TCRLA_Public/090519.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

              Tuesday, May 19, 2009, Vol. 10, No. 97

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: U.S. Receiver Asks US$20 Million for Expenses


A R G E N T I N A

ACTEAL SA: Proofs of Claim Verification Deadline is Aug. 18
GIZETA ARGENTINA: Proofs of Claim Verification Deadline is Aug. 1
GUARAYA SA: Proofs of Claim Verification Deadline is June 23
LAURO HIERBAS: Proofs of Claim Verification Deadline is July 2
LOD SRL: Proofs of Claim Verification Deadline is July 8


B R A Z I L

BNDES: Increases Lending in 12 Months, Dow Jones Says
BRASKEM SA: To Halt Caprolactam Production, Suspend Unit's Ops.
JBS SA: Incurs US$154 Million Net Loss in First Quarter
JBS SA: To List American Depositary Receipts on OTCQX
JBS SA: Aims Largest Meat Distributor Position by 2010


C A Y M A N  I S L A N D S

ASTERION (GP): Creditors' Proofs of Debt Due on June 12
BALCH LLC ET AL: Creditors' Proofs of Debt Due on June 11
BERNARD L. MADOFF: Trustee Asks Court to Halt Movement of Funds
BRIGHT PEARL: Creditors' Proofs of Debt Due on May 18
CIEF INVESTMENTS: Creditors' Proofs of Debt Due on May 18

GOLDEN LOTUS: Creditors' Proofs of Debt Due on May 18
MALLET GLOBAL ET AL: Creditors' Proofs of Debt Due on June 1
OLDE BASELINE: Creditors' Proofs of Debt Due on May 18
OYSTER LIMITED: Creditors' Proofs of Debt Due on May 18
UNIVERSA POWER: Creditors' Proofs of Debt Due on June 11

ZAPP (PORTUGAL): Placed Under Voluntary Liquidation


D O M I N I C A N  R E P U B L I C

CAP CANA: Fitch Downgrades Rating on $250 Mil. Senior Notes


J A M A I C A

ALPART: Officially Suspended Operations on May 15
JETBLUE AIRWAYS: To Service Saint Lucia Route
SCJ: Assets to be Sold Off to "Priority Four Investors"
* JAMAICA: JP Morgan Upgrades External Debt Rating to “Neutral”


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Receives TT$1Bln Government Bail Out Fund to Date


V E N E Z U E L A

BANCO INDUSTRIAL: Venezuela Puts Bank Into Receivership
* VENEZUELA: Eyes Oil Sector Firms, Not Banks, Pres. Chavez Says


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

STANFORD INT'L BANK: U.S. Receiver Asks US$20 Million for Expenses
------------------------------------------------------------------
Stanford Financial Group (SFG) court-appointed receiver, Ralph
Janvey, has requested US$20 million from a judge to cover fees and
expenses during two months of work on behalf of investors
allegedly swindled by Stanford International Bank Limited (SIBL)
owner, Robert Allen Stanford, Bloomberg News reports.

The report relates  Mr. Janvey, citing a filing by his lawyers,
hired investigators, attorneys and forensic accountants from
14 firms to track assets scattered worldwide.

Mr. Janvey previously told Bloomberg News the alleged fraud is
“far more complicated” than New York financier Bernard Madoff’s
admitted US$65 billion Ponzi scheme.  “Madoff made up bogus
brokerage accounts and lied about his investment strategy,” the
report quoted Mr. Janvey as saying in an April 23 interview.  “He
didn’t have a worldwide empire with over 100 companies, numerous
different businesses, customers and operations in 15 companies,
and more than 3,000 employees, like Stanford did.”

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

                   About Stanford International

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



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

ACTEAL SA: Proofs of Claim Verification Deadline is Aug. 18
-----------------------------------------------------------
Juan Roque Treppo, the court-appointed trustee for Acteal S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 18, 2009.

Mr. Treppo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 10, 2010.

The Trustee can be reached at:

          Juan Roque Treppo
          Sarmiento 1183
          Buenos Aires, Argentina


GIZETA ARGENTINA: Proofs of Claim Verification Deadline is Aug. 1
-----------------------------------------------------------------
Maria Susana Taboada, the court-appointed trustee for Gizeta
Argentina S.A.'s reorganization proceedings, will be verifying
creditors' proofs of claim until August 1, 2009.

Ms. Taboada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 15, 2010.

The Trustee can be reached at:

          Maria Susana Taboada
          Ezeiza 2461
          Buenos Aires, Argentina


GUARAYA SA: Proofs of Claim Verification Deadline is June 23
------------------------------------------------------------
The court-appointed trustee for Guaraya S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 23, 2009.

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

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 July 7, 2010.


LAURO HIERBAS: Proofs of Claim Verification Deadline is July 2
--------------------------------------------------------------
The court-appointed trustee for Lauro Hierbas S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 2, 2009.

The trustee will present the validated claims in court as
individual reports on September 1, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 29, 2009.


LOD SRL: Proofs of Claim Verification Deadline is July 8
--------------------------------------------------------
Luciano Arturo Melegari, the court-appointed trustee for Lod
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 8, 2009.

Mr. Melegari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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.

The Trustee can be reached at:

          Luciano Arturo Melegari
          Bartolome Mitre 1131
          Buenos Aires, Argentina



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

BNDES: Increases Lending in 12 Months, Dow Jones Says
-----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
has drastically increased its lending over the last 12 months as
commercial banks shy away from borrowers, Kenneth Rapoza of Dow
Jones Newswires reports.  The report says BNDES' lending over the
past 12 months increased 22% to BRL92.8 billion (US$43.98 billion)
from the same period a year ago.

According to the report, so far this year, lending has increased
2% to BRL26.6 billion.  The report notes many of Brazil's biggest
industrial companies have come to rely on the low-cost long-term
lending programs provided by BNDES.

BNDES budget manager Gabriel Visconti expects the bank to lend
more in 2009 than it did in 2008, the report relates.

                           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 May 18, 2009, Banco Nacional continues to carry a Ba2
foreign long-term bank deposit rating from Moody's Investors
Service.  The rating was assigned in August 2007.


BRASKEM SA: To Halt Caprolactam Production, Suspend Unit's Ops.
---------------------------------------------------------------
Braskem S.A. said it will suspend the production of caprolactam
and temporarily deactivate the product’s industrial unit located
at the Camaçari Complex in Bahia.  The company said the decision
took into account a detailed assessment of the business,
considering the difficulties the Brazilian market for caprolactam
has been undergoing in recent years, as well as the impact of the
international crisis.

Most caprolactam produced by Braskem was destined for the
international market, which has lost liquidity since mid-2008 as a
result of the global economic crisis and the credit shortage.  The
company had to drastically reduce the use of plant capacity, which
reduced profit margins and momentarily made it unfeasible to
continue with the operation.  Since these assets can be
reactivated in the future, this deactivation will not entail any
accounting impact, the company said.

The company said it will continue supplying its domestic market
caprolactam clients until the end of 2009, with current stocks.
After that date, it can resort directly to international
suppliers, an alternative currently being used by some Brazilian
companies.

Besides honoring all its commitments with clients, Braskem also
adopted all measures to minimize domestic impacts from this
decision.  Of the 106 employees involved in this business, 38 were
reabsorbed by other units, 34 are in the process of retirement, 19
remain employed at the cyclohexane unit and 18 may be dismissed.
Braskem is still analyzing opportunities to use these employees at
other of its own or partner units.

Braskem will accompany the evolution of caprolactam market
conditions to determine the eventual resumption of operations at
its industrial unit.

                        About Braskem S.A.

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

                          *     *     *

As of May 18, 2009, the company continues to carry Fitch Ratings'
BB+ currency long-term Issuer Default Ratings, BB+ unsecured
senior notes due 2014, 2017, 2018.


JBS SA: Incurs US$154 Million Net Loss in First Quarter
-------------------------------------------------------
JBS SA's loss widened to BRL322.7 million (US$154 million) from a
loss of BRL6.6 million in the first quarter of 2008, Rogerio
Jelmayer of Dow Jones Newswires reports, citing a company
statement.  The report says the company incurred a BRL446.6
million loss due to financial expenses as well as losses in the
Argentina operations.

"The financial expenses of the first quarter is composed of debt
servicing and export contracts from the second half of 2008 that
resulted in goods returned, cancelled contracts and delays which
affected hedging positions and cattle purchase related to these
contracts," the company said in a statement obtained by the news
agency.

The report relates JBS' first-quarter net revenue rose to BRL9.26
billion from BRL5.8 billion in the year-ago period, while EBITDA
rose to BRL211.5 million from BRL175.7 million in the year-ago
period.

DJ Newswire notes the company's net debt ended the period at
BRL4.17 billion, up from BRL3.3 billion at the end of 2008.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                          *      *     *

As of May 18, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt ratings.  The company
also continues to carry Standard and Poors LT issuer Credit
ratings B+.


JBS SA: To List American Depositary Receipts on OTCQX
-----------------------------------------------------
Pink OTC Markets Inc. disclosed that JBS S.A. will list its
American Depositary Receipts on OTCQX.  JBS S.A.'s ADRs began
trading on May 15 on the OTC market's highest tier, OTCQX
International Premier.

"We are pleased to welcome JBS S.A., our first Brazilian company,
to the OTCQX market tier," said R. Cromwell Coulson, Chairman and
CEO of Pink OTC Markets Inc.  "As an OTCQX-listed company, JBS
S.A. distinguishes itself as one of the most prestigious companies
trading over-the-counter, and provides U.S. investors with access
to their latest news and disclosure information."

The Bank of New York Mellon will serve as JBS S.A.'s Principal
American Liaison on OTCQX, responsible for providing guidance on
listing requirements.

JBS S.A.'s ADRs trade in the United States on OTCQX under the
ticker "JBSAY" where each ADR represents two ordinary shares.  JBS
S.A.'s shares are listed on Bovespa, the largest stock market in
Latin America.

                           About OTCQX

OTCQX provides a gateway to U.S. securities markets for
international companies that are listed on a qualified non-U.S.
exchange and provide ongoing disclosure in English to U.S.
investors.  More importantly, OTCQX distinguishes the reputable
international issuers from the 9,000 over-the-counter (OTC)
securities traded in the U.S.  Only leading companies that have
substantial operating businesses and provide credible disclosure
to the public are eligible for inclusion on the premium-tier
OTCQX, which commenced trading on March 5, 2007.

                    About Pink OTC Markets Inc.

Pink OTC Markets Inc. provides the leading inter-dealer electronic
quotation and trading system in the over-the-counter (OTC)
securities market.  It operates the third largest U.S. equity
trading venue which includes both the elite OTCQX market tiers for
strong OTC-traded companies that can satisfy financial and
disclosure listing standards and Pink Sheets for all other OTC
quoted securities.

                             About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                          *      *     *

As of May 18, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.


JBS SA: Aims Largest Meat Distributor Position by 2010
------------------------------------------------------
JBS SA aims to be the world's largest meat distributor in 2010 and
has been approached by companies seeking to be acquired, Brazzil
Magazine reports.  "We are confident that we will be, at the end
of next year, not only the major producer but the major
distribution platform," the report quoted Company Chief Executive
Officer Joesley Mendonca Batista as saying.

The report recalls the company last year stopped making
acquisitions and focused on reducing debt.  According to the
report, Mr. Batista said the company is now ready to buy
distribution assets and is analyzing offers from companies willing
to be bought.

Brazzil Magazine notes Mr. Batista said JBS is not in formal
negotiations with any companies "yet."

The company, the report says, is ready to take on debt again to
finance its planned expansion.  The report relates Mr. Batista
said JBS sold US$700 million of five-year bonds in international
markets in April, which has a yield of 13%, or 11.14 percentage
points above U.S. Treasuries.

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                          *      *     *

As of May 18, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.



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

ASTERION (GP): Creditors' Proofs of Debt Due on June 12
-------------------------------------------------------
The creditors of Asterion (GP), Ltd. are required to file their
proofs of debt by June 12, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 1, 2009.

The company's liquidator is:

          Richard L. Finlay
          c/o Noel Webb
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 945 3901
          Facsimile: (345) 945 3902


BALCH LLC ET AL: Creditors' Proofs of Debt Due on June 11
---------------------------------------------------------
Nicolas Matthews and Mark Longbottom fixes June 11, 2009, as the
last day to file proofs of debt for the creditors of:

   -- Balch LLC;
   -- Bubba LLC;
   -- Flo Flo LLC;
   -- Katy LLC;
   -- Orange LLC; and
   -- Pops LLC.

The Liquidators can be reached at:

          Nicolas Matthews
          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          P.O. Box 10387
          Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 623 0007


BERNARD L. MADOFF: Trustee Asks Court to Halt Movement of Funds
---------------------------------------------------------------
Bernard L Madoff Investment Securities LLC trustee Irving
Picard -- appointed under the Securities Investor Protection Act
to liquidate the company -– asked the U.S. Bankruptcy Court in New
York for a temporary restraining order and preliminary injunction
to stop two Kingate funds and the Bank of Bermuda from
transferring money, Reuters reports.  The report relates that in
court documents, Mr. Picard said Kingate Global Fund Ltd. and
Kingate Euro Fund Ltd. were actively seeking to unfreeze their
accounts through the Bermuda Supreme Court.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2009, Bloomberg News said Mr. Picard sued Kingate
Management Limited for the return of US$255 million transferred to
the firm's British Virgin Islands-registered funds in the months
before Madoff's collapse.  The same report related Mr. Picard
filed a complaint in U.S. Bankruptcy Court in New York stating
that transfers of US$100 million to Kingate Global Fund Ltd. and
US$155 million to Kingate Euro Fund Ltd. from Madoff firm accounts
in October and November were improper.  Bloomberg News noted that
according to the complaint, Kingate Global invested US$963.5
million with Madoff from March 1994 to December 11, while Kingate
Euro invested US$767.4 million with Madoff beginning in January
1996, through 155 wire transfers to an account at JPMorgan Chase &
Co. in New York.

Mr. Picard, as cited by Reuters, said that if Kingate is succesful
in court, it believes it will make the recovery of the funds
impossible.  The court documents, the report relates, said that
US$100 million of the Madoff payments are in the Bank of Bermuda
account.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
istrict Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


BRIGHT PEARL: Creditors' Proofs of Debt Due on May 18
-----------------------------------------------------
The creditors of Bright Pearl Limited are required to file their
proofs of debt by May 18, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


CIEF INVESTMENTS: Creditors' Proofs of Debt Due on May 18
---------------------------------------------------------
The creditors of CIEF Investments Limited are required to file
their proofs of debt by May 18, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


GOLDEN LOTUS: Creditors' Proofs of Debt Due on May 18
-----------------------------------------------------
The creditors of Golden Lotus Limited are required to file their
proofs of debt by May 18, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


MALLET GLOBAL ET AL: Creditors' Proofs of Debt Due on June 1
------------------------------------------------------------
Ogier fixed June 1, 2009, as the last day to file proofs of debt
for the creditors of:

   -- Mallet Global Events Fund, Ltd.; and
   -- Mallet Global Events Enhanced, Ltd.

The companies commenced wind-up proceedings on March 16, 2009.

The Liquidator can be reached at:

          Ogier
          c/o Shameer Jasani
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815 1802
          Facsimile: (345) 949 1986


OLDE BASELINE: Creditors' Proofs of Debt Due on May 18
------------------------------------------------------
The creditors of Olde Baseline Limited are required to file their
proofs of debt by May 18, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


OYSTER LIMITED: Creditors' Proofs of Debt Due on May 18
-------------------------------------------------------
The creditors of Oyster Limited are required to file their proofs
of debt by May 18, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 16, 2009.

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


UNIVERSA POWER: Creditors' Proofs of Debt Due on June 11
--------------------------------------------------------
The creditors of Universa Power Law Offshore Fund 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 29, 2009.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


ZAPP (PORTUGAL): Placed Under Voluntary Liquidation
---------------------------------------------------
On April 16, 2009, the sole shareholder of Zapp (Portugal) Limited
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Bruce David Mcnaught FCA
          Maples Finance, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands
          +44 1481 727664



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

CAP CANA: Fitch Downgrades Rating on $250 Mil. Senior Notes
-----------------------------------------------------------
Fitch Ratings has downgraded the rating on Cap Cana, S.A.'s (Cap
Cana) $250 million senior secured notes due 2013 (the 2013s) from
'CCC/RR4' to 'D' and subsequently withdrawn the rating.  The
action follows the completion of a successful debt exchange on May
8, 2009 that effectively retired the 2013s.  The terms of the debt
exchange are considered a default on the 2013s per Fitch's
'Coercive Debt Exchange Criteria', published on March 3, 2009
Approximately 96% of Noteholders voted for the exchange.  As part
of the exchange, Cap Cana issued two series of new notes due in
2016.  The above rating is not applicable to the Cap Cana S.A. new
notes due 2016, which have not been rated to date.

Cap Cana is a 30,000-acre luxury, second-home real estate project
under development and is located on the easternmost tip of the
Dominican Republic.  The company experienced financial troubles in
2008 as a result of the global economic downturn which severely
affected access to capital as well as the project's sales
environment, and as a result had to restructure its debts.


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

ALPART: Officially Suspended Operations on May 15
-------------------------------------------------
Alumina Partners of Jamaica (Alpart)'s mining and refinery
operations officially came to a halt on May 15, RadioJamaica
reports.

As reported in the Troubled Company Reporter-Latin America on
Mar. 20, 2009, Radio Jamaica News said Alpart will suspend its
operations for one year by May 15, sending home 900 permanent
employees in the process; amid a 60% decline in alumina product
prices since July 2008.  Alpart Managing Director Alberto Fabrini,
as cited by Radio Jamaica News, said the temporary shutdown will
allow the plant to prepare for future developments.  Although the
company took steps to maintain the operations even at reduced
capacity, circumstances still left the company with no other
choice but to shutdown, he added.  Mr. Fabrini, Radio Jamaica
noted, said the company will continue to meet its obligations to
employees and the surrounding communities in a timely manner.

ALPART Public Relations Manager Lance Neita, as cited by
RadioJamaica, said a skeletal staff will remain at the plant
although most of the workers' positions were made redundant on a
phased basis starting the end of March.

“I want to emphasize that this is a temporary closure, a temporary
situation," Caribbean Net News quoted Mr. Neita as saying.  "We
will have a team of employees there until the end of May until
they are replaced by another team to carry on the maintenance work
during the temporary closure."

                          About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.


JETBLUE AIRWAYS: To Service Saint Lucia Route
---------------------------------------------
JetBlue Airways plans to further develop its growing international
route network this fall with new service to the Caribbean island
of Saint Lucia, subject to receipt of government operating
authority.   The airline intends to serve Saint Lucia's Hewanorra
International Airport with flights to/from its home at New York's
John F. Kennedy International Airport.  From JFK, JetBlue plans to
offer onward connections to/from other U.S. cities.

Saint Lucia, located in the eastern Caribbean, is one of 13
international locations on JetBlue's expanding route map, and one
of the more than 50 destinations throughout North, South, and
Central America with JetBlue service.  In addition to its new
Saint Lucia flights, JetBlue will also begin new service to
Montego Bay, Jamaica on May 21 and to Bridgetown, Barbados on
October 1 (also subject to receipt of government operating
authority).

"We're pleased to be growing in the Caribbean region yet again
with new flights between New York and Saint Lucia," said Scott
Laurence, JetBlue's vice president of network planning.  "JetBlue
is proud to bring to the eastern Caribbean what we believe is the
best airline product in the Americas.  We look forward to
introducing Saint Lucians to a refreshing kind of air travel
experience, with low fares, new aircraft, delicious (and free)
snacks and drinks, complimentary seatback television programming
and some of the friendliest crewmembers in the skies."

Senator Allen Chastanet, Minister of Tourism and Civil Aviation
for the Government of Saint Lucia said he was very excited at the
introduction of new JetBlue service to Saint Lucia from the
largest market in the United States: "JetBlue is rapidly becoming
a major player in the U.S. airline industry and has great plans
for the Caribbean.  We are happy to be one of the first
destinations in the eastern Caribbean to be served by JetBlue.  We
do not see JetBlue as competition to existing US carriers but as
opening up a brand new market for Saint Lucia."

JetBlue intends to operate its Saint Lucia service with spacious
150-seat Airbus A320 aircraft.

                      About JetBlue Airways

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq: JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service primarily on point-to-
point routes.  As of Dec. 31, 2007, the company served 53
destinations in 21 states, Puerto Rico, Mexico and the
Caribbean.

JetBlue currently serves 53 cities with 600 daily flights.

                            *     *     *

As of May 18, 2009, the company continues to carry Moody's Caa2 LT
Corp Family rating; Ca Senior Unsecured Debt ratings, and Caa2
probability of Default ratlings.  The company also carries
Standard and Poor's Issuer Credit ratings at B-.


SCJ: Assets to be Sold Off to "Priority Four Investors"
-------------------------------------------------------
State-owned Sugar Company of Jamaica ("SCJ")'s  five state-owned
sugar factories are now expected to be sold off to what has been
described as a "priority four investors", Mark Titus of The
Gleaner reports.  The report recalls sources said the government
failed to offload the company as a single entity.

According to the report, the shortlisted four are:

   *  a conglomerate -- Hussey family and American
      partners -- who is going after the Long Pond and Hampden
      Estates in Trelawny;

   *  U.S.-based Energen Corporation for the Petrojam Ethanol
      facility and Bernard Lodge, Innswood, Monymusk estates in
      Clarendon;

   *  Italians Eridania Sadam, who is eyeing the Frome estate in
      Westmoreland; and

   *  Fred M. Jones, in partnership with Seprod Limited, has set
      his sights on the Duckenfield estate in St Thomas.

The Gleaner notes sources said the other proposals were thrown out
because they had unreasonable demands.

Meanwhile, the report says a legal sticking point still remains
over the sale of Hampden.  The Gleaner relates as ex parte
injunction that expires today, May 19, prevents the government and
its agents - including the SCJ, receiver John Lee and the Trelawny
Sugar Company of Jamaica - from selling or transferring those
assets.  The Gleaner recalls Hampden went into receivership in
1999 after it was taken over by state-owned bailout company,
Finsac, under the rescue of the financial sector.


* JAMAICA: JP Morgan Upgrades External Debt Rating to “Neutral”
---------------------------------------------------------------
U. S. financial company JP Morgan upgraded Jamaica's external debt
to neutral from underweight after news said the country might
resume borrowing relations with the International Monetary Fund
(IMF), RadioJamaica reports.  The report relates JP Morgan
believes Jamaica could sign a stand-by arrangement with the IMF
following recent discussions with the Fund and Government
officials.

According to the report, JP Morgan also said tourist arrivals were
up 2% during the winter season, and foreign exchange reserves rose
for a second consecutive month after dropping 30% since August.

The report notes JP Morgan also pointed that the Jamaican dollar
is stabilizing to around JM$89 to one US after dropping 23%
between October and March.  In addition, the report says JP Morgan
said Jamaican bonds are attractive for less risk-averse investors.

                          *     *     *

According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.




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

CL FIN'L: CLICO Receives TT$1Bln Government Bail Out Fund to Date
-----------------------------------------------------------------
Lawrence Cyril Duprey-founded insurance company, Colonial Life
Insurance Company Insurance (Trinidad) Ltd (CLICO), a unit of CL
Financial Limited, has so far received TT$1 billion bail-out funds
from the Trinidad and Tobago government, Oscar Ramjeet of
Caribbean Net News reports, citing CLICO Chairman Euric Bobb.

"We have received since early February about TT$1 billion in
advances from the Central Bank to help us to meet our commitments
of maturing products," Mr. Bobb said in an interview with the
Trinidad Guardian, the report relates.  “The discussion we are
having in terms of the total package is that ultimately, we expect
total support to be in the order of about TT$5 billion, including
the TT$1 billion that has already been advanced," he added.

According to  Caribbean Net News, when asked by the Guardian if
the money paid to CLICO was a loan or a gift, Mr. Bobb replied,
"You don't get gifts from the State if you are a private company.
What we are doing here is no different from what any of your
viewers read in the press, the rescue operations taking place
throughout the world, in the US, the UK, Ireland, Iceland, in
Belgium, France, Holland where important financial institutions
that have run into difficulty, governments have been stepping in
and providing support, but this is not a gift by any means."

Caribbean Net News notes Mr. Bobb said CLICO anticipated that
government funding would come in the form of ordinary equity in
order to dilute the existing shareholders and include preferential
shares, which would give government the first claim on any profit
CLICO makes going forward.

                        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
=================

BANCO INDUSTRIAL: Venezuela Puts Bank Into Receivership
-------------------------------------------------------
Venezuela has placed state-owned Banco Industrial in receivership
due to problems "of certain severity," Enrique Andres Pretel of
Reuters reports, citing Finance Minister Ali Rodriguez.  The
report relates the government move pushes the existing
administration aside and puts government in charge of the daily
operations of the country's principal state-owned bank, which has
been repeatedly recapitalized in recent years due to balance sheet
problems.

According to the report, Mr. Rodriguez said Banco Industrial would
continue operating normally during the transition.  "A
receivership board has been designated that will carry out an
exhaustive study of the bank's situation," he said in a televised
address, the report notes.


* VENEZUELA: Eyes Oil Sector Firms, Not Banks, Pres. Chavez Says
----------------------------------------------------------------
Venezuela has its eye on more oil-sector companies to nationalize,
but not on more banks for the moment, Kevin Gray of Reuters
reports, citing President Hugo Chavez.  The report says Mr. Chavez
affirmed that his administration still plans take over more firms
after seizing oil service companies two weeks ago.

As reported in the Troubled Companny Reporter-Latin America on
May 7, 2009, Bloomberg News said PDVSA will take over some oil
field services being carried out by private companies after
lawmakers approved a bill to increase government control.  The
National Assembly gave preliminary approval to allow the
government to take over activities including water injection into
oil wells, compressing natural gas and management of docks and
boats in Lake Maracaibo, Energy and Mines Commission Head Angel
Rodriguez said in an e-mailed statement obtained by Bloomberg
News.  The same report 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.  Bloomberg News noted the
list of services companies that have suspended work in Venezuela
because of overdue bills is growing.

Meanwhile, Mr.Chavez, as cited by Reuters, said for the time
being, his government was not aiming to buy more banks.  "Are we
planning to nationalize other banks?  Not at the moment," Reuters
quoted Mr. Chavez as saying.

                          *     *     *

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
===============

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

                                        Total       Shareholders
                                        Assets         Equity
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------

ARGENTINA

IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
SNIAFA SA-B          SDAGF US           39681268      -2901931
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
IMPSAT FIBER-C/E     IMPTC AR          535007008     -17165000
COMERCIAL PLA-BL     COMEB AR          531491040    -882216960
SNIAFA SA             SNIA AR           39681268      -2901931
SNIAFA SA-B          SNIA5 AR           39681268      -2901931
SOC COMERCIAL PL      COME AR          531491040    -882216960
COMERCIAL PLAT-$     COMED AR          531491040    -882216960
SOC COMERCIAL PL     SCDPF US          531491040    -882216960
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
SOC COMERCIAL PL      CADN SW          531491040    -882216960
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
IMPSAT FIBER NET   330902Q GR          535007008     -17165000
SOC COMERCIAL PL       CAD IX          531491040    -882216960
SOC COMERCIAL PL     CVVIF US          531491040    -882216960



BRAZIL

TEXTEIS RENA-RCT    TXRX10 BZ           87429000    -151598992
SAUIPE SA           PSEGON BZ           17641202     -16319050
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
RIMET-PREF          REEMPN BZ          144454000    -232197008
RIMET                REEM3 BZ          144454000    -232197008
SAUIPE               PSEG3 BZ           17641202     -16319050
KUALA                ARTE3 BZ           11856000     -33570000
HOPI HARI SA         PQTM3 BZ          142677008    -412668992
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
PARQUE TEM-RCT C     PQTM9 BZ          142677008    -412668992
HOPI HARI-PREF       PQTM4 BZ          142677008    -412668992
MMX MINERACA-GDR      3M11 GR         2328652032    -101079000
PET MANG-RIGHTS      RPMG2 BZ          183988992     -66954004
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
BOMBRIL              BOBR3 BZ          460744992    -485765024
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
PET MANGUINH-PRF     RPMG4 BZ          183988992     -66954004
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
DTCOM- DIR TO CO     DTCY3 BZ           14084000      -3661000
RIMET-PREF           REEM4 BZ          144454000    -232197008
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
TEXTEIS RENAUX      RENXPN BZ           87429000    -151598992
TEXTEIS RENAUX      RENXON BZ           87429000    -151598992
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
MINUPAR SA-PREF     MNPRPN BZ          181516992     -38402000
HERCULES SA-PREF    HERTPN BZ           21956000    -281780000
CONST A LINDEN      LINDON BZ           51808000     -13659000
TECTOY-RCT PREF     TOYB10 BZ           41457000     -10455000
MINUPAR              MNPR3 BZ          181516992     -38402000
MINUPAR-PREF         MNPR4 BZ          181516992     -38402000
MMX MINERACAO        MMXM3 BZ         2328652032    -101079000
CAFE BRASILIA-PR    CSBRPN BZ           91264000   -1143923968
AZEVEDO-PREF         AZEV4 BZ          114608000     -10504000
TECTOY SA           TOYBON BZ           41457000     -10455000
HERCULES             HETA3 BZ           21956000    -281780000
HERCULES-PREF        HETA4 BZ           21956000    -281780000
PARQUE TEM-DV CM      PQT5 BZ          142677008    -412668992
ACO ALTONA SA        EAAON BZ          180308000     -22762000
DOC IMBITUBA         IMBI3 BZ          205018992     -25437000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
BUETTNER SA         BUETON BZ          172912000     -59558000
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
PARQUE TEM-RT CM     PQTM1 BZ          142677008    -412668992
PARQUE TEM-RCT P    PQTM10 BZ          142677008    -412668992
DOCAS IMBITUBA      IMBION BZ          205018992     -25437000
PARQUE TEM-DV PF      PQT6 BZ          142677008    -412668992
WETZEL SA           MWELON BZ          143358000      -9963000
WETZEL SA-PREF      MWELPN BZ          143358000      -9963000
MINUPAR SA          MNPRON BZ          181516992     -38402000
PETRO MANGUIN-PF    MANGPN BZ          183988992     -66954004
NORDON MET-RTS       NORD1 BZ           36341000     -32125000
NORDON MET           NORD3 BZ           36341000     -32125000
WETZEL SA            MWET3 BZ          143358000      -9963000
BOTUCATU TEXTIL      STRP3 BZ           62175000     -12000000
TEXTEIS RENAU-RT     TXRX1 BZ           87429000    -151598992
GAZOLA               GAZO3 BZ           27266214     -73665296
TEC TOY SA-PREF      TOYDF US           41457000     -10455000
TEXTEIS RENA-RCT     TXRX9 BZ           87429000    -151598992
RENAUXVIEW SA-PF     TXRX4 BZ           87429000    -151598992
SCHLOSSER SA-PRF     SCHPN BZ           21962000    -118044000
TEXTEIS RENAU-RT     TXRX2 BZ           87429000    -151598992
WETZEL SA-PREF       MWET4 BZ          143358000      -9963000
TEC TOY SA-PF B      TOYB6 BZ           41457000     -10455000
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
CAMBUCI SA-PREF      CXDOF US          169194000     -39565000
TECTOY SA-PREF      TOYBPN BZ           41457000     -10455000
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
BUETTNER SA-RTS      BUET1 BZ          172912000     -59558000
TEC TOY SA-PREF      TOYB5 BZ           41457000     -10455000
PETRO MANGUINHOS    MANGON BZ          183988992     -66954004
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
PETRO MANGUINHOS     RPMG3 BZ          183988992     -66954004
MMX MINERACA-GDR       XMM CN         2328652032    -101079000
WIEST SA-PREF       WISAPN BZ           71372000    -140973008
WIEST SA            WISAON BZ           71372000    -140973008
MMX MINERACAO        MMXCF US         2328652032    -101079000
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
PARQUE TEM-RT PF     PQTM2 BZ          142677008    -412668992
VARIG SA            VARGON BZ         2094450944  -10176870400
VARIG SA             VAGV3 BZ         2094450944  -10176870400
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
CHIARELLI SA         CCHON BZ           42853000     -85685000
SANSUY-PREF B        SNSY6 BZ          232096000    -106033000
SANSUY-PREF A        SNSY5 BZ          232096000    -106033000
TECTOY-PREF          TOYB4 BZ           41457000     -10455000
STAROUP SA-PREF     STARPN BZ           62175000     -12000000
STAROUP SA          STARON BZ           62175000     -12000000
SANSUY SA           SNSYON BZ          232096000    -106033000
SCHLOSSER SA         SCHON BZ           21962000    -118044000
TECTOY               TOYB3 BZ           41457000     -10455000
RIOSULENSE SA       RSULON BZ          123162000      -5599000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
TECTOY-RTS/3         TOYB1 BZ           41457000     -10455000
TECEL S JOSE-PRF     SJOS4 BZ           42233000     -41080000
SCHLOSSER-PREF       SCLO4 BZ           21962000    -118044000
RENAUXVIEW SA        TXRX3 BZ           87429000    -151598992
FER HAGA-PREF        HAGA4 BZ           24512548    -113844104
TEKA-ADR             TKTQY US          438609024    -528801024
FABRICA RENAUX       FTRX3 BZ          125797000     -64182000
TEKA                TEKAON BZ          438609024    -528801024
TECTOY-RCPT PF B    TOYB12 BZ           41457000     -10455000
TECTOY-PF-RTS5/6    TOYB11 BZ           41457000     -10455000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
SANSUY               SNSY3 BZ          232096000    -106033000
TEKA-ADR             TKTPY US          438609024    -528801024
TEKA-PREF            TEKA4 BZ          438609024    -528801024
TEKA                 TEKA3 BZ          438609024    -528801024
BOTUCATU-PREF        STRP4 BZ           62175000     -12000000
TEKA-PREF            TKTPF US          438609024    -528801024
DOC IMBITUB-PREF     IMBI4 BZ          205018992     -25437000
TEKA-ADR             TEKAY US          438609024    -528801024
TEKA-PREF           TEKAPN BZ          438609024    -528801024
CAF BRASILIA-PRF     CAFE4 BZ           91264000   -1143923968
CONST A LINDEN       CALI3 BZ           51808000     -13659000
SCHLOSSER            SCLO3 BZ           21962000    -118044000
DHB IND E COM        DHBON BZ          221336000    -588646016
CAMBUCI SA-PREF      CAMB4 BZ          169194000     -39565000
CAMBUCI SA          CAMBON BZ          169194000     -39565000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
RIOSULENSE SA-PR    RSULPN BZ          123162000      -5599000
BUETTNER SA-RT P     BUET2 BZ          172912000     -59558000
BOMBRIL CIRIO SA    BOBRON BZ          460744992    -485765024
BOMBRIL CIRIO-PF    BOBRPN BZ          460744992    -485765024
AZEVEDO E TRA-PR    AZEVPN BZ          114608000     -10504000
BUETTNER SA-PRF     BUETPN BZ          172912000     -59558000
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
BUETTNER-PREF        BUET4 BZ          172912000     -59558000
CORREA RIBEIRO       CORR3 BZ           10301000       -547000
CORREA RIBEIR-PR     CORR4 BZ           10301000       -547000
PET MANG-RECEIPT     RPMG9 BZ          183988992     -66954004
CORREA RIBEIRO      CORIPN BZ           10301000       -547000
MMX MINERACA-GDR     MMXMY US         2328652032    -101079000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
DOCAS SA-RTS PRF     DOCA2 BZ          428661984     -53866000
CAFE BRASILIA SA    CSBRON BZ           91264000   -1143923968
CHIARELLI SA    CCHI3 BZ           42853000     -85685000
KUALA-PREF           ARTE4 BZ           11856000     -33570000
CAMBUCI SA-PREF     CAMBPN BZ          169194000     -39565000
DOC IMBITUBA-RTP     IMBI2 BZ          205018992     -25437000
TECEL S JOSE         SJOS3 BZ           42233000     -41080000
ESTRELA SA          ESTRON BZ          122917000     -93033000
SANSUY SA-PREF A    SNSYAN BZ          232096000    -106033000
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
PET MANG-RIGHTS      RPMG1 BZ          183988992     -66954004
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
DOCAS SA            DOCAON BZ          428661984     -53866000
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
GASCOIGNE EMP-PF    1GASPN BZ         1408963968   -1025910016
RIOSULENSE SA-PR     RSUL4 BZ          123162000      -5599000
DTC DIRECT CO-RT   1DTCONR BZ           14084000      -3661000
GASCOIGNE EMPREE    1GASON BZ         1408963968   -1025910016
TECTOY-RCT ORD       TOYB9 BZ           41457000     -10455000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
BOMBRIL SA-ADR       BMBBY US          460744992    -485765024
TRESSEM PART SA     1TSSON BZ         2328652032    -101079000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
DOCAS IMBITUB-PR    IMBIPN BZ          205018992     -25437000
CORREA RIBEIRO      CORION BZ           10301000       -547000
BOMBRIL              BMBBF US          460744992    -485765024
RIOSULENSE SA        RSUL3 BZ          123162000      -5599000
BOMBRIL-PREF         BOBR4 BZ          460744992    -485765024
BOMBRIL-RIGHTS       BOBR1 BZ          460744992    -485765024
BOMBRIL-RGTS PRE     BOBR2 BZ          460744992    -485765024
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
PROMAN               PRMN3 BZ           24221000       -555000
DOC IMBITUBA-RTC     IMBI1 BZ          205018992     -25437000
AZEVEDO E TRAVAS    AZEVON BZ          114608000     -10504000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
ACO ALTONA           EALT3 BZ          180308000     -22762000
FABRICA RENAUX-P     FTRX4 BZ          125797000     -64182000
TECEL S JOSE        FTSJON BZ           42233000     -41080000
HAGA                 HAGA3 BZ           24512548    -113844104
TEKA                 TKTQF US          438609024    -528801024
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
HERCULES SA         HERTON BZ           21956000    -281780000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
ESTRELA SA           ESTR3 BZ          122917000     -93033000
ESTRELA SA-PREF      ESTR4 BZ          122917000     -93033000
ACO ALTONA-PREF      EALT4 BZ          180308000     -22762000
NORDON METAL        NORDON BZ           36341000     -32125000
FABRICA RENAUX      FRNXON BZ          125797000     -64182000
FABRICA RENAUX-P    FRNXPN BZ          125797000     -64182000
WIEST                WISA3 BZ           71372000    -140973008
ESTRELA SA-PREF     ESTRPN BZ          122917000     -93033000
WIEST-PREF           WISA4 BZ           71372000    -140973008
FABRICA TECID-RT     FTRX1 BZ          125797000     -64182000
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
GAZOLA SA            GAZON BZ           27266214     -73665296
DTC DIRECT CO SA    1DTCON BZ           14084000      -3661000
TECEL S JOSE-PRF    FTSJPN BZ           42233000     -41080000
PET MANG-RECEIPT    RPMG10 BZ          183988992     -66954004
FERRAGENS HAGA      HAGAON BZ           24512548    -113844104
FERRAGENS HAGA-P    HAGAPN BZ           24512548    -113844104
ACO ALTONA-PREF      EAAPN BZ          180308000     -22762000
TECTOY-BONUS RTS    TOYB13 BZ           41457000     -10455000
ALL MALHA PAULIS     GASC3 BZ         1408963968   -1025910016
DOCA INVESTI-PFD     DOCA4 BZ          428661984     -53866000
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
BUETTNER             BUET3 BZ          172912000     -59558000
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
MMX MINERACAO        TRES3 BZ         2328652032    -101079000
AZEVEDO              AZEV3 BZ          114608000     -10504000
BOMBRIL SA-ADR       BMBPY US          460744992    -485765024
SANSUY SA-PREF B    SNSYBN BZ          232096000    -106033000
CAMBUCI SA           CAMB3 BZ          169194000     -39565000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
CIA DE RECUPERAC     CRSC3 BZ           21806000     -43811000
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
D H B                DHBI3 BZ          221336000    -588646016
D H B-PREF           DHBI4 BZ          221336000    -588646016
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
MARAMBAIA            CTPC3 BZ           79728000      -1381000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
DTCOM-RT             DTCY1 BZ           14084000      -3661000
DOCAS SA-PREF       DOCAPN BZ          428661984     -53866000
DTCOM- DIRECT-PR     DTCY4 BZ           14084000      -3661000
RIMET               REEMON BZ          144454000    -232197008
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
GASCOIGNE EMP-PF     GASC4 BZ         1408963968   -1025910016
DOCA INVESTIMENT     DOCA3 BZ          428661984     -53866000
CAF BRASILIA         CAFE3 BZ           91264000   -1143923968
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000


COLOMBIA

CARVILE            CARVILE CI          940892992    -34319321088
TELEX-A             TELEXA CI       219760902144    -15259209728
ENACAR-RT          ENACARO CI         2551085824    -36098428928
CHILESAT CO-ADR         TL US       219760902144    -15259209728
ENACAR               EMPOF US         2551085824    -36098428928
TELMEX CORP SA    CHILESAT CI       219760902144    -15259209728
ENACAR              ENACAR CI         2551085824    -36098428928
ENACAR               EMPOF US         2551085824    -36098428928
CHILESAT CO-RTS   CHISATOS CI       219760902144    -15259209728
CHILESAT CORP SA     TELEX CI       219760902144    -15259209728
CARVILE            CARVILE CI          940892992    -34319321088
N.A.              CARVILEO CI          940892992    -34319321088
N.A.                 DTCY9 BZ           14084000        -3661000


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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