TCRLA_Public/090520.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, May 20, 2009, Vol. 10, No. 98

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Awaits Criminal Charges
STANFORD INT'L: U.S. Judge Allows Receivers to File Bankruptcy


A R G E N T I N A

DELSAT GROUP: Proofs of Claim Verification Deadline is July 17
DEMONT SRL: Proofs of Claim Verification Deadline is July 17
SOUTH LINK:  Proofs of Claim Verification Deadline is July 17
SUR DEVELOPMENTS: Proofs of Claim Verification Deadline is Aug. 7


B E L I Z E

* BELIZE: IMF Concludes 2009 Article IV Consultation


B R A Z I L

BANCO PROSPER: Moody's Downgrades Currency Deposit Ratings to 'B3'
GOL LINHAS: To Issue BRL400 Million in Domestic Bonds
SA FABRICA: Moody's Confirms Senior Unsecured Rating at 'B2'
UBS AG: BTG Investments to Pay Brazil Unit's Former Partners


C A Y M A N  I S L A N D S

BOSTON LIMITED: Placed Under Voluntary Wind-Up
CAIRNCASTLE LIMITED: Placed Under Voluntary Wind-Up
CONSCAST LIMITED: Placed Under Voluntary Wind-Up
CREOLE LIMITED: Placed Under Voluntary Wind-Up
FORTUNE DRAGON: Placed Under Voluntary Wind-Up

GRAND ISLAND: Investment Manager Charged in Failure of 4 Funds
MALAVISTA INVESTMENTS: Placed Under Voluntary Wind-Up
PANDA CAPITAL: Placed Under Voluntary Wind-Up
PANTON HOLDINGS: Placed Under Voluntary Wind-Up
WEASEL LIMITED: Placed Under Voluntary Wind-Up

WINTERTIME LIMITED: Placed Under Voluntary Wind-Up


C O L O M B I A

ECOPETROL SA: First Quarter Profit Drops 30% to COP1.61 Trillion
ECOPETROL SA: To Operate and Manage Oleoducto Central


E C U A D O R

PETROECUADOR: Gets No Bidders in Seized Perenco Oil Auction


G U Y A N A

* GUYANA: IMF Concludes 2008 Article IV Consultation


J A M A I C A

* JAMAICA: Pursues Talks W/ Shareholders to Save 3 Bauxite Plants


M E X I C O

CEMEX SAB: Would Face Fine in Price Probe, Regulator Says


P U E R T O  R I C O

WILSON ALVAREZ LUNA: Case Summary & 20 Largest Unsecured Creditors


S T  K I T T S  &  N E V I S

* ST. KITTS & NEVIS: IMF OKs US$3.4 Million Emergency Assistance


S T  V I N C E N T  &  T H E  G R E N A D I N E S

* ST. VINCENT & THE GRENADINES: IMF OKs US$5.7-Mln Disbursement


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO “Now Back on Its Feet”, Finance Minister Says


V E N E Z U E L A

PDVSA: Inks LNG Terminal Construction Agreement With Enarsa
* VENEZUELA: Takes Control of Cargill Inc.'s Pasta Plant


V I R G I N  I S L A N D S

WEAVERING CAPITAL: SFO Arrests Two Men in BVI Hedge Fund Probe


                         - - - - -

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

STANFORD INT'L BANK: Owner Awaits Criminal Charges
--------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford is impatiently waiting for criminal charges to be filed
againts him, after regulators closed his business operations three
months ago, on his alleged involvement in a fraud case, Agence
France Press reports.  The report says Mr. Stanford got fed up
with the long wait and even tried turning himself in to federal
marshals in a publicity stunt earlier this month.

According to the report, legal experts say the delay is likely due
to behind-the-scenes machinations to get his lieutenants to trade
information for amnesty.

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 former Stanford
Financial Group (SFG) Chief Investment Officer Laura 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.

AFP says the indictment is widely seen as a scare tactic to get
her to cooperate with federal prosecutors in gathering evidence
against her former boss.  AFP relates Jacob Frenkel -- a former
federal prosecutor who now directs the white-collar crime practice
at Shulman, Rogers, Gandal, Pordy & Ecker in Maryland -- said that
if Ms. Pendergest-Holt won't cooperate with the regulators they
will charge her with fraud or convict her on the narrower charges
and then she would be stripped of her Fifth Amendment right
against self-incrimination and could be forced to testify in a
trial against Mr. Stanford.

Meawhile, AFP notes former SIBL Chief Financial Officer James
Davis' lawyer, David Finn, said his client has been helping
authorities locate and access secret Swiss bank accounts,
according to his lawyer David Finn.  "He has met several times
with Department of Justice and SEC officials," Mr. Finn told AFP
in an interview.  "He's told them the good, the bad and the ugly."

AFP notes Mr. Stanford has denied all allegations against him.

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.


STANFORD INT'L: U.S. Judge Allows Receivers to File Bankruptcy
--------------------------------------------------------------
U.S. District Judge David Godbey in Dallas has granted the request
of Stanford International Bank Limited (SIBL)'s receivers to
pursue relief under Chapter 15 of the U.S. Bankruptcy Code,
Bloomberg News reports.  “The court finds the Antiguan receivers
have shown good cause to be granted leave” to file their petition,
Mr. Godbey wrote in a May 15 order, without saying whether that
petition would be granted, the report relates.

Caribbean360.com recalls the Antiguan liquidators, in April, asked
the judge to allow them to amend, modify and/or vacate an order
that prevents them filing the Chapter 15 proceeding.

According to Caribbean360.com, the attorneys for the Antiguan and
U.S. receivers as well as the court-appointed examiner
representing investors' interest must discuss how to proceed and
have been ordered by the judge to submit a joint status report to
him by next Friday, May 29.

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," he added.

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 related 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.  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.



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

DELSAT GROUP: Proofs of Claim Verification Deadline is July 17
--------------------------------------------------------------
The court-appointed trustee for Delsat Group S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
July 17, 2009.


DEMONT SRL: Proofs of Claim Verification Deadline is July 17
------------------------------------------------------------
The court-appointed trustee for Demont S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 17, 2009.

The trustee will present the validated claims in court as
individual reports on September 14, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 28, 2009.


SOUTH LINK:  Proofs of Claim Verification Deadline is July 17
-------------------------------------------------------------
The court-appointed trustee for South Link Logistics S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 17, 2009.


SUR DEVELOPMENTS: Proofs of Claim Verification Deadline is Aug. 7
-----------------------------------------------------------------
The court-appointed trustee for Sur Developments S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 7, 2009.

The trustee will present the validated claims in court as
individual reports on September 21, 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 3, 2009.



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

* BELIZE: IMF Concludes 2009 Article IV Consultation
----------------------------------------------------
IMF Executive Board Concludes 2009 Article IV Consultation with
Belize.

                           Background

Belize, a small open economy with a narrow export base, remains
vulnerable to exogenous shocks.  Since 2005, growth in the
traditional sectors of the economy has decelerated, reflecting in
part the impact of severe weather-related shocks during 2007–08.
Starting in 2006, petroleum extraction has been a major factor
contributing to growth, accounting for approximately 5 percent of
GDP in 2008.  A debt restructuring agreement in February 2007
provided a substantial reduction in the net present value of the
debt owed to private creditors.  Over the past year, a renewed
commitment to prudent macroeconomic policies and to improving
governance has elicited increased support from official creditors.

Macroeconomic performance was broadly favorable during 2008.
Despite losses from two tropical storms, real GDP increased by
about 3 percent.  Domestic price inflation, which has been low
historically, rose to nearly 10 percent by mid-2008, driven
largely by food and fuel prices.  By February 2009, inflation
declined to 1 ½ percent.  The current account deficit widened
sharply to 10 percent of GDP in 2008, reflecting a surge in FDI-
related imports and higher prices of imported food and fuel.
Gross international reserves of the Central Bank of Belize rose to
US$166 million at end-2008, the equivalent of two months of
imports.

The accounts of the central government are estimated to have
registered an overall surplus of 1 1/4 percent of GDP in FY
2008/09 (April–March).  However, the underlying fiscal position
has weakened, as recurrent expenditure has been growing rapidly at
a time of rising dependence on volatile revenue sources, such as
petroleum and grants.  Belize’s financial system appears so far
largely insulated from the global downturn. However, commercial
bank credit to the private sector expanded rapidly in recent
years, reaching the equivalent of 70 percent of GDP, and the
nonperforming loan ratio doubled in 2008.

Belize’s economy is projected to decelerate in 2009 due to the
global downturn.  Real GDP growth is projected at 1 percent,
reflecting the impact of declining tourism, remittances, and FDI
inflows.  Twelve-month inflation is projected to ease to 2 1/2
percent by year-end.  The external current account deficit would
contract significantly, as imports are projected to decline more
than exports, mirroring an expected fall in private capital
inflows.  In FY 2009/10, the overall balance of the central
government is projected to shift from a surplus to a deficit of  1
3/4 percent of GDP, on account of a budgeted increase in recurrent
spending, while tax revenue is projected to increase at a slower
pace.

                   Executive Board Assessment

Executive Directors welcomed the broadly favorable economic
performance in 2008, and commended the authorities’ commitment to
pursue sound macroeconomic and financial sector policies to manage
near-term risks and reinvigorate growth potential over the medium
term.  Against the backdrop of the global downturn, they noted
that Belize, as a small, open economy with a fixed exchange rate
system, a low level of reserves, and a high debt level, remains
vulnerable.  Looking ahead, Directors welcomed the authorities’
aim to pursue a medium-term economic strategy centered on
sustained fiscal consolidation, while strengthening their
international reserve position and oversight of the financial
sector.

Directors noted that the exchange rate peg has served Belize well,
providing an important anchor for macroeconomic policies. They
also noted the staff’s assessment that the exchange rate appears
to be broadly in line with fundamentals.  Directors emphasized
that strong macroeconomic policies are necessary to underpin this
exchange rate regime and help raise international reserves to a
comfortable level.  They also encouraged the authorities to access
additional external financing to contain the risk of a sharper-
than-anticipated external deterioration.

Directors agreed that a more cautious fiscal stance would help
protect Belize’s external position and enhance public debt
sustainability by lowering debt ratios over the medium term.  They
encouraged the authorities to restrain the growth in public
expenditure, including through wage moderation, while boosting tax
revenue aimed at raising the primary surplus and helping reduce
the budget’s reliance on volatile revenue sources.  At the same
time, they considered as important protecting outlays for
reconstruction and other investment, given their positive supply-
side effects.

Directors underscored the need to ensure the medium-term financial
viability of key public sector programs to help secure fiscal
sustainability.  They considered that the Social Security Board
and the pension plan for civil servants should be reformed to put
them on a sound financial footing.  Directors agreed that the
proposed extension of the National Health Insurance scheme should
await adequate funding and that the mandate of the newly
reactivated Development Finance Corporation needs to be clarified
and financing identified to cover its operating costs.  They
considered that petroleum revenues should remain integrated in the
budget, with related information published and subject to regular
audits to ensure transparency.

Noting the increase in non-performing loans, Directors encouraged
the authorities to further strengthen oversight of the financial
system.  They underscored the importance of developing contingency
plans for the financial system and devising a framework for the
provision of liquidity.  Directors welcomed the strengthening of
the Anti-Money Laundering legislation, and recommended that
adequate resources be provided for the Financial Intelligence Unit
to allow its implementation.

Directors endorsed the authorities’ focus on a development
strategy to raise Belize’s medium-term growth potential, which
should draw upon private sector as well as donor financing.  They
underscored that the public investment program should be
consistent with the authorities’ prudent fiscal strategy.
Directors commended the authorities’ commitment to good
governance, the rule of law, and contract enforcement, which are
important for improving the investment climate.

                        *     *     *

According to Moody's Website, the country continues to carry a B3
currency ratings with stable outlook.


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

BANCO PROSPER: Moody's Downgrades Currency Deposit Ratings to 'B3'
------------------------------------------------------------------
Moody's Investors Service downgraded the long-term local and
foreign currency deposit ratings of Banco Prosper S.A. to B3 from
B1.  At the same time, Moody's lowered Prosper's long- and short-
term Brazilian national scale ratings to Ba2.br/BR-4 from Baa2.br/
BR-3.  Moody's affirmed Prosper's bank financial strength rating
at E+ and short-term local and foreign currency deposit ratings at
Not Prime.  The outlook on all ratings is now stable.  Moody's
also withdrew Prosper's ratings for business reasons.

The rating action reflects Moody's view of Prosper's much weakened
profitability and capital base, which have been hurt by mark-to-
market adjustments in its portfolio of equities held as long-term
investments.  The charges taken against the equity portfolio were
responsible for the bank's unaudited net losses reported in 2008
as well as for its lower capital.  This together with the weaker
performance of the bank overall were the main drivers of the
downgrade of the bank's baseline credit assessment to B3 from B1,
said Moody's.

In Moody's view, the replenishment of Prosper's capital base
through earnings retention represents a major challenge for
management, particularly in a scenario of reduced economic
activity.  The bank's need for additional resources, which could
occur in the form of further capital injections from shareholders,
supports the decision to downgrade the bank's BCA.

Moody's withdrew Prosper's ratings for business reasons.  The bank
has no rated foreign currency debt outstanding.  Please refer to
Moody's Withdrawal Policy on moodys.com.

Moody's last rating action on Prosper was on September 19, 2008,
when Moody's Investors Service downgraded Prosper's bank financial
strength rating to E+ from D-, with a stable outlook.  At the same
time, Moody's lowered Prosper's long-term local and foreign
currency deposit ratings to B1 from Ba3 and Brazilian national
scale ratings to Baa2.br/BR-3 from A3.br/BR-2.  All deposit
ratings were placed on negative outlook.

Banco Prosper is headquartered in Rio de Janeiro, Brazil.  As of
December 2008, the bank had total assets of approximately
R$642 million (US$274 million).

These ratings of Banco Prosper S.A. were downgraded and withdrawn:

  -- Long-term global local currency deposit rating: to B3 from
     B1, with stable outlook

  -- Long-term foreign currency deposit rating: to B3 from B1,
     with stable outlook

  -- Long-term Brazilian national scale deposit rating: to Ba2.br
     from Baa2.br, with stable outlook

  -- Short-term Brazilian national scale deposit rating: to BR-4
     from BR-3

These ratings of Banco Prosper were affirmed and withdrawn:

  -- Bank financial strength rating: E+, with stable outlook
  -- Long-term global local currency deposit rating: Not Prime
  -- Short-term foreign currency deposit rating: Not Prime


GOL LINHAS: To Issue BRL400 Million in Domestic Bonds
-----------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. is
preparing to issue BRL400 million in domestic bonds, LatinFrance
reports.

The report relates the proceeds will complement the BRL204 million
to be raised through a share rights offering to controlling
holders, which is almost 100% subscribed and should be wrapped up
by the end of the month.

According to the report, the company said the debentures are
expected to have a tenor of 2 years with a 6-month grace period.

The issue still requires regulatory approval, the report notes.

                        About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  The
company was founded in 2001.

                          *     *     *

As of May 19, 2009, the company continues to carry Moody's B1 LT
Corp Family ratings.  The company also continues to carry Fitch's
B+ Issuer Credit Ratings and B Senior Unsecured Rating and
Preferred Stock ratings.


SA FABRICA: Moody's Confirms Senior Unsecured Rating at 'B2'
------------------------------------------------------------
Moody's has confirmed its B2 senior unsecured and corporate family
ratings for S.A. Fábrica de Produtos Alimentícios Vigor.  The
rating outlook is stable.  This action concludes the review
process initiated on December 17, 2008.

The confirmation of Vigor's B2 ratings is largely based on Moody's
decision to continue to base its ratings on the stand-alone credit
quality of Vigor at this time, without incorporating explicit
support from its parent company Bertin S.A. (unrated), which is
72% owned by Bracol (B1/neg).

As of February 10, 2009, Bertin, owned 99.4% of Vigor's total
capital and the two companies have moved towards near full
integration of the operations.  However, neither Bertin nor Bracol
explicitly guarantees Vigor's debt and are therefore not legally
obligated to service Vigor's debt obligations in case of distress.
Moody's note, however, that there are cross default provisions
between Vigor and Bertin as long as Vigor is considered a
significant subsidiary of Bertin.

In order for Vigor to be considered Bertin's significant
subsidiary, it has to satisfy any of the three following
conditions for Bertin's last completed fiscal year and on a
consolidated basis: a) Bertin's or its subsidiaries' investments
in and advances to the subsidiary exceed 10% of Bertin's total
assets (3.0% in 2008), b) Bertin's and its other subsidiaries'
proportionate share of the total assets (after intercompany
eliminations) of the subsidiary exceeds 10% of Bertin's total
assets (6.4% in 2008), or c) Bertin's and its other subsidiaries'
equity in the income from continuing operations before income
taxes, extraordinary items and cumulative effect of a change in
accounting principle of the subsidiary exceeds 10% of Bertin's
such income (10.2% in 2008).

Vigor is therefore currently considered a significant subsidiary
due to its income from continuing operations before taxes
representing slightly over 10% of Bertin's such income.  This
level, however, would likely fall below the significant subsidiary
threshold for income from continuing operations before taxes if
Bertin grows in the beef and leather segments faster than its
dairy business (Vigor).  Moody's note, however, that Vigor's
rating could change based on rating changes for Bracol (B1/neg)
and/or an assignment of a rating to Bertin and subsequent changes
to that rating.

As of year-end 2008, Vigor's total adjusted debt amounted to
BRL325 million, of which 23.4% or BRL76 million was due in the
short-term.  The company's cash and cash equivalent balance of
BRL29 million would therefore be insufficient to cover its short-
term debt, although Moody's note that approximately BRL19 million
is related to federal lending programs for milk purchases (NPR and
EGF), BRL3.3 million is with BNDES and BRL33.8 are composed of
working capital loans that are normally rolled over.  Although
Bracol (B1/neg) does not guarantee Vigor's debt, Moody's note that
it had BRL2.6 billion of cash and cash equivalents at the end of
2008 and thus currently has the ability to provide liquidity
support to Vigor if necessary.

Vigor's B2 ratings could come under upward pressure if the company
is able to demonstrate overall gain in market share in key product
segments and sustainable improvement of margins, together with
sustainable EBITA / Gross Interest Expense above 1.5 times (1.4x
in Q4'08) and Debt to EBITDA below 4.0 times (5.4x in 2008).
Vigor's rating could also be upgraded if Bertin fully incorporates
Vigor.

On the other hand, Vigor's rating or outlook would come under
negative pressure if the company's operating performance
deteriorates significantly, leading EBITA / Gross Interest Expense
to fall below 1.0 times or if Total Debt to EBITDA increases to
above 6.0x on a last twelve month basis for two consecutive
quarters.  Vigor's ratings would also come under negative pressure
if the company's continued access to uncommitted bank credit lines
come into question.  All above ratios are calculated according to
Moody's standard definitions and analytic adjustments.

These ratings were confirmed with a stable outlook:

  -- Corporate family rating: B2
  -- US$100 million senior unsecured notes due 2017: B2

Moody's last rating action on Vigor was on December 17th, 2008,
when its ratings were placed under review for possible upgrade.

The Vigor Group, based in São Paulo, Brazil, is 99.4% owned by
Bertin and is comprised of S.A. Fabrica de Produtos Alimenticios
Vigor and its subsidiaries Dan Vigor (a 50/50 joint venture with
Denmark's Arla Foods) and Leco, a manufacturer of dairy and
vegetable oil products.  The group produces, markets, and sells a
diverse range of products including: milk, yogurts, dairy
beverages, cheeses, deserts, butter, margarine and mayonnaises.


UBS AG: BTG Investments to Pay Brazil Unit's Former Partners
------------------------------------------------------------
Andre Esteves’s BTG Investments, which agreed to purchase UBS AG’s
Brazilian operations, may soon make an offer to pay debt owed to
the unit’s former partners, Flavia Bohone of Bloomberg News
reports, citing an investor.  “BTG bought UBS Pactual and now
former partners are waiting for an offer,” Sergio Cutolo, one of
the ex-partners told Bloomberg News in an interview.  “Nobody has
contacted me about this subject yet but the information I have is
that an offer may be made in the following days.”

As reported in the Troubled Company Reporter-Latin America on
April 21, 2009, UBS AG has agreed to sell its Brazilian financial
services business, UBS Pactual, for approximately US$2.5 billion
to BTG Investments, headed by Andre Esteves.

In a statement, UBS said the sale of the Brazilian business is
consistent with UBS's policy to continue to reduce its risk
profile, strengthen its balance sheet and sharpen its business
focus.  UBS expects no disruption to its other businesses as a
result of the transaction.  The transaction will take place at a
premium to book value.  It will increase Tier 1 capital by CHF1.3
billion, decrease risk weighted assets by CHF3.0 billion, and
reduce total assets by CHF6.3 billion.  It will strengthen UBS's
BIS Tier 1 ratio by approximately 60 basis points.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.



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

BOSTON LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Boston Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


CAIRNCASTLE LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Cairncastle Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


CONSCAST LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Conscast Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


CREOLE LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Creole Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


FORTUNE DRAGON: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Fortune Dragon Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


GRAND ISLAND: Investment Manager Charged in Failure of 4 Funds
--------------------------------------------------------------
Cayman-based Jamaican investment manager Robert Christopher Girvan
was charged with forgery, obtaining a money transfer by deception
and producing a false document, in connection with the collapse of
four Cayman-based hedge funds, Jamaica Observer reports, citing a
statement by the Royal Cayman Islands Police Services.  The report
relates officials said three of the funds -- the Grand Island
Commodity Trading Fund I, Grand Island Commodity Trading Fund II
and the Grand Island Income Fund -- were registered by the Cayman
Islands Monetary Authority in 2006; while the fourth, the Grand
Island Master Fund, was not registered with regulators in the
British territory.

According to the report, police did not provide details on Mr.
Girvan's alleged offences or his involvement in the collapse of
the funds, which are being liquidated.  The report recalls the
funds were closed in June 2008 after authorities found undisclosed
"irregularities" in trading activities.

The Observer says court-appointed liquidator, David Walker, an
advisory partner of PricewaterhouseCoopers, said the funds were
relatively small, with total investments of between US$20 million
to US$30 million.


MALAVISTA INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Malavista Investments Limited passed a resolution
that voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


PANDA CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Panda Capital Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


PANTON HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Panton Holdings Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


WEASEL LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Weasel Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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


WINTERTIME LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Wintertime Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

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



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

ECOPETROL SA: First Quarter Profit Drops 30% to COP1.61 Trillion
----------------------------------------------------------------
Ecopetrol S.A.'s first quarter net income dropped 30% to
COP1.61 trillion from COP2.29 trillion in the same period last
year, on declining crude prices, Steven Bodzin of Bloomberg News
reports.  The report relates the company's first quarter sales
fell 28% to COP5.24 trillion.

According to the report, the company's oil and natural gas output
rose 6.3% to 457,700 barrels of oil equivalent a day, largely
because of increased output of heavy crude.

The company’s profit margin, the report says, tumbled to
34% from 58% a year earlier as costs of sales rose 17%.

                       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 of May 19, 2009, the company continues to carry Fitch Ratings'
BB+ foreign currency issuer default ratings.


ECOPETROL SA: To Operate and Manage Oleoducto Central
-----------------------------------------------------
Ecopetrol S.A. said it will now be responsible for the operation
and management of Oleoducto Central S.A. (Ocensa), the main
pipeline of Colombia that connects Cusiana and Cupiagua fields in
the Eastern Plains region with the port of Covenas on the
Caribbean Sea, by means of an operating contract entered into
between Ecopetrol and Ocensa, for a 15-year term.

The decision follows the agreement announced by ECOPETROL in March
2009 to acquire Enbridge's share in Ocensa, which increased
Ecopetrol's holding from 35.5% to 60%.

Since its start-up in March 1995, Ocensa's operation was managed
by Enbridge Inc., through its subsidiary Cit Colombiana S.A.
(Citcol).

In this new stage, Ecopetrol said it will try to benefit from
synergies with other pipelines, transporting the growing
production of heavy crude from the Eastern Plains region,
promoting new business opportunities to increase throughput in the
system and to ensure a reliable, safe service.

                     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.



=============
E C U A D O R
=============

PETROECUADOR: Gets No Bidders in Seized Perenco Oil Auction
-----------------------------------------------------------
State-run Petroecuador got no offers in an auction of Oriente and
Napo crude seized from French oil company Perenco SA, to repay
millions of dollars in debt stemming from a controversial tax,
Alonso Soto of Reuters reports.  "The (debt) judge will evaluate
the situation and issue a resolution in accordance to the law,"
Petroecuador said in a statement obtained by the news agency.

However, the report relates Petroecuador said it will continue
with the oil auctions until Perenco's debt is paid in full.

The TCR-Latin America, citing Bloomberg News, reported May 14 that
Petroecuador moved ahead with an auction of 1.4 million barrels of
oil seized Perenco SA even after the International Centre for the
Settlement of Investment Disputes ordered it to halt the sale.
The report related Petroecuador spokesman Byron Galarza said:
“There will be no changes to the schedule of the sale unless the
attorney general intervenes.”

As reported in the Troubled Company Reporter-Latin America on
April 22, 2009, Reuters said Petroecuador plans to auction
1 million barrels in seized crude from Perenco.  Ecuador Oil
Minister Derlis Palacios told Reuters in an interview that the
country will continue to auction Perenco's seized crude until the
French oil company repays US$350 million in late taxes.  The
government expects to receive around US$40 million from the
upcoming sale of Perenco's seized crude, he added.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.



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

* GUYANA: IMF Concludes 2008 Article IV Consultation
----------------------------------------------------
International Monetary Fund (IMF)'s executive board concluded the
Article IV consultation with Guyana.

                           Background

Despite external shocks and social pressures, macroeconomic
stability was preserved in 2008.  Growth decelerated to about 3
percent owing to a sharp shortfall in sugar production, but end-
2008 inflation declined to 6.4 percent (6.8 percent target).  The
fiscal deficit widened to 7.9 percent of GDP (6 percent target)
due to measures adopted in early 2008 to reduce the impact of high
fuel prices, most of which have since been eliminated.  So far,
the financial system has been relatively unaffected by the global
turmoil.

Higher growth is projected for 2009, with a recovery in sugar
output expected to offset a slowdown in the other sectors of the
economy.  Lower oil import prices would compensate a decline in
commodity export prices in 2009.  Still, Guyana faces other
significant challenges, including lower worker remittances in 2009
and preferential sugar export prices in the years ahead.  Downside
risks include a lower-than-projected increase in sugar production
and a more protracted than currently envisaged global slowdown.

In 2008, the external current account widened by almost 3 percent
of GDP, to close to 21 percent of GDP, but was fully financed by
concessional loans, grants, and FDI.  The wider deficit was mainly
explained by lower sugar exports together with higher fuel prices
and imports of capital goods.  The underlying current account
deficit of about 10½ percent of GDP is consistent with the
estimated medium-term equilibrium position.  Guyana’s real
effective exchange rate is broadly in equilibrium.  Following debt
relief, the external debt-to-GDP ratio declined from over 100
percent in 2006 to about 70 percent by end-2008.

Significant progress has been made in the area of fiscal reforms
and the VAT is now well established.  The Guyana Revenue Authority
introduced a Total Revenue Integrated Processing System allowing
for better monitoring of taxes and risk profiling.  Financial
sector reforms include measures to improve compliance with Basle
Core Principles and the preparation of legislation facilitating
the creation of a credit bureau, on money transfer agencies, and
on anti-money laundering and combating the financing of terrorism.
The recently completed Berbice Bridge—a major public-private
project—bodes well for increased private sector participation in
the economy.

                   Executive Board Assessment

Executive Directors noted that, by implementing prudent fiscal and
monetary policies, the Guyanese authorities had maintained
macroeconomic stability in 2008 despite external shocks and social
pressures.  Sustaining these policies will be critical to reduce
vulnerabilities associated with commodity price volatility and
possible spillovers from the global crisis.  Directors commended
the authorities’ commitment to further entrench macroeconomic
stability, strengthen the financial system, and implement
structural reforms.

Directors observed that direct spillovers from the global
financial crisis on the banking system have so far been limited.
The banks remain well capitalized and profitable, and the
financial system is sound.  Directors supported heightened
financial supervision to limit potential contagion, and continued
monitoring of the still high level of non-performing loans.  The
progress being made on financial sector reforms and on legislation
to prevent money laundering and the financing of terrorism is
welcome.

Directors noted that the authorities had reduced petroleum product
excise taxes temporarily in 2008 in order to limit the pass-
through of higher international fuel prices to consumers,
effectively diffusing social pressures while helping to contain
inflation.  They commended the authorities for reinstating the
excise taxes in recent months as international oil prices have
abated, to protect the fiscal position.  Going forward, the
authorities were encouraged to focus on targeted support to the
most vulnerable.

Directors welcomed the authorities’ commitment to sustain the
fiscal consolidation effort.  They agreed that a more gradual
deficit reduction than previously envisaged is justified in the
context of the global slowdown.  While the authorities’ plan to
return to the target laid out in the medium-term fiscal framework
by 2012 was welcomed, a few Directors considered that a faster
move toward convergence would reduce risks to fiscal
sustainability.  The identification of contingency measures in
case of a shortfall in revenue or more difficult access to
financing would help protect priority spending and avoid
reductions in growth-enhancing capital expenditures.

Directors welcomed the progress made in the area of fiscal
reforms, including the successful implementation of the VAT. They
cautioned against a further expansion of the list of zero-rated
VAT items, and a weakening of the rules-based system for granting
tax exemptions.

Directors commended the authorities for the reduction in the rate
of inflation.  They supported continued vigilance and readiness to
adjust monetary policy to keep inflation low, as needed.
Directors noted that the exchange rate appears broadly aligned
with fundamentals, and that the current exchange rate policy has
served Guyana well.  In this context, a number of Directors
stressed that a stable exchange rate is critical to the
authorities’ goal of maintaining macroeconomic stability.

Directors welcomed the plans to reduce the external current
account deficit gradually over the medium term, through growth in
nontraditional exports and the development of petroleum and
hydropower resources.  They noted that external financing and
inflows of foreign direct investment related to development
projects could be vulnerable to the global financial turmoil, at
least in the short term.

Directors encouraged further structural reforms to sustain growth
and make progress on poverty alleviation over the medium term.
Achieving the authorities’ output target in the key sugar sector
will require steadfast implementation of the sector’s
modernization plan.  Directors also encouraged efforts to address
the high cost of energy, to enhance private sector participation
in the economy, and to prepare an appropriate legal and fiscal
framework for future oil revenues drawing on international
experience.

Directors welcomed the upcoming finalization of the Poverty
Reduction Strategy Paper to underpin the government’s medium-term
plans for poverty alleviation and achieving the Millennium
Development Goals.  They noted the importance of ensuring
consistency between the medium-term macroeconomic framework and
the PRSP and of establishing an effective system to monitor PRSP
implementation.



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

* JAMAICA: Pursues Talks W/ Shareholders to Save 3 Bauxite Plants
-----------------------------------------------------------------
The Jamaican government is pursuing talks with overseas
stakeholders, in a bid to determine the fate of three bauxite
plants whose operations have been scaled down, Caribbean Net News
reports.  The report recalls activities at the plants -- West
Indies Alumina Company's (WINDALCO) operations in Ewarton, St
Catherine and Kirkvine, Manchester; and Alumina Partners (ALPART)
in Nain, St Elizabeth -- were scaled down earlier this year by the
operators, due to the reduction in the international demand for
alumina.

According to the report, Prime Minister Bruce Golding said
Jamaica's Ambassador to Moscow, Joy Wheeler, met with the Russian
Vice Minister with responsibility for the bauxite/alumina sector,
regarding AC Rusal and WINDALCO; and he spoke with the President
of Hydro, Eivind Reiten, regarding ALPART's future.

The report notes the Government is also addressing developments
with AC Rusal, which holds an overall 55% stake in the local
bauxite industry, which the Prime Minister confirmed is in "deep,
deep" trouble.

Caribbean Net News notes approximately 1.400 employees of WINDALCO
and about 700 from ALPART have been affected by the scaled down
operations at the three plants.

                          *     *     *

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


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

CEMEX SAB: Would Face Fine in Price Probe, Regulator Says
---------------------------------------------------------
Cemex S.A.B de C.V would face a “very low” fine --  with a
maximimum penalty of MXP20 million (US$1.5 million) -- if an
investigation concludes it colluded with competitors on prices,
Crayton Harrison of Bloomberg reports, citing Eduardo Perez Motta,
Mexico Antitrust Federal Competition Commission president.  The
report relates Mr. Motta said the investigation may be completed
by the end of this year, assuming the companies use their legal
rights to appeal

The report recalls Mr. Motta said the commission has been asking
Congress for the power to impose harsher sanctions to deter
anticompetitive practices.

According to the report, Mr. Motta said the antitrust agency has
asked Congress for the power to levy fines of up to 10% of a
company’s annual sales.  The existing maximum, depending on the
violation, is about MXP70 million, he added.

The commission’s investigation is groundless and Cemex hasn’t
violated the law, Gerardo de la Torre, a Cemex spokesman for the
company, said in an e-mailed statement obtained by the news
agency.

                        About Cemex S.A.B

Cemex S.A.B de C.V is the third-largest cement producer in the
world based on production capacity of approximately 97 million
metric tons and operates in more than 50 countries.  The company
is also the global leader in the ready mix concrete market with
sales of over 80.5 million cubic meters, and an important global
player in the aggregates business with sales of 222.7 million
tons.  In 2008, Cemex generated US$4.370 billion of EBITDA on
US$21.8 billion of sales revenues.

                         *     *     *

As of May 19, 2009, the company continues to carry Fitch's B LT
issuer credit ratings and B+ Currency LT Debt ratings.  The
company also continues to carry S&P's B- LT Issuer Credit ratings.



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

WILSON ALVAREZ LUNA: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Wilson Alvarez Luna
          fdba Nephesh Wood Recycling, Inc
          fdba Don Quijote Pizza
          fdba Papa Yaca
       Box 1040
       Cidra, PR 00739

Bankruptcy Case No.: 09-03965

Chapter 11 Petition Date: May 15, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                 P O Box 7571
                 Caguas, PR 00726
                 Tel: (787) 746-4772
                 Email: vgratacd@coqui.net

Total Assets: $3,217,680

Total Debts: $2,714,991

A full-text copy of Mr. Luna's petition, including his list of 20
largest unsecured creditors, is available for free at:

         http://bankrupt.com/misc/prb09-03965.pdf

The petition was signed by Mr. Luna.



============================
S T  K I T T S  &  N E V I S
============================

* ST. KITTS & NEVIS: IMF OKs US$3.4 Million Emergency Assistance
----------------------------------------------------------------
International Monetary Fund's executive board approved a request
for SDR2.225 million (about US$3.4 million) in Emergency Natural
Disaster Assistance for St. Kitts and Nevis.

St. Kitts and Nevis was hit by Hurricane Omar in October 2008.
The damage caused by the hurricane has greatly aggravated the
economic slowdown, with a significant impact on unemployment,
fiscal revenues, and tourism receipts, particularly on the island
of Nevis.  Fund financing will help offset the balance of payments
impact of the hurricane, estimated at US$19 million (about 3 1/2
percent of GDP).

The IMF provides emergency assistance to help member countries
with urgent balance of payments financing needs in the wake of
natural disasters or armed conflicts.

Following the Executive Board discussion, Mr. Murilo Portugal,
Deputy Managing Director and Acting Chair, issued this statement:

“The damage caused by Hurricane Omar has resulted in substantial
loss of employment and great hardship to St. Kitts and Nevis.  In
particular, Nevis has suffered the temporary closure of its
largest tourism resort.  The adverse balance of payments impact of
the hurricane has been compounded by the global recession and the
collapse of the Trinidad and Tobago-based CL Financial Group.

“The authorities are responding with a comprehensive economic
program to deal with the effects of the natural disaster within
the context of the difficult economic situation facing the
country.  They aim at strengthening public finances to reduce
public debt ratios, while undertaking structural reforms. These
efforts will be supported by Fund emergency assistance for natural
disasters.

“The government, with the assistance of its development partners,
is developing a growth and poverty reduction strategy to guide its
medium-term reform agenda.  In addition to strengthening fiscal
policies and debt management, the main priorities for reform are
enhancing the investment climate for private sector development,
including through privatization and sale of public land and
assets, and strengthening oversight of the financial sector.

“While the global downturn and the heavy debt burden of St.Kitts
and Nevis are likely to weigh heavily on near-term growth, the
authorities’ implementation of prudent policies and their reform
agenda, together with support from the international community,
should help St. Kitts and Nevis recover from the setbacks caused
by the hurricane and place the economy on a path of sustainable,
strong growth,” Mr. Portugal stated.



=================================================
S T  V I N C E N T  &  T H E  G R E N A D I N E S
=================================================

* ST. VINCENT & THE GRENADINES: IMF OKs US$5.7-Mln Disbursement
---------------------------------------------------------------
The Executive Board of the International Monetary Fund approved an
SDR3.735 million (about US$5.7 million) disbursement for St.
Vincent and the Grenadines under the Exogenous Shock Facility
(ESF).

The global economic slowdown has caused a significant decline in
tourism to the country, which has worsened the balance of
payments.  At the same time, a decline in Foreign Direct
Investment (FDI) and construction activity has led to a sharp
output slowdown in 2008.  Growth is expected to decline further in
2009, reflecting declining tourism receipts, FDI, and remittances.
The country’s authorities are requesting the rapid-access
component of the ESF to help the economy adjust to the tourism and
FDI shock.

The Executive Board’s decision will enable the St. Vincent and the
Grenadines to draw an amount equivalent to SDR 3.735 million
(about US$5.7 million) from the IMF immediately.

Following the Executive Board discussion, Mr. Murilo Portugal,
Deputy Managing Director and Acting Chair, issued this statement:

“St. Vincent and the Grenadines has been impacted severely by the
global slowdown, leading to a marked decline in real GDP growth
due to sharply weakened activities in the tourism and construction
sectors.  The balance of payments has been negatively affected by
declines in tourism receipts, foreign direct investment and
remittances.  The St. Vincent and the Grenadines’ authorities are
implementing appropriate measures to mitigate the impact of the
external shock and enhance the economy’s growth potential, while
ensuring fiscal and debt sustainability.  Fund support under the
Exogenous Shocks Facility will help to alleviate the balance of
payments financing burden of the shock.

“The authorities have made good progress in fiscal consolidation
as well as on social and poverty reduction goals.  They are
demonstrating their commitment to maintain the integrity and
stability of the VAT and pursuing ongoing tax reform, including
the recent establishment of a Tax Reform Commission.  Given the
lower revenues due to the external shock, continued spending
restraint through a prudent public sector wage policy and
prioritization of capital expenditure will be necessary.

“The government is constructing a new international airport to
further develop the tourism industry and raise medium-term growth
potential.  Sustained fiscal consolidation and additional
concessional financing should accommodate the airport project
without compromising debt sustainability.  A more flexible
timetable for implementation of the project, to the extent
technically feasible, would help alleviate a possible financing
bottleneck in 2009, stemming from the tight liquidity
environment,” Mr. Portugal said.

                         *     *     *

According to Moody's Website the country continues to carry a Ba1
currency ratings with stable outlook.


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

CL FINANCIAL: CLICO “Now Back on Its Feet”, Finance Minister Says
-----------------------------------------------------------------
Lawrence Cyril Duprey-founded insurance company, Colonial Life
Insurance Company Insurance (Trinidad) Ltd (CLICO), a unit of CL
Financial Limited, is now “back on its feet” following the
government's intervention to save the company, Oscar Ramjeet of
Caribbean Net News reports, citing Trinidad and Tobago Finance
Minister Karen Nunez-Tesheira.  The report relates according to
Trinidad Express, Ms. Nunez-Tesheira said the government was
certain that CLICO, with its new business model, would continue to
grow from strength to strength.

According to Caribbean Net News, government-appointed chairman of
CLICO Euric Bobb said the company was at present working on
restoring stakeholder confidence, which was in some cases eroded
when their money worries were made public.  "Liquidity, if truth
be told, insolvency is a signal of a really fatal end for most
companies, but in the three-and-a-half months since we started the
rebuilding of CLICO, the company has been diligently working
throughout the length and breadth of this country to restore the
confidence of the thousands of its policy holders and of the
national community as a whole," the report quoted Mr. Bobb as
saying.

Caribbean Net News says it was also indicated that the plans for
payment of the former Caroni workers' pension money were not
finalised and they would receive their money as part of the
national senior citizens grant.

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

PDVSA: Inks LNG Terminal Construction Agreement With Enarsa
-----------------------------------------------------------
Venezuela-run Petroleos de Venezuela and Argentina-state owned
Enarsa will construct an onshore LNG regasification terminal in
Argentina, according to a report posted at Petroleumworld.com,
citing Venezuelan President Hugo Chavez.

According to the report, a likely location for the terminal is in
Bahia Blanca, where US-based Excelerate Energy is unloading LNG
cargoes from Trinidad and Tobago at a floating regasification
terminal.

The leaders of the two countries, the report notes, are also set
to meet in Buenos Aires to discuss and sign a series of topics, on
energy, construction, and agriculture.

                          About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                         *     *     *

As of May 19, 2009, Petroleos de Venezuela continues to carry a
'B1' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.


* VENEZUELA: Takes Control of Cargill Inc.'s Pasta Plant
--------------------------------------------------------
Daniel Cancel of Bloomberg News reports that Deputy Food Minister
Rafael Coronado said Venezuelan officials took control of a pasta
plant owned by U.S. foodmaker Cargill Inc. and will remain in the
factory for 90 days to enforce production quotas on price-
controlled items.

The report relates Mr. Coronado said Cargill was devoting 59% of
its production at the plant to products not under price controls,
while government regulations require that 70% of output be
dedicated to regulated products.  “The company isn’t complying
with production regulations, and we’ve declared the plant of
public interest,” the report quoted Mr. Coronado as saying.  “Our
job is to assure food security and to enforce production of
regulated goods.”

Reuters recalls in March, Chavez ordered the nationalization of
Cargill's rice mill because it produced a type of rice not
included in price controls.

                          *     *     *

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



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

WEAVERING CAPITAL: SFO Arrests Two Men in BVI Hedge Fund Probe
--------------------------------------------------------------
The Serious Fraud Office on Friday conducted searches on two
residential properties (one in Kent, the other in Surrey) assisted
by the City of London Police, in connection with its investigation
into an alleged fraud involving the recently collapsed hedge fund,
Weavering Capital.

Two men, aged 43 and 45, were arrested and have been taken to a
police station for questioning.

Weavering Capital (UK) Limited is an English incorporated
investment management firm, which went into administration on
March 19, 2009, whose primary function was to act as investment
advisor to a Cayman Islands incorporated hedge fund, Weavering
Macro Fixed Income Fund Limited ("the Macro Fund").  Liquidators
were appointed over the Macro Fund on March 19, 2009.  The Macro
Fund was understood to have funds under management of around
US$639 million in late 2008.

The investigation is currently focused on certain interest rate
swap transactions between the Macro Fund and a company registered
in the British Virgin Islands, Weavering Capital Fund Limited,
which appears to be a related third party, and which inflated the
apparent Net Asset Value of the Macro Fund.


                            ***********

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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