TCRLA_Public/090609.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 9, 2009, Vol. 10, No. 112

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver's US$20-Mln Fee Request "Exorbitant"


A R G E N T I N A

BONGOSCAR SA: Trustee Verifying Proofs of Claim Until August 10
CONGRESO SALUD: Trustee Verifying Proofs of Claim Until August 31
LA GANGA: Trustee Verifying Proofs of Claim Until August 31
MAME SRL: Trustee Verifying Proofs of Claim Until August 20
TGN: Extends Restructure Offer Until July 3

YPF SA: Repsol YPF to Invest US$348 Million in Firm's Refineries
YPF SA: Moody's Downgrades Global Local Currency Rating to 'Ba1'
ARGENTINA: Investor Involvement on Bond Prepayment May Not be High


B E R M U D A

BEMEX INTERNATIONAL: Creditors' Proofs of Debt Due on June 19
BEMEX INTERNATIONAL: Members to Receive Wind-Up Report on July 7
SPECTRUM RUSSIAN: Creditors' Proofs of Debt Due on July 1
SPECTRUM RUSSIAN: Member to Receive Wind-Up Report on July 8
TNT CAPITAL: Creditors' Proofs of Debt Due on June 19

TNT CAPITAL: Members to Receive Wind-Up Report on July 14
TNT GLOBAL: Creditors' Proofs of Debt Due on June 19
TNT GLOBAL: Members to Receive Wind-Up Report on July 14
XL: Names New Executive VP & Head of Global Human Resources


B R A Z I L

BANCO IBI: Moody's Reviews 'E+' Bank Financial Strength Rating
BANCO IBI: S&P Puts 'B+/B' Rating on CreditWatch Positive
BANCO BRADESCO: To Acquire Banco IBI & Its Units
PERDIGAO SA: Plans to Issue Shares on Bovespa & ADRs
SADIA SA: To Sell 60% Stake in Investeast for US$77.5 Million


C A Y M A N  I S L A N D S

ASSCHER FINANCE: S&P Withdraws 'CCC-' Rating on Capital Notes
CONDOR STRATEGIES: Members to Receive Wind-Up Report on June 30
FALCON CAPITAL: Members to Receive Wind-Up Report on June 30
FALCON LIQUID: Members to Receive Wind-Up Report on June 30
FLR CAYMAN: Members to Receive Wind-Up Report on June 30

FGPI LIMITED: Members to Receive Wind-Up Report on June 30
MH FUNDING: Members to Receive Wind-Up Report on June 30
OSPREY STRATEGIES: Members to Receive Wind-Up Report on June 30
PEREGRINE STRATEGIES: Members to Receive Wind-Up Report on June 30
TRIDENT SELECTIONS: Members to Receive Wind-Up Report on June 26


E C U A D O R

* ECUADOR: Posts US$799 Million Trade Deficit in Jan-April Period


M E X I C O

CEMEX SA: Gets MXP5-Billion Credit Line From Banobras


T R I N I D A D  &  T O B A G O

CL FIN'L: Chairman's Relative Moves to Block Government Takeover
HINDU CREDIT: Court Halts Assets Sale


V E N E Z U E L A

PDVSA: 2008 Net Profit Up 50 Percent to US$9.4 Billion


X X X X X X X X

* IATA Increases Loss Forecast to US$9 Billion
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

STANFORD INT'L: SFG Receiver's US$20-Mln Fee Request "Exorbitant"
-----------------------------------------------------------------
Lawyers of Stanford International Bank Limited owner Robert Allen
Stanford said Stanford Financial Group (SFG) court-appointed
receiver, Ralph Janvey's US$20 million fee request is
"exorbitant,” Anna Driver of Reuters reports, citing a court
filing.  "There is no law or court order that authorizes or
justifies the receiver's expenditures of nearly US$20 million in
eight weeks," Stanford's court filing in federal court in Dallas,
said, the report relates.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, Bloomberg News said Mr. Janvey requested US$20
million from a judge to cover fees and expenses during two months
of work on behalf of investors allegedly swindled by Mr. Stanford.
The report related Mr. Janvey, citing a filing by his lawyers,
hired investigators, attorneys and forensic accountants from
14 firms to track assets scattered worldwide.

Mr. Stanford meanwhile accused Mr. Janvey of wasting money and
mishandling the estate with plans such as selling assets like
Stanford's yacht, the Sea Eagle, at cut-rate prices, Reuters notes
citing court papers.

Reuters relates Mr. Stanford's lawyers argued that shutting Mr.
Stanford's businesses and terminating their employees "may have
already caused irreparable losses to the estate," and cost
taxpayers billions of dollars.

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

                   About Stanford International

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



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

BONGOSCAR SA: Trustee Verifying Proofs of Claim Until August 10
---------------------------------------------------------------
The court-appointed trustee for Bongoscar S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 10, 2009.

The trustee will present the validated claims in court as
individual reports on September 22, 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 4, 2009.


CONGRESO SALUD: Trustee Verifying Proofs of Claim Until August 31
-----------------------------------------------------------------
The court-appointed trustee for Congreso Salud S.A. (ex Drogueria
Galenica S.A.)'s bankruptcy proceedings will be verifying
creditors' proofs of claim until August 31, 2009.

The trustee will present the validated claims in court as
individual reports on October 13, 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 24, 2009.


LA GANGA: Trustee Verifying Proofs of Claim Until August 31
-----------------------------------------------------------
The court-appointed trustee for La Ganga S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 31, 2009.

The trustee will present the validated claims in court as
individual reports on October 13, 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
December 3, 2009.


MAME SRL: Trustee Verifying Proofs of Claim Until August 20
-----------------------------------------------------------
The court-appointed trustee for Mame S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
August 20, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 17, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 26, 2010.


TGN: Extends Restructure Offer Until July 3
-------------------------------------------
Argentina-based Transportadora de Gas del Norte SA (TGN) has
extended its restructure offer until July 3 after getting just 13%
participation from bondholders, LatinFrance reports.  The report
relates the company said it will continue to negotiate with a
creditor committee representing more than 55% of the debt
outstanding in the swap, which was scheduled to expire June 5.

According to the report, the company offered investors the option
to exchange some US$347 million in 2012 bonds for new 2021 notes
paying 2%-6%, or receive cash at a 75% discount to face value.

An investor who claims to be holding a large position, LatinFrance
notes, said the recovery is around 25%, depending on the exit
yield, and wants to see at least another 10 points.

LatinFrance says Investors and bankers away from the process said
TGN is likely to be in for a substantial amount of negotiation on
the terms of the deal.  Barclays is advising TGN on the
restructuring.


                           About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                         *     *     *

As of June 8, 2009, the company continies to carry Fitch Ratings'
D long-term local and foreign currency Issuer Default Ratings.  It
also continues to carry Fitch Ratings' National Long term and
National Sr Unsecured rating at D


YPF SA: Repsol YPF to Invest US$348 Million in Firm's Refineries
----------------------------------------------------------------
Repsol YPF SA plans to invest US$348 million in YPF SA's
refineries as demand for premium fuels in Argentina rises, Bill
Faries of Bloomberg News reports.  YPF SA is the Argentine unit of
Repsol YPF.

A company spokesman told Bloomberg News in an interview that the
investment in boosting production of premium gasoline and diesel
at YPF SA’s refineries will take place over a period of about
three years.

According to the report, the spokesman said demand in Argentina
for premium gasoline and diesel is forecast to grow 33% to about 8
million cubic meters per year by 2017.

                          About Repsol

Repsol YPF, S.A. is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas.  The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.

                          About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.


YPF SA: Moody's Downgrades Global Local Currency Rating to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service downgraded YPF S.A.'s global local
currency rating to Ba1 from Baa2, concluding a review for possible
downgrade announced in December 2008.  (YPF's Ba2 foreign currency
bond rating, also under review for downgrade, was withdrawn when
the rated bond issue matured in February 2009.)  The rating
outlook is stable.

YPF's asset profile and position as Argentina's largest energy
company rank its fundamental credit profile somewhat higher than
is indicated by its Ba1 GCLR, despite a relatively poor record of
reserve replacement and declining oil and gas production.
However, the downgrade is prompted by Argentina's (government
foreign currency rating B3, stable) deteriorating economic profile
and by concerns that the government's revenue needs and
unpredictable policy framework could result in unfavorable tax and
regulatory changes that will continue to pressure YPF's financial
profile and operating performance.

In addition, Moody's believes that elements of potential support
for YPF external to Argentina are no longer sufficient to justify
YPF's GLCR at a level that pierces the country's Ba1 global local
currency ceiling.  The global local currency ceiling represents
the highest rating a company can achieve on securities issued in
its local currency, reflecting its fundamental credit profile
while also considering the political and operational constraints
within its country.  Moody's notes that Repsol YPF S.A., Spanish
integrated energy company (rated Baa1 senior unsecured), continues
to own approximately 84% of YPF, but is pursuing a longer-term
strategy to reduce its current ownership in and exposure to YPF.

The last rating action that affected YPF occurred on December 23,
2008, when YPF's ratings were place under review for possible
downgrade.

YPF S.A. is the largest energy company in Argentina. It is
headquartered in Buenos Aires.


ARGENTINA: Investor Involvement on Bond Prepayment May Not be High
------------------------------------------------------------------
Standard & Poor's Ratings Services commented on the Republic of
Argentina (B-/Stable/C) and its recently announced offer of bond
prepayment.

The Argentine government announced it will offer to pay in advance
the next principal and interest payment on its Boden 12 bond,
which comes due on Aug. 3, 2009.  The amount of principal and
interest due on that date is equivalent to US$2.25 billion (out of
a total outstanding of the equivalent of US$ 8.7 billion under the
instrument), and it will offer the prepayment to investors through
an auction at a discount on the second week of June.

According to the government, the purpose of the offer is to
demonstrate the government's continued ability and willingness to
honor its obligations by prepaying investors that could have been
concerned that this could change following the June 28
congressional elections.

The government has stated that the operation will be voluntary and
that it will pay nontendered coupons in full according to the
original terms on Aug. 3.  Therefore, S&P does not expect investor
participation to be high.  Indeed, government agencies, which hold
at least an estimated 10% of the outstanding amount, will likely
not participate.  The procedure will involve the stripping of the
next debt-service payment (principal plus interest) from the rest
of the Boden 12 bond.

According to Standard & Poor's methodology, the prepayment would
not constitute a distressed exchange, and S&P would not
characterize it as a default as long as the discount rate applied
to the operation is not material and relates to the time value of
money.

The Argentine government's limited sources of financing, in
particular for 2010, continue to constrain the ratings.  There is
significant uncertainty on the future direction of economic
policies, and the economic environment is deteriorating because of
decelerating economic activity, high inflation, and vulnerability
to capital outflows.  Counterbalancing some of the risks at the
'B-' rating level are a fiscal position that S&P expects to remain
close to balanced despite recent deterioration, sufficient intra-
governmental financing to close the financing gap in 2009, a
current account surplus expected for 2009, and a comfortable level
of international reserves.



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

BEMEX INTERNATIONAL: Creditors' Proofs of Debt Due on June 19
-------------------------------------------------------------
The creditors of Bemex International Ltd. are required to file
their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 3, 2009.

The company's liquidator is:

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


BEMEX INTERNATIONAL: Members to Receive Wind-Up Report on July 7
----------------------------------------------------------------
The members of Bemex International Ltd. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 7, 2009, at 9:30 a.m.

The company commenced wind-up proceedings on June 3, 2009.

The company's liquidator is:

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


SPECTRUM RUSSIAN: Creditors' Proofs of Debt Due on July 1
---------------------------------------------------------
The creditors of Spectrum Russian Growth Fund Limited are required
to file their proofs of debt by July 1, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 2, 2009.

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


SPECTRUM RUSSIAN: Member to Receive Wind-Up Report on July 8
------------------------------------------------------------
The member of Spectrum Russian Growth Fund Limited will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on July 8, 2009, at 10:00 a.m.

The company commenced wind-up proceedings on June 2, 2009.

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


TNT CAPITAL: Creditors' Proofs of Debt Due on June 19
-----------------------------------------------------
The creditors of TNT Capital Investments Ltd are required to file
their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


TNT CAPITAL: Members to Receive Wind-Up Report on July 14
---------------------------------------------------------
The members of TNT Capital Investments Ltd will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 14, 2009, at 9:30 a.m.

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

The company's liquidator is:

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


TNT GLOBAL: Creditors' Proofs of Debt Due on June 19
----------------------------------------------------
The creditors of TNT Global Express Limited are required to file
their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


TNT GLOBAL: Members to Receive Wind-Up Report on July 14
--------------------------------------------------------
The members of TNT Global Express Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 14, 2009, at 9:30 a.m.

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

The company's liquidator is:

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


XL: Names New Executive VP & Head of Global Human Resources
-----------------------------------------------------------
XL Capital Ltd appointed Elizabeth L. Reeves as Executive Vice
President and Head of Global Human Resources.

Ms. Reeves' appointment took effect yesterday, June 8.  She
succeeds Celia Brown who is retiring after serving XL and its
predecessor companies for more than 20 years in numerous
capacities, including Head of Human Resources and Corporate
Relations for XL Capital Ltd and Chief Administrative Officer for
XL's insurance segment.

Ms. Reeves will report to XL's Chief Executive Officer Michael S.
McGavick.  She will also serve on XL's Leadership Team.

Ms. Reeves has held various senior Human Resources roles at global
insurance and financial services companies.

Commenting on Ms Reeves', appointment, Mr. McGavick said: "We are
pleased to have Beth join the XL group.  Her wealth of experience
in talent, leadership and HR strategy development will be an asset
to XL.  With her professional background in the insurance,
financial services, marketing and communications industries in
various countries across the globe, she will also complement our
highly-skilled and diversified Leadership Team.”  I would also
like to thank Celia for her wise counsel, sterling service, and
dedication to XL throughout her career here," he added.

                        About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.



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

BANCO IBI: Moody's Reviews 'E+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service placed the ratings of Banco Ibi S.A.
Banco Multiplo on review for possible upgrade, including: the bank
financial strength rating of E+, global long and short term local
currency deposit ratings of B1 and Not Prime, respectively,
foreign currency deposit ratings of B1 and Not Prime, and
Brazilian national scale ratings of Baa1.br and BR-2.

The rating action was prompted by Banco Bradesco's announcement on
June 4, 2009 that it entered into an agreement to acquire a 100%
controlling interest in Ibi's capital and those of its
subsidiaries, ibi Corretora de Seguros Ltda., ibi Promotora de
Vendas Ltda. and ibi Participacoes Ltda from COFRA, the Swiss-
based holding company.  The payment will be made with new Bradesco
shares corresponding to approximately 1.6% of its capital stock.
The agreement also includes a 20-year partnership with Ibi's
sister company, retail store chain C&A Modas Ltda that will allow
Bradesco to distribute its financial products and services through
C&A stores.  The acquisition remains subject to the approval of
the relevant authorities.

According to Moody's, the review of the bank financial strength
rating will consider the extent to which Ibi's franchise will
benefit from its association with Bradesco including its brand,
robust risk management and corporate governance practices, and
lower cost funding.  Moody's also indicated that the review of
Ibi's global and national scale deposit ratings will be focusing
on the probability of parental and systemic support as a result of
the bank's position within the Bradesco organization.

Banco Ibi's headquarters are located in Barueri, Sao Paulo,
Brazil.  As of December 2008, the bank reported total assets of
R$5.6 billion (US$2.7 billion) and equity of R$864 million
(US$370 million).

Moody's last rating action on Ibi was on March 31, 2009, when
Moody's Investors Service downgraded Ibi's BFSR to E+ from D-, its
local and foreign currency deposit ratings to B1 and Not Prime
from Ba3 and Not Prime and the long-term national scale deposit
rating to Baa1.br from A3.br.

These ratings of Banco Ibi were placed on review for possible
upgrade:

  -- Bank Financial Strength Rating: E+
  -- Global local currency deposit ratings: B1/Not-Prime
  -- Foreign currency deposit ratings: B1/Not-Prime
  -- Brazilian national scale deposit rating: Baa1.br/BR-2


BANCO IBI: S&P Puts 'B+/B' Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it put its ratings on
Banco IBI S.A. - Banco Multiplo, including its 'B+/B' counterparty
credit rating on CreditWatch with positive implications.

"These actions follow the announcement that Banco Bradesco will
acquire the entire shareholding control of Banco IBI for
approximately Brazilian reais 1.4 billion," said Standard & Poor's
credit analyst Milena Zaniboni.  The transaction will be paid with
shares issued by Bradesco, representing approximately 1.6% of the
bank's capital and will not materially affect its financial
profile.  Banco IBI's core banking franchise of branded credit
cards will add significant market share to Bradesco's operations
in this segment.  Banco IBI provides financial services, primarily
through credit cards, for C&A's customers, a retail chain with
stores all over the country.

S&P expects the acquisition to close during the second half of
2009, subject to certain regulatory approvals and by the boards of
both institutions, at which time S&P plan to resolve the
CreditWatch status.


BANCO BRADESCO: To Acquire Banco IBI & Its Units
------------------------------------------------
Brazil-based Banco Bradesco S.A. will buy 100% of the capital
stock of branded credit-card issuer Banco IBI and its subsidiaries
–- IBI Corretora de Seguros, IBI Promotora de Vendas and IBI
Participacoes -- for about BRL1.4 billion in shares, LatinFrance
reports.

According to the report, the company will buy shares of Banco IBI
and its units from retailer C&A and IBI is C&A’s financial unit.
The report relates Banco Bradesco BBI, Bradesco’s investment
banking arm, acted as the buyer’s advisor.

The company's legal advisor was Xavier Bernardes Braganca, the
report says.

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 June 8, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.


PERDIGAO SA: Plans to Issue Shares on Bovespa & ADRs
----------------------------------------------------
Brazil-based Perdigao SA confirmed its plan to issue shares on the
Bovespa and ADRs internationally, LatinFrance reports.  The report
relates an unnamed banker eyeing the process says the offering
could be up to BRL4 billion.

However, the report says, other bankers away from the deal note
that up to half of the offering would be placed with existing
shareholders.  LatinFrance relates local bankers said Banco do
Brasil and UBS Pactual are heard to have clinched bookrunning
roles.

The offering is tied to Perdigao’s acquisition of Sadia SA to be
executed through a share swap, the report notes.

                       About Perdigao SA

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

                         *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
rating at Ba1 and Standard and Poor's LT Issuer Credit Ratings at
BB+


SADIA SA: To Sell 60% Stake in Investeast for US$77.5 Million
-------------------------------------------------------------
Brazil-based Sadia S.A. said it is selling its 60% stake in
Cyprus-based Investeast to joint venture partner Fomanto
Investments for US$77.5 million, LatinFrance reports.  The report
relates Investeast owns Concordia, which itself owns a meat
processing plant in Kaliningrad, Russia.

According to the report, Sadia said that the deal should free it
from debt related to the joint venture, including obligations with
the IFC.

The IFC, the report notes, said it provided a US$25 million loan
from its own account and a US$30 million loan from participating
banks for the Concordia plant.

                        About Sadia S.A.

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

                         *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.



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

ASSCHER FINANCE: S&P Withdraws 'CCC-' Rating on Capital Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew all its outstanding
ratings on Asscher Finance Ltd. and Asscher Finance Corp., and
Cullinan Finance Ltd. and Cullinan Finance Corp.

The vehicles do not have any outstanding debt.  The vehicles'
manager, Halbis, part of HSBC, has requested that the ratings be
withdrawn.

                           Ratings List

                        Ratings Withdrawn

                       Asscher Finance Ltd.

                            Ratings
                            -------
   Class                  To                  From
   -----                  --                  ----
   Issuer credit rating   NR                  AAA/Negative/A-1+
   CP                     NR                  A-1+
   MTNs                   NR                  AAA
   Capital notes          NR                  CCC-/Watch Neg

                      Asscher Finance Corp.

                                  Ratings
                                  -------
         Class                  To                  From
         -----                  --                  ----
         CP                     NR                  A-1+
         MTNs                   NR                  AAA

                      Cullinan Finance Ltd.

                            Ratings
                            -------
   Class                  To                  From
   -----                  --                  ----
   Issuer credit rating   NR                  AAA/Negative/A-1+
   CP                     NR                  A-1+
   MTNs                   NR                  AAA
   Capital notes          NR                  CCC-/Watch Neg

                      Cullinan Finance Corp

                                  Ratings
                                  -------
         Class                  To                  From
         -----                  --                  ----
         CP                     NR                  A-1+
         MTNs                   NR                  AAA

            NR — Not rated.
            CP — Commercial paper.
            MTNs — Medium-term notes.


CONDOR STRATEGIES: Members to Receive Wind-Up Report on June 30
---------------------------------------------------------------
The members of Condor Strategies Ltd will hold their final general
meeting on June 30, 2009, to receive the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


FALCON CAPITAL: Members to Receive Wind-Up Report on June 30
------------------------------------------------------------
The members of Falcon Capital Strategies Ltd will hold their final
general meeting on June 30, 2009, to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


FALCON LIQUID: Members to Receive Wind-Up Report on June 30
-----------------------------------------------------------
The members of Falcon Liquid Reserves Ltd will hold their final
general meeting on June 30, 2009, to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


FLR CAYMAN: Members to Receive Wind-Up Report on June 30
--------------------------------------------------------
The members of FLR Cayman Ltd will hold their final general
meeting on June 30, 2009, to receive the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


FGPI LIMITED: Members to Receive Wind-Up Report on June 30
----------------------------------------------------------
The members of FGPI Limited will hold their final general meeting
on June 30, 2009, to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


MH FUNDING: Members to Receive Wind-Up Report on June 30
--------------------------------------------------------
The members of MH Funding Corporation will hold their final
general meeting on June 30, 2009, to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


OSPREY STRATEGIES: Members to Receive Wind-Up Report on June 30
---------------------------------------------------------------
The members of Osprey Strategies Ltd will hold their final general
meeting on June 30, 2009, to receive the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


PEREGRINE STRATEGIES: Members to Receive Wind-Up Report on June 30
------------------------------------------------------------------
The members of Peregrine Strategies Ltd will hold their final
general meeting on June 30, 2009, to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


TRIDENT SELECTIONS: Members to Receive Wind-Up Report on June 26
----------------------------------------------------------------
The members of Trident Selections will hold their final general
meeting on June 26, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands



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

* ECUADOR: Posts US$799 Million Trade Deficit in Jan-April Period
-----------------------------------------------------------------
Ecuador posted a trade deficit of US$799 million in the first four
months of 2009, from a surplus of US$1.4 billion one year earlier,
Mercedes Alvaro of Dow Jones Newswires reports, citing the
country's Central Bank.

The report relates the Central Bank said exports fell to US$3.6
billion from January through April from US$6.3 billion in the same
period the previous year; while imports fell to US$4.4 billion in
the first four months from US$4.9 billion reported in the same
period of 2008.

According to the report, citing the central bank, exports of oil
products totaled US$1.5 billion from January through April, while
non-petroleum products reached US$2.1 billion.

DJ Newswires notes that of the total imports from January through
April, raw materials were US$1.5 billion, capital goods at US$1.3
billion and consumer goods at US$976 million.  The report relates
the Central Bank also said that in the first four months Ecuador
registered a deficit of US$1.7 billion in its non-oil trade
balance.

Ecuador, DJ Newswires recalls, posted a trade deficit of US$5.1
million in April, compared with a surplus of US$277 million in the
same month of 2008.

                        *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.



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

CEMEX SA: Gets MXP5-Billion Credit Line From Banobras
-----------------------------------------------------
Mexio-based Cemex S.A.B. de C.V. has obtained a MXP5 billion
credit line from Mexico infrastructure development bank Banobras
for working capital, Banobras Head Alonso Garcia Tames told
LatinFinance in an interview.  According to LatinFinance, the
facility is backed by contracts Cemex has with various
municipalities for road paving projects and has multiple
maturities ranging from 40 months to 20 years.

LatinFinance says additional security in the form of real assets
belonging to Cemex SAB has also been worked into the facility to
guard against contract execution risk.

Mr. Tames, LatinFinance notes, said Cemex SAB already drawn MXP2.1
billion of the line down.

                          About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
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 of June 8, 2009, the company continues to carry Standard and
Poor's B- LT Issuer Credit ratings.  The company also continues to
carry Fitch rating's B LT Issuer Credit ratings and B+ Currency LT
Debt ratings.



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

CL FIN'L: Chairman's Relative Moves to Block Government Takeover
----------------------------------------------------------------
CL Financial Limited Chairman Lawrence Duprey's relative, Kirk
Carpenter, launched a bid to stop the conglomerate from entering
into an agreement with the government that would result in the
State taking control of the group's board, Oscar Ramjeet of
Caribbean Net News reports.  The report relates according to the
Trinidad Guardian, Mr. Carpenter was appointed interim chairman
and spokesman for the newly formed CL Financial Shareholders
Association at a meeting in Trinidad.

Mr. Carpenter, the report notes, said the Shareholders Association
represents "close to a 50 percent shareholding in CL Financial.”

According to the report, CL Financial has an issued share capital
of 7.5 million shares.  The report relates according to an
official February 2009 filing, CL Financial's largest shareholders
are Dalco Capital Management Co. with 1,947,833 shares -- 26 per
cent of the company.  The report says CL Duprey Investment Trust
has 21.8 per cent of CL Financial and the employees’ pension plan
of British American Insurance Company, which is registered in the
Bahamas, holds 14.2 per cent.

Mr. Carpenter, the report notes, said CL Financial needs to have
the support of two-thirds of its shareholders in order to get the
approval to proceed with an agreement with the government.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.  Tobago President George Maxwell Richards, The
Express related, signed bailout bills for CL Financial, giving the
government the authority to control the company's unit, Colonial
Life Insurance Company, and giving the central bank extensive
powers to treat with CL Financial's collapse and the consequent
systemic crisis.

                       About CL Financial

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


HINDU CREDIT: Court Halts Assets Sale
-------------------------------------
Justice Amrika Tiwary-Reddy told Hindu Credit Union Co-Operative
Society Limited (HCU) attorneys and court-appointed liquidator,
Ramdath Rampersad, that the assets of the HCU group of companies
are to be left alone, Trinidad Express reports.  The report
relates Mr. Rampersad's attorney Reginald Armour, told Justice
Tiwary-Reddy that his client would not sell, lease, mortgage,
pledge or offer to sell any of the HCU assets after the credit
union filed for judicial review, saying that the liquidator
cannot, under law, allow the sale of any of their assets.

According to the report, the matter came up for mention before
Justice Tiwary-Reddy, who agreed with both Stanley Marcus SC, who
is seeking the interest of the HCU, and Mr. Armour that the
selling off of HCU assets would be put on pause until the matter
is dealt with.  The report says the matter comes up again on
July 21.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2009, Trinidad and Tobago Newsday said the Members of
Credit Union Member Group ("CRMG") are planning to write again to
Prime Minister Patrick Manning and Financial Minister Karen Nunez-
Tesheira asking them to stop the liquidation of HCU's assets.
Trinidad and Tobago Express said HCU sold 13 of its vehicles to
help pay off a $400 million deficit.

According to Caribbean Net News, Trinidad and Tobago's Fraud Squad
and Anti Corruption Bureau conducted an investigation into HCU's
financial operations on reports of several discrepancies and
financial improprieties involving tens of millions of dollars.

HCU liquidator Ramdath Rampersad, as cited by the Express, said
the money from the liquidation is being used to pay creditors;
salaries for the remaining staff members, and phone, electricity
and water bills.  The Express related that Mr. Rampersad said the
liquidation would continue until HCU President Harnarine's appeal
to stop the process is approved by March 2009.  According to the
Express, loans are also being serviced by customers and are being
used to pay preferential creditors like the National Insurance
Board, Water and Sewerage Authority and the Board of Inland
Revenue.  However, The Express said, customers who have not been
re-paid are protesting for the return of their money.  Mr.
Rampersad added that HCU was also servicing a loan from a
commercial bank, the report notes.

CRMG Public Relation Officer Deosaran Bisnath, as cited by
Newsday, said depositors and shareholders were concerned that
buildings and properties would be sold next, adding that since the
HCU's assets were valued less than its liabilities, members would
lose most of their investments.

                        About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

PDVSA: 2008 Net Profit Up 50 Percent to US$9.4 Billion
------------------------------------------------------
Petroleos de Venezuela (PDVSA)'s net profits in 2008 rose 50
percent in 2008 to US$9.4 billion, driven by windfall oil prices
that also financed a jump in spending by President Hugo Chavez,
Antonio de la Jara of Reuters reports.  The report relates the
company earned a profit of US$6.3 billion.

According to Agence France-Presse (AFP), PDVSA said that at
US$126.3 billion, sales of crude oil were up 31.3% over the
previous year.  The report relates the company added that the
figures "show the financial and operational solidity" of the
company.

Reuters says the company's operating income rose to US$126.4
billion, up 31% from the year before as oil prices soared to a
peak of US$147 last year.

PDVSA, AFP says, exported 2.9 million barrels a day, which would
be an increase of 108,000 barrels a day compared to 2007.  So far
this year, Venezuela's oil exports have averaged US$44 a barrel,
the same report relates.

PDVSA, Reuters recalls, gave US$53 billion to the government -- 21
percent more than in 2007.  Reuters adds PDVSA said it reduced its
debt to US$15.1 billion from US$16.6 billion in 2007.

                          About PDVSA

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

                          *     *     *

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

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



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

* IATA Increases Loss Forecast to US$9 Billion
----------------------------------------------
The International Air Transport Association (IATA) revised its
airline financial forecast for 2009 to a global loss of
US$9 billion.  This is nearly double the association’s March
estimate of a US$4.7 billion loss, reflecting a rapidly
deteriorating revenue environment.  IATA also revised its loss
estimate for 2008 to US$10.4 billion from the previous estimate of
US$8.5 billion.

“There is no modern precedent for today’s economic meltdown.  The
ground has shifted. Our industry has been shaken.  This is the
most difficult situation that the industry has faced.  After
September 11, revenues fell by 7%. It took three years to recover
lost ground, even on the back of a strong economy.  This time we
face a 15% drop—a loss of revenues of US$80 billion—in the middle
of a global recession.  Our future depends on a drastic reshaping
by partners, governments and industry.  We cannot bear the cost of
government micro-regulation, crazy taxation and partners abusing
their monopoly power,” said Giovanni Bisignani, IATA’s Director
General and CEO in his State of the Industry address to 500 of the
industry’s top leaders gathered in Kuala Lumpur for the 65th IATA
Annual General Meeting and World Air Transport Summit.

Recession is the most significant factor impacting the industry’s
bottom line.  IATA’s revised forecast sees revenues declining an
unprecedented 15% (US$80 billion) from US$528 billion in 2008 to
US$448 billion in 2009.

Air cargo demand is expected to decline by 17%. In 2009, airlines
are forecast to carry 33.3 million tonnes of freight, compared to
40.1 million tonnes in 2008.  Passenger demand is expected to
contract by 8% to 2.06 billion travelers compared to 2.24 billion
in 2008.  The revenue impact of falling demand will be further
exaggerated by large falls in yields—11% for cargo and 7% for
passenger.

Mr. Bisignani noted risks and challenges:

    * Fuel bill: The industry fuel bill is forecast to
      decline by US$59 billion to US$106 billion in 2009.
      Fuel will account for 23% of operating costs with an
      average price of oil at US$56 per barrel (Brent).  By
      comparison, the 2008 fuel bill was US$165 billion
      (31% of costs) at an average price of US$99 per
      barrel.  “The risk that we have seen in recent weeks
      is that even the slightest glimmer of economic hope
      sends oil prices higher.  Greedy speculation must
      not hold the global economy hostage.  Failure to
      act by governments would be irresponsible,”
      said Mr. Bisignani.

    * Efficiency gains: Over the last decade, labor
      productivity improved by 71%.  Fuel efficiency
      increased by 20% and load factors rose by
      7 percentage points.  The dramatic downturn in
      demand could push non-fuel unit costs higher,
      which cannot be cut in proportion.

    * Stronger Cash Reserves: Cash reserves of
      US$70 billion (13%) of revenues are much stronger
      than the 9% reserve that airlines had in 2000.
      Some of this is being funded by the US$170 billion
      industry debt or by asset sales.  “We are in a
      better cash position than when we faced the
      challenges of September 11.  But our pockets are
      not that deep.  A long L-shaped recovery could
      drain the industry of cash,” said Mr. Bisignani.

    * Careful Capacity Management: Global load factors
      for the first quarter of 2009 are down about
      3 percentage points compared to the previous
      year.  This is less than the falls experienced
      in some recent crises as a result of airlines
      better matching capacity to falling demand.
      Nonetheless, the 4,000 aircraft expected to
      enter the commercial aviation fleet in the next
      three years will make this an ongoing challenge.

    * Strong Partnerships: Consolidation within
      political borders (including Air France-KLM,
      Lufthansa-Swiss, Delta-Northwest,
      Cathay Pacific-Dragonair) has created stronger
      players.  But archaic limitations on ownership
      continue to prevent broader consolidation and
      partnerships across borders.

Carriers in all regions are expected to report losses in 2009.

    * North American carriers are expected to
      show a loss of US$1.0 billion.  This is
      significantly better than the US$5.1 billion
      loss in 2008.  Limited hedging by US carriers
      exposed the US industry to rising fuel prices
      in 2008.  This turned into an advantage in
      2009 by giving US carriers access to lower
      spot prices.  Early capacity cuts are also helping.

    * European carriers are expected to post losses of
      US$1.8 billion with collapsing demand for
      premium services in all major markets served
      by the region’s carriers (intra-Europe,
      North Atlantic and Europe to Asia).

    * Asia-Pacific carriers will post the largest
      losses at US$3.3 billion.  Japan, the region’s
      largest market, is in deep recession.  The growth
      markets of China and India are delivering major
      losses as export-driven demand slows.  This is a
      slightly better performance than the
      US$3.9 billion that the region’s carriers
      lost in 2008.

    * Middle East carriers, despite strong traffic
      growth, will see losses deepen to US$1.5 billion.
      The region’s intercontinental hubs are
      vulnerable to recessionary impacts in both
      European and Asian source markets.

    * Latin American carriers are expected to post a
      loss of US$900 million, as the impact of
      the recession in the US and China weakens
      demand for the region’s commodities.

    * African carriers are expected to see losses
      of US$500 million.  This is the result of a
      loss of market share combined with the impact
      of the recession.

The industry crisis is making liberalization even more critical.
“We cannot manage in these unprecedented times with one hand tied
behind our back.  Airlines need the same commercial freedoms that
every other industry takes for granted—access to global markets
and capital,” said Mr. Bisignani.

In a similar vein, Mr. Bisignani urged governments to avoid
protectionist policies as they stimulate economies.  “The forces
of de-globalization are gathering strength.  World trade is
already suffering with a 15% downturn. Protectionism is the enemy
of global prosperity.  In the 1930s, it prolonged the recession.
And it will not work today.  To build a strong global economy, we
must fight hard to keep the world trading,” said Mr. Bisignani.


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

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

ARGENTINA

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


BRAZIL

DTC DIRECT CO SA    1DTCON BZ           11797000 -2671000
DTC DIRECT CO-RT   1DTCONR BZ           11797000      -2671000
GASCOIGNE EMPREE    1GASON BZ         1408963968   -1025910016
GASCOIGNE EMP-PF    1GASPN BZ         1408963968   -1025910016
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
TRESSEM PART SA     1TSSON BZ         2328652032    -101079000
MMX MINERACA-GDR      3M11 GR         2328652032    -101079000
TELECOMUNICA-ADR    81370Z BZ          428644992      -2437000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
KUALA                ARTE3 BZ           11856000     -33570000
KUALA-PREF           ARTE4 BZ           11856000     -33570000
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
AZEVEDO              AZEV3 BZ          114608000     -10504000
AZEVEDO-PREF         AZEV4 BZ          114608000     -10504000
AZEVEDO E TRAVAS    AZEVON BZ          114608000     -10504000
AZEVEDO E TRA-PR    AZEVPN BZ          114608000     -10504000
BOMBRIL              BMBBF US          467603008    -475305984
BOMBRIL SA-ADR       BMBBY US          467603008    -475305984
BOMBRIL SA-ADR       BMBPY US          467603008    -475305984
BOMBRIL-RIGHTS       BOBR1 BZ          467603008    -475305984
BOMBRIL-RGTS PRE     BOBR2 BZ          467603008    -475305984
BOMBRIL              BOBR3 BZ          467603008    -475305984
BOMBRIL-PREF         BOBR4 BZ          467603008    -475305984
BOMBRIL CIRIO SA    BOBRON BZ          467603008    -475305984
BOMBRIL CIRIO-PF    BOBRPN BZ          467603008    -475305984
BUETTNER SA-RTS      BUET1 BZ          173032000     -65614996
BUETTNER SA-RT P     BUET2 BZ          173032000     -65614996
BUETTNER             BUET3 BZ          173032000     -65614996
BUETTNER-PREF        BUET4 BZ          173032000     -65614996
BUETTNER SA         BUETON BZ          173032000     -65614996
BUETTNER SA-PRF     BUETPN BZ          173032000     -65614996
CAF BRASILIA         CAFE3 BZ           36476000   -1193384960
CAF BRASILIA-PRF     CAFE4 BZ           36476000   -1193384960
CONST A LINDEN       CALI3 BZ           51808000     -13659000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
CAMBUCI SA           CAMB3 BZ          169194000     -39565000
CAMBUCI SA-PREF      CAMB4 BZ          169194000     -39565000
CAMBUCI SA          CAMBON BZ          169194000     -39565000
CAMBUCI SA-PREF     CAMBPN BZ          169194000     -39565000
TELEBRAS-PF RCPT     CBRZF US          428644992      -2437000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
CHIARELLI SA         CCHON BZ           42853000     -85685000
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
CORREA RIBEIRO      CORION BZ           10301000       -547000
CORREA RIBEIRO      CORIPN BZ           10301000       -547000
CORREA RIBEIRO       CORR3 BZ           10301000       -547000
CORREA RIBEIR-PR     CORR4 BZ           10301000       -547000
CIA DE RECUPERAC     CRSC3 BZ           15755000     -48834000
CIA DE RECUPERAC    CRSC3B BZ           15755000     -48834000
CAFE BRASILIA SA    CSBRON BZ           36476000   -1193384960
CAFE BRASILIA-PR    CSBRPN BZ           36476000   -1193384960
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
CTM CITRUS-RCT C     CTPC9 BZ           79728000 -1381000
CAMBUCI SA-PREF      CXDOF US          169194000     -39565000
D H B                DHBI3 BZ          221336000    -588646016
D H B-PREF           DHBI4 BZ          221336000    -588646016
DHB IND E COM        DHBON BZ          221336000    -588646016
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
DOCAS SA-RTS PRF     DOCA2 BZ          204272000     -41722000
DOCA INVESTIMENT     DOCA3 BZ          204272000     -41722000
DOCA INVESTI-PFD     DOCA4 BZ          204272000     -41722000
DOCAS SA            DOCAON BZ          204272000     -41722000
DOCAS SA-PREF       DOCAPN BZ          204272000     -41722000
DTCOM-RT             DTCY1 BZ           11797000      -2671000
DTCOM- DIR TO CO     DTCY3 BZ           11797000      -2671000
DTCOM- DIRECT-PR     DTCY4 BZ           11797000      -2671000
ACO ALTONA SA        EAAON BZ          167764992     -20478000
ACO ALTONA-PREF      EAAPN BZ          167764992     -20478000
ACO ALTONA           EALT3 BZ          167764992     -20478000
ACO ALTONA-PREF      EALT4 BZ          167764992     -20478000
ESTRELA SA           ESTR3 BZ          116767000    -101057000
ESTRELA SA-PREF      ESTR4 BZ          116767000    -101057000
ESTRELA SA          ESTRON BZ          116767000    -101057000
ESTRELA SA-PREF     ESTRPN BZ          116767000    -101057000
FABRICA RENAUX      FRNXON BZ          123567000     -72231000
FABRICA RENAUX-P    FRNXPN BZ          123567000     -72231000
FABRICA TECID-RT     FTRX1 BZ          123567000     -72231000
FABRICA RENAUX       FTRX3 BZ          123567000     -72231000
FABRICA RENAUX-P     FTRX4 BZ          123567000     -72231000
TECEL S JOSE        FTSJON BZ           41412000     -42901000
TECEL S JOSE-PRF    FTSJPN BZ           41412000     -42901000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
ALL MALHA PAULIS     GASC3 BZ         1408963968   -1025910016
ALL MALHA PAULIS    GASC3B BZ         1408963968   -1025910016
GASCOIGNE EMP-PF     GASC4 BZ         1408963968   -1025910016
GASCOIGNE EMP-PF    GASC4B BZ         1408963968   -1025910016
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
GAZOLA               GAZO3 BZ           27266214     -73665296
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
GAZOLA SA            GAZON BZ           27266214     -73665296
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
HAGA                 HAGA3 BZ           26163226    -115001000
FER HAGA-PREF        HAGA4 BZ           26163226    -115001000
FERRAGENS HAGA      HAGAON BZ           26163226    -115001000
FERRAGENS HAGA-P    HAGAPN BZ           26163226    -115001000
HERCULES SA         HERTON BZ           21741000    -286192000
HERCULES SA-PREF    HERTPN BZ           21741000    -286192000
HERCULES             HETA3 BZ           21741000    -286192000
HERCULES-PREF        HETA4 BZ           21741000    -286192000
DOC IMBITUBA-RTC     IMBI1 BZ          207240000     -25727000
DOC IMBITUBA-RTP     IMBI2 BZ          207240000     -25727000
DOC IMBITUBA         IMBI3 BZ          207240000     -25727000
DOC IMBITUB-PREF     IMBI4 BZ          207240000     -25727000
DOCAS IMBITUBA      IMBION BZ          207240000     -25727000
DOCAS IMBITUB-PR    IMBIPN BZ          207240000     -25727000
CONST A LINDEN      LINDON BZ           51808000     -13659000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
PETRO MANGUINHOS    MANGON BZ          152032000    -351539008
PETRO MANGUIN-PF    MANGPN BZ          152032000    -351539008
MMX MINERACAO        MMXCF US         2328652032    -101079000
MMX MINERACAO        MMXM3 BZ         2328652032    -101079000
MMX MINERACA-GDR     MMXMY US         2328652032    -101079000
MINUPAR              MNPR3 BZ          180171008     -40196000
MINUPAR-PREF         MNPR4 BZ          180171008     -40196000
MINUPAR SA          MNPRON BZ          180171008     -40196000
MINUPAR SA-PREF     MNPRPN BZ          180171008     -40196000
WETZEL SA           MWELON BZ          143358000      -9963000
WETZEL SA-PREF      MWELPN BZ          143358000      -9963000
WETZEL SA            MWET3 BZ          143358000      -9963000
WETZEL SA-PREF       MWET4 BZ          143358000      -9963000
NORDON MET-RTS       NORD1 BZ           36158000     -33675000
NORDON MET           NORD3 BZ           36158000     -33675000
NORDON METAL        NORDON BZ           36158000     -33675000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
NOVA AMERICA SA     NOVA3B BZ           40955000    -353104000
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
NOVA AMERICA-PRF    NOVA4B BZ           40955000    -353104000
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
PARQUE TEM-DV CM      PQT5 BZ          135597008    -436259008
PARQUE TEM-DV PF      PQT6 BZ          135597008    -436259008
PARQUE TEM-RT CM     PQTM1 BZ          135597008    -436259008
PARQUE TEM-RCT P    PQTM10 BZ          135597008    -436259008
PARQUE TEM-RT PF     PQTM2 BZ          135597008    -436259008
HOPI HARI SA         PQTM3 BZ          135597008    -436259008
HOPI HARI-PREF       PQTM4 BZ          135597008    -436259008
PARQUE TEM-RCT C     PQTM9 BZ          135597008    -436259008
PROMAN               PRMN3 BZ           24047000       -467000
PROMAN              PRMN3B BZ           24047000       -467000
SAUIPE               PSEG3 BZ           23632000     -17804000
SAUIPE-PREF          PSEG4 BZ           23632000     -17804000
SAUIPE SA           PSEGON BZ           23632000     -17804000
SAUIPE SA-PREF      PSEGPN BZ           23632000     -17804000
TELEBRAS-CEDE BL     RCT4B AR          428644992      -2437000
TELEBRAS-CED C/E     RCT4C AR          428644992      -2437000
TELEBRAS-CEDEA $     RCT4D AR          428644992      -2437000
TELEBRAS-RTS CMN     RCTB1 BZ          428644992      -2437000
TELEBRAS-RTS PRF     RCTB2 BZ          428644992      -2437000
TELEBRAS-CM RCPT    RCTB30 BZ          428644992      -2437000
TELEBRAS-CM RCPT    RCTB31 BZ          428644992      -2437000
TELEBRAS-CM RCPT    RCTB32 BZ          428644992      -2437000
TELEBRAS-RCT        RCTB33 BZ          428644992      -2437000
TELEBRAS-CEDE PF     RCTB4 AR          428644992      -2437000
TELEBRAS-PF RCPT    RCTB40 BZ          428644992      -2437000
TELEBRAS-PF RCPT    RCTB41 BZ          428644992      -2437000
TELEBRAS-PF RCPT    RCTB42 BZ          428644992      -2437000
RIMET                REEM3 BZ          144454000    -232197008
RIMET-PREF           REEM4 BZ          144454000    -232197008
RIMET               REEMON BZ          144454000    -232197008
RIMET-PREF          REEMPN BZ          144454000    -232197008
TEXTEIS RENAUX      RENXON BZ           99602000    -148587008
TEXTEIS RENAUX      RENXPN BZ           99602000    -148587008
PET MANG-RIGHTS      RPMG1 BZ          152032000    -351539008
PET MANG-RECEIPT    RPMG10 BZ          152032000    -351539008
PET MANG-RIGHTS      RPMG2 BZ          152032000    -351539008
PETRO MANGUINHOS     RPMG3 BZ          152032000    -351539008
PET MANGUINH-PRF     RPMG4 BZ          152032000    -351539008
PET MANG-RECEIPT     RPMG9 BZ          152032000    -351539008
RIOSULENSE SA        RSUL3 BZ          116783000     -12607000
RIOSULENSE SA-PR     RSUL4 BZ          116783000     -12607000
RIOSULENSE SA       RSULON BZ          116783000     -12607000
RIOSULENSE SA-PR    RSULPN BZ          116783000     -12607000
TELEBRAS-ADR           RTB US          428644992 -2437000
SCHLOSSER SA         SCHON BZ           23121000    -123831000
SCHLOSSER SA-PRF     SCHPN BZ           23121000    -123831000
SCHLOSSER            SCLO3 BZ           23121000    -123831000
SCHLOSSER-PREF       SCLO4 BZ           23121000    -123831000
TECEL S JOSE         SJOS3 BZ           41412000     -42901000
TECEL S JOSE-PRF     SJOS4 BZ           41412000     -42901000
SANESALTO            SNST3 BZ        47836610560   -1076702080
SANSUY               SNSY3 BZ          232096000    -106033000
SANSUY-PREF A        SNSY5 BZ          232096000    -106033000
SANSUY-PREF B        SNSY6 BZ          232096000    -106033000
SANSUY SA-PREF A    SNSYAN BZ          232096000    -106033000
SANSUY SA-PREF B    SNSYBN BZ          232096000    -106033000
SANSUY SA           SNSYON BZ          232096000    -106033000
STAROUP SA          STARON BZ           59539000     -15562000
STAROUP SA-PREF     STARPN BZ           59539000     -15562000
BOTUCATU TEXTIL      STRP3 BZ           59539000     -15562000
BOTUCATU-PREF        STRP4 BZ           59539000     -15562000
TELEBRAS-PF RCPT     TBAPF US          428644992      -2437000
TELEBRAS-ADR         TBAPY US          428644992      -2437000
TELEBRAS SA          TBASF US          428644992      -2437000
TELEBRAS-ADR         TBASY US          428644992      -2437000
TELEBRAS-ADR           TBH US          428644992      -2437000
TELEBRAS/W-I-ADR     TBH-W US          428644992 -2437000
TELEBRAS-ADR         TBRAY GR          428644992      -2437000
TELEBRAS-CM RCPT     TBRTF US          428644992      -2437000
TELEBRAS-ADR           TBX GR          428644992      -2437000
TELEBRAS-RTS CMN     TCLP1 BZ          428644992      -2437000
TEKA                 TEKA3 BZ          438540000    -564327040
TEKA-PREF            TEKA4 BZ          438540000    -564327040
TEKA                TEKAON BZ          438540000    -564327040
TEKA-PREF           TEKAPN BZ          438540000    -564327040
TEKA-ADR             TEKAY US          438540000    -564327040
TELEBRAS-CED C/E     TEL4C AR          428644992      -2437000
TELEBRAS-CEDEA $     TEL4D AR          428644992      -2437000
TELEBRAS-COM RT      TELB1 BZ          428644992      -2437000
TELEBRAS-RCT PRF    TELB10 BZ          428644992      -2437000
TELEBRAS SA          TELB3 BZ          428644992      -2437000
TELEBRAS-BLOCK      TELB30 BZ          428644992      -2437000
TELEBRAS SA-PREF     TELB4 BZ          428644992      -2437000
TELEBRAS-CEDE PF     TELB4 AR          428644992      -2437000
TELEBRAS-PF BLCK    TELB40 BZ          428644992      -2437000
TELEBRAS SA-RT       TELB9 BZ          428644992      -2437000
TELEBRAS-CM RCPT    TELE31 BZ          428644992      -2437000
TELEBRAS-PF RCPT    TELE41 BZ          428644992      -2437000
TEKA-PREF            TKTPF US          438540000    -564327040
TEKA-ADR             TKTPY US          438540000    -564327040
TEKA                 TKTQF US          438540000    -564327040
TEKA-ADR             TKTQY US          438540000    -564327040
TELEBRAS SA         TLBRON BZ          428644992      -2437000
TELEBRAS SA-PREF    TLBRPN BZ          428644992      -2437000
TELEBRAS-RECEIPT    TLBRUO BZ          428644992      -2437000
TELEBRAS-PF RCPT    TLBRUP BZ          428644992      -2437000
TELEBRAS-RTS PRF     TLCP2 BZ          428644992      -2437000
TECTOY-RCT PREF     TOYB10 BZ           47540000     -18367000
TECTOY-PF-RTS5/6    TOYB11 BZ           47540000     -18367000
TECTOY-RCPT PF B    TOYB12 BZ           47540000     -18367000
TECTOY              TOYB13 BZ           47540000     -18367000
TECTOY-RT            TOYB2 BZ           47540000     -18367000
TECTOY               TOYB3 BZ           47540000     -18367000
TECTOY-PREF          TOYB4 BZ           47540000     -18367000
TEC TOY SA-PREF      TOYB5 BZ           47540000     -18367000
TEC TOY SA-PF B      TOYB6 BZ           47540000     -18367000
TECTOY-RCT ORD       TOYB9 BZ           47540000     -18367000
TECTOY SA           TOYBON BZ           47540000     -18367000
TECTOY SA-PREF      TOYBPN BZ           47540000     -18367000
TEC TOY SA-PREF      TOYDF US           47540000     -18367000
MMX MINERACAO        TRES3 BZ         2328652032    -101079000
TEXTEIS RENAU-RT     TXRX1 BZ           99602000    -148587008
TEXTEIS RENA-RCT    TXRX10 BZ           99602000    -148587008
TEXTEIS RENAU-RT     TXRX2 BZ           99602000    -148587008
RENAUXVIEW SA        TXRX3 BZ           99602000    -148587008
RENAUXVIEW SA-PF     TXRX4 BZ           99602000    -148587008
TEXTEIS RENA-RCT     TXRX9 BZ           99602000    -148587008
VARIG SA             VAGV3 BZ         2094450944  -10176870400
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
VARIG SA            VARGON BZ         2094450944  -10176870400
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
VARIG PART EM SE     VPSC3 BZ          219302992    -690223040
VARIG PART EM-PR     VPSC4 BZ          219302992    -690223040
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
WIEST                WISA3 BZ           70872000    -166108000
WIEST-PREF           WISA4 BZ           70872000    -166108000
WIEST SA            WISAON BZ           70872000    -166108000
WIEST SA-PREF       WISAPN BZ           70872000    -166108000
MMX MINERACA-GDR       XMM CN         2328652032    -101079000


COLOMBIA

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

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

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


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

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

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

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


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