TCRLA_Public/090518.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 18, 2009, Vol. 10, No. 96

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD GROUP: Investors to Force Int'l Bank to Bankruptcy
STANFORD INT'L BANK: SFG's Ex-CIO Pleads Not Guilty to Charges


A R G E N T I N A

CHACABUCO TEXTIL: Trustee Verifying Proofs of Claim Until July 10
CONFOR GUIAS: Trustee Verifying Proofs of Claim Until August 20
CONTRERAS CONSTRUCCIONES: Verifying Proofs of Claim Until June 23
PRODUMET SRL: Trustee Verifying Proofs of Claim Until June 8


B A H A M A S

FOUR SEASONS: Bahamas Unit to Close Business on May 26


B E R M U D A

PANTHER BERMUDA HOLDINGS: Creditors' Proofs of Debt Due on May 27
PANTHER BERMUDA HOLDINGS: Members' Final Meeting Set for June 17
PANTHER BERMUDA LIMITED: Creditors' Proofs of Debt Due on May 27
PANTHER BERMUDA LIMITED: Members' Final Meeting Set for June 16


B R A Z I L

ARACRUZ CELULOSE: Incurs BRL1.7 Million Net Loss in First Quarter
BANCO DO BRASIL: First Quarter Profit Drops 29% to BRL1.66 Billion
BANCO DO BRASIL: To Pay BRL218 Million Dividends on May 27
BNDES: Approves BRL792 Million Bridge Loan to OHL
CHEMICAL IV: Moody's Assigns National Scale Rating at 'Ba1'

SADIA: BNDES May Act as Shareholder & Financier in Perdigao Merger
PERDIGAO SA: Posts R$3 Billion Gross Sales in First Quarter
TELE NORTE: First Quarter Net Income Drops 98% to BRL11 Million


C A Y M A N  I S L A N D S

AJAX RE: A.M. Best Cuts Rating Series 1 Class A Notes to "d"
ARTIO DIVERSIFIED: Placed Under Voluntary Wind-Up
BEARA INVESTMENTS: Placed Under Voluntary Wind-Up
BLACKGOLD CAPITAL: Placed Under Voluntary Wind-Up
BRUNSWICK INVESTMENT: Creditors' Proofs of Debt Due on August 10

CITCO ACCEPTANCE: Creditors' Proofs of Debt Due on June 11
DB SPECIAL: Creditors' Proofs of Debt Due on June 11
FIERA NORTH ET AL: Fixes June 11 as Last Day to File Claims
KUMAMOTO FAMILY: Creditors' Proofs of Debt Due on June 11
WASHINGTON CORNER: Creditors' Proofs of Debt Due on June 11

WIIG- TDF: Creditors' Proofs of Debt Due on June 9


C O L O M B I A

ECOPETROL SA: To Complete Refinery Acquisition Soon


J A M A I C A

AIR JAMAICA: Commissioner Coye Calls For Continued Support


M E X I C O

HIPOTECARIA SU: Moody's Downgrades Ratings on Three Certificates
HIPOTECARIA SU: Moody's Downgrades Ratings on Class A to 'Ba1'
INMOBILIARIA FUMISA: Moody's Downgrades Bond Ratings to 'Ba2'


P U E R T O  R I C O

WORLD ENGINEERING: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FIN'L: Central Bank Retains Forensic Investigator's Services


V E N E Z U E L A

GENERAL MOTORS: To Close Venezuela Assembly Plants for 3 Months
PDVSA: Bond Default Is ‘Unlikely,’ Barclays Analysts Say
* VENEZUELA: To Close Santander Bank Deal Soon, Pres. Chavez Says


X X X X X X X X

GENERAL MOTORS: Won't Sell Latin American Operations to Fiat
* BOND PRICING: For the Week May 11 to May 15, 2009


                         - - - - -


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

STANFORD GROUP: Investors to Force Int'l Bank to Bankruptcy
-----------------------------------------------------------
Three members of a group of investors claiming they lost
$100 million in Robert Allen Stanford's alleged $8 billion ponzi
scheme are trying to drag Stanford International Bank Ltd. into
bankruptcy to protect creditors' interests, according to Law360.

The TCR-Latin America, citing Caribbean360.com, reported May 1
that Stanford Financial Group court-appointed receiver Ralph
Janvey, in his report filed with the U.S. District Court for the
Northern District of Texas, said he has no confidence in the
courts in Antigua and Barbuda to properly carry out Stanford
International Bank Limited (SIBL)'s liquidation.  The report
relates Mr. Janvey said the American court system should be
allowed to deal with the matter.

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

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

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

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

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

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

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

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

                 About Stanford International

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

                         *     *     *

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


STANFORD INT'L BANK: SFG's Ex-CIO Pleads Not Guilty to Charges
--------------------------------------------------------------
Former Stanford Financial Group (SFG) Chief Investment Officer
Laura Pendergest-Holt pleaded not guilty before U.S. Magistrate
Judge Mary Milloy in Houston regarding the charges filed against
her, Anna Driver of Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2009, Assistant Attorney General of the Criminal Division
Lanny A. Breuer and acting U.S. Attorney for the Southern District
of Texas Tim Johnson disclosed that a federal grand jury in
Houston returned a two-count indictment charging Ms. Pendergest-
Holt with conspiring to obstruct a U.S. Securities and Exchange
Commission (SEC) proceeding investigating SFG, as well as a
substantive count of obstructing the SEC proceeding.

Ms. Pendergest-Holt has been free on a US$300,000 bond since being
charged with obstruction in a criminal complaint issued from the
Northern District of Texas on Feb. 26, 2009.

                   About Stanford International

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

                          *     *     *

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Robert Allen 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.



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

CHACABUCO TEXTIL: Trustee Verifying Proofs of Claim Until July 10
-----------------------------------------------------------------
The court-appointed trustee for Chacabuco Textil S.A.C.I.F.I.A.'s
reorganization 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 2, 2010.


CONFOR GUIAS: Trustee Verifying Proofs of Claim Until August 20
---------------------------------------------------------------
The court-appointed trustee for Confor Guias S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 20, 2009.

The trustee will present the validated claims in court as
individual reports on October 2, 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
November 17, 2009.


CONTRERAS CONSTRUCCIONES: Verifying Proofs of Claim Until June 23
-----------------------------------------------------------------
The court-appointed trustee for Contreras Construcciones S.R.L.'s
reorganization 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 20, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 5, 2010.


PRODUMET SRL: Trustee Verifying Proofs of Claim Until June 8
------------------------------------------------------------
The court-appointed trustee for Produmet S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 8, 2009.

The trustee will present the validated claims in court as
individual reports on August 5, 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 18, 2009.



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

FOUR SEASONS: Bahamas Unit to Close Business on May 26
------------------------------------------------------
Four Seasons Exuman in Bahamas will close on May 26, according to
a report posted at hottelchatter.com

According to the report, the property seems to be in
"receivership" which is pretty much a last-ditch attempt to avoid
bankruptcy.  Yet the property was not able to find a new owner and
is now forced to close up shop, the report relates.

The report notes the hotel said Four Seasons continues to operate
the resort normally until that time, however, it is not accepting
new reservations.

It is unlikely that the hotel will be a Four Seasons if it does
open again, the report adds.

Four Seasons Hotels -- http://www.fourseasons.com-- manages some
75 luxury hotels and resorts in more than 30 countries. Most
properties are operated under the Four Seasons name, but some are
Regent hotels.  It has ownership interests in only about half of
its properties, having shifted from a hotel owner to a hotel
operator in the 1990s.  In 2007 Four Seasons Hotels board members
took the company private.



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

PANTHER BERMUDA HOLDINGS: Creditors' Proofs of Debt Due on May 27
-----------------------------------------------------------------
The creditors of Panther Bermuda Holdings Limited are required to
file their proofs of debt by May 27, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2009.

The company's liquidator is:

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


PANTHER BERMUDA HOLDINGS: Members' Final Meeting Set for June 17
----------------------------------------------------------------
The members of of Panther Bermuda Holdings Limited will hold their
final general meeting on June 17, 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 11, 2009.

The company's liquidator is:

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


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

The company commenced wind-up proceedings on May 11, 2009.

The company's liquidator is:

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


PANTHER BERMUDA LIMITED: Members' Final Meeting Set for June 16
---------------------------------------------------------------
The members of of Panther Bermuda Limited will hold their final
general meeting on June 16, 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 11, 2009.

The company's liquidator is:

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



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

ARACRUZ CELULOSE: Incurs BRL1.7 Million Net Loss in First Quarter
-----------------------------------------------------------------
Aracruz Celulose SA incurred a BRL1.7 million (US$800,000) net
loss in first quarter 2009, from a BRL168 million profit in the
same period last year, Alberto Alerigi of Reuters reports.  The
report relates the company's first quarter net revenue totaled
BRL853.5 million from BRL841.4 million a year earlier, hurt by
lower net pulp prices, while EBITDA fell 32% to BRL247.4 million.

Reuters recalls the company incurred massive losses of
BRL2.98 billion in the fourth quarter because of wrong-way bets on
currency derivatives.

According to the report, the company said it had finalized
negotiations and signed a contract with banks on the restructuring
of debt originated from derivatives contracts.  The report notes
the company's total debt, including obligations from its 50% stake
in subsidiary Veracel, rose to BRL9.5 billion at the end of March
from BRL3 billion a year earlier.

                     About Aracruz Celulose

Brazil-based Aracruz Celulose SA (SAO:ARCZ6) --
http://www.aracruz.com.br/-- is producer of bleached hardwood
kraft market pulp.  The Company produces eucalyptus pulp, which is
a variety of hardwood pulp used by paper manufacturers to produce
a range of products, including tissues, printing and writing
papers, liquid packaging boards and specialty papers.  The
Company's production facilities consist of the Barra do Riacho
Unit in Espirito Santo State, which has three production units
each with two bleaching, drying and baling lines, the Guaiba Unit,
located in the municipality of Guaiba, State of Rio Grande do Sul,
and Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  During the year ended December
31, 2007, the Company produced approximately 2,569,000 tons of
bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Aracruz Celulose S.A. To 'BB'
from 'BBB-'.  S&P also lowered the Brazil national scale rating on
Aracruz to 'brAA' from 'brAAA'.  The ratings were removed from
CreditWatch Negative, where they were placed Oct. 3, 2008.  The
outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2008, Fitch Ratings downgraded Aracruz Celulose S.A.'s
Local currency Issuer Default Rating (IDR) to 'BB-' from 'BB+' and
Foreign currency IDR to 'BB-' from 'BB+'.  The ratings remain on
Rating Watch Negative.

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2008, Moody's Investors Service downgraded the ratings of
Aracruz Celulose S.A. to Ba2 (corporate family rating) from Baa3
(issuer rating) on its global scale and to A1.br from Aa1.br on
the Brazilian national scale, and the ratings remain under review
for possible further downgrade.



BANCO DO BRASIL: First Quarter Profit Drops 29% to BRL1.66 Billion
------------------------------------------------------------------
Banco do Brasil SA's first quarter 2009 profit decreased 29% to
BRL1.66 billion (US$787 million) from BRL2.35 billion last year as
it set aside more funds for loan defaults, Bloomberg News reports.

According to the report, the bank had set aside BRL2.65 billion in
provisions for bad loans in the first quarter, and its loan-
default rate increased to 2.7% from 2.4%.  Banco do Brasil
Investor Relations Manager Marco Geovanne Tobias da Silva, the
report notes, said the default rate may increase to 4.4% “at the
most” by yearend.

The report relates that the bank increased provisions for bad debt
by 66% as defaults climbed following Brazil’s economic contraction
in the fourth quarter, leading to companies cutting 655,000 jobs
in December alone.

Mr. Silva, as cited by Bloomberg News, said Banco do Brasil’s
total loans rose 40% to BRL241.9 billion at the end of the quarter
from BRL172.8 billion a year earlier, boosted by the acquisition
of Banco Nossa Caixa SA.

The bank's market share, Bloomberg News notes, increased to
18.3% from 16.3% a year earlier, while adjusted net income was
BRL1.36 billion, a 13% decline from the previous year.

Rogerio Jelmayer of Dow Jones Newswires reports that the bank's
consumer credit portfolio picked up by 67% to BRL61.1 billion in
the first quarter, while corporate credit portfolio reached
BRL101.7 billion, up 47.2% from the first quarter of 2008.  DJ
Newswires relates farm loans picked up 13.7% in the period to
BRL64.3 billion.

According to DJ Newswires, the bank ended the first quarter with
total assets of BRL591.9 billion, up 42.9% a year earlier, while
return on equity (ROE) fell to 23.8% at the end of the first
quarter, from 43.5% in the year ago period.

Ten out of 21 analysts have a “hold” recommendation for Banco do
Brasil, seven have a “buy” rating and four have a “sell”
recommendation, according to Bloomberg data.

                      About Banco do Brasil

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

                          *     *     *

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


BANCO DO BRASIL: To Pay BRL218 Million Dividends on May 27
----------------------------------------------------------
Banco do Brasil SA will pay BRL218 million (US$103 million) in
dividends on May 27, Rogerio Jelmayer of Dow Jones Newswires
reports, citing a bank statement.

The report relates the bank said it will pay BRL0.08 for each
outstanding share trading in Sao Paulo and will be based in
shareholders' position as of May 14.

In addition, DJ Newswires notes, the bank's board approved the
payment of interest on its own equity to its shareholders,
totaling BRL447.7 million, representing BRL0.17 per share.

The payment, the report says, will be made on May 27 and will be
based in shareholders' position as of March 23.

                      About Banco do Brasil

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

                          *     *     *

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


BNDES: Approves BRL792 Million Bridge Loan to OHL
-------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)has
approved a BRL792 million bridge loan to the Brazilian unit of
Spanish toll road operator OHL, LatinFrance reports.

According to the report, the package includes:

   -- BRL204 million for the Fernao Dias road linking Sao Paulo
      and Belo Horizonte;

   -- BRL221 million for the Autopista Litoral Sul linking
      Curitiba and Florianopolis; and

   -- BRL332 million for the Regis Bittencourt which runs between
      Sao Paulo and Curitiba.

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.



CHEMICAL IV: Moody's Assigns National Scale Rating at 'Ba1'
-----------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aaa.br (Brazilian National Scale) and (P)Baa3 (Global Scale,
Local Currency) to the Senior Shares, and (P)Ba1.br (Brazilian
National Scale) and (P)B2 (Global Scale, Local Currency) to the
Mezzanine Shares, to be issued by Chemical IV - FIDC Indústria
Petroquimica, a securitized transaction backed by a pool of trade
receivables originated by Braskem S.A.

The ratings are based on these factors, among others:

  -- Overcollateralization ratio ranging from a minimum of
     110% to a maximum of 115% for the benefit of the Senior
     Shares outstanding, and 102.04% for the Mezzanine Shares, to
     mitigate losses, dilution and potential interest rate
     mismatches;

  -- The eligibility parameters of the trade receivables to be
     acquired by the issuer, which include concentration limits by
     client, delinquency by client, and maximum term of the trade
     receivables;

  -- The ability of Banco Bradesco S.A. (A1 Long-term Bank Deposit
     Rating in the Global Local Currency Scale & Aaa.br in the
     Brazilian National Scale) to act as master and back-up
     servicer for the transaction; and

  -- The legal structure of the transaction, including the
     bankruptcy remoteness of the issuer.

The originator is Braskem S.A., a large Brazilian manufacturer of
petrochemical products rated Aa2.br (Brazilian National Scale) and
Ba1 (Global Local, Currency Scale).

The transfer of receivables from the originators to the issuer is
structured as a true sale and a definitive assignment of the
contracts as set forth in the assignment of transferred credits
under the Brazilian civil code.

Chemical IV - FIDC will have a tenor of 18 months, with Senior and
Mezzanine Shares being amortized in 12 monthly payments after a 6-
month grace period.  Interest on both Senior Shares and
Subordinated Mezzanine Shares will be paid on a monthly basis only
during the amortizing period.

The complete rating action is:

* Chemical IV - FIDC Senior Shares - (P)Aaa.br (National Scale) &
  (P)Baa3 (Global Scale, Local Currency).

* Chemical IV - FIDC Mezzanine Shares -- (P)Ba1.br (National
  Scale) & (P)B2 (Global Scale, Local Currency).


SADIA: BNDES May Act as Shareholder & Financier in Perdigao Merger
------------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
would likely act as both shareholder and financier in the merger
negotations between Perdigao SA and Sadia SA, Jeff Fick of Dow
Jones Newswires reports, citing local Estado news agency.  The
report relates Estado said BNDES may take a stake in the merged
company via an equity issue, while also lending the companies
money to do the deal.

According to the report, Estado said the new company would likely
organize a sale of new shares directly to the BNDES.  Money raised
from the sale would be used to pay off some of Sadia's debts,
which totaled BRL8.5 billion as of the end of 2008, the newspaper
added.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2009, Bloomberg News, citing Folha de S. Paulo newspaper,
said merger talks between Perdigao and Sadia resumed in mid-April
and are likely to lead to an agreement in the next few days.
However, according to a company press release, Perdigao said it
had not reached any agreement on the terms of any such association
and have not signed any document, even of a preliminary nature,
with respect to the merger with Sadia.  The company also said its
continuing discussions should not be understood by the market as
representing any kind of commitment by Perdigao with respect to
the conclusion of any association between the companies.

Citing Bloomberg News, the Troubled Company Reporter-Latin America
on April 17, 2009, reported that Sadia said it is in “weekly”
merger talks with competitor Perdigao and may also sell shares or
assets to shore up losses from wrong-way bets on the Brazilian
currency.  The report related Sadia Chairman Luiz Furlan said a
decision by Sadia about a merger, asset or share sale will likely
be made by June.  Bloomberg News noted Sadia is facing pressure to
merge with Perdigao as its BRL3.5 billion (US$1.5 billion) short-
term debt payment deadline approaches.

                           About BNDES

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

                          *     *     *

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

                        About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on Brazil-based food
producer Perdigao S.A.  The outlook is revised to negative from
stable.

                        About Sadia S.A.

Headquartered in Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based food producer
Sadia S.A. and its rating on Sadia Overseas Ltd.'s $250 million
senior unsecured notes to 'B' from 'BB'.  The outlook on the
corporate credit rating is negative.


PERDIGAO SA: Posts R$3 Billion Gross Sales in First Quarter
-----------------------------------------------------------
Perdigao SA closed its first quarter balance sheet for 2009 with
gross sales of R$3 billion, 7% more than the same period in 2008.
The result was driven principally by the domestic market, which
reported growth of 8.3% against the same period in the preceding
fiscal year, especially in the dairy products market, that
presented positive results.

Exports amounted to R$1.1 billion, a growth of 4%.  The
international market was particularly difficult in the first
quarter due to a reduction of 22.4% in average prices in FOB
dollars.

In spite of unfavorable trading conditions, company meat export
volumes were 5% higher and revenues from this activity 6.3% up in
comparison with the same period in 2008.

EBITDA reached R$117.8 million, equivalent to a 4.5% margin
against 7.6% in the first quarter of 2008.  The company reported a
first quarter 2009 net loss of R$226 million.  If the tax loss
recognized with the incorporation of the Perdigao Agroindustrial
S.A. subsidiary were excluded then the net result would have been
a negative R$94 million.

Quarterly results reflect a tumultuous international scenario.
The principal factors responsible for narrower margins in the
period were the sharp decline in export market prices, oversupply
in the domestic market and increased production costs and selling
expenses due to the loss of exports sales.

Most of the investments of R$119.7 million made by the company in
the period were allocated to productivity initiatives, improvement
in production lines and to construction work at the Bom Conselho
unit (dairy products) in the state of Pernambuco and the Tres de
Maio plant in the state of Rio Grande do Sul (powdered milk
processing unit).

                        About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on Brazil-based food
producer Perdigao S.A.  The outlook is revised to negative from
stable.


TELE NORTE: First Quarter Net Income Drops 98% to BRL11 Million
---------------------------------------------------------------
Tele Norte Leste Participacoes S.A. (aka Oi)'s first quarter net
income decreased 98% to BRL11 million (US$5.3 million) from a
pro-forma BRL564 million in the same period last year, Reuters
reports.  The report relates the company presented the year-
earlier results on a pro-forma basis because Oi and Brasil Telecom
didn't operate as a joint phone group at the time.

Alastair Stewart of Dow Jones Newswire reports that Oi posted the
results amid heavy costs from its entry into the Sao Paulo
cellphone market, the acquisition of Amazonia Celular and
accounting adjustments related to the takeover of Brasil Telecom
Participacoes SA.

According to Reuters, Oi's net revenue rose 3.5% to
BRL7.49 billion from a year earlier.  DJ Newswires relates Oi's
net debt rose to BRL19.2 billion from BRL9.4 billion in December,
principally because it took on Brasil Telecom debt and paid BRL5.4
billion for control of the company.

Reuters says Oi's EBITDA dropped 8% to BRL2.38 billion from a
proforma BRL2.58 billion in the same period a year ago.

The company, DJ Newswires adds, invested BRL905 million in the
last quarter.

                         About Tele Norte

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

                          *     *     *

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



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

AJAX RE: A.M. Best Cuts Rating Series 1 Class A Notes to "d"
------------------------------------------------------------
A.M. Best Co. has downgraded the debt rating to "d" from "c" of
the US$100 million Series 1, Class A principal at risk variable
rate notes issued by Ajax Re Limited (Cayman Islands).
Concurrently, A.M. Best has withdrawn the debt rating on the
notes. The previous rating had a negative outlook.

This rating action reflects the inability of Ajax Re to make the
full payment on the outstanding principal amount of the notes on
the May 8, 2009 redemption date.


ARTIO DIVERSIFIED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On April 29, 2009, the sole shareholder of Artio Diversified Alpha
Fund, Ltd. passed a written 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


BEARA INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On April 30, 2009, the sole shareholder of Beara Investments
Limited passed a written 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



BLACKGOLD CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On April 30, 2009, the sole shareholder of Blackgold Capital
Offshore Partners Ltd. passed a written 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


BRUNSWICK INVESTMENT: Creditors' Proofs of Debt Due on August 10
----------------------------------------------------------------
The creditors of Brunswick Investment Holdings Limited are
required to file their proofs of debt by August 10, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2009.

The company's liquidator is:

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


CITCO ACCEPTANCE: Creditors' Proofs of Debt Due on June 11
----------------------------------------------------------
The creditors of Citco Acceptance Corporation (Cayman) Ltd. are
required to file their proofs of debt by June 11, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 9, 2009.

The company's liquidator is:

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


DB SPECIAL: Creditors' Proofs of Debt Due on June 11
----------------------------------------------------
The creditors of DB Special Situations Limited are required to
file their proofs of debt by June 11, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Condor Nominees Limited
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          25 Main Street, George Town
          Grand Cayman, Cayman Islands


FIERA NORTH ET AL: Fixes June 11 as Last Day to File Claims
-----------------------------------------------------------
Victor Murray and Jess Shakespeare fixes June 11, 2009, as the
last day to file proofs of debt for the creditors of:

   -- Fiera North American Market Neutral Fund A, Ltd; and
   -- Fiera North American Market Neutral Master Fund.

The companies commenced wind-up proceedings on April 22, 2009.

The Liquidators can be reached at:

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


KUMAMOTO FAMILY: Creditors' Proofs of Debt Due on June 11
---------------------------------------------------------
The creditors of Kumamoto Family Preferred Capital Cayman Limited
are required to file their proofs of debt by June 11, 2009, to be
included in the company's dividend distribution.

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

The company's liquidators are:

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


WASHINGTON CORNER: Creditors' Proofs of Debt Due on June 11
-----------------------------------------------------------
The creditors of Washington Corner SPC are required to file their
proofs of debt by June 11, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2009.

The company's liquidators are:

          Liezel Kleynhans
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


WIIG- TDF: Creditors' Proofs of Debt Due on June 9
--------------------------------------------------
The creditors of WIIG- TDF Partners LLC are required to file their
proofs of debt by June 9, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 30, 2009.

The company's liquidator is:

          Loo Hock Voon
          1 Kim Seng Promenade
          #14-07 Great World City West Tower
          Singapore 237994



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

ECOPETROL SA: To Complete Refinery Acquisition Soon
---------------------------------------------------
Ecopetrol S.A.'s planned acquisition of the 51% stake in the
Cartagena refinery from Glencore will close before the end of May,
LatinFrance reports, citing a company spokesman.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, Dow Jones Newswires said Ecopetrol agreed to buy
back commodity company Glencore stake in a joint venture refinery
for US$549 million.  The same report said Glencore planned to sell
back its 51% stake in a refinery upgrade project in Colombia to
Ecopetrol, due to its inability to obtain funds for the project
expansion.  Javier Mozzo of Reuters recalled that Glencore was
struggling to get hold of credit to fund its share in the
investment to boost output at the refinery in Cartagena.

                       About Ecopetrol S.A.

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

                          *     *     *

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


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

AIR JAMAICA: Commissioner Coye Calls For Continued Support
----------------------------------------------------------
Jamaica High Commissioner to Canada Evadne Coye called on
Jamaicans living in Canada to continue to support the country's
national airline, Air Jamaica Limited, Caribbean Net News reports.
"We from the Foreign Service have always done our best to support
Air Jamaica wherever we are.  I am asking you to do that today,"
the report quoted Ms. Coye as saying.

The report relates Air Jamaica Director of Sales George deMercado
noted that although these are challenging times for the airline,
it is empowered by the positives of its 40-year history.  "We are
getting ready to embrace the future and Air Jamaica is going to
emerge from our current transformation a more valuable company,
buoyed by commitment from our employees who do good work to make
sure that we succeed.  And, we can succeed if we get support from
people like you in this congregation," he added.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2009, a report posted at CaribbeanPressReleases.com. said
Minister without Portfolio in the Ministry of Finance and the
Public Service, Senator Don Wehby, confirmed that two offers have
been received from investors for the privatization of Air Jamaica.
RadioJamaica related Senator Wehby did not identify the bidders,
however, the news agency received reports that one of the bidders
is a consortium of major players in the tourism and airline
industries with connections in Jamaica.  Mr. Wehby, RadioJamica
noted, said the two offers are being reviewed and evaluated before
being taken to Cabinet.

According to a April 6 TCR-LA report, citing Associated Press,
the Jamaican government extended Air Jamaica 's divestment
deadline to June 30 as it tries to attract buyers.  Radio Jamaica
related the airline has been haemorraghing over US$150 million
(JA$13.2 billion) per annum and government has had to foot the
massive bill.  In addition, Radio Jamaica said, Air Jamaica
currently has loans outstanding of over US$600 million (JA$52.8
billion).

                        About Air Jamaica

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

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

                          *     *     *

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



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

HIPOTECARIA SU: Moody's Downgrades Ratings on Three Certificates
----------------------------------------------------------------
Moody's de México has downgraded the global scale and national
scale ratings of three certificates from two mortgage-backed
securitizations issued by Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Múltiple E.N.R.  The mortgage pools
consist of first-lien, fixed-rate loans denominated in UDIS and
granted primarily to low-income borrowers.

The affected certificates and ratings are:

  -- Class A-2 BRHCCB 07-2U: ratings downgraded to Ba3 from Ba1
     (Global Scale, Local Currency) and to Baa1.mx from A1.mx
     (National Scale Rating); ratings remain on review for
     possible downgrade.

  -- Class A-2 BRHCCB 08-2U: ratings downgraded to Ba1 from Baa1
     (Global Scale, Local Currency) and to A1.mx from Aaa.mx
     (National Scale Rating); ratings remain on review for
     possible downgrade.

  -- Class B BRHCCB 08-3U: ratings downgraded to Caa1 from Ba2
     (Global Scale, Local Currency) and to Caa1.mx from A2.mx
     (National Scale Rating); ratings remain on review for
     possible downgrade.

The rating actions are primarily based on the relatively weak
historical performance of the mortgage portfolios backing the
transactions and Moody's projection of lifetime cumulative gross
defaults and expected losses on the pools.  The underlying pools
for each of the affected transactions have displayed a sharp ramp-
up of delinquencies greater than 90 days that is considerably
beyond Moody's initial expectations considering the seasoning of
the transactions.  As of March 2009, delinquencies greater than 90
days, including accumulated real estate owned, as a percentage of
the original pool balance for each of the underlying pools were
approximately : BRHCCB 07-2U (11.0% after 19 months of seasoning,
versus 4.6% as of 6 months ago), BRHCCB 08-2U/08-3U (8.3% after 13
months of seasoning, versus 2.5% as of 6 months ago).

As indicated by these statistics, the month-to-month deterioration
in performance has been severe in recent months, with
delinquencies greater than 90 days (including REOs) more than
doubling over a 6-month period in both transactions.  However,
accumulated losses to date represent less than 0.5% of the
original pool balance for both transactions given the relatively
low number of reported REO sales to date.  Further, BRHCCB 07-2U
and BRHCCB 08-2U/08-3U have high outstanding pool balances
(including outstanding REOs) of approximately 92% and 94% of the
original pool balance, respectively  Given the weak performance
trends to date, the relatively short period of time since the
transactions' closing dates, and the high pool factors for each of
the affected transactions, Moody's expects significantly higher
lifetime cumulative gross defaults as a percentage of the original
pools (of approximately 45% or 46% for each of the affected
transactions) as compared to the level of gross defaults observed
to date.

After estimating projected lifetime gross default rates as a
percentage of the original pool balance, Moody's determined the
expected net losses associated with these projected defaults by
applying a severity of loss assumption on the projected defaulted
loan balance (assumed severities range between high-40% to mid-60%
across the affected transactions).  Moody's updated its expected
loss projections as a percentage of the outstanding total pool
balance collateralizing each of the certificates : BRHCCB 07-2U
(33%), BRHCCB 08-2U/08-3U (23%).  These loss projections compare
with estimated lifetime available credit enhancement (including
subordination, overcollateralization, and remaining excess spread
benefit) ranging between the high-20% to high-30% range for the
affected senior Class A-2 certificates and approximately 19% for
the affected subordinated Class B certificate (credit enhancement
expressed as a percent of the outstanding pool balance).

During the ongoing review period, Moody's will continue to focus
on the significant performance deterioration during the past two
months, its causes and the potential continuation of this trend.
The servicer is currently investigating the exact causes for the
sudden deterioration.  The underlying pools have displayed a sharp
ramp-up in serious delinquencies between January and March 2009.
The level of 90+ day delinquencies (including REOs) expressed as a
percentage of the original pool balance increased as follows
between January and March: BRHCCB08-2U/08-3U (from 4.2% to 8.3%,
or 97% increase), BRHCCB 07-2U (from 6.7% to 11.0%, or 63%
increase).  Moody's also observed a considerable deterioration in
the reported percentage of loans that are "current", or 0 months
past due, over the same period.  The "current" percentages
(expressed as a percent of the total outstanding pool balance
excluding REOs) declined as follows between January and March
2009: BRHCCB 08-2U/08-3U (from 80.9% to 61.6%), BRHCCB 07-2U (from
77.7% to 60.7%).  Given the relatively low percentages of the
pools that are current, there is the risk that early delinquencies
may convert into serious delinquencies.

                      Monitoring Methodology

When monitoring the performance of residential mortgage backed
securitizations in Mexico, a projected lifetime cumulative gross
default rate is determined as a percentage of the current mortgage
pool balance.  To arrive at this rate, Moody's considers (1) the
actual gross default experience to date, (2) a short-term
projection of additional gross defaults over a period of up to one
year, and (3) a long-term projection of incremental future gross
defaults expected to occur afterwards.

In evaluating the level of gross defaults experienced to date,
Moody's generally considers "defaulted loans" to include all loans
that are currently more than 90 days delinquent, in foreclosure or
in real estate owned status.  It is assumed that the vast majority
of these loans will ultimately result in a true default, leading
to a foreclosure sale, a deed-in-lieu of foreclosure, a short-
sale, or a repossession of the property associated with the
defaulted loan.

In evaluating the projected level of gross defaults at the end of
the short-term projection period (generally one year in the
future), a performance-based projection is performed using the
pool's historical performance trends to extrapolate gross defaults
and prepayments as of the end of the short-term projection period.
The projected default rate is determined by linearly interpolating
the historical trends in the defaulted loan rate for the pool over
the most recent nine months.  As a result, it is assumed that
securitizations that have experienced high defaults and
considerable month-over-month performance deterioration over the
past nine months will continue to experience similar performance
deterioration during the short-term projection period.  This
short-term stress addresses currently increasing pressures in the
Mexican economy, such as increasing unemployment, that have
already impacted the performance of mortgage loans.

After estimating the cumulative gross default rate and the pool
factor as of the end of the short-term projection period, Moody's
estimates the trajectory of cumulative gross defaults through the
remaining pool factor (i.e. long-term projection period).  In
order to estimate the incremental defaults projected for the
remaining pool, a Pool Factor Reduction percentage and a Gross
Default-to-Liquidation ratio are calculated as of the end of the
short-term projection period.  The Pool Factor Reduction
percentage represents the proportion of the original pool that is
projected to have either paid down (i.e. via principal
amortization) or defaulted as of the end of the short-term
projection period.  The Gross Default-to-Liquidation ratio is
calculated as the cumulative gross default rate assumed as of the
end of the short-term projection period pool divided by the Pool
Factor Reduction percentage.  This Gross Default-to-Liquidation
ratio estimates the percentage of the projected Pool Factor
Reduction amount attributable to cumulative gross defaults as of
the end of the short-term projection period.

To illustrate with an example, assume a transaction with a
projected Pool Factor Reduction of 30% at the end of a one year
short-term projection period, meaning that the original pool
balance was reduced by 30% due to a combination of principal
paydowns and cumulative gross defaults.  Further assume that of
the total 30% reduction, 5 percentage points were due to
cumulative gross defaults, while the remaining 25 percentage
points were due to principal paydowns.  In this case, the Gross
Default-to-Liquidation ratio is 17%, calculated as 5% (gross
defaults) divided by 30% (pool factor reduction).

Moody's then estimates the incremental gross defaults on the pool
factor remaining as of the end of the short-term projection period
(assuming remaining pool factor equals the original pool factor of
100% minus the Pool Factor Reduction percentage).  The approach
generally assumes that the remaining pool, which has a "current"
delinquency status at the end of the short-term projection period,
will experience a lower rate of gross defaults.  The short-term
projection results in stressed assumptions regarding the build-up
in cumulative gross defaults to account for the more challenging
employment situation currently in Mexico, particularly for
securitizations with relatively high levels of defaults to date
such as those affected by this rating action.  Moody's expects
that performance should not be as stressed after this projection
period.  To reflect this, Moody's generally assumes a factor that
is a fraction of the Gross Default-to-Liquidation ratio calculated
as of the end of the short-term projection period.

To arrive at the projected life-time cumulative gross default
rate, Moody's adds the incremental defaults projected to occur
after the short-term projection period to the cumulative gross
defaults projected as of the end of the short-term projection
period.  The lifetime projected cumulative gross defaults is then
adjusted as a percentage of the current pool and a small haircut
is applied to reflect that some of these defaulted loans may cure.

After determining the projected lifetime gross default rate as a
percentage of the pool balance, Moody's determines the expected
net losses associated with these defaulted loans by applying a
severity of loss assumption on the defaulted pool balance
(generally ranging between 40% and 75%).  Moody's generally
assumes a severity assumption that is similar to what was used to
originally rate the securitization.

Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Múltiple E.N.R.

Issuer: The Bank of New York Mellon, S.A. Institución de Banca
Múltiple, acting solely as trustee.

  -- Class A-2 BRHCCB 07-2U: ratings downgraded to Ba3 from Ba1
     (Global Scale, Local Currency) and to Baa1.mx from A1.mx
     (National Scale Rating); ratings remain on review for
     possible downgrade.  The last rating action occurred on March
     12, 2009, when the previous Ba1 rating was upgraded from B3
     and the previous A1.mx rating was upgraded from B1.mx.

  -- Class A-2 BRHCCB 08-2U: ratings downgraded to Ba1 from Baa1
     (Global Scale, Local Currency) and to A1.mx from Aaa.mx
     (National Scale Rating); ratings remain on review for
     possible downgrade.  The last rating action occurred on
     January 8, 2009 when the previous Baa1 and Aaa.mx ratings
     were placed on review for possible downgrade.

  -- Class B BRHCCB 08-3U: ratings downgraded to Caa1 from Ba2
     (Global Scale, Local Currency) and to Caa1.mx from A2.mx
     (National Scale Rating); ratings remain on review for
     possible downgrade.  The last rating action occurred on
     January 8, 2009 when the previous Ba2 and A2.mx ratings were
     placed on review for possible downgrade.


HIPOTECARIA SU: Moody's Downgrades Ratings on Class A to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the Class A
Insured Residential Mortgage Backed Floating Rate Notes due 2035
issued by Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera
de Objeto Múltiple E.N.R.'s (Su Casita) to Ba1 from Baa3 (Global
Scale, Foreign Currency); the rating remains on review for
possible downgrade.  The underlying mortgage pool consists of
first-lien, fixed-rate loans denominated in UDIS and granted
primarily to low-income borrowers ("interés social").

The rating action is primarily based on the weaker than expected
historical performance of the mortgage portfolio backing the
transaction and Moody's projection of lifetime cumulative gross
defaults and expected losses on the pool.  The underlying pool for
the affected transaction has displayed a sharp ramp-up of
delinquencies greater than 90 days that is beyond Moody's initial
expectation considering the seasoning of the transaction.  As of
March 2009, delinquencies greater than 90 days, including
accumulated real estate owned, as a percentage of the original
pool balance was 8.1% after 26 months of seasoning, versus
approximately 4.6% as of 6 months ago.

The month-to-month deterioration in performance has been severe in
recent months, with delinquencies greater than 90 days (including
REOs) almost doubling over a 6-month period.  However, accumulated
losses to date are negligible given the relatively low number of
reported REO sales to date.  Further, this transaction has a high
outstanding pool balance (including outstanding REOs) of
approximately 83% of the original pool balance.  Given the
relatively weak performance trends to date, the relatively short
period of time since the transaction's closing date, and the high
pool factor, Moody's expects significantly higher lifetime
cumulative gross defaults as a percentage of the original pool (of
approximately 28%) as compared to the level of gross defaults
observed to date.

After estimating projected lifetime gross default rates as a
percentage of the original pool balance, Moody's determined the
expected net losses associated with these projected defaults by
applying a severity of loss assumption on the projected defaulted
loan balance (assumed severity in the high-60% range).  Moody's
updated expected loss projection as a percentage of the
outstanding total pool balance is 23%.  This loss projection
compares with estimated lifetime available credit enhancement
(including subordination, overcollateralization, and remaining
excess spread benefit) in the high-20% range (credit enhancement
expressed as a percent of the outstanding pool balance).

During the review period, Moody's will continue to focus on the
significant performance deterioration during the past two months.
The servicer is currently investigating the exact causes for the
sudden deterioration.  The underlying pool has displayed a sharp
ramp-up in serious delinquencies between January and March 2009.
The level of 90+ day delinquencies (including real estate owned
loans, or REOs) expressed as a percentage of the original pool
balance increased by 41% between January and March 2009, from 5.8%
to 8.1%.  Moody's also observed a considerable deterioration in
the reported percentage of loans that are "current", or 0 months
past due, over the same period.  The "current" percentage
(expressed as a percent of the total outstanding pool balance
excluding REOs) declined from 81.6% to 62.8% between January and
March 2009.  Given the relatively low percentage of the pool that
is current, there is the risk that early delinquencies may convert
into serious delinquencies.

                      Monitoring Methodology

When monitoring the performance of residential mortgage backed
securitizations in Mexico, a projected lifetime cumulative gross
default rate is determined as a percentage of the current mortgage
pool balance.  To arrive at this rate, Moody's considers (1) the
actual gross default experience to date, (2) a short-term
projection of additional gross defaults over a period of up to one
year, and (3) a long-term projection of incremental future gross
defaults expected to occur afterwards.

In evaluating the level of gross defaults experienced to date,
Moody's generally considers "defaulted loans" to include all loans
that are currently more than 90 days delinquent, in foreclosure or
in real estate owned status.  It is assumed that the vast majority
of these loans will ultimately result in a true default, leading
to a foreclosure sale, a deed-in-lieu of foreclosure, a short-
sale, or a repossession of the property associated with the
defaulted loan.

In evaluating the projected level of gross defaults at the end of
the short-term projection period (generally one year in the
future), a performance-based projection is performed using the
pool's historical performance trends to extrapolate gross defaults
and prepayments as of the end of the short-term projection period.
The projected default rate is determined by linearly interpolating
the historical trends in the defaulted loan rate for the pool over
the most recent nine months.  As a result, it is assumed that
securitizations that have experienced high defaults and
considerable month-over-month performance deterioration over the
past nine months will continue to experience similar performance
deterioration during the short-term projection period.  This
short-term stress addresses currently increasing pressures in the
Mexican economy, such as increasing unemployment, that have
already impacted the performance of mortgage loans.

After estimating the cumulative gross default rate and the pool
factor as of the end of the short-term projection period, Moody's
estimates the trajectory of cumulative gross defaults through the
remaining pool factor (i.e. long-term projection period).  In
order to estimate the incremental defaults projected for the
remaining pool, a Pool Factor Reduction percentage and a Gross
Default-to-Liquidation ratio are calculated as of the end of the
short-term projection period.  The Pool Factor Reduction
percentage represents the proportion of the original pool that is
projected to have either paid down (i.e. via principal
amortization) or defaulted as of the end of the short-term
projection period.  The Gross Default-to-Liquidation ratio is
calculated as the cumulative gross default rate assumed as of the
end of the short-term projection period pool divided by the Pool
Factor Reduction percentage.  This Gross Default-to-Liquidation
ratio estimates the percentage of the projected Pool Factor
Reduction amount attributable to cumulative gross defaults as of
the end of the short-term projection period.

To illustrate with an example, assume a transaction with a
projected Pool Factor Reduction of 30% at the end of a one year
short-term projection period, meaning that the original pool
balance was reduced by 30% due to a combination of principal
paydowns and cumulative gross defaults.  Further assume that of
the total 30% reduction, 5 percentage points were due to
cumulative gross defaults, while the remaining 25 percentage
points were due to principal paydowns.  In this case, the Gross
Default-to-Liquidation ratio is 17%, calculated as 5% (gross
defaults) divided by 30% (pool factor reduction).

Moody's then estimates the incremental gross defaults on the pool
factor remaining as of the end of the short-term projection period
(assuming remaining pool factor equals the original pool factor of
100% minus the Pool Factor Reduction percentage).  The approach
generally assumes that the remaining pool, which has a "current"
delinquency status at the end of the short-term projection period,
will experience a lower rate of gross defaults.  The short-term
projection results in stressed assumptions regarding the build-up
in cumulative gross defaults to account for the more challenging
employment situation currently in Mexico, particularly for
securitizations with relatively high levels of defaults to date
such as those affected by this rating action.  Moody's expects
that performance should not be as stressed after this projection
period.  To reflect this, Moody's generally assumes a factor that
is a fraction of the Gross Default-to-Liquidation ratio calculated
as of the end of the short-term projection period.

To arrive at the projected life-time cumulative gross default
rate, Moody's adds the incremental defaults projected to occur
after the short-term projection period to the cumulative gross
defaults projected as of the end of the short-term projection
period.  The lifetime projected cumulative gross defaults is then
adjusted as a percentage of the current pool and a small haircut
is applied to reflect that some of these defaulted loans may cure.

After determining the projected lifetime gross default rate as a
percentage of the pool balance, Moody's determines the expected
net losses associated with these defaulted loans by applying a
severity of loss assumption on the defaulted pool balance
(generally ranging between 40% and 75%).  Moody's generally
assumes a severity assumption that is similar to what was used to
originally rate the securitization.

Rating Action

The complete rating action is :

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Múltiple E.N.R.

Issuer: The Bank of New York Mellon, S.A. Institución de Banca
Múltiple, acting solely as trustee.

  -- Class A Insured Residential Mortgage Backed Floating Rate
     Notes due 2035, rating downgraded to Ba1 from Baa3 (Global
     Scale, Foreign Currency); on review for further possible
     downgrade.  The last rating action occurred on May 6, 2009,
     when the previous Baa3 rating was placed on review for
     possible downgrade.


INMOBILIARIA FUMISA: Moody's Downgrades Bond Ratings to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
Inmobiliaria Fumisa, S.A. DE C.V.'s Mexico City Airport Trust
(Airport) US$121 million and 119 million UDI lease receivable
bonds from Baa3 to Ba2.  The rating is on review for possible
further downgrade.

The downgrade to Ba2 reflects the pressures faced by the financing
brought about by the loss of traffic in

Terminal 1and the corresponding decrease in debt service coverage.
The period of review will focus on the financial and operational
performance of the terminal and the related lease revenue, in
light of the outcomes of solutions that have been proposed by
Fumisa to bondholders.

In 2008, the Project breached two triggers.  The quarterly
passenger traffic deficiency trigger was breached in May 2008.
The quarterly passenger traffic trigger requires that the number
of international passengers in Terminal 1 per quarter at least be
equal to a threshold defined in the transaction documents and upon
breach, cash is required to be trap in a reserve.  The project has
been below the threshold since May of last year.  The drop in
international passengers at Terminal 1 was driven by the opening
of Terminal 2 in 2008, earlier than was originally anticipated,
and the move of more airlines to Terminal 2 than was initially
expected.  Most of the airlines that moved were members of the
SkyTeam, an alliance whose members benefit from shared offices,
staff, and operations and maintenance facilities.

Although the majority of the revenues available to pay debt
service are generated from contractual sublease payments of
tenants located in Terminal 1, a potential drop in revenue for the
tenants due to fewer passengers could have negative implications
for the financial performance of the tenants in the medium-to-
long-term and the ability of Fumisa to sublease tenant space as
contracts expire.

In November 2008, the project breached a debt service coverage
trigger.  The debt service coverage trigger requires that the debt
service coverage ratio exceed 1.25 times (x) debt service.  As of
the last reporting period ending in February, the DSCR remains
below the threshold and as a result, the project has been trapping
cash into a reserve.

Fumisa and bondholders have been negotiating various solutions to
remedy both triggers.  Moody's will continue to monitor the
financial and operational performance in light of any solutions
should they be implemented.

Inmobiliaria Fumisa S.A. de C.V. was established in 1988 to
undertake the concession granted by the government of Mexico for
the subleasing of commercial space and the provision of certain
airport services at Terminal 1 in the Mexico City International
Airport (Aeropuerto Internacional de la Ciudad de México or AICM).
In 1991, Fumisa entered into a Master Lease Agreement with
Aeropuertos y Servicios Auxiliares, an entity established by the
Mexican federal government (rated Baa1, stable outlook) to
administer the national airport system.  Pursuant to the Master
Lease, Fumisa obtained the exclusive right to collect revenues
from subleases of certain designated retail and commercial space
and revenues from parking and other services at AICM.

The lease receivable bond ratings were assigned by evaluating
factors believed to be relevant to the credit profile of the
Project such as i) the business risk and competitive position of
the project versus others within its industry or sector, ii) the
capital structure and financial risk of the project, iii) the
projected performance of the project over the near to intermediate
term, and iv) the project's history of achieving consistent
operating performance and meeting budget or financial plan goals.
These attributes were compared against other projects both within
and outside of the Airport's core peer group and the lease
receivable bond ratings are believed to be comparable to ratings
assigned to other projects of similar credit risk.

The last rating action was on December 15, 2005 when a Baa3 rating
was assigned to the lease receivable bonds.



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

WORLD ENGINEERING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: World Engineering Solutions Corp.
          aka Glass Solutions Corp.
       PO Box 390
       Arroyo, PR 00714-0390

Bankruptcy Case No.: 09-03842

Chapter 11 Petition Date: May 12, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Ponce)

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                 Winston Vidal Law Office
                 PO Box 193673
                 San Juan, PR 00919-3673
                 Tel: (787) 751-2864
                 Fax: (787) 763-6114
                 Email: wvidal@prtc.net

Total Assets: $3,565,447

Total Debts: $4,145,934

A full-text copy of the Debtor's petition, including its list of
20 largest unsecured creditors, is available for free at:

        http://bankrupt.com/misc/prb09-03842.pdf

The petition was signed by Nelson Nieves Zeno, president of the
Company.


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

CL FIN'L: Central Bank Retains Forensic Investigator's Services
---------------------------------------------------------------
Trinidad and Tobago Central bank has retained the services of
ace forensic investigator Robert Lindquist to find out the cause
of the avalanche of financial troubles at Lawrence Cyril Duprey-
founded insurance company, Colonial Life Insurance Company
(CLICO), a unit of CL Financial Limited, Trinidad and Tobago
Express reports.  The report relates sources said Mr. Lindquist
has specifically been asked to determine if there was evidence of
corporate malfeasance.

According to the report, Mr. Lindquist will be working alongside
Canadian accounting firm KPMG.

T&T Express notes sources said that the initial Lindquist
investigation will be conducted within the context of the
January 30 Memorandum of Understanding signed between Finance
Minister Karen Nunez-Tesheira and CL Financial Executive Chairman
Duprey.  The terms of reference, however, could change to include
the whole CL Financial group depending on the outcome of the
Linquist probe, noting that special attention will be focused on
the excessive inter-group transactions, the sources added, the
report relates.

                        About CL Financial

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.



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


GENERAL MOTORS: To Close Venezuela Assembly Plants for 3 Months
---------------------------------------------------------------
Michigan-based General Motors Corp. will close its Venezuela
assembly plants in the third week of June for at least three
months because currency exchange troubles are causing it to run
out of car parts, Steven Bodzin of Bloomberg News reports, citing
El Nacional newspaper.

The report relates El Nacional said the company has US$1.2 billion
in accounts payable to foreign suppliers, 80% of which are 290
days late, because the Venezuelan government hasn’t provided the
company with enough dollars under its system of currency controls.

According to Bloomberg News, the local newspaper said General
Motors has a 46% market share in Venezuela and produces 60% of the
domestically assembled vehicles.  The company also employs 4,000
people in two plants in Carabobo state, the newspaper added.

                    About General Motors Corp.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  Excluding special items, the company
reported an adjusted net loss of US$5.9 billion in the first
quarter of 2009 compared to an adjusted net loss of US$381 million
in the first quarter of 2008.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

On April 27, General Motors Corp. presented the United States
Department of Treasury with an updated plan as required by the
loan agreement signed by GM and the U.S. Treasury on December 31,
2008.  The plan addresses the key restructuring targets required
by the loan agreement, including a number of the critical elements
of the plan that was submitted to the U.S. government on
December 2, 2008.  Among these are: U.S. market competitiveness;
fuel economy and emissions; competitive labor cost; and
restructuring of the company's unsecured debt.  It also includes a
timeline for repayment of the Federal loans, and an analysis of
the company's positive net present value.

The plan details the future reduction of GM's vehicle brands and
nameplates in the U.S., further consolidation in its workforce and
dealer network, accelerated capacity actions and enhanced
manufacturing competitiveness, while maintaining GM's strong
commitment to high-quality, fuel-efficient vehicles and advanced
propulsion technologies.

GM also launched a bond exchange offer for roughly US$27 billion
of unsecured public debt.  If successful, the bond exchange would
result in the conversion of a large majority of this debt to
equity.

GM is also in talks with the UAW to modify the terms of the
Voluntary Employee Benefit Association, and with the U.S. Treasury
regarding possible conversion of its debt to equity.  The current
bond exchange offer is conditioned on the converting to equity of
at least 50% of GM's outstanding U.S. Treasury debt at June 1,
2009, and at least 50% of GM's future financial obligations to the
new VEBA.  GM expects a debt reduction of at least US$20 billion
between the two actions.

In total, the U.S. Treasury debt conversion, VEBA modification and
bond exchange could result in at least US$44 billion in debt
reduction.

GM filed with the Securities and Exchange Commission a
registration statement related to its exchange offer.  The filing
incorporates the revised Viability Plan.  A full-text copy of the
filing is available at http://ResearchArchives.com/t/s?3c09

A full-text copy of GM's viability plan presented in February 2009
is available at http://researcharchives.com/t/s?39a4

                     Going Concern Doubt

Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report.  Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations.  It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters.  If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.

Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's US$4.5 billion senior secured revolving
credit facility to 'CCC-' (one notch above the 'CC' corporate
credit rating on the company) from 'CCC'.  It revised the recovery
rating on this facility to '2' from '1', indicating its view that
lenders can expect substantial (70% to 90%) recovery in the event
of a payment default.  The corporate credit rating remains
unchanged, at 'CC', reflecting its view of the likelihood that GM
will default -- through either a bankruptcy or a distressed debt
exchange.

Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high.  The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.


PDVSA: Bond Default Is ‘Unlikely,’ Barclays Analysts Say
--------------------------------------------------------
Petroleos de Venezuela SA (PDVSA)’s debt to oil services firms is
“unlikely” to lead the state-owned oil company to default on its
bonds, Lester Pimentel of Bloomberg News reports, citing Barclays.
“We believe the nonpayment of suppliers by PDVSA is likely to be
short term in nature, and it is extremely unlikely that this would
trigger a default event,” Barclays analysts Alejandro Grisanti and
Juan Cruz wrote in a report obtained by the news agency.

According to Bloomberg News, citing El Universal newspaper, PDVSA
owed service contractors US$13.8 billion at the end of 2008.

As reported in the Troubled Company 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.
Bloomberg News said 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.  The same report added the list of
services companies that have suspended work in Venezuela because
of overdue bills is growing.

Mr. Grisanti and Mr. Cruz, as cited by Bloomberg News, wrote, “It
is clear that even though in 2009 PDVSA will likely have an
important decline in oil income and expenditures will keep
increasing, it will still have the capacity to pay its
obligations.”

“We are not saying that PDVSA is in good financial condition
and/or that it is taking the right measures during the current
crisis, but the company will likely not allow a default but use
other measures that can improve substantially its balance sheet.”

                            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.

                          *     *     *

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.


* VENEZUELA: To Close Santander Bank Deal Soon, Pres. Chavez Says
-----------------------------------------------------------------
Venezuelan President Hugo Chavez said his government is about to
close an agreement with Spain's Grupo Santander for the purchase
of its local unit Banco de Venezuela, Reuters reports.

According to the report, Mr. Chavez said during a televised speech
that Finance Minister Ali Rodriguez was meeting with bank
officials about the purchase.

Mr. Chavez, the report recalls, originally announced the takeover
in 2008 at the height of the global oil boom, but last year's
tumble in crude prices have left the OPEC nation with a growing
cash crunch.

                          *     *     *

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



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

GENERAL MOTORS: Won't Sell Latin American Operations to Fiat
------------------------------------------------------------
The Financial Times reports that Fiat SpA wants to gain control of
General Motors Corp's South American division, which also includes
Africa and the Middle East.

However, the FT says according to two people briefed on the
discussions, GM is reluctant to part with one of its most
profitable operations.

According to the FT, GM sold 1.3 million cars in Latin America
last year, and is the second-largest carmaker in Brazil.

Separately, Bloomberg News reports that people familiar with the
discussions said Fiat may use designs or technology from GM's Adam
Opel GmbH in future Chrysler LLC models as part of a global auto
alliance.  The report says adapting Opel designs for Chrysler
vehicles would form a tight link between GM and the Fiat-Chrysler
venture, spreading costs among more models to save money.  GM,
Bloomberg News states, needs a partner to run Germany’s Opel
before June 1 to keep the unit from running out of cash.  June 1
is also the deadline by which GM may file for bankruptcy in the
U.S., the report notes.

                   About General Motors Corp.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  Excluding special items, the company
reported an adjusted net loss of US$5.9 billion in the first
quarter of 2009 compared to an adjusted net loss of US$381 million
in the first quarter of 2008.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

On April 27, General Motors Corp. presented the United States
Department of Treasury with an updated plan as required by the
loan agreement signed by GM and the U.S. Treasury on December 31,
2008.  The plan addresses the key restructuring targets required
by the loan agreement, including a number of the critical elements
of the plan that was submitted to the U.S. government on
December 2, 2008.  Among these are: U.S. market competitiveness;
fuel economy and emissions; competitive labor cost; and
restructuring of the company's unsecured debt.  It also includes a
timeline for repayment of the Federal loans, and an analysis of
the company's positive net present value.

The plan details the future reduction of GM's vehicle brands and
nameplates in the U.S., further consolidation in its workforce and
dealer network, accelerated capacity actions and enhanced
manufacturing competitiveness, while maintaining GM's strong
commitment to high-quality, fuel-efficient vehicles and advanced
propulsion technologies.

GM also launched a bond exchange offer for roughly US$27 billion
of unsecured public debt.  If successful, the bond exchange would
result in the conversion of a large majority of this debt to
equity.

GM is also in talks with the UAW to modify the terms of the
Voluntary Employee Benefit Association, and with the U.S. Treasury
regarding possible conversion of its debt to equity.  The current
bond exchange offer is conditioned on the converting to equity of
at least 50% of GM's outstanding U.S. Treasury debt at June 1,
2009, and at least 50% of GM's future financial obligations to the
new VEBA.  GM expects a debt reduction of at least US$20 billion
between the two actions.

In total, the U.S. Treasury debt conversion, VEBA modification and
bond exchange could result in at least US$44 billion in debt
reduction.

GM filed with the Securities and Exchange Commission a
registration statement related to its exchange offer.  The filing
incorporates the revised Viability Plan.  A full-text copy of the
filing is available at http://ResearchArchives.com/t/s?3c09

A full-text copy of GM's viability plan presented in February 2009
is available at http://researcharchives.com/t/s?39a4

                     Going Concern Doubt

Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report.  Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations.  It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters.  If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.

Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's US$4.5 billion senior secured revolving
credit facility to 'CCC-' (one notch above the 'CC' corporate
credit rating on the company) from 'CCC'.  It revised the recovery
rating on this facility to '2' from '1', indicating its view that
lenders can expect substantial (70% to 90%) recovery in the event
of a payment default.  The corporate credit rating remains
unchanged, at 'CC', reflecting its view of the likelihood that GM
will default -- through either a bankruptcy or a distressed debt
exchange.

Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high.  The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.


* BOND PRICING: For the Week May 11 to May 15, 2009
---------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA         11.000    06/11/12     USD      59.59
Alto Palermo SA          7.875    05/11/17     USD      57.41
Argentina – NGB          2.000    02/04/18     ARS      44.18
Argent-DIS               5.830    12/31/33     ARS      52.19
Argent-CDIS              7.820    12/31/33     ARS      27.66
Argent-$DIS              8.280    12/31/33     ARS      29.75
Argent-$DIS              8.280    12/31/33     ARS      34.19
Argent-Par               0.630    12/31/38     ARS      16.92
Argnt-Bocon PRE8         2.000    01/03/10     ARS      39.09
Argnt-Bocon PR11         2.000    12/03/10     ARS      32.26
Argnt-Bocon PRE9         2.000    03/15/24     ARS      56.77
Argnt-Bocon PR12         2.000    01/03/16     ARS      53.09
Argnt-Bocon PR13         2.000    03/15/24     ARS      22.30
Arg Boden                2.000    09/30/14     ARS      43.93
Arg Boden                7.000    10/03/15     ARS      31.87
Arg-Quasi Par            3.310    12/31/45     ARS      34.84
Autopistas Del S        11.500    05/23/17     USD      35.76
Banco Hipot SA           9.750    11/16/10     USD      72.06
Banco Hipot SA           9.750    04/27/16     USD      44.12
Banco Macro SA           8.500    02/01/17     USD      61.01
Banco Macro SA           9.750    12/18/36     USD      45.72
Bonar ARG $ V           10.500    06/12/12     USD      38.94
Bonar V                  7.000    03/28/11     USD      50.92
Bonar VII                7.000    09/12/13     USD      41.15
Buenos Aire Prov         9.625    04/18/28     USD      30.25
Buenos Aire Prov         9.375    09/14/18     USD      30.20
Buenos-$DIS              9.250    04/15/17     USD      31.99
Buenos-$DIS              8.500    04/15/17     USD      38.25
Emp Distib Nort         10.500    10/09/17     USD      72.62
Hidroelec Piedra         9.000    07/11/17     USD      64.20
Industries Metal        11.250    10/22/14     USD      45.72
Invers Rep Y Soc         8.500    02/02/17     USD      52.50
Masterllone Herma        8.000    06/30/12     USD      28.93
Mendoza Province         5.500    09/04/18     USD      35.75
Transener                8.875    12/15/16     USD      46.55
Trasport De Gas          7.875    05/14/17     USD      59.75

   BRAZIL
   ------
Bertin Ltda             10.250    10/05/16     USD      61.00
Bertin Ltda             10.250    10/05/16     USD      63.81
CESP                     9.750    01/15/15     BRL      48.97
Cosan SA Industr         8.250    02/28/49     USD      65.50
National Steel           9.875    05/24/49     USD      75.00
Rede Empresas           11.120    04/29/49     USD      39.00


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      52.99
Aes Dominicana          11.000    12/13/15     USD      70.00
Aig Sunamerica           5.625    02/01/12     GBP      66.87
Aig Sunamerica           6.375    10/05/20     GBP      58.31
Asif II                  5.125    01/28/13     GBP      60.05
Bancaja Intl Fin         5.700    06/30/22     EUR      45.66
Banco BPI (CI)           1.150    11/11/35     EUR      70.42
Barion Funding           0.100    12/20/56     USD       4.62
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.10
Barion Funding           0.250    12/20/56     USD       4.10
Barion Funding           0.630    12/20/56     USD      12.68
Barion Funding           1.440    12/20/56     USD      24.15
BCP Finance Company      4.239    10/29/49     EUR      61.68
BCP Finance Company      5.543    06/29/49     EUR      63.75
Bes Finance Limited      4.500    12/29/49     EUR      64.66
Bes Finance Limited      6.625    05/08/49     EUR      74.66
Bes Finance Limited      5.580    07/29/49     EUR      63.87
Cam Global Fin           6.080    12/22/30     EUR      64.12
China Med Tech           4.000    08/15/13     USD      57.76
China Properties         9.125    05/04/14     USD      49.75
Dubai Holding Comm       4.750    01/30/14     EUR      59.06
Dubai Holding Comm       6.000    02/01/17     GBP      56.58
DWR CYMN FIN             4.473    03/31/57     GBP      64.35
Esfg Internation         5.753    06/29/49     EUR      56.50
Gol Finance              7.500    04/03/17     USD      55.60
Gol Finance              8.750    04/28/49     USD      43.50
Gol Finance              8.750    04/28/49     USD      42.50
Iansa Overseas           7.250    07/28/12     USD      54.62
Ja Solar Hold Company    4.500    05/15/13     USD      60.16
Ldk Solar Co Ltd         4.750    04/15/13     USD      51.50
Lupatech Finance         9.875    07/29/49     USD      75.00
Mafrig Overseas          9.625    11/16/16     USD      68.50
Mafrig Overseas          9.625    11/16/16     USD      69.58
Malachite Fdg            0.630    12/21/56     EUR      18.42
Malachite Fdg            0.630    12/21/56     EUR      10.78
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.35
Mazarin Fdg Ltd          1.440    09/20/68     USD      22.50
Minerva Overse           9.500    02/01/17     USD      43.25
Minerva Overse           9.500    02/01/17     USD      44.39
Mizuho Capital I         5.020    06/29/49     EUR      54.50
Mizuho Capital INV I     6.686    03/29/49     EUR      60.50
Mufg Cap Fin2            4.850    07/29/49     EUR      59.66
Mufg Cap Fin4            5.271    01/29/49     EUR      61.50
Mufg Cap Fin5            6.299    01/25/49     GBP      56.33
Prince Fin Global        4.500    01/26/17     EUR      62.23
Prince Fin Global        4.500    01/26/17     EUR      62.69
Pubmaster Fin            5.943    12/30/24     GBP      60.27
Pubmaster Fin            6.962    06/30/28     GBP      47.01
Punch Taverns            4.767    06/30/33     GBP      66.59
Reg Div Funding          5.251    01/25/36     USD      61.95
Resona PFD Glob          7.191    12/29/49     USD      56.98
Seagate Tech HDD         6.375    10/01/11     USD      72.95
Shimao Property          8.000    12/01/16     USD      71.50
Shisei Fin Caym          6.418    01/29/49     USD      27.91
SMFG Preferred           6.078    01/29/49     USD      70.50
SMFG Preferred           6.164    01/29/49     USD      56.50
SMFG Preferred 2        10.231    07/18/49     USD      71.93
STB Finance              5.834    09/29/49     GBP      60.50
Suntech Power            3.000    03/15/13     USD      62.40
Tam Capital Inc.         7.375    04/25/17     USD      66.98
Tam Capital Inc.         7.375    04/25/17     USD      65.90
Trina Solar Ltd          4.000    07/15/13     USD      62.33
UOB Cayman Ltd           5.796    12/29/49     USD      73.12
Vestel Elec Fin          8.750    05/09/12     USD      66.50
XL Capital Limited       6.250    05/15/27     USD      64.72
XL Capital Limited       6.375    11/15/24     USD      58.60
XL Capital Limited       6.500    12/31/49     USD      40.90

   DOMINICAN REPUBLIC
   ------------------
Dominican Republ         8.625    04/20/27     USD      73.50



   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      43.67
Rep of Ecuador           9.375    12/15/15     USD      44.20


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      63.15
Jamaica Govt             8.000    06/24/19     USD      73.75
Jamaica Govt             8.000    03/15/39     USD      64.00
Jamaica Govt             8.500    02/28/36     USD      65.75
Jamaica Govt             9.250    10/17/25     USD      74.00
Jamaica Govt LRS        12.750    04/27/12     JMD      49.64
Jamaica Govt LRS        12.750    06/29/22     JMD      49.67
Jamaica Govt LRS        12.850    05/31/22     JMD      50.14
Jamaica Govt LRS        13.375    04/27/32     JMD      50.11
Jamaica Govt LRS        13.575    12/15/26     JMD      50.85
Jamaica Govt LRS        13.625    06/23/14     JMD      68.86
Jamaica Govt LRS        13.375    12/15/21     JMD      52.41
Jamaica Govt LRS        13.875    05/17/13     JMD      74.61
Jamaica Govt            14.000    06/30/21     EUR      55.08
Jamaica Govt            14.125    07/08/13     EUR      74.40
Jamaica Govt            14.250    03/15/13     EUR      69.75
Jamaica Govt LRS        14.375    06/28/14     EUR      72.81
Jamaica Govt LRS        14.375    09/06/14     EUR      72.51
Jamaica Govt LRS        14.375    06/28/14     EUR      70.95
Jamaica Govt LRS        14.375    09/06/14     EUR      70.29
Jamaica Govt LRS        14.375    09/13/14     EUR      73.02
Jamaica Govt LRS        14.400    08/03/27     JMD      55.72
Jamaica Govt LRS        14.500    11/13/13     JMD      73.94
Jamaica Govt LRS        14.500    08/02/17     JMD      65.75
Jamaica Govt LRS        14.500    06/28/17     JMD      63.84
Jamaica Govt LRS        14.750    04/26/13     JMD      74.35
Jamaica Govt LRS        14.625    04/19/14     JMD      73.64
Jamaica Govt LRS        15.000    07/31/13     JMD      72.38
Jamaica Govt LRS        15.000    11/15/21     JMD      58.59
Jamaica Govt LRS        15.000    09/06/32     JMD      58.44
Jamaica Govt LRS        15.000    07/31/13     JMD      66.45
Jamaica Govt LRS        15.125    04/24/14     JMD      73.78
Jamaica Govt LRS        15.500    03/24/28     JMD      58.06
Jamaica Govt LRS        15.000    08/30/32     JMD      58.04
Jamaica Govt LRS        15.750    08/22/19     JMD      63.30
Jamaica Govt LRS        15.800    06/26/17     JMD      68.45
Jamaica Govt LRS        16.000    06/13/22     JMD      61.78
Jamaica Govt LRS        16.000    05/17/17     JMD      67.59
Jamaica Govt LRS        16.000    12/06/32     JMD      59.93
Jamaica Govt LRS        16.125    08/21/32     EUR      62.36
Jamaica Govt LRS        16.250    08/26/32     EUR      62.84
Jamaica Govt LRS        16.250    05/22/27     EUR      60.89
Jamaica Govt LRS        16.250    05/22/27     EUR      67.48
Jamaica Govt LRS        16.150    06/12/22     EUR      64.28
Jamaica Govt LRS        16.150    06/12/22     EUR      62.33
Jamaica Govt LRS        16.250    07/26/32     EUR      60.78
Jamaica Govt LRS        16.250    06/18/27     EUR      65.58
Jamaica Govt LRS        16.500    06/14/27     EUR      61.80
Jamaica Govt LRS        17.000    07/11/23     EUR      64.72


    NETHERLANDS  ANTILLES
    ---------------------
Soc Gen Accept           0.750    12/21/11     EUR      46.30
Soc Gen Accept           7.000    02/27/13     EUR      21.14
Soc Gen Accept           7.000    02/27/13     EUR      18.63
Soc Gen Accept           7.000    12/20/13     EUR      37.30


   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      48.50
Doral Fin Corp           7.100    04/26/17     USD      52.37
Doral Fin Corp           7.150    04/26/22     USD      52.12
Doral Fin Corp           7.650    03/26/16     USD      52.25


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      56.92
Uruguay                  4.250    04/05/27     UYU      68.67


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      44.90
Petroleos de Ven         5.375    04/12/27     USD      36.16
Petroleos de Ven         5.500    04/12/37     USD      36.15
TCCIC                    6.250    04/06/17     USD      55.71
Venezuela                8.500    10/08/14     USD      69.50
Venezuela                6.000    12/09/20     EUR      17.25
Venezuela                5.750    02/26/16     EUR      55.14
Venezuela                7.000    03/31/38     USD      65.93
Venezuela                7.000    03/31/38     USD      17.00
Venezuela                7.000    03/16/15     USD      65.58
Venezuela                7.000    12/01/18     USD      54.00
Venezuela                7.650    04/21/25     USD      51.75
Venezuela                9.000    05/07/23     USD      57.37
Venezuela                9.250    09/15/27     USD      63.80
Venezuela                9.250    05/07/28     USD      52.21
Venzod - 189000          9.375    01/13/34     USD      59.50





                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *