TCRLA_Public/090602.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, June 2, 2009, Vol. 10, No. 106

                            Headlines

A R G E N T I N A

BOERO SRL: Informative Hearing Slated for September 9
DEUTSCHE BANK: Moody's Assigns 'Ba1' Global Scale Rating
EMPRESA JUJENA: Moody's Assigns 'B3' Corporate Family Rating
NICOLAS AVELLANEDA: Proofs of Claim Verification Due on August 7
NIVEL CAR: Proofs of Claim Verification Due on August 5

SICER SA: Proofs of Claim Verification Due on August 19
TIXA SRL: Proofs of Claim Verification Due on August 20
* Moody's Reviews Global Currency Ratings on 16 Argentine Banks


B A H A M A S

* BAHAMAS: Tourist Arrival Drops 4.5% in 2008 Fiscal Year


B R A Z I L

BANCO BRADESCO: Bradespar Mulls Sale of BRL800 Million Local Bonds
BANCO DO BRASIL: CFO to Step Down; Become Unit's President
BANCO DO BRASIL: Marfrig Obtains BRL250-Million Financing
BANCO HIPOTECARIO: Posts BRL30.0 Million Net Income in First Qtr.
BRASKEM SA: Taps Peru, Venezuela in Expansion Program

CAMAGRO CORREA: Mulls US$370-Million Angolan Cement Factory
GERDAU SA: Board Approves US$150 Million Loan From Bradesco


C A Y M A N  I S L A N D S

APPLETON PROTECTED: Commences Wind-Up Proceedings
BARGO HOLDING: Creditors' Proofs of Debt Due on July 30
BRISPHER CORPORATION: Creditors' Proofs of Debt Due on August 11
BRISPHER TRADING: Creditors' Proofs of Debt Due on August 11
COTSWOLD: Creditors' Proofs of Debt Due on June 25

DYNAMIC DECISIONS: Fund Placed Into Liquidation by Cayman Court
FORTIS CURRENCY: Placed Under Voluntary Wind-Up
GRS ORION: Placed Under Voluntary Wind-Up
HARLEY INTERNATIONAL: Court Enters Wind-Up Order
OPTIMUM LTD: Creditors' Proofs of Debt Due on August 12

REGULUS FUND: Creditors' Proofs of Debt Due on June 25
SANTA CLARA I: Court Enters Wind-Up Order
SANTA CLARA II: Court Enters Wind-Up Order
SEIX US DOLLAR: Creditors' Proofs of Debt Due on June 25
VEGA FUND: Creditors' Proofs of Debt Due on June 25

VEGA FUND: Creditors' Proofs of Debt Due on June 25


C H I L E

COMPANIA SUD: Advances Equity Raise


C U B A

* CUBA: Lowers This Year's Growth Forecast to Two Percent


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

BOERO SRL: Informative Hearing Slated for September 9
-----------------------------------------------------
Boero S.R.L. has determined the date of informative hearing for
September 9, 2009.


DEUTSCHE BANK: Moody's Assigns 'Ba1' Global Scale Rating
--------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXIX issued by
Deutsche Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Caa2.ar (Argentine National
Scale) and Caa3 (Global Scale, Local Currency) to the Class B
Fixed Rate Securities; and ratings of C.ar (Argentine National
Scale) and C (Global Scale, Local Currency) to the subordinated
Certificates.

The assigned ratings are based on these factors:

  -- The credit quality of the securitized personal loans

  -- The ability and willingness of ANSES to make monthly pensions

  -- The ability of Banco Supervielle to act as the servicer of
     the pool.

  -- The ability of Deutsche Bank to act as trustee in this
     transaction

  -- Initial credit enhancement provided through subordination

  -- The availability of various reserve accounts, and

  -- The legal structure of the transaction.

                      The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 17,032 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of Ar$ 50,001,068.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent for this government entity and
deducts the monthly loan installment directly from the borrower's
paycheck.

                            Structure

Deutsche Bank S.A. (Issuer and Trustee) issued three classes of
Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class B Fixed Rate Securities) and one class of
Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 17%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 525 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 26% or lower
than 16%.  The Class B Fixed Rate Securities will bear a fixed
interest rate of 24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

                          Rating Action

Originator: Banco Supervielle S.A.

  -- Ar$19,000,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXIX",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- Ar$23,500,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXIX",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- Ar$5,000,000 in Class B Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXIX",
     rated Caa2.ar (Argentine National Scale) and Caa3 (Global
     Scale, Local Currency)

  -- Ar$2,500,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXIX", rated C.ar (Argentine
     National Scale) and C (Global Scale, Local Currency)


EMPRESA JUJENA: Moody's Assigns 'B3' Corporate Family Rating
------------------------------------------------------------
Moody's Latin America assigned a first-time corporate family
rating of B3 on its global scale and A3.ar on its Argentina
national scale rating to Empresa Jujena de Energia S.A.  At the
same time, Moody's assigned a B3 global scale rating and an A3.ar
Argentina National Scale Rating to EJESA's ARS 10 million bank
loan with Banco de la Nacion Argentina (not rated).  All of the
ratings assigned are local currency ratings.  The outlook for all
ratings is stable.

The B3 and A3.ar reflect the relatively stable provincial
regulatory framework for EJESA, as compared to other Federal
regulated utilities.  "Jujuy's regulatory body, SUSEPU, has
demonstrated a faster and more rational approach to the tariff
question than the regulator at the federal level", said Daniela
Cuan VP-analyst at Moody's Latin America.  Unlike the Federal
regulated utilities, EJESA has already renegotiated its concession
contract and therefore, it has a higher level of cash flow
predictability than other regulated utilities in Argentina.

The ratings also reflect EJESA's historical low leverage and
strong credit metrics for its rating category.

These strengths are balanced against the small size of the
company, particularly when compared to other utility issuers in
Argentina, the generally poorer economics demographics of the
region served by EJESA, the overall uncertain regulatory
environment for the electric distribution sector in Argentina and
the relatively challenging liquidity position of the company given
the company's high reliance on short-term debt.

In addition, EJESA's plan to execute on its capital expenditure
program is highly reliant on its ability to raise external debt
which can be challenging in Argentina, particularly for a company
of EJESA's size and relative position.

There are no significant structural or priority of claim
considerations that would result in a difference between the
corporate family rating and rated debt credit quality at EJESA,
therefore, all of the company's ratings are at the same level.

EJESA's B3 local currency rating reflects its global default and
loss expectation, while the A3.ar national scale rating is based
on the standing of EJESA's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended to be relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  Issuers or issues rated A3.ar present above-average
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.

The stable outlook reflects Moody's expectation that EJESA will
continue to develop its operations in a balanced and efficient
manner while maintaining a proactive positioning in front of the
Provincial regulator.  The stable outlook also considers that
EJESA's leverage will continue to be low and that the company will
generate positive levels of free cash flow.

An upgrade of the ratings or the outlook could result from a more
balanced debt profile that avoids the current debt maturity
concentration in the short-term along with a stronger liquidity
profile.  An improving business environment in Argentina could
also create upwards rating pressure.  In addition, improved
financial disclosure would also be beneficial for an upgrade.

Negative pressure on the ratings or outlook could result from an
unanticipated adverse change in the Province regulations.
Execution of a more aggressive financial policy that favors a
higher leverage than expected or increased dividends payments
which impact the cushion for debt debt repayment could also add
downward ratings pressure.

Quantitatively, a ratio of RCF to Debt lower than 20% or debt to
EBITDA ratio higher than 2.0 times could result on negative rating
pressure.

EJESA is an electric distribution company based in the Province of
Jujuy, in the north-west region of Argentina.  It provides
electricity within its service area -- the Province of Jujuy -- to
approximately 152 thousand costumers on an exclusive concession
basis.  In 1996, the concession was granted to EJESA from the
Province for a period of 55 years.  EJESA's 2008 reported revenues
of ARS127 million (approximately US$38 million).


NICOLAS AVELLANEDA: Proofs of Claim Verification Due on August 7
----------------------------------------------------------------
The court-appointed trustee for Nicolas Avellaneda S.R.L.'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.


NIVEL CAR: Proofs of Claim Verification Due on August 5
-------------------------------------------------------
The court-appointed trustee for Nivel Car S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 5, 2009.

The trustee will present the validated claims in court as
individual reports on September 17, 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 30, 2009.


SICER SA: Proofs of Claim Verification Due on August 19
-------------------------------------------------------
The court-appointed trustee for Sicer S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 19, 2009.

The trustee will present the validated claims in court as
individual reports on September 30, 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 25, 2009.


TIXA SRL: Proofs of Claim Verification Due on August 20
-------------------------------------------------------
The court-appointed trustee for Tixa S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 20, 2009.

The trustee will present the validated claims in court as
individual reports on October 2, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 16, 2009.


* Moody's Reviews Global Currency Ratings on 16 Argentine Banks
---------------------------------------------------------------
Moody's Investors Service has placed the global local currency
ratings of 16 Argentine banks on review for possible downgrade in
light of its global review of systemic support for bank ratings.
The bank financial strength and foreign currency deposit as well
as the national scale ratings of the majority of the listed banks
are not affected by this review.

The review of the banks' local currency ratings will consider the
extent to which Argentina's ability to provide support to its
banking system, should such support be needed, is converging with
the government's own debt capacity as a result of the ongoing
global economic and credit crisis.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debts -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support.  However, as the financial crisis wears on, the
capacity of a country and its central bank to support the nation's
banks converges with, and is constrained by, the government's own
debt capacity.

Moody's has previously used the local currency deposit ceiling as
the main input for its assessment of the ability of a national
government to support its banks.  Although anchoring the
probability of support at the LCDC is appropriate in many
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity of a central bank to support
financial institutions in the event that a banking crisis may
become both truly systemic and protracted.

The rating agency will be reassessing the level of systemic
support for the bank ratings listed below to determine to what
extent the systemic support Moody's assesses should be more
closely aligned to the government's B3 local currency bond rating.
This approach is outlined in Moody's Special Comment entitled
"Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries", which was published in
May 2009.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking system relative to
the government's own foreign exchange resources and changes to the
government's political patterns.

Government actions during past crises are indicative of the
Argentine government's high focus on supporting the nation's
banks.  Moody's noted that the size of the Argentine banking
system is modest relative to the government's resources and that
bank financial fundamentals have improved considerably in the
aftermath of the 2001-2002 banking crisis.  Moody's noted that the
ratings review is unlikely to lead to a downgrade of more than one
notch of the global deposit and debt ratings of most of the
institutions on review.  The rating agency expects to conclude the
reviews over the next few weeks.

These rating actions were taken:

[1] Banco de la Ciudad de Buenos Aires: Global local currency
    (GLC) deposit rating of Ba1 was placed on review for possible
    downgrade.  The BFSR of D, the foreign currency global deposit
    rating of Caa1, and the national scale ratings of Aa1.ar and
    Ba1.ar for local and foreign currency deposits respectively
    remained unchanged, and with stable outlooks.

[2] Banco Comafi S.A: GLC deposit rating of Ba2 was placed on
    review for possible downgrade.  The Ba2 global LC debt rating
    was also placed on review for possible downgrade.  The bank's
    BFSR of D-, the foreign currency deposit and debt ratings of
    Caa1 and B2, respectively, and the local and foreign currency
    national scale deposit ratings of Aa2.ar and Ba1.ar remained
    unchanged, with stable outlooks.  The Aa2.ar and Aa3.ar local
    and foreign currency national scale debt ratings remained
    unchanged, with stable outlooks.

[3] Banco Credicoop Cooperativo Limitado: GLC deposit rating of
    Ba1 was placed on review for possible downgrade.  The BFSR of
    D, the foreign currency global deposit rating of Caa1, and the
    local and foreign currency national scale deposit ratings of
    Aa1.ar and Ba1.ar remained unchanged, with stable outlooks.

[4] Banco Finansur S.A.: GLC deposit and debt ratings of B1 were
    placed on review for possible downgrade.  The bank's BFSR of
    E+, the foreign currency deposit rating of Caa1, foreign
    currency debt rating of B2, and the local and foreign currency
    national scale deposit ratings of Aa3.ar and Ba1.ar,
    respectively, remained unchanged, with stable outlooks.  The
    national scale debt ratings also remained unchanged at Aa3.ar
    and A1.ar, stable.

[5] Banco de Galicia y Buenos Aires S.A: GLC deposit rating of Ba1
    was placed on review for possible downgrade.  The BFSR of D-,
    the foreign currency deposit rating of Caa1, and the local and
    foreign currency national scale deposit ratings of Aa2.ar and
    Ba1.ar remained unchanged, with stable outlooks.  The B2
    foreign currency senior and subordinated debt ratings, as well
    as the national scale senior and subordinated debt ratings of
    Aa3.ar, also remained unchanged, with stable outlooks.

[6] Banco Hipotecario S.A.: the bank financial strength rating of
    D was placed on review for possible downgrade.  Both the
    global local currency deposit and debt ratings of Ba1 were
    placed on review for possible downgrade, as were the national
    scale ratings for local currency debt and deposits of Aa1.ar.
    The foreign currency deposit ratings on the global and
    national scales of Caa1 and Ba1.ar remained unchanged, with
    stable outlooks.  The review of the BFSR will focus on
    Hipotecario's ability to maintain earnings generation from its
    core products in light of more challenging market conditions.

[7] Nuevo Banco Industrial de Azul S.A.: GLC deposit rating of Ba3
    was place on review for possible downgrade.  The BFSR of E+,
    the global foreign currency deposit rating of Caa1, and the
    local and foreign currency national scale deposit ratings of
    Aa2.ar and Ba1.ar remained unchanged, with stable outlooks.

[8] Banco Macro S.A.: GLC deposit rating of Ba1 was placed on
    review for possible downgrade.  The global local currency debt
    rating of Ba1 was also placed on review for downgrade.  The
    bank's BFSR of D, the global foreign currency deposit rating
    of Caa1, and the local and foreign currency national scale
    deposit ratings of Aa1.ar and Ba1.ar, remained unchanged.  B2
    foreign currency senior and subordinated debt ratings remained
    unchanged, with stable outlooks.  The Aa1.ar local currency
    national scale senior debt rating and Aa3.ar foreign currency
    senior and subordinated national scale debt ratings also
    remained unchanged.

[9] Nuevo Banco Bisel S.A.: GLC deposit rating of Ba1 was placed
    on review for possible downgrade.  The bank's BFSR of D, the
    global foreign currency deposit rating of Caa1, and the local
    and foreign currency national scale deposit ratings of Aa1.ar
    and Ba1.ar remained unchanged, with stable outlooks.

[10] Banco del Tucumán S.A.: GLC deposit rating of Ba1 was placed
    on review for possible downgrade.  The bank's BFSR of D, the
    foreign currency global deposit rating of Caa1, and the local
    and foreign currency national scale deposit ratings of Aa1.ar
    and Ba1.ar remained unchanged, with stable outlooks.

[11] Banco Patagonia S.A.: GLC deposit rating of Ba1 was placed on
    review for possible downgrade.  The BFSR of D, the global
    foreign currency deposit rating of Caa1, and the local and
    foreign currency national scale deposit ratings of Aa1.ar and
    Ba1.ar remained unchanged, with stable outlooks.  The global
    foreign currency debt ratings, including the subordinated
    debt, remained unchanged at B2, as well as the national scale
    foreign currency subordinated debt rating of Aa3.ar.

[12] Banco de Santiago del Estero S.A.: GLC deposit rating of Ba2
    was placed on review for possible downgrade.  The BFSR of D-,
    the global foreign currency deposit rating of Caa1, and the
    local and foreign currency national scale deposit ratings of
    Aa2.ar and Ba1.ar remained unchanged, with stable outlooks.

[13] Nuevo Banco de La Rioja S.A.: GLC deposit rating of Ba2 was
    placed on review for possible downgrade.  The BFSR of D-, the
    global foreign currency deposit rating of Caa1, and the local
    and foreign currency national scale deposit ratings of Aa2.ar
    and Ba1.ar remained unchanged, with stable outlooks.

[14] Banco Piano S.A.: GLC deposit rating of Ba2 was placed on
    review for possible downgrade.  The BFSR of D-, the global
    foreign currency deposit rating of Caa1, and the local and
    foreign currency national scale deposit ratings of Aa2.ar and
    Ba1.ar remained unchanged, with stable outlooks.

[15] Banco Supervielle S.A.: GLC deposit rating of Ba2 was placed
    on review for possible downgrade.  The BFSR of D-, the global
    foreign currency deposit rating of Caa1, and the local and
    foreign currency national scale deposit ratings of Aa2.ar and
    Ba1.ar remained unchanged, with stable outlooks.

[16] Banco Regional de Cuyo S.A.: GLC deposit rating of Ba2 was
    placed on review for possible downgrade.  The BFSR of D-, the
    global foreign currency deposit rating of Caa1, and the local
    and foreign currency national scale deposit ratings of Aa2.ar
    and Ba1.ar remained unchanged, with stable outlooks.


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

* BAHAMAS: Tourist Arrival Drops 4.5% in 2008 Fiscal Year
---------------------------------------------------------
Bahamas' tourism visits fell 4.5% during the 2008 fiscal year,
which concludes next month, as the global recession batters the
vast Atlantic archipelago's key industry, The Jamaican Observer
reports, citing Prime Minister Hubert Ingraham.  The report
relates the drop extends a nearly three percent decrease in fiscal
2007 compared to the previous fiscal year.

"We are currently experiencing a severe downturn in our economy in
a most extreme form," the report quoted Mr.Ingraham as saying.
Reduced tourism and foreign investment were lowering living
standards on the island chain of 310,000 inhabitants, he added.

According to the report, preliminary data for the first four
months of 2009 shows air arrivals decreasing by 15.5% over the
same period last year, exacerbated by carriers eliminating flights
within the region; while several big resorts in the Bahamas have
announced steep layoffs or reduced workers' hours.

The report notes Mr. Ingraham put the job losses in the tourism
sector at roughly 2,200, bringing the islands' unemployment rate
to about 12%.



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

BANCO BRADESCO: Bradespar Mulls Sale of BRL800 Million Local Bonds
------------------------------------------------------------------
Bradespar SA -- the investment arm of Banco Bradesco SA -- plans
to sell up to BRL800 million in local bonds, LatinFrance reports.

The report recalls Bradespar sold BRL610 million in 36-month
debentures and BRL690 million in 180-day promissory notes in
January, both paying 125% of DI, a transaction that reopened the
Brazilian local credit market.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

As of May 20, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.


BANCO DO BRASIL: CFO to Step Down; Become Unit's President
----------------------------------------------------------
Banco do Brasil SA Chief Financial Officer Aldo Mendes will step
down to become president of Alianca do Brasil, the bank's
insurance unit, Rogerio Jelmayer of Dow Jones Newswires reports.

According to the report, Ivan Souza Monteiro, currently the bank's
marketing director, will become the new CFO.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Dow Jones Newswires said President Silva fired
Banco do Brasil CEO Antonio Francisco Lima Neto because of
concerns over persistently high interest charges for consumers.
According to the Associated Press, President Silva insisted he had
not fired Mr. Neto, rather Mr. Neto offered his resignation to
Brazil Finance Minister Guido Mantega.  However, AP related local
media have widely speculated that Mr. Neto was forced out.
Bloomberg News noted Mr. Mantega told reporters in Brasilia that
Aldemir Bendine, formerly vice president of credit and debit cards
and new business for retail services at Banco do Brasil, will
replace Mr. Neto as bank CEO.

                      About Banco do Brasil

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

                          *     *     *

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


BANCO DO BRASIL: Marfrig Obtains BRL250-Million Financing
---------------------------------------------------------
Banco do Brasil SA provided a BRL250 million financing to meat
company Marfrig, Rogerio Jelmayer of Dow Jones Newswires reports,
citing a company statement.

According to the report, the financing will mature in two years;
however, the company didn't disclose the interest rate of the
operation.

Marfrig, the report relates said it plans to use the funds from
the loans to reinforce its cash position.

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

                          *     *     *

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


BANCO HIPOTECARIO: Posts BRL30.0 Million Net Income in First Qtr.
-----------------------------------------------------------------
Banco Hipotecario S.A. posted BRL30.0 million net income for the
the first quarter of 2009, 104.6% higher than last quarter and
13.0% higher than the same quarter of 2008.

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

Banco Hipotecario's financial margins of BRL126.8 million were
93.1% higher than the previous quarter and 95.2% higher than a
year ago.

The bank's deposits grew 30.3% QoQ and 103.5% YoY, while sound
equity ratio of 21.0%.

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

                          *     *     *

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


BRASKEM SA: Taps Peru, Venezuela in Expansion Program
-----------------------------------------------------
Brazil-based Braskem S.A. plans to invest US$2.5 billion in a
polyethylene plant in Peru, Alex Emery of Bloomberg News reports,
citing Braskem Director of International Projects Cleantho de
Paiva Leite.  The report relates the project, which includes
state-controlled oil companies Petroleo Brasileiro SA and
Petroperu SA as partners, depends on finding more natural-gas
reserves in the southern Amazon jungle.

According to the report, Mr. Leite said Braskem plans to negotiate
financing and gas suppliers for the project next year.   The
plant, which will need 100 million cubic feet a day of ethane,
will produce 1.2 million metric tons a year of polyethylene, the
report says.

Meanwhile, Braskem is also working on engineering studies for a
US$1.1 billion petrochemical plant in Venezuela with state-owned
Pequiven SA, Mr. Leite told Bloomberg News in an interview.  “To
grow as our shareholders wish and as we feel we’re capable, we
have to look outside of Brazil,” the report quoted Mr. de Paiva as
saying.  “We’re not excluding the possibility of mergers and
acquisitions outside South America, including North America.”

As reported in the Troubled Company Reporter-Latin America on
May 28, 2009, Bloomberg News said Braskem S.A. will sign
cooperation agreements with Pequiven SA.  The report related
Venezuela President Hugo Chavez said that Brazil and Venezuela
will also discuss accords in banking, agriculture, science and
technology, tourism and a hydroelectric project.

                        About Braskem S.A.

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

                         *     *     *

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


CAMAGRO CORREA: Mulls US$370-Million Angolan Cement Factory
-----------------------------------------------------------
Camargo Correa SA plans to invest US$370 million in building a
cement factory in Angola; which has an annual production capacity
of 1.5 million tonnes, Macauhub News reports citing Company
Chairman Humberto Farias.

According to the report, citing Brazilian daily Gazeta Mercantil,
Mr. Farias said that the construction of the cement factory had
been under negotiation “at least since last year” and would be
carried out in partnership with Angola’s Gema, Portugal’s Escom
and the Camargo Corrêa group, via the engineering company it
operates in Africa.

According to the report, the investment in the Angola plant will
be much higher than the company’s investment in Paraguay.

“We are looking at other opportunities in Africa, either via
acquisition or by building factories.  The crisis has made a lot
of assets interesting," the report quoted Mr. Farias as saying.

                      About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2009, Fitch Ratings affirmed the Issuer Default Rating
and outstanding debt ratings of Camargo Correa and its special-
purpose vehicle CCSA Finance Limited:

  -- Foreign currency IDR at 'BB';
  -- Local currency IDR at 'BB';


GERDAU SA: Board Approves US$150 Million Loan From Bradesco
-----------------------------------------------------------
Gerdau S.A.'s board has agreed to provide collateral backing for a
new US$150 million 6-year loan facility from Bradesco to be raised
by its subsidiary Gerdau Acominas, LatinFrance reports.

According to the report, the deal is apparently secured by assets,
though the company did not specify what kind of collateral is
being used.

An unnamed Gerdau official told LatinFrance in an interview that
the new facility is being used to take out shorter term and
maturing debt.

LatinFrance notes a Brazilian syndications official away from the
deal estimates pricing on such a facility could reach up to 500bp
over Libor given the tenor, but notes that terms and conditions
are unknown.

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As of May 20, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.



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

APPLETON PROTECTED: Commences Wind-Up Proceedings
-------------------------------------------------
On May 7, 2009, Appleton Protected Currency Fund Limited – Series
2 commenced liquidation proceedings.

The company's liquidator is:

         Russell Smith
         John D'Cunha
         c/o Chris Johnson Associates Limited
         80 Shedden Road
         PO Box 2499, Grand Cayman KY1-1104


BARGO HOLDING: Creditors' Proofs of Debt Due on July 30
-------------------------------------------------------
The creditors of Bargo Holding are required to file their proofs
of debt by July 30, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 8, 2009.

The company's liquidator is:

          Melinda Ebanks
          c/o TransOcean Bank & Trust, Ltd.
          P.O. Box 1959, Grand Cayman KY1 1110
          Cayman Islands
          Telephone: (345) 949 7493
          Facsimile: (345) 949 7524


BRISPHER CORPORATION: Creditors' Proofs of Debt Due on August 11
----------------------------------------------------------------
The creditors of Brispher Corporation Ltd. are required to file
their proofs of debt by August 11, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


BRISPHER TRADING: Creditors' Proofs of Debt Due on August 11
------------------------------------------------------------
The creditors of Brispher Trading Ltd. are required to file their
proofs of debt by August 11, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


COTSWOLD: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------
The creditors of Cotswold are required to file their proofs of
debt by June 25, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 7, 2009.

The company's liquidators are:

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


DYNAMIC DECISIONS: Fund Placed Into Liquidation by Cayman Court
---------------------------------------------------------------
Dynamic Decisions Capital Management Ltd.’s main hedge fund, DD
Growth Premium Master Fund, is being liquidated by Grand Court of
the Cayman Islands-appointed liquidators, Hugh Dickson and Stephen
Akers, after investors raised questions about some of its bond
holdings, Saijel Kishan of Bloomberg News reports, citing a May 25
company statement.  The report relates the statement said Mr.
Dickson and Mr. Akers, partners at Grant Thornton LLP, will
continue an inquiry begun in April when they were appointed
provisional liquidators of the fund.

“A number of allegations have been made as to the remaining asset
value and the nature of the assets held, and the master fund has
been unable to pay a number of large redemption requests,” Grant
Thornton said in the statement obtained by the news agency.  The
unaudited net asset value of the master fund “indicated” a value
of US$550 million as of Dec. 31, the firm added.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Bloomberg News said a petition was filed seeking
provisional liquidator to safeguard DD Growth Premium Master Fund,
after investors accused manager of “gross mismanagement and
misfeasance.”  “Dynamic Decisions founder Mr. Micalizzi vehemently
denies these allegations and believes that they are unfounded,”
Raul Guerrero, a Boston- based spokesman for Dynamic Decisions,
told Bloomberg News in a telephone interview.  “He firmly believes
he acted in the best interests of investors at a time of
substantial market upheaval.”

According to the court filing, Bloomberg News related, Mr.
Micalizzi had stated that the fund had “substantial” losses in
2008, and assets may have fallen to as low as US$20 million,
excluding illiquid investments.

Bloomberg News said the petition was submitted by Zolfo Cooper, a
restructuring firm appointed to oversee two so-called feeder funds
set up to invest in the Cayman-incorporated DD Growth Premium
Master Fund, at the request of investors London-based Strathmore
Capital LLP and Cadogan Management LLC of New York.

Bloomberg News said people familiar with the case said while
Strathmore Capital and Cadogan Management won petitions for
provisional liquidators for the secondary funds, Dynamic
Decisions’ investment manager opposed the request on the master
fund.  Dynamic Decisions suspended investor withdrawals and Mr.
Micalizzi resigned from the board of the master fund to avoid
conflicts of interests, according to a Feb. 27 letter to clients
of one of the feeder funds, Bloomberg News recalled.

In a Feb. 20 letter to investors obtained by Bloomberg News, Mr.
Micalizzi said the firm had cut its equity and options holdings in
mid-December and invested in asset-backed bonds.  Settlement of
those purchases was delayed until February because of “credit
market conditions,” the letter said.  “The board had little
information concerning the investment in bonds, and were not even
sure if the bonds were genuine,” according to the investors’
petitions, Bloomberg News noted.  According to the petitions, the
same report said, the main fund holds illiquid, commodity-linked
bonds that were organized and executed by Mr. Micalizzi.

According to Bloomberg News, citing marketing documents, Dynamic
Decisions said its strategy is to invest mainly in the shares of
large US and European companies.  However, the report pointed out
the petitions noted that for the DD Growth Premium and DD Growth
Premium 2X funds, 55% of assets were held in commodity-linked
bonds at the end of 2008.  Bloomberg News related the petition
also said Dynamic Decisions also provided conflicting information
and failed to give five days’ notice to investors about the
termination of its prime broker relationship with Morgan Stanley,
as well as the change in its auditor to Deloitte & Touche LLP from
PricewaterhouseCoopers LLP.  In addition, Bloomberg News said
Dynamic Decisions also gave inconsistent and late information to
investors about the amount of assets it managed.

Dynamic Decisions, as cited by Bloomberg News, said it has in the
last three months been “scrutinized” by the U.K.’s Financial
Services Authority, investigated by accountants appointed by the
board and been the subject of an external review commissioned by
the investment manager.  “No party has found misconduct on the
part of the investment manager to date,” Dynamic Decisions was
quoted by the report as saying.  “We cannot help but wonder why
the board did not take a different path to exactly where we stand
today.”  Dynamic Decisions is “only now discussing with the
liquidator the possibility of our being allowed to return to our
efforts to sell the bonds,” according to the firm’s statement
obtained by Bloomberg News.


FORTIS CURRENCY: Placed Under Voluntary Wind-Up
-----------------------------------------------
On May 11, 2009, the sole shareholder of Fortis Currency Fund,
Ltd. resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


GRS ORION: Placed Under Voluntary Wind-Up
-----------------------------------------
On May 10, 2009, the shareholders of GRS Orion Fund Ltd. resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

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


HARLEY INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
On May 6, 2009, the Grand Court entered an order to liquidate the
business of Harley International (Cayman) Limited.

Mark Longbottom and Nicolas Matthews of Kinetic of Partners
(Cayman) Limited were appointed as the company's liquidators.


OPTIMUM LTD: Creditors' Proofs of Debt Due on August 12
-------------------------------------------------------
The creditors of Optimum Ltd. are required to file their proofs of
debt by August 12, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 12, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


REGULUS FUND: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------
The creditors of Regulus Fund Limited are required to file their
proofs of debt by June 25, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 4, 2009.

The company's liquidators are:

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


SANTA CLARA I: Court Enters Wind-Up Order
-----------------------------------------
On May 6, 2009, the Grand Court entered an order to liquidate the
business of Santa Clara I Fund.

Mark Longbottom and Nicolas Matthews of Kinetic of Partners
(Cayman) Limited were appointed as the company's liquidators.


SANTA CLARA II: Court Enters Wind-Up Order
------------------------------------------
On May 6, 2009, the Grand Court entered an order to liquidate the
business of Santa Clara II Fund.

Mark Longbottom and Nicolas Matthews of Kinetic of Partners
(Cayman) Limited were appointed as the company's liquidators.


SEIX US DOLLAR: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Seix US Dollar High Yield Fund are required to
file their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 7, 2009.

The company's liquidators are:

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


VEGA FUND: Creditors' Proofs of Debt Due on June 25
---------------------------------------------------
The creditors of Vega Fund Financing SPV I, Ltd are required to
file their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

         Stuart Sybersma
         c/o Mervin Solas, Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: msolas@deloitte.com


VEGA FUND: Creditors' Proofs of Debt Due on June 25
---------------------------------------------------
The creditors of Vega Fund Financing SPV II, Ltd are required to
file their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

         Stuart Sybersma
         c/o Mervin Solas, Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: msolas@deloitte.com


=========
C H I L E
=========

COMPANIA SUD: Advances Equity Raise
------------------------------------
Compania Sud Americana De Vapores (CSAV) has received a commitment
from a group of ship owners guaranteeing their 100% participation
in a US$360 million capital increase, LatinFrance reports.  The
report relates the agreement is part of a US$710 million
fundraising plan approved in April, which includes a US$130
million equity increase now underway, followed by an increase of
US$220 million.

According to the report, the funds are being raised from existing
shareholders and a group of ship owners that leases ships to the
company.

LatinFrance says HSH Corporate is advising on the fundraising and
evaluating a possible sale of non-core assets and contract
renegotiations, among other cost-cutting measures.

Compania Sud Americana De Vapores (CSAV) -– http://www.csav.cl
-- is a Chilean shipping company.  The sphere of the Company's
activities extends across five continents.  Its services feature a
comprehensive service for general cargo, bulk cargo, fresh and
frozen products and vehicles, using both owned and chartered
vessels.  CSAV provides permanent sailings from certain ports
through its line service, fixed itineraries and operates a fleet
of vessels able to convey a large number of containers and a
variety of conventional cargoes.  CSVA also owns vessels specially
designed for frozen cargo, cars, bulk cargo and forest products.
In addition to complementary storage areas and pier services, an
intermodal service has also been established, which combines
different means of carriage.  CSAV provides these services in
conjunction with its subsidiaries: Sudamericana Agencias Aereas y
Maritimas S.A., as a maritime forwarding agency, and COSAN, a
container terminal in Santiago.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
April 6, 2009, Standard & Poor's Rating Services lowered its long-
term counterparty credit rating on Compania Sud Americana de
Vapores to 'B-' from 'BB-'.  The rating remains on CreditWatch
with negative implications.


=======
C U B A
=======


* CUBA: Lowers This Year's Growth Forecast to Two Percent
---------------------------------------------------------
Cuba's economy is expected to grow just over two percent this
year, down from a previous forecast of six percent, Jamaica
Observer reports, citing state-run newspaper Juventud Rebelde.

According to the report, citing Juventud Rebelde, Economy and
Planning Minister Marino Murillo said the global financial crisis
had hurt Cuban exports and reduced tourist visits to the
communist-led island.  The report relates Mr. Murillo said the
prediction now was that gross national product would be "above two
percent and not six as was thought initially".

The government, the report recalls, had earlier warned its six
percent forecast was tenuous due to instability in the global
economy.

The Observer says Cuba is struggling with a shortage of foreign
reserves as a result of the global crisis, three damaging
hurricanes and structural problems in its economy.

                        *     *     *

The country continues to carry Moody's Caa1 foreign currency
rating with stable outlook.



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

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

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

ARGENTINA

IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
SNIAFA SA-B          SDAGF US           39681268      -2901931
SOC COMERCIAL PL     SCDPF US          547961024    -940552960
COMERCIAL PLAT-$     COMED AR          547961024    -940552960
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
COMERCIAL PL-ADR     SCPDS LI          547961024    -940552960
SOC COMERCIAL PL       CAD IX          547961024    -940552960
IMPSAT FIBER-C/E     IMPTC AR          535007008     -17165000
COMERCIAL PL-C/E     COMEC AR          547961024    -940552960
SOC COMERCIAL PL      COME AR          547961024    -940552960
IMPSAT FIBER NET   330902Q GR          535007008     -17165000
SNIAFA SA             SNIA AR           39681268 -2901931
SOC COMERCIAL PL     CVVIF US          547961024    -940552960
COMERCIAL PLA-BL     COMEB AR          547961024    -940552960
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
SOC COMERCIAL PL      CADN SW          547961024    -940552960
SNIAFA SA-B          SNIA5 AR           39681268      -2901931


BRAZIL

HOPI HARI-PREF       PQTM4 BZ          142677008    -412668992
PET MANG-RECEIPT     RPMG9 BZ          152032000    -351539008
RIOSULENSE SA        RSUL3 BZ          116783000     -12607000
RIMET-PREF          REEMPN BZ          144454000    -232197008
FERRAGENS HAGA-P    HAGAPN BZ           26163226    -115001000
CAMBUCI SA           CAMB3 BZ          169194000     -39565000
FABRICA RENAUX       FTRX3 BZ          123567000     -72231000
TELEBRAS SA-RT       TELB9 BZ          428644992      -2437000
TECTOY-RCPT PF B    TOYB12 BZ           41457000     -10455000
NORDON METAL        NORDON BZ           36341000     -32125000
TECTOY SA-PREF      TOYBPN BZ           41457000     -10455000
PETRO MANGUINHOS     RPMG3 BZ          152032000    -351539008
TECTOY              TOYB13 BZ           41457000     -10455000
PET MANG-RECEIPT    RPMG10 BZ          152032000    -351539008
RIOSULENSE SA-PR     RSUL4 BZ          116783000     -12607000
RIOSULENSE SA-PR    RSULPN BZ          116783000     -12607000
SANSUY-PREF A        SNSY5 BZ          232096000    -106033000
DTCOM-RT             DTCY1 BZ           11797000      -2671000
SANSUY SA-PREF A    SNSYAN BZ          232096000    -106033000
TECEL S JOSE-PRF     SJOS4 BZ           41412000     -42901000
GASCOIGNE EMP-PF    1GASPN BZ         1408963968   -1025910016
TECEL S JOSE         SJOS3 BZ           41412000     -42901000
SANSUY               SNSY3 BZ          232096000    -106033000
TELEBRAS-ADR           RTB US          428644992      -2437000
SANSUY SA-PREF B    SNSYBN BZ          232096000    -106033000
ACO ALTONA           EALT3 BZ          167764992     -20478000
BOMBRIL-RGTS PRE     BOBR2 BZ          467603008    -475305984
SCHLOSSER            SCLO3 BZ           23121000    -123831000
SCHLOSSER-PREF       SCLO4 BZ           23121000    -123831000
PROMAN              PRMN3B BZ           24047000       -467000
SCHLOSSER SA-PRF     SCHPN BZ           23121000    -123831000
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
SAUIPE SA-PREF      PSEGPN BZ           23111000     -20210000
CAF BRASILIA         CAFE3 BZ           91264000   -1143923968
PARQUE TEM-RT CM     PQTM1 BZ          142677008    -412668992
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
PARQUE TEM-DV CM      PQT5 BZ          142677008    -412668992
PARQUE TEM-RCT P    PQTM10 BZ          142677008    -412668992
MMX MINERACAO        MMXM3 BZ         2328652032    -101079000
TELEBRAS-PF BLCK    TELB40 BZ          428644992      -2437000
PARQUE TEM-RT PF     PQTM2 BZ          142677008    -412668992
MMX MINERACA-GDR      3M11 GR         2328652032    -101079000
WETZEL SA-PREF      MWELPN BZ          143358000      -9963000
NORDON MET-RTS       NORD1 BZ           36341000     -32125000
NORDON MET           NORD3 BZ           36341000     -32125000
WIEST-PREF           WISA4 BZ           70872000    -166108000
WETZEL SA-PREF       MWET4 BZ          143358000      -9963000
TEXTEIS RENAUX      RENXON BZ           99602000    -148587008
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
CORREA RIBEIRO      CORION BZ           10301000       -547000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
TEC TOY SA-PREF      TOYB5 BZ           41457000     -10455000
TELEBRAS-CM RCPT    RCTB31 BZ          428644992      -2437000
PETRO MANGUIN-PF    MANGPN BZ          152032000    -351539008
TELEBRAS-RTS PRF     RCTB2 BZ          428644992      -2437000
TELEBRAS-CM RCPT    RCTB30 BZ          428644992      -2437000
TELEBRAS-RCT        RCTB33 BZ          428644992      -2437000
TELEBRAS-PF RCPT    RCTB42 BZ          428644992      -2437000
RIMET                REEM3 BZ          144454000    -232197008
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
TELEBRAS-PF RCPT    RCTB40 BZ          428644992      -2437000
TELEBRAS SA-PREF    TLBRPN BZ          428644992      -2437000
KUALA                ARTE3 BZ           11856000     -33570000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
PROMAN               PRMN3 BZ           24047000       -467000
TEKA                 TEKA3 BZ          438540000    -564327040
SAUIPE SA           PSEGON BZ           23111000     -20210000
TELEBRAS-CED C/E     RCT4C AR          428644992      -2437000
TELEBRAS-CEDEA $     RCT4D AR          428644992      -2437000
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
TELEBRAS-CEDE BL     RCT4B AR          428644992      -2437000
TECTOY-RCT ORD       TOYB9 BZ           41457000     -10455000
TEC TOY SA-PREF      TOYDF US           41457000     -10455000
DOCAS IMBITUBA      IMBION BZ          207240000     -25727000
TECTOY SA           TOYBON BZ           41457000     -10455000
TEXTEIS RENAUX      RENXPN BZ           99602000    -148587008
TEXTEIS RENAU-RT     TXRX1 BZ           99602000    -148587008
RENAUXVIEW SA        TXRX3 BZ           99602000    -148587008
TEXTEIS RENA-RCT    TXRX10 BZ           99602000    -148587008
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
HERCULES SA         HERTON BZ           21741000    -286192000
CAMBUCI SA-PREF      CXDOF US          169194000     -39565000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
PET MANG-RIGHTS      RPMG2 BZ          152032000    -351539008
TECTOY-RCT PREF     TOYB10 BZ           41457000     -10455000
TECTOY-PF-RTS5/6    TOYB11 BZ           41457000     -10455000
TECTOY-RT            TOYB2 BZ           41457000     -10455000
NOVA AMERICA SA     NOVA3B BZ           40955000    -353104000
BUETTNER-PREF        BUET4 BZ          173032000     -65614996
TELEBRAS-ADR           TBX GR          428644992      -2437000
TECTOY-PREF          TOYB4 BZ           41457000     -10455000
HOPI HARI-PREF       PQTM4 BZ          142677008    -412668992
FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
WIEST SA-PREF       WISAPN BZ           70872000    -166108000
MMX MINERACA-GDR       XMM CN         2328652032    -101079000
WIEST                WISA3 BZ           70872000    -166108000
WIEST SA            WISAON BZ           70872000    -166108000
RENAUXVIEW SA-PF     TXRX4 BZ           99602000    -148587008
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
VARIG SA            VARGON BZ         2094450944  -10176870400
HERCULES             HETA3 BZ           21741000    -286192000
VARIG SA             VAGV3 BZ         2094450944  -10176870400
TEKA                TEKAON BZ          438540000    -564327040
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
RIMET-PREF           REEM4 BZ          144454000    -232197008
VARIG PART EM SE     VPSC3 BZ          219302992    -690223040
VARIG PART EM-PR     VPSC4 BZ          219302992    -690223040
TELEBRAS-CM RCPT     TBRTF US          428644992      -2437000
SCHLOSSER SA         SCHON BZ           23121000    -123831000
TEKA-PREF            TEKA4 BZ          438540000    -564327040
TECTOY               TOYB3 BZ           41457000     -10455000
TELEBRAS-RTS CMN     TCLP1 BZ          428644992      -2437000
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
TELEBRAS-CED C/E     TEL4C AR          428644992      -2437000
SAUIPE               PSEG3 BZ           23111000     -20210000
CAMBUCI SA-PREF     CAMBPN BZ          169194000     -39565000
TEKA-ADR             TEKAY US          438540000    -564327040
STAROUP SA-PREF     STARPN BZ           59539000     -15562000
TEKA-ADR             TKTQY US          438540000    -564327040
TELEBRAS-ADR         TBAPY US          428644992      -2437000
BOTUCATU TEXTIL      STRP3 BZ           59539000     -15562000
BOTUCATU-PREF        STRP4 BZ           59539000     -15562000
TELEBRAS SA          TBASF US          428644992      -2437000
TELEBRAS/W-I-ADR     TBH-W US          428644992      -2437000
TELEBRAS-ADR         TBRAY GR          428644992      -2437000
TELEBRAS-ADR         TBASY US          428644992      -2437000

NOVA AMERICA-PRF    NOVA4B BZ           40955000    -353104000
TEKA-ADR             TKTPY US          438540000    -564327040
TELEBRAS-PF RCPT     TBAPF US          428644992      -2437000
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
DOCAS SA            DOCAON BZ          204272000     -41722000
TELEBRAS SA         TLBRON BZ          428644992 -2437000
TELEBRAS-PF RCPT    TLBRUP BZ          428644992      -2437000
TELEBRAS-RTS PRF     TLCP2 BZ          428644992      -2437000
PARQUE TEM-RCT C     PQTM9 BZ          142677008    -412668992
TELEBRAS-RECEIPT    TLBRUO BZ          428644992      -2437000
SANSUY SA           SNSYON BZ          232096000    -106033000
TELEBRAS SA          TELB3 BZ          428644992      -2437000
TELEBRAS SA-PREF     TELB4 BZ          428644992      -2437000
DTC DIRECT CO SA    1DTCON BZ           11797000      -2671000
TELEBRAS-RCT PRF    TELB10 BZ          428644992      -2437000
TELEBRAS-CEDE PF     TELB4 AR          428644992      -2437000
TELEBRAS-CM RCPT    TELE31 BZ          428644992      -2437000
TELEBRAS-PF RCPT    TELE41 BZ          428644992      -2437000
TELEBRAS-RTS CMN     RCTB1 BZ          428644992      -2437000
DTCOM- DIRECT-PR     DTCY4 BZ           11797000      -2671000
TELEBRAS-COM RT      TELB1 BZ          428644992      -2437000
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
CHIARELLI SA         CCHON BZ           42853000     -85685000
TELEBRAS-PF RCPT     CBRZF US          428644992      -2437000
ESTRELA SA-PREF     ESTRPN BZ          116767000    -101057000
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
WETZEL SA            MWET3 BZ          143358000      -9963000
TELEBRAS-ADR           TBH US          428644992      -2437000
RIOSULENSE SA       RSULON BZ          116783000     -12607000
PET MANGUINH-PRF     RPMG4 BZ          152032000    -351539008
PARQUE TEM-DV PF      PQT6 BZ          142677008    -412668992
CAF BRASILIA-PRF     CAFE4 BZ           91264000   -1143923968
BUETTNER SA-PRF     BUETPN BZ          173032000     -65614996
DHB IND E COM        DHBON BZ          221336000    -588646016
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
CAMBUCI SA          CAMBON BZ          169194000     -39565000
TEKA-PREF           TEKAPN BZ          438540000    -564327040
RIMET               REEMON BZ          144454000    -232197008
CAMBUCI SA-PREF      CAMB4 BZ          169194000     -39565000
CORREA RIBEIRO      CORIPN BZ           10301000       -547000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
TEKA                 TKTQF US          438540000    -564327040
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
CIA DE RECUPERAC     CRSC3 BZ           15755000     -48834000
CIA DE RECUPERAC    CRSC3B BZ           15755000     -48834000
MMX MINERACA-GDR     MMXMY US         2328652032    -101079000
CORREA RIBEIR-PR     CORR4 BZ           10301000       -547000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
CTM CITRUS SA        CTMON BZ           79728000      -1381000
CAFE BRASILIA SA    CSBRON BZ           91264000   -1143923968
CAFE BRASILIA-PR    CSBRPN BZ           91264000   -1143923968
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
STAROUP SA          STARON BZ           59539000     -15562000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
CONST A LINDEN       CALI3 BZ           51808000     -13659000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
KUALA-PREF           ARTE4 BZ           11856000     -33570000
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
SAUIPE-PREF          PSEG4 BZ           23111000     -20210000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
MINUPAR SA          MNPRON BZ          180171008     -40196000
GASCOIGNE EMPREE    1GASON BZ         1408963968   -1025910016
TRESSEM PART SA     1TSSON BZ         2328652032    -101079000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
TELEBRAS-BLOCK      TELB30 BZ          428644992      -2437000
TELECOMUNICA-ADR    81370Z BZ          428644992      -2437000
ARTEX SA            ARTXON BZ           11856000     -33570000
BOMBRIL-PREF         BOBR4 BZ          467603008    -475305984
BOMBRIL CIRIO SA    BOBRON BZ          467603008    -475305984
SANSUY-PREF B        SNSY6 BZ          232096000    -106033000
BOMBRIL              BOBR3 BZ          467603008    -475305984
BUETTNER SA-RTS      BUET1 BZ          173032000     -65614996
TEC TOY SA-PF B      TOYB6 BZ           41457000     -10455000
BUETTNER SA         BUETON BZ          173032000     -65614996
BUETTNER SA-RT P     BUET2 BZ          173032000     -65614996
BUETTNER             BUET3 BZ          173032000     -65614996
AZEVEDO-PREF         AZEV4 BZ          114608000     -10504000
AZEVEDO E TRAVAS    AZEVON BZ          114608000     -10504000
BOMBRIL              BMBBF US          467603008    -475305984
FABRICA TECID-RT     FTRX1 BZ          123567000     -72231000
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
BOMBRIL SA-ADR       BMBPY US          467603008    -475305984
BOMBRIL-RIGHTS       BOBR1 BZ          467603008    -475305984
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
PET MANG-RIGHTS      RPMG1 BZ          152032000    -351539008
FER HAGA-PREF        HAGA4 BZ           26163226    -115001000
GAZOLA SA            GAZON BZ           27266214     -73665296
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
FERRAGENS HAGA      HAGAON BZ           26163226    -115001000
HERCULES SA-PREF    HERTPN BZ           21741000    -286192000
TEXTEIS RENA-RCT     TXRX9 BZ           99602000    -148587008
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
TEXTEIS RENAU-RT     TXRX2 BZ           99602000    -148587008
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
GASCOIGNE EMP-PF     GASC4 BZ         1408963968   -1025910016
GASCOIGNE EMP-PF    GASC4B BZ         1408963968   -1025910016
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
HOPI HARI SA         PQTM3 BZ          142677008    -412668992
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
GAZOLA               GAZO3 BZ           27266214     -73665296
AZEVEDO E TRA-PR    AZEVPN BZ          114608000     -10504000
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
PETRO MANGUINHOS    MANGON BZ          152032000    -351539008
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
TELEBRAS-CM RCPT    RCTB32 BZ          428644992      -2437000
MMX MINERACAO        MMXCF US         2328652032    -101079000
MINUPAR              MNPR3 BZ          180171008     -40196000
MINUPAR SA-PREF     MNPRPN BZ          180171008     -40196000
WETZEL SA           MWELON BZ          143358000      -9963000
MINUPAR-PREF         MNPR4 BZ          180171008     -40196000
DTC DIRECT CO-RT   1DTCONR BZ           11797000      -2671000
HERCULES-PREF        HETA4 BZ           21741000    -286192000
DOC IMBITUBA         IMBI3 BZ          207240000     -25727000
DOC IMBITUB-PREF     IMBI4 BZ          207240000     -25727000
D H B-PREF           DHBI4 BZ          221336000    -588646016
DOC IMBITUBA-RTP     IMBI2 BZ          207240000     -25727000
MMX MINERACAO        TRES3 BZ         2328652032    -101079000
CONST A LINDEN      LINDON BZ           51808000     -13659000
CORREA RIBEIRO       CORR3 BZ           10301000       -547000
DOCAS IMBITUB-PR    IMBIPN BZ          207240000     -25727000
TELEBRAS-CEDE PF     RCTB4 AR          428644992 -2437000
BOMBRIL SA-ADR       BMBBY US          467603008    -475305984
ACO ALTONA-PREF      EAAPN BZ          167764992     -20478000
ALL MALHA PAULIS    GASC3B BZ         1408963968   -1025910016
TELEBRAS-PF RCPT    RCTB41 BZ          428644992      -2437000
ACO ALTONA SA        EAAON BZ          167764992     -20478000
ACO ALTONA-PREF      EALT4 BZ          167764992     -20478000
ESTRELA SA           ESTR3 BZ          116767000    -101057000
ESTRELA SA-PREF      ESTR4 BZ          116767000    -101057000
ALL MALHA PAULIS     GASC3 BZ         1408963968   -1025910016
DOC IMBITUBA-RTC     IMBI1 BZ          207240000     -25727000
DOCAS SA-RTS PRF     DOCA2 BZ          204272000     -41722000
DOCA INVESTIMENT     DOCA3 BZ          204272000     -41722000
D H B                DHBI3 BZ          221336000    -588646016
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
DOCA INVESTI-PFD     DOCA4 BZ          204272000     -41722000
BOMBRIL CIRIO-PF    BOBRPN BZ          467603008    -475305984
DTCOM- DIR TO CO     DTCY3 BZ           11797000      -2671000
TEKA-PREF            TKTPF US          438540000    -564327040
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
FABRICA RENAUX-P     FTRX4 BZ          123567000     -72231000
TELEBRAS-CEDEA $     TEL4D AR          428644992      -2437000
AZEVEDO              AZEV3 BZ          114608000     -10504000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
TECEL S JOSE-PRF    FTSJPN BZ           41412000     -42901000
TECEL S JOSE        FTSJON BZ           41412000     -42901000
FABRICA RENAUX      FRNXON BZ          123567000     -72231000
HAGA                 HAGA3 BZ           26163226    -115001000
ESTRELA SA          ESTRON BZ          116767000    -101057000
DOCAS SA-PREF       DOCAPN BZ          204272000     -41722000
FABRICA RENAUX-P    FRNXPN BZ          123567000     -72231000


COLOMBIA

TELEX-A             TELEXA CI       219760902144  -15259209728
CHILESAT CO-RTS   CHISATOS CI       219760902144  -15259209728

CHILESAT CORP SA     TELEX CI       219760902144  -15259209728
ENACAR              ENACAR CI         2551085824  -36098428928
TELEX-A             TELEXA CI       219760902144  -15259209728
ENACAR-RT          ENACARO CI         2551085824  -36098428928
CHILESAT CO-ADR         TL US       219760902144  -15259209728
ENACAR               EMPOF US         2551085824  -36098428928
CARVILE            CARVILE CI          940892992  -34319321088
TELMEX CORP-ADR      CSAOY US       219760902144  -15259209728
TELMEX CORP SA    CHILESAT CI       219760902144  -15259209728
TELEX-RTS           TELEXO CI       219760902144  -15259209728




                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *