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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, January 26, 2009, Vol. 9, No. 17

                            Headlines

B E R M U D A

CABLEVISION SA: Bermuda Unit Removes Two Broadcast Channels
MILLENNIUM GLOBAL: Contributories' First Meeting Set for Jan. 30
NOBLE INTERNATIONAL: Creditors' Proofs of Debt Due on February 4
NOBLE INTERNATIONAL: Members' Final Meeting Set for March 4
XL CAPITAL: To Release 4Q & Annual Results on February 10

XL CAPITAL: XL Insurance GAPS Expands Global Team and Services


B R A Z I L

BNDES: Government Injects BRL100 Billion to Boost Lending
CEMEX SAB: Shares Hit One Month Low After S&P Junks Credit Rating
* BRAZIL: Sugar Mills Seek Stake Sale & Mergers Amid Credit Crunch
* BRAZIL: Morgan Stanley Cuts Local Banks' Profit Estimates


C A Y M A N  I S L A N D S

ARMITAGE ABS: Commences Liquidation Proceedings
ATLANTIC JADE: Placed Under Voluntary Liquidation
AVENTINE HILL: Commences Liquidation Proceedings
DROGHEDA CONSULTANCY: Placed Under Voluntary Liquidation
GEORGE TOWN: Placed Under Voluntary Liquidation

HIGHGATE HOUSE: Placed Under Voluntary Liquidation
HINDSIGHT EQUITY: Placed Under Voluntary Liquidation
KING LUN: Placed Under Voluntary Liquidation
LIBERTAS PREFERRED: Placed Under Voluntary Liquidation
MIKADO LTD: Appoints Sarah Knutson as Liquidator

MONTGOMERY EQUITY: Placed Under Voluntary Liquidation
OXFORD ALTERNATIVE: Commences Liquidation Proceedings
PERFORMANCE PARTNERS: Placed Under Voluntary Liquidation
PPM RIVIERA: Placed Under Voluntary Liquidation
Q APPRECIATION: Creditors' Proofs of Debt Due on March 1

Q-BLK CHARITABLE: Creditors' Proofs of Debt Due on March 1
QAF III: Creditors' Proofs of Debt Due on April 1
REFLEB INVESTORS: Creditors' Proofs of Debt Due on March 1
SAFIR CAPITAL: Enters Liquidation Proceedings
TORTUGA LTD: Creditors' Proofs of Debt Due on April 1


C O L O M B I A

ECOPETROL: Starts Extensive Production Testing in Quifa-5 Well


J A M A I C A

ALPART: Restructuring Measures to Impact Workers' Fate


M E X I C O

COMERICI: Pending Legal Actions Suspended Until March 2


P U E R T O  R I C O

POPULAR INC: Posts US$1.2BB Net Loss for Year Ended December 2008


V I R G I N  I S L A N D

AURIGA INT'L: Has US$350 Million Exposure to Madoff Fund


X X X X X X X X

* CARIBBEAN ISLAND: Nevis Premier to Discuss Four Seasons' Future
* Emerging Markets May See Rise in Corporate Loan Defaults
* BOND PRICING: For the Week January 19 - January 23, 2009


                         - - - - -


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

CABLEVISION SA: Bermuda Unit Removes Two Broadcast Channels
-----------------------------------------------------------
Bermuda CableVision, a unit of Cablevision S.A., said that in
light of Bermuda Broadcasting Corporation's continued demand for
payment to carry its channels over CableVision's network,
CableVision removed its local broadcast channels 7 and 9 from its
system.

CableVision had been continuing to carry channels 7 and 9 while
evaluating how to proceed since the January 9 ruling by the Chief
Justice of Bermuda that CableVision does not need the
Telecommunication Commission's consent in order to drop channels 7
and 9.

Terry Roberson, CableVision's general manager, explained: "From
the beginning, we had been hopeful for a return to the old 'must-
carry' situation, where we carried the local broadcast channels at
no cost to them and no cost to our customers.  Unfortunately that
did not transpire.  Bermuda Broadcasting has chosen
'retransmission-consent' status under the new law, and is not
willing to let us carry these channels for free.  Under these
circumstances, since we are not willing to pay for them, as that
would mean increasing our subscriber rates, we must remove them
from our system immediately.  To keep these channels on any longer
would place us in violation of the law.

We sincerely regret the inconvenience this causes for our
customers, to whom we gave notice back in early December that we
would drop these channels from our system since 1) payment was
being demanded and; 2) keeping them on would mean increasing our
fees to subscribers.  Our position remains the same: we simply do
not believe our customers should have to pay for a service that is
free to others by using an off-air antenna.  All our efforts with
respect to this issue have been designed to protect the interests
of our customers, and that means not raising rates needlessly."

                        About Cablevision

Headquartered in Buenos Aires, Cablevision S.A. --
http://www.cablevision.com.ar/-- is the largest multiple
systems operator in Argentina serving 3,000,000 pay TV basic
subscribers including a market-leading presence in 4 of the top
5 designated market areas and 160 thousands basic subscribers in
Uruguay and Paraguay (jointly 5% of subscribers).  The company
offers Internet services, serving more than 770 thousands
internet subscribers (90% cable modem).  For year-end 2007, the
company had revenues of US$838.4 million and EBITDA of US$276.9
million.  Cablevision is indirectly controlled by the Argentine
media group Clarin (60%) and 40% by Fintech Advisory Inc.

                         *      *      *

As reported by the Troubled Company Reporter - Latin America on
Dec. 23, 2008, Fitch Ratings lowered Cablevision S.A.'s Foreign
currency IDR to 'B' from 'B+'; and Senior unsecured notes due
2012, 2013, 2015 and 2016 to 'B/RR4' from 'B+/RR4'.


MILLENNIUM GLOBAL: Contributories' First Meeting Set for Jan. 30
----------------------------------------------------------------
The contributories of Millennium Global Emerging Credit Master
Fund Limited will meet on January 30, 2009, at 10:15 a.m., at the
offices of Freshfields Bruckhaus Deringer LLP, 28 Tudor Street,
London EC4Y OAY UK,

Mike Morrison, Charles Thresh and Richard Heis are the company's
joint provisional liquidators.


NOBLE INTERNATIONAL: Creditors' Proofs of Debt Due on February 4
----------------------------------------------------------------
The creditors of Noble International Services Ltd. are required to
file their proofs of debt by February 4, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 20, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


NOBLE INTERNATIONAL: Members' Final Meeting Set for March 4
-----------------------------------------------------------
The members of Noble International Services Ltd. will hold their
final general meeting on March 4, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Jan. 20, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda



XL CAPITAL: To Release 4Q & Annual Results on February 10
---------------------------------------------------------
XL Capital Ltd will release its Fourth Quarter and Year End 2008
results on Tuesday, February 10, 2009.  A conference call to
discuss the Company's results will be held at 9:00 a.m. Eastern
Time on Wednesday, February 11, 2009.

The conference call can be accessed through a listen-only dial-in
number or through a live webcast.  To listen to the conference
call, dial:

    (877) 422-4657 or
    (706) 679-0474,
    Conference ID#: 79946546.

                         About XL Capital

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications.  Concurrently, A.M. Best withdrew the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.


XL CAPITAL: XL Insurance GAPS Expands Global Team and Services
--------------------------------------------------------------
XL Insurance, a unit of XL Capital Ltd, hired eight new field
engineers for its worldwide property loss prevention services
business, XL Global Asset Protection Services (XL GAPS).

The new risk engineers will meet the global demand for XL GAPS'
loss prevention expertise and local language capabilities.  The
new employees are based in France, Germany, Spain, China,
Singapore and the U.S. and all have extensive years of industry
experience.

Tim Heinze, Managing Director of XL GAPS said: "In times like
these companies can't risk a potential major loss and therefore
engineering services are becoming extremely important to them.  XL
GAPS' consultancy approach helps identify potential issues,
propose solutions or alternatives as well as offer practical loss
mitigation guidance.  Our customers expect a local language
service that also meets internationally-recognized best practice.

With these new hires we have significantly improved our footprint
across various continents, especially Europe, meeting the growing
demand for our loss prevention advice.  Having engineers in major
industrial regions enables better and faster customer service."

The new hires are:

* France:

  i) Dominique Jaumouille has 10 years loss prevention experience
     and joins from FM Global.  Dominique's special focus is on
     the aeronautic, pharmaceutical and automotive industries.

ii) Dominique Leleu joins from FM Global with 8 years loss
     prevention experience in the electronics and food industries.

iii) Robert Walton, who has been a loss prevention engineer with
     FM Global for 10 years, has extensive experience in
     conducting MFL studies on large complex facilities.

* Spain:

   i) Fabio Salgado, who has most recently worked for 6 years as a
     loss prevention engineer with Zurich as well as 4 years in
     various positions in the fire protection industry.

* Germany:

   i) Frank Reiche, who has over 15 years of experience as a loss
      prevention engineer with various Highly Protected Risk (HPR)
      insurers in Europe giving him an in-depth knowledge of the
      loss prevention codes and standards of the major European
      countries.

* USA:

   i) David Trull, who has a background in the forestry and fire
      protection industries and joins from TVA Life Safety.  He
      has specialist knowledge of a range of sectors including
      aviation, healthcare, telecommunications, food processing
      and semiconductors.

* China:

   i) Guanghui (Sharon) Liu, who has worked for 12 years as an
      Environmental Health and Safety Manager for GE Aviation and
      Transportation and Vishay in China.

* Singapore:

   i) Virginia Shaw's 12 years of experience include being a
      property loss prevention consultant at Chubb as well as a
      fire protection design engineer in Singapore.

                          About XL GAPS

XL GAPS provides property loss prevention consulting to XL
Insurance customers as well as other companies on an unbundled
basis.  With over 150 engineers in 18 countries, XL GAPS offers
global expertise and local solutions across North and South
America, Europe, Australia and Asia.  The average XL GAPS engineer
has 19 years industry experience.

                         About XL Capital

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications.  Concurrently, A.M. Best withdrew the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.



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

BNDES: Government Injects BRL100 Billion to Boost Lending
---------------------------------------------------------
Brazil's government will inject BRL100 billion (US$42.63 billion)
in Banco Nacional de Desenvolvimento Economico e Social SA
("BNDES") this year in a bid to spur corporate investment,
Fernando Exman of Reuters reports, citing Finance Minister Guido
Mantega.

According to the report, the government expects the move should
help provide much needed cash for companies as private banks have
reduced lending because of the global credit crunch.

"This is how we will confront the global economic crisis," Reuters
quoted Minister Mantega as saying. "The answer is to keep
investment levels high," he said.

According to the report, the capital injection will help BNDES
have a record BRL160 billion available for credit this year.

The government, the report relates, expects "zero fiscal impact"
from the BNDES capital injection because the bank will have to pay
back the funds to the treasury at some point in the future.

Reuters notes President Luiz Inacio Lula da Silva met with
executives from five state-run banks including Banco do Brasil,
BNDES and Caixa Economica Federal, urging them to speed up lending
and reduce borrowing costs to prevent a sharp slowdown in the
economy.

                           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.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


CEMEX SAB: Shares Hit One Month Low After S&P Junks Credit Rating
-----------------------------------------------------------------
Cemex S.A.B. de C.V. dropped 30 centavos to 11.84 pesos on January
22, in Mexico City trading, the lowest since Dec. 24., after
Standard & Poor's cut its credit rating to below investment grade
amid a slump in demand in the U.S. and Mexico, Bloomberg News
reports.

"This has to increase their financing costs,"  the report quoted
Gonzalo Fernandez, head of equity research for Banco Santander
SA's Mexico City unit, as saying.  "There are market participants
that can't buy debt that's not investment grade," he said.

According to the report, S&P lowered Cemex's rating one level to
BB+, or junk status, saying the company's earnings will be hurt by
slowing economies in the U.S., Mexico and Spain.  The rating may
be cut further following a review, S&P said as cited by the
report.

Cemex, the report recounts, used short-term debt to finance the
US$14.2 billion purchase of concrete maker Rinker Group Ltd. in
July 2007 just as the U.S. construction market faltered, tripling
the company's debt at the time.  Cemex had net debt of
US$16.4 billion at the end of September, the report says.

Bloomberg News notes UBS AG lowered its forecast for the company's
2009 EBITDA by 10% because of the prospect of slumping sales.  It
also reiterated its "sell" rating on the shares.

Meanwhile, the report recounts Cemex in December announced a
preliminary agreement with banks to refinance US$3.7 billion out
of US$5.7 billion of debt due in 2009.  Even with the agreement,
the company will have to sell assets to meet debt maturities this
year, S&P said as cited by Bloomberg News.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. (NYSE: CX) --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s  'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'.  The Rating Outlook is Negative.

According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.


* BRAZIL: Sugar Mills Seek Stake Sale & Mergers Amid Credit Crunch
------------------------------------------------------------------
Brazil's sugar mills will likely seek to sell stakes and merge
with other producers as they struggle with debt amid a credit
crunch, Bloomberg News reports, citing Joao Sampaio, agriculture
secretary in Brazil's biggest-producing state for sugar and
ethanol.

Secretary Sampaio told Bloomberg in an interview that mills face a
shortage of credit after boosting debt to finance growth during
recent years.  "Mills invested a lot and they are very indebted,"
the report quoted Secretary Sampaio as saying.  "They face
difficulties to obtain more funds," he added.

According to the report, the lack of credit will create buying
opportunities for Cosan SA Industria & Comercio, Chief Executive
Officer Rubens Ometto told Bloomberg in an interview.

LatinFinance magazine, the report notes, said sugar and ethanol
maker Santelisa Vale SA may sell an equity stake because of "the
weight of its debt"


* BRAZIL: Morgan Stanley Cuts Local Banks' Profit Estimates
-----------------------------------------------------------
Morgan Stanley has cut Brazil banks' 2009 earnings forecasts,
saying 2009 could be the worst for profits in the last decade as a
drop in the country's benchmark lending rate reduces margins,
Fabio Alves of Bloomberg News reports.

"Banks in Brazil carry asset sensitive balance sheets; hence,
falling Selic should translate into lower margins," Morgan analyst
Jorge Kuri wrote in a note to clients, Bloomberg News relates.
"Banks are likely to face the first year with concurrent margin,
volume, and asset quality pressures in 10 years or so."

According to the report, Brazil's central bank cut its benchmark
overnight rate by a full percentage point to 12.75%.  The bank
signaled it's ready to keep lowering borrowing costs to prevent
Latin America's biggest economy from sliding into a recession, the
report says.

Morgan Stanley economists, Bloomberg News relates, now expect the
central bank will cut the benchmark rate to 10.25% by year-end, a
drop of 3.5 percentage points from the end of 2008.  They
previously estimated a 2 percentage-point reduction, the report
notes.

Bloomberg news adds the analysts reduced their view on Brazilian
banks to "cautious" from "attractive" to reflect a more
"challenging operating outlook as a result of lower interest
rates."

According to Moody's Rating Agency, the country continues to carry
a BA1 local and foreign currency rating.



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

ARMITAGE ABS: Commences Liquidation Proceedings
-----------------------------------------------
Armitage ABS CDO, Ltd. commenced liquidation proceedings on
December 4, 2008.

The company's liquidator is:

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


ATLANTIC JADE: Placed Under Voluntary Liquidation
-------------------------------------------------
The sole shareholder of Atlantic Jade Investments (Cayman) Ltd.
resolved to voluntarily liquidate the company's business on
Dec. 2, 2008.

The company's liquidator is:

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


AVENTINE HILL: Commences Liquidation Proceedings
------------------------------------------------
Aventine Hill CDO I, Ltd. commenced liquidation proceedings on
December 4, 2008.

The company's liquidator is:

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


DROGHEDA CONSULTANCY: Placed Under Voluntary Liquidation
--------------------------------------------------------
The sole shareholder of Drogheda Consultancy Limited resolved to
voluntarily liquidate the company's business on Dec. 8, 2008.

Only creditors who were able to file their proofs of debt by
January 20, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Shaun T. McCann
          Campbells Attorneys
          Scotia Centre, 4th Floor
          George Town, P O Box 884
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: +1345 949 2648
          Facsimile: +1345 949 8613


GEORGE TOWN: Placed Under Voluntary Liquidation
-----------------------------------------------
The shareholder of George Town Investments Limited resolved to
voluntarily liquidate the company's business on December 9, 2008.

Only creditors who were able to file their proofs of debt by
January 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Issa
          c/o Donald M. Miller
          Charles Adams, Ritchie & Duckworth
          P.O. Box 709, Zephyr House, Mary Street
          George Town, Grand Cayman KY1-1107
          Tel: 949-4544
          Fax: 949-8460


HIGHGATE HOUSE: Placed Under Voluntary Liquidation
--------------------------------------------------
The shareholder of Highgate House Funds, Ltd. resolved to
voluntarily liquidate the company's business on Oct. 15, 2008.

The company's liquidator is:

          Troy Rillo
          c/o David Marshall
          Walkers
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands
          Telephone: (345) 814 4582
          Facsimile: (345) 949 7886


HINDSIGHT EQUITY: Placed Under Voluntary Liquidation
----------------------------------------------------
The sole shareholder of Hindsight Equity Focus Fund (Cayman)
Limited resolved to voluntarily liquidate the company's business
on Nov. 28, 2008.

The company's liquidator is:

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


KING LUN: Placed Under Voluntary Liquidation
--------------------------------------------
The shareholder of King Lun Asia Fund (I) Limited resolved to
voluntarily liquidate the company's business on December 8, 2008.

Only creditors who were able to file their proofs of debt by
January 12, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Rainier Hok Chung Lam
          John James Toohey
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


LIBERTAS PREFERRED: Placed Under Voluntary Liquidation
------------------------------------------------------
The sole shareholder of Libertas Preferred Funding III, Ltd.
resolved to voluntarily liquidate the company's business on
Dec. 8, 2008.

The company's liquidator is:

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


MIKADO LTD: Appoints Sarah Knutson as Liquidator
------------------------------------------------
On December 5, 2008, the sole shareholder of Mikado Ltd. appointed
Sarah Knutson as the company's liquidator.

Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

           Sarah Knutson
           555 W 18 Street, New York, NY 10011, USA
           Tel: (212) 314-7225
           Fax: (212) 314-7476


MONTGOMERY EQUITY: Placed Under Voluntary Liquidation
-----------------------------------------------------
The shareholder of Montgomery Equity Partners, Ltd. resolved to
voluntarily liquidate the company's business on Oct. 15, 2008.

The company's liquidator is:

          Troy Rillo
          c/o David Marshall
          Walkers
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands
          Telephone: (345) 814 4582
          Facsimile: (345) 949 7886


OXFORD ALTERNATIVE: Commences Liquidation Proceedings
-----------------------------------------------------
Oxford Alternative Strategy Fund commenced liquidation proceedings
on November 26, 2008.

Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Stuart K Sybersma
          Ian A. N. Wight
          c/o Mervin Solas
          Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258


PERFORMANCE PARTNERS: Placed Under Voluntary Liquidation
--------------------------------------------------------
The shareholder of Performance Partners, Ltd. resolved to
voluntarily liquidate the company's business on December 9, 2008.

The company's liquidator is:

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


PPM RIVIERA: Placed Under Voluntary Liquidation
-----------------------------------------------
The sole shareholder of PPM Riviera Loan Fund, Ltd. resolved to
voluntarily liquidate the company's business on Dec. 5, 2008.

The company's liquidator is:

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


Q APPRECIATION: Creditors' Proofs of Debt Due on March 1
--------------------------------------------------------
The creditors of Q Appreciation Fund A-1, Ltd. are required to
file their proofs of debt by March 1, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidators are:

          Jane Fleming
          Melanie Harbron
          Queensgate Bank & Trust Company Ltd
          PO Box 30464, Harbour Place
          Grand Cayman, KY1-1202
          Tel: 345 945 2187
          Fax: 345 945 2197


Q-BLK CHARITABLE: Creditors' Proofs of Debt Due on March 1
----------------------------------------------------------
The creditors of Q-BLK Charitable Concentrated Portfolio, Ltd. are
required to file their proofs of debt by March 1, 2009, to be
included in the company's dividend  distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidators are:

          Jane Fleming
          Melanie Harbron
          Queensgate Bank & Trust Company Ltd
          PO Box 30464, Harbour Place
          Grand Cayman, KY1-1202
          Tel: 345 945 2187
          Fax: 345 945 2197


QAF III: Creditors' Proofs of Debt Due on April 1
-------------------------------------------------
The creditors of QAF III Holdings, Ltd. are required to file their
proofs of debt by April 1, 2009, to be included in the company's
dividend  distribution.

The company commenced liquidation proceedings on December 4, 2008.

The company's liquidators are:

          Jane Fleming
          Melanie Harbron
          Queensgate Bank & Trust Company Ltd
          PO Box 30464, Harbour Place
          Grand Cayman, KY1-1202
          Tel: 345 945 2187
          Fax: 345 945 2197


REFLEB INVESTORS: Creditors' Proofs of Debt Due on March 1
----------------------------------------------------------
The creditors of Refleb Investors IIA, Ltd. are required to file
their proofs of debt by March 1, 2009, to be included in the
company's dividend  distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidators are:

          Jane Fleming
          Melanie Harbron
          Queensgate Bank & Trust Company Ltd
          PO Box 30464, Harbour Place
          Grand Cayman, KY1-1202
          Tel: 345 945 2187
          Fax: 345 945 2197


SAFIR CAPITAL: Enters Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 22, 2008,
the shareholders of Safir Capital Local Merging Markets
International Fund, Ltd resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
November 30, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          RBR Director Services Ltd
          Corporate Plaza, 1st Floor
          24 Howard Street, George Town
          P.O. Box 30349, Grand Cayman KY1-1202
          Telephone: (345) 946-0754
          Fascimile: (345) 946-0751


TORTUGA LTD: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------
The creditors of Tortuga, Ltd. are required to file their proofs
of debt by April 1, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 4, 2008.

The company's liquidators are:

          Jane Fleming
          Melanie Harbron
          Queensgate Bank & Trust Company Ltd
          PO Box 30464, Harbour Place
          Grand Cayman, KY1-1202
          Tel: 345 945 2187
          Fax: 345 945 2197



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

ECOPETROL: Starts Extensive Production Testing in Quifa-5 Well
--------------------------------------------------------------
Ecopetrol S.A. announces Quifa-5 well located in the department of
Meta produced surface hydrocarbons and begun a phase of extensive
production testing on December 6, 2008.

The well was drilled by Meta Petroleum LTD., an operator of the
Quifa joint venture agreement that Meta Petroleum entered into
with Ecopetrol.  The well's final depth was reached in November of
2008.

The well is producing heavy oil with 13.4 degrees API at an
average rate of 220 barrels of crude oil per day, according to
initial tests conducted by the operator over the past few weeks.

Ecopetrol is responsible for 30% of the exploration costs being
carried out jointly with Meta Petroleum, and is receiving 40% of
the hydrocarbons production coming from each commercial field,
after deducting royalties.

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

                          *     *     *

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



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

ALPART: Restructuring Measures to Impact Workers' Fate
------------------------------------------------------
Alumina Partners of Jamaica ("Alpart")'s unionised production
workers are to learn how they will be affected by restructuring
measures being implemented in the local aluminium operations,
Radio Jamaica News reports.

Earlier this week, the report recounts, Alpart's management
instituted a new employment regime for non-unionized management
and supervisory staff.  The non-unionized management and
supervisory staff were asked to work a shortened work week with
less pay or be placed on layoff without a salary, the report
relates.

According to the report, more than 200 temporary workers have been
sent home as the company struggles to keep its operations afloat
in the wake of a 50% cut in production due to a dramatic fall off
in global demand for aluminium.

Vincent Morrison, president of the National Workers Union, told
the news agency that ALPART is expected to roll out another set of
cost saving measures which will affect unionised employees.

"The company has cut production by 50% and is saying that it
cannot carry all the workers so we will have to find some creative
means to see how we can deal with the matter when we meet with
them on Friday," Radio Jamaica quoted Mr. Morrison as saying.

                           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.



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

COMERICI: Pending Legal Actions Suspended Until March 2
-------------------------------------------------------
Controladora Comercial Mexicana SAB ("Comerci") reached agreements
with its Mexican and U.S. creditors to suspend pending legal
actions against the company and prevent new ones until March 2,
Bloomberg News reports.

The report relates Idalia Cespedes, Grupo Financiero Interacciones
analyst, said Comerci is debating the value of its obligations
with creditors, estimating obligations at US$1 billion, while
creditors say the retailer owes over US$2 billion.  "This
agreement buys Comercial Mexicana some time," Bloomberg quoted Ms.
Cespedes as saying.

According to Reuters, Jose Calvillo, who heads Comerci's
restructuring effort, said creditors have appointed a common
representative to help them iron out differences with the company
and agree on the way and timing of the payments.

As reported in the Troubled Company Reporter - Latin America on
November 28, 2008, Reuters said Comerci's holders of around
MP1.5 billion (US$114 million) want all their money, without a
negotiated reduction, after the company defaulted due to the
global crisis and plummeting peso.

The report related that Comerci failed to make payments on local
notes held by some 1,000 investors, from funds to individuals, and
was expected by analysts to try to negotiate reduced payments.

Reuters noted that the retailer's creditors include six banks that
backed up its trading in derivatives for over US$1 billion, five
banks that extended loans, as well as bond holders.

The company has made two failed attempts in recent weeks to obtain
protection from creditors and is currently fighting in court for a
favorable ruling, the report said.

Mr. Calvillo, in charge of restructuring the company's
US$2 billion total debt, told Reuters earlier in November that
the company was evaluating which assets to sell to meet some of
its obligations.

Meanwhile, Reuters says JP Morgan, Barclays, Merrill Lynch,
Goldman Sachs, Banco Santander and Citigroup were involved in
Comerci's derivative operations.  The banks were counterparties to
Comerci's derivatives trades, the report notes.

Reuters adds that the Mexico-based operations of BBVA Bancomer,
Scotiabank, and HSBC Holdings as well as domestic banks Grupo
Financiero Banorte and Ixe Grupo Financiero loaned money to the
retailer.

                         About Comerici

Controladora Comercial Mexicana SAB de CV (CCM) --
http://www.comerci.com.mx --  is a Mexican holding company that,
through its subsidiaries, operates several chains of retail
stores, as well as a chain of family restaurants under the
Restaurantes California brand name.  In addition, CCM owns a 50%
interest in the Costco de Mexico, a joint venture with Costco
Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The Company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The Company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.



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

POPULAR INC: Posts US$1.2BB Net Loss for Year Ended December 2008
-----------------------------------------------------------------
Popular Inc. reported a net loss of US$702.9 million for the
quarter ended December 31, 2008, compared with a net loss of
US$294.1 million in the same quarter of 2007 and a net loss of
US$668.5 million for the quarter ended September 30, 2008.

For the year ended December 31, 2008, the net loss reported
amounted to US$1.2 billion, compared to a net loss of
US$64.5 million in the same period of the previous year.

During the third quarter of 2008, the corporation said it
discontinued the operations of its U.S.-based subsidiary Popular
Financial Holdings ("PFH").

"Our disappointing results reflect deteriorating economic
conditions both in the U.S. mainland and Puerto Rico, which
resulted in substantial loss for the fourth quarter principally
caused by a significant increase in the allowance for loan losses
and the valuation allowance equal to 100% of the deferred tax
asset related to our U.S mainland operations," indicated Richard
L. Carrion, Chairman of the Board and Chief Executive Officer of
Popular Inc.  "The provision for loan losses increased
particularly in the construction sector in Puerto Rico and in the
U.S. mainland and the mortgage related loans in our U.S. mainland
portfolios.  Notwithstanding these charges, our Puerto Rico
operation produced over US$200 million in profits.  The US$935
million TARP funds provided us with solid regulatory capital
ratios, which will permit us to manage through what we expect to
be another extremely challenging year."

Mr. Carrion added: "The integration of the U.S. mainland franchise
and our Puerto Rico operation is underway to provide a more nimble
organization focused on core banking and achieving the necessary
operational synergies."

These principal items impacted the corporation's continuing
operations financial results for the quarter ended December 31,
2008, when compared to the same quarter in the previous year:

   * higher provision for loan losses by US$267.1 million as a
     result of higher credit losses and increased specific
     reserves for impaired loans;

   * valuation allowance on the corporation's deferred tax assets
     related to the U.S. operations of US$462.8 million recorded
     during the fourth quarter of 2008; and

   * lower goodwill and trademark impairment losses by
     US$199.3 million due to US$211.8 million in impairment losses
     related to E-LOAN's goodwill and trademark recognized in the
     fourth quarter of 2007, compared to losses of US$12.5 million
     in the fourth quarter of 2008, consisting principally of
     US$10.9 million in losses related to E-LOAN's trademark.  The
     trademark impairment losses recorded in 2008 resulted from E-
     LOAN ceasing to operate as a direct lender in the fourth
     quarter of 2008.

The corporation's net loss for the quarter and year ended
December 31, 2008 was broken down as follows:

  -- Net income for the Banco Popular de Puerto Rico ("BPPR")
     reportable segment for the quarter ended December 31, 2008
     amounted to US$12.4 million, compared to US$80.2 million in
     the same quarter of the previous year.  The financial results
     were principally impacted by an increase in the provision for
     loan losses of US$112.7 million primarily related to the
     commercial and construction loan portfolios.  During the
     fourth quarter of 2008, several commercial and construction
     loans in the BPPR reportable segment reported further
     deterioration due to current economic conditions requiring
     their classification as impaired loans under SFAS No. 114 or
     an increase in their specific reserves.  As of December 31,
     2008, there were US$639 million of SFAS No. 114 impaired
     loans in the BPPR reportable segment with a related specific
     allowance for loan losses of US$137 million.  During this
     fourth quarter, the Corporation recorded US$101 million in
     provision for loan losses for loans classified as impaired
     under SFAS No. 114 in the BPPR reportable segment, of
     which US$79 million pertained to residential construction
     loans.

     BPPR's reportable segment net interest income for the fourth
     quarter of 2008 declined US$13.8 million, compared to the
     same quarter in the previous year.  This decrease was
     principally related to lower volume of investment securities
     and to lower yields in the loan and investment portfolios,
     partially offset by lower cost of funds.  Despite the impact
     of the unprecedented market conditions and historical
     reductions in interest rates by the Federal Reserve ("FED"),
     the BPPR reportable segment maintained a healthy net interest
     margin that approximated 3.89% for the quarter ended
     December 31, 2008, compared to 3.91% in the same quarter of
     the previous year.  Non-interest income increased for the
     quarter by US$10.4 million, or 8%, principally in other
     service fees and service charges on deposits accounts.
     Operating expenses in this reportable segment decreased
     by US$3.4 million when comparing quarterly periods.  This
     decline was partly the result of successful control
     management efforts and reduced compensation tied to financial
     performance.

  -- Banco Popular North America ("BPNA") reportable segment
     reported net losses of US$349.5 million for the quarter ended
     December 31, 2008, compared to net losses of US$218.3 million
     in the fourth quarter of 2007.  The quarterly financial
     results were principally impacted by an increase in the
     provision for loan losses of US$156.4 million.  The increase
     in the provision for loan losses considered higher loan net
     charge-offs, specific reserves for commercial, construction
     and mortgage loans, as well as the impact of the
     deterioration in the U.S. residential housing market that has
     also affected home equity lines of credit and second lien
     mortgage loans which are behaving as unsecured loans due to
     devaluation in real estate.  This reportable segment also
     recognized a valuation allowance on deferred tax assets
     of US$200.1 million during the fourth quarter of 2008.  These
     unfavorable variances were in part offset by the reduction in
     impairment losses on intangible assets of E-LOAN which was
     previously described.

     During the quarter ended December 31, 2008, the BPNA
     reportable segment recorded approximately US$33.8 million in
     charges such as severance costs, lease cancellations, and
     write-downs of intangibles and long-lived assets that were
     associated to the restructuring plans of its banking
     operations and E-LOAN.  As indicated in the Form 10-Q filed
     on November 10, 2008, in October 2008, the Corporation's
     Board of Directors approved a restructuring plan for BPNA
     with the objective of reducing the size of its banking
     operations in the U.S. mainland to a level suited to present
     economic conditions, improve profitability in the short term,
     increase liquidity and lower credit costs and, over time,
     achieve a greater integration with corporate functions in
     Puerto Rico.  Also, the Board of Directors approved a plan
     for E-LOAN to cease operating as a direct lender effective in
     the fourth quarter of 2008.  Refer to the Corporation's Form
     10-Q for the quarter ended September 30, 2008 for further
     information.

     The integration of both banking subsidiaries, BPPR and BPNA,
     under one management continues to be implemented, as part of
     the previously announced restructuring plan for the U.S.
     operations. The business divisions of retail banking and
     commercial banking, in addition to administrative and
     operational personnel, at Banco Popular North America, are
     now reporting to management in Puerto Rico.

  -- Losses of US$75.2 million, net of tax, related to the
     discontinued operations of Popular Financial Holdings ("PFH")
     in the U.S. mainland for the fourth quarter of 2008.  The net
     losses for the quarter ended December 31, 2008 corresponding
     to the discontinued operations included US$37.8 million in
     valuation allowances on the Corporation's deferred tax
     assets.  Also, the net loss included non-interest losses
     of US$24.3 million for the quarter ended December 31, 2008
     consisting of additional write-downs in loans accounted at
     fair value as of year end and the final impact of the sale of
     assets to Goldman Sachs announced in the third quarter of
     2008 and that closed in November 2008.  Operating expenses
     for the discontinued operations amounted to US$34.1 million
     for the fourth quarter of 2008, which primarily included
     charges related to the final settlement on the sale to
     Goldman Sachs, personnel costs and other restructuring
     charges related to the discontinuance of the operations. As
     of December 31, 2008, PFH holds only US$13 million in assets,
     of which US$7 million are loans measured at fair value.

                     Net Loss from Continuing
                 Operations – Fourth Quarter 2008
                 compared to Fourth Quarter 2007:

   Net Interest Income
   ===================

Net interest income for the fourth quarter of 2008 was US$288.9
million, compared with US$337.3 million for the fourth quarter of
2007.  The decrease was due to a decline of US$1.3 billion in
average earning assets, together with a reduction of 40 basis
points in the net interest margin.

The decline in average earning assets was due mostly to the runoff
of investment securities as part of a strategy of delivering the
balance sheet.  The reduction in the average balance of investment
securities was used to repay short-term borrowings, including
repurchase agreements.  In the loan portfolio, an increase in
average commercial loans outstanding was offset in part by
declines in mortgage and auto loans.

The decline in the net interest yield was driven by a reduction in
the yield of earning assets.  This was caused primarily by the
decline in the yield of commercial loans, which have a significant
amount of floating rate loans whose yield decreased as the Fed cut
the funds rate in 2008.  The Fed lowered the federal funds target
rate between 400 and 425 basis points from December 31, 2007 to
December 31, 2008.  Also contributing to the reduction in the
yield of commercial loans is the substantial increase in non-
performing loans.

The corporation's average cost of funds decreased driven by a
reduction in the cost of deposits and short-term borrowings.
Offsetting partially the decline in the cost of deposits and
short-term borrowings was an increase in the cost of long-term
borrowings.  During 2008, certain medium-term notes matured which
had been issued in previous years at relatively low rates were
some replaced with more expensive term funds whose cost reflects
the current distressed conditions of the credit markets.  Also
contributing to the reduction in the net interest yield was the
net loss for the year which reduced available funds obtained
through capital.

   Provision for Loan Losses and Credit Quality
   ============================================

The provision for loan losses in the continuing operations totaled
US$388.8 million, or 174% of net charge-offs, for the quarter
ended December 31, 2008, compared with US$121.7 million or 157%,
respectively, for the same quarter in 2007, and US$252.2 million,
or 148%, respectively, for the quarter ended September 30, 2008.
The provision for loan losses for the quarter ended December 31,
2008, when compared with the same quarter in 2007, reflects higher
net charge-offs by US$146.2 million, mainly in construction loans
by US$63.0 million, consumer loans by US$28.8 million, commercial
loans by US$37.0 million, and mortgage loans by US$15.1 million.
Provision and net charge-off information for prior periods was
retrospectively adjusted to exclude discontinued operations for
comparative purposes.

The higher level of provision for the quarter ended December 31,
2008 was mainly attributable to the continuing deterioration in
the commercial and construction loan portfolios due to current
economic conditions in Puerto Rico and the U.S. mainland.  Credit
deterioration trends in the Corporation's commercial loan
portfolio are reflected across all industry sectors.  The
allowance for loan losses for commercial and construction credits
has increased, particularly the specific reserves for loans
considered impaired.  Also, deteriorating economic conditions in
the U.S. mainland housing market have impacted the mortgage
industry delinquency rates.  The Corporation has recorded a higher
provision for loan losses in the fourth quarter of 2008 to cover
for inherent losses in the mortgage portfolio of the Corporation's
U.S. mainland operations as a result of higher delinquencies and
net charge-offs, and consideration of troubled debt restructuring
in the mortgage portfolio, principally from the non-conventional
business of Banco Popular North America.  Furthermore, consumer
loans net charge-offs rose principally due to higher losses on
home equity lines of credit and second lien mortgage loans of the
Corporation's U.S. mainland operations, which are categorized by
the Corporation as consumer loans.  The deterioration in the
delinquency profile and the declines in property values have
negatively impacted charge-offs.

The allowance for loan losses represented 3.43% of loans held-in-
portfolio at December 31, 2008, compared with 2.76% at
September 30, 2008 and 1.96% at December 31, 2007.  As of
December 31, 2008, there were US$898 million of SFAS No. 114
impaired loans in the Corporation's continuing operations with a
related specific allowance for loan losses of US$195 million,
compared with impaired loans of US$291 million and a specific
allowance of US$53 million as of December 31, 2007, excluding PFH.
During the quarter ended December 31, 2008, the Corporation
recorded US$150 million in provision for loan losses for loans
classified as impaired under SFAS No. 114. As of September 30,
2008, there were US$753 million of SFAS No. 114 impaired loans in
the Corporation's continuing operations with a related specific
allowance for loan losses of US$131 million.

Non-performing assets of the continuing operations totaled US$1.3
billion at December 31, 2008.  This represented an increase of
US$192 million since September 30, 2008 primarily related to
increases in construction loans by US$84 million, mortgage loans
by US$57 million, commercial loans by US$24 million, consumer
loans by US$10 million and other real estate by US$17 million.
Non-performing assets from continuing operations increased by
US$672 million from December 31, 2007 to the same date in 2008.
The increases were mostly reflected in commercial loans by US$207
million, construction loans by US$230 million, mortgage loans by
US$168 million, consumer loans by US$26 million and other real
estate by US$40 million.

   Non-interest Income
   ===================

Non-interest income from continuing operations totaled US$141.5
million for the quarter ended December 31, 2008, compared with
US$190.6 million for the same quarter in 2007.  The unfavorable
variance in non-interest income was principally as a result of an
increase in lower of cost or fair value adjustments in loans
reclassified to held-for-sale, primarily related to a lease
portfolio from the U.S. mainland operations, lower gains on the
sale of SBA commercial loans due to lower volume sold, and higher
impairments on investments accounted under the equity method.

   Operating Expenses
   ==================

Operating expenses for the continuing operations totaled US$360.2
million for the quarter ended December 31, 2008, a decrease of
US$211.9 million, or 37%, compared with US$572.1 million for the
same quarter of 2007.

E-LOAN and BPNA commenced to carry out further restructuring of
its operations during the fourth quarter of 2008.  For the quarter
ended December 31, 2008, operating expenses for the continuing
operations included approximately US$33.8 million in costs
associated to the restructuring plans in place at the
subsidiaries, including impairments on E-LOAN's trademark and
other long-lived assets, compared to approximately US$231.9
million in 2007, which also included impairment losses associated
to E-LOAN's goodwill.  Isolating the impact of these restructuring
related costs, operating expenses totaled US$326.4 million for the
quarter ended December 31, 2008, compared to US$340.2 million for
the quarter ended December 31, 2007.  The decrease was principally
due to lower business promotion expenses and personnel costs,
including the impact of the downsizing of E-LOAN's operations in
early 2008 as well as lower compensation tied to financial
performance.

   Income Taxes
   ============

Income tax expense from continuing operations amounted to US$309.1
million for the quarter ended December 31, 2008, compared with an
income tax benefit of US$15.4 million for the same quarter of
2007.  As previously indicated, the variance was primarily due to
the establishment of a full valuation allowance on the deferred
tax assets of the U.S. mainland operations, as well as the impact
of higher operating losses.

The Corporation's net deferred tax assets (prior to deducting the
valuation allowance) amounted to US$1.2 billion as of December 31,
2008, of which US$848 million pertains to the U.S. mainland
operations.  As of December 31, 2008, the Corporation recorded a
total valuation allowance of US$861 million on the deferred tax
assets of the Corporation's U.S. operations.  This full valuation
allowance was recorded in consideration of the requirements of
SFAS No.109 "Accounting for Income Taxes" ("SFAS No. 109") which
states that a deferred tax asset should be reduced by a valuation
allowance if based on the weight of all available evidence, it is
more likely than not (a likelihood of more than 50%) that some
portion or all of the deferred tax asset will not be realized.
The determination of whether a deferred tax asset is realizable is
based on weighting all available evidence, including both positive
and negative evidence.  SFAS No. 109 provides that the realization
of deferred tax assets, including carryforwards and deductible
temporary differences, depends upon the existence of sufficient
taxable income of the same character during the carryback or
carryforward period.  SFAS No. 109 requires the consideration of
all sources of taxable income available to realize the deferred
tax asset, including the future reversal of existing temporary
differences, future taxable income exclusive of reversing
temporary differences and carryforwards, taxable income in
carryback years and tax planning strategies.

The Corporation's U.S. mainland operations are in a cumulative
loss position for the three-year period ended December 31, 2008.
For purposes of assessing the realizability of the deferred tax
assets in the U.S. mainland, this cumulative taxable loss
position, along with the evaluation of all sources of taxable
income available to realize the deferred tax asset, as discussed
above, is considered significant negative evidence and has caused
management to conclude that the Corporation will not be able to
fully realize the deferred tax assets in the future, considering
solely the criteria of SFAS No. 109.  Management will reassess the
realizability of the deferred tax assets based on the criteria of
SFAS No. 109 each reporting period.  If future events differ from
management's year-end 2008 assessment, a partial reversal of the
valuation allowance may be required in future years.  An important
consideration, although not sufficient positive evidence to
overcome the negative evidence under SFAS No. 109, is that the net
operating loss carryforwards of the Corporation's U.S. operations
have an expiration term of 20 years.  To the extent that the
financial results of the U.S. operations improve and the deferred
tax asset becomes realizable, the Corporation will be able to
reduce the valuation allowance through earnings.

   Investment securities
   =====================

The Corporation's portfolio of investment securities available-
for-sale and held-to-maturity totaled US$8.2 billion at
December 31, 2008, compared with US$8.3 billion at September 30,
2008 and US$9.0 billion at December 31, 2007.  The Corporation
holds investment securities primarily for liquidity, yield
enhancement and interest rate risk management.  The portfolio
primarily includes very liquid, high quality debt securities.  The
decline in the Corporation's available-for-sale and held-to-
maturity investment portfolios from December 31, 2007 to the same
date in 2008 was mainly associated with the maturities of
securities.

   Deposits
   ========

Brokered certificates of deposit, which are included as part of
time deposits, amounted to US$3.0 billion at December 31, 2008 and
US$3.1 billion at September 30, 2008 and December 31, 2007.

   Borrowings and Capital
   ======================

Stockholders' equity totaled US$3.3 billion at December 31, 2008,
compared with US$3.0 billion at September 30, 2008, and US$3.6
billion at December 31, 2007.  The increase in stockholders'
equity from September 30, 2008 to December 31, 2008 was due to the
US$935 million investment in preferred stock of Popular by the
United States Department of the Treasury ("Treasury") under
Treasury's TARP Capital Purchase Program.  The transaction closed
on December 5, 2008.  Also, the increase in stockholders' equity
reflects unrealized gains on securities available-for-sale of
US$174 million, net of tax, as of December 31, 2008, compared to
unrealized losses of US$22 million as of September 30, 2008.
These favorable variances were partially offset by the net loss of
US$702.9 million recorded during the fourth quarter of 2008.

The reduction in stockholders' equity from the end of 2007 to
December 31, 2008 is principally the result of the net loss of
US$1.2 billion recorded during the period, dividends paid during
the year and the US$262 million negative after-tax adjustment to
beginning retained earnings due to the transitional adjustment for
electing the fair value option, partially offset by the US$400
million preferred stock offering in May 2008 and the US$935
million of preferred stock issued under the TARP.

   Other Matters
   =============

The Corporation continues, along with its subsidiaries Banco
Popular of Puerto Rico and Banco Popular North America, to
participate in the Federal Deposit Insurance Corporation's
("FDIC") Temporary Liquidity Guarantee Program ("TLG"), which
provides full insurance coverage for non-interest bearing
transaction accounts, regardless of the dollar amount, and
guarantees newly issued senior unsecured debt.  The program is
designed to strengthen confidence and encourage liquidity in the
banking system.

Through the TLG Program, the FDIC will provide unlimited deposit
insurance coverage for all non-interest bearing transaction
accounts through December 31, 2009.  This includes traditional
non-interest bearing checking accounts, certain types of attorney
trust accounts and negotiable order of withdrawal accounts ("NOW
accounts") with interest rates no higher than 0.50 percent.

In addition, Popular also has the option under the TLG Program to
issue senior unsecured debt fully guaranteed by the FDIC on or
before June 30, 2009 with a maturity of June 30, 2012 or sooner.

                          About Popular

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.



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

AURIGA INT'L: Has US$350 Million Exposure to Madoff Fund
--------------------------------------------------------
British Virgin Islands-registered hedge fund Auriga International
Advisers has lost over CHF400 million (US$350 million) that were
invested in a fund linked to Bernard L. Madoff's alleged Ponzi
scheme, Associated Press reports, citing company's main
shareholder Jacques Rauber.

As reported in the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The SEC is
seeking emergency relief for investors, including an asset freeze
and the appointment of a receiver for the firm.

AP relates Mr. Rauber confirmed reports in Swiss weekly
SonntagsZeitung that the company's Auriga International fund was
wholly invested in Fairfield Sentry, which had invested all its
US$7.3 billion in assets with Madoff.

The company, the report notes, said "clients include both
institutional investors and high net worth individuals."

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
US 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 Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
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 at least US$50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
District 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.

                          About Auriga

Auriga is licensed to provide financial management services by
authorities on the British Virgin Islands, a Caribbean tax haven
known for its corporate and banking secrecy.



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


* CARIBBEAN ISLAND: Nevis Premier to Discuss Four Seasons' Future
-----------------------------------------------------------------
Nevis Premier Joseph Parry is set to meet with the management team
of Four Seasons Resort to discuss the future of the property on St
Kitts' sister isle, Caribbean360.com reports.

The report recounts that Four Seasons Resort Nevis has been closed
until April 30, as a result of the impact of Hurricane Omar which
hit the island last October.

"The closure has affected the island in so many ways and the
impact can be profound," the report quoted Premier Parry as
saying.

According to the report, Premier Parry said the Nevis Tourism
Authority has reported a loss of 65% in revenue since the
temporary closure.

Four Seasons Hotels Inc. -- http://www.fourseasons.com/ --
manages luxury hotels and resorts.  It is engaged in the
management of, and the investment in, hotels, resorts and branded
residential projects worldwide.  As of December 31, 2006, it had a
portfolio of 74 luxury hotel and resort properties (containing
approximately 18,090 guest rooms), several of which included a
residential component.  These properties are operated primarily
under the Four Seasons brand name in principal cities and resort
destinations in 31 countries in North America, the Caribbean,
Europe, Asia, Australia, the Middle East and South America.  It
also licenses and manages Four Seasons-branded residential
projects, including whole ownership and fractional ownership.  It
has two segments: management operations and ownership operations.
In April 2007, the Company announced the completion of the plan of
arrangement, pursuant to which Four Seasons will be taken private
by affiliates of Cascade Investment, L.L.C., Kingdom Hotels
International and others.


* Emerging Markets May See Rise in Corporate Loan Defaults
----------------------------------------------------------
Emerging markets may experience increase in company debt defaults
as the global recession curbs export revenue, pushes down local
currencies and makes banks reluctant to refinance, Bloomberg News
reports citing Standard Chartered Plc.

"Corporate debt is going to be one of the biggest issues in
emerging markets in the next two years," Bloomberg News quoted
Mohammed "Mo" Grimeh, New York-based head of trading for Standard
Chartered, as saying.  "Some corporates have issued more debt than
they can support."

According to the report, Mr. Grimeh said businesses in Brazil,
India, Mexico, Russia, Kazakhstan and other Eastern European
nations may be most at risk and may "need more support from the
government, central banks and state banks."

Citing data compiled by Commerzbank AG, the report says businesses
across emerging markets have more than US$218 billion of bonds and
syndicated loans coming due in 2009.  Russian companies need to
repay US$54 billion of debt, followed by Mexican issuers with
US$29 billion coming due and Brazilian firms with more than US$24
billion, Bloomberg News notes.  Currencies from all three nations
have also dropped more than 20 percent against the dollar in the
past year, increasing the cost of servicing foreign-currency
obligations, the report states.

The "extremely high" level of corporate debt sales over the past
several years and approaching maturities are "a source of
concern," Mr. Grimeh told Bloomberg News in an interview.

Bloomberg News relates data compiled by Commerzbank showed
emerging-market companies sold US$119 billion of debt in 2006,
US$95 billion in 2007 and US$38 billion last year.


* BOND PRICING: For the Week January 19 - January 23, 2009
----------------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      43.50
Argent-DIS               5.830    12/31/33     ARS      58.60
Argent-DIS               7.820    12/31/33     ARS      25.50
Argent-DIS               8.820    12/31/33     ARS      35.14
Argent-DIS               8.820    12/31/33     ARS      30.83
Argent-Par               0.630    12/31/38     ARS      13.33
Argnt-Bocon PRE8         2.000    01/03/10     ARS      56.76
Argnt-Bocon PR11         2.000    12/03/10     ARS      37.53
Argnt-Bocon PRE9         2.000    03/15/24     ARS      61.44
Argnt-Bocon PR12         2.000    01/03/16     ARS      61.43
Argnt-Bocon PR13         2.000    03/15/24     ARS      16.88
Arg Boden                2.000    09/30/14     ARS      37.99
Arg Boden                7.000    09/30/14     ARS      30.02
Argentina - NGB          2.000    01/03/16     ARS      49.49
Autopistas Sel S        11.500    05/23/17     USD      29.93
Banco Hipot SA           9.750    11/16/10     USD      63.26
Banco Hipot SA           9.750    04/27/16     USD      31.50
Banco Hipot SA           9.750    12/18/36     USD      33.11
Banco Hipot SA           9.750    12/18/36     USD      34.10
Bonar X                  7.000    04/17/17     USD      37.38
Banco Macro SA           8.500    02/01/17     USD      54.18
Bonar V                  7.000    03/28/11     USD      42.45
Bonar VII                7.000    09/12/13     USD      34.32
Bonar ARG $ V           10.500    10/09/17     ARS      43.50
Buenos Aire Prov         9.375    09/14/18     USD      22.57
Buenos Aire Prov         9.625    04/18/28     USD      22.43
Buenos-$DIS              9.250    04/15/17     USD      22.92
Buenos-$DIS              8.500    04/15/17     USD      19.00
Deutsche (Radars)        4.000    12/22/11     USD      63.49
Emp Distrib Nort        10.500    10/09/17     USD      45.00
Hidroelec Piedra         9.000    07/11/17     USD      55.99
Industries Metal        11.250    10/22/14     USD      50.01
Invers Rep Y Soc         8.500    02/02/17     USD      44.38
Mendoza Province         5.500    09/04/18     USD      32.25
Transener                8.875    12/15/16     USD      36.60
Trasport De Gas          7.875    05/14/17     USD      53.00


   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      73.25
Banco Cruzeiro          10.750    11/24/16     USD      69.42
Bertin Ltda             10.250    10/05/16     USD      51.75
Braskem SA               9.000    04/29/49     USD      72.50
BR Malls Int Fi          8.500    04/15/17     EUR      65.26
Cosan Finance            7.000    02/01/17     USD      68.75
Cosan SA Industr         8.250    02/28/49     USD      60.31
Cosan SA Industr         8.250    02/28/49     USD      51.62
JBS SA                  10.500    08/04/16     USD      68.00
Independencia In         9.875    05/15/15     USD      63.00
Independencia In         9.875    01/31/17     USD      62.50
National Steel           9.875    05/29/49     USD      68.70
Rede Empresas           11.12     04/29/49     USD      45.75
RBS-Zero Hora Ed        11.25     06/15/17     BRL      53.17
Soc Gen Accept           0.750    12/21/11     EUR      40.22
Soc Gen Accept           7.000    02/27/13     EUR      13.46
Soc Gen Accept           8.000    12/20/13     EUR      20.90
Vigor                    9.250    02/23/17     USD      47.68


   CAYMAN ISLANDS
   --------------
801 Grand B-2            1.225    09/20/16     USD      74.71
Aes Dominicana          11.000    12/13/15     USD      46.75
Aes Dominicana          11.000    12/13/15     USD      46.75
Agile Property           9.000    09/22/13     USD      56.50
Aig Sunamerica           5.625    02/01/12     GBP      74.24
Aig Sunamerica           6.375    10/05/20     GBP      50.84
Asif II                  5.125    01/28/13     GBP      69.94
Bancaja Intl Fin         5.700    06/30/22     EUR      63.59
Banco BPI (CI)           4.150    11/14/35     EUR      65.35
Banco BPI (CI)           4.150    11/14/35     EUR      65.35
Banco Finance Co         4.239    10/29/49     EUR      37.50
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           1.440    12/20/56     GBP      21.51
BBVA Bancomer SA         4.799    05/17/17     EUR      64.50
BBV Intl Fin             7.000    12/01/25     USD      70.34
BCP Finance Company      5.543    06/29/49     EUR      37.50
Bes Finance Limited      4.500    12/29/49     EUR      46.00
Bes Finance Limited      6.625    05/08/49     EUR      55.00
Bes Finance Limited      5.580    07/29/49     EUR      40.00
Bishopsgate Asse         5.107    09/29/37     GBP      70.37
Blue City Co             1.000    11/07/13     USD      69.08
Cam Global Fin           6.080    12/22/30     EUR      52.01
Castle Holdco 4          9.875    11/16/16     GBP      08.38
Castle Holdco 4          9.875    11/16/16     GBP      08.38
China Med Tech           3.500    11/15/11     USD      56.38
China Med Tech           4.000    08/15/13     USD      43.75
China Properties         9.125    05/04/14     USD      44.56
Country Garden           2.500    02/22/13     CNY      48.75
Credit Sail Ltd          8.500    12/22/12     NZD       6.00
DP World Sukuk           6.250    07/02/17     USD      56.97
DP World Sukuk           6.250    07/02/17     USD      61.85
Dubai Holding Comm       4.750    01/30/14     EUR      60.50
Dubai Holding Comm       6.000    02/01/17     GBP      57.50
DWR CYMN FIN             4.473    03/31/57     GBP      60.80
Embraer Overseas         6.375    01/24/17     USD      74.65
Embraer Overseas         6.375    01/24/17     USD      72.36
Embraer Overseas         6.375    01/24/17     USD      72.36
Esfg Internation         5.753    06/29/49     EUR      27.00
Gol Finance              7.500    04/03/17     USD      52.25
Gol Finance              7.500    04/03/17     USD      54.80
Gol Finance              8.750    04/28/49     USD      43.00
Greentown China          9.000    11/08/13     USD      35.00
Investcorp Cap           8.080    03/27/09     USD      74.05
Ja Solar Hold Company    4.500    05/15/13     USD      41.00
Lai Funding Holding      9.125    04/04/14     USD      61.62
Lupatech Finance         9.875    07/29/49     USD      73.25
M-2 SPC                  7.770    12/20/12     USD      47.38
Mafrig Overseas          9.635    11/16/16     USD      67.75
Malachite Fdg            0.630    12/21/56     EUR      14.80
Mazarin Fdg Ltd          0.250    09/20/68     EUR       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.630    09/20/68     GBP       9.50
Mazarin Fdg Ltd          1.440    09/20/68     GBP      20.13
Minerva Overse           9.500    02/01/17     USD      57.12
Mizuho Capital I         5.020    06/29/49     EUR      60.00
Mizuho Capital INV I     6.686    03/29/49     EUR      60.50
Mufg Cap Fin1            6.346    07/29/49     EUR      70.20
Mufg Cap Fin2            4.850    07/29/49     EUR      55.79
Mufg Cap Fin4            5.271    01/29/49     EUR      50.70
Mufg Cap Fin5            6.299    01/25/49     GBP      51.20
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
New Asat Finance         9.250    02/01/11     USD       7.00
Pacific Life Fnd         3.650    06/15/15     EUR      72.20
Pacific Life Fnd         3.800    03/15/15     EUR      73.38
Pacific Life Fnd         3.800    12/15/15     EUR      71.95
Pacific Life Fnd         4.000    06/15/17     EUR      68.69
Prince Fin Global        4.500    01/26/17     EUR      71.00
Pubmaster Fin            6.962    06/30/28     GBP      65.62
Pubmaster Fin            6.962    06/30/28     GBP      41.36
Reg Div Funding          5.251    01/25/36     USD      47.11
Reg Div Funding          5.251    01/25/36     USD      47.11
Resona PFD Glob          7.191    12/29/49     USD      45.87
Seagate Tech HDD         6.800    10/01/16     USD      52.03
Seagate Tech HDD         6.375    10/01/11     USD      67.88
Shimao Property          8.000    12/01/16     USD      47.50
Shimao Property          8.000    12/01/16     USD      48.05
SMFG Preferred           6.078    01/29/49     USD      64.93
SMFG Preferred           6.164    01/29/49     USD      51.96
STB Finance              5.834    09/29/49     GBP      68.37
Struct Invest CP         2.000    07/30/16     USD      42.63
Subsea                   2.800    06/06/11     USD      66.14
Sunamer Inst Fnd         6.150    10/14/19     EUR      52.94
Suntech Power            3.000    03/15/13     USD      47.75
Tam Capital Inc.         7.375    04/25/17     USD      54.96
Tam Capital Inc.         7.375    04/25/17     USD      52.87
Trina Solar Ltd          4.000    07/15/13     USD      34.75
UOB Cayman Limited       5.796    12/29/49     USD      68.04
Vestel Elec Fin          8.750    05/09/12     USD      59.84
Vontobel Cayman          8.350    03/27/09     USD      71.40
Vontobel Cayman         15.600    01/23/09     USD      11.00
Vontobel Cayman         12.150    02/20/09     USD      32.40
Vontobel Cayman         13.550    01/23/09     USD      55.00
Vontobel Cayman         10.550    03/27/09     USD      58.00
Vontobel Cayman         10.050    02/20/09     USD      21.80
Vontobel Cayman         11.300    04/24/09     USD      59.80
Vontobel Cayman         10.650    02/27/09     USD      35.60
Vontobel Cayman         15.750    01/23/09     USD      40.60
Vontobel Cayman         17.900    01/23/09     USD      40.60
XL Capital Limited       5.250    09/15/14     USD      64.49
XL Capital Limited       6.250    05/15/27     USD      52.77
XL Capital Limited       6.375    11/15/24     USD      54.84
XL Capital Limited       6.500    12/31/49     USD      14.50


   CHILE
   -----
CAP                      7.375    09/15/36     USD      72.71
CAP                      7.375    09/15/36     USD      74.16
Codelco                  5.625    09/21/35     USD      68.49
Codelco                  5.625    09/21/35     USD      69.80
Codelco                  6.150    10/24/36     USD      74.76
Codelco                  6.150    10/24/36     USD      74.76





   COSTA RICA
   ----------
CAP                      7.375    09/15/36     USD      73.80


   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       8.625    04/20/27     USD      57.00
Dominican Republic       9.040    01/23/18     USD      72.15


   ECUADOR
   -------
Ecuador-Par Strp         4.000    05/28/18     USD      69.05
Ecuador-Par Strp         4.000    02/28/25     USD      74.83
Ecua-Par B RCT           4.000    02/28/25     USD      52.46


  EL SALVADOR
  -----------
El Salvador Rep          7.650    06/15/35     USD      73.30
El Salvador Rep          7.650    06/15/35     USD      74.13


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      64.92
Jamaica Govt             8.000    06/24/19     USD      74.84
Jamaica Govt             8.000    03/15/39     USD      57.00
Jamaica Govt             8.500    02/28/36     USD      62.75
Jamaica Govt             9.250    10/17/25     USD      72.59
Jamaica Govt LRS        12.750    06/29/22     JMD      56.49
Jamaica Govt LRS        12.750    06/29/22     JMD      56.47
Jamaica Govt LRS        12.850    05/31/22     JMD      56.93
Jamaica Govt LRS        13.375    12/15/21     JMD      59.39
Jamaica Govt LRS        13.375    04/27/32     JMD      56.17
Jamaica Govt LRS        13.575    12/15/26     JMD      57.49
Jamaica Govt LRS        13.625    06/23/14     JMD      74.04
Jamaica Govt            14.000    06/30/21     EUR      62.27
Jamaica Govt            14.250    08/19/15     EUR      72.83
Jamaica Govt            14.375    09/13/14     EUR      65.14
Jamaica Govt LRS        14.400    18/03/27     JMD      62.56
Jamaica Govt LRS        14.500    16/28/17     JMD      70.54
Jamaica Govt LRS        14.500    08/02/17     JMD      69.39
Jamaica Govt LRS        15.000    07/31/16     JMD      73.13
Jamaica Govt LRS        15.000    11/15/21     JMD      66.05
Jamaica Govt LRS        15.000    08/30/32     JMD      64.86
Jamaica Govt LRS        15.000    09/06/32     JMD      50.35
Jamaica Govt LRS        15.500    03/24/28     JMD      65.09
Jamaica Govt LRS        15.750    08/22/19     JMD      70.85
Jamaica Govt LRS        16.000    05/17/17     JMD      74.97
Jamaica Govt            16.000    06/13/22     EUR      69.86
Jamaica Govt            16.000    12/06/32     EUR      67.21
Jamaica Govt LRS        16.250    05/22/27     EUR      73.21
Jamaica Govt LRS        16.250    08/26/32     EUR      70.36
Jamaica Govt LRS        16.250    07/26/32     EUR      68.32
Jamaica Govt LRS        16.250    06/18/27     EUR      70.51
Jamaica Govt LRS        16.150    06/12/22     EUR      70.49
Jamaica Govt LRS        16.150    06/12/22     EUR      72.38
Jamaica Govt LRS        16.250    05/22/22     EUR      70.88
Jamaica Govt LRS        16.250    05/22/27     EUR      68.50
Jamaica Govt LRS        16.500    06/14/27     EUR      69.57
Jamaica Govt LRS        17.000    07/11/23     EUR      73.49




    MEXICO
    ------
Mer Lynch Int CV         8.000    01/30/09     CHF      31.20
Mer Lynch Int CV        10.760    03/16/09     CHF      37.99
Mer Lynch Int CV        11.200    03/16/09     CHF      30.89
Mer Lynch Int CV        11.330    03/16/09     CHF      69.30
Mer Lynch Int CV        11.400    03/16/09     CHF      62.11
Mer Lynch Int CV        11.660    03/16/09     CHF      11.41
Mer Lynch Int CV        11.720    03/16/09     CHF      29.69
Mer Lynch Int CV        11.730    03/16/09     CHF      74.74
Mer Lynch Int CV        12.200    03/16/09     CHF      20.54
Mer Lynch Int CV        12.460    03/16/09     CHF      35.10
Mer Lynch Int CV        12.760    03/16/09     CHF      22.29
Mer Lynch Int CV        13.100    03/16/09     CHF      48.83
Mer Lynch Int CV        13.280    03/16/09     CHF      11.83
Mer Lynch Int CV        13.720    03/16/09     CHF      52.67
Mer Lynch Int CV        14.000    04/09/09     CHF      38.50
Mer Lynch Int CV        14.530    03/16/09     CHF      21.22
Mer Lynch Int CV        14.890    03/16/09     CHF      29.54
Mer Lynch Int CV        15.220    03/16/09     CHF      16.62
Mer Lynch Int CV        15.520    03/16/09     CHF      28.82
Mer Lynch Int CV        16.330    03/16/09     CHF      11.93
Mer Lynch Int CV        16.380    03/16/09     CHF       8.99
Mer Lynch Int CV        16.450    03/16/09     CHF      27.29
Mer Lynch Int CV        16.800    03/16/09     CHF      25.95
Mer Lynch Int CV        17.140    03/16/09     CHF      17.14
Mer Lynch Int CV        18.000    03/27/09     CHF      68.45
Mer Lynch Int CV        18.020    03/27/09     CHF      59.20
Mer Lynch Int CV        19.110    03/16/09     CHF       6.82
Mer Lynch Int CV        19.380    03/16/09     CHF       1.71


  PANAMA
  ------
Carnival Corp            6.650    01/15/28     USD      73.29
Willbros Group           2.750    03/15/24     USD      58.50


  PERU
  ----

CFG Invest Sac           9.250    12/19/13     USD      66.87


  PUERTO RICO
  -----------
Doral Finl Corp          7.000    04/26/12     USD      54.75
Doral Finl Corp          7.100    04/26/17     USD      71.50
Doral Finl Corp          7.650    03/26/16     USD      66.75
Puerto Rico Cons         6.500    04/01/16     USD      68.80
Puerto Rico GNMA         5.750    04/01/21     USD      61.89


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      46.12
Uruguay                  4.250    04/05/27     UYU      55.25
Uruguay                  5.000    09/14/18     UYU      69.87
Uruguay Gov Bond         7.500    03/23/11     USD      69.98
Uruguay Gov Bond         7.500    03/23/11     USD      60.94
Uruguay Gov Bond         7.500    03/23/11     USD      60.94
Uruguay Gov Bond         7.500    03/23/11     USD      72.45
Uruguay Gov Bond         7.625    03/05/12     USD      53.70
Uruguay Gov Bond         8.000    02/25/10     USD      51.21
Uruguay Gov Bond         9.750    02/28/12     USD      57.21
Uruguay Gov Bond         9.750    02/28/12     USD      57.21
Uruguay Gov Bond         9.750    02/28/20     USD      57.41


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      37.45
Petroleos de Ven         5.375    04/12/27     USD      32.00
Petroleos de Ven         5.500    04/12/37     USD      32.00
Venezuela                5.750    12/09/20     EUR      43.49
Venezuela                6.000    12/09/20     EUR      39.19
Venezuela                7.000    03/16/15     EUR      47.99
Venezuela                7.000    03/16/15     EUR      50.28
Venezuela                7.000    12/01/18     USD      44.64
Venezuela                7.000    03/31/38     USD      37.28
Venezuela                7.650    04/21/25     USD      44.00
Venezuela                8.500    10/08/14     USD      54.00
Venezuela                9.000    05/07/23     USD      45.50
Venezuela                9.250    09/15/27     USD      54.50
Venezuela                9.250    05/07/28     USD      46.50
Venzod - 189000          9.375    01/13/34     USD      47.00
Venzod - 189000         10.750    09/19/13     USD      67.00
Venezuela               10.750    09/19/13     USD      66.74
Venezuela               10.750    09/19/13     USD      67.43
Venezuela               13.625    08/15/13     USD      66.00
Venezuela               13.625    08/15/13     USD      66.37
Venezuela               13.625    08/15/13     USD      66.37

                            ***********

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 2008.  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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