TCRLA_Public/090617.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, June 17, 2009, Vol. 10, No. 118

                            Headlines

A R G E N T I N A

TEO SA: Proofs of Claim Verification Deadline is August 4
VINISA SA: Proofs of Claim Verification Deadline is September 1


B E R M U D A

CARTESIAN INVESTMENT: Creditors' Proofs of Debt Due on June 26
CARTESIAN INVESTMENT: Members' General Meeting Set for July 14
MPX LIMITED: Creditors' Proofs of Debt Due on July 1
MPX LIMITED: Members' Final General Meeting Set for July 24


B R A Z I L

BANCO DO BRASIL: Increases Small Business Credit by BRL11.6Bln
BANCO BRADESCO: Fitch Affirms Support Rating Floor at 'BB'
LIGHT SA: Moody's Assigns 'Ba1' Local Corporate Family Rating
* BRAZIL: Financial Institutions Total Profit Drops 36.6% in 1Q


C A Y M A N  I S L A N D S

ABINGDON FINANCE: Creditors' Proofs of Debt Due on July 8
ABSOLUTE PLUS.COM: Placed Under Voluntary Wind-Up
ABSOLUTE PORTFOLIO: Placed Under Voluntary Wind-Up
AMERICAN CAPITAL: Creditors' Proofs of Debt Due on July 8
ARIENCE CAPITAL: Placed Under Voluntary Wind-Up

ARIENCE CAPITAL: Placed Under Voluntary Wind-Up
GRACIE SPC 1: Creditors' Proofs of Debt Due on July 8
GRACIE SPC 2: Creditors' Proofs of Debt Due on July 8
GREAT OAKS: Creditors' Proofs of Debt Due on July 8
MCCI ENERGY: Creditors' Proofs of Debt Due on July 8

MCCI GRAIN: Creditors' Proofs of Debt Due on July 8
MCCI MASTER: Creditors' Proofs of Debt Due on July 8
MCCI PRECIOUS: Creditors' Proofs of Debt Due on July 8
TEAK HILL: Creditors' Proofs of Debt Due on July 8


C H I L E

* CHILE: Central Bank Scraps Plans to Sell US$750-Mln LT Bonds


C U B A

* CUBA: Economic Crisis Cuts Production, Close Factories


C O L O M B I A

CHIQUITA BRAND: U.S. Blocks Colombian Trial Against Ex Officers


E C U A D O R

* ECUADOR: To Pay U$30.9 Million for Global 2015 Bonds


G U Y A N A

CL FIN'L: CLICO Guyana Can Sell Land to Reimburse Clients


J A M A I C A

CASH PLUS: Former Head Refuses to Evacuate Property


M E X I C O

CEMEX SAB: Asset Sale Good for Debtors, Actinver Says
CEMEX SAB: Fitch Puts 'B' Issuer Default Rating on Evolving Watch


T R I N I D A D  & T O B A G O

CL FINANCIAL: New Board to Meet Next Week
CL FINANCIAL: Trinidad & Tobago Government Takes Over Firm


                         - - - - -


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

TEO SA: Proofs of Claim Verification Deadline is August 4
---------------------------------------------------------
Miguel Angel Drucaroff, the court-appointed trustee for Teo SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 4, 2009.

Ms. Drucaroff 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. 18, 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:

          Miguel Angel Drucaroff
          Av. Corrientes 2470
          Buenos Aires, Argentina


VINISA SA: Proofs of Claim Verification Deadline is September 1
---------------------------------------------------------------
Berta Liliana Kravetz, the court-appointed trustee for Vinisa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 1, 2009.

Ms. Kravetz will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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:

          Berta Liliana Kravetz
          Lavalle 1527
          Buenos Aires, Argentina



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

CARTESIAN INVESTMENT: Creditors' Proofs of Debt Due on June 26
--------------------------------------------------------------
The creditors of Cartesian Investment Management, Ltd. are
required to file their proofs of debt by June 26, 2009, to be
included in the company's dividend distribution.

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

The comapny's liquidator is:

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


CARTESIAN INVESTMENT: Members' General Meeting Set for July 14
--------------------------------------------------------------
The members of Cartesian Investment Management, Ltd. will hold
their final general meeting on July 14, 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 11, 2009.

The comapny's liquidator is:

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


MPX LIMITED: Creditors' Proofs of Debt Due on July 1
----------------------------------------------------
The creditors of MPX 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 5, 2009.

The comapny's liquidator is:

          Jennifer M. Kelly
          Par La Ville Place, 3rd Floor
          14 Par La Ville Road
          Hamilton, Bermuda


MPX LIMITED: Members' Final General Meeting Set for July 24
-----------------------------------------------------
The members of MPX Limited will hold their final general meeting
on July 24, 2009, at 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 comapny's liquidator is:

          Jennifer M. Kelly
          Par La Ville Place, 3rd Floor
          14 Par La Ville Road
          Hamilton, Bermuda



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

BANCO DO BRASIL: Increases Small Business Credit by BRL11.6Bln
--------------------------------------------------------------
Banco do Brasil SA said it will provide a combined credit limit
increase, around BRL11.6 billion (US$5.95 billion), to its 303,000
small-business clients for additional financing during the second
half of the year, Daniel McCleary of Dow Jones Newswires reports,
citing a company statement.

According to the report, Banco do Brasil affirmed that the
increase will aid retail sales by reinforcing accounts-receivable
financing for this segment of customers.

Aluisio Alves of Reuters relates the bank is set to announce a
partnership to issue American Express credit cards in Brazil,
betting on growing demand for consumer credit.  Reuters notes
Rogerio Cafarelli, vice president of new retail businesses and
credit cards, said the bank expects automobile loans, paycheck-
deductible loans and credit cards to lead retail credit growth in
2009.

According to Reuters, Mr. Cafarelli said Banco do Brasil expects
revenue from its credit card business to rise to BRL70 billion in
2009 from BRL66 billion last year.

                    About Banco do Brasil

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

                        *     *     *

As of June 16, 2009, the company continues to carry Moody's Ba2
Foreign LT bank Deposit Ratings


BANCO BRADESCO: Fitch Affirms Support Rating Floor at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed all ratings of Banco Bradesco S.A. and
its issuance:

Banco Bradesco S.A.

  -- Long-term Foreign Currency Issuer Default Rating (IDR) at
     'BBB'; Stable Outlook;

  -- Short-term Foreign Currency IDR at 'F2';

  -- Long-term Local Currency IDR at 'BBB+'; Stable Outlook;

  -- Short-term Local Currency IDR at 'F2';

  -- Individual Rating at 'B/C';

  -- Support rating at '3';

  -- Support rating floor at 'BB';

  -- National long-term rating at 'AAA(bra)'; Stable Outlook;

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

Bradesco Leasing S.A. Arrendamento Mercantil - 9th Issuance of
Debentures

  -- National long-term rating at 'AAA(bra)'.

Bradesco's Local Currency IDRs, which are above Brazil's IDRs, and
its National Ratings reflect its broad national franchise with a
strong track record of consistent results through turbulent
economic cycles, achieved via solid, conservative management of a
diversified business and revenue base, as well as its huge local
distribution and client base, and strong liquidity.  The Foreign
Currency IDRs are constrained by Brazil's Country Ceiling.  The
ratings also reflect the bank's strong performance since 2004,
driven by loan growth in consumer finance and lending to small and
medium businesses, and cost reductions, which have improved
efficiency.

The Local Currency IDR is determined by the Individual Rating.
This could be affected by performance changes due to
capitalization levels and quality and maintenance of asset quality
which would allow consistent profitability, even in an adverse
scenario.  An eventual deterioration in Brazil's operating
environment, as well as a strong increase in delinquencies, could
exert downward pressure on its ratings.

Bradesco's strategy is to maintain its strong position in the
Brazilian financial system, working with a diversified franchise
based on financial and insurance services.  Despite the focus on
organic growth and on Brazilian domestic market, Bradesco has
acquired some small cap niche financial institutions.  On June 4,
2009, Bradesco announced an agreement aiming at the acquisition of
the totality of Banco IBI S.A. capital stock.

IBI is the fifth largest Brazilian branded credit card issuer,
standing out in the Private Label segment.  Posting total assets
of BRL5.6 billion in December 2008, it was part of the C&A Group,
an important conglomerate in the retail fashion market.  The
transaction, subject to regulatory authorities' approval, will
almost double Bradesco's credit card base from 35.3 million to
65.9 million.

Owing to the global financial crisis, Bradesco has benefited
strongly from the flight to quality in the local market, mainly
shown in its increased deposits.  As a result, unlike most banks
and despite tighter lending standards, it continued to increase
lending (32% in 2008)though growth slowed substantially in the
last months of the year and in first quarter-2009 (1Q'09).  It has
also boosted liquidity to high levels and maintains its plan to
open more branches.  Despite a probable decline due to less credit
expansion in 2009 (13%-17%) and increased provisions as
delinquencies rise, profitability is expected to be, at a minimum,
satisfactory (19.7% in 1Q'09), with no major pressure on the
bank's capital base.

Bradesco is one of the largest financial conglomerates in Latin
America and among the market leaders in most of its business
lines.  It is controlled by an entity managed by the bank's senior
executives.

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.


LIGHT SA: Moody's Assigns 'Ba1' Local Corporate Family Rating
-------------------------------------------------------------
Moody America Latina's assigned a Ba1 local currency corporate
family rating and Aa2.br corporate family rating on the Brazilian
National Scale to Light S.A.  At the same time, Moody's assigned a
Ba1 local currency rating and Aa2.br rating on the Brazilian
National Scale to the 2-year BRL 300 million senior unsecured
debentures to be issued in the local market by Light Servicos de
Eletricidade S.A.

The ratings reflect Light's strong consolidated credit metrics for
the rating category, the relatively stable cash flow derived from
the regulated distribution business of Light SESA and the long-
term supply contracts of the generation segment represented by
Light Energia.  The ratings are constrained by a sizeable capital
expenditure program, relatively high dividend pay-out ratios,
potential cash flow drains related to existing contingent
liabilities, the uncertainty over the evolution of the Brazilian
regulatory framework and challenges represented by high levels of
electricity losses and delinquency rates.

Light and its subsidiaries have significantly enhanced their
capital structures since 2005 when EDF (Electricite de France),
the sole shareholder at that time, converted around BRL940 million
of inter-company loans into equity.  This was followed by another
BRL800 million conversion of debt into equity by BNDES
Participacoes S.A. (BNDESPar, the investment arm of the Brazilian
Development Bank -- BNDES) in 2007.

The reduction in the level of indebtedness has been accompanied by
an improvement in operating margins, though these have been below
potential levels because of very low rates of growth for
electricity consumption in 2004 through 2008 and a high level of
electricity losses and bad debt provisions.  Light's electricity
consumption CAGR (compound annual growth rate) was just 1.9% from
2004-2008, compared to a 4.0% CAGR for the Brazilian electricity
industry as a whole.  The lower consumption growth rates are
largely attributable to the migration of large industrial
consumers from the city of Rio de Janeiro to other localities.
The other classes of electricity users have basically behaved in
line with growth rate patterns for all of Brazil.

Light has posted energy losses of around 20% over the past five
years, a figure much higher than the 15% national average.
Despite the company's investments in new technologies to reduce
energy losses to levels that are more acceptable, these efforts
have not generated any significant improvement and the outlook for
further improvement is not promising.  Management has signaled
that with annual investments of BRL150 million these losses could
eventually come down to around 18% within four years.  Light's bad
debt provisions as a percentage of gross revenues have been
decreasing over the last five years from around 5.2% to 2.9% per
year, however it is still much higher than the 0,90% acknowledged
by the regulator.

Projections indicate that Light will post satisfactory cash flow
within the next couple of years in light of prevailing favorable
operating margins.  As part of the second periodic tariff review,
the regulator granted Light a 2% tariff increase in November 2008.
These periodic tariff reviews are primarily aimed to adjust a
company's tariffs to generate more efficient operational
parameters as determined by the regulator and transfer back to the
consumer the gains in productivity attained since the last tariff
review in 2003.

Like those of other distribution companies in Brazil, Light's
operating margins are expected to decrease going forward; however,
the regulator considered some issues specific to Light's tariff
structure.  It increased the regulated level of energy losses from
the prevailing 16% to 19% and compensated the company through
higher tariffs for the migration of three important free consumers
from its distribution network to the basic network starting in
2009.  As a result, the negative impact of the second periodic
tariff review on operating margins will be relatively lower when
compared to other Brazilian distribution utilities, which in most
cases had negative tariff adjustments.  In addition to lower
operating margins going forward, sales volumes in the captive
(regulated) market are expected to range between break-even and
1.5% growth in 2009 due to weak Brazilian GDP growth in 2009.

The generation business is projected to post stable operating
margins and consequently more stable cash flows.  This stems from
the inherent long-term nature of Light Energia's electricity
supply contracts which are mostly to the regulated market.  These
contracts will begin to expire in 2013, with accumulated expiring
contracts representing approximately 27% of total assured energy
by year-end 2013 and 51% by year-end 2014.  Thus, starting in
2013, Light is expected to benefit from higher energy prices and
enhanced operating cash flows.  Light's average energy prices are
currently around BRL67 per MWh and preliminary estimates for new
contracts indicate that energy prices could go to over BRL130 per
MWh.  However, Moody's notes that Light's generation subsidiary is
not a guarantor of the rated debenture issuance.

Indebtedness is bound to marginally increase from 2009 through
2012 as a result of forecasted negative free cash flow in the
range of BRL200 million per year in the next two years.  Long-term
funding is expected to make up for the cash flow gap.  FFO (Funds
From Operations) are projected to average BRL1.0 billion in the
next two years or around 28% of total adjusted debt, which
compares favorably with historical performance considering the
recent periodic tariff review and the current economic downturn.

Capital expenditures are forecasted at BRL 700 million per annum
in the next 4-year period.  These are largely to reduce energy
losses and expand investment in the generation business.
Management announced the construction of three small hydroelectric
power generation units with an installed capacity of 238MW, which
are scheduled to come on stream from 2011 through 2013.  Total
investment in generation could reach BRL 750 million over the next
four years.  The long-term funding should come largely from the
BNDES in an estimated amount that could reach BRL 500 million.

Contingent liabilities recognized as long-term liabilities were
BRL 988 million as of March 31, 2009.  Out of this amount around
BRL 500 million are associated with tax disputes and could
potentially have a cash impact in 2009 as a result of ongoing
judicial settlements to be concluded within the coming months.
Management estimates that approximately half of the fiscal
contingencies can be refinanced with the federal government for
over a five-year period under specific government programs
designed for this purpose.  The size of total contingent
liabilities is relatively high at around BRL 4 billion but the
bulk of these liabilities are classified as possible or remote,
and as such are not recognized in financial statements.

Like other Brazilian companies, Light does not maintain committed
credit facilities to face unexpected cash disbursements.  Despite
this restriction, Light's liquidity is adequate, as evidenced by a
consolidated cash position of BRL736 million as of March 31, 2009,
that comfortably covers short-term debt of BRL328 million.
Forecasted negative free cash flow of around BRL100 million in the
next twelve-month period is expected to be mostly funded with the
proceeds of the proposed debentures of around BRL300 million and
BNDES in the BRL230 million range.

Light's dividend policy assures a minimum 50% dividend pay-out to
shareholders.  Moody's utilized a higher pay-out ratio of 95% in
its base case forecast scenario, in which internal cash generation
and new long term funding, mainly from BNDES, remain sufficient to
cover cash outlays, while indebtedness is maintained at manageable
levels.

The stable outlook captures Moody's view that despite some
expected shrinkage in operating margins, internal cash generation
should be the primary funding source for the company's cash needs
and is likely to be complemented by long-term funding on a timely
basis in the medium term.  The overall level of debt should remain
virtually unchanged, remaining compatible with the rating
category.

The ratings or outlook could be upgraded as a result of greater
visibility regarding the potential impact of contingent
liabilities on cash flow and leverage.  Also important to an
upgrade would be progress in reducing the company's high levels of
bad debt provisions (currently at 2.9% of gross revenues) and
energy losses (currently at 20.8%).  Pressure for an upgrade could
increase if Retained Cash Flow over Total Adjusted Debt remains
higher than 20% (32% in the last twelve months ended March 31,
2009) and interest coverage (CFO before working capital needs over
cash interest) remains higher than 5.0x (7.9x in the last twelve
months ended March 31, 2009) on a sustainable basis.

The ratings or outlook could be downgraded if RCF over adjusted
debt ratio falls below 10% and interest coverage decreases below
3.0x for an extended period.  A change in the supportiveness of
the Brazilian regulatory environment could also trigger a rating
action.  In addition to being affected by the above factors, the
ratings for the debentures could also be downgraded without a
downgrade of the corporate family ratings at Light S.A. if there
is a significant increase in secured debt as a proportion of total
debt at Light SESA (secured debt currently represents 17% of total
adjusted debt).

Light S.A., headquartered in Rio de Janeiro, Brazil, is an
integrated utility company controlled by Rio Minas Energia
Participacoes S.A. with activities in generation, distribution and
commercialization of electricity.  In the last twelve months ended
March 31, 2009, the distribution company Light Servicos de
Eletricidade S.A. (Light SESA) distributed 23,122 GWh of
electricity (approximately 6% of the electricity consumed in
Brazil) and represented around 86% of Light's consolidated EBITDA.
Light reported consolidated net revenues of BRL 5,508 million
(US$2,776 million) and Net Profit of BRL 1,038 million
(US$523 million) in the last twelve months ended March 31, 2009.
Light SESA reported consolidated net revenues of BRL 5,237 million
(US$2,639 million) and Net Profit of BRL 998 million
(US$503 million) in the same period.


* BRAZIL: Financial Institutions Total Profit Drops 36.6% in 1Q
---------------------------------------------------------------
The total net income of Brazil's bank and non-bank financial
institutions dropped 36.6% to BRL8.40 billion (US$4.33 billion)in
the first quarter this year from the same period last year,
Business News Americas reports, citing central bank BCB data.  The
report notes that BCB releases composite figures for over the
1,800 institutions in the country each quarter.

According to the report, BCB's data showed that the financial
institutions' total assets had increased 22.4% to BRL3.33
trillion, total deposits up 36.6% to BRL1.27 trillion, while
shareholder equity hit BRL303 billion, for an increase of 21.0%.

BNAmericas says Brazil's top 50 banks had 90.4% of total profits
and 86.2% of total assets, down from 92.6% and 86.6%,
respectively, in first quarter last year.

                         *     *     *

The country continues to carry Moody's Rating Agency's "Ba1" local
and foreign currency ratings.



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

ABINGDON FINANCE: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------------
The creditors of Abingdon Finance 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 liquidation proceedings on May 18, 2009.

The company's liquidators are:

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


ABSOLUTE PLUS.COM: Placed Under Voluntary Wind-Up
-------------------------------------------------
On May 28, 2009, the members of Absolute Plus.com Ltd. passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Chad Mercer
          P.O. Box 31362
          Whitehall House, 3rd Floor
          238 North Church Street
          Grand Cayman KY1-1206, Cayman Islands
          Telephone: (345) 946 0811


ABSOLUTE PORTFOLIO: Placed Under Voluntary Wind-Up
--------------------------------------------------
On May 28, 2009, the members of Absolute Portfolio Management Ltd.
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Chad Mercer
          P.O. Box 31362
          Whitehall House, 3rd Floor
          238 North Church Street
          Grand Cayman KY1-1206, Cayman Islands
          Telephone: (345) 946 0811


AMERICAN CAPITAL: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------------
The creditors of American Capital Credit Opportunities Fund SPC
are required to file their proofs of debt by July 8, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 25, 2009.

The company's liquidators are:

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


ARIENCE CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On May 19, 2009, the sole shareholder of Arience Capital Offshore
Intermediate Plan Fund, Ltd. passed a resolution that voluntarily
winds up the company's operations.

The company's liquidator is:

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


ARIENCE CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On May 19, 2009, the shareholders of Arience Capital Offshore Plan
Fund, Ltd. passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

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


GRACIE SPC 1: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------
The creditors of Gracie SPC 1 are required to file their proofs of
debt by July 8, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 25, 2009.

The company's liquidators are:

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


GRACIE SPC 2: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------
The creditors of Gracie SPC 2 are required to file their proofs of
debt by July 8, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 25, 2009.

The company's liquidators are:

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


GREAT OAKS: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------
The creditors of Great Oaks Strategic Investment Partners
Offshore, 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 liquidation proceedings on May 5, 2009.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on May 26, 2009.

The company's liquidators are:

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


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

The company commenced liquidation proceedings on May 26, 2009.

The company's liquidators are:

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


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

The company commenced liquidation proceedings on May 26, 2009.

The company's liquidators are:

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


MCCI PRECIOUS: Creditors' Proofs of Debt Due on July 8
------------------------------------------------------
The creditors of MCCI Precious Metal Fund Inc. are required to
file their proofs of debt by July 8, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 26, 2009.

The company's liquidators are:

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


TEAK HILL: Creditors' Proofs of Debt Due on July 8
--------------------------------------------------
The creditors of Teak Hill SPC are required to file their proofs
of debt by July 8, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 26, 2009.

The company's liquidators are:

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



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

* CHILE: Central Bank Scraps Plans to Sell US$750-Mln LT Bonds
--------------------------------------------------------------
The central bank of Chile is scrapping its plans to sell
US$750 million of long-term bonds and will instead buy back US$1
billion of its debt to help lower borrowing costs, Sebastian Boyd
of Bloomberg News reports.

According to the report, the central bank’s buyback plan for its
bonds that mature in five years or more is aimed at offsetting a
US$1.7 billion sale by the government in the local market, and
bringing down long-term bond yields.  The Finance Ministry will
also use US$4 billion from its offshore savings to fund spending
this year, the ministry said in an e-mailed statement obtained by
the news agency.

The report relates the central bank will supervise the sale of
US$40 million a day from Chile’s Economic and Social Stabilization
Fund to buy pesos.  The report relates the stabilization fund
contained US$18 billion at the end of April.



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

* CUBA: Economic Crisis Cuts Production, Close Factories
--------------------------------------------------------
Cuban factories are closing down, and production is being cut at
other workplaces as the international financial crisis weighs on
the country, Reuters reports, citing state-run Juventud Rebelde
newspaper.  The report relates the growing shortage of foreign
exchange forced the country to drastically cut imports and local
budgets, impose power quotas on state-run companies, restructure
debt and put off payments to foreign suppliers.

Reuters recalls Juventud Rebelde newspaper reported that a tire
factory had shut down since February due to a lack of rubber
imports while an aluminum packaging plant cut output for similar
reasons.  The plants were examples of a wider problem "in other
sectors of the Cuban state company sector," which encompasses 90
percent of economic activity, the newspaper added.

Juventud Rebelde newspaper, Reuters relates, said other workplaces
were having difficulty obtaining spare parts, and still others
were being forced to scale back output after a recent government
measure mandating a 12% reduction in power consumption.

According to Reuters, Cuba has been hit hard by the global
financial crisis, which has slashed revenue from key exports,
dried up credit and reduced foreign investment.  Reuters notes the
country is under longstanding U.S. economic sanctions and is
recovering from three hurricanes that struck last year, causing an
estimated US$10 billion in damages.

                         *     *     *

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



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

CHIQUITA BRAND: U.S. Blocks Colombian Trial Against Ex Officers
---------------------------------------------------------------
Colombia Prosecutor Dario Garzon Garzon said the United States
authorities are not collaborating with Colombian justice in its
criminal investigation of Chiquita Brands International Inc.'s
(former) executives, Colombia reports, citing Medellin newspaper
El Colombiano.  The report relates Mr. Garzon told El Colombiano
that the U.S. State Department has not responded to calls by
Colombia's Prosecutor General's Office to hand over the names,
birth dates and social security numbers of the executives.

"Through the Prosecutor General's International Affairs Office, on
two occasions we reiterated that they respond to our request for
judicial assistance.  I don't know what is happening with the U.S.
executives, but one would think there would be an immediate
response," the report quoted Mr. Garzon as saying.

According to Colombia reports, without the data requested from the
U.S., Colombian prosecutors can not call the suspects for
questioning and the investigation is pretty much at a standstill.

The report relates Mr. Garzon explained: "The Colombian executives
are already being investigated, but they are saying that they were
obeying orders from Cincinnati."  This is why the Prosecution
"needs to listen to the executives from there to see why they made
the decision to give orders to those in Colombia to pay, to hear
if they came to some sort of agreement with the AUC," he added.

As reported in the Troubled Company Reporter-Latin America on
May 2, 2008, that the United Press International said that a U.S.
judicial panel ordered that terrorism allegations against Chiquita
Brands in Colombia be heard in a U.S. court.  The report related
the UPI, U.S. District Judge Kenneth Marra in West Palm Beach,
Florida, will handle the lawsuits.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Colombian terrorist victims have filed in the U.S.
District Court in Manhattan an almost US$8 billion lawsuit
against Chiquita Brands for paying the terrorist group The
United Self-Defense Forces of Colombia.  The U.S. federal court
ordered Chiquita Brands to pay US$25 million in fines for
paying millions of dollars to Colombian terrorist groups from
1997 to 2004.  Colombian officials, however, are not happy with
the settlement asserting that the fine was small compared to
other cases.  The UPI related that Chiquita Brands also pleaded
guilty to paying terrorist group Autodefensas Unidas de Colombia
US$1.7 million to protect its banana-growing operation.

                      About Chiquita Brands

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer
and distributor of high-quality fresh and value-added food
products.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.

                         *     *     *

As of June 16, 2009, the company continues to carry these ratings
from Moody's:

   -- Caa2 Senior Unsecured Debt Rating,
   -- B2 LT Corp Family rating, and
   -- B3 Probability of Default ratings.



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


* ECUADOR: To Pay U$30.9 Million for Global 2015 Bonds
------------------------------------------------------
The Ecuadorian government has taken steps to pay US$30.9 million
due June 15 to service its Global 2015 bonds, an unnamed
high-level government official told Dow Jones Newswires.  "Last
week the Finance Ministry sent the order to the Central Bank to
fulfill all administrative proceedings to pay the coupon on time.
The coupon has the payment order," the official was quoted by
DJNewswires as saying.

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, DJNewswires said Ecuador has three overseas bond
issues outstanding:

   -- US$510 million in bonds due 2012, which carry
      a 12% coupon;

   -- US$650 million of 9.375% bonds due 2015; and

   –- US$2.7 billion of 10% bonds due 2030.

The TCR-LA, citing Bloomberg News, reported on April 23, 2009,
President Correa skipped a US$30.6 million payment for the
country’s 12% bonds due in 2012, calling the debt “illegal” and
“illegitimate.”  The move also sent its bonds due 2015 and 2030
into default, the same report noted.

According to a TCRLA report on January 15, 2009, citing Associated
Press, Mr. Correa considered the Global 2015 bond series as
different from the Global 2012 and 2030 bonds because Ecuador
wasn't pressured into agreeing to it.

                       *     *     *

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-'.



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

CL FIN'L: CLICO Guyana Can Sell Land to Reimburse Clients
---------------------------------------------------------
Guyana Chief Justice Ian Chan has authorized CLICO Life and
General Insurance Company South America Limited (CLICO Guyana), a
unit of CL Financial Limited, to sell prime real estate in the
South American country to honor its commitment to policyholders
and pension fund contributors, as the liquidation continues, The
Associated Press reports.

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

According to the AP, CL Financial recorded huge losses in real
estate investments and could not borrow enough money on credit
markets paralyzed by the global financial crisis.

AP relates more than 15,000 policyholders are awaiting
reimbursements.

                       About CL Financial

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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

CASH PLUS: Former Head Refuses to Evacuate Property
---------------------------------------------------
Former Cash Plus Limited Head Carlos Hill has not yet evacuated
his house despite the expiration of a deadline to hand over the
property, RadioJamaica News reports.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, Cash Plus Provisional Liquidator Hugh Wildman said
actions are being done to evict Mr. Hill from a house which he
occupies in East Armour Heights, as the property is close to being
sold.  The report related bailiffs turned up at the property to
enforce a 30-day eviction notice that expired on June 1, however,
following a last minute application by Mr. Hill's lawyers the
court granted a 14-day extension for the property to be vacated.

RadioJamaica said Cash Plus's depositors and creditors expect to
get back some of their money soon, as properties owned by the
company were advertised for sale.  The report said that according
to an advertisement published in The Sunday Gleaner, seven
properties owned by Cash Plus Limited and its subsidiaries and
affiliates were advertised for sale:

   -- houses, with an estimated value of more
      than US$30 million each:

      * a town house in Armour Heights,
      * a town house on Cherry Drive,
      * a town house on Norbrook Drive, and
      * apartment at Waterworks Mews.

   -- property at Mainland International, March Pen,
      St Catherine;

   -- property on Old Harbour Road, St Catherine, and

   -- property in Kencot, St Andrew.

                       About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.



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

CEMEX SAB: Asset Sale Good for Debtors, Actinver Says
-----------------------------------------------------
Mexico-based Cemex S.A.B. de C.V.'s sale of its Australian assets
to Switzerland-based Holcim Group is good news for the company’s
debtors, but not so welcome to shareholders, LatinFrance reports
citing Francisco Suarez, head of equity research at Mexico
research firm Actinver.  The report relates Mr. Suarez said he
will keep an underweight recommendation on Cemex stock.  “Debtors
will now be more willing to restructure the company’s debt,” the
report quoted Mr. Suarez as saying.  Cemex has US$4.1 billion in
maturities to come this year, he added.

As reported in the Troubled Company Reporter-Latin America on
June 16, 2009, MarketWatch said Cemex S.A.B. agreed to sell its
Australian operations to Holcim Group for AU$2.02 billion (US$1.63
billion).  The report related 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 noted BBVA, BNP Paribas,
Citigroup, HSBC, Royal Bank of Scotland, and Santander are
advising Cemex on the transaction.

Company spokesman Jorge Perez, as cited by LatinFrance, said the
cement company’s total debt is US$18 billion.

According to LatinFrance, Christopher Buck, EM corporate credit
analyst at Barclays, views the sale as positive for Cemex.  “[The
sale] could have a positive effect on the ongoing debt
negotiations as the company may pay down short-term maturities
and/or holdouts that are less inclined extend maturities,” the
report quoted Mr. Buck as saying.

                        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.


CEMEX SAB: Fitch Puts 'B' Issuer Default Rating on Evolving Watch
-----------------------------------------------------------------
Fitch Ratings has placed these ratings of Cemex, S.A.B. de C.V.,
and its subsidiaries on Rating Watch Evolving:

Cemex

  -- Foreign currency Issuer Default Rating 'B';

  -- Local currency IDR 'B';

  -- Long-term national scale rating 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program 'BB-(mex)';

  -- Senior unsecured debt obligations 'B+/RR3'';

  -- Unsecured debt issued through the Certificados Bursatiles
     program 'BB-(mex)';

  -- Short-term national scale rating 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program 'B (mex)'.

Cemex Espana S.A.

  -- IDR 'B';
  -- Senior unsecured debt obligations 'B+/RR3'.

Rinker Materials Corporation

  -- US$150 million senior unsecured notes due 2025 'B+/RR3'.

The revision in the company's Rating Watch to Evolving from
Negative is a result of the agreement by Cemex to sell its
Australian operations to Holcim for AUD2.02 billion
(US$1.6 billion).  Fitch views the asset sale as mildly positive
for Cemex's credit quality as it may enable the company to
complete a comprehensive refinancing plan given the incremental
liquidity provided by the asset sale.  Ultimately, an improved
debt amortization schedule that provides sufficient financial
flexibility to operate through the economic downturn could also
pave the way for additional asset sales by Cemex.

Potential improvements in credit quality following the completion
of a bank refinancing would likely be limited.  The loss of the
operating cash flow of the Australian assets (EBITDA of
AUD313 million) and other assets to be sold, plus the poor
performance of the company's business in Europe and the U.S., will
continue to result in high leverage at Cemex during 2009 and 2010.
The transaction is subject to regulatory approval and buyer
financing and could take up to six months to close.

The Evolving Rating Watch continues to reflect the potential for
future negative rating actions.  Rating downgrades would likely
occur if the company is not able to get consensus among its bank
group to refinance the majority of the debt agreements under
satisfactory terms.  Credit downgrades could also occur in the
near future if bank groups do not provide the company with
sufficient liquidity for working capital purposes that would allow
the company to operate smoothly through the extreme downturn in
its key markets.

Cemex had US$768 million of cash and cash equivalents as of
March 31, 2009, and approximately US$4.3 billion of short-term
debt.  On March 10, the company announced that it had initiated
negotiations with its core banks to renegotiate its bank debt in
order to boost near-term liquidity and extend debt maturities
coming due primarily with its banks.



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

CL FINANCIAL: New Board to Meet Next Week
-----------------------------------------
CL Financial Limited's new board of directors will meet next week
to discuss the cash-poor real estate conglomerate's way forward as
it struggles to emerge from a billion-dollar debt position,
Trinidad Express reports.

Group Finance Director Michael Carballo told the Express in a
phone interview that the board meeting next week will determine
clear guidelines and a strategy for CL Financial going forward.
It is also expected that the meeting, which will be held in Port
of Spain, will discuss the upcoming extraordinary general meeting
to be held by CL Financial on June 30 to approve resolutions by
shareholders on the new board members, he added.

As reported in the Troubled Company Reporter-Latin America on
June 12, 2009, Trinidad and Tobago Express said the Trinidad and
Tobago government will deliver the final approval for a new board
of directors to lead CL Financial.  The report recalled Central
Bank Governor Ewart Williams confirmed that the new CL Financial
board would have four out of seven Government representatives.
The new CL board, the report said, is expected to be in place for
three years, during which time the Government is expected to spend
about $4 billion to protect policy holders of insurance company
CLICO and CLICO Investment Bank depositors who were initially
unable to get their money back late last year.

                      About CL Financial

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.


CL FINANCIAL: Trinidad & Tobago Government Takes Over Firm
----------------------------------------------------------
The Trinidad and Tobago government has taken over CL Financial
Limited's operations, CaribWorldNews.com reports.  Linda
Hutchinson-Jafar of Reuters relates former Trinidad and Tobago
Central Bank Governor Euric Bobb confirmed the government's move.

According to Reuters, the government's decision to assume control
of the board, agreed between the finance minister, CLF directors
and most shareholders, followed the bailout by Trinidad and Tobago
authorities in January of three heavily-indebted financial
subsidiaries of the conglomerate.

CLF officials, Reuters relates, stressed that the takeover of the
board was done to manage and restructure the assets of the
conglomerate and that it did not involve any change in its
shareholding structure.  "By nature of the board being in charge
of the CL Financial Holdings group, they in turn will make some
decisions with regard to the subsidiaries," the report quoted
Mr. Bobb as saying.

           Gov't to Approve New Board of Directors

As reported in the Troubled Company Reporter-Latin America on
June 12, 2009, Trinidad and Tobago Express said the government
will deliver the final approval for a new board of directors to
lead CL Financial.  The report recalled Central Bank Governor
Ewart Williams confirmed that the new CL Financial board would
have four out of seven Government representatives.  The new CL
board, the report said, is expected to be in place for three
years, during which time the Government is expected to spend about
$4 billion to protect policy holders of insurance company CLICO
and CLICO Investment Bank depositors who were initially unable to
get their money back late last year.

                    About CL Financial

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *