TCRLA_Public/090423.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, April 23, 2009, Vol. 9, No. 79

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Seeks US Appeals Court's Intervention


A R G E N T I N A

AGENCIA KEYSTONE: Verifying Proofs of Claim Until June 26
BANCO MACRO: Argentine Government Gains Board Seat in Bank
DOS AVENIDAS: Trustee Verifying Proofs of Claim Until June 3
EDATER SRL: Verifying Proofs of Claim Until June 16
FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Global Scale Rating

FRANQUICIAS ARGENTINAS: Verifying Proofs of Claim Until June 2
GARAVANO PUBLICIDAD: Verifying Proofs of Claim Until June 17
HOTELNET SRL: To Preventive Contest Changes
MIRGOR SA: Moody's Assigns Corporate Family Ratings at 'B3'
RAMON ALBERTO: Verifying Proofs of Claim Until June 3

TELECOM ARGENTINA: Argentina Rejects Voting Right Block Appeal


C A Y M A N  I S L A N D S

AESCULAPIUS INSURANCE: Shareholders' Final Meeting Set for June 1
ARIANE CAYMAN: Members to Hear Wind-Up Report on May 15
BRIGHTON CDO: Members to Hear Wind-Up Report on May 15
COLONIAL ADVISORY: Members to Hear Wind-Up Report on May 15
CT CHINA: Members to Hear Wind-Up Report on June 15

GREYWOLF SPC ET AL: Liquidator to Present Wind-Up Report on May 15
HYPPCO FINANCE: Members to Hear Wind-Up Report on May 15
KINGSLAND VI: Members to Hear Wind-Up Report on May 15
LOGAN FINANCE: Members to Hear Wind-Up Report on May 15
PADDLE BRIDGE: Members to Hear Wind-Up Report on May 14

PAM CAPITAL: Members to Hear Wind-Up Report on May 15
PERPETUAL REINSURANCE: Member to Hear Wind-Up Report on July 15
PIVOT CAPITAL: Shareholder to Hear Wind-Up Report on May 26


E C U A D O R

BNDES: To Offer BRL10 Bln Credit Line for Agribusiness
* ECUADOR: President Offers 30 Cents on Dollar for Bonds


J A M A I C A

SAGICOR LIFE: To Cut Jobs by Months End


M E X I C O

MULTIBANK INC: S&P Affirms 'BB-/B' Counterparty Credit Ratings


P A N A M A

STANFORD INT'L BANK: Panama Receives Offers for Stanford Assets


P U E R T O  R I C O

GREEN WOOD: Case Summary & 16 Largest Unsecured Creditors


V I R G I N  I S L A N D S

KINGATE: Madoff Trustee Sues Firm in US$255-Mln Recovery Bid


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD INT'L BANK: Owner Seeks US Appeals Court's Intervention
----------------------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford asked a U.S. appeals court to intervene in a civil fraud
case filed against him by the U.S. Securities and Exchange
Commission (SEC), Reuters reports.

Citing documents filed with U.S. Court of Appeals for the Fifth
Circuit, the report relates among other things, Mr. Stanford is
challenging the lower court judge's orders freezing his assets and
appointing Ralph Janvey as receiver.

The SEC on Feb. 17, 2009, 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.

                   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
=================

AGENCIA KEYSTONE: Verifying Proofs of Claim Until June 26
---------------------------------------------------------
The court-appointed trustee for Agencia Keystone Servico de
Imprensa Limitada (Sucursal Argentina)'s bankruptcy proceedings
will be verifying creditors' proofs of claim until June 26, 2009.


BANCO MACRO: Argentine Government Gains Board Seat in Bank
----------------------------------------------------------
Argentina state social security agency gained a board seat at
Banco Macro SA, Drew Benson of Bloomberg News reports.  The report
relates Banco Macro named government nominee Hugo Alvarez to its
board in a shareholder meeting in Buenos Aires.

As reported in the Troubled Company Reporter-Latin America on
April 20, 2009, Dow Jones Newswires said the Argentine government
notified Banco Macro SA that it plans to exercise its right to
vote for board members at the company's April 21 shareholder
meeting.

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

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

Banco Macro shareholders, as cited by DJ Newswires, agreed to
limit Anses’s voting rights to 5%, a percentage that allowed the
agency one board director, citing a law that seeks to avoid the
concentration of ownership.

However, the report notes, Anses' lawyers at the shareholder
meeting objected to the 5% limit.

The report relates an Anses spokesman said the government is
following the law and seeking board members to protect its
investments.

                        About Banco Macro

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

                          *     *     *

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


DOS AVENIDAS: Trustee Verifying Proofs of Claim Until June 3
------------------------------------------------------------
The court-appointed trustee for Dos Avenidas S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 3, 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 22, 2010.


EDATER SRL: Verifying Proofs of Claim Until June 16
---------------------------------------------------
The court-appointed trustee for Edater S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 16, 2009.


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Global Scale Rating
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and Ba3 (Global Scale, Local Currency) to the Debt
Securities of Fideicomiso Financiero Tarjeta Privada XV, issued by
Banco de Valores S.A. (acting solely in its capacity as Trustee).
Moody's also assigned a rating of Ca.ar (Argentine National Scale)
and Ca (Global Scale, Local Currency) to the subordinated
Certificates.

The securities are backed by a pool of credit card receivables
originated by Banco Privado de Inversiones S.A. located in
Argentina.  Interest and principal on the VDF are payable from the
cash flow of the credit card receivables.

The ratings assigned are based on These factors:

* The credit quality of the securitized pool;

* The credit enhancement provided through the 20% initial
  subordination level;

* The ability of Banco Macro Bansud to act as backup servicer in
  the transaction;

* The availability of several reserve funds; and,

* The legal structure of the transaction.

                            Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
peso-denominated, floating-rate bonds and a residual certificate,
all of them backed by a pool of credit card receivables originated
by BPI.  The VDF original balance is equal to 80% of the original
issuance amount.  The transaction has an expected maturity of 7
months and a legal maturity date of 24 months.

At closing, the VDF were backed by credit card outstanding
balances generated by eligible accounts.  The ownership of those
accounts remains with the originator but the receivables are
assigned to the trust.  The transaction has five reserve funds: an
expense fund, a liquidity reserve fund, a backup servicer
replacement fund, and sinking funds for interest and principal.

The VDF will bear a floating interest rate (Badlar + 400 bps) with
a minimum rate of 20% and a maximum rate of 28%.  If an early
amortization event occurs, the revolving period will terminate
automatically.

After the grace period of two months and beginning in the third
month after closing, scheduled interest and principal will be paid
in that order, on each payment date.  Principal is scheduled to be
paid in five monthly installments.  If the scheduled principal is
not paid on time, it will not constitute an event of default under
the terms of the transaction documents, given that the promise to
investors is to receive ultimate principal before the legal final
maturity date.

During the revolving period, the originator will sell new
receivables to the trust.  These receivables will be purchased
from the cash flow coming from collections.  The documents of the
transaction allow for a direct offset of these two cashflows. By
having this procedure no cash has to be transferred back and forth
to the trust account and as a result, trust expenses are
minimized.

                       Seller And Servicer

BPI is the seller of the receivables and the primary servicer of
the transaction.  The bank was founded in 1993 to provide
financial services to the middle-high and high income segment of
the market. In 1996, BPI began issuing MasterCard and Visa credit
cards to its customers.

Banco Macro S.A. is the designated backup servicer.  If a servicer
replacement trigger is hit, the trustee is obligated to
immediately notify BM and Visa and MasterCard.  The trustee, who
receives pool and borrower data from the servicer on a monthly
basis, will transfer this information to the backup servicer.  In
addition, Visa and MasterCard will also have duplicate data which
they can transfer to BM, if necessary.  Given that BM is a member
of the Visa and MasterCard system, the transfer of data should be
straightforward.

BM will be entitled to receive this information as the new owner
of the accounts according to the conditional assignment contract
which will become effective upon the occurrence of a servicer
replacement event.  Thus, even if BPI's membership in the Visa and
MasterCard networks is terminated, credit card customers will not
have their credit lines suspended.

The servicer will transfer collections to the trust account on a
weekly basis.  As a result, there is one week of commingling risk
at the originator/servicer level which may affect the deal should
the originator/servicer enter into a reorganization procedure.
This risk is mitigated by the ability of BM, once it is appointed
as backup servicer, to service the receivables, and by the
servicer replacement reserve account that will be funded at
closing with 0.5 times the next interest payment.  This reserve
account can be used to pay interest during the transition process.
In addition, there is another reserve account equivalent to 1.5
times the next interest payment.  These aggregated funds provide a
total coverage of two monthly interest payments.

                          Rating Action

Originator: Banco Privado de Inversiones S.A.

  -- $24 Million Pesos in Floating Rate Securities of "Fideicomiso
     Financiero Tarjeta Privada XV", VDF rated Aaa.ar (National
     Scale Rating) and Ba3 (Global Scale, Local Currency).

  -- $6 Million Pesos in Certificates of "Fideicomiso Financiero
     Tarjeta Privada XV", CP rated Ca.ar (National Scale Rating)
     and Ca (Global Scale, Local Currency).


FRANQUICIAS ARGENTINAS: Verifying Proofs of Claim Until June 2
--------------------------------------------------------------
The court-appointed trustee for Franquicias Argentinas S.A.'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 9, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 21, 2010.


GARAVANO PUBLICIDAD: Verifying Proofs of Claim Until June 17
------------------------------------------------------------
The court-appointed trustee for Garavano Publicidad S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 17, 2009.

The trustee will present the validated claims in court as
individual reports on August 13, 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 25, 2009.


HOTELNET SRL: To Preventive Contest Changes
-------------------------------------------
Hotelnet S.R.L. opened the preventive contest changes and
modifications on February 27, 2009.


MIRGOR SA: Moody's Assigns Corporate Family Ratings at 'B3'
-----------------------------------------------------------
Moody's Latin America has assigned corporate family ratings of B3
on its global scale and A3.ar on the Argentina national scale to
Mirgor S.A.  At the same time, Moody's assigned B3 local currency
and A3.ar Argentina national scale ratings to Mirgor's ARS 30
million bank credit line with Banco de la Nación Argentina (BNA --
Unrated).  This is the first time that Moody's has assigned a debt
rating to Mirgor.  All ratings have a stable outlook.

The B3/A3.ar ratings reflect Mirgor's position as one of the
leaders in the Argentine domestic auto parts business, its
relatively flexible operating platform, which can help it to adapt
to changing circumstances in the auto parts industry, and long-
established and coordinated operations with local automakers.

The ratings are constrained by Mirgor's limited financial
flexibility and weak liquidity profile.  The ratings also
incorporate Moody's expectation that Mirgor's credit metrics are
subject to potential deterioration if revenues and margins decline
in its two main business segments -- air conditioning systems for
vehicles (70% of revenues) and air conditioning units for
residential use (30% of revenues).  Both segments have benefited
from strong economic growth and consumer spending in recent years,
but will be impacted by a weaker Argentine economy in the near and
medium term.

"Auto sales in Argentina have weakened more than expected in the
first quarter of 2009 and therefore Mirgor's 2009 margins and
credit metrics will likely be under pressure," said Moody's Vice
President / Senior Analyst Daniela Cuan.

Mirgor's B3 rating reflects its global default and loss
expectation, while the A3.ar national scale rating reflects the
standing of Mirgor's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  Issuers or issues rated A3.ar present above-average
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.

Mirgor`s recent strong growth has required an increase in working
capital, which was financed with short-term bank debt.  Moody's
views Mirgor's financial flexibility as limited due to its
exposure to short term debt maturities.  In Moody's view, the
relatively short term amortization profile of the new credit lines
does not substantially enhance the company's liquidity profile.
However, this additional financing will help Mirgor to better
manage its exposure to short term bank debt.

Moody's acknowledges that Mirgor has developed solid bank
relationship and that it is common for Latin American corporate
issuers to rely on uncommitted bank lending.  Moody's also
recognizes that the company's free cash flow has been negative in
recent years because it has invested its cash flow in plant
expansion and working capital.  The need for such investments in
support of a high growth strategy is likely to decrease in the
near to medium term.

Finally, also constraining the ratings are Mirgor's small scale in
comparison with global peers, and its geographic and product
concentration.  Although Moody's views Mirgor's diversification
into residential air conditioning as a credit positive, it does
not provide substantial diversification benefits since it is also
a cyclical business dependant upon consumer spending.  In the auto
business, Mirgor's high exposure to a small number of OEM clients
and lack of after-market revenues also constrain the ratings.

The stable outlook considers that Mirgor will be able to reduce
its working capital and short term debt to help it to manage its
business in a more adverse economic environment.

The ratings or outlook could be downgraded if Mirgor fails to
reduce its short term debt exposure or improve its liquidity
profile.  Deterioration of Mirgor's EBIT margin to below 3.0% and
EBIT interest coverage below 1.0x could also generate downward
pressure on the ratings or outlook.

The ratings or outlook could be upgraded if Mirgor is able to
generate positive free cash flow and maintain sufficient cash and
cash equivalents to cover short term debt.  The company's ability
to maintain strong credit metrics during an economic downturn
would also be important for an upgrade.  Quantitatively, an
upgrade would require EBIT margin higher than 8% on a sustained
basis and EBIT interest coverage of above 3.0x.

Headquartered in Tierra del Fuego, Argentina, Mirgor primarily
produces climate control equipment for the auto industry in
Argentina.  In addition, through a wholly-owned subsidiary, Mirgor
manufactures residential air conditioners, with an estimated 25%
Argentine market share in that segment.  Consolidated revenues for
the fiscal year ending on December 31, 2008 reached ARS 1 billion
(US$300 million considering the average annual exchange rate).


RAMON ALBERTO: Verifying Proofs of Claim Until June 3
-----------------------------------------------------
The court-appointed trustee for Ramon Alberto Forti S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 3, 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.


TELECOM ARGENTINA: Argentina Rejects Voting Right Block Appeal
--------------------------------------------------------------
The Argentine Competition Commission, the country's antitrust
agency, has rejected an appeal filed by Telecom Italia SpA that
challenged the agency's ruling earlier this month, locking Telecom
Italia directors from exercising voting powers in the company's
local unit, Telecom Argentina SA, Shane Romig of Dow Jones
Newswires reports.

"The rejection of our appeal was foreseeable, but we're not
discouraged," said Telecom Italia spokesman Massimiliano Paolucci
in an email sent to Dow Jones Newswires.  "Legal recourse is one
of the ways to resolve the situation, but not the company's
preferred solution ... we're working on all angles," Mr. Paolucci
said.

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.



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

AESCULAPIUS INSURANCE: Shareholders' Final Meeting Set for June 1
-----------------------------------------------------------------
The shareholders of Aesculapius Insurance Company will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 1, 2009.

The company's liquidators are:

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


ARIANE CAYMAN: Members to Hear Wind-Up Report on May 15
-------------------------------------------------------
The members of Ariane Cayman Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on May 15, 2009.

The company's liquidators are:

          Carlos Farjallah
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


BRIGHTON CDO: Members to Hear Wind-Up Report on May 15
------------------------------------------------------
The members of Brighton CDO 2007-1, Ltd. 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:

          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


COLONIAL ADVISORY: Members to Hear Wind-Up Report on May 15
-----------------------------------------------------------
The members of Colonial Advisory Services CDO I Ltd. 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:

          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


CT CHINA: Members to Hear Wind-Up Report on June 15
---------------------------------------------------
The members of CT China Fund Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on June 15, 2009, at 4:00 p.m.

The company's liquidator is:

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


GREYWOLF SPC ET AL: Liquidator to Present Wind-Up Report on May 15
------------------------------------------------------------------
On May 15, 2009, Onson Mukwedeya will present the companies' wind-
up report and property disposal to the members of:

   -- Greywolf SPC 1;
   -- Greywolf SPC 2;
   -- Greywolf SPC 3; and
   -- Greywolf SPC 4

The Liquidator can be reached at:

          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


HYPPCO FINANCE: Members to Hear Wind-Up Report on May 15
--------------------------------------------------------
The members of Hyppco Finance Company A2 Restructured CDO, Ltd.
will receive the liquidator's report on the company's wind-up
proceedings and property disposal on May 15, 2009.

The company's liquidators are:

          Jan Neveril
          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


KINGSLAND VI: Members to Hear Wind-Up Report on May 15
------------------------------------------------------
The members of Kingsland VI, Ltd. 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:

          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


LOGAN FINANCE: Members to Hear Wind-Up Report on May 15
-------------------------------------------------------
The members of Logan Finance CLO I Ltd. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on May 15, 2009.

The company's liquidators are:

          Phillip Hinds
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


PADDLE BRIDGE: Members to Hear Wind-Up Report on May 14
-------------------------------------------------------
The members of Paddle Bridge Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on May 14, 2009.

The company's liquidator is:

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


PAM CAPITAL: Members to Hear Wind-Up Report on May 15
-----------------------------------------------------
The members of Pam Capital Funding Corp. 1998-1 Class A
Restructured CDO, Ltd. will receive the liquidator's report on the
company's wind-up proceedings and property disposal on May 15,
2009.

The company's liquidators are:

          Jan Neveril
          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093 GT, Grand Cayman
          Cayman Islands


PERPETUAL REINSURANCE: Member to Hear Wind-Up Report on July 15
---------------------------------------------------------------
The sole member of Perpetual Reinsurance Company will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 15, 2009, at 10:00 a.m.

The company's liquidator is:

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


PIVOT CAPITAL: Shareholder to Hear Wind-Up Report on May 26
-----------------------------------------------------------
The sole shareholder of Pivot Capital Offshore Fund Ltd. will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on May 26, 2009, at 10:00 a.m.

The company's liquidator is:

          Ogier
          c/o Hayden Isbister
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986



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

BNDES: To Offer BRL10 Bln Credit Line for Agribusiness
------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
will offer BRL10 billion credit line to support activities in
agribusiness following Brazil National Monetary Council's approval
during an extraordinary meeting, Brazzil Magazine reports, citing
Brazil Finance Minister Guido Mantega.

The report relates Mr. Mantega said the funds would go mostly to
support Brazil's ailing meatpacking sector and would be offered at
an annual interest rate of 11.25%.

According to the report, the move is the latest of a series of
Brazilian government initiatives to boost local credit
circulation.

Brazil's meatpacking industry, Brazzil Magazine notes, has been
particularly hard hit by falling demand during a slowdown of the
global economy.

With the credit line "the government aims to avoid further
deterioration in the production chain, which has been under
pressure" due to weak global demand, high debt levels and costlier
credit, Credit Suisse AG analyst Marcel Morares wrote in a press
column obtained by Brazzil Magazine.

The report relates Banco Bradesco SA analyst Fabio Monteiro,
citing a note, said the credit line will likely provide the most
benefit to the most indebted companies.

                           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.

                          *     *     *

As of April 22, 2009, 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.


* ECUADOR: President Offers 30 Cents on Dollar for Bonds
--------------------------------------------------------
Ecuador President Rafael Correa offered to repay holders of
Ecuador’s defaulted bonds as little as 30 cents on the dollar as
the country’s foreign reserves plunge amid slumping oil prices,
Stephan Kueffner of Bloomberg News reports.  “Ecuador is launching
its proposal for a resolution for the 2012 and 2030 bonds,” the
report quoted Finance Minister Maria Elsa Viteri as saying.  “The
bonds will be exchanged for cash.”

According to the report, Mr. Viteri said the government,
represented by Lazard Freres & Co., will hold a modified Dutch
auction ending May 15 that will determine the clearing price for
the bonds, which have a face value of US$3.2 billion.  The results
will be announced around May 26, and the deadline may be extended,
she added.

Ecuador won’t offer to pay overdue interest to holders of the
defaulted bonds, the finance ministry said in an e-mail sent to
Bloomberg News.

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.



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

SAGICOR LIFE: To Cut Jobs by Months End
---------------------------------------
Sagicor Life Jamaica (formerly Life of Jamaica) has informed
the Bustamante Industrial Trade Union (BITU) that the company will
be cutting 75 jobs by April 30, Radio Jamaica News reports.

The report relates BITU President General said clerical and
administrative employees are among those to be let go.

"They have written to us indicating that by April 30 they intend
to terminate 75 positions.  We have raised some concerns with
that.  We have written to them demanding that they rescind that
letter and meet with us urgently to discuss the matter," the
report quoted Mr. Gayle as saying.  "We are not in agreement with
the intended plans of the company and we are having amicable
discussions at the level of the Ministry of Labour in relation to
the same employees about improving their conditions of
employment."

Radio Jamaica News recalls last month several positions were cut
following Sagicor's acquisition of Blue Cross.



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

MULTIBANK INC: S&P Affirms 'BB-/B' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B'
counterparty credit ratings on Multibank Inc. y Subsidiarias.  The
outlook is stable.

"The ratings on Multibank reflect the credit, funding, and market
risks resulting from the relatively high concentration of a few
customers in its loan portfolio and certain mismatches on its
balance sheet.  The bank's overall improving financial performance
over the past three years and its successful business strategy
support the rating," said Standard & Poor's credit analyst
Leonardo Bravo.

Multibank is a midsize niche bank in Panama.  It is focusing on
becoming a full-service bank, comparable with other niche banks in
Latin America having similar business profiles that have also
grown considerably in the past three years.  The bank has
developed aggressive and challenging growth strategies.  Through
both organic and inorganic growth, Multibank expects to become one
of the most important banks in Panama, which has a very
competitive banking sector.  In S&P's view, the bank's growth
strategy of building teams merging experienced executives from
competitor banks with Multibank's own executives has proven
successful.

The stable outlook reflects S&P's expectation that the bank will
continue expanding its loan portfolio adequately and that it will
continue its financial performance trends from 2008.  If the bank
is able to achieve business diversification and further
diversifies the correspondent bank lines, while maintaining its
current levels of profitability, capitalization, and nonperforming
assets, the ratings could be revised upward.  If these levels
deteriorate significantly, the ratings could be revised downward.



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

STANFORD INT'L BANK: Panama Receives Offers for Stanford Assets
---------------------------------------------------------------
Panama banking superintendent said it has received an offer from
an unnamed group interested in acquiring the country's Stanford
bank assets, which is valued at US$228.6 million, Latin France
reports.

The report recalls, on February 17, the superintendent took over
the bank and named a trustee after clients began withdrawing their
funds from the bank.

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 Stanford International Bank Limited (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.

The superintendent, as cited by Latin France, said other potential
bidders, including banks, have also shown interest in the assets
but have not presented offers.

According to the report, a spokesman said the superintendent has
not set a deadline for offers.

                   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.



====================
P U E R T O  R I C O
====================

GREEN WOOD: Case Summary & 16 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: GREEN WOOD DEVELOPMENT INC.
       PO BOX 9066632
       SAN JUAN, PR 00906
       787-722-7380

Bankruptcy Case No.: 09-02684

Chapter 11 Petition Date: April 3, 2009

Court: U.S. Bankruptcy Court District of Puerto Rico

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                 P O BOX 9023115
                 San Juan, PR 00902-3115
                 787 724-2867
                 Email: cerqlaw@coqui.net

Total Assets: $3,573,221

Total Debts: $485,382

A list of the Debtor's 16 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb09-02684.pdf

The petition was signed by Frank Dominguez, the Company's
president.



==========================
V I R G I N  I S L A N D S
==========================

KINGATE: Madoff Trustee Sues Firm in US$255-Mln Recovery Bid
------------------------------------------------------------
Bernard L Madoff Investment Securities LLC trustee Irving
Picard -- appointed under the Securities Investor Protection Act
to liquidate the company --  has sued Kingate Management Limited
for the return of US$255 million transferred to the firm's British
Virgin Islands-registered funds in the months before Madoff's
collapse, Bloomberg News reports.

The report relates Mr. Picard filed a complaint in US Bankruptcy
Court in New York stating that transfers of US$100 million to
Kingate Global Fund Ltd. and US$155 million to Kingate Euro Fund
Ltd. from Madoff firm accounts in October and November were
improper.  "This complaint seeks the return of the Kingate Global
transfers and the Kingate Euro transfers," Bloomberg News quoted
Mr. Picard's lawyers at Baker & Hostetler LLP as saying.  "Both
the Kingate Global transfers and the Kingate Euro transfers are
and continue to be customer property."

Bloomberg News notes that according to the complaint, Kingate
Global invested US$963.5 million with Madoff from March 1994 to
December 11, while Kingate Euro invested US$767.4 million with
Madoff beginning in January 1996, through 155 wire transfers to an
account at JPMorgan Chase & Co. in New York.

The report says Mr. Picard's complaint also names Bank of Bermuda
Ltd., a unit of HSBC Holdings plc., as a defendant.  Based on the
court papers, the report relates, Bank of Bermuda wired the money
from Madoff to Kingate.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
istrict Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *