TCRLA_Public/090424.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, April 24, 2009, Vol. 10, No. 80

                            Headlines


A R G E N T I N A

CAJA DE VALORES: S&P Downgrades Counterparty Credit Rating to 'B-'
CELI CONSTRUCCIONES: Proofs of Claim Verification Due on May 13
GENERAL SUPPLIES: Proofs of Claim Verification Due on June 1
HONESTIDAD Y FUTURO: Proofs of Claim Due on May 11
JUAN MANUEL: Proofs of Claim Verification Due on May 14

LABORATORIO DE COSMETICA: Proofs of Claim Due on May 7
MBA GROUP: Proofs of Claim Verification Due on May 4
MEIBEL PLAC: Proofs of Claim Verification Due on June 11
MINICATA SA: Asks for Opening of Preventive Contest
PARKINVEST SA: Proofs of Claim Verification Due on June 3

TELECOM ARGENTINA: Telecom Italia May Sell Stake in Unit


B A H A M A S

CL FINANCIAL: CLICO (Bahamas) Eliminates More Than 100 Jobs


B R A Z I L

BANCO SAFRA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
BANCO UBS: Fitch Puts Ratings on Rating Watch Negative
BANCO UBS: Fitch Corrects Ratings; Affirms 'C/D' Individual Rating
JBS SA: Sells US$700Mln Five-Year Bonds in International Markets


C A Y M A N  I S L A N D S

CORTLAND CAPITAL: Members to Hear Wind-Up Report on May 15
DB HENLOW: Creditors' Proofs of Debt Due on May 27
GLOBANT HOLDINGS: Members to Hear Wind-Up Report on May 27
IGC LTD: Shareholders to Hear Wind-Up Report on May 15
INVESTCORP ET AL: Liquidator to Give Wind-Up Report on May 18

KBW CREDIT ET AL: Liquidator to Give Wind-Up Report on May 15
MASTER ASIA: Members to Hear Wind-Up Report on May 5
MERRILL LYNCH: Members to Hear Wind-Up Report on May 15
STORES FUNDING: Creditors' Proofs of Debt Due on May 27
THE GLOBAL: Members to Hear Wind-Up Report on May 15

TURNBERRY ET AL: Liquidator to Give Wind-Up Report on May 15
VALE LIMITED: Creditors' Proofs of Debt Due on May 27


E C U A D O R

PETROECUADOR: Posts US$608MM Oil Export Revenues Bet Jan. & March


J A M A I C A

AIR JAMAICA: Contractor General Firm on Heathrow Slot Sale Report
AIR JAMAICA: To Offer Toronto-Jamaica Daily Flights
WALKERSWOOD: Pan-Jamaican to Acquire Stake in Firm


M E X I C O

CEMEX SAB: Met With Investors in Mexico City


P A N A M A

BLADEX: Posts $16.7 Million Net Income for First Quarter


P U E R T O  R I C O

POPULAR INC: Posts US$52.5Mln Net Loss for Quarter Ended March 31


T R I N I D A D  &  T O B A G O

CL FIN'L: Methanol Holdings No Plans to Change Shareholding
HINDU CREDIT: Opposition Leader Calls for Government Bailout


V E N E Z U E L A

* VENEZUELA: Gold Reserve May File Arbitration


X X X X X X X X

* LATIN AMERICA: IMF Says Economy to Contract 1.5% in This Year



                         - - - - -


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

CAJA DE VALORES: S&P Downgrades Counterparty Credit Rating to 'B-'
------------------------------------------------------------------
On April 22, 2009, Standard & Poor's Ratings Services lowered its
foreign and local currency long-term counterparty credit ratings
on Caja de Valores S.A., Argentina's central securities depository,
to 'B-' from 'B+' and 'B' from 'B+', respectively.  The foreign
currency rating was removed from CreditWatch, where it was placed
with negative implications on Nov. 20, 2008.  The outlook is
stable.  At the same time, S&P lowered the foreign currency short-
term rating to 'C' from 'B', and affirmed the local currency
short-term rating at 'B'.

The lowering of the foreign currency rating reflects S&P's
perception of higher risk to the sovereign, affecting the transfer
and convertibility of foreign currency, therefore jeopardizing the
private sector's ability to access and transfer foreign exchange
needed for debt service or other obligations.  The rating on S&P's
current assessment of Argentina's T&C risk is 'B-'.

The lowering of the local currency rating reflects S&P's
perception that Caja's deteriorating business profile faces
greater political and regulatory risks and that the global
economic slowdown's effect on domestic activity will probably hurt
revenues.  Argentina's weaker economic conditions are presenting
more challenges for firms operating in the country.  S&P's local
currency credit rating is a current opinion of an obligor's
overall capacity to generate sufficient local-currency resources
to meet all its financial obligations (both local and foreign
currency), absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  S&P's local
currency rating on Caja de Valores is one notch above that on the
Republic of Argentina (B-/Stable/C), reflecting the company's
critical role and good track record in serving the Argentine
capital markets.


Caja's ratings are constrained by the high systemic risk inherent
to Argentina and by Caja's revenue structure, which depends
greatly on the Argentine capital markets' transaction volume.
These weaknesses are partially offset by its key institutional
role and good track record in serving the local capital and
financial markets.  The rating also considers the company's low-
risk operations, including acting as registrar and agent of
custody and payment; strong financial profile; and adequate
operating safeguards, with good information technology and proper
insurance against fraud or theft.

Caja performs several trust bank functions and data-processing
services for its principal shareholders, Mercado de Valores de
Buenos Aires S.A. and Bolsa de Comercio de Buenos Aires.  Caja's
securities-safekeeping functions are statutorily separated from
Merval's obligation to guarantee the settlement of securities
traded on the Bolsa. Caja's other roles include mortgage bills
registrar and numbering agent.  Caja is solely responsible for the
safekeeping and registration of the securities held under custody,
with Merval's single responsibility being the compensation and
liquidation of daily operations as central counterparty.

Caja either immobilizes or dematerializes -- converts into
electronic form -- almost all the securities it holds.  This
reduces some of the operating risks in the day-to-day handling of
physical securities, which may deteriorate.  Because Caja has
instituted adequate and timely data processing, it also lowers
expenses.

Caja has three lines of defense to protect itself from operational
losses: a strong balance sheet, with a liquid investment portfolio
and solid capital;

Insurance coverage for up to $122 million, mostly covering
operating risks embedded in Caja's operations; and
A guarantee from Caja's shareholders, Bolsa and Merval, for up to
ARS60 million.

Caja's profits have traditionally been strong, a function of the
company's effective monopoly in Argentina.  Nonetheless, it
depends largely on market volumes and market participants'
economic and financial situations.  Caja posted negative results
only in 2002, during the severe economic and financial crisis in
Argentina.  Following the crisis and Argentina's debt
restructuring in 2005, strong economic activity boosted the
recovery of the Argentine capital markets.  Profits improved and
even surpassed levels before the crisis; the company has posted a
return on assets of more than 4% since 2006.

In 2008, market turbulence partially affected Caja's results.
Caja registered an 18.1% decline in total returns, with a 4.3%
return on average assets as of Dec. 31, 2008, which compared
unfavorably with 5.6% at year-end 2007.  However, capitalization
remains strong, with total capital to assets of 31.7%.  The
company's reserves are strong and fully available in case of
extraordinary losses that might erode capital.

                             Outlook

The stable outlook incorporates Caja's conservative operating
philosophy, diverse revenue streams, and strong financial profile,
which have buffered it against the inherent risks of operating in
Argentina.  Nevertheless, ratings could be pressured if a direct
sovereign intervention impairs Caja's business or if systemic
risks increase.

                           Ratings List

                   Downgraded; Off CreditWatch

                      Caja de Valores, S.A.
                   Counterparty Credit Rating

                                To                 From
                                --                 ----

  Foreign Currency              B-/Stable/C        B+/Watch Neg/B

              Downgraded; Short-Term Rating Affirmed

                        Caja de Valores, S.A.
                     Counterparty Credit Rating

                                To                 From
                                --                 ----
  Local Currency                B/Stable/B         B+/Stable/B

                         Ratings Affirmed

                       Caja de Valores, S.A.
                    Counterparty Credit Rating

    National Scale                        raAA+/Stable/raA-1+


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

Ms. Bogado will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Eva Bogado
          Paraguay 1465


GENERAL SUPPLIES: Proofs of Claim Verification Due on June 1
------------------------------------------------------------
Jorge Capurro, the court-appointed trustee for General Supplies
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 1, 2009.

Mr. Capurro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Jorge Capurro
          Quintino Bocayuva 333
          Buenos Aires, Argentina


HONESTIDAD Y FUTURO: Proofs of Claim Due on May 11
--------------------------------------------------
Mario D'Atri, the court-appointed trustee for Honestidad y Futuro
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 11, 2009.

Mr. D'Atri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Mario D'Atri
          Tte. Gral. J. D.
          Buenos Aires, Argentina


JUAN MANUEL: Proofs of Claim Verification Due on May 14
-------------------------------------------------------
Juan Manuel Correa, the court-appointed trustee for Juan Manuel
Correa's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 14, 2009.

Mr. Correa will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Maria Hernandez
          Suipacha 211
          Buenos Aires, Argentina


LABORATORIO DE COSMETICA: Proofs of Claim Due on May 7
------------------------------------------------------
Manuel Bol, the court-appointed trustee for Laboratorio de
Cosmetica Van SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 7, 2009.

Mr. Bol will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 2 in
Buenos Aires, with the assistance of Clerk No. 4, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Manuel Bol
          A. Alsina 2080
          Buenos Aires, Argentina


MBA GROUP: Proofs of Claim Verification Due on May 4
----------------------------------------------------
Julio Villalba, the court-appointed trustee for MBA Group SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 4, 2009.

Mr. Villalba will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Julio Villalba
          Viamonte 1464
          Buenos Aires, Argentina


MEIBEL PLAC: Proofs of Claim Verification Due on June 11
--------------------------------------------------------
Rodrigo Ibanez, the court-appointed trustee for Meibel Plac S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 11, 2009.

Mr. Ibanez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Rodrigo Ibanez
          Pedro Moran 3831
          Buenos Aires, Argentina


MINICATA SA: Asks for Opening of Preventive Contest
---------------------------------------------------
Minicata SA asked for the opening of its preventive contest before
the National Commercial Court of First Instance No. 17 in Buenos
Aires, with the assistance of Clerk 33.


PARKINVEST SA: Proofs of Claim Verification Due on June 3
---------------------------------------------------------
Gerardo Seghezzo, the court-appointed trustee for Parkinvest SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 3, 2009.

Mr. Seghezzo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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.

La Nacion didn't state the submission dates for the reports.

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

The Trustee can be reached at:

          Gerardo Seghezzo
          Combate de los Pozos 128


TELECOM ARGENTINA: Telecom Italia May Sell Stake in Unit
--------------------------------------------------------
Reuters reports Telecom Italia SpA Chairman Gabriele Galateri di
Genola said all options are being looked at for the company's
Argentina operations, including possible sale which he hoped to
conclude in a few months.

Earlier Wednesday, Reuters relates Il Sole 24 Ore newspaper had
said Telecom Italia was considering selling its 50 percent stake
in Sofora Telecomunicaciones SA, the holding company that controls
Telecom Argentina SA and has made contacts with Brazilian
businessmen.

Reuters recalls Argentina's antitrust authority has barred Telecom
Italia from making decisions regarding its Argentina unit and has
rejected the Italian company's appeal against the decision.

Spanish group Telefonica and United Internet are prospective
bidders, sources familiar with the matter told Reuters on Tuesday.

As reported in the Troubled Company Reporter-Europe on April 8,
2009, Bloomberg News said Telecom Italia was ordered by The
Argentine Competition Commission to stop using its voting rights
in local unit Telecom Argentina.

Citing a ruling on the authority's Web site, the report said
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 report said on Jan. 9, 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 has said it plans to exercise an option to increase
its stake in Sofora, 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 report said.

                   About Telecom Italia S.p.A.

Telecom Italia S.p.A. (NYSE:TI) --- http://www.telecomitalia.it/
--- is an Italy-based telecommunications group that operates in
the communications sector, in the television sector using both
analog and digital terrestrial technology, and in the office
products sector.  The Company is engaged principally in the
communications sector and, particularly, in telephone and data
services on fixed lines, for final retail customers and wholesale
providers, in the development of fiber optic networks for
wholesale customers, in Internet services, in domestic and
international mobile telecommunications (especially in Brazil), in
the television sector using both analog and digital terrestrial
technology and in the office products sector.  The Company
operates mainly in Europe, the Mediterranean Basin and in South
America.  In August 2008, ILIAD SA announced that it had finalized
the acquisition of Alice France, the broadband operations of the
Company.

                     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.



=============
B A H A M A S
=============

CL FINANCIAL: CLICO (Bahamas) Eliminates More Than 100 Jobs
-----------------------------------------------------------
CLICO Bahamas Limited (formerly British Fidelity Assurance
Limited), a subsidiary of CLICO (Holdings) Barbados Limited and a
subsidiary of the CL Financial group, terminated more than 100
jobs on April 16, sending home employees without severance
packages or letters detailing what compensation they would receive,
Trinidad and Tobago Express reports.

According to the report, citing Nassau Guardian, court-appointed
liquidator Craig Gomez informed the staff members that their
services would no longer be required.  The report relates the
workers were reportedly given termination letters that explained
why they were being let go.

The Express notes the Guardian said Mr. Gomez had anticipated the
company's folding and had budgeted $3 million for severance
payments to the laid off employees.  The report relates Mr. Gomez
made the listing as part of his liquidation projection, and listed
the payments under the rubric 'debts and preferential claims.'

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, CaribWorldNews said the Bahamian Supreme Court
granted a request from the islands government to liquidate Clico
Bahamas for the protection of company shareholders.  Craig Gomez
of Baker Tilley Gomez was appointed as the liquidator of the
company, according to CaribWorldNews.

Mr. Ingraham, as cited by Caribbean Net News, said Clico (Bahamas)
went into liquidation because it was unable to pay US$2.6 billion
to policyholders.

According to an April 1 TCRLA report, citing Trinidad and Tobago
Express, provisional liquidator Craig Tony Gomez's report filed
with the Bahamas Supreme Court disclosed that CLICO Bahamas's
liabilities exceed its assets by US$18 million.   The report
relates Mr. Gomez's report listed CLICO Bahamas's total assets at
US$116,965,096 and total liabilities at US$135,085,964.

In the report, Trinidad and Tobago Express related Mr. Gomez also
noted that the company had a "considerable amount of critical
claims", which were being reviewed, including death benefits,
emergency surgeries, cancer patient treatments and HIV patient
treatments.

In addition, Trinidad and Tobago Express noted, Mr. Gomez said
CLICO Bahamas can't recover the US$73 million it loaned to CLICO
Enterprises Ltd as part of a Florida real estate deal because of
the downturn in the US real estate market.

Meanwhile, Trinidad and Tobago Express said CLICO Guyana and CLICO
Suriname are claiming policy packages of US$34 million and US$15.5
million respectively with CLICO Bahamas.

                       About CL Financial

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



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

BANCO SAFRA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B'
counterparty credit ratings on Banco Safra S.A.  The outlook is
stable.

"The ratings reflect the bank's lower profitability than peers',
the pressure on its margins from increased funding costs, and its
exposure to institutional investors funding.  These negative
factors are partly offset by the bank's long track record in its
core business of servicing small and medium-sized enterprises, its
historically sound loan portfolio backed by conservative credit
underwriting, its strong franchise, and its committed and well-
regarded shareholder," said Standard & Poor's credit analyst
Marcelo Peixoto.

Safra's 2008 profitability was stable, but modest, at 1.3%.
Profitability lags large retail banks due to the bank's relatively
low scale and higher funding costs.  Its gradual move into the
retail segment -- currently 12% of credit operations -- coupled
with its adequate underwriting may improve the bank's
profitability in the next few years.  Safra is a lean institution,
operating with a smaller and more efficient branch network as
evidenced by its adequate 60% efficiency ratio.

The stable outlook balances S&P's expectation that the bank will
be able to sustain its adequate asset quality indicators (even in
a more challenging operating environment) and that profitability
will be close to current levels despite potential negative
pressure on funding cost and lower growth.  "The ratings could be
lowered, or the outlook revised to negative, if asset quality
deteriorates considerably from current levels, or in the unlikely
event that S&P sees a major shift in the shareholder commitment or
strategy.  S&P does not foresee an upward rating movement in the
next 12 months due to the challenging operating environment that
lies ahead for financial institutions in general," Mr. Peixoto
added.


BANCO UBS: Fitch Puts Ratings on Rating Watch Negative
------------------------------------------------------
Fitch Ratings has placed on Rating Watch Negative the ratings
assigned to Banco UBS Pactual S.A., except the Individual Rating,
following announcement of the sale of the bank to the financial
services company, BTG Investiments LP, controlled by Andre Esteves,
one of the former controlling shareholders of Banco Pactual S.A.,
before the latter was sold to its present owner, UBS AG in 2006.

The rating actions are:

  -- Foreign currency long-term Issuer Default Rating 'BBB+'
     on Watch Negative;

  -- Foreign Currency short-Term IDR 'F2' on Watch Negative;

  -- Local currency long-term IDR 'BBB' on Watch Negative;

  -- Local currency short-term IDR 'F2' on Watch Negative;

  -- Individual rating affirmed at 'C/D';

  -- Support rating '2' on Watch Negative;

  -- National long-term rating 'AAA(bra)' on Watch Negative;

  -- National short-term rating 'F1+(bra)' on Watch Negative.

The IDRs and national ratings of UBS Pactual are derived from the
support of its current shareholder, UBS, whose IDRs ('A+'/Stable
Outlook) were affirmed by Fitch in March 2009 and are at their
Support rating floor.  These ratings also contemplate the systemic
importance of UBS, and the support capacity of the Swiss
Government (IDR 'AAA'/Stable Outlook).  With the sale to BTG, the
institution's credit ratings will reflect the financial capacity
of UBS Pactual, expressed in its Individual rating, and should be
downgraded by more than one notch on all scales.

With conclusion of the sale, projected for mid-2009 and subject to
approval of the regulatory authorities, the ratings of the
successor bank, which will be called BTG Pactual S.A., will
reflect the challenges of consolidating this franchise with a
smaller distribution capacity in a more challenging environment,
but supported by experienced professionals and good risk controls.
Fitch believes that UBS will continue to provide full support to
UBS Pactual until the final transfer is effected.

UBS Pactual became 100% controlled by UBS in 2006, one of the
largest banking groups in Switzerland and the world.  The bank's
origin dates back to 1983 and is among the largest merchant banks
in Brazil.


BANCO UBS: Fitch Corrects Ratings; Affirms 'C/D' Individual Rating
------------------------------------------------------------------
This is an amended version of a press release issued earlier.  It
contains revised long-term foreign and local currency IDRs.

Fitch Ratings has placed on Rating Watch Negative the ratings
assigned to Banco UBS Pactual S.A., except the Individual Rating,
following announcement of the sale of the bank to the financial
services company, BTG Investiments LP, controlled by Andre Esteves,
one of the former controlling shareholders of Banco Pactual S.A.,
before the latter was sold to its present owner, UBS AG in 2006.

The rating actions are:

  -- Foreign currency long-term Issuer Default Rating 'BBB'
     on Watch Negative;

  -- Foreign Currency short-Term IDR 'F2' on Watch Negative;

  -- Local currency long-term IDR 'BBB+' on Watch Negative;

  -- Local currency short-term IDR 'F2' on Watch Negative;

  -- Individual rating affirmed at 'C/D';

  -- Support rating '2' on Watch Negative;

  -- National long-term rating 'AAA(bra)' on Watch Negative;

  -- National short-term rating 'F1+(bra)' on Watch Negative.

The IDRs and national ratings of UBS Pactual are derived from the
support of its current shareholder, UBS, whose IDRs ('A+'/Stable
Outlook) were affirmed by Fitch in March 2009 and are at their
Support rating floor.  These ratings also contemplate the systemic
importance of UBS, and the support capacity of the Swiss
Government (IDR 'AAA'/Stable Outlook).  With the sale to BTG, the
institution's credit ratings will reflect the financial capacity
of UBS Pactual, expressed in its Individual rating, and should be
downgraded by more than one notch on all scales.

With conclusion of the sale, projected for mid-2009 and subject to
approval of the regulatory authorities, the ratings of the
successor bank, which will be called BTG Pactual S.A., will
reflect the challenges of consolidating this franchise with a
smaller distribution capacity in a more challenging environment,
but supported by experienced professionals and good risk controls.
Fitch believes that UBS will continue to provide full support to
UBS Pactual until the final transfer is effected.

UBS Pactual became 100% controlled by UBS in 2006, one of the
largest banking groups in Switzerland and the world. The bank's
origin dates back to 1983 and is among the largest merchant banks
in Brazil.


JBS SA: Sells US$700Mln Five-Year Bonds in International Markets
----------------------------------------------------------------
JBS SA sold US$700 million five-year bonds in international
markets, exceeding its initial offering by 75%, Bloomberg News
reports.

The report relates the company sold the bonds to yield 13%.

According to the report, Jose Luis Villanueva, an analyst at Fitch
Ratings in New York, said the international bond sale will help
the company gain market share and improve profitability as
competitors struggle with debt.  The sale gives JBS "increasing
liquidity at a time when the availability of bank credit is
declining," Mr. Villanueva said, as cited in the report.  "With
bankruptcies, the big players will benefit from less competition."

As reported in the Troubled Company Reorter-Latin America on
April 23, 2009, Brazzil Magazine said 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.  The report related Brazil Finance Minister
Guido 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 Brazzil Magazine, the move is the latest of a series
of Brazilian government initiatives to boost local credit
circulation.

Brazil's meatpacking industry, Brazzil Magazine noted, 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 related 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 JBS SA

JBS is one of the world's largest beef producers with operations
in Brazil, the United States, Argentina, Australia and Italy.  The
company is the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australian and the third
largest in the USA.

                       *      *     *

As reported in the Troubled Company Reporter-Latin America on
April 17, 2009, Standard & Poor's Ratings Services affirmed its
'B+' long-term corporate credit rating on Brazil-based meat-
processing company JBS S.A.  The outlook is negative.



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

CORTLAND CAPITAL: Members to Hear Wind-Up Report on May 15
----------------------------------------------------------
The members of Cortland Capital 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:

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


DB HENLOW: Creditors' Proofs of Debt Due on May 27
--------------------------------------------------
The creditors of DB Henlow Investments Limited are required to
file their proofs of debt by May 27, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 23, 2009.

The company's liquidator is:

          Jeremy Simon Spratt
          KPMG LLP
          8 Salisbury Square, London
          EC4Y 8BB, United Kingdom
          Telephone: +44 (0)20 7694 3731
          Facsimile: +44 (0)20 7694 3533


GLOBANT HOLDINGS: Members to Hear Wind-Up Report on May 27
----------------------------------------------------------
The members of Globant Holdings, Ltd. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on May 27, 2009.

The company's liquidator is:

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


IGC LTD: Shareholders to Hear Wind-Up Report on May 15
------------------------------------------------------
The shareholders of IGC 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:

          Brian Patrick Randall
          Susan G. Raesmith
          c/o B P Randall
          PO Box 1166, Grand Cayman KY1-1102
          Telephone: 949-5588
          Facsimile: 945-5772


INVESTCORP ET AL: Liquidator to Give Wind-Up Report on May 18
-------------------------------------------------------------
On May 18, 2009, Evania Ebanks will present the companies' wind-up
report and property disposal to the shareholders of:

   -- Investcorp Interlachen Fixed Income Master Fund Limited; and
   -- Investcorp Interlachen Fixed Income Fund Limited.

The Liquidator can be reached at:

          Evania Ebanks
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


KBW CREDIT ET AL: Liquidator to Give Wind-Up Report on May 15
-------------------------------------------------------------
On May 15, 2009, Bobby Toor and Victor Murray will present the
companies' wind-up report and property disposal to the members of:

   -- KBW Credit Opportunity Master Fund Limited; and
   -- KBW Credit Opportunity Fund Limited.

The company's liquidators are:

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


MASTER ASIA: Members to Hear Wind-Up Report on May 5
----------------------------------------------------
The members of Master Asia Holdings Ltd will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on May 5, 2009, at 12:00 noon.

The company's liquidator is:

          Joel Frank
          9 West, 57th Street, New York
          New York, USA


MERRILL LYNCH: Members to Hear Wind-Up Report on May 15
-------------------------------------------------------
The members of Merrill Lynch Taurus 2000 Singapore Fund 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:

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


STORES FUNDING: Creditors' Proofs of Debt Due on May 27
-------------------------------------------------------
The creditors of Stores Funding Limited are required to file their
proofs of debt by May 27, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 23, 2009.

The company's liquidator is:

          Jeremy Simon Spratt
          KPMG LLP
          8 Salisbury Square, London
          EC4Y 8BB, United Kingdom
          Telephone: +44 (0)20 7694 3731
          Facsimile: +44 (0)20 7694 3533


THE GLOBAL: Members to Hear Wind-Up Report on May 15
----------------------------------------------------
The members of The Global Convertible Opportunities Fund 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:

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


TURNBERRY ET AL: Liquidator to Give Wind-Up Report on May 15
------------------------------------------------------------
On May 15, 2009, Walkers Corporate Services Limited will present
the companies' wind-up report and property disposal to the members
of:

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

The Liquidator can be reached at:

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


VALE LIMITED: Creditors' Proofs of Debt Due on May 27
-----------------------------------------------------
The creditors of Vale Limited are required to file their proofs of
debt by May 27, 2009, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Jeremy Simon Spratt
          KPMG LLP
          8 Salisbury Square, London
          EC4Y 8BB, United Kingdom
          Telephone: +44 (0)20 7694 3731
          Facsimile: +44 (0)20 7694 3533



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

PETROECUADOR: Posts US$608MM Oil Export Revenues Bet Jan. & March
-----------------------------------------------------------------
Petroecuador oil export revenues between January and March dropped
65% to US$608 million from US$1.76 billion in the same period of
2008 amid the fall in oil international prices, Mercedes Alvaro of
Dow Jones Newswires reports.

According to the report, citing company data, Petroecuador
exported 19.8 million barrels of crude oil between January and
March, up 20% from 16.50 million barrels registered in the 2008
period.

The report relates exports of Oriente crude were 15.13 million
barrels in the first three months of 2009, while exports of Napo
crude were 4.67 million barrels.

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.



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

AIR JAMAICA: Contractor General Firm on Heathrow Slot Sale Report
-----------------------------------------------------------------
Contractor General Greg Christie said he will stand by the
statements in his report following a probe into the divestment of
Air Jamaica Limited's London Heathrow slots despite sharp critisms
from former finance minister Dr Omar Davies and former Air Jamaica
chairman O.K Melhado, Go Jamaica News reports.

The report relates Mr. Christie said his office stands firmly and
unconditionally behind every word of its findings, conclusions,
recommendations and referrals set out in the report.

According to the report, Mr. Christie reported that the Office of
the Contractor General (OCG) has abundant unimpeachable
documentary and sworn written evidence to fully support and defend
its stated position.

Go Jamaica News notes OCG will soon release three letters, dated
April 23, 2007, written by Dr. Davies to Virgin Atlantic, British
Airways and O.K. Melhado, which according to Mr Christie, were the
pivotal documents that influenced or directed the divestment of
the Heathrow Slots to Virgin.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2009, the Jamaica Gleaner said Air Jamaica former Finance
Minister Dr Omar Davies rejected Mr. Christie's probe report that
claims he had illegally and improperly intervened into the sale of
Air Jamaica's London Heathrow routes to Virgin Atlantic.  The
Gleaner related Mr. Christie also reportedly alleged that the sale
was unfair because Virgin Atlantic was placed in advantageous
position over British Airways which was the second bidder.

According to Radio Jamaica, the Office of the Contractor
General (OCG) investigation on Air Jamaica's slot sale to Virgin
Atlantic Airlines was initiated last April after Air Jamaica CEO
Don Wehby raised concern about impropriety and a lack of
transparency in the sale of state assets.  Questions were raised
about breach of the Government's Procurement Guidelines,
mismanagement and a breach of accounting procedures, Radio Jamaica
noted.

Radio Jamaica said the Bruce Golding administration had taken
issue with the decision by the previous government to divest
the Heathrow slots.  Finance Minister Audley Shaw maintained that
they were sold too cheaply and accused the People's National Party
administration of gross dereliction of duty in the manner it
disposed of the slots, Radio Jamaica said.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


AIR JAMAICA: To Offer Toronto-Jamaica Daily Flights
---------------------------------------------------
Air Jamaica Limited is now offering daily flights between Toronto
and Jamaica starting April 23 to June 12, South Florida Caribbean
News reports.

"We are anticipating a busy spring and summer season, and with
daily flights, our passengers will find it more convenient to
arrange that perfect vacation in Jamaica," the report quoted Chief
Revenue Officer Tom Hill as saying.

According to the report, from June 13, 2009 through the remainder
of the summer season, the schedule will remain the same Sunday
through Friday.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


WALKERSWOOD: Pan-Jamaican to Acquire Stake in Firm
--------------------------------------------------
Seasoning Manufacturer Walkerswood Partners Limited could be
acquired by Pan-Jamaican Investment Trust Limited (Pan-Jam) by
May 1, Radio Jamaica News reports.

The report relates St. Ann-based Walkerswood Partners reportedly
owes its creditors as well as scores of local farmers hundreds of
millions of dollars.

According to a filing to the Jamaica Stock Exchange, Pan-Jam has
advised that it is part of an investment consortium, which is
intending to acquire 90% of the ordinary shares of Walkerswood
Partners.

The filing says the acquisition would be consummated after
acceptance of a court-approved Scheme of Arrangement by the
requisite majority of each class of creditors of each of the
Walkerswood group companies, and agreement with other stakeholders
in respect of any other liabilities and contingencies of the group.

The investment consortium, the filing says, would purchase 90% of
Walkerswood Partners for approximately $350 million in cash, to be
used for badly-needed working capital and the future development
of the company.

Pan-Jam`s equity interest in the consortium is expected to be
approximately 25%, and it intends to play an active role in the
management of the Walkerswood group to ensure the success of the
revitalised operation.



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

CEMEX SAB: Met With Investors in Mexico City
--------------------------------------------
Cemex S.A.B de C.V met with investors yesterday, April 23,
12:00 pm in Mexico City, Latin France reports.

According to the report, the firm and the investors' agenda were a
proposal to pay dividends on the past year's earnings, and, by
extension, paying coupons on perpetuals; as well as provide an
update on the debt renegotiation talks with bank creditors.

The report relates it is not clear how much detail the company
will divulge on its restructuring, some expect the company will
look to deliver a positive progress report.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Bloomberg News said Mexico's central bank said it
will tap a US$30 billion swap line with the Federal Reserve to
help companies meet financing needs.  "If they open a line of
support to corporations, Cemex S.A.B de C.V could be one of those
that benefits," Bloomberg News quoted Francisco Suarez, head of
equity research at Actinver SA, as saying.

According to Bloomberg News, Central Bank Governor Guillermo Ortiz
said Mexico will carry out an auction related to the currency swap
line and will disclose the amount in a few days.  Mr. Ortiz, the
report recalled, previously said the facility could be used to
help finance the private sector.

Bloomberg News related Cemex SAB started discussions with banks to
renegotiate about US$14.5 billion of debt after postponing its
bond sale.  Company spokesman Jorge Perez, as cited by Bloomberg
News, said the US$14.5 billion is all of Cemex's bank debt and
doesn't include any bonds.  At the end of December, Cemex had
total debt of US$18.8 billion, the report noted.

Bloomberg News recalled that Cemex delayed a US$500 million bond
sale after its borrowing costs surged amid a tumble in global
financial markets, with plans to revive the offering.  The cost of
protecting Cemex's debt against default jumped on March 6, to the
highest since at least November 2005, according to Bloomberg data.

Reuters noted Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit debacle.

                         About Cemex

Cemex S.A.B de C.V is the third-largest cement producer in the
world based on production capacity of approximately 97 million
metric tons and operates in more than 50 countries.  The company
is also the global leader in the ready mix concrete market with
sales of over 80.5 million cubic meters, and an important global
player in the aggregates business with sales of 222.7 million
tons.  In 2008, Cemex generated US$4.370 billion of EBITDA on
US$21.8 billion of sales revenues.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009.  At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.



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

BLADEX: Posts $16.7 Million Net Income for First Quarter
--------------------------------------------------------
Banco Latinoamericano de Exportaciones (Bladex)'s net income
amounted to US$16.7 million in the first quarter 2009, from a net
loss of US$4.3 million in the fourth quarter 2008, and from a a
net income of US$19.2 million gain during the first quarter 2008.

The company's net operating income for the first quarter 2009
amounted to US$22.3 million from a net operating loss of US$4.5
million in the fourth quarter 2008, and from a US$19.2 million in
net operating income in the first quarter 2008.

Bladex's net interest income in the first quarter 2009 amounted to
US$15.4 million, an increase of US$0.7 million, or 5% from fourth
quarter 2008, mainly due to increased lending spreads.

The company's deposits as of March 31, 2009 increased US$47
million (4%) from the fourth quarter, 2008.

The Bank's Tier 1 capital ratio as of March 31, 2009 stood at
21.7%, compared to 20.4% as of December 31, 2008, and compared to
20.4% as of March 31, 2008.  The Bank's leverage ratio as of these
dates was 6.8x, 7.6x and 8.3x, respectively.  The Bank's equity
consists entirely of common shares.

As of March 31, 2009, the Bank reported zero past due credits in
its portfolio.  The ratio of the allowance for credit losses to
the commercial portfolio strengthened to 3.2%, compared to 2.8% as
of December 31, 2008, and 2.0% as of March 31, 2008.

                        About Bladex

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

                         *     *     *

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



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

POPULAR INC: Posts US$52.5Mln Net Loss for Quarter Ended March 31
-----------------------------------------------------------------
Popular Inc. reported a net loss of US$52.5 million for the
quarter ended March 31, 2009, from a net loss of US$702.9 million
for the quarter ended December 31, 2008, and net income of
US$103.3 million for the quarter ended March 31, 2008.

"We continue to strengthen our reserves and consolidate our
operations.  Significant events in this quarter include the gain
on sale of US$183 million in investment securities to improve
regulatory capital and a US$56 million reduction in operating
expenses associated with the continued reengineering of our U.S.
operations.  We also divested our U.S. equipment finance business
to reduce risk exposure," indicated Richard L. Carrion, Chairman
of the Board and Chief Executive Officer of Popular, Inc.

"Although loan net charge-offs decreased during the quarter, we
continue to increase our reserve balance due to continued increase
in impaired loans with specific reserves."

The corporation's continuing operations reported a net loss of
US$42.6 million for the quarter ended March 31, 2009, compared
with a net loss of US$627.7 million for the quarter ended
December 31, 2008, and net income of $99.2 million for the quarter
ended March 31, 2008.

The discontinued operations of Popular Financial Holdings ("PFH")
in the U.S. mainland reported a net loss of US$9.9 million for the
quarter ended March 31, 2009, compared to a net loss of US$75.2
million for the quarter ended December 31, 2008.  The variance was
principally the result of lower income tax expense by US$10.3
million which was associated with the valuation allowance on
deferred tax assets.  Also, the results for the quarter ended
December 31, 2008 included a loss on disposition of assets of
US$26.4 million.  As of March 31, 2009, PFH holds a loan portfolio
measured at fair value of US$7 million and other miscellaneous
assets, including other real estate.

Net interest income for the first quarter of 2009 was
US$272.5 million, compared with US$288.9 million for the fourth
quarter of 2008.  The decrease was due to a decline of US$0.2
billion in average earning assets, together with a reduction of 16
basis points in the net interest yield each.

                        About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 26, 2009, Popular Inc. reported a net loss of US$702.9
million for the quarter ended December 31, 2008, compared with a
net loss of US$294.1 million in the same quarter of 2007 and a net
loss of US$668.5 million for the quarter ended September 30, 2008.

For the year ended December 31, 2008, the net loss reported
amounted to US$1.2 billion, compared to a net loss of
US$64.5 million in the same period of the previous year



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

CL FIN'L: Methanol Holdings No Plans to Change Shareholding
-----------------------------------------------------------
Methanol Holdings (Trinidad) Limited (MHTL) -- which was hived off
by its parent company CL Financial Limited to the government in
exchange for a bailout package -- said it has no plans to change
the shareholding of the company, Trinidad and Tobago Newsday
reports.

The report recalls in a Memorandum of Understanding signed between
the Government and CL Financial, the conglomerate in exchange for
Clico's bailout divested its shareholding in MHTL as well as its
55% shareholding in Republic Bank to Government.

According to a company press release, MHTL CEO Rampersad Motilal
said: " [The company] wishes to assure its customers, suppliers,
contractors, and other stakeholders, that current financial
situation of its major shareholder, Clico/CL Financial group, has
no way impended or impacted the operations of the company.  MHTL
is a stand-alone independent private company that has always been
managed and operated as a separate entity from that of its
majority shareholder.  This status, including the shareholding
structure, continues as before and there are no immediate plans to
dispose of or change the shareholding of MHTL."

According to the press statement, the company said like most other
petrochemical operations, its first quarter financial results were
lower from the corresponding period in 2008, this was due entirely
to the current global economic situation and in no way related to
the difficulties associoated with one of its shareholder's
insurance business.

                    About Methanol Holdings

Methanol Holdings (Trinidad) Limited (MHTL) --
http://www.ttmethanol.com/web/index.htm--  is one of the largest
methanol producers in the world with a total capacity of over 4
million metric tonnes annually from its five (5) methanol pleants
located at Point Lisas Industrial Estate on the island of Trinidad
and Tobago. The company is the largest supplier of methanol to
North America and is also a significant supplier to European
Market.

CL Financial Limited is the majority shareholder with a
shareholding of 56.53% in Methanol Holdings (Trinidad) Limited. CL
Financial is one of the Caribbean region's largest conglomerates
with a wide range of interests including, but not limited to,
Insurance, Financial Services, Property and Real Estate
Development, Media and Communication, Forestry and Agriculture,
Energy and Petrochemicals, Manufacturing and Alcohol Distilleries.
The company has pursued a policy of expansion through integration
and diversification, both in Trinidad and Tobago and globally, and
now spans over 30 countries of the Caribbean, Central and North
America, Europe, Asia and Africa.

The company is locally registered, whose shareholders comprise
Ferrostaal AG, Oil Products AG (OPAG) and Helm AG.  CEL has a
shareholding of 43.47% in Methanol Holdings (Trinidad) Limited and
also has investments in local ammonia companies Caribbean Nitrogen
Company Limited (CNC) and Nitrogen 2000 Unlimited (N2000).

                        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.


HINDU CREDIT: Opposition Leader Calls for Government Bailout
------------------------------------------------------------
Opposition Leader Basdeo Panday slammed the government's move to
bailout CL Financial Limited's struggling subsidiary, Anna Ramdass
of Trinidad and Tobago Express reports.

"I believe the Government should treat the depositors of the Hindu
Credit Union equally.  It is very unfair and people in this
country should be treated equally," Mr. Panday told the Express in
a a telephone interview.  "What is important is that our own
people are suffering, and we ought to do something about it.  The
people have called on the Government to assist, they have refused,
so the only option is to remove the Government."

As reported in the Troubled Company Reporter-Latin America on
April 22, 2009, Trinidad and Tobago Express said the government
has agreed to pump in $315 million (US$50 million) to rescue CL
Financial's units to protect insurance policyholders in
smaller Caribbean countries.  The report said 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.

The Express recalled the 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.

Winston Dookeran, political leader of the Congress of the People
(COP), as cited by the Express, said that the time had come for
the government to come clean on the CLICO issue.   "I think it's
about time that the Government comes clean with the people of
Trinidad and Tobago, and let us know exactly what the situation is
with respect to the use of public funds and the extent to their
approach to solving the CLICO problem," he added.

                      About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

* VENEZUELA: Gold Reserve May File Arbitration
----------------------------------------------
Gold Reserve Inc. has notified the Bolivarian Republic of
Venezuela of the existence of a dispute between the company and
the Venezuelan Government under both:

   (1) the Agreement between the Government of Canada
       and the Government of the Republic of Venezuela for
       the Promotion and Protection of Investments ("Canada -
       Venezuela Treaty") and

   (2) the Agreement between the Government of Barbados
       and the Government of the Republic of Venezuela for
       the Promotion and Protection of Investments
       ("Barbados-Venezuela Treaty").

This dispute has arisen primarily as a result of the Venezuelan
Ministry of Environment's formal notification in May 2008 revoking
the March 2007 permit or Authorization for the Affectation of
Natural Resources for the Construction of Infrastructure and
Services Phase of the Brisas Project.  The company has taken this
action as a result of the Venezuelan Government's failure to
reinstate the March 2007 authorization and the lack of any
meaningful dialog to resolve the prolonged obstruction of our
rights to the Brisas Project.

It is the company's intent to settle the dispute amicably.
However, if the dispute is not settled amicably, the company may
file for international arbitration at anytime under the Barbados-
Venezuela Treaty or after six months from the date of notification
under the Canada-Venezuela Treaty.  In the event the company is
compelled to file for international arbitration, it would make a
claim for the fair market value of our investment at the time of
the revocation which it believe was in excess of US$5 billion. In
May 2008, the time of the revocation, the price of gold and copper
was US$880 per ounce and $3.75 per pound, respectively.

                      About Gold Reserve

Gold Reserve Inc. is a Canadian company, which holds the rights to
the Brisas gold/copper project and the Choco 5 gold exploration
property in Bolivar State, Venezuela.

                        *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.



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

* LATIN AMERICA: IMF Says Economy to Contract 1.5% in This Year
---------------------------------------------------------------
Economies in the Latin American and Caribbean (LAC) region have
generally held up well so far in the face of recent global
financial strains, according to the IMF's latest Regional Economic
Outlook: Western Hemisphere, released this month.  Many countries
in the region are benefiting from stronger fiscal and external
positions and improved credibility of policy frameworks, said
Anoop Singh, Director of the IMF's Western Hemisphere Department.

Stresses in U.S. financial markets have had less impact on the
region's financial markets and external funding than in past
episodes of global financial disruptions.  Although external
funding conditions have tightened, especially for the LAC
corporate sector, this has been by less than in the past, and also
less than in some other emerging markets.  However, he noted that
a deteriorating global environment will weaken fiscal and external
positions, especially because public spending continues to be
procyclical in many countries.  Mr. Singh added that the prospects
for a number of countries have been strongly supported by still-
strong commodity prices.

Growth in the LAC region is expected to slow this year and next
given the weaker external conditions, Mr. Singh noted.  In the
baseline scenario, the region's growth is projected to slow
gradually from 5.6 percent in 2007 to 4.4 percent in 2008 and 3.6
percent in 2009.  This reflects the impact of weaker external
demand and financial conditions, as well as moderating commodity
prices and remittances.

Mr. Singh added that the balance of risks for growth is tilted to
the downside.  The financial shocks currently playing out in the
global economy introduce a particularly high degree of uncertainty
for the region.  Moreover, the possibility that commodity prices
could unwind, as in previous global slowdowns, remains an
important downside risk for the commodity-exporting countries in
the region.  At the same time, inflation pressures remain a
concern for monetary policymakers with strong domestic demand and
very rapid credit growth, combined with exogenous shocks,
especially to food and fuel prices, in many countries.

"Navigating this period of financial turbulence and heightened
uncertainty is the key near-term policy challenge," Mr. Singh said.
While the region has entered this situation with reduced
vulnerabilities, balancing the expected growth slowdown against
ongoing inflationary pressures is a key test of the generally
improved policy frameworks in the region, and will require careful
policy management.  Monetary policy has been correctly oriented
toward containing inflation, and the efforts of central banks need
to be supported by flexibility in other aspects of the
macroeconomic policy mix, especially exchange rate and fiscal
policies.  The staff's analytical work cautions against
discretionary fiscal stimulus in many countries, especially given
the procyclical fiscal stance in many countries, and favors better
targeted public spending to enhance infrastructure and social
support, and catalyze higher overall investment and productivity
over the medium term.  Financial supervisors need to continue to
monitor closely the risks in the financial sector, as well as
maintain a close dialogue with regulators in other countries,
given the international nature of the current shocks.

                            ***********

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 * *