TCRLA_Public/090616.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 16, 2009, Vol. 10, No. 117

                            Headlines

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

STANFORD INT'L BANK: Liquidators Fight Over US$198-Mln UK Assets


A R G E N T I N A

ARCIDIACONO SA: Proofs of Claim Verification Due on July 14
CONGRESO SALUD: Proofs of Claim Verification Due on Aug. 31
DARIO AYALA: Asks for Declaration of Bankruptcy
FRAVEGA SA: Moody's Assigns 'B2' Local Currency Rating on Bonds
GRUPO MB: Proofs of Claim Verification Due on August 5

IGI SRL: Proofs of Claim Verification Due on August 20
MAME SRL: Proofs of Claim Verification Deadline is August 20
MARITIMA AUSTRAL: Proofs of Claim Verification Due on July 14
MAVIC COMUNICACIONES: Proofs of Claim Verification Due on Aug. 19
* ARGENTINA: Makes US$33.7 Million Early Payment on 2012 Bonds


B E R M U D A

MAN GLENWOOD: Creditors' Proofs of Debt Due on June 24
MAN GLENWOOD: Members to Receive Wind-Up Report on July 16
MAN GLENWOOD: Creditors' Proofs of Debt Due on June 24
MAN GLENWOOD: Members to Receive Wind-Up Report on July 16
MAN-IP 220: Creditors' Proofs of Debt Due on June 24

MAN-IP 220: Members to Receive Wind-Up Report on July 16
TRADING 220: Creditors' Proofs of Debt Due on June 24
TRADING 220: Members to Receive Wind-Up Report on July 16


B R A Z I L

BANCO BRASCAN: Fitch Affirms 'BB+' Issuer Default Ratings
BANCO CRUZEIRO: Sells US$60 Million Bonds
BRASKEM SA: Invested R$161MM in Environmental Programs Last Year
CSN: Inks Pipeline Construction in Brazil With Mitsui & Petrobras


C A Y M A N  I S L A N D S

ALPHATRAXX ASIA: Creditors' Proofs of Debt Due on July 8
ASLAN CAPITAL: Creditors' Proofs of Debt Due on July 8
CENTRAL TOWER: Placed Under Voluntary Wind-Up
COLLATERALISED ASSETS: Placed Under Voluntary Wind-Up
ENTERPRISE DEVELOPMENT: Creditors' Proofs of Debt Due on July 8

EPOCH 2000-1: Placed Under Voluntary Wind-Up
EPOCH 2002-1: Placed Under Voluntary Wind-Up
GLOBAL IKESEI: Placed Under Voluntary Wind-Up
GLOBAL IKESEI: Placed Under Voluntary Wind-Up
JAPAN LOAN: Placed Under Voluntary Wind-Up

MEZZANINE FINANCING: Creditors' Proofs of Debt Due on July 8
NEW DD: Placed Under Voluntary Wind-Up
NEW DD: Creditors' Proofs of Debt Due on July 13
PICVEST LIMITED: Placed Under Voluntary Wind-Up
YELLOW ORCHID: Creditors' Proofs of Debt Due on July 20


C O L O M B I A

BANCOLOMBIA SA: Posts COP65.2 Billion Net Income for May


E C U A D O R

* ECUADOR: To Review Other Debts After Buyback


J A M A I C A

SJC: GEM & Energen Makes US$3 Million Downpayment for Assets
* JAMAICA: Gov't Grants $20BB Guaranteed Loans to State Agencies


M E X I C O

CEMEX SAB: Holcim to Buy Firm's Australian Ops. for AU$2.02 Bln


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Downgrades Corp. Credit Rating to 'B+'
* VENEZUELA: Government Takes Control of Cafea CA
* VENEZUELA: Mulls 49% Stake Acquisition in Refineria Dominicana


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

STANFORD INT'L BANK: Liquidators Fight Over US$198-Mln UK Assets
----------------------------------------------------------------
Stanford Financial Group (SFG) court-appointed receiver, Ralph
Janvey, and Stanford International Bank Limited (SIBL)'s
receivers, Nigel Hamilton-Smith and Peter Wastell at Vantis
Business Recovery Services, are in a legal battle to seek the
right to distribute Robert Allen Stanford's GBP120 million (US$198
million) assets in the United Kingdom, Lindsay Fortado and Laurel
Brubaker Calkins of Bloomberg News report.

The report relates lawyers told a London court at a three-day
hearing last week that that they can’t reach an agreement on which
receiver should control Mr. Stanford's UK assets held by SIBL in
the UK.  “Cooperation has been sought” with the US receiver, the
report quoted Antony Zacaroli, the lawyer for the Antiguans as
saying.  “It hasn’t been achieved yet,” he added.

According to the report, Mr. Zacaroli told Justice Kim Lewison at
the start of the hearing that SIBL was established and
incorporated in Antigua 19 years ago and is regulated by the
island’s Financial Services Regulatory Commission, so the bank’s
funds should be liquidated there.  The report relates Mr. Zacaroli
argued that Mr. Stanford’s UK assets are all in SIBL’s name.

However, the Bloomberg News relates that Stuart Isaacs, Mr.
Janvey's lawyer, said Stanford Group’s global operations were
based in Houston and the U.S. receiver should be responsible for
distributing the bulk of his assets to creditors.  “If you entrust
the assets to the office holder who’s in charge of the group, that
person can act more efficiently and more effectively for
shareholders,” the report quoted Mr. Isaacs as saying.

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

ARCIDIACONO SA: Proofs of Claim Verification Due on July 14
-----------------------------------------------------------
The court-appointed trustee for Arcidiacono S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
July 14, 2009.

The trustee will present the validated claims in court as
individual reports on September 11, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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

Creditors will vote to ratify the completed settlement plan
during the assembly on March 31, 2010.


CONGRESO SALUD: Proofs of Claim Verification Due on Aug. 31
-----------------------------------------------------------
Estudio Roggiano y Asociados, the court-appointed trustee for
Congreso Salud SA's reorganization proceedings, will be verifying
creditors' proofs of claim until August 31, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Estudio Roggiano y Asociados
          Avenida Corrientes 2817
          Buenos Aires, Argentina


DARIO AYALA: Asks for Declaration of Bankruptcy
-----------------------------------------------
Dario Ayala Peluqueria SRL asked for the declaration of
bankruptcy.

The company stopped making its payments on August 1, 2008.


FRAVEGA SA: Moody's Assigns 'B2' Local Currency Rating on Bonds
---------------------------------------------------------------
Moody's Latin America assigned a B2 local currency rating and an
A1.ar National Scale Rating for the proposed issuance of
ARS50 million in domestic market bonds in Argentina by Fravega
S.A.  At the same time, Moody's affirmed Fravega's B2 local
currency corporate family rating and A1.ar Argentina national
scale rating.  The proceeds from the issuance will be used for
capex needs, to refinance short term debt and for working capital
purposes. The outlook for all ratings is stable.

The B2 and A1.ar ratings are constrained by Fravega's tight
liquidity profile, low geographic diversity and relatively small
scale.  However, the ratings also reflect Fravega's position as
one of the largest dedicated retailers of consumer electronics and
appliances in Argentina.  "An important consideration for the
assigned ratings was that delinquency risk for credit card
purchases is assumed solely by the credit card issuers.  Credit
card sales represent a significant portion of Fravega's total
sales and often allow customers to pay in several monthly
installments" said Moody's AVP-Analyst Veronica Amendola.  The
ratings also reflect Fravega's solid position in selling well-
known brand names and its well-established relationships with
suppliers.

Given Moody's expectation of a major slowdown in the Argentine
economy, leading to higher unemployment rates affecting the
domestic retail market, the ratings anticipate weaker than long-
term average operating margins in 2009 and 2010, notwithstanding
management's planned actions to reduce costs.  Fravega's ability
to continue to roll over its advised bank credit lines, in
particular during 2010 when most of its outstanding debt is coming
due, will continue to be closely monitored by Moody's.

Fravega's B2 local currency rating reflects its global default and
loss expectation, while the A1.ar national scale rating reflects
the standing of Fravega's credit quality relative to its domestic
peers.

Moody's National Scale Ratings are intended as 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 A1.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 is based on Moody's expectation that Fravega
will continue to successfully implement its business model, even
in a more challenging macroeconomic environment, thus allowing the
retailer to maintain adequate credit metrics for its rating
category.  The outlook also reflects Moody's expectation that
Fravega will not pay dividends in 2009-2010 in order to preserve
free cash flow for debt service.  Finally, the outlook is stable
because Moody's expects that Fravega will be able to maintain
adequate access to bank loans and credit card receivable
discounting facilities, even in more adverse market conditions.

An upgrade of the ratings or outlook could result from increased
size and geographical diversification, along with an improving
business environment in Argentina and a stronger liquidity
profile.  The publication of quarterly financials statements would
also be an important factor for an upgrade.

Negative pressure on the ratings or outlook could result from a
greater than expected impact of the expected downturn in the
Argentinean economy on the availability of consumer loans.
Quantitatively, a downgrade could result from a drop in Fravega's
EBIT margin to below 1% or a significant increase in leverage,
with adjusted total debt to EBITDA of above 3.5 times.
Indications of a weakening market share in the domestic retail
market could also drive negative pressure.  Finally, evidence of
weaker than expected cash flows and/or bank relationship
deterioration that could threaten Fravega's 2010 liquidity profile
could also result in a downgrade.

Headquartered in Buenos Aires, Argentina, Fravega is one of the
largest home appliance retailers in Argentina.  With total
revenues of ARS 1.7 billion and 4.200 employees as of December
2008, Fravega is a family-owned company with a widely known brand
name in the local retail market.


GRUPO MB: Proofs of Claim Verification Due on August 5
------------------------------------------------------
Luis Gabriel Plizzo, the court-appointed trustee for Grupo MB
Sudamericana SA'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.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Luis Gabriel Plizzo
          Av. Belgrano 1185
          Buenos Aires, Argentina


IGI SRL: Proofs of Claim Verification Due on August 20
------------------------------------------------------
Maria Delbuono, the court-appointed trustee for Igi SRL'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.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria Delbuono
          Peru 743


MAME SRL: Proofs of Claim Verification Deadline is August 20
------------------------------------------------------------
Alfredo Daniel Kandus, the court-appointed trustee for Mame SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until August 20, 2009.

Mr. Kandus will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

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

The Trustee can be reached at:

          Alfredo Daniel Kandus
          Sarmiento 1179
          Buenos Aires, Argentina


MARITIMA AUSTRAL: Proofs of Claim Verification Due on July 14
-------------------------------------------------------------
The court-appointed trustee for Maritima Austral S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 14, 2009.

The trustee will present the validated claims in court as
individual reports on September 9, 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 22, 2009.


MAVIC COMUNICACIONES: Proofs of Claim Verification Due on Aug. 19
-----------------------------------------------------------------
Nora Cristina Roger, the court-appointed trustee for Mavic
Comunicaciones SRL's bankrupcy proceedings, will be verifying
creditors' proofs of claim until August 19, 2009.

Ms. Roger will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 10, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Nora Cristina Roger
          Avenida Rivadavia 1210
          Buenos Aires, Argentina


* ARGENTINA: Makes US$33.7 Million Early Payment on 2012 Bonds
--------------------------------------------------------------
Argentina made an early payment of US$33.7 million to holders of
the country’s dollar bonds maturing in 2012, Drew Benson at
Bloomberg News reported.

The government received offers totaling US$44.4 million, the
Economy Ministry said in an e-mailed statement obtained by
Bloomberg News.  The government is scheduled make a payment of
Us$2.25 billion on Aug. 3, the report said.

“Of all of the bondholders, less than 2 percent presented offers
for a discounted payment, which demonstrates the market’s very
positive expectations with respect to the nation’s compliance with
its short-term financial obligations,” the Economy Ministry said
as quoted by the news agency.

President Cristina Fernandez Kirchner offered the early discounted
payment amid speculation slowing economic growth and a lack of
access to international debt markets have increased the chances of
a default, according to the report.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'.  The rating
outlook on the local currency IDR is Stable.

In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.



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

MAN GLENWOOD: Creditors' Proofs of Debt Due on June 24
------------------------------------------------------
The creditors of Man Glenwood Alternative Strategies 1 Ltd are
required to file their proofs of debt by June 24, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN GLENWOOD: Members to Receive Wind-Up Report on July 16
----------------------------------------------------------
The members of Man Glenwood Alternative Strategies 1 Ltd will hold
their final general meeting on July 16, 2009, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN GLENWOOD: Creditors' Proofs of Debt Due on June 24
------------------------------------------------------
The creditors of Man Glenwood Alternative Strategies 1 (Trading 1)
Ltd are required to file their proofs of debt by June 24, 2009, to
be included in the company's dividend distribution.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN GLENWOOD: Members to Receive Wind-Up Report on July 16
----------------------------------------------------------
The members of Man Glenwood Alternative Strategies 1 (Trading 1)
Ltd will hold their final general meeting on July 16, 2009, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN-IP 220: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------
The creditors of Man-IP 220 Fusion Limited are required to file
their proofs of debt by June 24, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN-IP 220: Members to Receive Wind-Up Report on July 16
--------------------------------------------------------
The members of Man-IP 220 Fusion Limited will hold their final
general meeting on July 16, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


TRADING 220: Creditors' Proofs of Debt Due on June 24
-----------------------------------------------------
The creditors of Trading 220 Fusion Limited are required to file
their proofs of debt by June 24, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


TRADING 220: Members to Receive Wind-Up Report on July 16
---------------------------------------------------------
The members of Trading 220 Fusion Limited will hold their final
general meeting on July 16, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda



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

BANCO BRASCAN: Fitch Affirms 'BB+' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Brascan S.A.:

  -- Long-term foreign and local currency Issuer Default ratings
     at 'BB+'; Outlook Stable;

  -- Short-term foreign and local currency IDRs at 'B';

  -- Support rating at '3';

  -- National Long-term rating at 'AA-(bra)'; Outlook Stable;

  -- National Short-term rating at 'F1+(bra)'.

The IDRs and National Ratings of Brascan reflect the support of
the majority shareholder, Brookfield Asset Management Inc. (BAM;
IDR 'BBB+' with a Stable Outlook by Fitch).  BAM considers that
Brazil is a strategic market and the activities developed by the
bank, led by executives with solid experience, are an important
complement to the group's Brazilian business, though not yet a
significant contributor to the group's business.  In Fitch's view,
any improvement or deterioration in its risk profile could lead to
a change in Brascan's ratings.

Brascan is a small investment bank, with relevant asset and
liability concentrations.  Its results have been volatile,
reflecting lower leveraging and opportunistic action in selected
investment banking niches, as well as greater dependency on
treasury gains since 2001.  The weak performance in 2008 reflected
smaller treasury gains during the year and deceleration of the
other commercial activities, due to deterioration in the business
environment.  Fitch foresees earnings in 2009 and 2010 will
continue to be pressured as long as it lacks more consistent
business and revenue generation.

In response to the global financial crisis, Brascan emphasized the
creation of greater cash during 2008 and worked to improve the
matching of assets and liabilities, adjusting its business
generation to a more adverse scenario.  Fitch believes that
despite an adverse scenario and a more conservative approach at
leverage, treasury will continue to originate the largest risk
exposures.  Loan portfolio, including guarantees, has presented
some growth in recent years, but its participation is still small.
It totaled BRL176.9 million at fiscal year end 2008 and is
concentrated in a select group of clients, with operations mainly
secured by company receivables, which has experienced some
deterioration due to the worsening of the macroeconomic scenario,
leading to increased provisions, common across the banking system.
Impaired loans represented 3.8% of the loan portfolio at FYE08 and
were covered by provisions equivalent to a high 90.5%.

In 2003 Brascan was fined by the Federal Revenue Department and,
in January 2006, received a favorable ruling from the SRF Taxpayer
Board.  Although the government has appealed the ruling, the
prospects regarding the outcome of this fine (estimated at
BRL146 million at FYE08) are now more favorable for Brascan.
Fitch considers that any potential negative impact, as the bank
has not made reserves, would be limited due to the support of the
bank's shareholder.

Brascan and its affiliates focus on treasury, financial consulting
services, brokerage, asset management and corporate finance for
medium-sized and large companies.

Fitch's national ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(bra)' for national ratings in Brazil.



BANCO CRUZEIRO: Sells US$60 Million Bonds
-----------------------------------------
Brazil-based Banco Cruzeiro do Sul SA has sold US$60 million in
bonds, LatinFrance reports.  The report relates the 2011 notes are
priced at 98.666 with a 9.000% coupon, to yield 9.750%.

According to the report, the transaction via BCP was offered
mostly to private banks, according to a banker on the sale.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                         *     *     *

As of June June 15, 2008, the company continues to carry Moody's
Foreign Currency LT Debt Ratings at Ba2 and LT Bank Deposits
Ratings at Ba3.


BRASKEM SA: Invested R$161MM in Environmental Programs Last Year
----------------------------------------------------------------
Braskem S.A. said it invested R$161 million in health, safety and
environment improvements in 2008.  As fixed and variable expenses,
approximately US$179 million were disbursed, excluding Ipiranga's
and Copesul's assets.  Out of those, R$99 million were destined
exclusively for environmental-focused actions.

Developed in the states where the company owns industrial plants
-- Alagoas, Bahia, Rio Grande do Sul and Sao Paulo -- all
initiatives follow the same guidelines in relation to the proposal
and to the goals, always trying to reduce use of natural resources
and providing benefits for the overflowing communities of the
factories.

The ongoing work of the teams involved in programs aimed at the
preservation of natural resources, among other things, has allowed
Braskem to expand their positive results year by year.  Braskem
has 73 valid environmental licenses and 30 licensing processes
conducted in environmental agencies: Ibama / Federal District,
FEPAM / RS, Cetesb / SP, Ima / Ima and BA / LA.

                       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.


CSN: Inks Pipeline Construction in Brazil With Mitsui & Petrobras
-----------------------------------------------------------------
Brazil-based Camargo Correa SA has partnered with Petrobras and
Mitsui to build a pipeline, PMCC, in Brazil, a report posted at
WorldEnergy.net says.  The report relates the pipeline will link
Minas Gerais to Sao Paulo state, and then to ports and export
terminals in Sao Sebastiao and Ilha d'Agua.

According to the report, the pipeline is expected to be completed
in 2012, and will transport 3.17 billion gallons of ethanol per
year.

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 of June 15, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings.  The company also continues to
carry Fitch's BB LT Issuer Default Ratings.



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

ALPHATRAXX ASIA: Creditors' Proofs of Debt Due on July 8
--------------------------------------------------------
The creditors of Alphatraxx Asia Fund are required to file their
proofs of debt by July 8, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 28, 2009.

The company's liquidator is:

          Keith Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Krissa Jeffers
          Telephone: 345-914-4398
          Facsimile: 345-949-7164


ASLAN CAPITAL: Creditors' Proofs of Debt Due on July 8
------------------------------------------------------
The creditors of Aslan Capital Offshore Fund, Ltd. are required to
file their proofs of debt by July 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2009.

The company's liquidator is:

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


CENTRAL TOWER: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 28, 2009, the sole shareholder of Central Tower Holdings
Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


COLLATERALISED ASSETS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On May 28, 2009, the sole shareholder of Collateralised Assets
Securities Holdings Limited passed a resolution that voluntarily
winds up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


ENTERPRISE DEVELOPMENT: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------------------
The creditors of Enterprise Development Fund Limited are required
to file their proofs of debt by July 8, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 29, 2009.

The company's liquidators are:

          Maurice Derouard
          David Lunn
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


EPOCH 2000-1: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 28, 2009, the sole shareholder of Epoch 2000-1, Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


EPOCH 2002-1: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 28, 2009, the sole shareholder of Epoch 2002-1, Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


GLOBAL IKESEI: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 28, 2009, the sole shareholder of Global Ikesei Fund Co.,
Ltd. passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


GLOBAL IKESEI: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 28, 2009, the sole shareholder of Global Ikesei Asset Co.,
Ltd. passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


JAPAN LOAN: Placed Under Voluntary Wind-Up
------------------------------------------
On May 8, 2009, the sole shareholder of Japan Loan Funding
Holdings Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


MEZZANINE FINANCING: Creditors' Proofs of Debt Due on July 8
------------------------------------------------------------
The creditors of Mezzanine Financing Limited are required to file
their proofs of debt by July 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2009.

The company's liquidators are:

          Geoffrey Varga
          Nicolas Matthews
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


NEW DD: Placed Under Voluntary Wind-Up
--------------------------------------
On May 20, 2009, the shareholders of New DD Liquidating Holding
Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

          Stefan Kaluzny
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


NEW DD: Creditors' Proofs of Debt Due on July 13
------------------------------------------------
The creditors of New DD Liquidating Holding Limited are required
to file their proofs of debt by July 13, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 20, 2009.

The company's liquidator is:

          Stefan Kaluzny
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


PICVEST LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On May 29, 2009, the sole shareholder of Picvest Limited passed a
resolution that voluntarily winds 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


YELLOW ORCHID: Creditors' Proofs of Debt Due on July 20
-------------------------------------------------------
The creditors of Yellow Orchid Holdings Ltd. are required to file
their proofs of debt by July 20, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2009.

The company's liquidator is:

          Yoko Takagi
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands



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

BANCOLOMBIA SA: Posts COP65.2 Billion Net Income for May
--------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP65.2
billion for the month ended May 31, 2009.  Net income for
Bancolombia on an unconsolidated basis totaled COP479.1 billion
for the first five months of 2009, decreasing 4.3% as compared to
the same period last year.

The bank's net interest income, including investment securities,
totaled COP208.6 billion in May 2009, while for the five month
period ended May 31, 2009, net interest income totaled COP1,154.5
billion, increasing 14.9% as compared to the same period last
year.

Bancolombia's net fees and income from services totaled
COP71.0 billion in May 2009.  For the five month period ended
May 31, 2009, net fees and income from services totaled COP339.1
billion, which represents an increase of 10.0% as compared to the
same period of 2008.

The bank's total assets (unconsolidated) amounted to COP40.4
trillion, gross loans amounted to COP28.4 trillion, deposits
totaled COP26.7 trillion and Bancolombia's total shareholders'
equity amounted to COP5.9 trillion.

Bancolombia's unconsolidated level of past due loans (overdue more
than 30 days) as a percentage of total loans was 3.75% as of
May 31, 2009, and the coverage for past due loans was 139.9% as of
the same date.

Meanwhile, according to ASOBANCARIA -- Colombia's national banking
association -- Bancolombia's market share of the Colombian
financial system as of May 2009 were:

   * 21.7% of total net loans,
   * 21.2% of total checking accounts,
   * 19.8% of total savings accounts,
   * 18.6% of time deposits, and
   * 19.6% of total deposits.

                        About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2009, Moody's Investors Service upgraded Bancolombia
S.A.'s bank financial strength rating to D+, from D.  The outlook
on the BFSR was changed to stable, from positive.  At the same
time, the bank's long- and short-term local currency deposit
ratings of Baa2 and Prime-3, as well as the long- and short-term
foreign currency deposit ratings of Ba2 and Not Prime, were
affirmed.



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

* ECUADOR: To Review Other Debts After Buyback
----------------------------------------------
Ecuador will review the legitimacy of loans from multilateral
lenders and other governments in the coming months after
completing a buyback plan on US$3.2 billion in defaulted bonds,
Stephan Kueffner of Bloomberg News reports, citing Ecuador
President Rafael Correa.  The report relates President Correa said
the government must decide how to treat the debts, which accounted
for two-thirds of the US$10 billion the country owed as of
December, when it defaulted.

According to the report, President Correa said the loans from
institutions such as the World Bank involved criminal acts by
previous governments.

As published in the Troubled Company Reporter-Latin America on
Nov. 25, 2008, Reuters reported that President Correa said he
would not withdraw an international suit to suspend a Brazilian
loan repayment even if it frays diplomatic ties between the two
countries.  In that TCRLA report, Bloomberg News said Ecuador
filed a lawsuit to suspend payment on a loan owed to a Brazilian
government bank, charging that the credit's terms are unlawful.
Bloomberg News related Jorge Glas, head of a government fund
handling the lawsuit, said the loan granted by BNDES, Brazil's
state development bank, was linked to a construction company that
was expelled from the country over a contractual dispute.  In
September, Bloomberg News recounted, President Correa threatened
not to repay the central bank, holding that the loan was granted
to Brazilian top construction firm Odebrecht to build a plant and
not to the government.

Ramiro Crespo, head of Quito-based brokerage Analytica
Investments, as cited by Bloomberg News, said it’s most likely
that President Correa will demand arbitration rather than quit
paying on the multilateral loans, which was in question for its
legitimacy.  Arbitration would avoid disgruntling important
partners such as France or Brazil, Mr. Crespo added.

                        *     *     *

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-'.



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

SJC: GEM & Energen Makes US$3 Million Downpayment for Assets
------------------------------------------------------------
The New York-based private equity firm Global Emerging Market
(GEM) and Energen Development Limited partnership have made a
US$3-million downpayment for Sugar Company of Jamaica ("SCJ")'s
Monymusk and Bernard Lodge factories, Mark Titus of the Jamaica
Gleaner reports, citing Energen chairman Steven Hawkes.

According to the Gleaner, GEM in the first 18 months will pour up
to US$200 million into the venture.  The report relates the
downpayment was financed from the US$5 million fronted by GEM,
while the other US$2 million, to be spent in the first two months
of start-up, is earmarked for preparatory engineering works.

However, the report notes, the partnership, was denied the
Petrojam Ethanol Limited plant, which was included in its initial
bid.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, The Gleaner said SCJ's sugar factories are now
expected to be sold off to what has been described as a "priority
four investors."  The report same recalled sources said the
government failed to offload the company as a single entity.
According to the report, the shortlisted four are:

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

   *  Energen for the Petrojam Ethanol facility and
      Bernard Lodge, Innswood, Monymusk estates in Clarendon;

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

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

Energen, as cited by the Gleaner, said it plans to pump US$125
million to US$200 million into the project in the first 18 months
to transform both factories' facilities from sugar production to
ethanol, steam and electricity, using sweet sorghum.  "The
factories hardly have anything worth saving.  Some will have to be
rebuilt completely or the entire infrastructure replaced," the
Gleaner quoted Mr. Hawkes as saying.  "That will be needed for
both locations," he added.

Meanwhile, the Gleaner notes that Mr. Hawkes did not specify the
ownership split of the sugar assets, however, he said that GEM
would be the majority owner, contributing US$30 million to US$50
million of equity, and another US$150 million of debt to the
partnership; suggesting that the entire financing needs in the
first year and a half will be covered by GEM.  The report says
Mr. Hawkes added that GEM may bring other partners into the deal
in order to share those costs.

Otherwise, the Gleaner relates, if no deal emerges, the partners
may eventually take the company public and float it on the stock
exchange.

The Gleaner discloses that the Jamaican Government is expected to
officially announce the winning bids and the terms of the deals
struck with Energen and the other three bidders sometime this
month.


* JAMAICA: Gov't Grants $20BB Guaranteed Loans to State Agencies   
----------------------------------------------------------------
The Jamaican government's guaranteed loans to major state entities
continues to increase with a new report showing the figure at more
than $20 billion, RadioJamaica reports.  The report relates the
figure is expected to rise following the approval of a guarantee
to Air Jamaica Limited.

According to the report, a Ministry Paper tabled in Parliament
revealed that the guarantees were issued on behalf of nine
entities:

   -- National Road Operating and Constructing
      Company (NROCC), which had $8 billion in
      outstanding loans;

   -– Port Authority of Jamaica,

   –- Jamaica Urban Transit Company,

   -- Students' Loan Bureau,

   -- Air Jamaica Limited,

   -- Petroleum Corporation of Jamaica; and

   -- National Water Commission.

                        *     *     *

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



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

CEMEX SAB: Holcim to Buy Firm's Australian Ops. for AU$2.02 Bln
---------------------------------------------------------------
Mexico-based Cemex S.A.B. de C.V. has agreed to sell its
Australian operations to Switzerland-based Holcim Group for
AU$2.02 billion (US$1.63 billion), MarketWatch reports.  The
report relates Cemex's Australian operation generated AUS$313
million EBITDA last year on revenue of AU$1.86 billion.

According to the report, the sale includes Cemex's 25% stake in
Cement Australia.  The deal reflects Cemex's effort to save AU$900
million in recurrent costs, make capital spending more efficient,
and improve its debt profile, Cemex said in a statement obtained
by MarketWatch.

MarketWatch notes BBVA, BNP Paribas, Citigroup, HSBC, Royal Bank
of Scotland, and Santander are advising Cemex on the transaction.

Reuters relates Switzerland-based Holcim is planning a capital
increase to raise the funds.  Reuters says Holcim will finance the
deal entirely with equity and is calling an extraordinary general
meeting in July to seek approval for a rights issue to raise
around 2 billion Swiss francs (US$2.3 billion).

According to Reuters, Holcim said the acquisition will give Holcim
access to Cemex Australia's positions in the fast growing markets
in the eastern and southeastern states as well as in the mining
belt of Western Australia.

                      About Holcim Limited

Holcim Limited (Holcim) -- http://www.holcim.com -- is a
Switzerland-based holding company that specializes on the
manufacture, distribution and marketing of building materials.
The Company is a supplier of cement and aggregates, such as
crushed stone, sand and gravel.  It is structured into three
business segments: Cement; Aggregates, and Other Construction
Materials and Services, including ready-mix concrete and asphalt.
It is operative through its subsidiaries and affiliates in over 70
countries worldwide. Holcim Group Support Ltd., based in Zurich,
is the central service organization of the Holcim Group. Holcim
Trading Ltd., based in Madrid, is Holcim's internationally active
trading company for cement, clinker and cementitious materials.
Holcim Trading is responsible for the seaborne coal and pet coke
procurement for the Holcim Group.  It also manages a fleet of
cement ships, grinding stations and cement import terminals
worldwide.

                         About Cemex SAB

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 15, 2009, the company continues to carry Standard and
Poor's B- Issuer Credit ratings.  The company also continues to
carry Fitch's Issuer Credit ratings at B and Currency LT Debt
ratings at B+



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

PETROLEOS DE VENEZUELA: S&P Downgrades Corp. Credit Rating to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Petroleos de Venezuela S.A. to 'B+' from 'BB-'.
The outlook remains negative.

"The downgrade reflects the company's tighter liquidity and, in
S&P's view, a heightened uncertainty regarding its willingness to
meet its contractual obligations with some of its suppliers.  In
S&P's opinion, claims of increased past-due accounts payable and
the recent nationalization of oil service companies respond mostly
to liquidity constraints, but also in part to decisions taken by
the central government.  The company's delay in providing updated
financial information has created further uncertainty regarding
the situation, in our view," said Standard & Poor's credit analyst
Enrique Gomez Tagle.

The ratings on PDVSA and Venezuela -- its sole shareholder -- are
linked, reflecting S&P's opinion that PDVSA is a public policy-
based institution that plays a central role in meeting the
sovereign's political and economic objectives.  The ties of
ownership and economic interests between PDVSA and Venezuela are
evident in the significant contribution of the oil industry to
government revenues (50%) and the country's exports (90%).
However, the one-notch differential between the issuer and the
sovereign rating on Venezuela reflects PDVSA's weaker stand-alone
credit quality (due to tighter liquidity, its more aggressive
financial policy, and the continued delays in the release of its
financial information), and S&P believes that extraordinary
support from the government is now less certain, given S&P's
expectation that the company could prioritize transfers to the
government before debt payments in a distress scenario.

The ratings assigned to PDVSA also reflect the inconsistencies
observed in its reported production figures versus those from
other sources, as well as the absence of an external audit of its
reserve base.  In S&P's opinion, the weighting toward heavy and
extra-heavy crude in the issuer's reserve base presents technical
and financial challenges that create uncertainty around its stated
production targets.  Furthermore, S&P believes that the company
may be constrained in its ability to attract foreign investment in
light of the recent nationalizations and the government's decision
to restructure PDVSA's operating service agreements that granted
the firm a majority share in the country's heavy oil production
projects in the Orinoco Zuata region.

PDVSA's position as one of the world's leading integrated national
oil companies supports the rating. PDVSA's standing in the
industry reflects its mandate to develop Venezuela's considerable
proven reserve base, low discovery and development costs, and its
ownership of CITGO Petroleum Corp. (CITGO; BB/Negative/--), one of
the leading refiners in the U.S.

A lower oil price environment could delay PDVSA's
In S&P's opinion, PDVSA's liquidity has tightened as a result of
the decline in oil prices at the end of 2008 and continued
transfers to the government.  S&P expects the company to be free-
cash-flow negative over the next few years, given the ongoing
government-directed large social expenditures and a lower oil
price environment.  Based on S&P's experience with other national
oil companies that carry a similar burden, it's S&P's opinion that
reductions in social and government transfers are difficult to
implement.  Unrestricted cash and equivalents as of Dec. 31, 2008,
totaled $4.5 billion compared with $6.6 billion in debt maturities
over the next 12 months (adjusted for pension liabilities and
government loans).  S&P believes that PDVSA's cash position has
decreased significantly during the last few months and that it has
minimal committed credit facilities available.

"The negative outlook reflects our views about PDVSA's liquidity
and its willingness to meet its obligations with suppliers, as
well as the negative outlook on Venezuela.  Further weakness in
PDVSA's liquidity and/or a negative rating action on Venezuela's
sovereign ratings may lead to a negative rating action on the
company.  A positive rating action would require evidence that
PDVSA is current on its obligations with suppliers and there has
been an improvement in its liquidity position," Mr. Tagle added.


* VENEZUELA: Government Takes Control of Cafea CA
-------------------------------------------------
Hugo Chavez's government took control of German-owned instant
coffee plant, Cafea CA, after officials from the company halted
production and fired staff late last year, Daniel Cancel of
Bloomberg News reports, citing Venezuela Trade Minister Eduardo
Saman.

“The workers requested the state’s intervention in this plant and
we’ll convert it into a company of social production,” the report
quoted Mr. Saman as saying.

The report relates Mr. Chavez said on state television that the
government will pay the company for machinery and assets seized
and will boost production at the plant.

According to Bloomberg News, Mr. Saman said Tachira-based Cafea CA
was founded by the government in 1976 and sold to a German company
in 1998.  The report relates Mr. Saman said the acquirer imported
coffee from Costa Rica, exported all of the processed product
abroad and mistreated employees.

                        *     *     *

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


* VENEZUELA: Mulls 49% Stake Acquisition in Refineria Dominicana
----------------------------------------------------------------
Venezuela-owned Petroleos de Venezuela (PDVSA) draw up the details
for the Venezuelan acquisition of a 49% stake in Dominican
Republic's Refidomsa oil refinery, after the Dominican government
bought out the half share in the plant held by Royal Dutch Shell
Plc, Pascal Fletcher of Reuters reports, citing Venezuela Oil
Minister Rafael Ramirez.  The report recalls in December, Royal
Dutch Shell completed its sale of its 50% shareholding in
Refidomsa (Refineria Dominicana de Petroleo S.A.) for US$110
million.

"We've agreed to acquire a 49% stake ... and then the idea is to
expand it (the refinery)," the report quoted Mr. Ramirez as
saying.

According to the report, Mr. Ramirez said the idea was to
integrate the Dominican Republic refinery into a network of
refineries being upgraded or built by Venezuela as part of
PetroCaribe, which allows small, oil-importing Caribbean and
Central American states to buy Venezuelan crude and refined
products on easier terms.

PetroCaribe, Reuters notes, has planned eight refinery expansion
and construction projects in the Caribbean and Central America
that involve a total of 580,000 bpd of refining capacity.  The
report relates the projects are due to be completed by 2012 at a
cost that Ramirez has estimated at US$24 billion.

However, Reuters says some analysts question whether PetroCaribe
and its main backer and funder Venezuela can deliver on this
ambitious promised regional refinery expansion program given the
sharp fall off in oil prices over the last year.

                        *     *     *

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



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

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

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

ARGENTINA

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


BRAZIL

PET MANG-RECEIPT    RPMG10 BZ          152032000    -351539008
RIOSULENSE SA-PR     RSUL4 BZ          116783000     -12607000
RIOSULENSE SA        RSUL3 BZ          116783000     -12607000
PET MANG-RECEIPT     RPMG9 BZ          152032000    -351539008
TELEBRAS-CM RCPT    RCTB30 BZ          428644992      -2437000
PET MANG-RIGHTS      RPMG2 BZ          152032000    -351539008
DOCAS IMBITUBA      IMBION BZ          207240000     -25727000
TEKA-ADR             TKTPY US          438540000    -564327040
STAROUP SA          STARON BZ           59539000     -15562000
TEXTEIS RENAUX      RENXPN BZ           99602000    -148587008
PET MANG-RIGHTS      RPMG1 BZ          152032000    -351539008
TEXTEIS RENAUX      RENXON BZ           99602000    -148587008
TELEBRAS-PF RCPT    RCTB42 BZ          428644992      -2437000
TECEL S JOSE-PRF     SJOS4 BZ           41412000     -42901000
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
SCHLOSSER SA-PRF     SCHPN BZ           23121000     -12383100
FERROVIA CEN-DVD    VSPT12 BZ         2063975040     -97380000
TELEBRAS-RTS CMN     RCTB1 BZ          428644992      -2437000
TEXTEIS RENA-RCT    TXRX10 BZ           99602000    -148587008
BOMBRIL              BMBBF US          467603008    -475305984
SANESALTO            SNST3 BZ        47836610560   -1076702080
SANSUY SA-PREF B    SNSYBN BZ          232096000    -106033000
TELEBRAS-ADR           RTB US          428644992      -2437000
RIOSULENSE SA-PR    RSULPN BZ          116783000     -12607000
SANSUY               SNSY3 BZ          232096000    -106033000
TEC TOY SA-PREF      TOYDF US           47540000     -18367000
SANSUY-PREF B        SNSY6 BZ          232096000    -106033000
MINUPAR-PREF         MNPR4 BZ          180171008     -40196000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
NOVA AMERICA SA     NOVA3B BZ           40955000    -353104000
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
PARQUE TEM-RT CM     PQTM1 BZ          135597008    -436259008
PARQUE TEM-RCT P    PQTM10 BZ          135597008    -436259008
PARQUE TEM-DV CM      PQT5 BZ          135597008    -436259008
GAZOLA SA            GAZON BZ           27266214     -73665296
WETZEL SA-PREF      MWELPN BZ          143358000      -9963000
TELEBRAS-RCT PRF    TELB10 BZ          428644992      -2437000
FER C ATLANT         VSPT3 BZ         2063975040     -97380000
MINUPAR SA-PREF     MNPRPN BZ          180171008     -40196000
WETZEL SA-PREF       MWET4 BZ          143358000      -9963000
TELEBRAS-ADR         TBASY US          428644992      -2437000
NORDON METAL        NORDON BZ           36158000     -33675000
NORDON MET-RTS       NORD1 BZ           36158000     -33675000
NORDON MET           NORD3 BZ           36158000     -33675000
TELEBRAS-CEDEA $     RCT4D AR          428644992      -2437000
TECEL S JOSE         SJOS3 BZ           41412000     -42901000
TELEBRAS-CEDE BL     RCT4B AR          428644992 -2437000
TELEBRAS-CED C/E     RCT4C AR          428644992      -2437000
TELEBRAS-RTS PRF     RCTB2 BZ          428644992      -2437000
TELEBRAS-CM RCPT    RCTB32 BZ          428644992      -2437000
TELEBRAS-RCT        RCTB33 BZ          428644992      -2437000
PET MANGUINH-PRF     RPMG4 BZ          152032000    -351539008
TELEBRAS-CM RCPT    RCTB31 BZ          428644992      -2437000
TECTOY-PREF          TOYB4 BZ           47540000     -18367000
PROMAN               PRMN3 BZ           24047000       -467000
PARQUE TEM-RT PF     PQTM2 BZ          135597008    -436259008
HOPI HARI-PREF       PQTM4 BZ          135597008    -436259008
TELEBRAS SA-RT       TELB9 BZ          428644992      -2437000
SAUIPE SA           PSEGON BZ           23632000     -17804000
TECTOY               TOYB3 BZ           47540000     -18367000
SAUIPE               PSEG3 BZ           23632000     -17804000
FABRICA RENAUX       FTRX3 BZ          123567000     -72231000
TEC TOY SA-PF B      TOYB6 BZ           47540000     -18367000
TECTOY SA-PREF      TOYBPN BZ           47540000     -18367000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
TECTOY-RCT ORD       TOYB9 BZ           47540000     -18367000
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
MMX MINERACAO        TRES3 BZ         2328652032    -101079000
RENAUXVIEW SA        TXRX3 BZ           99602000    -148587008
CAFE BRASILIA SA    CSBRON BZ           36476000   -1193384960
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
TEXTEIS RENAU-RT     TXRX2 BZ           99602000    -148587008
TELEBRAS-ADR         TBRAY GR          428644992      -2437000
TECTOY-PF-RTS5/6    TOYB11 BZ           47540000     -18367000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
MMX MINERACAO        MMXM3 BZ         2328652032    -101079000
TECTOY-RCT PREF     TOYB10 BZ           47540000     -18367000
TECTOY              TOYB13 BZ           47540000     -18367000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
TEC TOY SA-PREF      TOYB5 BZ           47540000     -18367000
TECTOY-RT            TOYB2 BZ           47540000     -18367000
MMX MINERACA-GDR      3M11 GR         2328652032    -101079000
SANSUY SA-PREF A    SNSYAN BZ          232096000    -106033000
FER C ATL-RCT CM     VSPT9 BZ         2063975040     -97380000
BOMBRIL SA-ADR       BMBBY US          467603008    -475305984
MINUPAR SA          MNPRON BZ          180171008     -40196000
FER C ATLANT-PRF     VSPT4 BZ         2063975040     -97380000
WIEST-PREF           WISA4 BZ           70872000    -166108000
DTC DIRECT CO SA    1DTCON BZ           11797000      -2671000
MMX MINERACA-GDR       XMM CN         2328652032    -101079000
WIEST SA            WISAON BZ           70872000    -166108000
KUALA                ARTE3 BZ           11856000     -33570000
TEXTEIS RENA-RCT     TXRX9 BZ           99602000    -148587008
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
VARIG PART EM SE     VPSC3 BZ          219302992    -690223040
VARIG SA             VAGV3 BZ         2094450944  -10176870400
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
VARIG PART EM-PR     VPSC4 BZ          219302992    -690223040
FER C ATL-RCT PF    VSPT10 BZ         2063975040     -97380000
FERROVIA CEN-DVD    VSPT11 BZ         2063975040     -97380000
D H B                DHBI3 BZ          221336000    -588646016
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
TELEBRAS-RTS CMN     TCLP1 BZ          428644992      -2437000
ESTRELA SA-PREF     ESTRPN BZ          116767000    -101057000
ESTRELA SA-PREF      ESTR4 BZ          116767000    -101057000
ALL MALHA PAULIS     GASC3 BZ         1516712064   -1039704000
TELEBRAS-CM RCPT    TELE31 BZ          428644992      -2437000
TEKA-ADR             TEKAY US          438540000    -564327040
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
TEKA                TEKAON BZ          438540000    -564327040
TEKA-PREF           TEKAPN BZ          438540000    -564327040
SANSUY SA           SNSYON BZ          232096000    -106033000
PARQUE TEM-RCT C     PQTM9 BZ          135597008    -436259008
TELEBRAS-PF RCPT     TBAPF US          428644992      -2437000
STAROUP SA-PREF     STARPN BZ           59539000     -15562000
CORREA RIBEIRO       CORR3 BZ           10301000       -547000
TELEBRAS-ADR         TBAPY US          428644992      -2437000
TELEBRAS-ADR           TBH US          428644992      -2437000
TELEBRAS/W-I-ADR     TBH-W US          428644992      -2437000
TELEBRAS SA          TBASF US          428644992      -2437000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
TELEBRAS-PF RCPT    TELE41 BZ          428644992      -2437000
TELEBRAS-CEDE PF     RCTB4 AR          428644992      -2437000
TEKA                 TKTQF US          438540000    -564327040
CONST A LIND-PRF    LINDPN BZ           32493000     -26717000
TEKA-PREF            TKTPF US          438540000    -564327040
TEKA-ADR             TKTQY US          438540000    -564327040
TELEBRAS-RECEIPT    TLBRUO BZ          428644992      -2437000
TELEBRAS-PF RCPT    TLBRUP BZ          428644992      -2437000
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
TELEBRAS SA-PREF    TLBRPN BZ          428644992      -2437000
TELEBRAS-CEDEA $     TEL4D AR          428644992      -2437000
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
TELEBRAS-BLOCK      TELB30 BZ          428644992      -2437000
TELEBRAS-COM RT      TELB1 BZ          428644992      -2437000
WETZEL SA            MWET3 BZ          143358000      -9963000
TELEBRAS SA-PREF     TELB4 BZ          428644992      -2437000
TELEBRAS-RTS PRF     TLCP2 BZ          428644992      -2437000
TEKA-PREF            TEKA4 BZ          438540000    -564327040
TELEBRAS-CEDE PF     TELB4 AR          428644992      -2437000
CAMBUCI SA          CAMBON BZ          179864000     -43180000
BUETTNER SA-RT P     BUET2 BZ          173032000     -65614996
HAGA                 HAGA3 BZ           26163226    -115001000
TELEBRAS-PF BLCK    TELB40 BZ          428644992      -2437000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
CAMBUCI SA           CAMB3 BZ          179864000     -43180000
DTC DIRECT CO-RT   1DTCONR BZ           11797000      -2671000
TELEBRAS SA          TELB3 BZ          428644992      -2437000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
TELEBRAS-PF RCPT     CBRZF US          428644992      -2437000
WIEST SA-PREF       WISAPN BZ           70872000    -166108000
BUETTNER SA         BUETON BZ          173032000     -65614996
BUETTNER SA-PRF     BUETPN BZ          173032000     -65614996
BUETTNER             BUET3 BZ          173032000     -65614996
WIEST                WISA3 BZ           70872000    -166108000
HERCULES SA         HERTON BZ           21741000    -286192000
CAF BRASILIA-PRF     CAFE4 BZ           36476000   -1193384960
DTCOM- DIRECT-PR     DTCY4 BZ           11797000      -2671000
HERCULES SA-PREF    HERTPN BZ           21741000    -286192000
CAF BRASILIA         CAFE3 BZ           36476000   -1193384960
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
BOTUCATU-PREF        STRP4 BZ           59539000     -15562000
RENAUXVIEW SA-PF     TXRX4 BZ           99602000    -148587008
CAFE BRASILIA-PR    CSBRPN BZ           36476000   -1193384960
CTM CITRUS SA        CTMON BZ           79728000      -1381000
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
NOVA AMERICA-PRF    NOVA4B BZ           40955000    -353104000
TELEBRAS SA         TLBRON BZ          428644992      -2437000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
CORREA RIBEIRO      CORION BZ           10301000       -547000
CORREA RIBEIRO      CORIPN BZ           10301000       -547000
WETZEL SA           MWELON BZ          143358000      -9963000
TEXTEIS RENAU-RT     TXRX1 BZ           99602000    -148587008
BOTUCATU TEXTIL      STRP3 BZ           59539000     -15562000
CIA DE RECUPERAC    CRSC3B BZ           15755000     -48834000
TELEBRAS-PF RCPT    RCTB41 BZ          428644992      -2437000
CORREA RIBEIR-PR     CORR4 BZ           10301000       -547000
CIA DE RECUPERAC     CRSC3 BZ           15755000     -48834000
HOPI HARI SA         PQTM3 BZ          135597008    -436259008
ACO ALTONA-PREF      EALT4 BZ          167764992     -20478000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
TECTOY-RCPT PF B    TOYB12 BZ           47540000     -18367000
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
SANSUY-PREF A        SNSY5 BZ          232096000    -106033000
GASCOIGNE EMP-PF    1GASPN BZ         1516712064   -1039704000
CHIARELLI SA         CCHON BZ           42853000     -85685000
ACO ALTONA           EALT3 BZ          167764992     -20478000
DOCAS SA            DOCAON BZ          204272000     -41722000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
SAUIPE SA-PREF      PSEGPN BZ           23632000     -17804000
BOMBRIL CIRIO-PF    BOBRPN BZ          467603008    -475305984
AZEVEDO              AZEV3 BZ          114608000     -10504000
VARIG SA            VARGON BZ         2094450944  -10176870400
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
BOMBRIL-RIGHTS       BOBR1 BZ          467603008    -475305984
DOCAS SA-PREF       DOCAPN BZ          204272000     -41722000
BUETTNER-PREF        BUET4 BZ          173032000     -65614996
BOMBRIL SA-ADR       BMBPY US          467603008    -475305984
BOMBRIL              BOBR3 BZ          467603008    -475305984
TELECOMUNICA-ADR    81370Z BZ          428644992      -2437000
BUETTNER SA-RTS      BUET1 BZ          173032000     -65614996
BOMBRIL-PREF         BOBR4 BZ          467603008    -475305984
BOMBRIL CIRIO SA    BOBRON BZ          467603008    -475305984
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
KUALA-PREF           ARTE4 BZ           11856000     -33570000
TRESSEM PART SA     1TSSON BZ         2328652032    -101079000
AZEVEDO E TRA-PR    AZEVPN BZ          114608000     -10504000
CONST A LIND-PRF     CALI4 BZ           32493000     -26717000
AZEVEDO-PREF         AZEV4 BZ          114608000     -10504000
AZEVEDO E TRAVAS    AZEVON BZ          114608000     -10504000
ALL MALHA PAULIS    GASC3B BZ         1516712064   -1039704000
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
GASCOIGNE EMP-PF     GASC4 BZ         1516712064   -1039704000
GASCOIGNE EMP-PF    GASC4B BZ         1516712064   -1039704000
GAZOLA               GAZO3 BZ           27266214     -73665296
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
DOCAS IMBITUB-PR    IMBIPN BZ          207240000     -25727000
SCHLOSSER            SCLO3 BZ           23121000    -123831000
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
FABRICA RENAUX-P    FRNXPN BZ          123567000     -72231000
FABRICA RENAUX-P     FTRX4 BZ          123567000     -72231000
TECEL S JOSE-PRF    FTSJPN BZ           41412000     -42901000
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
SAUIPE-PREF          PSEG4 BZ           23632000     -17804000
CAMBUCI SA-PREF      CXDOF US          179864000     -43180000
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
TELEBRAS-ADR           TBX GR          428644992 -2437000
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
TECTOY SA           TOYBON BZ           47540000     -18367000
CONST A LINDEN      LINDON BZ           32493000     -26717000
PETRO MANGUINHOS    MANGON BZ          152032000    -351539008
TECEL S JOSE        FTSJON BZ           41412000     -42901000
SCHLOSSER SA         SCHON BZ           23121000    -123831000

PETRO MANGUIN-PF    MANGPN BZ          152032000    -351539008
MMX MINERACA-GDR     MMXMY US         2328652032    -101079000
MINUPAR              MNPR3 BZ          180171008     -40196000
MMX MINERACAO        MMXCF US         2328652032    -101079000
PROMAN              PRMN3B BZ           24047000  -467000
CAMBUCI SA-PREF      CAMB4 BZ          179864000     -43180000
FERRAGENS HAGA-P    HAGAPN BZ           26163226    -115001000
HERCULES             HETA3 BZ           21741000    -286192000
FER HAGA-PREF        HAGA4 BZ           26163226    -115001000
FERRAGENS HAGA      HAGAON BZ           26163226    -115001000
HERCULES-PREF        HETA4 BZ           21741000    -286192000
DOC IMBITUB-PREF     IMBI4 BZ          207240000     -25727000
TELEBRAS-PF RCPT    RCTB40 BZ          428644992      -2437000
DOC IMBITUBA-RTP     IMBI2 BZ          207240000     -25727000
DOC IMBITUBA         IMBI3 BZ          207240000     -25727000
DOCAS SA-RTS PRF     DOCA2 BZ          204272000     -41722000
GASCOIGNE EMPREE    1GASON BZ         1516712064   -1039704000
BOMBRIL-RGTS PRE     BOBR2 BZ          467603008    -475305984
DOCA INVESTIMENT     DOCA3 BZ          204272000     -41722000
DOCA INVESTI-PFD     DOCA4 BZ          204272000     -41722000
DTCOM-RT             DTCY1 BZ           11797000      -2671000
DOC IMBITUBA-RTC     IMBI1 BZ          207240000     -25727000
ACO ALTONA SA        EAAON BZ          167764992     -20478000
DTCOM- DIR TO CO     DTCY3 BZ           11797000      -2671000
CONST A LINDEN       CALI3 BZ           32493000     -26717000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
TELEBRAS-CED C/E     TEL4C AR          428644992      -2437000
SCHLOSSER-PREF       SCLO4 BZ           23121000    -123831000
PARQUE TEM-DV PF      PQT6 BZ          135597008    -436259008
DHB IND E COM        DHBON BZ          221336000    -588646016
FABRICA TECID-RT     FTRX1 BZ          123567000     -72231000
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
D H B-PREF           DHBI4 BZ          221336000    -588646016
ESTRELA SA           ESTR3 BZ          116767000    -101057000
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
RIOSULENSE SA       RSULON BZ          116783000     -12607000
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
FABRICA RENAUX      FRNXON BZ          123567000     -72231000
TEKA                 TEKA3 BZ          438540000    -564327040
ESTRELA SA          ESTRON BZ          116767000    -101057000
TELEBRAS-CM RCPT     TBRTF US          428644992      -2437000
ACO ALTONA-PREF      EAAPN BZ          167764992     -20478000
CAMBUCI SA-PREF     CAMBPN BZ          179864000     -43180000


COLOMBIA

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

ENACAR-RT          ENACARO CI         2551085824  -36098428928
CHILESAT CORP SA     TELEX CI       219760902144  -15259209728
TELMEX CORP-ADR      CSAOY US       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.


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