TCRLA_Public/090714.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, July 14, 2009, Vol. 10, No. 137

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Lawyer's Second Attempt for Client's Bail Denied
STANFORD INT'L: Owner Hopes Appeals Court Will Grant Bail


B E R M U D A

GLOBE RE: Creditors' Proofs of Debt Due on July 28
VALIDUS HOLDINGS: Directors Approve Merger Pact with IPC Holdings
XL CAPITAL: Upgraded to "Outperform" at Credit Suisse
XL CAPITAL: Ernst & Young Rents XL House


B R A Z I L

BANCO NACIONAL: Signs BRL1.4-Billion Loan to Energias do Brasil
BEARINGPOINT INC: Enters Pact With CSC to Sell Brazilian Operation
BRF-BRASIL: Aims to Raise BRL5.28 Billion Through Shares Offering


C A Y M A N  I S L A N D S

ADDIS HOLDINGS: Creditors' Proofs of Debt Due on August 7
ALNISTA GROWTH: Creditors' Proofs of Debt Due on August 7
ALVERSTOKE (CAYMAN): Commences Wind-Up Proceedings
BROAD MARKET: Commences Liquidation Proceedings
CAYMAN ISLANDS: Commences Wind-Up Proceedings

CITY OF LONDON: Creditors' Proofs of Debt Due on August 7
FCM EUROPEAN: Creditors' Proofs of Debt Due on July 29
FCM EUROPEAN: Creditors' Proofs of Debt Due on July 29
GLOBAL SECURITIES: Creditors' Proofs of Debt Due on July 15
HADRIAN FUND: Creditors' Proofs of Debt Due on July 29

KAREN MARIE: Creditors' Proofs of Debt Due on August 4
NESTER 99: Creditors' Proofs of Debt Due on July 22
ONE EAST: Creditors' Proofs of Debt Due on July 29
POLYA INVESTMENTS: Creditors' Proofs of Debt Due on August 7
RAB AMERICAN: Commences Wind-Up Proceedings

THE BLUE: Creditors' Proofs of Debt Due on August 7
THE CHINA: Commences Wind-Up Proceedings
UBS FINANCE: Creditors' Proofs of Debt Due on August 7
ZAPP (MANAGEMENT): Shareholders Receive Wind-Up Report


C O L O M B I A

ECOPETROL SA: Clarifies Report on Retail Market Participation
ECOPETROL SA: S&P Assigns 'BB+' Long-Term Corporate Credit Rating


D O M I N I C A

* DOMININCA: IMF Board Approves US$5.1 Million Disbursement


J A M A I C A

CABLE & WIRELESS: OUR Requires LIME to Activate Toll-Free Number
SUGAR COMPANY: Gov't Should GO Head With Hampden Divestment
* JAMAICA: “Needs More Financial Aid” Amidst Upcoming Loans


M E X I C O

OCEANOGRAFIA SA: Fitch Junks Issuer Default Rating From 'B-'


T R I N I D A D  &  T O B A G O

CL FIN'L: Unit's Shares Suspended on TT Stock Exchange
T&T ELECTRICITY: Has TT$1 Billion Outstanding Debt


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Seeks More Time to Repay Government Loan


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Lawyer's Second Attempt for Client's Bail Denied
----------------------------------------------------------------
Defense lawyer Dick DeGuerin's second attempt to obtain bail for
Robert Allen Stanford -- founder of Stanford International Bank
Limited –- was not granted by United States Judge David Hittner,
Caribbean360.com reports.  The report relates U.S. Judge Hittner
denied a motion filed by Mr. DeGuerin for a review of the order he
made on June 30, revoking the US$500,000 bail given by U.S.
Magistrate Judge Frances Stacy.

Judge Hittner previously considered Mr. Stanford a flight risk and
ruled that the defendant will remain in jail to await his August
25 trial.

The report notes Mr. DeGuerin has appealed to the U.S. Court of
Appeals in New Orleans in another attempt to secure his client's
release.  Mr. DeGuerin, as cited by the report, claimed in his
appeal that the U.S. government had misrepresented key facts on
Mr. Allen's ability and motive to flee.  According to the report,
Mr. DeGuerin said that in addition to the fact that his client,
who has dual U.S. and Antiguan citizenship, has surrendered his
three passports, he is now "penniless" as a result of the freeze
on his assets.

As reported in the Troubled Company Reporter-Latin America on
June 30, Agence France-Presse News said Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.

                 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.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, 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.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston).  The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: Owner Hopes Appeals Court Will Grant Bail
---------------------------------------------------------
Robert Allen Stanford, founder of Stanford International Bank
Limited, said he is hoping an appellate court will free him from
the federal prison where he is currently housed, CaribWorldNews
reports.

According to the report, Mr. Stanford's defense lawyer, Dick
DeGuerin, said he will take the case to the Fifth Circuit Court of
Appeals after Judge David Hittner, without explanation, denied a
request to reconsider his June 30 decision denying Mr. Stanford
bail pending trial.

According to the report, Mr. DeGueri suggested that Mr. Stanford's
trial set on August 25 will need to be delayed, since it will take
up to a year to prepare for it.

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.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, 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.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston).  The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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

GLOBE RE: Creditors' Proofs of Debt Due on July 28
--------------------------------------------------
The creditors of Globe Re Limited are required to file their
propfs of debt by July 28, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Nigel Godfrey
          The Emporium Building
          69 Front Street, Hamilton
          Bermuda


VALIDUS HOLDINGS: Directors Approve Merger Pact with IPC Holdings
-----------------------------------------------------------------
Validus Holdings Limited and IPC Holdings Limited's board of
directors have approved a definitive amalgamation agreement that
will create a leading Bermuda carrier in the short-tail
reinsurance and insurance market.

Under the terms of the agreement, IPC shareholders will receive
US$7.50 in cash and 0.9727 Validus voting common shares for each
IPC common share.

The Validus consideration provides IPC shareholders with a 24.9%
premium and US$31.73 per share based on IPC's and Validus' closing
stock prices on March 30, 2009, the last trading day before the
announcement of Validus' initial offer.

The final transaction terms represent an adjustment to the
structure of Validus' previous offer, under which IPC shareholders
would have received US$3.75 in cash and 1.1234 Validus voting
common shares for each IPC common share, in order to provide IPC
shareholders with significantly greater cash consideration, while
not changing the overall transaction value based on the March 30,
2009 closing stock prices for IPC and Validus.

Completion of the transaction, which is expected to take place in
the third quarter of 2009, is subject to customary closing
conditions, including Validus and IPC shareholder approvals.
Aquiline Capital Partners LLC, Vestar Capital Partners, and New
Mountain Capital, LLC, which collectively owned approximately 38%
of Validus' outstanding voting common shares as of April 30, 2009,
have agreed to vote in favor of the issuance of Validus shares in
connection with the transaction.  Upon closing of the transaction,
Validus shareholders will own approximately 62% of the combined
company on a fully diluted basis, with IPC shareholders owning
approximately 38%.

Ed Noonan, Validus' Chairman and Chief Executive Officer, stated,
"This is a compelling strategic combination that positions us
exceptionally well to build on our solid track record of
underwriting performance and book value growth.  We are confident
that it will generate superior value for both Validus and IPC
shareholders.  Validus will have significantly greater size and
scale to take advantage of attractive rate trends across our
business lines and growing overall demand for reinsurance from
capital-constrained businesses.  In addition, clients of both
companies will benefit from our strong commitment to existing
business lines, superior technical expertise and increased
capacity to meet their needs."

The combined company will have:

    --  US$3.4 billion in GAAP shareholders' equity
        (compared with shareholders' equity of
        US$2.0 billion for Validus and US$1.8 billion
        for IPC as of March 31, 2009), enabling the
        company to capture highly attractive market
        opportunities in the global insurance and
        reinsurance markets;

    --  A strong balance sheet and conservative investment
        portfolio, which are of critical importance
        as buyers increasingly scrutinize counterparty risk;

    --  Profitable diversification into multiple short-tail lines
        with favorable rate trends;

    --  Stronger relationships with major reinsurance
        brokers, providing increased opportunity
        to lead placements; and

    --  A deep, experienced and stable management team.

Validus will continue to be led by its current senior management
team, including Ed Noonan, Chairman and Chief Executive Officer.

Validus will be withdrawing and terminating its Exchange Offer for
all of the outstanding common shares of IPC and will instruct BNY
Mellon Shareowner Services to promptly return all IPC common
shares previously tendered to Validus.  Additionally, Validus has
terminated its solicitation efforts in connection with its other
previously announced alternative steps to complete a transaction
with IPC, including a scheme of arrangement and calling of a
special meeting of IPC shareholders.

Greenhill & Co., LLC acted as financial advisor to Validus and
Skadden, Arps, Slate, Meagher & Flom LLP, Cahill Gordon & Reindel
LLP and Appleby provided legal advice.

                  About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/--  is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 14, 2008, Standard & Poor's Ratings Services assigned 'BB+'
subordinated debt, and 'BB' preferred stock ratings to Validus'
filed universal shelf registration.


XL CAPITAL: Upgraded to "Outperform" at Credit Suisse
-----------------------------------------------------
XL Capital Limited was upgraded by Credit Suisse Group AG to
"outperform" because of gains in the company's bond portfolio,
Jamie McGee of Bloomberg News reports.

The company's book value per share may rebound after six straight
declines tied to corporate debt holdings and asset-backed
securities, Vinay Misquith and Max Zormelo of Credit Suisse wrote
a report obtained by the news agency.  Bloomberg News relates the
company's gross unrealised losses on fixed-income holdings widened
to US$4.6 billion as of March 31 from US$2.2 billion a year
earlier.  "As fixed income markets improve over the longer term,
XL Capital's book value should grow 50% due to reversal of
unrealised losses, significantly faster than other less leveraged
property-casualty insurance companies," the analysts added.

                        About XL Capital

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

                          *     *     *

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


XL CAPITAL: Ernst & Young Rents XL House
----------------------------------------
Ernst & Young Limited has rented a vacant space at XL Capital
Limited's XL House, Alex Wright of The Royal Gazette reports.

The report relates an Ernst & Young spokeswoman said the company's
staff is set to move in to the XL House at the start of 2010.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2009, The Royal Gazette said XL Capital is looking for
tenants to rent its North Tower, in XL House on Bermudiana Road.
The report related international companies like XL Capital
is not generally permitted to do business inside Bermuda, however,
the law allows for them to be given permission to rent out their
real estate.

According to The Gazette, XL Capital's move to rent its property
comes at a time when many firms are looking to scale back on their
operations and consolidate through relocation to smaller premises
or to get more value for their money, with a number of new and
existing prime office spaces becoming available and several others
set to open in the future.

                        About XL Capital

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

                          *     *     *

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


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


BANCO NACIONAL: Signs BRL1.4-Billion Loan to Energias do Brasil
---------------------------------------------------------------
Brazil-based Energias do Brasil -- a unit of Portugal power
company Energias de Portugal -– has signed a multi-billion loan
that was agreed earlier with Banco Nacional de Desenvolvimento
Economico e Social SA, LatinFrance reports.  LatinFrance relates
the 17-year loan features a 3-year grace period and pays TJLP plus
2.77%.

As reported in the Troubled Company Reporter-Latin America on
May 25, 2009, Macauhub News said Energias do Brasil secured
funding of BRL1.4 billion from BNDES for construction of a coal-
fired power plant in the northeast of Brazil.  According to the
report, the long-term funding will be used to  build the Porto do
Pecem I power plant in the state of Ceara.  The project, the
report said, will be owned in equal parts by Energias
do Brasil and by Brazil’s MPX Energia.  The report added that
reconstruction work began in July 2008 and the start of commercial
operation is scheduled for before January 2012, when power is due
to be supplied to the regulated market.

                          About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                         *     *     *

As of June 25, 2009, the company continues to carry Moody's Ba2
foreign long-term bank deposit rating.


BEARINGPOINT INC: Enters Pact With CSC to Sell Brazilian Operation
------------------------------------------------------------------
CSC has entered into an agreement to acquire BearingPoint's
Brazilian operation, which specializes in consulting and systems
integration services.

The acquisition supports CSC's multi-year strategic growth plan by
expanding the company's presence in Brazil, the world's ninth-
largest economy, and adding key horizontal capabilities and
vertical industry expertise. Financial terms of the transaction
were not disclosed. The transaction is expected to be complete by
July 31, 2009, and is subject to the satisfaction of customary
closing conditions and the approval of the court overseeing
BearingPoint's corporate reorganization.

With 550 employees, a strong leadership team and offices in Sao
Paulo, Rio de Janeiro and Brasilia, the operation will enhance
CSC's ability to support existing customers with a presence in
Brazil, adding a robust set of new clients, and positions CSC to
pursue and win new business in the region. Approximately two-
thirds of the staff are qualified to implement and support SAP
solutions. Additional horizontal capabilities include project
management, strategy consulting and applications management.
Language capabilities include English and Spanish, in addition to
Portuguese.

The acquisition will also expand CSC's industry vertical expertise
and clientele in its Chemical, Energy and Natural Resources and
Technology and Consumer sectors. Clients of the Brazilian business
include some of the world's largest producers of oil and gas, and
iron ore, as well as some of the world's most respected brands in
other sectors.

"When completed, this acquisition will mark a milestone in our
strategic growth plan and the expansion of our service delivery
capabilities in high-growth geographies," said CSC Chairman,
President and Chief Executive Officer Michael W. Laphen. "With
this step, we will establish a meaningful foothold in one of the
world's largest emerging markets, add capabilities that extend and
complement our own and position CSC for increased success both
internationally and domestically."

                          About CSC


CSC -- http://www.csc.com-- provides technology-enabled solutions
and services through three primary lines of business. These
include Business Solutions and Services, the Managed Services
Sector and the North American Public Sector. CSC's advanced
capabilities include systems design and integration, information
technology and business process outsourcing, applications software
development, Web and application hosting, mission support and
management consulting. Headquartered in Falls Church, Va., CSC has
approximately 92,000 employees and reported revenue of

$16.74 billion for the 12 months ended April 3, 2009. CSC's Latin
American presence also includes existing operations in Argentina,
Chile, Colombia, Costa Rica, Guatemala, Peru and Mexico.

                     About BearingPoint Inc.

BearingPoint, Inc. -- http://www.BearingPoint.com/-- is currently
one of the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of
KPMG LLP -- has approximately 15,000 employees focusing on the
Public Services, Commercial Services and Financial Services
industries.

BearingPoint professionals have built a reputation for knowing
what it takes to help clients achieve their goals, and working
closely with them to get the job done. The Company's service
offerings are designed to help clients generate revenue, increase
cost-effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.


BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D. N.Y., Case No. 09-10691).  Alfredo R. Perez, Esq., at
Weil Gotshal & Manges LLP, has been tapped as counsel. Greenhill
& Co., LLC, and AP Services LLC, have also been tapped as
advisors. Davis Polk & Wardell is special corporate counsel.

BearingPoint disclosed total assets of US$1,762,689,000, and debts
of US$2,231,839,000 as of September 30, 2008.  Contemporaneous
with their bankruptcy petitions, the Debtors filed a pre-packaged
Joint Plan of Reorganization under Chapter 11 to implement the
terms of their agreement with the secured lenders.  BearingPoint
intended a traditional reorganization by proposing to issue new
stock to unsecured creditors and holders of US$690 million

in subordinated notes, pursuant to a Chapter 11 plan.  The
Debtors, however, changed their course and sold off certain units.
The Debtors sold their public services group to Deloitte LLP for
US$350 million.


BRF-BRASIL: Aims to Raise BRL5.28 Billion Through Shares Offering
-----------------------------------------------------------------
BRF-Brasil Foods SA –- the new name for the merged Perdigao
SA and Sadia SA –- hopes to raise as much as BRL5.28 billion
through an offering of new primary shares, LatinFrance reports.
The company's shares is set to be priced on July 21.

According to the report, citing a prospectus filed with the CVM,
the company plans to issue 115 million ordinary shares, with an
additional 17 million supplemental units if condition permits.
The report relates the company will use the the July 7 closing
price of BRL40.00 per share, the 115 million shares could yield
BRL4.6 billion.

LatinFrance says most of the proceeds will be used to recapitalize
the company and fix up its battered balance sheet, the Sadia part
of which was damaged by derivatives liabilities in 2008, while
around 37% of proceeds will go towards paying down and raising FX
export credit lines with commercial banks.

As reported in the Troubled Company Reporter-Latin America on
November 7, 2008, Bloomberg News said Sadia SA lost at least
BRL545 million (US$254 million) on wrong-way currency bets.
According to the report, Sadia posted its first net loss in nine
years after a currency slump derailed bets that Brazil's real
would continue a four-year winning streak against the dollar.
The report related Sadia posted a third-quarter net loss of
BRL777.4 million, after booking BRL1.21 billion in financial
expenses, mostly from bad bets on currencies and other wrong-way
investments, from a profit of BRL188.4 million in the year-earlier
quarter.

UBS Pactual is leading the deal, with Banco do Brasil, JPMorgan
and Santander as joint-leads.

                     About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and thier derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                         *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


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

ADDIS HOLDINGS: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------------
The creditors of Addis Holdings Limited are required to file their
proofs of debt by August 7, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Inna Mabelle
          Telephone: 011 41 22 319 01 88
          Facsimile: 011 41 22 319 01 02
          P O Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


ALNISTA GROWTH: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------------
The creditors of Alnista Growth Fund Inc. are required to file
their proofs of debt by August 7, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2009.

The company's liquidator is:

          Peter D. Anderson
          c/o Graham Robinson
          P. O. Box 897, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


ALVERSTOKE (CAYMAN): Commences Wind-Up Proceedings
--------------------------------------------------
On June 23, 2009, the sole shareholder of Alverstoke (Cayman) GP
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
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands
          Telephone: (345) 914-6314


BROAD MARKET: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on June 17, 2009, the members of
Broad Market XL Holdings Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

          Richard Fogerty
          G. James Cleaver
          c/o Chris Sharpe
          Zolfo Cooper
          PO Box 1102, 4th Floor, Bermuda House
          George Town, Grand Cayman, Cayman Islands
          Telephone: 345 946 0081
          Facsimile: 345 946 0082


CAYMAN ISLANDS: Commences Wind-Up Proceedings
---------------------------------------------
On June 24, 2009, the sole shareholder of Cayman Islands Essex
Park CDO 2007 Ltd. passed a resolution that voluntarily winds up
the company's operations.

The company's liquidator is:

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


CITY OF LONDON: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------------
The creditors of City of London Investment Management Cayman SPC
are required to file their proofs of debt by August 7, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidator is:

          Richard L. Finlay
          c/o Krysten Lumsden
          P.O. Box 2681, Grand Cayman KY1-1111
          Telephone: (345) 945 3901
          Facsimile: (345) 945 3902


FCM EUROPEAN: Creditors' Proofs of Debt Due on July 29
------------------------------------------------------
The creditors of FCM European Opportunities Master Fund Limited
are required to file their proofs of debt by July 29, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 17, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


FCM EUROPEAN: Creditors' Proofs of Debt Due on July 29
------------------------------------------------------
The creditors of FCM European Opportunities Fund Limited are
required to file their proofs of debt by July 29, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 17, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


GLOBAL SECURITIES: Creditors' Proofs of Debt Due on July 15
-----------------------------------------------------------
The creditors of of the exempted limited partnership of Global
Securities Market Neutral Master Fund L.P. are required to file
their proofs of debt by July 15, 2009, to be included in the
company's dividend distribution.

The exempted limited partnership commenced wind-up proceedings on
June 10, 2009.


HADRIAN FUND: Creditors' Proofs of Debt Due on July 29
------------------------------------------------------
The creditors of Hadrian Fund Limited are required to file their
proofs of debt by July 29, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 16, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


KAREN MARIE: Creditors' Proofs of Debt Due on August 4
------------------------------------------------------
The creditors of Karen Marie Limited are required to file their
proofs of debt by August 4, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 17, 2009.

The company's liquidator is:

          Stefano Torcise, Jr.
          9350 South Dixie Highway
          Suite 1250, Miami, Florida 33156, USA
          Tel: (305) 670-9610
          Fax: (305) 670-6787


NESTER 99: Creditors' Proofs of Debt Due on July 22
---------------------------------------------------
The creditors of Nester 99 Limited are required to file their
proofs of debt by July 22, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 3, 2007.

The company's liquidator is:

          Massimo Longoni
          One Capital Place
          P.O. Box 847, Grand Cayman, Cayman Islands
          Telephone: +352 264 78777
          Facsimile: +352 264 32525


ONE EAST: Creditors' Proofs of Debt Due on July 29
--------------------------------------------------
The creditors of One East Duration International, Ltd. are
required to file their proofs of debt by July 29, 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:

          One East Capital Advisors, LP
          c/o Sina Toussi
          Telephone: 212.230.4500
          Facsimile: 212.230.4502
          c/o Ogier
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


POLYA INVESTMENTS: Creditors' Proofs of Debt Due on August 7
------------------------------------------------------------
The creditors of Polya Investments Ltd are required to file their
proofs of debt by August 7, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 14, 2009.

The company's liquidator is:

          Peter D. Anderson
          P. O. Box 897, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


RAB AMERICAN: Commences Wind-Up Proceedings
-------------------------------------------
On June 8, 2009, the sole shareholder of RAB American
Opportunities Fund 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 KY1-9005
          Cayman Islands
          Telephone: (345) 914-6314


THE BLUE: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------
The creditors of The Blue Oar Long Short UK Equity Fund Limited
are required to file their proofs of debt by August 7, 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:

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


THE CHINA: Commences Wind-Up Proceedings
----------------------------------------
At an extraordinary general meeting held on June 15, 2009, the
shareholders of The China Retail Fund, LDC passed a resolution
that voluntarily winds up the company's operations.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          Deloitte Touche Tohmatsu
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


UBS FINANCE: Creditors' Proofs of Debt Due on August 7
------------------------------------------------------
The creditors of UBS Finance (Cayman Islands) Ltd. are required to
file their proofs of debt by August 7, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidator is:

          Darren Stainrod
          c/o UBS Fund Services (Cayman) Ltd.
          UBS House, 227 Elgin Avenue
          P.O. Box 852, Grand Cayman KY1-1103
          Telephone: (345) 914-1000
          Facsimile: (345) 914-4060


ZAPP (MANAGEMENT): Shareholders Receive Wind-Up Report
------------------------------------------------------
On July 13, 2009, the shareholders of Zapp (Management) Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Bruce David Mcnaught FCA
          Granary House, The Grange
          St Peter Port, Guernsey, GY1 2QY
          Channel Islands


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


ECOPETROL SA: Clarifies Report on Retail Market Participation
-------------------------------------------------------------
As a result of publication in different media outlets regarding
the possibility of Ecopetrol S.A. acting in the retail market
through the acquisition of a fuel distributor company, the company
issued a statement clarifying that, although its strategic plans
include the possibility of participating in that segment,
currently the company is not studying business opportunities in
this field and is not preparing any specific acquisitions.

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


ECOPETROL SA: S&P Assigns 'BB+' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
long-term corporate credit rating to Ecopetrol S.A.

S&P also assigned its 'BB+' rating to Ecopetrol's proposed $1
billion, 10-year, fixed-rate senior unsecured notes.  The outlook
is stable.

"The 'BB+' corporate credit rating on Ecopetrol is based on the
company's stand-alone credit profile, which S&P assess to be in
the 'BB' category," said Standard & Poor's credit analyst Enrique
Gomez Tagle.  "We also believe it highly likely that the Colombian
government would provide timely and sufficient extraordinary
support to Ecopetrol in the event of financial distress."

In accordance with S&P's criteria for government-related entities,
S&P's view of a "high" likelihood of extraordinary government
support is based on S&P's assessment of Ecopetrol's:

   -- "Very Important" role in the economy, given Ecopetrol's
      position as the largest company in Colombia and role as the
      main supplier of oil-derived products in the local market;
      and

   -- "Strong" link with the government, given the company's clear
      corporate governance and independent management team.

The rating on Ecopetrol also reflects its leading position in
Colombia's oil and gas industry, low production costs, and proven
access to capital markets.  The rating also incorporates
Ecopetrol's exposure to commodity price volatility, aggressive
expansion plans, and declining reserve life.

Ecopetrol is a vertically integrated oil company.  It is the
largest corporation in Colombia, as measured by assets, sales, net
income, and net worth, and plays a key role in the local energy
supply market.


===============
D O M I N I C A
===============


* DOMININCA: IMF Board Approves US$5.1 Million Disbursement
-----------------------------------------------------------
The Executive Board of the International Monetary Fund on
July 10, 2009 approved a disbursement in an amount equivalent to
SDR 3.28 million (about US$5.1 million) to Dominica under the
rapid-access component of the Exogenous Shocks Facility.

Following extensive damage to crops and infrastructure from two
hurricane strikes in 2007-08, Dominica’s economy has been further
affected by the global downturn.  Over the past year, tourism
earnings, FDI inflows and remittances have fallen sharply, leading
to slower growth and a weaker external current account.  IMF
financing would help limit the decline in Dominica’s external
reserves, including by catalyzing support from the international
donor community.

Following the Executive Board discussion, Mr. Murilo Portugal
Deputy Managing Director and Acting Chair, said:

“Following the damage to crops and infrastructure from two
hurricanes in 2007–08, the Dominican economy has been further
affected by the global downturn.  Tourism earnings, FDI inflows,
and remittances have been reduced significantly, leading to slower
growth and a weaker external current account.

“The authorities are dealing with the effects of the exogenous
shocks on several fronts.  These include post-hurricane
rehabilitation, accelerated implementation of capital projects to
contain unemployment, and increased social spending to protect the
most vulnerable groups.  A temporary increase in public
expenditure was needed to ease the economic effects of natural
disasters and, more recently, of the global slowdown.

“The authorities are responding appropriately to this
deterioration in the fiscal position.  They plan a modest recovery
in FY 2009/10, and have reiterated their commitment to target, in
subsequent years, annual primary surpluses of at least 3 percent
of GDP so as to place the still-high public debt on a robustly
downward trajectory.  This can be achieved by further prioritizing
capital projects and financing these projects largely with
external concessional resources.  The government intends to
continue to move towards adopting a medium term expenditure
framework to improve the predictability of capital expenditure and
its consistency with the medium-term fiscal objectives.  Efforts
to reduce debt-related vulnerabilities and weaknesses in the
nonbank financial sector are also planned to continue.

“In the near term, Fund financing will help reduce the decline in
external reserves and catalyze support from the international
donor community to help mitigate the exogenous shocks.  Over the
medium term, the government’s economic recovery strategy will
improve the business climate and critical infrastructure, so as to
place the economy on a path of higher growth and poverty
reduction,” Mr. Portugal said.


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

CABLE & WIRELESS: OUR Requires LIME to Activate Toll-Free Number
----------------------------------------------------------------
The Office of Utilities Regulation is requiring LIME (formerly
Cable & Wireless Jamaica), a unit of Cable & Wireless plc, to
activate within its network facilities, the Toll Free Number Range
888-935-5XXX, Al Edwards of Jamaica Observer reports.  The report
relates this number has been assigned to Digicel Jamaica in
compliance with the Directive of the Office set out in the
Office's Industry Notification TFNP-290408/02 dated April 29,
2008.

According to the report, Mobile provider Digicel levelled a
complaint in March of this year that LIME has for months prevented
telecommunications service providers from operating toll-free
number services to corporate customers.

The Observer, commenting on the OUR's decision, says Digicel
Jamaica CEO Mark Linehan said, "Digicel welcomes this positive
move from the OUR and we look forward to providing toll-free
services to our corporate customers.  In the past, C&W/LIME has
ignored orders from the OUR to open up toll-free numbers, thus
acting in an anti-competitive and monopolistic way.

"We trust now that C&W/LIME will adhere to this instruction from
the OUR and show the proper respect for the regulatory regime here
in Jamaica," Mr. Linehan added.

                   About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

As of March 17, 2009, Cable & Wireless plc continues to carry
Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company also continues to Standard & Poor's "BB-" long-term
foreign and local issuer credit ratings and "B" short-term foreign
and local issuer credit ratings.


SUGAR COMPANY: Gov't Should GO Head With Hampden Divestment
-----------------------------------------------------------
Opposition spokesman on Agriculture Roger Clarke said that the
government should now go ahead with the divestment of the Hampden
Sugar Estate in Trelawny following the High Court's July 10
decision to throw out an injunction by the estate's original
owners who are seeking to block the sale, RadioJamaica reports.

"All along, the former owners were claiming that they still own
the place but based on the information that I have, this was not
so because the Government had taken it over.  We have to abide by
the ruling of the court which paves the way for the smooth
transition of the new owners because we don't have much time . . .
there's a crop to be dealt with for next year and the longer we
have a hiatus, is the worse it's going to be in terms of next
year's production," the report quoted Mr. Clarke as saying.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, RadioJamaica said the Jamaican government's plan to
divest SCJ's five sugar factories may face trouble if the original
owners of the Hampden Estate succeed in their legal battle in the
High Court.  The report related that Hampden has sued the SCJ, the
Trelawny Sugar Company which operated the factory, and the former
receiver/manager John Lee in its objection to the divestment.
The Gleaner noted that SCJ's sugar factories are now expected to
be sold off to what has been described as a "priority four
investors."  The report related that sources said the government
failed to offload the company as a single entity.  The report
noted the shortlisted four are:

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

   * U.S.-based Energen Corporation 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.


* JAMAICA: “Needs More Financial Aid” Amidst Upcoming Loans
-----------------------------------------------------------
The Jamaica government said it is expecting about US$400 million
from various multilateral organizations this year, but with three
times that amount in revenue already lost, Caribbean360.com
reports.  Minister of Finance and the Public Service Audley Shaw,
the report relates, said Jamaica has lost approximately US$1.3
billion in revenue as a result of the fallout in the bauxite
industry and other critical sectors.

According to the report, Mr. Shaw defended the government's
decision to explore its options for assistance with the
International Monetary Fund (IMF).

Caribbean360.com notes Mr. Shaw has cautioned that the country
cannot depend on the multilateral organizations to move forward
economically.  "Ultimately, our salvation is not in the IMF. Our
salvation is not in the World Bank, the IDB (Inter American
Development Bank) and the Caribbean Development Bank (CDB).
Ultimately, our salvation is in our own capacity to create our own
wealth in Jamaica," the report quoted Mr. Shaw as saying.

                        *     *     *

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
===========


OCEANOGRAFIA SA: Fitch Junks Issuer Default Rating From 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded these ratings of Oceanografia S.A. de
C.V.:

  -- Foreign currency Issuer Default Rating to 'CC from 'B-';

  -- Local currency IDR to 'CC' from 'B-;

  -- US$335 million senior secured notes due 2015 to 'CCC/RR3'
     from 'B/RR3'.

All of these ratings remain on Rating Watch Negative.

The downgrade reflects extremely poor cash flow generation in the
fourth quarter of 2008 which resulted in a latest-12-months EBITDA
of US$60 million, a decline from US$104 million in the prior
quarter and US$135 million during 2007.  Revenue declines in the
high-margin pipeline construction segment, postponement of the
Ixtal-Abkatum project and vessel delivery delays drove the
negative results over 2008, particularly in the fourth quarter.
The company's poor performance continues to exacerbate its weak
liquidity position.

As of Dec. 31, 2008, Oceanografia's liquidity comprised
US$28.2 million of cash and marketable securities compared to
short-term debt of approximately US$191.2 million.  The lack of
credit in the national and international markets and the
difficulty in monetizing accounts receivables of about
US$200 million have raised Oceanografia's refinancing risk.  Most
of these receivables are with PEMEX, the company's key client,
whose accounts receivables cannot be securitized under Mexican
law.  In April 2009, short-term debt decrease by US$60 million as
the company sold the Goliath vessel and pipe-laying equipment to a
related party for US$69 million.  The company plans to lease back
this vessel in the future.

As of December 31, 2008, Oceanografia had US$677 million of total
debt compared to US$499 million at the end of 2007, resulting in a
very high leverage ratio (Debt/EBITDA) of 11.3 times (x) compared
to 6.1x in the prior quarter and 3.7x in 2007.  Pro forma the sale
of Goliath, leverage was 10.3x.  Including Oceanografia's pending
vessel acquisition commitments for US$332 million (or US$221
million excluding Goliath), leverage would increase even further.
Credit protection measures are likely to remain under pressure in
the near term due to the expected lower cash flow generation in
the first half of 2009 and the depreciation of the Mexican peso.

The Negative Watch remains, based on the difficulties that
Oceanografia will have in re-establishing its liquidity position
in the short term and a more uncertain business environment in
2009.  With limited free cash flow generation, the US$18.8 million
coupon due on July 15, and the absence of related party financing,
Oceanografia is highly dependent on the collection of its
US$200 million of accounts receivable to meet its obligations.
Lower oil prices could drive PEMEX to postpone investments or
delay payments to Oceanografia, which further adds to risk.  The
company has received covenant waivers from certain banks, which
expire at the end of 2009.  The company expects to collect
US$90 million in accounts receivables in July which would relieve
pressure on ratings and avoid other covenant waivers to be
negotiated in the future.

Oceanografia is a privately held marine contracting service
company that provides marine services to PEMEX, the national oil
company of Mexico.


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


CL FIN'L: Unit's Shares Suspended on TT Stock Exchange
------------------------------------------------------
Trading of Angostura Holdings Limited’s shares was suspended
beginning yesterday, July 13, on the TT Stock Exchange as it was
unable to submit its 2008 accounts, Trinindad and Tobago Newsday
reports, citing General Manager of the Exchange Wain Iton.  The
report relates Mr. Iton denied reports that the company's shares
are delisted but assured that the company will assume its trading
if it can submit the required documents.

The report notes that Angostura had already asked the Exchange for
extensions -- April 30 and May 31 –- to get its accounts ready,
but were unable to meet the deadlines; including the latest one on
July 10.

According to the report, the rum producer is grappling with the
TT$600 million hole left by its parent, CL Financial Limited, and
is now under government control.

CL Financial owns 78% of the company.  The report relates the main
reason for the tardy publication of the accounts is that CL
Financial had leveraged the company’s profits against deals that
looked like a sure bet at the time, including the US$676 million
to finance the purchase of Lascelles deMercado in 2008.  CL
Financial owes Angostura money from the deals made over the years
but given the conglomerate’s debt, auditors are faced with trying
to unravel the accounts, the report says.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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 Tobago
President George Maxwell Richards 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.


T&T ELECTRICITY: Has TT$1 Billion Outstanding Debt
--------------------------------------------------
The Trinidad and Tobago Electricity Commission had more than
TT$1 billion in outstanding debt to creditors as of October 2008,
Trinidad and Tobago Newsday reports, citing a testimony presented
to the Public Accounts (Enterprises) Committee (PAEC).

According to the report, TTEC officilas have affirmed that “TTEC’s
outstanding debt to creditors increased to over a billion
dollars.”

According to T&T Newsday,company officials said the company has
accumulated deficits but noted that notwithstanding a rate
increase to customers, they did not expect a decrease in the
accumulated deficit immediately, but rather, over a period of
years.  The TTEC rate increase was initially for a five-year
period, but raised the prospect of the rates possibly being
maintained dependent on “the company’s economic projections” in
the future, the officials added.

The officials, the report relates, said that “selling electricity
under cost” contribute to the company experiencing increased
losses despite increases in sales and customers.  “TTEC has
uneconomic tariffs and until there is an increase in these
tariffs, the current situation would persist.  At present, TTEC is
selling electricity under cost,” the report quoted the officials
as saying.

During another meeting held on July, TTEC officials indicated that
the total cost of the National Street Lighting Programe had been
up to that time TT$544 million, of which TT$72 million represented
the start-up cost of materials.  The report relates the National
Social Development Programe was said to cost TT$627 million.

The company's officials said that as of July 2008, TTEC’s
liquidity position was “still in deficit,” the report says.  “This
is particularly due to the amount TT$54 million paid to the
National Gas Company every month.  In total, TT$1.3 billion (75%)
of TTEC’s revenue is paid to Powergen, Trinity Power and NGC,” the
report quoted officials as saying.

                          About TTEC

The Trinidad and Tobago Electricity Commission --
http://www.ttec.co.tt/-- came into being by virtue of the
Trinidad and Tobago Electricity Ordinance No. 42 of 1945.  It was
established to generate electricity and to distribute it outside
the city of Port of Spain and the town of San Fernando.  In 1946
the Commission served 6,613 customers and operated one power
station - the Port of Spain Power Station located on Wrightson
Road.


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


PETROLEOS DE VENEZUELA: Seeks More Time to Repay Government Loan
----------------------------------------------------------------
State-run Petroleos de Venezuela is seeking more time to pay
US$4.4 billion in government debt, at the same time it is seeking
to restructure its obligations to service companies, Patricia
Zengerle of Reuters writes.

Reuters reports company data show that PDVSA signed five Treasury
notes last year at a rate of 1.96%, due for repayment starting in
July at a rate of US$880 million per month.  The report relates
lower energy prices due to the global economic slump have hit
PDVSA hard.

According to the report, citing company records, last year PDVSA
needed about US$5 billion in state assistance.

As reported in the Troubled Company Reporter-Latin America on
July 9, 2009, Reuters said PDVSA sent a letter to a large
group of service providers and vendors demanding a discount on the
money that the company owes them.  The report related PDVSA's
letter, dated July 1, said the companies must present by July 6
bills with the discount included for goods and services provided.
According to the report, several of the companies involved are
owed money for services from a year back and some said they had
already declared dividends based on what they are owed, making it
difficult to retroactively apply a discount.

A TCRLA report on June 12, 2009, citing Dow Jones Newswires,
related that in PDVSA's 2008 financial results, the company
reported that its US$13.9 billion in pending payments to oil-
service providers was reduced nearly half to US$7.5 billion, after
reviewing and renegotiating some of the contracts with these
companies.  The report related PDVSA already paid US$2 billion of
its debt with providers from 2008, and hopes to bring the debt
level down to zero by year-end.

The company, according to Dow Jones Newswires, is issuing a bond
to cover some of the remaining debts to service providers.  The
report said the company sold two-year, zero-coupon paper with a
face value of US$1.4 billion at an average price of 180%, giving a
total of US$2.6 billion from the sale.

                          About PDVSA

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
and/or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


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


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

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

ARGENTINA

IMPSAT FIBER-CED   IMPT AR             535007008       -17165000
IMPSAT FIBER-$US   IMPTD AR            535007008       -17165000
SNIAFA SA          SNIA AR           11489328.24      -840226.12
IMPSAT FIBER NET   IMPTQ US            535007008       -17165000
COMERCIAL PL-ADR   SCPDS LI         147459909.97   -253108978.06
SNIAFA SA-B        SNIA5 AR          11489328.24      -840226.12
IMPSAT FIBER-C/E   IMPTC AR            535007008       -17165000
COMERCIAL PLAT-$   COMED AR         147459909.97   -253108978.06
SOC COMERCIAL PL   COME AR          147459909.97   -253108978.06
COMERCIAL PLA-BL   COMEB AR         147459909.97   -253108978.06
COMERCIAL PL-C/E   COMEC AR         147459909.97   -253108978.06
SOC COMERCIAL PL   SCDPF US         147459909.97   -253108978.06
SOC COMERCIAL PL   CADN SW          147459909.97   -253108978.06
IMPSAT FIBER-BLK   IMPTB AR            535007008       -17165000
IMPSAT FIBER NET   330902Q GR          535007008       -17165000
SOC COMERCIAL PL   CAD IX           147459909.97   -253108978.06
IMPSAT FIBER NET   XIMPT SM            535007008       -17165000
SNIAFA SA-B        SDAGF US          11489328.24      -840226.12
SOC COMERCIAL PL   CVVIF US         147459909.97   -253108978.06


BRAZIL

FERROVIA CEN-DVD   VSPT12 BZ        893379731.09     -42150373.2
TELEBRAS-ADR       RTB US           185536520.68     -1054841.44
TECTOY SA-PREF     TOYBPN BZ         20577415.71     -7950050.37
SCHLOSSER          SCLO3 BZ          10007791.94    -53599536.49
SCHLOSSER SA       SCHON BZ          10007791.94    -53599536.49
TELEBRAS-RTS PRF   TLCP2 BZ         185536520.68     -1054841.44
SCHLOSSER-PREF     SCLO4 BZ          10007791.94    -53599536.49
CAFE BRASILIA-PR   CSBRPN BZ         15788426.91   -516549819.64
TELEBRAS-CED C/E   RCT4C AR         185536520.68     -1054841.44
TELEBRAS-ADR       TBAPY US         185536520.68     -1054841.44
BOTUCATU TEXTIL    STRP3 BZ          25771113.88     -6735922.24
BOTUCATU-PREF      STRP4 BZ          25771113.88     -6735922.24
TELEBRAS SA        TELB3 BZ         185536520.68     -1054841.44
MMX MINERACAO      TRES3 BZ         852266425.01   -110184832.63
TELEBRAS SA        TBASF US         185536520.68     -1054841.44
TELEBRAS-ADR       TBASY US         185536520.68     -1054841.44
SANSUY             SNSY3 BZ         100279114.92    -45812488.77
SANSUY SA-PREF A   SNSYAN BZ        100279114.92    -45812488.77
CTM CITRUS-COM R   CTPC1 BZ          38740523.05      -671039.81
SANESALTO          SNST3 BZ          20705801887   -466044305.79
TELEBRAS-PF RCPT   RCTB41 BZ        185536520.68     -1054841.44
STAROUP SA-PREF    STARPN BZ         25771113.88     -6735922.24
SANSUY SA-PREF B   SNSYBN BZ        100279114.92    -45812488.77
ALL MALHA PAULIS   GASC3B BZ        656500097.92   -450029899.55
TELEBRAS-BLOCK     TELB30 BZ        185536520.68     -1054841.44
PROMAN             PRMN3 BZ          10408605.71      -202138.27
PROMAN             PRMN3B BZ         10408605.71      -202138.27
CONST A LINDEN     CALI3 BZ          14038885.98    -11543314.46
FER HAGA-PREF      HAGA4 BZ          11324601.97    -49777521.75
GASCOIGNE EMP-PF   GASC4B BZ        656500097.92   -450029899.55
TELEBRAS-RTS CMN   RCTB1 BZ         185536520.68     -1054841.44
TELEBRAS-PF RCPT   RCTB42 BZ        185536520.68     -1054841.44
PET MANG-RECEIPT   RPMG9 BZ          67915860.11   -166793076.45
TELEBRAS-CEDEA $   RCT4D AR         185536520.68     -1054841.44
NOVA AMERICA-PRF   NOVAPN BZ            21287489   -183535527.21
PARQUE TEM-DV CM   PQT5 BZ           58692385.42   -188832203.73
NOVA AMERICA-PRF   NOVA4B BZ            21287489   -183535527.21
TECEL S JOSE-PRF   SJOS4 BZ          17924946.14    -18569451.23
PARQUE TEM-DV PF   PQT6 BZ           58692385.42   -188832203.73
PARQUE TEM-RT PF   PQTM2 BZ          58692385.42   -188832203.73
HOPI HARI SA       PQTM3 BZ          58692385.42   -188832203.73
TELEBRAS-CM RCPT   RCTB31 BZ        185536520.68     -1054841.44
PARQUE TEM-RCT P   PQTM10 BZ         58692385.42   -188832203.73
TELEBRAS-CM RCPT   RCTB30 BZ        185536520.68     -1054841.44
PET MANG-RIGHTS    RPMG2 BZ          67915860.11   -166793076.45
PETRO MANGUINHOS   RPMG3 BZ          67915860.11   -166793076.45
FER C ATLANT       VSPT3 BZ         893379731.09     -42150373.2
SANSUY SA          SNSYON BZ        100279114.92    -45812488.77
PET MANGUINH-PRF   RPMG4 BZ          67915860.11   -166793076.45
RIOSULENSE SA-PR   RSUL4 BZ          50548850.21     -5456867.48
RIOSULENSE SA      RSULON BZ         50548850.21     -5456867.48
TELEBRAS-PF RCPT   TBAPF US         185536520.68     -1054841.44
RIOSULENSE SA      RSUL3 BZ          50548850.21     -5456867.48
WIEST              WISA3 BZ          39838113.86    -93371563.06
ARTHUR LANGE SA    ALICON BZ         21333792.82    -16295577.05
PARQUE TEM-RT CM   PQTM1 BZ          58692385.42   -188832203.73
TELEBRAS-CM RCPT   RCTB32 BZ        185536520.68     -1054841.44
TELEBRAS-PF RCPT   RCTB40 BZ        185536520.68     -1054841.44
TEXTEIS RENAUX     RENXON BZ         43112153.13    -64315032.24
TEXTEIS RENAUX     RENXPN BZ         43112153.13    -64315032.24
STAROUP SA         STARON BZ         25771113.88     -6735922.24
VARIG SA-PREF      VARGPN BZ        966298025.55  -4695211316.33
TEXTEIS RENAU-RT   TXRX2 BZ          43112153.13    -64315032.24
RENAUXVIEW SA      TXRX3 BZ          43112153.13    -64315032.24
TEXTEIS RENAU-RT   TXRX1 BZ          43112153.13    -64315032.24
FER C ATLANT-PRF   VSPT4 BZ         893379731.09     -42150373.2
VARIG SA           VAGV3 BZ         966298025.55  -4695211316.33
CHIARELLI SA       CCHI3 BZ          22274026.77    -44537138.21
RENAUXVIEW SA-PF   TXRX4 BZ          43112153.13    -64315032.24
TEKA-ADR           TKTPY US         189819518.01   -244265715.17
TECTOY-RT          TOYB2 BZ          20577415.71     -7950050.37
VARIG PART EM SE   VPSC3 BZ         101177852.25   -318442006.32
TEC TOY SA-PF B    TOYB6 BZ          20577415.71     -7950050.37
TECTOY             TOYB3 BZ          20577415.71     -7950050.37
TECTOY-PREF        TOYB4 BZ          20577415.71     -7950050.37
TECEL S JOSE       SJOS3 BZ          17924946.14    -18569451.23
TEC TOY SA-PREF    TOYDF US          20577415.71     -7950050.37
TECTOY-RCT ORD     TOYB9 BZ          20577415.71     -7950050.37
TECTOY SA          TOYBON BZ         20577415.71     -7950050.37
CTM CITRUS-PREF    CTMPN BZ          38740523.05      -671039.81
BUETTNER SA-RT P   BUET2 BZ          74895906.51    -28401073.82
PET MANG-RIGHTS    RPMG1 BZ          67915860.11   -166793076.45
TELEBRAS SA-RT     TELB9 BZ         185536520.68     -1054841.44
WIEST SA-PREF      WISAPN BZ         39838113.86    -93371563.06
MMX MINERACA-GDR   XMM CN           852266425.01   -110184832.63
BUETTNER SA-PRF    BUETPN BZ         74895906.51    -28401073.82
WIEST SA           WISAON BZ         39838113.86    -93371563.06
VARIG SA-PREF      VAGV4 BZ         966298025.55  -4695211316.33
GASCOIGNE EMPREE   1GASON BZ        656500097.92   -450029899.55
MMX MINERACA-GDR   MMXMY US         852266425.01   -110184832.63
VARIG SA           VARGON BZ        966298025.55  -4695211316.33
DOCAS IMBITUB-PR   IMBIPN BZ         89702642.66    -11135784.06
DOC IMBITUBA-RTP   IMBI2 BZ          89702642.66    -11135784.06
CTM CITRUS-RCT P   CTPC10 BZ         38740523.05      -671039.81
VARIG PART EM TR   VPTA3 BZ          49432124.18   -399290425.77
TELEBRAS-PF RCPT   TELE41 BZ        185536520.68     -1054841.44
MINUPAR SA-PREF    MNPRPN BZ         77985985.08    -17398607.53
TELEBRAS-RCT PRF   TELB10 BZ        185536520.68     -1054841.44
CAMBUCI SA-PREF    CAMB4 BZ          77853098.43    -18690214.78
ARTHUR LANGE-PRF   ARLA4 BZ          21333792.82    -16295577.05
TELEBRAS-ADR       TBX GR           185536520.68     -1054841.44
PETRO MANGUINHOS   MANGON BZ         67915860.11   -166793076.45
TELEBRAS SA        TLBRON BZ        185536520.68     -1054841.44
NOVA AMERICA-PRF   NOVA4 BZ             21287489   -183535527.21
ESTRELA SA         ESTR3 BZ           50541924.7    -43741941.51
TELEBRAS/W-I-ADR   TBH-W US         185536520.68     -1054841.44
TELEBRAS-COM RT    TELB1 BZ         185536520.68     -1054841.44
TELEBRAS-RTS CMN   TCLP1 BZ         185536520.68     -1054841.44
TELEBRAS-ADR       TBRAY GR         185536520.68     -1054841.44
TELEBRAS-CM RCPT   TBRTF US         185536520.68     -1054841.44
CTM CITRUS-RCT P   CTP6 BZ           38740523.05      -671039.81
TEKA-PREF          TEKAPN BZ        189819518.01   -244265715.17
TEKA               TEKA3 BZ         189819518.01   -244265715.17
TEKA-PREF          TEKA4 BZ         189819518.01   -244265715.17
TELEBRAS-PF RCPT   TLBRUP BZ        185536520.68     -1054841.44
MARAMBAIA          CTPC3 BZ          38740523.05      -671039.81
DOCAS SA-PREF      DOCAPN BZ         88417960.92    -18059127.86
TELEBRAS-RECEIPT   TLBRUO BZ        185536520.68     -1054841.44
TECTOY             TOYB13 BZ         20577415.71     -7950050.37
TECTOY-RCPT PF B   TOYB12 BZ         20577415.71     -7950050.37
TECTOY-RCT PREF    TOYB10 BZ         20577415.71     -7950050.37
D H B-PREF         DHBI4 BZ          89461115.57   -284716721.06
TELEBRAS-PF BLCK   TELB40 BZ        185536520.68     -1054841.44
VARIG PART EM-PR   VPTA4 BZ          49432124.18   -399290425.77
TEKA-ADR           TEKAY US         189819518.01   -244265715.17
TEXTEIS RENA-RCT   TXRX10 BZ         43112153.13    -64315032.24
TELEBRAS-CM RCPT   TELE31 BZ        185536520.68     -1054841.44
VARIG PART EM-PR   VPSC4 BZ         101177852.25   -318442006.32
TEKA-ADR           TKTQY US         189819518.01   -244265715.17
TEKA-PREF          TKTPF US         189819518.01   -244265715.17
TEXTEIS RENA-RCT   TXRX9 BZ          43112153.13    -64315032.24
TELEBRAS-RTS PRF   RCTB2 BZ         185536520.68     -1054841.44
CHIARELLI SA-PRF   CCHI4 BZ          22274026.77    -44537138.21
CHIARELLI SA       CCHON BZ          22274026.77    -44537138.21
TELEBRAS-PF RCPT   CBRZF US         185536520.68     -1054841.44
BOMBRIL-PREF       BOBR4 BZ         202399273.95   -205733462.83
CAFE BRASILIA SA   CSBRON BZ         15788426.91   -516549819.64
NOVA AMERICA SA    NOVAON BZ            21287489   -183535527.21
CHIARELLI SA-PRF   CCHPN BZ          22274026.77    -44537138.21
TELECOMUNICA-ADR   81370Z BZ        185536520.68     -1054841.44
HOPI HARI-PREF     PQTM4 BZ          58692385.42   -188832203.73
CONST A LIND-PRF   CALI4 BZ          14038885.98    -11543314.46
CAF BRASILIA       CAFE3 BZ          15788426.91   -516549819.64
ACO ALTONA-PREF    EALT4 BZ          72616112.37     -8863784.58
CAMBUCI SA         CAMBON BZ         77853098.43    -18690214.78
CAMBUCI SA-PREF    CAMBPN BZ         77853098.43    -18690214.78
CAMBUCI SA         CAMB3 BZ          77853098.43    -18690214.78
TELEBRAS-ADR       TBH US           185536520.68     -1054841.44
MARAMBAIA-PREF     CTMMF US          38740523.05      -671039.81
D H B              DHBI3 BZ          89461115.57   -284716721.06
TECTOY-PF-RTS5/6   TOYB11 BZ         20577415.71     -7950050.37
FABRICA RENAUX     FRNXON BZ         53485265.61    -31264773.12
CAMBUCI SA-PREF    CXDOF US          77853098.43    -18690214.78
DOCAS SA-RTS PRF   DOCA2 BZ          88417960.92    -18059127.86
DHB IND E COM      DHBON BZ          89461115.57   -284716721.06
DOCA INVESTIMENT   DOCA3 BZ          88417960.92    -18059127.86
CTM CITRUS-RCT C   CTPC9 BZ          38740523.05      -671039.81
FER C ATL-RCT CM   VSPT9 BZ         893379731.09     -42150373.2
CTM CITRUS-RCT C   CTP5 BZ           38740523.05      -671039.81
CTM CITRUS-ADR     CTMMY US          38740523.05      -671039.81
CTM CITRUS SA      CTMON BZ          38740523.05      -671039.81
CTM CITRUS- PR R   CTPC2 BZ          38740523.05      -671039.81
MARAMBAIA-PREF     CTPC4 BZ          38740523.05      -671039.81
TEKA               TEKAON BZ        189819518.01   -244265715.17
FERROVIA CEN-DVD   VSPT11 BZ        893379731.09     -42150373.2
TEC TOY SA-PREF    TOYB5 BZ          20577415.71     -7950050.37
ARTHUR LAN-DVD P   ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ         21333792.82    -16295577.05
GAZOLA SA-DVD CM   GAZO11 BZ         15610576.83    -42175190.26
ARTHUR LANG-RC C   ARLA9 BZ          21333792.82    -16295577.05
CIMOB PARTIC SA    GAFP3 BZ          36817394.78    -33083086.54
ARTHUR LANGE       ARLA3 BZ          21333792.82    -16295577.05
GAZOLA SA-DVD PF   GAZO12 BZ         15610576.83    -42175190.26
NOVA AMERICA-PRF   1NOVPN BZ            21287489   -183535527.21
GASCOIGNE EMP-PF   1GASPN BZ        656500097.92   -450029899.55
TRESSEM PART SA    1TSSON BZ        852266425.01   -110184832.63
BOMBRIL SA-ADR     BMBPY US         202399273.95   -205733462.83
FABRICA RENAUX-P   FTRX4 BZ          53485265.61    -31264773.12
ARTHUR LANG-RT C   ARLA1 BZ          21333792.82    -16295577.05
MMX MINERACA-GDR   3M11 GR          852266425.01   -110184832.63
TELEBRAS-CEDE PF   RCTB4 AR         185536520.68     -1054841.44
AZEVEDO-PREF       AZEV4 BZ          47860887.41      -4389906.4
BOMBRIL CIRIO-PF   BOBRPN BZ        202399273.95   -205733462.83
BUETTNER SA-RTS    BUET1 BZ          74895906.51    -28401073.82
RIOSULENSE SA-PR   RSULPN BZ         50548850.21     -5456867.48
BOMBRIL CIRIO SA   BOBRON BZ        202399273.95   -205733462.83
BUETTNER-PREF      BUET4 BZ          74895906.51    -28401073.82
BUETTNER SA        BUETON BZ         74895906.51    -28401073.82
WIEST-PREF         WISA4 BZ          39838113.86    -93371563.06
BUETTNER           BUET3 BZ          74895906.51    -28401073.82
BOMBRIL            BMBBF US         202399273.95   -205733462.83
BOMBRIL SA-ADR     BMBBY US         202399273.95   -205733462.83
FABRICA RENAUX-P   FRNXPN BZ         53485265.61    -31264773.12
AZEVEDO E TRA-PR   AZEVPN BZ         47860887.41      -4389906.4
BOMBRIL-RGTS PRE   BOBR2 BZ         202399273.95   -205733462.83
BOMBRIL            BOBR3 BZ         202399273.95   -205733462.83
NOVA AMERICA SA    1NOVON BZ            21287489   -183535527.21
GAZOLA-PREF        GAZO4 BZ          15610576.83    -42175190.26
DOCAS IMBITUBA     IMBION BZ         89702642.66    -11135784.06
TELEBRAS-RCT       RCTB33 BZ        185536520.68     -1054841.44
DOC IMBITUBA       IMBI3 BZ          89702642.66    -11135784.06
DOC IMBITUB-PREF   IMBI4 BZ          89702642.66    -11135784.06
SANSUY-PREF B      SNSY6 BZ         100279114.92    -45812488.77
SCHLOSSER SA-PRF   SCHPN BZ          10007791.94    -53599536.49
CONST A LINDEN     LINDON BZ         14038885.98    -11543314.46
ACO ALTONA SA      EAAON BZ          72616112.37     -8863784.58
SANSUY-PREF A      SNSY5 BZ         100279114.92    -45812488.77
GAZOLA-RCPTS CMN   GAZO9 BZ          15610576.83    -42175190.26
HAGA               HAGA3 BZ          11324601.97    -49777521.75
GAZOLA SA-PREF     GAZPN BZ          15610576.83    -42175190.26
GAZOLA SA          GAZON BZ          15610576.83    -42175190.26
PARQUE TEM-RCT C   PQTM9 BZ          58692385.42   -188832203.73
DOC IMBITUBA-RTC   IMBI1 BZ          89702642.66    -11135784.06
FER C ATL-RCT PF   VSPT10 BZ        893379731.09     -42150373.2
FERRAGENS HAGA     HAGAON BZ         11324601.97    -49777521.75
FERRAGENS HAGA-P   HAGAPN BZ         11324601.97    -49777521.75
CONST A LIND-PRF   LINDPN BZ         14038885.98    -11543314.46
WETZEL SA          MWET3 BZ          62051686.19     -4312427.28
AZEVEDO            AZEV3 BZ          47860887.41      -4389906.4
WETZEL SA          MWELON BZ         62051686.19     -4312427.28
NOVA AMERICA SA    NOVA3 BZ             21287489   -183535527.21
NORDON MET-RTS     NORD1 BZ          15650782.44    -14576030.17
WETZEL SA-PREF     MWELPN BZ         62051686.19     -4312427.28
ARTHUR LAN-DVD C   ARLA11 BZ         21333792.82    -16295577.05
NORDON MET         NORD3 BZ          15650782.44    -14576030.17
NORDON METAL       NORDON BZ         15650782.44    -14576030.17
MMX MINERACAO      MMXCF US         852266425.01   -110184832.63
MMX MINERACAO      MMXM3 BZ         852266425.01   -110184832.63
TELEBRAS-CEDE PF   TELB4 AR         185536520.68     -1054841.44
PETRO MANGUIN-PF   MANGPN BZ         67915860.11   -166793076.45
TEKA               TKTQF US         189819518.01   -244265715.17
MINUPAR SA         MNPRON BZ         77985985.08    -17398607.53
TELEBRAS-CED C/E   TEL4C AR         185536520.68     -1054841.44
MINUPAR            MNPR3 BZ          77985985.08    -17398607.53
ESTRELA SA         ESTRON BZ          50541924.7    -43741941.51
AZEVEDO E TRAVAS   AZEVON BZ         47860887.41      -4389906.4
FABRICA TECID-RT   FTRX1 BZ          53485265.61    -31264773.12
ESTRELA SA-PREF    ESTRPN BZ          50541924.7    -43741941.51
DHB IND E COM-PR   DHBPN BZ          89461115.57   -284716721.06
TECEL S JOSE       FTSJON BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ         17924946.14    -18569451.23
FABRICA RENAUX     FTRX3 BZ          53485265.61    -31264773.12
ARTHUR LANGE-PRF   ALICPN BZ         21333792.82    -16295577.05
BOMBRIL-RIGHTS     BOBR1 BZ         202399273.95   -205733462.83
TELEBRAS SA-PREF   TLBRPN BZ        185536520.68     -1054841.44
ACO ALTONA-PREF    EAAPN BZ          72616112.37     -8863784.58
DOCA INVESTI-PFD   DOCA4 BZ          88417960.92    -18059127.86
DOCAS SA           DOCAON BZ         88417960.92    -18059127.86
TELEBRAS SA-PREF   TELB4 BZ         185536520.68     -1054841.44
ESTRELA SA-PREF    ESTR4 BZ           50541924.7    -43741941.51
ACO ALTONA         EALT3 BZ          72616112.37     -8863784.58
CAF BRASILIA-PRF   CAFE4 BZ          15788426.91   -516549819.64
GAZOLA-RCPT PREF   GAZO10 BZ         15610576.83    -42175190.26
TELEBRAS-CEDE BL   RCT4B AR         185536520.68     -1054841.44
GASCOIGNE EMP-PF   GASC4 BZ         656500097.92   -450029899.55
PET MANG-RECEIPT   RPMG10 BZ         67915860.11   -166793076.45
MINUPAR-PREF       MNPR4 BZ          77985985.08    -17398607.53
GAZOLA             GAZO3 BZ          15610576.83    -42175190.26
TELEBRAS-CEDEA $   TEL4D AR         185536520.68     -1054841.44
NOVA AMERICA SA    NOVA3B BZ            21287489   -183535527.21
ALL MALHA PAULIS   GASC3 BZ         656500097.92   -450029899.55
CIMOB PART-PREF    GAFPN BZ          36817394.78    -33083086.54
CIMOB PART-PREF    GAFP4 BZ          36817394.78    -33083086.54
WETZEL SA-PREF     MWET4 BZ          62051686.19     -4312427.28
CIMOB PARTIC SA    GAFON BZ          36817394.78    -33083086.54


COLOMBIA

TELEX-RTS          TELEXO CI        344183089.19    -23898527.41
CHILESAT CO-RTS    CHISATOS CI      344183089.19    -23898527.41
CHILESAT CORP SA   TELEX CI         344183089.19    -23898527.41
CHILESAT CO-ADR    TL US            344183089.19    -23898527.41
TELMEX CORP SA     CHILESAT CI      344183089.19    -23898527.41
TELMEX CORP-ADR    CSAOY US         344183089.19    -23898527.41
TELEX-A            TELEXA CI        344183089.19    -23898527.41

                            ***********

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 * * *