TCRLA_Public/090513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, May 13, 2009, Vol. 10, No. 93

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: IRS Balks at Antiguan Liquidators' Request


A R G E N T I N A

BANCO HIPOTECARIO: First Quarter Net Income Up 13% to ARS30 Mln
BOIXADER: Proofs of Claim Verification Deadline is June 12
CONTENIDOS: Proofs of Claim Verification Deadline is June 12
ICS COMERCIAL: Proofs of Claim Verification Deadline is June 26
LISNOA SA: Proofs of Claim Verification Deadline is July 17

MARISAL SA: Proofs of Claim Verification Deadline is July 10
PITAGORAS SA: Proofs of Claim Verification Deadline is July 14
RICALUX SACI: Proofs of Claim Verification Deadline is June 23
SUMACREDIT: Proofs of Claim Verification Deadline is July 2
VANK SA: Proofs of Claim Verification Deadline is July 6


B E L I Z E

* BELIZE: Supreme Court Rules Ex-Government Loan Unlawful


B R A Z I L

BANCO PINE: Posts R$20,070 Thousand Net Income in First Quarter
BANCO VOTORANTIM: S&P Affirms 'BB+/B' Counterparty Credit Rating
BNDES: Petrobras Should Finalize Bank Loan This Month, CFO Says
BRASKEM SA: Petroquimica Triunfo's Board Approves Merger


C A Y M A N  I S L A N D S

AJAX RE: S&P Reinstates 'CC' Rating on Class A Sries I Notes
BIRMINGHAM LIMITED: Creditors' Proofs of Debt Due on June 30
DANCREST GLOBAL: Creditors' Proofs of Debt Due on June 30
EVEN EUROPEAN: Commences Wind-Up Proceedings
FIM RELATIVE: Creditors' Proofs of Debt Due on June 30

HOUSTON ENERGY: Commences Wind-Up Proceedings
INTEGRAL TRADE FUND: Creditors' Proofs of Debt Due on June 5
INTEGRAL TRADE MASTER: Creditors' Proofs of Debt Due on June 5
PRIMEO FUND: Appoints Cleaver and Fogerty as Liquidators
SORIN CDO: Placed Under Voluntary Wind-Up

THE MAGENTA FUND: Commences Wind-Up Proceedings
THE MAGENTA MASTER: Commences Wind-Up Proceedings
ZAPP (MANAGEMENT): Commences Wind-Up Proceedings


C O L O M B I A

BANCOLOMBIA: Posts COP51.6 Billion Net Income for April
* COLOMBIA: IMF Okays 1-Year SDR6.966 Billion Loan Arrangement


G R E N A D A

* GRENADA: Taiwan Demands Payment for Loans From Previous Admin


J A M A I C A

CABLE & WIRELESS: LIME Director Resigns From Post
CARIBBEAN CEMENT: Employees Ordered to Get Back to Work
NWC: Workers Reject Jamaican Government's Wage Freeze Order


M E X I C O

BANCA MIFEL: S&P Affirms 'BB-/B' Counterparty Credit Rating
DESARROLLADORA METROPOLITANA: Moody's Junks Ratings on Senior Debt


P U E R T O  R I C O

BALLY TECH: Inks Services Contract With Sheraton Puerto Rico


V E N E Z U E L A

STANFORD INT'L BANK: Venezuela Sells Local Unit for VEB240 Million
PDVSA: Ensco Int'l Submits Termination of Operations Notice


V I R G I N  I S L A N D S

KINGATE FUNDS: BVI Supreme Court Appoints Provisional Liquidators


X X X X X X X X

* Fitch Says Real Global Credit Growth Continues to Fall


                         - - - - -


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

STANFORD INT'L BANK: IRS Balks at Antiguan Liquidators' Request
---------------------------------------------------------------
The United States Internal Revenue Service (IRS) said that
Antiguan liquidators seeking U.S. court authority over
International Bank Limited (SIBL) may hinder the agency's attempts
to collect US$227 million in back taxes, Anna Driver at Reuters
reports, citing court papers.  The IRS, according to Reuters,
argued that the Antigua liquidators had already spoiled computer
records from the bank's Canadian office.

The report relates the court documents, filed with the U.S.
District Court in Dallas, also said: "a tribunal in Antigua, with
its reputation as a tax haven country that promotes financial
secrecy, may not divulge the financial records of Stanford
International Bank sought by the IRS."

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

                    About Stanford International

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



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

BANCO HIPOTECARIO: First Quarter Net Income Up 13% to ARS30 Mln
---------------------------------------------------------------
Banco Hipotecario S.A.'s first quarter net income increased 13.0%
to ARS30.0 million from the same period last year, and 104.6%
higher from the last quarter.

The bank's financial income was similar to the previous quarter
and increased 45.4% with respect to the same quarter of last year,
while financial expenditure decreased 20.3% in the quarter and was
28.2% higher than last year.

Banco Hipotecario's financial margins of ARS126.8 million were
93.1% higher than the previous quarter and 95.2% higher than a
year ago.

The bank's deposits grew 30.3% QoQ and 103.5% YoY.

Banco Hipotecario S.A. is a commercial bank that accepts deposits
and offers retail and commercial banking services.  Banco
Hipotecario offers mortgage, personal and corporate loans, credit
cards, and insurance services.  It operates through a network of
43 branches and 43 additional points of sale located in Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 1, 2009, Standard & Poor's Ratings Services lowered its
counterparty creditrating on Banco Hipotecario S.A. and the
ratings on two of the bank's notes issues to 'CC' from 'B-',
following the announcement of a cash tender offer that S&P
considers distressed under its criteria.


BOIXADER: Proofs of Claim Verification Deadline is June 12
----------------------------------------------------------
The court-appointed trustee for Boixader & Picardi S.R.L.'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 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.


CONTENIDOS: Proofs of Claim Verification Deadline is June 12
------------------------------------------------------------
The court-appointed trustee for Contenidos Editoriales S.R.L.'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 22, 2009.


ICS COMERCIAL: Proofs of Claim Verification Deadline is June 26
---------------------------------------------------------------
The court-appointed trustee for ICS Comercial S.A.'s
reorganization 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 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 6, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 26, 2010.


LISNOA SA: Proofs of Claim Verification Deadline is July 17
-----------------------------------------------------------
The court-appointed trustee for Lisnoa S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 17, 2009.

The trustee will present the validated claims in court as
individual reports on September 14, 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 27, 2009.


MARISAL SA: Proofs of Claim Verification Deadline is July 10
------------------------------------------------------------
The court-appointed trustee for Marisal S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 10, 2009.


PITAGORAS SA: Proofs of Claim Verification Deadline is July 14
--------------------------------------------------------------
The court-appointed trustee for Pitagoras S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 14, 2009.

The trustee will present the validated claims in court as
individual reports on September 9, 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 22, 2009.


RICALUX SACI: Proofs of Claim Verification Deadline is June 23
--------------------------------------------------------------
The court-appointed trustee for Ricalux S.A.C.I.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 23, 2009.

The trustee will present the validated claims in court as
individual reports on August 26, 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.


SUMACREDIT: Proofs of Claim Verification Deadline is July 2
-----------------------------------------------------------
The court-appointed trustee for Sumacredit Cooperativa de Credito
y Vivienda Limitada's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 2, 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 24, 2009.


VANK SA: Proofs of Claim Verification Deadline is July 6
--------------------------------------------------------
The court-appointed trustee for Vank S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 6, 2009.

The trustee will present the validated claims in court as
individual reports on August 19, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 1, 2009.



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

* BELIZE: Supreme Court Rules Ex-Government Loan Unlawful  
---------------------------------------------------------
Belize Supreme Court Madam Justice Minnet Hafiz declared a Loan
Note dated March 23, 2007 -- signed by the former Prime Minister
and Minister of Finance Said Musa -- promising to pay Belize Bank
Limited the sum of BZ$33.5 million (US$17.1 million), as unlawful
and could have been a criminal offence, Caribbean360.com reports.

The report says Ms. Hafiz ruled that the loan contravened section
7(1) and (2) of the Finance and Audit (Reform) Act, 2005, which
requires a resolution of the National Assembly before the
government could enter into any loan agreement of or above the
equivalent of BZ$10 million (US$5.1 million).  No such resolution
had been obtained, the report notes.

"As the Loan Note has now been declared unlawful and therefore
void, it follows that the Belize Bank has no right to retain this
money which should be returned to the government of Belize," the
Dean Barrow administration said in a statement obtained by the
news agency.  "The government is advised that apart from any civil
liability which may be incurred by the Bank in that behalf, the
retention of money in such circumstances may also amount to a
criminal offence."

"The government is carefully considering its options as to what
further action should be taken in this respect," the statement
added.

According to Caribbean360.com, the case was brought by the
Association of Concerned Belizeans and other public-spirited
persons and organisations.

                          *     *     *

According to Moody's Rating Site, Belize continues to carry a Caa1
foreign and local currency rating.



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

BANCO PINE: Posts R$20,070 Thousand Net Income in First Quarter
---------------------------------------------------------------
Banco Pine recorded a R$20,070 thousand net income in the first
quarter 2009.  The annualized Return on Average Equity (ROAE) was
10.1% in the period.

The bank's recurring administrative expenses declined by 17.5% to
R$25,271 thousand in first quarter and 31.1% in the fourth
quarter.  This reduction is the result of strict cost control and
budget discipline, the bank said.

Banco Pine's total loan portfolio, reached R$3.9 billion on
March 31, 2009, a 9.2% decrease in the quarter.

The bank's corporate loan portfolio, Banco PINE's core business,
ended March at R$2.8 billion, contracting 7.4% in the first
quarter, while trade Finance portfolio presented strong growth in
the quarter of 27.3%, despite the slight appreciation of the
Brazilian real in the period.

Banco Pine's fist quarter cash position remained comfortable,
representing 51% of time deposits.

The Bank's Capital Adequacy Ratio stood at 18.6%, which
demonstrates a comfortable capital position.

                         About Banco Pine

Headquartered in Sao Paulo, Brazil, Banco Pine was established in
1997 by the brothers Nelson and Noberto Pinheiro after the sale in
1996 of their participation in another family institution.  A
comprehensive corporate and operational restructuring was
implemented and in the first half of 2005 Noberto Pinheiro
became the bank's majority shareholder.  In April 2007, Banco
Pine went public by placing non-voting preferred shares at the
Bovespa Level 1 on the New Brazilian Stock Market.  These shares
enjoy a tag-along privilege, giving minority shareholders 100%
of the value of the block of controlling shares in the event of
the sale of the institution.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 7, 2009, Fitch Ratings affirmed Banco Pine S.A.'s currency
Long-term Issuer Default Rating at 'B+'; currency Short-term IDR
at 'B'; and Individual Rating at 'D'.


BANCO VOTORANTIM: S&P Affirms 'BB+/B' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+/
B' global scale counterparty credit rating and its 'brAA+/brA-1'
Brazil national scale rating on Banco Votorantim S.A.

The ratings on Banco Votorantim S.A. incorporate the challenges it
faces in the very competitive, lower margin wholesale banking
segment, and possible deterioration in the asset quality of its
auto loan portfolio in a more negative economic environment.  This
follows a long period of healthy growth.  The rating benefits from
the support of its shareholders, the bank's strong brand name and
track record, its experienced management team, and agile decision
making.

The strategic partnership with Banco do Brasil S.A (BdB;
BBB-/Stable/--) through the sale by Votorantim Financas S.A. of
49.99% voting and 50.00% total capital was very positive and
supportive in S&P's view.  For BdB, it was a good opportunity to
strength its modest positioning in the vehicle financing market.
It will also strengthen BdB's position in segments such as
corporate banking, capital markets, and brokerage.

For Banco Votorantim, the deal is very important in terms of
growth prospects as it leverages the bank's origination and
distribution and ties the bank to a strong and relevant partner,
allowing access to stable long-term funding to support its growth.
Although the transaction is subject to Central Bank approval, S&P
believes that it is only a question of time and do not expect
objections to arise.

The ratings on Banco Votorantim incorporate support from the
announced strategic partnership because it improves the bank's
financial flexibility and growth prospects.  S&P also expects
Votorantim Group (BBB/Negative/--) to support the bank if needed,
as it did in the past via capital injections.

The stable outlook reflects S&P's expectation that the bank will
be able to sustain its good asset-quality indicators close to
current levels, even in a more challenging operating environment.
S&P could lower the ratings or revise the outlook to negative if
asset quality deteriorates considerably from current levels, if it
surpasses the industry average, or if S&P sees a major shift in
the shareholders' implicit support or strategy.  S&P does not
expect an upward rating movement in the next 12 months due to the
challenging operating environment that lies ahead for financial
institutions in general.


BNDES: Petrobras Should Finalize Bank Loan This Month, CFO Says
---------------------------------------------------------------
Brazilian state-run oil Petroleo Brasileiro S.A.(Petrobras) should
complete its 2009 financing needs by the end of May, when a loan
package with Banco Nacional de Desenvolvimento Economico e Social
SA (BNDES) should be finalized, Jeff Fick of Dow Jones Newswires
reports, citing Petrobras Chief Financial Officer Almir Barbassa.

In January, the report recalls Petrobras said it would receive
US$11.9 billion in 2009 from the BNDES to help fund the company's
planned investments of US$28.6 billion.  "We're currently
completing discussions with the BNDES, and the amount financed
should be finalized by the end of this month," the report quoted
Mr. Barbassa as saying.

According to the report, Mr. Barbassa said Petrobras also raised
US$6.5 billion in a bridge loan from a consortium of local and
international banks to help fund the planned investments.

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: Petroquimica Triunfo's Board Approves Merger
--------------------------------------------------------
Braskem SA, Petroleo Brasileiro S.A. (Petrobras), and Petrobras
Quimica S.A.- Petroquisa (Petroquisa) disclosed the merger of
Petroquimica Triunfo S.A. (Triunfo) into Braskem.  The move was
approved during an extraordinary general meeting held by Triunfo,
following the terms of the Protocol and Justification of Merger of
Triunfo into Braskem signed on April 7, 2009, with the
consequential extinction of Triunfo and its universal succession
by Braskem.

                       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)'.


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

AJAX RE: S&P Reinstates 'CC' Rating on Class A Sries I Notes
------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its rating on Ajax
Re Ltd.'s class A principal-at-risk variable-rate series I notes,
which S&P withdrew on May 8 due to an administrative error.  The
reinstated rating on the notes is 'CC/Watch Neg'.  S&P then
lowered the reinstated rating to 'D', removed it from CreditWatch
negative, and withdrew it.

The notes initially became vulnerable to nonpayment due to Ajax
Re's indirect exposure to Lehman Brothers Holdings Inc. as
guarantor of Lehman Brothers Special Financing, the total return
swap counterparty.  S&P first downgraded the notes on Sept. 30,
2008.  Ajax Re has previously paid the quarterly scheduled
interest payments, but the ultimate payment of principal was not
made in full on May 8, 2008 due to a shortfall in the realizable
value of the collateral assets under the TRS.

S&P's systems automatically withdraw ratings on the legal final
maturity date.  S&P thus withdrew the rating on the notes on May 8
without the rating first being lowered to 'D' to reflect the
payment default.  This media release corrects that error.

Following reinstatement of the rating on the notes, S&P lowered
the rating to 'D' from 'CC' and removed it from CreditWatch
negative due to the aforementioned principal payment default.


BIRMINGHAM LIMITED: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------------
The creditors of Birmingham Limited are required to file their
proofs of debt by June 30, 2009, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Ian Goddard
          Cereita Lawrence
          P.O. Box 10338, Grand Cayman KY1-1003
          Telephone: (345) 949-7232
          Facsimile: (345) 949-7230


DANCREST GLOBAL: Creditors' Proofs of Debt Due on June 30
---------------------------------------------------------
The creditors of Dancrest Global Equity Fund, Ltd. are required to
file their proofs of debt by June 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 20, 2009.

The company's liquidator is:

          James Keyes
          101 Front Street, Hamilton HM 12
          Bermuda


EVEN EUROPEAN: Commences Wind-Up Proceedings
--------------------------------------------
On April 16, 2009, the sole shareholder of Even European
Opportunities Ltd. passed a resolution that voluntarily winds up
the company's operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


FIM RELATIVE: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------
The creditors of FIM Relative Value Fund, Ltd. are required to
file their proofs of debt by June 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 30, 2008.

The company's liquidator is:

          James Keyes
          101 Front Street, Hamilton HM 12
          Bermuda


HOUSTON ENERGY: Commences Wind-Up Proceedings
---------------------------------------------
On April 14, 2009, the shareholder of Houston Energy International
Ltd. passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Stephen H. Pouns
          c/o Ian Gobin
          Walkers
          Walker House, 87 Mary Street
          PO Box 908GT, George Town
          Grand Cayman KY1-9001, Cayman Islands
          Telephone: +44 (0)20 7220 4987
          Facsimile: +44 (0)20 7220 4998


INTEGRAL TRADE FUND: Creditors' Proofs of Debt Due on June 5
------------------------------------------------------------
The creditors of Integral Trade Fund Limited are required to file
their proofs of debt by June 5, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2006.

The company's liquidator is:

          Ogier
          c/o Colin J. MacKay
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


INTEGRAL TRADE MASTER: Creditors' Proofs of Debt Due on June 5
--------------------------------------------------------------
The creditors of Integral Trade Master Fund SPC are required to
file their proofs of debt by June 5, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2006.

The company's liquidator is:

          Ogier
          c/o Colin J. MacKay
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


PRIMEO FUND: Appoints Cleaver and Fogerty as Liquidators
--------------------------------------------------------
On January 23, 2009, Richard E.L. Fogerty and G. James Cleaver was
appointed as liquidators of Primeo Fund.

The Liquidators can be reached at:

          Richard E.L. Fogerty
          G. James Cleaver
          Zolfo Cooper
          PO Box 1102, 4th Floor, Bermuda House
          George Town, Grand Cayman, Cayman Islands
          Telephone: 345 946 0081
          Facsimile: 345 946 0082


SORIN CDO: Placed Under Voluntary Wind-Up
-----------------------------------------
On April 20, 2009, the sole shareholder of Sorin CDO V Ltd. Passed
a resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002
          Cayman Islands
          Telephone: (345) 914-6314


THE MAGENTA FUND: Commences Wind-Up Proceedings
-----------------------------------------------
On April 16, 2009, the sole shareholder of The Magenta Fund
Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


THE MAGENTA MASTER: Commences Wind-Up Proceedings
-------------------------------------------------
On April 15, 2009, the sole shareholder of The Magenta Master Fund
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


ZAPP (MANAGEMENT): Commences Wind-Up Proceedings
------------------------------------------------
On April 16, 2009, the shareholder of Zapp (Management) Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Bruce David Mcnaught FCA
          c/o Charles Lee
          Walkers
          6 Gracechurch Street, London, EC3V 0AT
          Granary House, The Grange
          St Peter Port, Guernsey, GY1 2QG
          Telephone: +44 (0)20 7220 4994
          Facsimile: +44 (0)20 7220 4998



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

BANCOLOMBIA: Posts COP51.6 Billion Net Income for April
-------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of
COP51.6 billion for the month ended April 30, 2009.  Net income
for Bancolombia on an unconsolidated basis totaled
COP413.8 billion for the first four months of 2009, decreasing
2.6% as compared to the same period last year.

The bank's net interest income, including interest from investment
securities, totaled COP249.3 billion in April 2009, while for the
four month period ended April 30, 2009, net interest income
totaled COP945.9 billion, increasing 18.5% as compared to the same
period last year.

Bancolombia's net fees and income from services totaled
COP67.8 billion in April 2009, while for the four month period
ended April 30, 2009, net fees and income from services totaled
COP268.1 billion, which represents an increase of 7.7% as compared
to the same period of 2008.

The bank's total assets (unconsolidated) amounted to
COP40.4 trillion, gross loans amounted to COP27.9 trillion,
deposits totaled COP26.2 trillion and Bancolombia's total
shareholders' equity amounted to COP5.9 trillion.

Bancolombia's unconsolidated level of past due loans (overdue more
than 30 days) as a percentage of total loans was 3.95% as of
April 30, 2009, and the coverage for past due loans was 138.8% as
of the same date.

Meanwhile, According to ASOBANCARIA -- Colombia's national banking
association -- Bancolombia's  market share of the Colombian
financial system as of April 2009, were:

   -- 21.7% of total net loans,
   -- 21.3% of total checking accounts,
   -- 19.4% of total savings accounts,
   -- 18.3% of time deposits, and
   -- 19.3% of total deposits.

                        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.


* COLOMBIA: IMF Okays 1-Year SDR6.966 Billion Loan Arrangement
--------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a one-year SDR6.966 billion (about US$10.5 billion)
arrangement for Colombia under the Flexible Credit Line.  The
Colombian authorities have stated they intend to treat the
arrangement as precautionary and not draw on the line.

The FCL is available to countries, such as Colombia, that have
demonstrated a very strong track record of sound macroeconomic
policies and institutional frameworks.  The arrangement for
Colombia is the second commitment in Latin America and the third
overall under the IMF’s FCL, which was created in the context of a
major overhaul of the Fund’s lending framework on March 24, 2009.

The FCL is designed to help countries’ crisis prevention efforts
by providing the flexibility to draw on the credit line at any
time.  Disbursements are not phased nor conditioned on compliance
with policy targets as in traditional IMF-supported programs.
This flexible access is justified on the basis that the strict
qualification criteria for the FCL provides assurances that sound
economic policies will remain in place to confront the challenges
ahead.

Following the Executive Board discussion, John Lipsky, First
Deputy Managing Director and Acting Chair said:

“During the last decade, Colombia has maintained a very strong
macroeconomic performance, underpinned by solid institutional
policy frameworks.  GDP growth has been robust.  The inflation
targeting regime brought inflation down to single digits.
Anchored on its medium term fiscal framework, Colombia’s debt
ratios have declined substantially.  The flexible exchange rate
regime and prudent debt management have helped to reduce balance
sheet vulnerabilities.  Strong supervision and regulation have
kept the financial system sound.

“Notwithstanding its very strong fundamentals, Colombia’s near
term outlook has been adversely affected by the global
environment.  While the flexible exchange rate absorbed the first
round effects of the global crisis, weak external demand has led
to a contraction of exports and a considerable slowdown in
economic activity.  Nonetheless, the financial system has not
experienced major strains since the onset of the global crisis,
and the Government of Colombia has maintained access to
international capital markets at favorable terms.

“The authorities’ policy response to the global crisis has been
prudent and appropriate. With inflation abating, monetary policy
has been eased.  The authorities are also allowing automatic
fiscal stabilizers to operate fully, while preserving medium-term
fiscal sustainability.  The exchange rate has been an effective
shock absorber with limited rules-based intervention to smooth
volatility, and reserve losses have been small.  The authorities
have taken timely steps to protect the financial system by
increasing the deposit insurance coverage.  They have also averted
a possible liquidity crunch by securing external financing to the
state-owned foreign trade bank which is providing loans to banks
and corporations facing reduced access to external trade credit.

“The one-year arrangement under the IMF’s Flexible Credit Line,
which the authorities intend to treat as precautionary, will play
an important role in bolstering confidence in the authorities’
policy framework and strategy at a time of heightened global
uncertainty.  Colombia’s strong fundamentals and institutional
frameworks, its proven track record of sound macroeconomic
policies, and the additional insurance provided by the FCL
arrangement, give confidence that the authorities are well
prepared to manage potential risks and pressures in the event that
the global environment deteriorates further,” Mr. Lipsky said.

                       *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).



=============
G R E N A D A
=============

* GRENADA: Taiwan Demands Payment for Loans From Previous Admin
---------------------------------------------------------------
The Export-Import Bank of the Republic of China on Taiwan has
issued a notice to the Grenada government for the repayment of
four loans, worth around US$25 million, given to the previous
administration, Caribbean360.com reports.  The report relates the
bank said it will pursue all legal avenues to recover the debt.

According to Caribbean360.com, Taiwan said the former Keith
Mitchell government did not repay the money that was borrowed
between 1990 and 2001.  A court in the United States had
previously ordered Grenada to repay the money, following the
failure of the then government to service the loans, the report
says.

"Government is considering all its options as it seeks to resolve
this matter.  As a first step, Government will need to retain new
legal consul in New York where the judgment was rendered to ensure
Grenada's interest is adequately represented," the report quoted
Grenada Finance Minister Nazim Burke as saying.



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

CABLE & WIRELESS: LIME Director Resigns From Post
-------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of  Cable &
Wireless plc, disclosed that Jorge Diaz has resigned as director
from the company's Board effective May 6, 2009.

Mr. Diaz also served as a member of the Audit Committee.

The company said the resignation was not related to any
disagreement in respect of accounting principles or practices,
financial statement disclosure or any other material issue
impacting on the Audit Committee or his ability to properly carry
out the functions delegated by the Board.

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.


CARIBBEAN CEMENT: Employees Ordered to Get Back to Work
-------------------------------------------------------
Jamaica's Industrial Dispute Tribunal (IDT) has ordered staff at
the Caribbean Cement Company to resume work, The Gleaner reports.

Labour Minister Pearnel Charles told The Gleaner that the matter
was brought before the IDT on Sunday after unions representing
workers at the cement company failed to show up for meetings at
the ministry.  Mr. Charles, as cited in the report, said union
representatives had failed to honour his requests to attend a
number of the meetings at his offices on North Street on the
weekend.

Meanwhile, RadioJamaica reports that Vice President of the
National Workers Union Granville Valentine said he was unaware of
the IDT's ruling or that the matter had been referred to the IDT.
He said he had not received any correspondence on the matter from
either the Ministry of Labour or the IDT, the report relates.

                    About Caribbean Cement

Headquartered in Rockfort, Kingston, Jamaica, Caribbean Cement
Company Limited -- http://www.caribcement.com-- has been
producing a consistently high quality of portland cement using one
hundred percent Jamaican raw materials since 1952. Carib Cement
has as a subsidiary company Jamaica Gypsum and Quarries Limited
(JGQ), which supplies the company with the gypsum used in the
manufacture of its cement.  The company exports its surplus gypsum
and boasts its own ports for the shipment abroad of both its
cement and gypsum.

The company is a major contributor to the Jamaican economy and
employs some 250 persons.


NWC: Workers Reject Jamaican Government's Wage Freeze Order
-----------------------------------------------------------
Workers at the National Water Commission (NWC) rejected the
Jamaican government's decision to freeze their wages, RadioJamaica
reports.

Also, the report says a meeting between officials of the Ministry
of Finance and representatives of the Jamaica Confederation of
Trade Unions (JCTU) collapsed without a deal to settle the
impasse.

According to the report, the Ministry of Finance is sticking to
its position that public sector workers and those employed to
agencies owned by the state will not be paid an increase this
year.

The report relates the National Workers Union (NWU), which
represents some NWC workers, says the workers have a signed
contract and will not accept a wage freeze.

As reported in the Troubled Company Reporter-Latin America on
May 12, 2009, RadioJamaica said some of NWC's operations are
facing uncertainty following the workers' decision to take
industrial action.  However, RadioJamaica noted it is still not
clear what action the workers intend to take.  According to
RadioJamaica, the NWC management said it is awaiting further
instructions from the Government regarding adjustments to
salaries, and Corporate Public Relations Manager Charles Buchanan
called on the workers to hold strain until a final determination
is made.

                            About NWC

The National Water Commission  -- http://www.nwcjamaica.com-- is
a statutory organisation charged with the responsibility of
providing potable water and wastewater services for the people of
Jamaica. Although there are other water service providers such as
Parish Councils and private water companies, none provides as much
as the National Water Commission.



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

BANCA MIFEL: S&P Affirms 'BB-/B' Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its
'BB-/B' counterparty credit rating on Banca Mifel S.A.  At the
same time, S&P affirmed its 'mxBBB+/mxA-2' national scale (CaVal)
CCR on Mifel.  The outlook on both ratings is stable.  S&P also
affirmed its 'B-' rating on Mifel's $100 million perpetual,
noncumulative, nonpreferred subordinated notes.  S&P has also
assigned a rating of 'BB-/B' to Mifel's certificate of deposit.

"Our ratings on Mifel are constrained by the bank's poor
profitability, its low capitalization levels, and the difficult
operating environment.  The bank's improving asset quality, stable
and loyal client base, and capable management support the
ratings," said Standard & Poor's credit analyst Laurence
Wattraint.

Mifel's asset quality has dramatically improved in 2008.  The
bank's NPA-to-total loan ratio dropped to 2.83% by March 2009 from
8.12% at the end of 2007, thanks to better credit practices
resulting in less need for restructuring and improved collections.
Going forward, S&P expects Mifel to maintain NPAs around 3.5% as
some restructuring might be needed in this more difficult economic
environment.  Nonperforming loan coverage through loan loss
provisions remains low at 82% as of March 2009.  S&P expects the
bank to improve that ratio even though it will put further
pressure on the bank's already poor profitability.

"The stable outlook reflects our opinion that Mifel will continue
to improve its credit processes and maintain adequate liquidity.
S&P does not foresee any positive rating action during 2009 due to
pressures on profitability and the overall difficult economic
environment.  If the bank shows a loss, or if its ATE falls below
7% by year-end 2009, the rating could be lowered," Ms. Wattraint
added.


DESARROLLADORA METROPOLITANA: Moody's Junks Ratings on Senior Debt
------------------------------------------------------------------
Moody's de Mexico has downgraded the ratings of Desarrolladora
Metropolitana SA de CV to Ca from B2 senior unsecured debt; to Ca,
from B2 global scale local currency issuer rating and to Ca.mx,
from Ba1.mx national scale issuer rating.  The ratings are under
review for possible downgrade.

The rating action reflects the potential for above-average loss
severity on Demet's senior unsecured debt as, the company failed
to pay the debt service due on May 8, 2009 on its US dollar senior
unsecured global bonds with a maturity of May 9, 2017.  The bonds
currently have a balance of approximately US$174 million, and the
company has a 30 day grace period (until June 8, 2009) to pay the
defaulted debt service.  The company's failure to repay the debt
service payment by June 8, 2009 will most likely lead to an
imminent acceleration of the total debt balance.

In its review Moody's will monitor Demet's ability to repay its
debt service and refinance other debt obligations, in light of the
extremely constrained Mexican as well as global credit and capital
markets.  Moody's will also closely monitor the firm's operating
and credit statistics, and its ultimate strategic direction and
capital structure.

These ratings were downgraded and are under review for possible
downgrade:

* Desarrolladora Metropolitana SA de CV -- global scale local
  currency issuer rating to Ca, from B2; national scale issuer
  rating to Ca.mx, from Ba1.mx, senior unsecured long-term debt to
  Ca, from B2.

Moody's last rating action with respect to Demet was on April 12,
2007, when Moody's assigned a B2 rating to the company's senior
notes.

Desarrolladora Metropolitana is a homebuilder engaged in the
development, construction, marketing and sale of affordable
housing in Mexico.



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

BALLY TECH: Inks Services Contract With Sheraton Puerto Rico
------------------------------------------------------------
Bally Technologies Inc. will provide a comprehensive slot
accounting, player-tracking, and marketing system solution for the
opening of the new Sheraton Puerto Rico Convention Center Hotel &
Casino this November in San Juan.

After a highly competitive and exhaustive evaluation process,
Bally was selected to provide a complete solution for the new
casino's high-speed Ethernet-based casino floor.  Bally's solution
includes its new Microsoft Windows Version 11.0 of its powerful
slot accounting and player-tracking system; 465 iVIEW displays; a
full suite of marketing, promotions, and customer-relationship
solutions including Bally Power Bonusing(TM); Bally's award-
winning Business Intelligence Solutions; TableView real-time table
rating and player-tracking system; and the new Download
Configuration Manager, a server application that allows casino
operators to view, examine, and manage their floor configuration
from a central location.

"We considered a number of factors when selecting our systems
partner, and we ultimately chose Bally because of their
outstanding reputation for customer support and their broad
portfolio of marketing and promotions solutions," said Robin
Powell, Principal of Talisman Group, the consulting firm
developing and executing the concept and installation of the
casino for Interlink Group, the managing partner at the Sheraton
Puerto Rico Convention Center Hotel & Casino.

                    About Sheraton Puerto Rico

The Sheraton Puerto Rico Convention Center Hotel & Casino --
http://www.starwoodhotels.com.--  is located amidst the Puerto
Rico Convention Center District facing the Bay of San Juan.  The
facility features a 500-room hotel resort, 35,000 square-foot
conference center, five restaurants, and a casino that will open
with more than 450 slot machines and 16 table games.

                    About Bally Technologies

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.

The company's South American operations are located in Argentina.
The company also has operations in France, Germany, Macau, China,
India, and the United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
October 9, 2008, Fitch Ratings assigned a 'BB+' rating to Bally
Technologies, Inc.'s new US$300 million credit facility.  The
credit facility rating is two notches above Bally's 'BB-' Issuer
Default Rating due to Fitch's view of strong over-
collateralization of that debt.  The Rating Outlook is Positive.



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

STANFORD INT'L BANK: Venezuela Sells Local Unit for VEB240 Million
------------------------------------------------------------------
The Venezuelan government sold Stanford Bank SA, the Venezuelan
unit of Stanford International Bank Limited (SIBL), for VEB240
million (US$111.6 million) to Banco Nacional de Credito (BNC),
Darcy Crowe of Dow Jones Newswires reports.  The report relates
BNC will merge with the local Stanford bank and part of the
payment will be used to cover losses generated by SIBL.

According to the report, the merged bank will be called Banco
Nacional de Credito.

Government officials, DJ Newswires notes, said the government will
not receive any income from the sale.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, The Associated Press said SIBL's Venezuelan unit
was put up for sale after the goverment seized its business.  The
AP recalled Venezuela's government seized temporary control of
Stanford Bank SA after panicked withdrawals on news of U.S. fraud
charges against bank owner Robert Allen Stanford and three of his
companies.

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.  According to a
TCR-LA  April 8 report, citing Bloomberg News, U.S. District Judge
David Godbey seized all of Mr. Stanford’s corporate and personal
assets and placed them under the control of court-appointed SGC
receiver Ralph Janvey.

               About Stanford International

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


PDVSA: Ensco Int'l Submits Termination of Operations Notice
-----------------------------------------------------------
Ensco International Incorporated provided an update on the status
of the ENSCO 69 jackup drilling rig given recent events in
Venezuela.

As previously disclosed, since May 2007, ENSCO 69 has been
contracted to Petrosucre, a subsidiary of Petroleos de Venezuela
S.A., the national oil company of Venezuela ("PDVSA").  In January
2009, Ensco suspended drilling operations after Petrosucre failed
to meet commitments regarding the payment of past due invoices.

Petrosucre subsequently resumed ENSCO 69 drilling operations with
its employees and a portion of the Venezuelan crews utilized by
Ensco, under observation by Ensco’s supervisory rig personnel.
Petrosucre advised Ensco at the time that it was temporarily
taking over operations on the rig.

Since January 2009, Ensco has engaged in discussions and exchanges
of correspondence with Petrosucre regarding each party's
contractual rights and obligations, but a resolution has not been
reached.  In prior disclosure, Ensco noted that should a
satisfactory resolution not be reached, Ensco may submit a notice
of termination as outlined in the provisions of the contract
giving Ensco a right to terminate in the event of non-payment.

Given Petrosucre’s non-payment of past due invoices for an
extended period of time and the absence of a resolution, Ensco
said it submitted a notice of termination.  During the notice
period that extends through approximately May 30, 2009, Petrosucre
may resolve the matter by paying past due invoices or negotiating
a satisfactory arrangement with Ensco.  If not, as previously
disclosed, Ensco said it may then terminate the contract.  Ensco’s
supervisory personnel continue to observe operations on ENSCO 69.

                           About PDVSA

Petroleos de Venezuela -- 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.

                          *     *     *

As reported by the Troubled Company Reporter on Nov. 26, 2008,
Fitch Ratings affirmed CITGO Petroleum Corp's Issuer Default
Rating and outstanding debt ratings:

  -- IDR at 'BB-';

  -- US$1.15 billion senior secured revolving credit facility
     maturing in 2010 at 'BBB-';

  -- US$700 million secured term-loan maturing in 2012 at 'BBB-';

  -- US$515 million secured term-loan maturing in 2012 at 'BBB-';

  -- Fixed-rate industrial revenue bonds at 'BBB-'.



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

KINGATE FUNDS: BVI Supreme Court Appoints Provisional Liquidators
----------------------------------------------------------------
The Eastern Caribbean Supreme Court in the British Virgin Islands
has appointed William Tacon and Richard Fogerty of Zolfo Cooper as
Joint Provisional Liquidators of Kingate Global Fund Limited and
Kingate Euro Fund Limited.

The Funds, both of which were fully invested in Bernard L. Madoff
Investment Securities LLC, are registered in the British Virgin
Islands with investors in many parts of the world.

“Our function as Joint Provisional Liquidators is to identify,
manage, secure and preserve the underlying assets of the Funds.
The terms of the BVI Court order and the provisions of the BVI
Insolvency Act of 2003 outline our responsibilities throughout
this process,” said Mr. Tacon.  “We will be reporting to the BVI
Court shortly to provide an update on the actions taken since our
appointment.  At this stage we are not asking investors to submit
details of their interests or claims in the Funds, that process
will occur later, assuming full liquidation ensues.”

The court-appointed Trustee for the liquidation of Bernard L.
Madoff Investments Securities LLC, Mr. Irving Picard, recently
initiated a legal action against the Funds in the United States
Bankruptcy Court for the Southern District of New York.

“The lawsuits against the Funds which have been filed by Mr.
Picard will also be an immediate priority for the Joint
Provisional Liquidators,” added Mr. Tacon.

                      About Zolfo Cooper

Zolfo Cooper is a leading provider of insolvency and restructuring
services in the Caribbean region from its offices in the British
Virgin Islands and Cayman Islands.  Zolfo Cooper also has offices
in North America and Europe and a network of associated firms
throughout the Far East and Australia.



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

* Fitch Says Real Global Credit Growth Continues to Fall
--------------------------------------------------------
In its latest semi-annual 'Bank Systemic Risk' report, Fitch
Ratings' Sovereign group says that median real global credit
growth continues to fall - having peaked at a record 15% in 2007,
it halved in 2008 to just over 7% and is forecast at barely 3% for
2009.  Furthermore, only a dozen countries - most obviously China
- are likely to see double digit real credit growth this year.

Having been published since 2005, the report updates the leading
Macro-Prudential and Banking System indicators of bank systemic
stress and, in this edition, incorporates results from a
preliminary study of the role of house prices in the current
global financial crisis.

In a previous report Fitch concluded that the evidence from
earlier banking crises was both too sparse and too variable to
suggest an obvious threshold above which real house prices could
reliably be said to threaten country banking system problems.
From the evidence of the current crisis, however, it seems that
this threshold is relatively low.  The median deviation of real
house prices from trend ahead of all past crises is around 15% -
similar to the 16% seen in Ireland - and this is the figure Fitch
will now use as an additional trigger to determine when a country
moves into the highest Macro Prudential risk category - MPI 3
(when accompanied by a rise in the credit/GDP ratio to more than
5% above trend).  Such an updated model would have anticipated the
US and UK banking crises, as well as Belgium and also Ireland
(which was already MPI 3 due to an appreciated real exchange
rate).

However, some countries which have seen house prices rise to more
than 15% above trend - e.g. Denmark, France, New Zealand and
Sweden - have so far escaped widespread banking system problems.
And not all countries that have suffered banking crises had the
highest Macro Prudential risk indicators, notably Germany,
Switzerland and the Netherlands, suggesting that banking problems
in these countries were more due to foreign lending than domestic
lending.

By end-2008, well over one-third (32) of the 86 countries in
Fitch's report were MPI 3.  Nine of these were due to the new
house price methodology and six were added since the last report
based on the original methodology.  A further quarter showed more
moderate signs of excessive lending and asset price appreciation
and/or real exchange rate appreciation (MPI 2) (unchanged since
the last report).  In regional terms, Emerging Europe continues to
have the greatest proportion (68%) of systems in the highest risk
category (MPI 3) but developed countries have the next highest
proportion (41%).

Fitch's BSR methodology continues to focus mostly on trends in
credit/GDP.  However, the experience of Emerging Europe has shown
that rapid credit growth can give earlier warning of potential
problems, before credit/GDP rises above critical thresholds.
Double digit real credit growth warrants close scrutiny anywhere -
China's will be amongst the highest this year at over 20%, based
on developments in Q1 alone, and if sustained will eventually
place China in a higher risk category (currently MPI 1).

The global banking crisis has radically changed the landscape of
global banking system strength, as summarized in Fitch's second
systemic risk indicator - the Banking System Indicator.  Whereas
the typical developed country system used to be 'BSI B' (strong) -
on a scale from 'A' (very strong) to 'E' (very weak) - a majority
are now in the 'C' category (adequate), though twelve developed
country systems remain 'strong' (BSI B).  The typical emerging
market system remains 'C' or 'D'.



                            ***********

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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