TCRLA_Public/090511.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

              Monday, May 11, 2009, Vol. 10, No. 91

                            Headlines

A R G E N T I N A

BANCO MACRO: Expects Economic Rebound This Year
BAPAR SA: Proofs of Claim Verification Deadline is June 30
DESARROLLO: Proofs of Claim Verification Due on June 26
EJOTA SA: Proofs of Claim Verification Deadline is June 1
IMPACTO PRODUCCIONES: Proofs of Claim Verification Due on June 23

SEVITAR SACIF: Proofs of Claim Verification Deadline is June 12
TIMES SA: Proofs of Claim Verification Due on July 10
TELECOM ARGENTINA: Fitch Affirms Issuer Default Rating to 'B+'
TELEFONICA DE ARGENTINA: Fitch Affirms Issuer Rating at 'BB-'


B E R M U D A

BOND INSURANCE: Creditors' Proofs of Debt Due on May 20
BOND INSURANCE: Members' Final General Meeting Set for June 11
CHEMICAL HOLDINGS: Creditors' Proofs of Debt Due on May 20
CHEMICAL HOLDINGS: Members' Final General Meeting Set for June 11


B R A Z I L

GERDAU SA: CFO Sees Recourse if Cash-Flow Plunges
REDE ENERGIA: Fitch Junks Issuer Default Ratings from 'B'


C O L O L M B I A

BANCOLOMBIA: 1Q Consolidated Net Income Up 22.6% to Ps. 311.1-Bln


C U B A

* CUBA: Tourism Sector Hit by World Economic Crisis, Minister Says


J A M A I C A

HAMPDEN ESTATES: Supreme Court Bars Sale of Company's Assets


M E X I C O

VITRO SAB: Hires Rothschild as Financial Advisor


T R I N I D A D  &  T O B A G O

CL FINANCIAL: ICBL Breaks Off Talks With CLICO Holdings Barbados


V E N E Z U E L A

PDVSA: Takes Control of John Wood Group Contract


X X X X X X X X

* IMF Sees LatAm to Recover Earlier from the Global Crisis
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

BANCO MACRO: Expects Economic Rebound This Year
-----------------------------------------------
Banco Macro SA saw its first-quarter profit rise slightly from a
year ago despite a slowing economy, Reuters reports, citing Bank
Chief Executive Jorge Brito.  "The results will be slightly higher
than in the first quarter of last year," the report quoted Mr.
Brito as saying.  "Fortunately the bank continues to have a brisk
level of activity despite what has happened in the world and ...
(despite) Argentina's slowdown."

The report recalls Banco Macro posted a first-quarter net profit
of 151.6 million pesos (US$47.5 million) in 2008.

According to the report, Mr. Brito said the bank aims to keep
deposits stable over the course of the year while increasing its
loan portfolio by 2%, focusing on small- and medium-sized
businesses as well as the powerful farm sector.

Reuters says Banco Macro expects Argentina to grow between 0% and
2% this year, slowing sharply after six straight years of at least
7% growth.

However, the report relates Mr. Brito said conditions could
improve starting in the second half of the year, particularly
after a June 28 mid-term election.  "My impression is that after
the election, the Argentine economy could stabilize or start
growing again," the report quoted Mr. Brito as saying.  "I'm not
worried about the outcome of the election, whatever the outcome it
won't affect the economy."

Mr. Brito, the report notes, added an economic rebound should
serve to stem the decline in overall bank deposits seen since
March 2008 and reinvigorate slack demand for credit.

                      About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA  --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).


                          *     *     *

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


BAPAR SA: Proofs of Claim Verification Deadline is June 30
----------------------------------------------------------
The court-appointed trustee for Bapar S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 30, 2009.


DESARROLLO: Proofs of Claim Verification Due on June 26
-------------------------------------------------------
The court-appointed trustee for Desarrollo de Acuerdos Comerciales
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 26, 2009.

The trustee will present the validated claims in court as
individual reports on August 24, 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 7, 2009.


EJOTA SA: Proofs of Claim Verification Deadline is June 1
---------------------------------------------------------
The court-appointed trustee for Ejota S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 1, 2009.

The trustee will present the validated claims in court as
individual reports on July 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 7, 2009.


IMPACTO PRODUCCIONES: Proofs of Claim Verification Due on June 23
-----------------------------------------------------------------
The court-appointed trustee for Impacto Producciones Publicitarias
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 23, 2009.


SEVITAR SACIF: Proofs of Claim Verification Deadline is June 12
---------------------------------------------------------------
The court-appointed trustee for Sevitar S.A.C.I.F.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 12, 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 21, 2009.


TIMES SA: Proofs of Claim Verification Due on July 10
-----------------------------------------------------
The court-appointed trustee for Times S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 10, 2009.

The trustee will present the validated claims in court as
individual reports on September 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
October 20, 2009.


TELECOM ARGENTINA: Fitch Affirms Issuer Default Rating to 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed these ratings for Telecom Argentina
S.A. and Telecom Personal S.A.:

TEO

  -- Local currency Issuer Default Rating at 'B+';
  -- Foreign currency IDR at 'B';
  -- National scale ratings at 'AA-(arg)';
  -- Senior unsecured notes at 'B/RR4' and 'AA-(arg)'.

Personal

  -- Local currency IDR at 'B+';
  -- Foreign currency IDR at 'B';
  -- National scale ratings at 'AA-(arg)';
  -- Senior Unsecured Notes at 'B/RR4' and 'AA-(arg)';

The Rating Outlook is Stable.

The affirmation of TEO and Personal's ratings reflects a sound
credit profile, strong operating performance and manageable debt
maturity profile over the medium term.  The ratings are tempered
by increased competition, regulatory risk in the fixed-line
business and currency mismatch between its foreign currency
denominated debt and its peso denominated cash flow.  The ratings
incorporate the differences between controlling shareholders
(Telecom Italia and Werthein Group at Sofora), and investigations
by the government related to Telefonica's ownership in the
controlling group of Telecom Italia should not affect the
company's credit quality.  In addition, the nationalized pension
fund, ANSES, which owns approximately 23% of TEO's shares ensures
that TEO's main strategy will remain unchanged.  The foreign
currency IDR of both companies is constrained by the country
ceiling of Argentina at 'B'.

TEO benefits from a diversified business mix, with a mobile
business unit providing a growth share of total revenues and
EBITDA (approximately 65% of consolidated EBITDA).  TEO's
incumbent position in northern Argentina in fixed-line services
and mobile services mitigates potential fixed-line traffic loss
due to mobile substitution.  Fitch believes fixed-mobile
convergence can help integrated operators, such as TEO, to improve
customer loyalty, reduce operating costs and avoid cannibalization
between business segments.

TEO's EBITDA and cash flow has significantly improved over the
past two years, driven primarily by its mobile business, despite
facing some increases in operating costs as fixed-line rates
remain frozen.  With current economic conditions TEO is expected
to continue posting modest revenue and EBITDA growth, driven by
the mobile segment which is expected also to show slowing growth.
Fitch expects that on a consolidated basis, TEO should continue
generating free cash flow (cash from operations minus capex) in
excess of ARS1 billion per year, which should be used to continue
paying debt.  In addition, the company should start generating
positive retained earnings during 2009, which would enable TEO to
pay dividends in the future.  Nevertheless the company will need
to prepay debt in the amount of 2.5 times (x) the amount of
dividend it intends to distribute under current debt covenants.
Capex for 2009 should be in the range of ARS1.6 billion and should
be allocated approximately 50% for the fixed business and 50% for
the mobile segment.

TEO continues to invest in upgrading its fixed network to a next
generation network, focusing its efforts on improving synergies in
the offering of a full range of integrated fixed and wireless
services.  In addition it has entered into a commercial agreement
with Direct TV to offer pay television services through a bundled
offering.  Investments for the fixed businesses should be oriented
toward the expansion of ADSL services and the upgrade of the
network in order to increase its customer base and assure a higher
bandwidth.  In the wireless business the most significant capital
expenditures for the coming year are related to increased capacity
and 3G services.

TEO continues to improve its financial profile and credit
protection measures after significant debt repayments during last
year.  The company continues to make mandatory and optional
principal amortizations which further reduce leverage, resulting
in strong financial flexibility over the near term.  As of Dec.
31, 2008, the company had a total debt to EBITDA ratio of 0.6x and
EBITDA to interest expense of 14.1x, which are both strong for the
rating category.

Liquidity risk for TEO is manageable, with year-end 2008 cash
balances of ARS1.1 billion, FCF of ARS 1.5 billion, and short-term
maturities of ARS 1.3 billion.  TEO's debt remains exposed to
foreign currency fluctuation.  Fitch expects credit-protection
measures should continue to improve, driven by a better
operational performance, and excess cash flow should be used to
reduce debt.  Fitch believes that as the mobile business continues
to reach maturity, it should result in lower capital expenditures
for this segment and should increase consolidated free cash flow
for TEO.

Personal's ratings reflect the strong progress in operating
performance and credit protection measures, solid brand
recognition and market position, improved customer mix and the
relationship with parent company Telecom Argentina S.A., which now
receives Personal dividends.  Personal is TEO's most important
business unit in terms of consolidated revenues and EBITDA and, as
the mobile business gains scale and matures, should contribute
more to the group's free cash flow generation.  The strong
relationship of TEO with Personal is reflected also by cross-
default covenants and US$150 million in back-up funding provided
to Personal by TEO in case of financial need.

Personal is the wireless provider of incumbent operator TEO,
providing services in Argentina and Paraguay.  The company has
14.4 million users, 12.6 million in Argentina, as of Dec. 31,
2008.  TEO is the incumbent telecommunications provider in
northern Argentina, with an integrated service offering
consisting, at the end of 2008, of 4.1 million fixed lines, 14.4
million mobile users and 1 million ADSL Internet users.  TEO's
consolidated revenues and EBITDA for 2008 amounted to ARS10.6
billion and ARS3.3 billion, respectively.  TEO is 55% owned by
Nortel Inversora, which, in turn, is jointly controlled by Telecom
Italia and the Werthein Group.


TELEFONICA DE ARGENTINA: Fitch Affirms Issuer Rating at 'BB-'
-------------------------------------------------------------
Fitch Ratings has taken these rating actions on Telefonica de
Argentina S.A.:

  -- Local currency Issuer Default Rating affirmed at 'BB-';

  -- Foreign currency IDR affirmed at 'B+';

  -- National scale rating affirmed at 'AA+(arg)';

  -- Approximately US$331 million of Obligaciones Negociables
     affirmed at 'BB-/RR3'and 'AA+(arg)';

The Rating Outlook is Stable.

TASA's rating reflects a strong financial profile, solid business
position in the Argentine telecom sector, healthy cash flow
generation and a low and manageable debt maturity profile.  TASA's
foreign currency IDR, rated one notch higher than the country
ceiling of Argentina at 'B', incorporates a level of implicit
support from controlling shareholder Spain's Telefonica S.A.,
which in the past has provided flexibility in the form of
intercompany loans.  TASA's ratings are tempered by currency
mismatch between revenues and indebtedness, moderate regulatory
risk and increased competition from wireless services.

The company's incumbent position in southern Argentina and solid
business position results in strong free cash flow generation.
TASA has an estimated nationwide market share of 52% in local
services, which gives the company enough scale and flexibility to
build cash balances after capital expenditures.  Increased
revenues in 2008, particularly from broadband services, partially
offset frozen rates and cost pressures resulting in growth in
EBITDA and funds from operations over 2007.  In Fitch's opinion,
broadband services still offer good growth opportunities in
Argentina as penetration is still low.

Fitch believes the recent commercial agreement with DirectTV to
offer pay television services to TASA customers should enhance the
competitive position of the company.  TASA is expected to start
trials in few cities and if successful it should expand the
service offering to the entire region where it operates.  Adding
video to its bundle offering of voice and broadband should
strengthen TASA's competitive position in the residential market.
Current regulation does not allow TASA and Telecom Argentina to
offer pay-television services on its own, but recently, a new
broadcasting bill was introduced that if approved may allow fixed
line operators to offer pay television services.

Fitch expects frozen rates regime to remain over the medium term
as it does not expect a change in the telecommunications law in
the near term.  Regulatory risk has resulted in pressure to
profitability as fixed line operators have experienced cost
increases, mostly associated with personnel salaries and wages,
but are not allowed to increase regulated service tariffs to
compensate for cost increases.  Regulated services revenues
accounts for two thirds of total revenues.  Notwithstanding these
pressures, TASA is expected to have enough resources to meet its
debt obligations and capital expenditures due to its solid cash
flow generation, moderate capital expenditures and conservative
debt profile.

TASA has a manageable maturity profile and total debt consists
primarily of U.S. dollar denominated market debt.  The company is
expected to pay short-term maturities with cash and will not face
a significant maturity until 2010, when approximately ARS700
million of debt matures.  With expected stable to slightly
positive EBITDA growth for the next few years despite slight
EBITDA margin reductions, FFO should be above ARS1,500 million and
even with annual capital expenditures of over ARS700 million from
2008, Fitch expects free cash flow to be above ARS600 million over
the next few years, which is sufficient to pay all its maturities.
Total debt-to-EBITDA of 0.7 times (x) for year-end 2008 is
expected to continue declining as the company pays debt as it
matures.  Fitch notes that at some point in time TASA may look to
increase leverage to a more efficient capital structure more in
line with its Latam peers, but seems that will not take place in
the short term.

TASA's credit metrics are strong for the rating category, but are
limited by Argentina's sovereign risk.  For the 12 months ended
Dec. 31, 2008, total debt-to-EBITDA and FFO adjusted leverage were
0.7x and 0.6x, respectively.  Interest coverage ratios of EBITDA-
to-interest expense and FFO interest coverage were 9.2x and 11.2x,
respectively.  The company's financial profile should continue to
improve over the medium term as the company continues to use free
cash flow to pay debt, absent of cash distributions to
shareholders or any redefinition of a target capital structure.
As the balance of retained earnings has turned positive in its
fiscal books, TASA is now able to pay dividends if it elects to do
so.

TASA is the incumbent local-exchange carrier in the southern
region of Argentina providing local service, long distance,
broadband services and dial-up Internet access.  TASA had revenues
and EBITDA during 2008 of ARS4,761 million and ARS1,765 million,
respectively. Spain's Telefonica S.A. controls, either directly or
indirectly, 98% of TASA.



=============
B E R M U D A
=============

BOND INSURANCE: Creditors' Proofs of Debt Due on May 20
-------------------------------------------------------
The creditors of Bond Insurance Company Limited are required to
file their proofs of debt by May 20, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

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


BOND INSURANCE: Members' Final General Meeting Set for June 11
--------------------------------------------------------------
The members of Bond Insurance Company Limited will hold their
final general meeting on June 11, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

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


CHEMICAL HOLDINGS: Creditors' Proofs of Debt Due on May 20
----------------------------------------------------------
The creditors of Chemical Holdings Limited are required to file
their proofs of debt by May 20, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

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


CHEMICAL HOLDINGS: Members' Final General Meeting Set for June 11
-----------------------------------------------------------------
The members of Chemical Holdings Limited will hold their final
general meeting on June 11, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

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



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

GERDAU SA: CFO Sees Recourse if Cash-Flow Plunges
-------------------------------------------------
Jeb Blount at Bloomberg News reports Gerdau SA can use cash
reserves or get a waver from banks and investors, if the world
economic slowdown causes it to violate debt-to-cash flow limits
included in some loan contracts.

Contracts for about 40 percent of the company’s debt require Porto
Alegre, Brazil company to limit total debt to four-times cash flow
as measured by earnings before interest, taxes, depreciation and
amortization, or Ebitda, the report relates citing Chief Financial
Officer Osvaldo Schirmer in a conference call with investors.

According to the report, in the first quarter, Gerdau's total debt
to Ebitda rose to 2.6 times debt from 2.3 times at the end of
2008.  Gerdau had BRL22.1 billion (US$10.5 billion) of debt on
March 31.  As reported in the Troubled Company Reporter-Latin
America on May 8, 2009, Gerdau's EBITDA reached BRL599.0 million
in the first quarter of 2009 with 8.6% of EBITDA margin.

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2008, Moody's Investors Service changed to positive from
stable the outlook of all ratings related to Gerdau S.A. (Ba1
Corporate Family Rating and Ba1 US$600 million guaranteed
perpetual bonds).


REDE ENERGIA: Fitch Junks Issuer Default Ratings from 'B'
---------------------------------------------------------
Fitch Ratings has downgraded and placed on Rating Watch Negative
Rede Energia S.A.'s ratings:

  -- Local and Foreign Currency Issuer Default Ratings to 'CCC'
     from 'B';

  -- Long-term National Rating to 'CCC(bra)' from 'BBB(bra)';

  -- US$575 million perpetual notes long-term International Rating
     to 'CCC/RR4' from 'B/RR4'.

In addition, Fitch places these ratings of Rede's subsidiaries,
Centrais Eletricas do Para S.A. and Centrais Eletrias
Matrogrossenses S.A. on Rating Watch Negative:

  -- Local and Foreign Currency IDRs 'B';

  -- Long-term National Rating 'BBB(bra)';

  -- US$100 million notes units due in 2012 long-term
     International Rating 'B/RR4'.

The downgrades reflect strong payment pressures at the holding
company as the result of an imbalanced debt structure vis-a-vis
the expected dividends flows, which results in a high dependence
on bank credit lines to refinance/rollover current maturities, as
well as fund possible cash flow shorts at the holding company
level.  Rede's debt structure has been affected by the sharp BRL
devaluation and higher cost of funding.  This exposes the company
to increasing refinancing needs in a challenging credit
environment.

The Negative Watch reflects a continued deterioration in the
group's consolidated credit metrics and Fitch's expectation that
the financial market credit crisis will continue to put increased
pressure on Rede's stand-alone and consolidated liquidity
position.  Difficulties in renewing existing credit lines could
lead to a further deterioration of the credit quality of Rede and
its subsidiaries, with direct negative impact on the ratings.

The two-notch difference between the IDRs of Rede and its
subsidiaries reflects the holding company's tighter liquidity
position, debt structure, and dependency on dividends from its
subsidiaries to meet its debt service.  Holding company debt is
structurally subordinated to operating company debt that benefits
from regulatory ring-fencing that places certain restrictions on
leverage and cash flow to the parent company.  Fitch does not
expect improvements in key credit metrics of the group despite
strong fundamentals in the concession areas and expected positive
tariff readjustments in the next few months.  Fitch understands
that Rede needs to seek, within a short period of time, a
sustainable alternative to rebalance its weak capital structure.

As of Dec. 31, 2008, the holding company reported BRL18.9 million
in cash, BRL212.7 million in short-term obligations, and BRL2.4
billion of total adjusted debt.  The group had consolidated cash
of BRL396 million, short term debt of BRL1.3 billion, and BRL7
billion of total adjusted debt.  Consolidated gross and net
leverage ratios, adjusted for asset swaps and considering the face
value of the perpetual notes, are consistent with the speculative
rating category and increased to 6.5 times (x) and 6.1x at 2008
year-end and from the previous year's levels of 4.9x and 4.4x
(prior to post-year-end accounting reclassifications).  Cost of
funding increased to 13.6% in 2008 from 11.5% in 2007.

For 2009, Fitch expects dividends upstream to amount about BRL80
million plus additional resources of about BRL70 million from the
distribution of retained earnings at Enersul, compared to holding
company's financial obligations of above BRL450 million, including
principal amortizations and interest payments.  Assuming rollover
of all existing short-term bank lines of credit at the holding
company, approximately BRL130 million of new money financing will
be needed.  Consolidated refinancing needs including refinancing
needs at the operating company level in 2009 will be above 2008's
level of BRL1 billion and excluding Enersul.  As of December 2008,
about 32% of total debt is exposed to foreign currency movements.
Currency protection is deemed partial due to the usage of currency
swaps to protect only principal payments on some US$ obligations
and short-term hedges (6 months) to protect interest payments on
the perpetual bonds.  About 55% of holding company's total debt is
denominated in US$.

In 2008, Rede's operating performance benefited from strong energy
consumption in its concession areas.  Operational results in 2009
should remain moderate while still reflecting the effects of the
2008 second tariff review cycle.  Maintenance of a strong EBITDA
will be fundamental for Rede to continue to roll over its lines of
credit.  Rede's consolidated net revenues and EBITDA grew 21% and
4% in 2008 from 2007's levels, driven by strong fundamentals in
the concession areas.  Energy consumption grew 13.9% (6.5%
excluding Enersul), and the consumer base increased 26.7% (4.6%
excluding Enersul).  Average tariff showed a slight increase of
2.7% reflecting the second tariff review cycles of some of the
distribution companies of the group.

Rede is one of the largest electric utility distribution groups in
Brazil, serving approximately 4.2 million customers in
approximately 35% of the national territory.  In 2008, the group
distributed 15,995 giga watts hours of electricity through its
operating assets.  The group holds a small portfolio in generation
assets with a total installed capacity of 82.9 mega watts.



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

BANCOLOMBIA: 1Q Consolidated Net Income Up 22.6% to Ps. 311.1-Bln
-----------------------------------------------------------------
Bancolombia S.A.'s first quarter consolidated net income increased
22.6% to Ps. 311.1 billion from same period last year, and
increased 5.7% from the fourth quarter ended December 31, 2008,
mainly driven by a solid performance of revenues as net interest
income totaled Ps. 985.2 billion, up 23.70% from the same period
last year.

The bank's net fees and income from services reached a record
Ps. 367.0 billion, increasing 19.6% as compared to 1Q08.

The bank's results were partially off-set by high credit costs as
net provision charges totaled Ps. 339.9 billion in the first
quarter 2009, increasing 96.2% from the first quarter last year,
but decreasing 28.4% compared to the fourth quarter 2008, and
operating expenses that amounted to Ps. 716.7 billion, increasing
22.7% as compared to 1Q08.

Bancolombia experienced some asset deterioration during the
quarter ended March 31, 2009.  Past due loans increased 12.7%
during the quarter.  As a result, the past due loans ratio
increased from 3.6% in the fourth quarter 2008 to 4.0% by the end
of first quarter 2009.

Annualized return on average shareholders' equity for the first
quarter 2009 was 19.95%, a slight increase from the 19.80%
annualized ROE presented in the fourth quarter 2008 and 19.67%
annualized ROE presented in first quarter 2008.

                        About Bancolombia

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.



=======
C U B A
=======

* CUBA: Tourism Sector Hit by World Economic Crisis, Minister Says
------------------------------------------------------------------
Fewer foreigners are visiting Cuba due to the global economic
crisis, Jamaica Observer reports, citing Cuba Tourism Minister
Manuel Marrero.

The report recalls in 2008, the country recorded a 9% increase in
foreign visitors and a 12% in tourism-related income" compared to
2007.

The global crisis "is having an impact on all aspects of the world
economy and tourism is not exempt," the report quoted Mr. Marrero
as saying.

According to the report, Mr. Marrero said Cuba expects fewer
tourists this year even though the island closed the first quarter
of 2009 with a two per cent increase over the same period last
year.  The report relates, citing the Office of National
Statistics, in the first quarter of 2009 some 809,937 tourists
arrived in Cuba but they are spending less, as income dropped to
US$509.9 million, 13.7% less than the same period in 2008.

                         *     *     *

The country continues to carry Moody's Caa1 foreign currency
rating with stable outlook.



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

HAMPDEN ESTATES: Supreme Court Bars Sale of Company's Assets
------------------------------------------------------------
The Jamaica Gleaner's Barbara Gayle reports that Supreme Court
Judge Donald McIntosh barred the Jamaican government from selling,
transferring or disposing of Hampden Estates Ltd's assets.

The 21-day ex parte injunction granted on April 28 also barred
the Sugar Company of Jamaica Holdings Ltd, receiver John Lee and
the Trelawny Sugar Company of Jamaica, the report relates.

Hampden was one of the sugar estates under the control of the
Sugar Company of Jamaica Holdings Ltd and Trelawny Sugar Company
of Jamaica which the Jamaican government decided to sell, the
report says.

The report discloses a Brazilian company had agreed to purchase
the assets of the Sugar Company of Jamaica, but after the deal
fell through, the assets of the Sugar Company were put back on the
market on January 31 this year.

According to the report, Hampden went into receivership in 1999
after it was taken over by the government-owned Financial Sector
Adjustment Company (FINSAC).



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

VITRO SAB: Hires Rothschild as Financial Advisor
------------------------------------------------
Vitro S.A.B. de CV has hired Rothschild as its financial advisor
replacing Blackstone Group as the company plans to delay its
restructuring proposal, LatinFinance reports.

The report discloses Vitro was previously expected to deliver a
proposal by this month, but executives watching the process say
the new deadline has now been pushed until July.

Meanwhile, the report relates a distressed investor away from the
process said Vitro tapped Rothschild for its track record and got
a commitment from the firm that its lead bankers would be closely
involved in the process.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. through
its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and
Vimexico, S.A. de C.V., is a global glass producer, serving the
construction and automotive glass markets and glass containers
needs of the food, beverage, wine, liquor, cosmetics and
pharmaceutical industries.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 11, 2009, Fitch Ratings downgraded Vitro, S.A.B. De C.V's
Long-term Issuer Default Rating to 'D' from 'C '; Long-term
foreign currency IDR to 'D' from 'C'; National scale long-term
rating to 'D(mex)' from 'C(mex)'; and Certificados Bursatiles
issuances to 'D(mex)' from 'C(mex)'.

In addition, Fitch affirmed the rating on the company's US$300
million senior notes due 2012 at 'CC/RR4'; US$225 million senior
notes due 2013 at 'CC/RR4'; and US$700 million senior notes due
2017 at 'CC/RR4'.



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

CL FINANCIAL: ICBL Breaks Off Talks With CLICO Holdings Barbados
----------------------------------------------------------------
The Insurance Corporation of Barbados Limited (ICBL) is no longer
involved in trying to work with CLICO Holdings Barbados Limited to
assist in a solution to protect the Barbadian policyholders of
CLICO International Life Insurance Company, CBC.bb News reports,
citing ICBL Chairman John Wight.

According to the report, the company, in response to a request
from government, said it has been diligently working to determine
what role, if any, it could play in this regard.

The report relates ICBL's directors have now determined however,
that progress towards that goal has been far too slow and it is in
the best interest of ICBL, at this time, to discontinue
discussions with CLICO.

                            About ICBL

The Insurance Corporation of Barbados -- http://www.icb.com.bb--
was set up in March 1978 by an Act of Parliament (Insurance
Corporation of Barbados Act, Chapter 311).  It was established as
a result of the then Government's desire to increase the level of
local participation in the insurance industry.  Prior to 1978, the
local insurance industry was characterised mainly by a network of
agencies writing business for overseas insurers, mainly United
Kingdom and Canadian companies.

                        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.



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

PDVSA: Takes Control of John Wood Group Contract
------------------------------------------------
Petroleos de Venezuela SA (PDVSA) took over the contract of energy
services company John Wood Group Plc, as the company moved to
seize greater control of the petroleum industry, Bloomberg News
reports.

The Wood Group takeover occurred after the Aberdeen, Scotland-
based company submitted a notice of default to PDVSA on non-
payment and contractual disputes, Bobbie Ireland, a spokeswoman,
said in an e-mailed statement obtained by Bloomberg News.   The
report relates the dispute is over a water injection operation in
which Wood Group is a minority partner.

As reported in the Troubled Companny Reporter-Latin America on
May 7, 2009, Bloomberg News said PDVSA will take over some oil
field services being carried out by private companies after
lawmakers approved a bill to increase government control.  The
National Assembly gave preliminary approval to allow the
government to take over activities including water injection into
oil wells, compressing natural gas and management of docks and
boats in Lake Maracaibo, Energy and Mines Commission Head Angel
Rodriguez said in an e-mailed statement obtained by Bloomberg
News.  The same report related the statement said that if the
state took control from a company, the government would assess
payment at so- called book value and deduct labor and
environmental costs.  Payment would be in cash, or securities, it
added.  According to Bloomberg News, Venezuela has called on
services companies to lower fees by as much as 40% this year as
PDVSA faces increased debt after oil prices plunged.

Energy and Oil Minister Rafael Ramirez, as cited by Bloomberg
News, said the government would publish a list of companies that
would be taken over.  “We’re renationalizing activities that in
the past belonged to the country,” the report quoted Mr. Ramirez
as saying.

According to Bloomberg News, the list of services companies that
have suspended work in Venezuela because of overdue bills is
growing.

                           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.



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

* IMF Sees LatAm to Recover Earlier from the Global Crisis
----------------------------------------------------------
The impact of the global recession on the Latin America and
Caribbean (LAC) region has been severe and wide-ranging, but the
region is now better positioned to weather the current downturn
and is expected to emerge from the financial crisis earlier than
the advanced economies, according to the latest Regional Economic
Outlook: Western Hemisphere report of the International Monetary
Fund (IMF).  The report also predicts that economic activity in
LAC will suffer less than in previous global downturns.

The Fund estimates the LAC region will hit bottom in the first
part of 2009 and will begin to grow in the second part of the
year, while growth in advanced economies may not turn positive
until the middle of 2010.  According to the latest IMF forecasts,
the LAC economies will shrink 1.5% in the current year and return
to a positive growth rate of 1.6% in 2010.  That compares to a
drop of 3.8% for advanced economies in 2009 and no growth in 2010.

“There is no doubt that the region is being hurt by the global
turmoil,” said Nicolas Eyzaguirre, director of the IMF’s Western
Hemisphere Department.  “But the region has a much higher level of
preparedness today in terms of stronger public finances and
financial sectors, and policies that help cushion external shocks.

As a result, the region is not facing a fiscal crisis, as some
other developing regions, or a banking crisis, as the United
States and much of Europe.  Looking back at previous global
downturns, the LAC region would normally trail the world economy
by one or two percentage points.  Now, however, we expect the
region to keep up with world growth, which, in relative terms, is
a positive development.”

Mr. Eyzaguirre noted that, in contrast to past downturns, when
policymakers in the region had to react defensively to external
shocks with spending cuts and interest rate hikes to avoid a
deeper downward spiral, this time around they have been able to
respond in a very different way: with active policies to boost
output and employment.  They have been able to implement more
counter-cyclical policies than at any other time.  To different
degrees, according to each country’s condition, governments have
been able either to maintain public expenditure or increase it.
“Many central banks were able to provide liquidity and interest
rates were lowered,” Mr. Eyzaguirre said.

The external shocks hitting the region have been unusually severe,
the latest outlook notes.  All countries have sustained a loss of
external demand, and many have also suffered a deterioration in
their terms of trade as commodity export prices plunged. Countries
with relatively large manufacturing sectors have been especially
hard hit. Income from remittances and tourism is also sinking.
And external financing has become more costly for all, with some
borrowers cut off from financing, the regional outlook explains.

Against all this, the region had accumulated many sources of
strength and resilience during the past decade—although to varying
degrees.  Many countries have made important strides in
strengthening fiscal positions and public debt structures,
solidifying financial systems and their regulation, anchoring
inflation expectations, and building more credible policy
frameworks.  And a significant number of countries count on
greater flexibility of their exchange rates as part of their
adjustment process.  “The lesson emerging from Latin America is
that stronger fundamentals pay important dividends when external
conditions deteriorate,” Mr. Eyzaguirre said.

               Banking Systems and Lending in LAC

The Regional Economic Outlook also discusses the impact of the
crisis on the region’s financial systems.  Chapter III of the
report analyzes the impact of the global financial crisis on LAC’s
banking sectors, and concludes they are much more resilient than
in the past because earlier weaknesses, such as exposure to
currency depreciation and reliance on external financing, have
been reduced considerably.

Chapter IV considers whether the international banks that are
active in the LAC region will transmit advanced countries’ credit
crunch to the region.  While bank loans from abroad already have
contracted, the report predicts that credit extended by local
affiliates of foreign banks—which is more important to most
countries—will continue to be more resilient.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

Issuer                  Coupon    Maturity   Currency   Price
  ------                  ------    --------   --------   -----

  ARGENTINA
  ---------
Alto Palermo SA         11.000    06/11/12     USD      50.49
Alto Palermo SA          7.875    05/11/17     USD      53.34
Argent-DIS               5.830    12/31/33     ARS      54.98
Argent-CDIS              7.820    12/31/33     ARS      30.00
Argent-$DIS              8.280    12/31/33     ARS      37.55
Argent-$DIS              8.280    12/31/33     ARS      32.80
Argent-Par               0.630    12/31/38     ARS      17.18
Argnt-Bocon PRE8         2.000    01/03/10     ARS      38.79
Argnt-Bocon PR11         2.000    12/03/10     ARS      32.17
Argnt-Bocon PRE9         2.000    03/15/24     ARS      61.39
Argnt-Bocon PR12         2.000    01/03/16     ARS      58.59
Argnt-Bocon PR13         2.000    03/15/24     ARS      25.17
Arg Boden                2.000    09/30/14     ARS      44.11
Arg Boden                7.000    10/03/15     ARS      30.00
Autopistas Del S        11.500    05/23/17     USD      30.90
Banco Hipot SA           9.750    11/16/10     USD      70.39
Banco Hipot SA           9.750    04/27/16     USD      41.17
Banco Macro SA           8.500    02/01/17     USD      59.58
Banco Macro SA           9.750    12/18/36     USD      43.15
Bonar ARG $ V           10.500    06/12/12     USD      39.41
Bonar V                  7.000    03/28/11     USD      55.00
Bonar X                  7.000    04/17/17     USD      43.30
Bonar VII                7.000    09/12/13     USD      41.21
Buenos Aire Prov         9.625    04/18/28     USD      30.62
Buenos Aire Prov         9.375    09/14/18     USD      31.45
Buenos-$DIS              9.250    04/15/17     USD      29.25
Buenos-$DIS              8.500    04/15/17     USD      24.47
Emp Distib Nort         10.500    10/09/17     USD      68.00
Hidroelec Piedra         9.000    07/11/17     USD      64.08
Industries Metal        11.250    10/22/14     USD      36.37
Invers Rep Y Soc         8.500    02/02/17     USD      48.75
Masterllone Herma        8.000    06/30/12     USD      26.93
Mendoza Province         5.500    09/04/18     USD      32.25
Transener                8.875    12/15/16     USD      47.85
Trasport De Gas          7.875    05/14/17     USD      60.29

   BRAZIL
   ------
Bertin Ltda             10.250    10/05/16     USD      62.17
Bertin Ltda             10.250    10/05/16     USD      57.00
Braskem SA               9.000    04/29/49     USD      75.00
BR Malls Int Fi          9.750    11/29/49     EUR      72.50
CESP                     9.750    01/15/15     BRL      47.24
Cosan Finance            7.000    02/01/17     USD      75.00
Cosan SA Industr         8.250    02/28/49     USD      53.12
Rede Empresas           11.120    04/29/49     USD      36.00
Vigor                    9.250    02/23/17     USD      39.50


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      72.00
Aes Dominicana          11.000    12/13/15     USD      72.00
Aig Sunamerica           5.625    02/01/12     GBP      61.00
Aig Sunamerica           6.375    10/05/20     GBP      55.97
Asif II                  5.125    01/28/13     GBP      58.50
Bancaja Intl Fin         5.700    06/30/22     EUR      45.87
Banco BPI (CI)           1.150    11/11/35     EUR      72.70
Barion Funding           0.250    12/20/56     USD       3.99
Barion Funding           0.250    12/20/56     USD       3.99
Barion Funding           0.250    12/20/56     USD       4.04
Barion Funding           0.250    12/20/56     USD       3.99
Barion Funding           0.250    12/20/56     USD       3.99
Barion Funding           1.440    12/20/56     USD      23.77
Barion Funding           0.630    12/20/56     USD      12.50
BCP Finance Company      5.543    06/29/49     EUR      62.50
BCP Finance Company      4.239    10/29/49     EUR      61.50
Bes Finance Limited      4.500    12/29/49     EUR      64.50
Bes Finance Limited      6.625    05/08/49     EUR      73.50
Bes Finance Limited      5.580    07/29/49     EUR      63.50
Bishopgate Asse          5.107    09/28/37     GBP      73.75
Cam Global Fin           6.080    12/22/30     EUR      65.87
China Med Tech           4.000    08/15/13     USD      59.75
China Properties         9.125    05/04/14     USD      48.25
DP World Sukuk           6.250    07/02/17     USD      73.35
Dubai Holding Comm       4.750    01/30/14     EUR      59.62
Dubai Holding Comm       6.000    02/01/17     GBP      55.00
DWR CYMN FIN             4.473    03/31/57     GBP      63.65
Esfg Internation         5.753    06/29/49     EUR      56.50
Gol Finance              7.500    04/03/17     USD      49.00
Gol Finance              8.750    04/28/49     USD      42.50
Ja Solar Hold Company    4.500    05/15/13     USD      60.00
Ldk Solar Co Ltd         4.750    04/15/13     USD      52.25
Lupatech Finance         9.875    07/29/49     USD      70.00
Mafrig Overseas          9.625    11/16/16     USD      70.00
Mafrig Overseas          9.625    11/16/16     USD      71.36
Malachite Fdg            0.630    12/21/56     EUR      17.65
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.27
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.27
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.27
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.27
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.27
Mazarin Fdg Ltd          1.440    09/20/68     USD      22.12
Minerva Overse           9.500    02/01/17     USD      44.31
Minerva Overse           9.500    02/01/17     USD      43.37
Mizuho Capital I         5.020    06/29/49     EUR      52.00
Mizuho Capital INV I     6.686    03/29/49     EUR      61.00
Mufg Cap Fin2            4.850    07/29/49     EUR      56.75
Mufg Cap Fin4            5.271    01/29/49     EUR      59.00
Mufg Cap Fin5            6.299    01/25/49     GBP      55.50
Prince Fin Global        4.500    01/26/17     EUR      54.99
Pubmaster Fin            5.943    12/30/24     GBP      59.97
Pubmaster Fin            6.962    06/30/28     GBP      45.97
Punch Taverns            4.767    06/30/33     GBP      65.68
Reg Div Funding          5.251    01/25/36     USD      14.25
Resona PFD Glob          7.191    12/29/49     USD      55.00
Santander                7.250    12/29/49     GBP      56.00
Seagate Tech HDD         6.375    10/01/11     USD      73.87
Shimao Property          8.000    12/01/16     USD      71.50
Shisei Fin Caym          6.418    01/29/49     USD      28.62
Shisei Fin Caym          6.418    01/29/49     USD      28.54
SMFG Preferred           6.078    01/29/49     USD      69.46
SMFG Preferred           6.164    01/29/49     USD      56.50
SMFG Preferred 2        10.231    07/18/49     USD      71.23
STB Finance              5.834    09/29/49     GBP      57.50
Suntech Power            3.000    03/15/13     USD      68.34
Tam Capital Inc.         7.375    04/25/17     USD      63.75
Trina Solar Ltd          4.000    07/15/13     USD      61.50
UOB Cayman Ltd           5.796    12/29/49     USD      71.25
Vestel Elec Fin          8.750    05/09/12     USD      59.50
XL Capital Limited       6.250    05/15/27     USD      65.45
XL Capital Limited       6.375    11/15/24     USD      64.35
XL Capital Limited       6.500    12/31/49     USD      42.00

   DOMINICAN REPUBLIC
   ------------------
Dominican Republ         8.625    04/20/27     USD      73.00
Edge Haina Finac         9.500    04/26/17     USD      54.20


   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      44.33
Rep of Ecuador           9.375    12/15/15     USD      43.54


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      62.70
Jamaica Govt             8.000    06/24/19     USD      72.17
Jamaica Govt             8.000    03/15/39     USD      61.83
Jamaica Govt             8.500    02/28/36     USD      64.50
Jamaica Govt             9.250    10/17/25     USD      72.50
Jamaica Govt LRS        12.750    04/27/12     JMD      74.73
Jamaica Govt LRS        12.750    06/29/22     JMD      48.85
Jamaica Govt LRS        12.750    06/29/22     JMD      48.83
Jamaica Govt LRS        12.850    05/31/22     JMD      49.32
Jamaica Govt LRS        13.375    04/27/32     JMD      49.53
Jamaica Govt LRS        13.575    12/15/26     JMD      50.29
Jamaica Govt LRS        13.625    06/23/14     JMD      68.34
Jamaica Govt LRS        13.375    12/15/21     JMD      51.56
Jamaica Govt LRS        13.875    05/17/13     JMD      74.04
Jamaica Govt            14.000    06/30/21     EUR      54.19
Jamaica Govt            14.000    06/21/13     EUR      74.78
Jamaica Govt            14.000    06/21/13     EUR      74.98
Jamaica Govt            14.125    07/08/13     EUR      73.92
Jamaica Govt            14.250    03/15/13     EUR      69.50
Jamaica Govt LRS        14.375    06/28/14     EUR      70.42
Jamaica Govt LRS        14.375    09/06/14     EUR      69.72
Jamaica Govt LRS        14.375    09/13/14     EUR      71.46
Jamaica Govt LRS        14.375    05/30/14     EUR      72.33
Jamaica Govt LRS        14.375    05/30/14     EUR      72.14
Jamaica Govt LRS        14.400    08/03/27     JMD      55.12
Jamaica Govt LRS        14.500    11/13/13     JMD      73.38
Jamaica Govt LRS        14.500    08/02/17     JMD      65.52
Jamaica Govt LRS        14.500    06/28/17     JMD      62.82
Jamaica Govt LRS        14.750    04/26/13     JMD      73.86
Jamaica Govt LRS        14.625    04/19/14     JMD      73.16
Jamaica Govt LRS        15.000    07/31/13     JMD      71.83
Jamaica Govt LRS        15.000    11/15/21     JMD      57.60
Jamaica Govt LRS        15.000    09/06/32     JMD      58.02
Jamaica Govt LRS        15.000    07/31/13     JMD      65.35
Jamaica Govt LRS        15.125    04/24/14     JMD      73.30
Jamaica Govt LRS        15.500    03/24/28     JMD      57.40
Jamaica Govt LRS        15.000    08/30/32     JMD      57.37
Jamaica Govt LRS        15.750    08/22/19     JMD      62.29
Jamaica Govt LRS        15.800    06/26/17     JMD      67.39
Jamaica Govt LRS        16.000    06/13/22     JMD      60.82
Jamaica Govt            16.000    12/06/32     EUR      59.21
Jamaica Govt LRS        16.000    05/17/17     JMD      66.51
Jamaica Govt LRS        16.250    05/22/27     EUR      60.19
Jamaica Govt LRS        16.125    08/21/32     EUR      61.69
Jamaica Govt LRS        16.250    08/26/32     EUR      62.12
Jamaica Govt LRS        16.250    05/22/27     EUR      67.23
Jamaica Govt LRS        16.150    06/12/22     EUR      63.32
Jamaica Govt LRS        16.150    06/12/22     EUR      61.36
Jamaica Govt LRS        16.250    07/26/32     EUR      60.06
Jamaica Govt LRS        16.250    06/18/27     EUR      65.36
Jamaica Govt LRS        16.500    06/14/27     EUR      61.09
Jamaica Govt LRS        17.000    07/11/23     EUR      63.74


    NETHERLANDS  ANTILLES
    ---------------------
Soc Gen Accept           0.750    12/21/11     EUR      47.03
Soc Gen Accept           7.000    02/27/13     EUR      20.23
Soc Gen Accept           7.000    02/19/12     EUR      22.99
Soc Gen Accept           8.000    12/20/13     EUR      40.19

   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      51.50
Doral Fin Corp           7.100    04/26/17     USD      57.50
Doral Fin Corp           7.150    04/26/22     USD      57.50
Doral Fin Corp           7.650    03/26/16     USD      55.62
Puerto Rico Gnma         5.750    04/01/21     USD      74.72


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      57.75
Uruguay                  4.250    04/05/27     UYU      67.91


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      48.75
Petroleos de Ven         5.375    04/12/27     USD      42.00
Petroleos de Ven         5.500    04/12/37     USD      38.87
TCCIC                    6.250    04/06/17     USD      59.53
Venezuela                8.500    10/08/14     USD      73.00
Venezuela                6.000    12/09/20     EUR      50.75
Venezuela                5.750    02/26/16     EUR      60.50
Venezuela                7.000    03/31/38     USD      50.12
Venezuela                7.000    03/16/15     USD      62.93
Venezuela                7.000    03/16/15     USD      67.24
Venezuela                7.000    12/01/18     USD      58.50
Venezuela                7.650    04/21/25     USD      54.50
Venezuela                9.000    05/07/23     USD      62.37
Venezuela                9.250    09/15/27     USD      62.37
Venezuela                9.250    05/07/28     USD      66.25
Venzod - 189000          9.375    01/13/34     USD      63.00




                            ***********

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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