TCRLA_Public/090429.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

                Wednesday, April 29, 2009, Vol. 10, No. 83

                            Headlines

A N T I G U A  &  B A R B U D A

SIBL: Receiver Says US$1 Billion Received by Bank Can't be Found


A R G E N T I N A

ABASTECEDORA MATIEGO: Proofs of Claim Verification Due on May 22
AGENCIA KEYSTONE-SUCURSAL: Claim Verification Due on June 26
DIKER SA: Proofs of Claim Verification Due on June 19
ING. LANA: Verifies Proofs of Claims
OMAHA SA: Proofs of Claim Verification Due on June 16

PARKINVEST SA: Proofs of Claim Verification Due on June 3
RONDINE SA: Proofs of Claim Verification Due on June 3
VANK SA: Proofs of Claim Verification Due on July 6
VISION EXPRESS: Asks for Opening of Preventive Contest


B R A Z I L

BANCO DO BRASIL: Changes Top Management Positions
GERDAU AMERISTEEL: To Hold First Quarter Conference Call on May 7
TAM SA: Inks Aeroplan Miles Deal With Air Canada
TELE NORTE: To Substitute Brasil Telecom Brand From May


C H I L E

SOCIEDAD DE INVERSIONES: High Leverage Cues S&P to Hold BB- Rating


C O L O M B I A

BANCOLOMBIA: Inks New Partnership With Xoom.com


G U A T E M A L A

* GUATEMALA: IMF Approves US$935 Million Stand-By Arrangement


M E X I C O

JBS USA: Swine Flu in Mexico Won't Affect Moody's 'B1' Rating
ROYAL CARIBBEAN: Temporarily Suspends Port Calls in Mexico


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Five Senior Officials Quit Posts


U R U G U A Y

FEDERACION URUGUAYA: Fitch Affirms 'B' Issuer Default Rating
BANCO SURINVEST: Fitch Affirms Issuer Default Rating at 'B'


V E N E Z U E L A

PDVSA: No Wage Increase for Workers This Year, Minister Says
PEQUIVEN: Cuts Executive Pay by 20% to Avoid Job Layoffs


                         - - - - -


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

SIBL: Receiver Says US$1 Billion Received by Bank Can't be Found
----------------------------------------------------------------
Stanford Financial Group (SFG) court-appointed receiver, Ralph
Janvey, said Stanford International Bank Limited (SIBL) owner
Robert Allen Stanford's companies were organized to blur how they
operate and that as much as US$1 billion by SIBL can’t be found,
Bloomberg News reports.

“It appears that very few people were privy to sufficient
information to understand the totality of the operations,” Mr.
Janvey said in a 58-page report filed in federal court in Dallas,
the report relates.  “The structure was seemingly designed to
obfuscate holdings and transfers of cash and assets.”

“Some of this cash may have been transferred to Mr Stanford and
then used by him to purchase personal assets or invested in
personal bank accounts that are not reflected in available
financial records,” Mr. Janvey said in his report obtained by
Bloomberg News.  “This value may be recoverable once identified.”

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, Stanford Group Company (SGC), and
investment adviser Stanford Capital Management.  As reported in
the Troubled Company Reporter-Latin America on April 8, 2009,
Bloomberg News said U.S. District Judge David Godbey seized all of
Mr. Stanford’s corporate and personal assets and placed them under
the control of court-appointed SGC receiver Ralph Janvey.

                  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
=================

ABASTECEDORA MATIEGO: Proofs of Claim Verification Due on May 22
----------------------------------------------------------------
Otto Munch, the court-appointed trustee for Abastecedora Matiego
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 22, 2009.

Mr. Munch will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14, 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
proceedings 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.

The Trustee can be reached at:

        Otto Munch
        Maipu 509
        Argentina


AGENCIA KEYSTONE-SUCURSAL: Claim Verification Due on June 26
------------------------------------------------------------
Hugo Dogliani, the court-appointed trustee for Agencia Keystone-
Sucursal Argentina's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 26, 2009.

Mr. Dogliani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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
proceedings 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.

The Trustee can be reached at:

        Hugo Dogliani
        Pedro Rivera 3944
        Argentina


DIKER SA: Proofs of Claim Verification Due on June 19
-----------------------------------------------------
The court-appointed trustee for Diker S.A.'s bankruptcy
proceedings, verified creditors' proofs of claim on June 19, 2009.

The trustee will present the validated claims in court as
individual reports on August 19, 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
October 2, 2009.


ING. LANA: Verifies Proofs of Claims
------------------------------------
The court-appointed trustee for Ing. Lana Construcciones S.R.L.'s
reorganization proceedings, verified creditors' proofs of claim on
April 16, 2009.

The trustee will present the validated claims in court as
individual reports on June 1, 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
July 31, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 16, 2009.


OMAHA SA: Proofs of Claim Verification Due on June 16
-----------------------------------------------------
Silvia Trombetta, the court-appointed trustee for Omaha SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 16, 2009.

Ms. Trombetta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk No.
36, 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. Trombetta 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:

           Silvia Trombetta
           Vamonte 1337
           Buenos Aires, Argentina


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
proceedings 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.

The Trustee can be reached at:

        Gerardo Seghezzo
        Combate de los Pozos 128
        Argentina


RONDINE SA: Proofs of Claim Verification Due on June 3
------------------------------------------------------
Juan Villoldo, the court-appointed trustee for Rondine SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 3, 2009.

Mr. Villoldo 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
proceedings 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.

The Trustee can be reached at:

        Juan Villoldo
        Uruguay 651


VANK SA: Proofs of Claim Verification Due on July 6
---------------------------------------------------
Maria Ratibel, the court-appointed trustee for Vank SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 6, 2009.

Ms. Ratibel will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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. Ratibel 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:

          Maria Ratibel
          Peru 1237


VISION EXPRESS: Asks for Opening of Preventive Contest
------------------------------------------------------
Vision Express Argentina S.A. asked for the opening of preventive
contest before the National Commercial Court of First Instance No.
16 in Buenos Aires, with the assistance of Clerk No. 31.



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

BANCO DO BRASIL: Changes Top Management Positions
-------------------------------------------------
Banco do Brasil SA replaced several top executives after Chief
Executive Officer Aldemir Bendine assumed his post, Alberto
Alerigi Jr. at Reuters reports.

According to Reuters, the bank named Paulo Rogerio Caffarelli as
vice president of credit card and new retail business, the post
previously occupied by Mr. Bendine; and replaced its vice
presidents of retail and distribution; international business and
wholesale banking; government; credit, control and global risk and
social responsibility issues and human resources.

The Wall Street Journal relates the bank replaced six out of the
nine senior vice presidents at Banco do Brasil.  All the new vice
presidents are career employees, the report notes.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Dow Jones Newswires said President Silva fired
Banco do Brasil CEO Antonio Francisco Lima Neto because of
concerns over persistently high interest charges for consumers.

According to the Associated Press, President Silva insisted he had
not fired Mr. Neto, rather Mr. Neto offered his resignation to
Brazil Finance Minister Guido Mantega.  However, AP related local
media have widely speculated that Mr. Neto was forced out.

Bloomberg News noted Mr. Mantega told reporters in Brasilia that
Mr. Bendine, will replace Mr. Neto as bank CEO

                     About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.



GERDAU AMERISTEEL: To Hold First Quarter Conference Call on May 7
-----------------------------------------------------------------
Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau S.A.,
scheduled a conference call for May 7, 2009 to discuss its 2009
first quarter financial results for the three-month period ending
March 31, 2009.  The call will start 3:00 p.m., Eastern Time.

    DIAL-IN NUMBER:    416-644-3433 or 1-800-814-4861

    REFERENCE NUMBER:  21304888 followed by the number sign

    LIVE WEBCAST:      www.gerdauameristeel.com.

Mario Longhi, President and CEO of Gerdau Ameristeel, and Barbara
Smith, Vice President and CFO, will co-chair the call.

                    About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

Gerdau Ameristeel is a unit of Brazil-based Gerdau S.A.

                          *     *     *

As reported in the Troubled Company Reporter on Apr 20, 2009,
Standard & Poor's Ratings Services said that it placed its
ratings, including its 'BB+' corporate credit rating, on Tampa,
Florida-based Gerdau Ameristeel Corp. on CreditWatch with negative
implications.



TAM SA: Inks Aeroplan Miles Deal With Air Canada
------------------------------------------------
TAM S.A. and Air Canada will start implementing a bilateral
agreement that will allow members of TAM Fidelidade or Air
Canada's Aeroplan programs to earn and redeem frequent flyer
points/miles beginning April 28, 2009 on flights operated by
either company.  This initiative is part of a Memorandum of
Understanding signed between TAM and Air Canada in June 2008,
aiming to expand services offered to customers of both airlines.

Paulo Castello Branco, TAM's Commercial and Planning Vice
President, states that the agreement will bring immediate benefits
to passengers of both airlines.  "The partnership of both frequent
flyer programs -- TAM Fidelidade and Aeroplan -- enhances our
strategy of Excellence in Services, one of the three pillars that
sustain TAM's operations, with the other two being Technical and
Operational Excellence and Excellence in Management," says
Castello Branco.

A pioneer in the adoption of a Frequent Flyer Program for
Brazilian airlines, TAM's Programa Fidelidade now has over 5.5
million members, with more than 7.4 million tickets distributed
through the redemption of accrued points.

"We are delighted to offer Air Canada's most loyal customers
increased benefits by continuing to build our partnership with
TAM, Brazil's leading airline," said Ben Smith, Air Canada's
Executive Vice President and Chief Commercial Officer.  "The
opportunities for earning and redeeming reward travel have now
grown exponentially across each of our networks.  In addition,
customers will enjoy Air Canada's new in-flight product offering
that features lie-flat beds in our Executive First Suites on all
international routes, including Toronto-Sao Paulo, as well as
brand new cabins, seats and seatback entertainment for all
passengers fleet wide."  Air Canada operates daily Toronto-Sao
Paulo non-stop flights using Boeing 767-300ER or 777-300ER
aircraft in the northern hemisphere summer and winter seasons.

With the expanded partnership, TAM passengers can use points
earned in TAM Fidelidade on any domestic or international flight
operated by Air Canada.  Likewise, Air Canada's Aeroplan members
can redeem their accrued miles for air travel in domestic and
international flights operated by TAM.

As reported in the Troubled Company Reporter – Latin America on
October 9, 2008, TAM SA and Air Canada, Canada's largest airline
and a founding member of the Star Alliance, have reached an
operational agreement for codesharing and the integration of their
frequent flier programs, TAM Fidelidade and Aeroplan (Air Canada's
mileage plan) in Sao Paulo.

The bilateral agreement will enable the two companies to expand
services for customers traveling between Brazil and Canada,
including more options for destinations in both countries and
convenient connections to the main Brazilian and Canadian cities.
The implementation of codesharing and the integration of the TAM
Fidelidade and Aeroplan programs are scheduled for November, once
the authorities in both countries have approved the partnership.

                          About TAM S.A.

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

                          *     *     *

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


TELE NORTE: To Substitute Brasil Telecom Brand From May
-------------------------------------------------------
Tele Norte Leste Participacoes S.A. (aka Oi) will start
integrating Brasil Telecom (BRP) by substituting the name with Oi
across the south and center-west of Brazil, Alastair Stewart of
Dow Jones Newswires reports, citing local business daily Valor
Economico.

According to the report, the name changing process will start
May 17 and be accompanied by the introduction of a series of Oi
products in the Brasil Telecom regions.

                         About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. (aka Oi)-- http://www.telemar.com.br-- is a
provider of fixed-line telecommunications services in South
America.  The company markets its services under its Telemar brand
name.  Tele Norte's subsidiaries include Telemar Norte Leste SA;
TNL PCS SA; Telemar Internet Ltda.; and Companhia AIX
Participacoes SA.

                         *     *     *

The company continues to carry Standard and Poors's “BB+” long-
term issuer credit rating.



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C H I L E
=========

SOCIEDAD DE INVERSIONES: High Leverage Cues S&P to Hold BB- Rating
------------------------------------------------------------------
On April 27, 2009, Standard & Poor's Ratings Services affirmed its
'BB-' ratings on Chile-based Sociedad de Inversiones Pampa
Calichera S.A.  The outlook is stable.

"Our ratings on Pampa reflect the company's high leverage and
expected volatile debt service coverage," said Standard & Poor's
credit analyst Diego Ocampo.

Debt service coverage varies according to the bottom line of
partially owned Sociedad Quimica y Minera de Chile S.A.
(BBB/Stable/--).  S&P considers Pampa's and SQM's credit quality
as intertwined.  However, S&P rates these companies using neither
a pure stand-alone approach nor a fully consolidated one, because
Pampa's influence on SQM is significant enough to affect SQM's
credit quality but does not give it full control over SQM's cash
flows.

The ratings also reflect the relatively long tenor of Pampa's
debt, with no principal maturities until 2018, and SQM's strong,
through variable, ability to generate cash flow.

Pampa is a holding company whose sole activity is to hold shares
of Chile-based chemical producer SQM.  Following its acquisition
of additional shares in 2008, Pampa has a direct and indirect 32%
stake in SQM (from 27.94% as of Dec. 31, 2006).  This is in line
with the company's strategy to increase its stake to the 32%
maximum that SQM's bylaws allow. Mr. Julio Ponce Lerou ultimately
controls Pampa.

SQM is an integrated producer of several specialty and industrial
chemicals.  SQM is the world's leading producer of specialty plant
nutrients, iodine, and lithium carbonate, which together account
for about 69% of consolidated revenues.



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

BANCOLOMBIA: Inks New Partnership With Xoom.com
-----------------------------------------------
Xoom Corporation said it has signed a partnership agreement with
Grupo Bancolombia.  The deal will provide the beneficiaries of
Xoom's customers with faster access to money and more locations
for receiving money in Colombia.  The partnership expands
Xoom's cash disbursement network to include Bancolombia branch
locations and increases the speed of bank deposit service to just
minutes.

This partnership supports Xoom's comprehensive corporate
initiative to serve the rapidly growing, online Latino consumer by
providing an alternative money-transfer option that is fast, easy,
convenient and low cost.

This partnership with Bancolombia augments Xoom's existing
relationships in Colombia with Bancomer Transfer Service (BTS),
which provides cash disbursement at BBVA Colombia and Davivienda;
and with MORE Money Transfers (MMT), which provides bank deposits
to any bank in Colombia and cash disbursement through Pagos
Internacionales.

"We now have one of the most robust networks in all of Colombia
that includes bank deposit to any bank account in Colombia, and in
minutes to a Bancolombia account," said Eugenio Nigro, vice
president of business development, Latin America, for Xoom.  "With
Bancolombia we are growing our cash pickup network to over 1,300
locations."

"We at Bancolombia are proud to partner with Xoom as our first
Internet-only money transfer company," added Myriam Botero, head
of remittances for Bancolombia.  "Xoom offers Colombians living
abroad the convenience of sending remittances from the convenience
of their home computer directly to a bank account at Bancolombia.
If your family member does not have a bank account, they can pick
up the money in cash at a Bancolombia branch."

"We continue to make strides in providing a faster service at the
lowest price.  We now offer bank deposit and cash pickup at
Bancolombia in minutes, and fees start at US$2.99," said Theresa
Pasinosky, senior marketing manager, Latin America, for Xoom.
"Plus, with Bancolombia as a partner, customers can feel more
comfortable using Xoom to send money to Colombia."

                         About Xoom.com

Xoom.com -- http://www.xoom.com/colombia.-- allows individuals to
send money from any Internet-enabled computer to family, friends
and businesses.  Xoom Corporation was founded in 2001 in San
Francisco and is backed by leading venture firms Sequoia Capital,
New Enterprise Associates and Fidelity Ventures.

                     About Bancolombia S.A.

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

                         *     *     *

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



=================
G U A T E M A L A
=================

* GUATEMALA: IMF Approves US$935 Million Stand-By Arrangement
-------------------------------------------------------------
The Executive Board of the International Monetary Fund approved on
April 22 an 18-month, SDR630.6 million Stand-By Arrangement for
Guatemala.  The Guatemalan authorities intend to treat the
arrangement as precautionary, meaning that they do not intend to
draw on the Fund’s resources unless the need arises.  Guatemala
has no immediate balance of payments need, and this program is
part of a comprehensive preventive strategy to strengthen the
country’s liquidity cushion in the face of an uncertain global
environment, thereby enhancing the confidence of investors and
market participants.

Guatemala has made substantial progress in consolidating
macroeconomic stability and implementing structural reforms.
Adverse external conditions, however, are affecting economic
activity and financial conditions.  The Guatemalan authorities
have taken a number of upfront measures to mitigate the impact of
the external shock and preserve macroeconomic stability.  The
program will support the authorities’ policies and provide
insurance against significant downside risks.

Following the Executive Board discussion on Guatemala, Murilo
Portugal, Deputy Managing Director and Acting Chair, issued the
following statement:

“Guatemala has a strong track record of prudent macroeconomic
policies and structural reforms, which has helped to solidify the
economy in recent years.  As in many countries in the region,
however, the global crisis has weakened economic conditions.  A
more prolonged global recession could increase downside risks to
Guatemala’s outlook in 2009 and 2010.  The authorities’ economic
program, supported by a Stand-by Arrangement with the Fund, which
the authorities plan to treat as precautionary, is an appropriate
response to mitigate these risks and preserve macroeconomic and
financial stability.

“The authorities’ strategy entails a moderate fiscal expansion,
continued efforts to anchor inflation at low levels in the context
of the inflation-targeting framework and a flexible exchange rate
regime, a further strengthening of the financial sector, and the
mobilization of substantial external financing, including from the
World Bank and the Inter-American Development Bank.  This
financing will boost the economy’s foreign currency liquidity
buffers, and provide protection against any larger-than-
anticipated shocks to the balance of payments.

“The Bank of Guatemala is cautiously easing the monetary policy
stance, after succeeding in controlling inflationary pressures
that surged in 2008.  The authorities plan to strengthen their
inflation-targeting framework further, with a view to achieving a
medium-term inflation target of 4 percent (+/- 1%).  They are
committed to maintaining a flexible exchange rate to facilitate
the adjustment to external shocks.

“The authorities’ fiscal program aims to provide some stimulus to
the economy and protect the most vulnerable segment of the
population.  To achieve these goals, the 2009 budget envisages
higher spending on labor-intensive public infrastructure projects
and a strengthening of the social safety net.  This
countercyclical fiscal policy is possible given the low level of
public debt, resulting from prudent fiscal policies pursued in the
past.

“Guatemala’s banking system is not exposed to risky structured
financial products and has consolidated in recent years. The
authorities are nonetheless taking measures to safeguard the
liquidity and capital positions of banks through adequate
liquidity-provision arrangements by the central bank and a gradual
increase in provisioning requirements.  At the same time,
continuous on-site supervision has been put in place to monitor
developments closely, anticipating risks and corrective actions,
if needed.  During the program period, the government plans to
further strengthen financial sector policies by enhancing
supervision and regulation and strengthening the framework for
bank resolution,” Mr. Portugal said.

  Recent Economic Developments

Real GDP growth is estimated to have slowed to 4 percent in 2008,
from 6.3 percent in 2007.  The decline has been driven by domestic
demand, particularly investment, as external demand remained
robust through most of 2008.

Annual inflation continues to decline, from its peak of 14 percent
in mid-2008, to 9.4 percent by year-end, and further to 5 percent
in March 2009.  The decline in inflation has become firmly
entrenched: various measures of core inflation have declined
consistently in the last quarter of 2008; inflation in services
and nontradables has moderated substantially; and inflation
expectations are declining rapidly.

The external current account narrowed to 4 3/4 percent of GDP in
2008, already signaling lower domestic absorption, helped by the
reversal of the negative terms-of-trade shock from commodity
prices in the second half of last year.  Since the last quarter of
2008, remittances have been declining, export growth has slowed
and imports fell markedly.  Private capital inflows have slowed,
but nonetheless international reserves increased to US$5 billion
by end-March 2009 due to recent disbursements of public external
financing.

The strength of the fiscal position was maintained during 2008,
with the central government deficit declining to 1.7 percent of
GDP, despite a real decline in tax revenue.  The drop in revenue
has become more severe in early 2009, due to cyclical and
structural factors.

  Program Summary

The Guatemalan authorities have been proactive in addressing the
effects of the global crisis through a comprehensive policy
response.  Their strategy has four key elements:

  -- A moderate fiscal stimulus to support domestic demand,
     financed with substantial external resources from
     multilaterals to minimize crowding out the private
     sector;

  -- A monetary policy focused on consolidating the
     decline in inflation in the context of a flexible
     exchange-rate regime to facilitate economic adjustment;

  -- Strengthening of financial sector policies to increase
     the resilience of banks and enhance the banking sector
     safety net and resolution procedures;

  -- A refocusing of public expenditures towards strengthening
     social spending and labor-intensive public works.

To complement those efforts, Guatemala is now aiming at building a
higher external liquidity cushion to reduce risks from sudden
changes in the current and capital account.  Fund support is a key
element of the strategy to face these risks, not only through the
contingent financing provided under the proposed SBA, but also
through the endorsement of the authorities’ program, which will
help maintain investor confidence.

The authorities’ social protection policy aims at enhancing
current programs to offset the effect of the crisis on the most
vulnerable segments of the population.  Social spending will
increase from 4.4 percent of GDP in 2008 to 5.0 percent of GDP in
2009.  To address extreme poverty, emphasis will be placed on four
flagship government programs.  A key conditional cash transfer
program initiated in 2008 will be expanded aiming at reaching
500,000 families in 2009, with a cost of 0.4 percent of GDP.



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

JBS USA: Swine Flu in Mexico Won't Affect Moody's 'B1' Rating
-------------------------------------------------------------
Moody's Investors Service announced that the outbreaks of swine
influenza A (H1N1) in Mexico, the United States and Europe have
not at this time had an impact on the B1 rating of the senior
unsecured notes of JBS USA, LLC.  The rating outlook remains
stable.

Moody's most recent rating action for JBS USA on April 14, 2009
assigned a B1 rating to the senior unsecured Notes due 2014 with a
stable outlook.

JBS USA, LLC is one of the world's leading beef and pork
processing companies.  Its largest business segments are domestic
beef processing (70.1% of fiscal 2008 sales, pro forma for a full
year of Smithfield beef), domestic pork processing (16.1%) and
beef operations in Australia (13.8%).  Reported sales for the
fiscal year ended December 31, 2008 were approximately $12.4
billion.  JBS USA, LLC is ultimately wholly owned by JBS S.A., the
world's largest beef producer in terms of slaughter capacity, with
consolidated global revenues of US$16.9 billion in fiscal 2008.


ROYAL CARIBBEAN: Temporarily Suspends Port Calls in Mexico
----------------------------------------------------------
Royal Caribbean Cruises Ltd. is temporarily suspending its port
calls in Mexico.  The decision was made in an abundance of
caution, and allows additional time to better understand the full
impact of the Swine Flu.

The suspension involves the company's Royal Caribbean
International and Celebrity Cruises brands.  Royal Caribbean
International has four ships currently making regularly scheduled
port call in Mexico - Enchantment of the Seas, Freedom of the
Seas, Liberty of the Seas and Mariner of the Seas.  Two additional
Royal Caribbean International ships were scheduled to make
upcoming Mexican port calls as they repositioned - Serenade of the
Seas and Radiance of the Seas.  Celebrity Cruises had one ship
scheduled to make upcoming Mexico port calls as it repositions -
Celebrity Infinity.

All but one of the affected ships will either make alternative
port calls or spend additional time at sea. Royal Caribbean
International's Mariner of the Seas will sail a fully revised
itinerary, visiting Canada and the U.S. West Coast.  The temporary
suspension takes effect immediately and will be in effect for the
immediate future.  It will be regularly reviewed in light of any
Swine Flu developments.

"Like our guests, we take all health matters seriously," said Dr.
Art Diskin, chief medical officer for Royal Caribbean Cruises Ltd.
"Although authorities have not raised specific concerns regarding
the ports we visit in Mexico, we want to err on the side of
caution.  We're taking proactive steps onboard our ships to help
ensure the health and well-being of our guests and crew members,
and this is just one more step in that process.  We apologize for
the disruption these changes will cause our guests, and we
appreciate their understanding."

The company has been closely monitoring Swine Flu developments and
is utilizing its Influenza Prevention and Response Plans. That
plan was developed by its office of Medical and Public Health in
coordination with the U.S. Centers for Disease Control and
Prevention and other health experts.  The plan is based on three
pillars: Preparedness and Communication; Surveillance and
Detection; and Response and Containment.

                       About Royal Caribbean

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF Croisieres
de France.  The company has a combined total of 35 ships in
service and seven under construction.  It also offers unique land-
tour vacations in Alaska, Australia, China, Canada, Europe, Latin
America and New Zealand.  The company has operations in Puerto
Rico and Brazil

                            *     *     *

As reported in the Troubled Company Reporter on March 30, 2009,
Standard & Poor's Rating Services lowered its corporate credit
rating on Miami, Florida-based Royal Caribbean Cruises Ltd. to
'BB-' from 'BB'.  The issue-level ratings on the company's debt
were also lowered by one notch.  At the same time, these ratings
were removed from CreditWatch, where they were placed with
negative implications Jan. 30, 2009.  The rating outlook is
negative.



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

CL FINANCIAL: Five Senior Officials Quit Posts
----------------------------------------------
Oscar Ramjeet at Caribbean Net News reports five CL Financial
senior officials have tendered their resignations from the group
on news the government is appointing its own directors to CL
Financial and its subsidiaries.

The report says Michael Carballo, CL Financial group financial
director, has confirmed:

   --- Gita Sakal has resigned as general counsel and
       corporate secretary, effective April 20;

   --- Dr Bhoe Tewarie, an independent director, and
       Dr Rampersad Motilal, the group's energy
       representative, have resigned, although Dr Motilal
       remains as the chief executive of Methanol
       Holdings, 49 per cent of which is owned by CLICO;
       and

   --- Bosworth Monck, an English investment banker,
       and CL Financial deputy chairman, Sylvia
       Baldini-Duprey, wife of CL Financial executive
       chairman, Lawrence Duprey, have resigned as well.

According to Caribbean Net News, CL Financial companies
experienced severe liquidity problems including CLICO, which could
not meet pension and insurance claims, and CIB, which could not
repay depositors like the National Gas Company (NGC).

                        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.



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

FEDERACION URUGUAYA: Fitch Affirms 'B' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Federacion Uruguaya de Cooperativas de
Ahorro y Credito's Issuer Default Ratings and outstanding credit
ratings:

  -- Foreign currency IDR at 'B';
  -- local currency IDR at 'B';
  -- National long-term rating at 'BBB-(uy)';
  -- Support at '5';
  -- Support floor at 'NF'.

The Rating Outlook is Stable.

FUCAC's ratings are based on its improved performance over the
past few years, as well as its good capitalization and liquidity
position.  The ratings also take into account its niche franchise
and small position within the Uruguayan financial system.

FUCAC's performance was solid in 2008 and outperformed that of the
Uruguayan banking system and cooperatives.  In 2008, FUCAC
consolidated its positive trend and posted profits for the fifth
year in a row, which Fitch views positively.

The international financial crisis will hit the Uruguayan market,
and for that reason FUCAC's management expects declines in
activities.  However, Fitch considers that FUCAC will continue
growing in spite of the crisis.

Asset quality has historically been somewhat weak due to FUCAC's
focus on the low-income segment of the population.  However, the
loan loss reserve coverage was so far bigger than past due loans
(loans 60 days or more overdue) and more than 100% of non-
performing loans.

During 2007, FUCAC decided to abandon its regulatory status as a
Financial Intermediary due to its heavy regulatory requirements
and operate as a 'Credit Manager Company'.  As a result, it had to
pay back its deposits.  New funding is based financial
instruments, capital and bank loans.

FUCAC's balance sheet is well-matched in terms of currency and
tenors and FUCAC has maintained good levels of liquidity.  Because
of the new funding structure the cooperative could operate with
lower levels of liquidity.

Capitalization is solid, with an equity/assets ratio of 49.4% at
end-September 2008.


BANCO SURINVEST: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------------
Fitch Ratings has affirmed Banco Surinvest's ratings:

  -- Foreign and local currency Issuer Default Rating at 'B';
  -- National long-term rating at 'BBB(uy)';
  -- Support rating at '5'.

The Rating Outlook is Stable.

Surinvest's ratings reflect the low risk profile of its activities
and its good level of liquidity and capitalization.  In addition,
the bank was acquired by a Swiss bank (Banque Heritage, rated
'BBB-/F3') in May 2007, and Fitch considers the new shareholder to
have had a positive effect on Surinvest's business strategy, which
is now primarily focused on wealth management and corporate
services.  The rating also reflects the significant challenges of
Surinvest's chosen strategy and its small market share in the
financial system.

Net 2008 results reflected losses, mainly due to extraordinary
bond portfolio losses (the bank's portfolio included a Lehman
Brother's bond).  Performance of core business activities
experienced strong growth, buoyed by foreign trade operations.

Wealth management's activities underwent difficulties in 2008 due
to the international financial crisis and strong losses in the
financial markets.  As a result, Surinvest couldn't meet its goals
in terms of assets under management, particularly because of
reduced customer numbers and portfolio asset losses.

Due to Surinvest's new business strategy, the bank needs less
funding than previously required. Its main funding source is
short-term deposits by non-residents.

Surinvest's capitalization is good and better than that of its
peer group, with an equity/assets ratio of 20.5% in 2008 compared
with the Uruguayan private-sector average of 8.9%.  However, Fitch
expects this ratio to fall as soon as new business starts.



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

PDVSA: No Wage Increase for Workers This Year, Minister Says
------------------------------------------------------------
Reuters reports Venezuela's energy minister said the government
will not offer annual raises to energy workers this year due to
lower oil revenues.

The report relates in a press release, energy minister Rafael
Ramirez said
"this year there will be no salary increase or bonus for energy
workers" and asked company employees to "defend the industry."

According to the report, Venezuela's oil unions are insisting
their compensation be adjusted for the country's rampant inflation
that closed 2008 at 32 percent.

Tumbling price of oil has deeply affected even state-owned
Petroleos de Venezuela S.A., which has built up debts of at least
$8 billion with service providers, Reuters says.  In recent months
PDVSA has halted some contracts with oil service companies,
leaving around 5,000 indirect contract employees out of work,
Reuters cited union officials as saying.

                          About PDVSA

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is
Venezuela's state oil company in charge of the development of the
petroleum, petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                          *     *     *

Petroleos de Venezuela continues to carry a 'BB-' local currency
issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.


PEQUIVEN: Cuts Executive Pay by 20% to Avoid Job Layoffs
--------------------------------------------------------
State-owned chemical company Petroquimica de Venezuela SA
(“Pequiven”) will reduce executive salaries by 20% and freeze the
pay and benefits of the rest of its workers starting May 1 to
avoid job cuts, Steven Bodzin of Bloomberg News reports.

According to the report, the company seeks to cut costs 40% while
spending USD$1.39 billion on new factories to make olefins and
polychlorinated vinyl among other projects.

Headquartered in Valencia, Petroquimica de Venezuela SA is the
maker of so-called Petrocasas, pre-fabricated homes made of
petroleum-based products.



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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