors by claiming goods that were listed
as security when the loans were issued.

According to the report, Mr. Ali said the silence from debtors
prompted the move to the court.  The report notes Mr. Ali said the
company is now filing frequent actions to reclaim funds through a
battery of attorneys.

Stabroeknews says Mr. Ali, since being appointed liquidator on
October 2008, recovered some $14 million of the $750 Million
disbursed in loans.

Mr. Ali told Stabroek News in an interview that the court process
has gone favourably so far, noting that certain items belonging to
debtors are to be seized as identified in court proceedings.
However, there is no room to facilitate the goods if Globe Trust
decides to move on them, since “storage at the court is currently
at its capacity,” he said.

The report relates Mr. Ali said GTICL's lawyers are currently in
talks with the authorities at the court to have the issue solved.
Items claimed by the company will go to storage as it awaits
judgment and a move on foreclosures before the steps are taken to
have them auctioned off, the report notes.

Stabroeknews recalls in October 2008, Chief Justice (Ag) Ian Chang
issued an order for the compulsory liquidation of Globe Trust
following a High Court application by the Bank of Guyana (BoG).
The report relates the company came crashing down after issuing
many unsecured loans among other dubious practices.  The BoG, the
report notes, filed an application asking that an order be granted
for the compulsory liquidation of GTICL as provided for under the
Financial Institutions Act after an investment deal for the
troubled institution failed to materialise.

According to the company's Web site, on November 7, 2001, the
central bank instituted legal action as is required under the FIA
to have the company liquidated.  On July 25, 2002, the Honourable
Chief Justice ordered the re-organisation of Globe Trust under the
Bank of Guyana as set out in Section 50 of the FIA.


RED STRIPE: Cuts 20 Jobs Including Two Executive Positions
----------------------------------------------------------
Beer company Red Stripe, a unit of Diageo Red Stripe, will cut 20
jobs including two recognizable senior executive positions
effective June 30, in what the company calls an organisational
redesign of its regional operations, Jamaica Observer reports.

According to a company statement filed April 17 with the Jamaica
Stock Exchange, two senior management positions, being Director of
Marketing, Wayne Lawrence, and Head of Corporate Relations, Maxine
Whittingham-Osborne are being re-defined.  As a consequence, Mr.
Lawrence and Ms. Whittingham-Osborne will be leaving the business,
the statement said.

In addition to defining the two senior management positions in the
near term, a strong team will be maintained in both these
disciplines in Jamaica, with the business leveraging Diageo’s
wider Caribbean Marketing and Corporate Relations scale, the
statement said.

The Observer notes the redundancy exercise follows closely on the
heels of the company's decision last months to close its Savanna-
La-Mar, Westmoreland distribution centre which it said was
inefficient.

During the six months to December 31, 2008, the Observer relates
Red Stripe's volumes were down 6%, but it slashed marketing costs
by a third to post a $933-million after-tax profit, up 54% from
the comparative period in the year prior.



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

CL FINANCIAL: Trinidad Gov't Approves $315-Mln Lifeline for Units
-----------------------------------------------------------------
The Trinidad and Tobago government has agreed to pump in $315
million (US$50 million) to rescue struggling subsidiary companies
of CL Financial Limited to protect insurance policyholders in
smaller Caribbean countries, Curtis Rampersad of Trinidad and
Tobago Express reports.

According to the report, the government is now leading the thrust
to safeguard the assets of policyholders in Eastern Caribbean
countries, who are in danger of becoming victims of the financial
tumble of CL Financial conglomerate.

As reported in the Troubled Company Reporter-Latin America on
April 16, 2009, Caribbean360.com News said a US$80 million fund is
being set up to ensure the viability of Colonial Life Insurance
Company (CLICO), a unit of CL Financial, and British American
Insurance.

According to Caribbean360.com, Prime Minister of St Vincent and
the Grenadines Dr Ralph Gonsalves, Chairman of the Joint Task
Force of the Organisation of Eastern Caribbean States (OECS) and
the Eastern Caribbean Central Bank (ECCB), said a Memorandum of
Understanding will be signed on the Liquidity Support Fund in
order to safeguard the interests of policyholders of the two
insurance companies.

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

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

                        About CL Financial

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

                          *     *     *

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.



=============
U R U G U A Y
=============

* URUGUAY: Plans to Sell US$600 Million Bonds
---------------------------------------------
Uruguay plans to sell as much as US$600 million in local and
overseas bonds by 2010 to help finance a growing budget deficit,
Bloomberg News reports citing Deputy Economy and Finance Minister
Andres Masoller.

According to the report, Mr. Masoller, in a telephone interview
from Montevideo, said the country is looking to sell US$300
million in local bonds in 2009 and as much as US$300 million in
international bonds by 2010.  The foreign bonds may be denominated
in dollars or yen, he added.

“This is going to help us cover a deficit that is growing more
than expected,” Bloomberg News quoted Mr. Masoller as saying.
“We’ve had offers from a number of banks to sell our international
bonds in yens, but this isn’t decided yet.”

                         *     *     *

According to Moody's Web site, the country continues to carry Ba3
foreign and local currency ratings with stable outlook.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *