TCRLA_Public/090501.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, May 1, 2009, Vol. 10, No. 85

                            Headlines

A N T I G U A  &  B A R B U D A

SIBL: U.S. Receiver Has No Confidence in Antigua & Barbuda Courts
STANFORD INT'L BANK: Owner Claims Innocence & Will Fight Charges


A R G E N T I N A

ALEGRIA Y CIA: Trustee Verifying Proofs of Claim Until June 10
ALSINA 484: Trustee Verifying Proofs of Claim Until June 11
CAO SERVICIOS: Trustee Verifying Proofs of Claim Until July 1
CARRESEC SA: Trustee Verifying Proofs of Claim Until June 11
FERIA DE LAS REVISTAS: Verifying Proofs of Claim Until July 1

GAS NATURAL: Moody's Assigns Corporate Family Rating at 'B2'
MMJ AGROPECUARIA: Trustee Verifying Proofs of Claim Until June 9
PARKINVEST SA: Trustee Verifying Proofs of Claim Until June 3
POLY MODA: Trustee Verifying Proofs of Claim Until June 22
SANFOR SALUD: Trustee Verifying Proofs of Claim Until June 17

SETA REPRESENTACIONES: Verifying Proofs of Claim Until June 10
TELECOM ARGENTINA: Argentina Court Suspends Shareholders Meeting


B E L I Z E

CL FINANCIAL: Judicial Manager Appointed for CLICO Belize


B E R M U D A

ASHIANA LIMITED: Creditors' Proofs of Debt Due on May 13
ASHIANA LIMITED: Members' Final Meeting Set for June 2
XL CAPITAL: Posts US$178.4 Million First Quarter Net Income
XL CAPITAL: Investment "De-Risking" Nears Completion, CEO Says


B R A Z I L

BNDES: Won't Fund Sadia-Perdigao Merger
BRASKEM SA: Inks Additives & Colors Development Deal W/ Cromex
EMBRAER: Posts US$23.4 Million Net Loss in First Quarter
* BRAZIL: Local Banks Don't Need Stress Tests, Minister Says


C A Y M A N  I S L A N D S

AES CHINA ET AL: Creditors' Proofs of Debt Due on May 27
CI PURCHASER: Shareholders Final Meeting Set for May 29
DURAT AL DOHA: Shareholders Final Meeting Set for May 27
FESTINA LENTE ET AL: Creditors' Proofs of Debt Due on May 18
FULTON FEEDER: Shareholders Final Meeting Set for May 29

GRANDSIRE LIMITED: Members' Final Meeting Set for May 27
GUGGENHEIM ET AL: Shareholders to Hear Wind-Up Report on June 22
MEGARA LIMITED: Shareholders' Final Meeting Set for May 27
NL DEVELOPMENT: Shareholders Final Meeting Set for May 29
OLIVER PRESS: Shareholders Final Meeting Set for May 29

STAR VILLENA: Creditors' Proofs of Debt Due on May 31
SUDELEY LIMITED: Members' Final Meeting Set for May 18
TERRITORIAL RESOURCES: Placed Under Voluntary Wind-Up
XPOIMPO LIMITED: Sole Shareholder Hear Wind-Up Report
WEAVERING MACRO: Commences Wind-Up Proceedings


C H I L E

MASISA SA: Fitch Downgrades Issuer Default Rating to 'BB+'


C O L O M B I A

ASHMORE ENERGY: Promigas SA to Invest US$400 Million in Peru
ECOPETROL: Analysts See Drop in First Quarter Net Profit


D O M I N I C A N  R E P U B L I C

CAP CANA: Gets Bondholders OK to Exchange Bonds for New Notes
CEMEX SAB: Sees US$900 Million Savings This Year


G U Y A N A

CL FINANCIAL: CLICO Guyana Gets US$15 Million From CARICOM


J A M A I C A

AIR JAMAICA: To Resume Barbados Flights for Summer Season
CABLE & WIRELESS: LIME Denies Columbus Acquisition Talks
SAGICOR LIFE: Redundancy Exercise Put on Hold


M E X I C O

GRUMA SAB: Posts First Quarter US$35.6 Million Net Loss
HIPOTECARIA CREDITO: Moody's Cuts National Issuer Rating to 'Ca'
* MEXICO: Closes 35,000 Restaurants Due to Swine Flu Epidemic


V E N E Z U E L A

PDVSA: Williams Companies Writes-off US$241 Million


                         - - - - -


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

SIBL: U.S. Receiver Has No Confidence in Antigua & Barbuda Courts
-----------------------------------------------------------------
Stanford Financial Group (SFG) court-appointed receiver Ralph
Janvey, in his report filed with the U.S. District Court for the
Northern District of Texas, said he has no confidence in the
courts in Antigua and Barbuda to properly carry out Stanford
International Bank Limited (SIBL)'s liquidation, Caribbean360.com
reports.  The report relates Mr. Janvey said the American court
system should be allowed to deal with the matter.

As reported in the Troubled Company Reporter-Latin America on
April 22, 2009, Caribbean360.com said Mr. Janvey is challenging
SIBL's liquidation.

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

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

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

"The Antiguan liquidators essentially request that the U.S. Court
cede to the Antiguan court system control over the marshaling,
liquidation, claims adjudication and distribution process.  That,
in the receiver's view, would be unwise and detrimental to
claimants, as the Antiguan court system lacks experience in the
administration and winding up of a business of the size and scope
of the Stanford family of companies," Mr. Janvey said in his
report obtained by Caribbean360.com.

"Further, the Antiguan liquidators have liquidation authority over
only SIBL, which is just one of the more than 100 Stanford
companies involved in what was an integral - and allegedly
fraudulent - operation."

According to Caribbean360.com, Mr. Janvey spoke of looking for
opportunities in which cooperation with the Antiguan receivers is
possible and reasonably likely to benefit the receivership estate.

The report relates Mr. Janvey insisted that although SIBL's
headquarters was in Antigua, all of its financial operations,
including CD sales, were controlled and managed from Sir Allen's
offices in the US and he should therefore have control of its
assets.

                  About Stanford International

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

                          *     *     *

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


STANFORD INT'L BANK: Owner Claims Innocence & Will Fight Charges
----------------------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford claimed innocence and intends to fight any fraud charges
against him, Anna Driver of Reuters reports.

According to Reuters, in court papers seeking release of the
funds, Mr. Stanford's lawyers argued that the Securities and
Exchange Commission has offered no proof of a Ponzi scheme, that
the government relied on testimony from disgruntled ex-employees
of Stanford and the collapse of Stanford's financial network was
caused by the government's seizure of the firm.

If the judge denied Mr. Stanford access to the frozen assets and
criminal charges were filed, lawyers cited by Reuters said the
billionaire might have to take his chances with a court-appointed
attorney.

As reported in the Troubled Company Reporter-Latin America on
April 21, 2009, Bloomberg News said Mr. Stanford has asked a judge
to unlock at least US$10 million in frozen assets so he can hire
defense attorneys.  The same report said in a filing with the
Dallas federal court, Jack C. Nickens, Mr. Stanford’s civil
lawyer, said the court-ordered freeze left Mr. Stanford “with no
money to retain counsel to defend himself from an avalanche of
allegations in civil actions not just across the country, but
around the world, not to mention a possible criminal indictment.”

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

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

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

                   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
=================

ALEGRIA Y CIA: Trustee Verifying Proofs of Claim Until June 10
--------------------------------------------------------------
The court-appointed trustee for Alegria y Cia. S.A.C.I.I. y F.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 10, 2009.

The trustee will present the validated claims in court as
individual reports on August 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 21, 2009.


ALSINA 484: Trustee Verifying Proofs of Claim Until June 11
-----------------------------------------------------------
The court-appointed trustee for Alsina 484 S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 11, 2009.

The trustee will present the validated claims in court as
individual reports on August 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 22, 2009.


CAO SERVICIOS: Trustee Verifying Proofs of Claim Until July 1
-------------------------------------------------------------
The court-appointed trustee for Cao Servicios Empresarios S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until July 1, 2009.

The trustee will present the validated claims in court as
individual reports on August 27, 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 9, 2009.


CARRESEC SA: Trustee Verifying Proofs of Claim Until June 11
------------------------------------------------------------
The court-appointed trustee for Carresec S.A. (ex Idus Securities
S.A.)'s bankruptcy proceedings will be verifying creditors' proofs
of claim until June 11, 2009.

The trustee will present the validated claims in court as
individual reports on August 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 22, 2009.


FERIA DE LAS REVISTAS: Verifying Proofs of Claim Until July 1
-------------------------------------------------------------
The court-appointed trustee for Feria de las Revistas S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until July 1, 2009.

The trustee will present the validated claims in court as
individual reports on August 28, 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 9, 2009.


GAS NATURAL: Moody's Assigns Corporate Family Rating at 'B2'
------------------------------------------------------------
Moody's assigned a Corporate Family rating of B2 on its global
scale and A1.ar on its Argentina national scale to Gas Natural Ban
S.A.  At the same time, Moody's affirmed the B2/A1.ar Class 2
Notes ratings.  The outlook for all ratings is stable.

GNB's B2 rating primarily reflects its expected financial
performance and its regulatory risk profile.  The A1.ar is a
National Scale rating and it is intended to measure the relative
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks.  NSRs in Argentina are designated by the ".ar" suffix.
NSRs differ from global scale ratings in that they are not
globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The B2 and A1.ar Corporate Family rating assigned to GNB reflects
the company's strong positioning in terms of regulatory support
and government relationships as Gas Ban is the only gas
distribution company that has increased its tariffs twice since
the enactment of the Emergency Law in 2002, while tariffs for most
companies in the gas distribution and transportation segments have
remained frozen.  Gas Ban's solid credit metrics and past prudent
financial policies also support the ratings.  Nevertheless, the
ratings continue to be constrained by the evolving and uncertain
framework of existing regulations for gas distribution utilities,
the high level of government interference in the industry and
GNB's relatively tight liquidity profile.

Moody's remains concerned with the large percentage of short term
debt in GNB's capital structure.  Although the company has been
able to successfully refinance its short-term debt maturities to
date, it does not have access to committed bank facilities which
could create the potential for liquidity tightness in case of an
unexpected capital market disruption.  GNB's current debt is
composed of ARS 126 notes coming due on July, 2010 and a ARS 140
million syndicated bank loan with scheduled principal
amortizations on November 2009, May 2010 and November 2010.  All
of its ARS 270 million debt will come due during next eighteen
months which will clearly call for some external financing.

Moody's notes that to offset its short-term debt exposure, GNB has
developed solid bank relationships and that it is common for Latin
American corporate issuers to rely on uncommitted bank lending.
Moody's also recognizes that in recent years the company has
prudently managed its short-term debt maturities, avoided FX
exposure and succeeded in rolling over maturities when needed.  On
March 31st, GNB paid off a loan that was guaranteed by its parent
company, Gas Natural SDG Spain.  Although Moody's did not directly
consider this external support from the parent in assigning its
ratings to GNB, the lack of an explicit parent guarantee on some
of its debt could make Gas Ban more vulnerable to potential
external shocks in the local financial market.

There are no significant structural or priority of claim
considerations that would cause a difference between corporate
family and rated debt credit quality at GNB, therefore all the
ratings are at the same level.

The stable outlook reflects Moody's expectation that GNB will
continue to have adequate access to external financing to meet its
short-term debt obligations while maintaining adequate levels of
cash generation in relation to debt and balanced operations until
a new tariff regime is implemented.  The ratings could be upgraded
once a new tariff regime is implemented that allows for timely
cost recoveries and reasonable rates of return.  Execution of a
more balanced debt profile that avoids the current debt maturity
concentration in the short-term could also create upwards rating
pressure.  If GNB is unable to improve its overall liquidity
profile with profitable operations and if continued access to the
local capital markets becomes questionable, the ratings or the
outlook could come under downward pressure.

Based in Buenos Aires, Argentina Gas Natural Ban, S.A. is one of
the 8 gas distribution companies in the country with operations in
the north area of Buenos Aires Province.  The area of service has
six million inhabitants and GNB has 1,3 million clients within the
area.  Total 2008 revenues were ARS 611 million (approximately
US$180 million).

GNB is directly controlled by Invergas (51%) and Gas Natural SDG
Argentina (19%), while 30% floats in the BCBA (Buenos Aires Stock
Exchange).  Invergas and Gas Natural SDG Argentina are in turn
controlled by Gas Natural SDG Spain (A2, RUR) which has a 72%
stake and by Chemo Group (Unrated), an Argentinean group that
holds the remaining 28%.


MMJ AGROPECUARIA: Trustee Verifying Proofs of Claim Until June 9
----------------------------------------------------------------
The court-appointed trustee for MMJ Agropecuaria S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 9, 2009.


PARKINVEST SA: Trustee Verifying Proofs of Claim Until June 3
-------------------------------------------------------------
The court-appointed trustee for Parkinvest S.A. (Sucursal
Argentina)'s bankruptcy proceedings will be verifying creditors'
proofs of claim until June 3, 2009.

The trustee will present the validated claims in court as
individual reports on August 3, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 15, 2009.


POLY MODA: Trustee Verifying Proofs of Claim Until June 22
----------------------------------------------------------
The court-appointed trustee for Poly Moda S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 22, 2009.

The trustee will present the validated claims in court as
individual reports on August 17, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 5, 2009.


SANFOR SALUD: Trustee Verifying Proofs of Claim Until June 17
-------------------------------------------------------------
The court-appointed trustee for Sanfor Salud S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 17, 2009.

The trustee will present the validated claims in court as
individual reports on August 13, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 25, 2009.


SETA REPRESENTACIONES: Verifying Proofs of Claim Until June 10
--------------------------------------------------------------
The court-appointed trustee for Seta Representaciones S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until June 10, 2009.

The trustee will present the validated claims in court as
individual reports on August 3, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 15, 2009.


TELECOM ARGENTINA: Argentina Court Suspends Shareholders Meeting
----------------------------------------------------------------
An Argentine court suspended Telecom Argentina SA’s April 28
shareholder meeting, ruling that it shouldn’t be held amid a ban
by the Argentine Competition Commission, the country's antitrust
agency, Drew Benson of Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2009, Dow Jones Newswires said the Argentine Competition
Commission rejected an appeal filed by Telecom Italia SpA that
challenged the agency's ruling earlier this month, locking Telecom
Italia directors from exercising voting powers in the company's
local unit, Telecom Argentina.  Bloomberg News recalled Telecom
Italia's directors on Telecom Argentina's board were told to
abstain from exercising voting powers while the regulator
investigates Telco SpA's purchase of a controlling stake in
Telecom Italia.

In addition to the antitrust investigation, DJ Newswires relates
Telecom Argentina said Brazil social security agency Anses,
planned to vote for directors at the now-suspended shareholders
meeting.

Anses, which holds 23% of Telecom Argentina’s outstanding shares,
is pushing for board seats at companies where it gained stakes
after President Cristina Fernandez de Kirchner nationalized
private pension funds last year, DJ Newswires says.

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.

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

CL FINANCIAL: Judicial Manager Appointed for CLICO Belize
---------------------------------------------------------
Accountant Mark Hulse has been appointed judicial manager to take
charge of CLICO Belize, Oscar Ramjeet of Caribbean Net News
reports.  The local branch of CLICO, a unit of CL Financial
Limited, has approximately 11,000 policies currently in force in
Belize, the report says.

The report relates citing Amandala Radio, Supervisor of Insurance
Alma Gomez said the legislation in Belize allows for government
intervention and judicial management before liquidation.  Ms.
Gomez, as cited in the report, said that since CLICO has been
placed into liquidation by the Bahamas court, "we have to follow
the instruction that is coming down from the Bahamas because
that's where the company is headquartered.”  Caribbean Net News
says efforts are now being made to sell CLICO, but this will not
affect the policyholders, since the terms and conditions would
remain the same.

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.



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B E R M U D A
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ASHIANA LIMITED: Creditors' Proofs of Debt Due on May 13
--------------------------------------------------------
The creditors of Ashiana Limited are required to file their proofs
of debt by May 13, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


ASHIANA LIMITED: Members' Final Meeting Set for June 2
------------------------------------------------------
The members of Ashiana Limited will hold their final general
meeting on June 2, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's dividend distribution.

The company commenced wind-up proceedings on April 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


XL CAPITAL: Posts US$178.4 Million First Quarter Net Income
-----------------------------------------------------------
XL Capital Limited posted US$178.4 million net income for the
first quarter compared to US$211.9 million for the same period
last year.

Included in net income available to ordinary shareholders in the
first quarter of 2009 is a gain of US$211.8 million due to the
redemption of 12.7 million Series C preference ordinary shares.

Operating income was US$212.4 million compared with US276.9
million for first quarter of 2008.  While the performance from the
company's P&C operations this quarter was strong, the ongoing
turbulence in the capital markets resulted in a loss of US$42.4
million from the investment fund and investment management
affiliates compared to a profit of US$24.7 million in the prior
year quarter.  The current quarter's results were driven primarily
by the impact of the fourth quarter 2008 fair value adjustments in
the company's private fund investments offset by positive returns
from the company's alternative fund affiliates.

Net investment income for the quarter was US$348.0 million
compared to US$499.2 million in the prior year quarter.  Net
investment income from P&C operations, excluding investment income
from structured products, decreased 21.4% from the prior year
quarter to US$242.2 million.  The decrease was primarily due to
lower investment yields, driven by higher allocations to lower
yielding US Treasuries, agencies and cash as a result of the
continued de-risking of the investment portfolio and prudently
holding more liquidity in these turbulent markets, as well as a
higher level of shorter duration floating rate assets.

Pre-tax net realized investment losses for the quarter were
US$251.9 million compared to US$102.3 million in the first quarter
of 2008.

The loss for the first quarter of 2009 included other than
temporary impairments totaling US$285.0 million, of which US$80.6
million was associated with the company's decision to participate
in the Royal Bank of Scotland and Lloyds HBOS Tier I and Tier II
hybrid exchange offers, partially offset by realized gains on
securities sales of US$33.1 million.  The realized loss in the
first quarter of 2008 included other than temporary impairments of
US$114.8 million.

The annualized return on ordinary shareholders' equity, based on
operating income, was 16.6% for the quarter compared to 12.9% in
2008.

                        About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


XL CAPITAL: Investment "De-Risking" Nears Completion, CEO Says
--------------------------------------------------------------
XL Capital Limited Chief Executive Officer Michael McGavick said
the company is about three-quarters of the way through the process
to "de-risk" its investment portfolio, Jonathan Kent of Royal
Gazette reports.  Mr. McGavick told the Gazette that he could "see
the confidence coming back to XL" as the company continues its
efforts to stabilise after a tumultuous 2008.

According to the report, analysts consider the company's
investments as being riskier than its peers in the property-and-
casualty insurance industry and XL Capital suffered substantial
losses as credit-related assets plunged in value through a
difficult year on the markets.

As reported in the Troubled Company Reporter-Latin America on
April 29, 2009, XL Capital posted US$178.4 million net income for
the first quarter compared to US$211.9 million for the same period
last year.

According to a company press release, Mr. McGavick said: "During
the quarter we have continued de-risking our investment portfolio
by selling more than US$1.3 billion, or 70%, of the securities
related to our fourth quarter restructuring charge and are making
progress in transitioning the portfolio to one that is more
typical of a P&C focused operation.  While credit spreads widened,
particularly in March, the company's first quarter mark-to-market
losses of approximately one billion dollars included net realized
losses of US$171 million in addition to US$81 million that we
chose to recognize from risk reduction efforts.

"At March 31, 2009, XL had US$17.0 billion of its US$30.5 billion
fixed income portfolio in cash, government, government related and
agency or agency-guaranteed securities.

"Also during the first quarter of 2009, XL retained valued
customers and staff retention levels remained strong, with
voluntary staff turnover rates at or below last year's levels.

"In addition to this, XL remains on track in terms of reducing its
underlying operating expenses and our two previously announced
programs in this regard are both on target.  We recorded costs of
US$40.0 million in the quarter in connection with these programs."

Mr. McGavick concluded: "This is another quarter of solid
achievement for XL as we continue to demonstrate we have the
wherewithal to navigate these troubled times and to deliver on our
commitments to shareholders and to clients."

                   About XL Capital Limited

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.



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

BNDES: Won't Fund Sadia-Perdigao Merger
---------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
development officials said it is unlikely that the bank will fund
the merger between Sadia SA and Perdigao SA, LatinFrance reports.

“I don’t perceive an urgent need to provide direct financing [for
this merger,]” LatinFrance quoted Mauricio Borges Lemos, MD at the
BNDES, as saying in an interview with LatinFinance.  “However, the
BNDES will help wherever it is needed.”

According to LatinFrance, Mr. Lemos said Perdigao’s atomized
shareholder structure – four of its largest investors are pension
funds – and the lack of a strong relationship between BNDES and
the two poultry companies, do not establish a pretext for a new
cash injection.

The report relates Mr. Lemos said Sadia-Perdigao talks are at an
advanced stage, with the focus of the discussion now centering on
price.

As reported in the Troubled Company Reporter-Latin on March 19,
2009, Bloomberg News said Sadia SA is facing pressure to merge
with Perdigao SA as its BRL3.5 billion (US$1.5 billion) short-term
debt payment deadline approaches.  Eduardo Simoes of Reuters
related Sadia SA said it was considering a business tie-up with
Perdigao, and was analyzing with Perdigao "the viability and the
convergence of interests in some type of association."

                          About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

As of April 22, 2009, Banco Nacional continues to carry a Ba2
foreign long-term bank deposit rating from Moody's Investors
Service.  The rating was assigned in August 2007.


BRASKEM SA: Inks Additives & Colors Development Deal W/ Cromex
--------------------------------------------------------------
Braskem S.A. and Cromex signed a partnership to develop additives
and colors for the green plastic.

The products were especially developed to add performance in
productivity, quality and safety, preserving the environmental
aspects of the renewable source polyethylene  April 2009 - Braskem
and Cromex disclosed the first partnership for developing special
products that will be used with the green polyethylene - a Braskem
innovation made from sugarcane ethanol.

This joint action by the two companies enabled Cromex to develop a
series of colors and additives that will add characteristics to
the green polyethylene like an anti-blocking barrier for UV rays,
antistatic and anti-fog features, respecting the products
fundamental sustainability properties.

Braskem s green polyethylene is the first one made from globally
certified sugarcane ethanol.  The company is investing R$ 500
million in a new factory in the Triunfo Complex, in Rio Grande do
Sul, for the annual production of 200 thousand tons of product.

Luiz de Mendonça, vice-president responsible for Braskem’s
Polymers Unit, said the company is investing selectively in a high
return project, and confirming Braskem’s commitment with
innovation and sustainable development.

With this partnership, Cromex will develop a range of colors, from
opaque and transparent to more elaborate ones, with special
effects, such as pearled and metalized. Besides the colors, Cromex
will provide special additives to optimize resin processing and
final product performance.  The objective is to serve the main
markets that demand green plastic, like the auto, toy, cosmetic
and personal hygiene industries, as well as packaging and others.

For Cromex, this is a partnership with great strategic value in
terms of innovation and sustainability for the plastic chain.

According to Sergio Wajsbrot, the company’s president, Cromex
wants to expand operations and be present in segments with higher
added value.  The demand for green polyethylene has already been
identified as a great business opportunity and we are accompanying
this evolution, concluded the executive.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *     *

As reported by the Troubled Company Teporter-Latin America on
Jan. 23, 2009, Fitch Ratings affirmed Braskem S.A.'s ratings:

  -- Foreign currency long-term Issuer Default Rating (IDR) at
     'BB+';

  -- Local currency long-term IDR at 'BB+';

  -- National long-term rating at 'AA(bra)';

  -- Unsecured senior notes due 2014, 2017, 2018 at 'BB+';

  -- Unsecured senior perpetual bonds at 'BB+';

  -- 13th debenture issue,at 'AA(bra)'.


EMBRAER: Posts US$23.4 Million Net Loss in First Quarter
--------------------------------------------------------
Empresa Brasileira de Aeronautica SA ("Embraer") recorded first
quarter 2009 net sales of US$1,154.1 million and a net loss of
US$23.4 million, equivalent to diluted losses per ADS of
US$0.1289.

Due to the severe worldwide economic downturn since September
2008, Embraer recorded cancellations of some of the firm orders of
its executive aviation backlog as well as deferrals of deliveries
scheduled for the commercial aviation segment.  As a result, the
Company’s firm order backlog on March 31, 2009, decreased by 5.7%
compared to the previous quarter, totaling US$ 19.7 billion.

The backlog of the EMBRAER 170/190 family accumulated a total of
875 firm orders and 792 options, with 354 aircraft to be
delivered.

In light of this new scenario, Embraer revised its revenue
guidance for 2009 to US$5.5 billion, broken down as US$3.3 billion
in revenues for the commercial aviation segment, US$0.8 billion
for the executive aviation segment, US$0.6 billion to the defense
and government segment and US$0.8 billion for services and other
revenues.

The company has also reduced its delivery guidance for 2009 down
from 270 to 242 commercial and executive aircraft deliveries, with
115 deliveries to the commercial aviation segment, 17 Legacy 600
and Lineage 1000 jets to the executive aviation segment plus 110
Phenom jets to the same segment.  Embraer’s total investment
guidance for 2009 was also revised to US$350 million.

As a consequence of the unprecedented crisis affecting the global
economy, which also affected the air transportation industry, it
had become inevitable to implement a revision the Company’s cost
structure and workforce, adjusting it to the new reality of demand
for commercial and executive aircraft.  A reduction in personnel
(layoffs) carried out in February, 2009 involved approximately 20%
of the Company’s workforce and was concentrated in the production
and administrative areas, including the elimination of one layer
in the management structure.

Net revenues for 1Q09 totaled US$ 1,154.1 million, or a 13.6%
decrease from the US$1,335.9 million in net revenues of 1Q08,
basically due to fewer deliveries in 1Q09.

Income from operations totaled US$27.2 million in 1Q09, or a 44.1%
decrease compared to the US$48.7 million recorded for the same
period last year.  The decrease is due to the lower revenues in
the quarter, and also due to the increase of other operating
income (expense), net to US$33.3 million, arising from the
nonrecurring cost of the layoffs mentioned above.

The operating margin was 2.4% in 1Q09, or a decrease
over the 3.6% operating margin for 1Q08.  Therefore, non-recurring
events such as layoff costs and revenues from contractual
penalties of aircraft cancellations totaled US$32.4 million.

The 1Q09 operating margin would have been 5.2%, if they were not
considered.

After US$45.4 million in income tax, Embraer reported a net loss
of US$23.4 million in 1Q09, compared to a net income of
US$85.0 million in 1Q08.  The net margin was negative by 2.0% in
1Q09, compared to a positive 6.4% in 1Q08.

                       About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
("Embraer") –- http://www.embraer.com -- develops and produces
aircraft for the Brazilian Air Force into a public company that
produces aircraft for commercial aviation, executive jet and
defense and government purposes.  The company is a manufacturer of
commercial aircraft.  The company has developed a line of
executive jets based on one of its regional jet platforms and
launched executive jets in the very light, light, and ultra-large
categories, the Phenom 100, Phenom 300 and Lineage 1000,
respectively.  In July 2008, the company announced the acquisition
of the remaining 40% interest in ELEB -- Embraer Liebherr
Equipamentos do Brasil S.A., held by Liebherr Aerospace S.A.S.
ELEB's name will be changed to ELEB Equipamentos S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


* BRAZIL: Local Banks Don't Need Stress Tests, Minister Says
------------------------------------------------------------
Brazilian banks remain profitable despite tougher credit
conditions, and are not in need of stress tests like U.S.
financial institutions, Walter Brandimarte of Reuters reports,
citing Brazil's Finance Minister Guido Mantega.  "Our banks
already faced their stress tests with the derivatives issue," Mr.
Mantega was quoted by the report as saying.

According to the report, Mr. Mantega added state-owned Banco do
Brasil will keep lending responsibly and will gain market share.

The country continues to carry Moody's Rating Agency’s “Ba1” local
and foreign currency ratings.



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

AES CHINA ET AL: Creditors' Proofs of Debt Due on May 27
--------------------------------------------------------
CDL Company Ltd. fixed May 27, 2009, as the last day to file
proofs of debt for the creditors of:

   -- AES China Co.; and
   -- AES China Power Corporation.

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

The Liquidator can be reached at:

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


CI PURCHASER: Shareholders Final Meeting Set for May 29
--------------------------------------------------------
The shareholders of CI Purchaser Limited will hold their final
meeting on May 29, 2009, at 8:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DURAT AL DOHA: Shareholders Final Meeting Set for May 27
--------------------------------------------------------
The shareholders of Durat Al Doha will hold their final meeting on
May 27, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Ali Taymoor
          Mohammad Al-Mana
          Qatar Islamic Bank
          Grand Hamad Street, Doha, Qatar
          PO Box 559, Doha, Qatar


FESTINA LENTE ET AL: Creditors' Proofs of Debt Due on May 18
------------------------------------------------------------
Ogier fixed May 18, 2009, as the last day to file proofs of debt
for the creditors of:

   -- Festina Lente International, Ltd.; and
   -- Festina Lente Master Fund, Ltd.

The companies commenced wind-up proceedings on April 7, 2009.

The Liquidator can be reached at:

          Ogier
          c/o Bradley Kruger
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815-1877
          Facsimile: (345) 949 1986


FULTON FEEDER: Shareholders Final Meeting Set for May 29
--------------------------------------------------------
The shareholders of Fulton Feeder Fund Ltd. will hold their final
meeting on May 29, 2009, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GRANDSIRE LIMITED: Members' Final Meeting Set for May 27
--------------------------------------------------------
The members of Grandsire Limited will hold their final meeting on
May 27, 2009, at 12:00 noon, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogiercorporate Services (UK) Limited
          Ogier Corporate Services (UK) Limited
          Equitable House
          47 King William Street
          London, EC4R 9JD


GUGGENHEIM ET AL: Shareholders to Hear Wind-Up Report on June 22
----------------------------------------------------------------
On June 22, 2009, Jane Fleming will present the companies' wind-up
report and property disposal to the shareholders of:

   -- Guggenheim Partners Equity Opportunity Fund (Cayman) Ltd.;
   -- Guggenheim Partners Prism Opportunity Fund (Cayman) Ltd; and
   -- Guggenheim Partners Prism Opportunity Fund II (Cayman) Ltd.

The Liquidator can be reached at:

          Jane Fleming
          PO Box 30464, Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187/(345) 945-2197


MEGARA LIMITED: Shareholders' Final Meeting Set for May 27
----------------------------------------------------------
The shareholders of Megara Limited will hold their final meeting
on May 27, 2009, at 10:00 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945 9208
          Fax: 345 945 9210


NL DEVELOPMENT: Shareholders Final Meeting Set for May 29
---------------------------------------------------------
The shareholders of NL Development, Ltd. will hold their final
meeting on May 29, 2009, at 8:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OLIVER PRESS: Shareholders Final Meeting Set for May 29
-------------------------------------------------------
The shareholders of Oliver Press Fund Ltd. will hold their final
meeting on May 29, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


STAR VILLENA: Creditors' Proofs of Debt Due on May 31
-----------------------------------------------------
The creditors of Star Villena Ltd. are required to file their
proofs of debt by May 31, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 8, 2009.

The company's liquidators are:

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


SUDELEY LIMITED: Members' Final Meeting Set for May 18
------------------------------------------------------
The members of Sudeley Limited will hold their final meeting on
May 18, 2009, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Talal Mohammad Abdulraheem Mehyar
          Mecca Street, PO Box 9988
          Amman 11191, Jordan
          e-mail: talalmehyar@gmail.com
          Tel: + (962) 77 7 500506
          Fax: + (962) 6 5412259


TERRITORIAL RESOURCES: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On April 8, 2009, the sole member of Territorial Resources Ltd.
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Britannia Corporate Management Ltd.
          Plantation House, 196 Raleigh Quay
          P.O. Box 1968, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 2700


XPOIMPO LIMITED: Sole Shareholder Hear Wind-Up Report
-----------------------------------------------------
On June 2, 2009, the sole shareholder of Xpoimpo Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


WEAVERING MACRO: Commences Wind-Up Proceedings
----------------------------------------------
On April 3, 2009, the Grand Court entered an order to wind up the
operations of Weavering Macro Fixed Income Fund Limited.

The company's liquidators are:

          David Walker
          Ian Stokoe
          PricewaterhouseCoopers
          PO Box 258, Strathvale House, George Town
          Grand Cayman KY1-1104



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

MASISA SA: Fitch Downgrades Issuer Default Rating to 'BB+'
----------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings of Masisa S.A. to 'BB+' from 'BBB-'.  Fitch has
also downgraded the company's national scale ratings to 'A-(chl)'
from 'A(chl)'.  In conjunction with these rating actions Fitch
assigns a short-term national scale rating of 'F1(chl)' to Masisa.
The Rating Outlook for all of these ratings is Stable.

The rating downgrades are a result of the very difficult market
the company faces during 2009 as a result of the financial crisis.
The downturn is also expected to result in a weak performance by
the company during 2010, resulting in credit metrics below those
expected for the prior rating categories, despite significant
efforts by the company to reduce its debt during the past 12
months.  Further factored into the rating actions are concern
about the political and economic environment in two of the
company's key markets, Venezuela and Argentina.  Together, these
markets accounted for close to 58% of Masisa's EBITDA during 2008,
an increase from 43% in 2007 and 32% in 2006.

As of Dec. 31, 2008, Masisa's total debt was US$700 million, an
increase from US$645 million at the end of 2007, while its cash
and marketable securities were US$56 million, an increase from
US$38 million at the end of 2007.  During 2008, Masisa generated
US$176 million of EBITDA, similar to that of the previous year but
under expectations due to the sharp drop in demand for its main
products during the last quarter of the year.  As a result of
higher leverage and no growth in EBITDA, Masisa's total debt-to-
EBITDA ratio increased to 4 times (x) from 3.7x during 2007, while
its net debt-to-EBITDA ratio rose to 3.7x from 3.5x.

On a pro-forma basis, Masisa's net debt is estimated to have
declined from US$645 million at the end of 2008 to around US$520
million during the first four months of 2009.  The decline is due
to a US$100 million capital increase during March and April and
the sale of the company's sawmill and forestry assets located in
Rio Negrinho (Brazil) to Renova Floresta Ltda for US$70.3 million
in December 2008, with the funds being received in January 2009.
The sale of the Rio Negrinho assets and the capital increase are
part of an effort by the company to lower debt and to shift the
focus of its business to panels.  They follow the sale by Masisa
of 75% of its OSB (oriented strand board) plant in Brazil to
Louisiana-Pacific during 2008 for US$56 million.

Toward the end of 2008, Masisa announced the execution of a
financial strengthening plan, which aimed to significantly improve
its liquidity position as well as decrease operating expenses
through an organizational restructuring, shift reductions, and
plant closures.  In Fitch's view, these measures, plus the start-
up of a new medium density particle board plant in Montenegro,
Brazil, which has an annual production capacity of 750,000 cubic
meters, will not be enough to offset declining prices and demand
for the company's products.  As a result, Masisa's EBITDA for 2009
is expected to decline to a range of US$130 million and US$150
million, which should result in a net debt-to-EBITDA ratio of
between 3.5x and 4x.  For 2010, the company's EBITDA should climb
to above US$150 million, which would result in a net leverage
ratio in the area of 3x.

As part of the financial strengthening plan, Masisa refinanced
short-term debt maturities of US$233 million between December 2008
and February 2009 through two bank loans and bonds issued in the
local market.  This leaves the company with about US$48 million of
debt coming due this year, which can be refinanced with cash flow
from operations plus cash raised with through the recent equity
issuance.

As of December 2008, the company's long-term debt was composed of
US$212 million of bank debt and US$227 million of bond debt.  The
long-term bank debt is denominated in dollars and its maturity
schedule is US$48 million in 2010, US$160 million in 2011 and US$4
million in 2012.  All of the company's long-term capital markets
debt was placed in the local market and is denominated in Unidades
de Fomento, a standard monetary measure in Chile that is linked to
inflation.  The maturity schedule for the bonds is spread evenly
from 2009 to 2029.

Masisa is the largest manufacturer of wood boards in Latin America
with 2.4 million cubic meters of annual production capacity.  It
also has 487,000 cubic meters of annual sawn lumber capacity and
supports its operations with 238,000 hectares of forestry land in
Chile, Argentina, Brazil and Venezuela.  Masisa owns 139,000
hectares of these plantations which have an accounting value of
US$809 million as of Dec. 31, 2008.  In addition to having
production and sales operations in the markets mentioned above,
the company has commercial operations in Colombia, Peru, Mexico
and Ecuador.  Grupo Nueva is Masisa's largest shareholder with a
65% stake as of Dec. 31, 2008.



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

ASHMORE ENERGY: Promigas SA to Invest US$400 Million in Peru
------------------------------------------------------------
Promigas SA -- a 52.9% owned Colombian unit of Houston-based
Ashmore Energy International Ltd -- plans to invest US$400 million
over five years in Peruvian natural-gas distribution and filling
stations, Alex Emery of Bloomberg News reports, citing Promigas
Chief Executive Officer Antonio Celia.

Promigas SA will invest US$300 million in ducts to pipe gas to
70,000 homes and US$100 million is targeted to develop filling
stations in a joint venture with Peruana de Combustibles SA,
Peru’s largest gasoline station chain, Mr. Celia told the news
agency in an interview.

According to the report, the investments are part of a bid to
attract US$10 billion in commitments needed to increase Peru’s oil
and gas production and boost domestic gas consumption to replace
oil imports.

The report notes Mr. Celia said Promigas may also bid on
concessions this year to build regional pipelines to pump gas to
the north coast and central highlands from the Camisea gas fields.

                       About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2008, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on the emerging markets energy
infrastructure company Ashmore Energy International and assigned
its 'B' rating and '5' recovery rating to AEI's $250 million
senior unsecured notes due 2018.  The one-notch differential
reflects the junior claim of the senior unsecured debt with
respect to secured debt at the company.  The company will use
proceeds from the issuance to pay down outstanding revolver draws.
S&P also revised the outlook to positive from stable.


ECOPETROL: Analysts See Drop in First Quarter Net Profit
--------------------------------------------------------
Colombian state-controlled oil company Ecopetrol SA will likely
report a drop in its first quarter net profit as the price of oil
tumbled in the past year, Inti Landauro of Dow Jones Newswires
reports, citing analysts.

A Dow Jones Newswires survey of five local analysts
produced a median estimate of 1.25 trillion Colombian pesos
(US$534 million), or COP37.48 per share, 34% less than the COP2.29
trillion reported in the same period in 2008.

"With the West Texas Intermediate averaging less US$50 a barrel
the company's revenues had to shrink and the outlook is gloomy if
price stays at that level," the report quoted Johanna Castro, a
market analyst with local brokerage Corredores Asociados, as
saying.

The report relates analysts expect oil prices to stay at current
levels in coming months, so that the company's net profit for 2009
will be significantly lower than the COP11.63 trillion booked in
2008.

According to the report, the company was able to limit the impact
of falling oil prices by increasing production from its existing
operations and the operations it bought in Colombia and Peru
earlier this year.

                      About Ecopetrol S.A.

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

                          *     *     *

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



===================================
D O M I N I C A N  R E P U B L I C
===================================

CAP CANA: Gets Bondholders OK to Exchange Bonds for New Notes
-------------------------------------------------------------
Cap Cana S.A.'s has secured bondholders' approval to exchange
US$250 million in outstanding 2013 bonds for two new classes of
notes with longer maturities and less onerous short term debt
service requirements, LatinFrance reports, citing executives close
to the process.

The report relates the resort is offering holders of the 9.625%
2013s two new replacement securities that mature in 2016:

   -- US$137.0 million 10.000% senior secured note; and

   -- US$133.8 million 10.000% self liquidating recovery note that
      behaves like a PIK note.

According to the report, the total principal amount of the new
bonds includes past due interest payments and what one investor is
calling an exchange premium.

The report notes Mayer Brown is advising Weston Group, Simpson
Thacher is advising Cap Cana and a group of bondholders engaged
Chadbourne & Parke for legal advice throughout the process.

                        About Cap Cana

Cap Cana S.A. is owner and developer of a resort complex (Cap
Cana) on the Dominican easter tip.  The resort copmplex is being
developed as a multiuse luxury resort in the Caribbean with world-
class beaches, championship golf courses, yachting facilities and
other leisure amenities.  The property consists of over 46 square
miles (119.9 square kilometers) of land, including a five-mile
(eight kilometer) coastline and 2.2 miles (3.5 kilometers) of one
of the most pristine beaches in the region.  As of September 30,
2008, Cap Cana S.A. had invested approximately US$485 million in
infrastructure and other improvements.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Nov. 4, 2008, Fitch Ratings downgraded the rating on Cap Cana,
S.A.'s US$250 million senior secured notes from 'B' to 'CCC/RR4'.
The rating was also placed on Rating Watch Negative.


CEMEX SAB: Sees US$900 Million Savings This Year
------------------------------------------------
Cemex S.A.B de C.V expects additional savings of US$200 million
as a result of extended measures to reduce costs which began
before 2008 and to be completed by year-end 2009, Dominican Today
reports.  According to the report, the additional savings is part
of the company's efforts to cut costs globally by US$900 million,
including the US$700 million it previously identified.

“Cemex will use the additional savings to reach financial
flexibility,” Dominican Today quoted the company in a statement.

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.



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

CL FINANCIAL: CLICO Guyana Gets US$15 Million From CARICOM
----------------------------------------------------------
The Caribbean Community (CARICOM) agreed to set aside US$15
million from the Caribbean Petroleum Fund for CLICO Life and
General Insurance Company South America Limited
(CLICO Guyana) to close the liability-asset gap of the local
company, Caribbean360.com reports, citing Guyana President Bharrat
Jagdeo.

According to the report, CARICOM's decision followed Mr. Jagdeo's
appeals at the recent Fifth Summit of the Americas in the
Americas, where he argued that it was not fair that CARICOM was
putting US$50 million from the fund into a special facility to
deal with Organisation of Eastern Caribbean States (OECS)
countries that had problems with British American (Insurance
Company) and CLICO, since it is a regional problem that needs a
regional solution.

The report relates Mr. Jagdeo said the injection of these funds,
in addition to other measures already taken by his government -
including paying policyholders by cash and withholding payment to
the parent company in Trinidad - would reduce the company's
liability-asset gap even further and possibly eliminate it
altogether.

The other interventions, Caribbean360.com notes, include
attempting to secure an injunction against BOSAI Minerals Group
(Guyana) Inc. from making payments on an outstanding loan of US$15
million to First Citizens Bank Limited of Trinidad and Tobago, and
challenging the classification by the liquidator, Craig Tony
Gomez, of CLICO Bahamas that Guyana's investment there was an
inter-company advance and not a policy.

As reported in the Troubled Company Reporter-Latin America on
Aprill 22, 2009, Caribbean Net News said that during an April 14
hearing before Chief Justice Ian Chang in the High Court of
Guyana, it was revealed that CLICO Guyana's liabilities exceed the
company’s assets by US$55 million (GY$11 billion) and its assets
are not sufficient to meet its obligations.

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

                      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.



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

AIR JAMAICA: To Resume Barbados Flights for Summer Season
---------------------------------------------------------
Air Jamaica Limited will resume Barbados flights for the summer
months, Caribbean360.com reports.  The report relates it will
operate a twice weekly service between New York and the Caribbean
island from July 2 to August 20.

According to the report, the company said the decision was taken
"in response to expected demand by Barbadian nationals in the tri-
state area traveling home for the summer".

As reported in the Troubled Company Reporter-Latin America on
April 1, 2009, Caribbean Net News said Air Jamaica cut its New
York-Barbados flights on April 20 and increased travel on other
routes as the airline aligns capacity to meet market demand.

Meanwhile, the report notes Air Jamaica is still moving ahead with
other cost-cutting measures, including the elimination of its
signature onboard champagne service in economy class on May 1.

                       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.


CABLE & WIRELESS: LIME Denies Columbus Acquisition Talks
--------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of  Cable &
Wireless plc, has denied media reports that it is in talks to
acquire Columbus Communications, which operates in Jamaica as
Flow, Jamaica Gleaner reports.

"Nothing of the sort, something so sensitive I would be aware of,"
LIME's vice-president of corporate communications, Errol Miller,
told Wednesday Business in an interview, the report relates.

The Gleaner notes executives of Columbus Communications are
adamant that the company is not up for sale.  "Flow is not being
sold and I certainly would be aware of it," the report quoted Flow
Jamaica President and Chief Operating Officer Michelle English as
saying.  "No discussion was held with anyone, Flow is not for
sale."

                          About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

As of March 17, 2009, Cable & Wireless plc continues to carry
Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company also continues to Standard & Poor's "BB-" long-term
foreign and local issuer credit ratings and "B" short-term foreign
and local issuer credit ratings.


SAGICOR LIFE: Redundancy Exercise Put on Hold
---------------------------------------------
Sagicor Life Jamaica (formerly Life of Jamaica)'s plan to lay off
several positions this month was put momentarily on hold following
a meeting with the Bustamante Industrial Trade Union (BITU), Radio
Jamaica News reports.

"Well in the meeting with the company, the union had raised
certain concerns relating to the proposed redundancy," the report
quoted BITU President General Gayle as saying.  "The company has
agreed to put those redundancies on hold and have further
discussion with the union to see how best they can treat the issue
of the redundancy.  We are going to continue having meetings with
the company in pursuit of some level of understanding."

As reported in the Troubled Company Reporter-Latin America on
April 23, 2009, Radio Jamaica said Sagicor Life informed
BITU that the company will be cutting 75 jobs by April 30.  The
report related BITU President General said clerical and
administrative employees are among those to be let go.  The report
recalled last month several positions were cut
following Sagicor's acquisition of Blue Cross.



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

GRUMA SAB: Posts First Quarter US$35.6 Million Net Loss
-------------------------------------------------------
Gruma, S.A.B. de C.V. posted a net loss of 491 million pesos
(US$35.6 million) in the first quarter, on currency derivatives,
Carlos Manuel Rodriguez of Bloomberg News reports.  The report
relates the first quarter loss was wider from the 91.1 million
pesos loss in the year-earlier period.  Sales meanwhile climbed
31% to 13.1 billion pesos, the report says.

The report recalls the company on March 24 reached an agreement
with Credit Suisse Group AG, Deutsche Bank AG and JPMorgan Chase &
Co. to borrow US$668.3 million to pay them back for currency
derivatives that plunged in value after the peso lost 20% in the
fourth quarter of 2008.

Bloomberg News notes Gruma said the losses stemming from currency
derivatives were 11.2 billion pesos as of Dec. 31.  The deal with
the banks represents 87% of the open currency positions the
company had, the company added.

The report says the company's its derivatives had a negative value
of 1.36 billion pesos as of March 31.

The company’s debt may climb by two-thirds to about US$1.68
billion after the bank deal, Gruma Chief Financial Officer Raul
Alonso Pelaez told Bloomberg News in an interview.

Meanwhile, the report notes the company's debt fell to US$1.01
billion from US$1.02 billion in the fourth quarter of 2008, while
financing costs for Gruma climbed to 1.1 billion pesos in the
first three months of 2009, almost double the 655 million pesos in
the year-earlier period.

                      About Gruma, S.A.B.

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor. The company conducts its U.S. and European operations
principally through its subsidiary, Gruma Corporation, which
manufactures and distributes corn flour, packaged tortillas, corn
chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                        *     *     *
As reported in the Troubled Company Reporter-Latin America on
April 5, 2009, Fitch Ratings has downgraded Gruma, S.A.B. de
C.V.'s ratings:

-- Foreign Currency Long-Term Issuer Default Rating to 'B+' from
    'BB+';

-- Local Currency Long-Term IDR to 'B+' from 'BB+';

-- US$300 million perpetual bonds to 'BB-/RR3' from 'BB+'.

Fitch has also removed all ratings from Rating Watch Negative.



HIPOTECARIA CREDITO: Moody's Cuts National Issuer Rating to 'Ca'
----------------------------------------------------------------
Moody's de Mexico downgraded Hipotecaria Credito y Casa, S.A. de
C.V.'s, short-term national scale rating to MX-4 from MX-3 and
lowered the national scale issuer rating to Ca.mx from Baa2.mx (Ca
global scale local currency issuer rating from B1).  Concurrently,
Moody's also affirmed CyC's Not Prime global local currency short-
term rating.  The issuer ratings are under review for possible
downgrade.

The downgrade reflects CyC's announcement, that due to the credit
crisis and the contraction of the commercial paper and
securitization debt markets the company would not be able pay $327
million Mexican pesos in commercial paper debt maturities due.
This constitutes a payment default.  Including these maturities,
CyC has $1.6 billion Mexican pesos in commercial paper due in
2009.

In its review Moody's will monitor CyC's ability to repay or
refinance its short-term obligations, in light of the company's
limited access to alternative capital sources.  Moody's will also
closely monitor the firm's portfolio management, collection
processes and its ultimate strategic direction and capital
structure.

These ratings were downgraded:

* Hipotecaria Credito y Casa -- national scale issuer rating to
  Ca.mx, from Baa2.mx, national scale senior unsecured long-term
  debt shelf rating to Ca.mx, from Baa2.mx, global scale local
  currency issuer rating to Ca, from B1, and global scale local
  currency senior unsecured long-term debt rating on an MTN
  Program to (P)Ca, from (P)B1.  These ratings are under review
  for possible downgrade.

* Hipotecaria Credito y Casa -- short term national scale rating
  to MX-4 from MX-3

These ratings were affirmed:

* Hipotecaria Credito y Casa -- short-term global local currency
  rating at Not Prime

Moody's last rating action with respect to Credito y Casa was on
December 18, 2008, when Moody's downgraded Hipotecaria Credito y
Casa's short-term national scale rating to MX-3 from MX-2.
Concurrently, Moody's also affirmed Credito y Casa's Not Prime
global scale local currency short-term rating, Baa2.mx national
scale issuer rating and B1 global scale local currency issuer
rating.  The ratings outlook was revised to negative from stable.

Hipotecaria Credito y Casa, based in Culiacan, Sinaloa, Mexico,
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company.  CyC's main activity consists
of extending mortgages financed by monies from SHF to low income
households.  As of December 31, 2008, the company reported assets
of $17,795 million Mexican pesos and $1,526 million Mexican pesos
in equity.

Hipotecaria Credito y Casa's ratings were assigned by evaluating
factors Moody's believe are relevant to the credit profile of the
issuer, such as i) the business risk and competitive position of
the company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Hipotecaria Credito y Casa's core industry and the
company's ratings are believed to be comparable to those of other
issuers of similar credit risk.


* MEXICO: Closes 35,000 Restaurants Due to Swine Flu Epidemic
-------------------------------------------------------------
Mexico City Federal District closed some 35,000 restaurants until
May 5 due to the swine flu virus epidemic, Presina-Latina reports,
citing Federal District Secretary Jose Angel Avila.

According to the report, Juan de Dios Barba, leader of the Union
of Restaurant Owners, said they agree with the preventive measure
but called to reign in illegal businesses that will profit from
the closings.

The report relates shops and tourism reported millions in losses,
around 60% less for one week.

Federal Health Secretary Jose A. Cordova said the swine flu
epidemic has provoked 149 deaths, 1,995 infected and 776
hospitalized, the report notes.



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

PDVSA: Williams Companies Writes-off US$241 Million
---------------------------------------------------
Williams Companies Inc plans to report non-cash charges to net
income attributable to The Williams Companies Inc. of
approximately US$241 million in first-quarter 2009 related to its
operations and investments in Venezuela.

Based on its current assessment of the situation, Williams is
recording a reserve for uncollectible accounts receivable and
impairing the associated long-lived assets and equity and cost-
based investments to an estimate of their fair value.  Williams
Companies will report a net loss in the first quarter as a result
of the charges.

In Venezuela, Williams Companies' midstream business has
investments in and operates entities that provide services to
Petroleos de Venezuela S.A. (PDVSA) under long-term agreements.
Services include medium-pressure compression, high-pressure gas
injection, gas liquids extraction, and gas liquids fractionation.

The company's exploration and production business also owns a
minority interest in an oil and gas operation which is majority-
owned by a Venezuelan government-owned entity.

In its 2008 Form 10-K, filed Feb. 25 with the Securities and
Exchange Commission, the company described the uncertainty of
collecting its Venezuela receivables because PDVSA had ceased its
regular payments to many service providers, including Williams, in
late 2008.  At the time of its Form 10-K filing, Williams
Companies expected that the amounts would ultimately be paid.

Because of continued non-payment by PDVSA and other current
circumstances, Williams now believes that it is probable that
PDVSA will not pay amounts owed, and that the company's associated
long-lived assets are impaired.  The company has issued notices of
default to PDVSA, and continues to operate the assets.  In the
event that PDVSA does not cure the defaults and does not comply
with its contractual obligations to purchase the related assets,
Williams said it will pursue all rights available to it under its
agreements, including international arbitration.

As a result of ceasing revenue recognition for the assets,
Williams expects a loss of earnings from its Venezuela operations
to reduce its full-year 2009 recurring results by approximately
US$0.04 per share.

After the adjustments and as of March 31, Williams Companies'
carrying value associated with its Venezuela operations is
primarily comprised of US$67 million of restricted cash,
US$106 million of property, plant and equipment, and US$161
million of secured debt that is non-recourse to Williams.

                           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.



                            ***********

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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