TCRLA_Public/090717.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

              Friday, July 17, 2009, Vol. 10, No. 140

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver Wants Owner's Daughter Evicted From Condo
STANFORD INT'L: Antiguan Liquidator Eyes Guiana Island
STANFORD INT'L: Examiner Seeks US$275,000 in Attorney Fees
STANFORD INT'L: Owner Loses Court Bid for Transfer to Houston Jail


B E R M U D A

BERNARD L. MADOFF: Trustee Sues Bermuda's Alpha Prime Fund
DIRECTRADE LTD: Court to Hear Wind-Up Petition on August 3
DRAGON TECHNOLOGY: Creditors' Proofs of Debt Due on July 22
DRAGON TECHNOLOGY: Members to Receive Wind-Up Report on August 11
EMERALD CAPITAL: Court to Hear Wind-Up Petition on August 3

EMERALD FINANCIAL: Court to Hear Wind-Up Petition on August 3
EMERALD INVESTMENT: Court to Hear Wind-Up Petition on August 3
GALVEX TRADE: Creditors' Proofs of Debt Due on July 29
GALVEX TRADE: Member to Receive Wind-Up Report on August 10
GREENFIELD INTERNATIONAL: Members' Meeting Set for Aug. 12

GREENFIELD INTERNATIONAL: Creditors' Proofs of Debt Due on July 22
GREENFIELD HOLDINGS: Creditors' Proofs of Debt Due on July 22
GREENFIELD HOLDINGS: Members to Receive Wind-Up Report on Aug. 12
MIZZEN STRATEGIC: Creditors' Proofs of Debt Due on July 22
MIZZEN STRATEGIC: Member to Receive Wind-Up Report on August 17

PERINVEST MARKET: Court to Hear Wind-Up Petition Today


B R A Z I L

BANCO DO BRASIL: Acquires Banco Lemon Correspondent Branch Network
BANCO NACIONAL: To Provide US$13 Billion Loan to Petrobras
COSAN SA: S&P Affirms Corporate Credit Ratings at 'BB-'
LUPATECH SA: S&P Changes Outlook to Negative; Affirms 'BB-' Rating
TELE NORTE: To Adopt Stock Restructuring After Brasil Telecom Deal


C A Y M A N  I S L A N D S

ATTICUS EMERGING: Shareholders' Final Meeting Set for August 10
ATTICUS EMERGING: Shareholders' Final Meeting Set for August 10
AWY LIMITED: Creditors' Proofs of Debt Due on August 7
CAMCAP E-SPVI: Shareholders' Final Meeting Set for August 7
CAYMAN COMMERCIAL: Creditors' Proofs of Debt Due on July 31

GOLDEN OAK: Shareholders' Final Meeting Set for August 7
LONDON WALL: Moody's Downgrades Ratings on Six 2006-1 Notes
MELLON GLOBAL: Shareholders' Final Meeting Set for August 7
ROCK CAPITAL: Members to Receive Wind-Up Report on August 14
STYX CLO: Shareholders' Final Meeting Set for August 7

TYC COMPANY: Shareholders' Final Meeting Set for August 7


C O L O M B I A

ECOPETROL SA: Discloses Terms of International Notes Due 2019


E C U A D O R

PERENCO LIMITED: To Halt Ecuador Oil Output on Tax Fight
* ECUADOR: Gov't Not Decided About Bilateral Debt, Minister Says
* ECUADOR: Receives US$480 Million FLAR Loan, Ministers Says


J A M A I C A

CASH PLUS: PwC Projects Investors May Get 5% Recovery
JAMAICA PUBLIC SERVICE: No Decision on Tariff Increase Request
SUPER PLUS FOOD: Continues Stores Sale to Pay Mounting Bank Debts
* JAMACIA: Road Project With Bouygues Suspended on Lack of Funds


M E X I C O

CEMEX SAB: Completes MXN$2.2 Billion Securitization of Accounts
* MEXICO: Economy to Shrink 7% This Year, UN Agency Says


T R I N I D A D  &  T O B A G O

CL FIN'L: Trading of Angostura Holdings' Shares to Resume Soon


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Sells Remaining US$1.58Bln Local Bonds


X X X X X X X X

* LATAM: World Bank to Invest US$17 billion in the Region
* Fitch Lists National Scale Rating Changes for June 2009


                         - - - - -


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


STANFORD INT'L: Receiver Wants Owner's Daughter Evicted From Condo
------------------------------------------------------------------
Stanford Financial Group court-appointed receiver Ralph Janvey has
asked U.S. District Judge David Godbey to evict Robert Allen
Stanford's daughter, Randi Stanford, from a Houston condominium so
it can be sold to help repay victims of an alleged multi-billion
fraud, Laurel Brubaker Calkins at Bloomberg News reports, citing a
court papers filed by Mr. Janvey's lawyer Kevin Sadler.  The
report relates Mr. Janvey, citing court papers, told Judge Godbey
that Ms. Stanford should be held in contempt of court and evicted
for refusing to accommodate efforts to sell her home.

"Ms. Stanford has not only refused to cooperate with the receiver,
but has also asserted to the receiver that she is entitled to the
condo as her homestead because it was a gift” from her father, the
report quoted Mr. Sadler as saying.  The unit is a 16th-floor,
2,800-square-foot condominium in Houston’s upscale River Oaks
neighborhood; with two-bedroom and 2 1/2-bath, which is valued at
US$1.3 million on local tax rolls.

According to the report, Mr. Sadler told Judge Godbey that Mr.
Janvey offered to let Ms. Stanford stay in the condo “rent-free,”
provided she kept it “maintained in a manner conducive to
effective marketing” and made it available for showing to
prospective buyers on three hours’ notice.  Ms. Stanford could
also have 30 days’ notice to vacate once the property is sold,
Mr. Sadner added.

                 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: Antiguan Liquidator Eyes Guiana Island
------------------------------------------------------
Nigel Hamilton-Smith, liquidator and receiver-manager of Stanford
International Bank Limited, is proposing to develop Robert Allen
Stanford's Guiana Island to generate money to repay investors who
were allegedly swindled in a Ponzi scheme, Stabroek News reports.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2009, Bloomberg News said Mr. Hamilton-Smith said that he
may be able to repay depositors of more than the projected 10
cents on the dollar if he can persuade developers to build a
Caribbean island resort "fantasy island" in Guiana Island and get
U.S. Court-appointed receiver, Ralph Janvey, to stop fighting him
for control of overseas assets.

Guiana Island is the largest undeveloped island in Antigua and
Barbuda.  According to the report, Mr. Hamilton-Smith said the
proposed "fantasy island" resort may not prove worth the US$3.2
billion its owner Robert Allen Stanford claimed it was; but proper
development could generate enough value to significantly boost
recovery for investors.

Bloomberg News related Mr. Hamilton-Smith said Mr. Stanford tried
to "talk up the value" of the planned resort to a certain extent,
and that is what he is trying to do now.  Bloomberg added that
U.S. prosecutors and regulators told a U.S. Judge that Mr.
Stanford inflated the value of Guiana Island 6,000-fold in a
series of land flips conducted last year.

Bloomberg News noted that that Mr. Hamilton-Smith said his efforts
to speed repayment to depositors has been hampered by continued
conflict with Mr. Janvey who is fighting for control of Mr.
Stanford's assets in international courts.

                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: Examiner Seeks US$275,000 in Attorney Fees
----------------------------------------------------------
Stanford Financial Group court-appointed examiner John J. Little
filed a request with U.S. District Judge David Godbey for
US$275,000 in attorney fees, Andrew M. Harris at Bloomberg News
reports.  Mr. Little represents investors’ interests in the
Securities and Exchange Commission’s fraud case against Stanford
International Bank Limited owner Robert Allen Stanford.

According to the report, citing a filing submitted by
Little Pederson Fankhauser LLP, the Dallas law firm in which
Mr. Little is a partner, said: “Since [Mr. Little's] appointment,
the Examiner has worked diligently to discharge his duties.”
Bloomberg News relates Mr. Little is also seeking reimbursement of
US$2,635 in expenses.  Mr. Little, the report says, has asked the
court to approve payment request for work done through the end of
June, and then direct court-appointed receiver Ralph Janvey,
another Dallas lawyer, to disburse the money.

Bloomberg News notes Mr. Little and his team -- consisting of four
partners, an associate, a paralegal and two administrative
assistants -- invested more than 658 hours in the case, at
billable rates ranging from US$100 per hour for the assistants to
US$450 per hour for Mr. Little and his partners.

                 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 Loses Court Bid for Transfer to Houston Jail
------------------------------------------------------------------
U.S. District Judge David Hittner has denied the request of Robert
Allen Stanford's lawyer, Dick DeGuerin, to transfer his client to
a downtown Houston jail while he awaits trial on charges for
allegedly orchestrating a multi-billion Ponzi scheme, Andrew M.
Harris at Bloomberg News reports.  Mr. Stanford, the founder and
owner of Stanford International Bank Limited, is being held
without bail pending trial at Joe Corley Detention Center in
Conroe, about 43 miles north of Houston.

According to the report, Mr. DeGuerin said he sought the transfer
so that he and Mr. Stanford could more readily prepare a defense
to the 21-count indictment obtained by U.S. prosecutors last
month.  “Allen Stanford urgently requests the court to order that
he be kept in the Federal Detention Center in downtown Houston,
which was specifically designed and built for federal pretrial
detainees,” the report quoted Mr. DeGuerin as saying.

Mr. DeGuerin, the report relates, argued that the detention center
prevented him and Mr. Stanford from passing documents back and
forth and required them to speak through a steel meshcovered hole
in a plexiglass barrier.

                 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).


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


BERNARD L. MADOFF: Trustee Sues Bermuda's Alpha Prime Fund
----------------------------------------------------------
Bernard L. Madoff Investment Securities LLC trustee Irving Picard,
appointed under the Securities Investor Protection Act to
liquidate the company, has sued Bermuda-based Alpha Prime Fund
Limited for allegedly receiving almost US$213 million in transfers
from the Madoff firm in the past two years, Andrew M. Harris at
Bloomberg News reports.  London-based HSBC Bank Plc and a
Luxembourg-based unit were also included in Mr. Harris' 29-page
complaint.

According to the report, Mr. Picard alleged that HSBS and its unit
were conduits for the shifting of money from Madoff to Alpha
Prime.  The report, citing Mr. Picard's complaint, relates that
from January 2005 to December 11, 2008 -- the day Mr. Madoff was
arrested and was sued by the U.S. Securities and Exchange
Commission -- Alpha Prime received transfers via HSBC and
beneficial tax payments of almost US$213 million.

Bloomberg News says the complaint stated that HSBC, its subsidiary
and other unnamed entities invested us$227.6 million with a Madoff
firm on behalf of Alpha Prime starting in June 2003, according to
the complaint.  “Alpha Prime knew or should have known” that
Madoff’s investment advisory business “was predicated on fraud,”
the report quoted Mr. Picard’s attorneys as saying.

                     About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least $50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


DIRECTRADE LTD: Court to Hear Wind-Up Petition on August 3
----------------------------------------------------------
A petition to have Directrade Ltd.'s operations wound up will be
heard before the Supreme Court of Bermuda on August 3, 2009, at
3:00 p.m.


DRAGON TECHNOLOGY: Creditors' Proofs of Debt Due on July 22
-----------------------------------------------------------
The creditors of Dragon Technology 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 29, 2009.

The company's liquidator is:

          Lim Eng Thong
          810, Block A, Phileo Damansara 2
          15 Jalan 16/11, 46350
          Petaling Jaya, Selangor
          Malaysia


DRAGON TECHNOLOGY: Members to Receive Wind-Up Report on August 11
-----------------------------------------------------------------
The members of Dragon Technology Limited will receive on Aug. 11,
2009, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

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

The company's liquidator is:

          Lim Eng Thong
          810, Block A, Phileo Damansara 2
          15 Jalan 16/11, 46350
          Petaling Jaya, Selangor
          Malaysia


EMERALD CAPITAL: Court to Hear Wind-Up Petition on August 3
-----------------------------------------------------------
A petition to have Emerald Capital International Limited's
operations wound up will be heard before the Supreme Court of
Bermuda on August 3, 2009, at 3:00 p.m.


EMERALD FINANCIAL: Court to Hear Wind-Up Petition on August 3
-------------------------------------------------------------
A petition to have Emerald Financial Limited.'s operations wound
up will be heard before the Supreme Court of Bermuda on August 3,
2009, at 3:00 p.m.


EMERALD INVESTMENT: Court to Hear Wind-Up Petition on August 3
--------------------------------------------------------------
A petition to have Emerald Investment Management Limited's
operations wound up will be heard before the Supreme Court of
Bermuda on August 3, 2009, at 3:00 p.m.


GALVEX TRADE: Creditors' Proofs of Debt Due on July 29
------------------------------------------------------
The creditors of Galvex Trade 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 July 2, 2009.

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


GALVEX TRADE: Member to Receive Wind-Up Report on August 10
-----------------------------------------------------------
The member of Galvex Trade Ltd. will receive on August 10, 2009
at 11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


GREENFIELD INTERNATIONAL: Members' Meeting Set for Aug. 12
----------------------------------------------------------
The members of Greenfield International Limited will hold their
final meeting on Aug. 12, 2009, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 6, 2009.

The company's liquidator is:

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


GREENFIELD INTERNATIONAL: Creditors' Proofs of Debt Due on July 22
------------------------------------------------------------------
The creditors of Greenfield International 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 July 6, 2009.

The company's liquidator is:

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


GREENFIELD HOLDINGS: Creditors' Proofs of Debt Due on July 22
-----------------------------------------------------------
The creditors of Greenfield Holdings Credit 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 July 6, 2009.

The company's liquidator is:

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


GREENFIELD HOLDINGS: Members to Receive Wind-Up Report on Aug. 12
-----------------------------------------------------------------
The members of Greenfield Holdings Credit Limited will receive on
Aug. 12, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 6, 2009.

The company's liquidator is:

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


MIZZEN STRATEGIC: Creditors' Proofs of Debt Due on July 22
----------------------------------------------------------
The creditors of Mizzen Strategic Solutions International Ltd. 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 July 2, 2009.

The company's liquidator is:

          Adam Hopkin
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


MIZZEN STRATEGIC: Member to Receive Wind-Up Report on August 17
---------------------------------------------------------------
The member of Mizzen Strategic Solutions International Ltd. will
receive on August 17, 2009  at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Adam Hopkin
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


PERINVEST MARKET: Court to Hear Wind-Up Petition Today
------------------------------------------------------
A petition to have Perinvest Market Neutral Fund Limited's
operations wound up will be heard today, July 17, 2009, at
9:30 a.m., before the Supreme Court of Bermuda.


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


BANCO DO BRASIL: Acquires Banco Lemon Correspondent Branch Network
------------------------------------------------------------------
Banco do Brasil and Banco Lemon have entered into a partnership
whereby Banco do Brasil expects to expand its Correspondent
Network countrywide by 70%.  In the partnership model adopted,
companies that presently have correspondent contracts with Banco
Lemon may contract with Banco do Brasil directly.  Such contract
grants Banco do Brasil exclusivity in the correspondent business
with those companies.  Thus, Banco Lemon will no longer operate in
the correspondent business directly and will focus its efforts on
the corporate credit area, a segment in which it has been
investing over the last three years, with emphasis on corporate
credit, middle market and structured transactions, aiming to
originate more than R$200 million in credits by the end of 2009.

The business may imply the migration of nearly 6,500
correspondents to Banco do Brasil, strengthening its presence in
more than 1,500 municipalities throughout Brazil.  This
partnership will also contribute to expand customer access to
banking services and, in addition, it will make the services
provided by Banco do Brasil easier and more convenient to use.

This initiative reinforces Banco do Brasil’s strategy to expand
its market share in the D and E customer classes, which are called
“emerging markets” by the institution.  In 2008, Banco do Brasil
had already incorporated the operations of Banco Popular do
Brasil, which also focused on microfinance business, and this
resulted in the integration of the subsidiary’s correspondent
network.

Initially, the correspondents that will be contracted by Banco do
Brasil will continue to provide services for the payment of sundry
accounts and bank bills and will.  The correspondents will now
also make payments to INSS beneficiaries who receive their
pensions through Banco do Brasil.  They will also be able to
operate in consigned credit and it is expected that they may make
available, at a subsequent time, statement and current account
withdrawal services.

Banco Lemon started its activities in 2002, operating exclusively
through correspondents in the offer of sundry payment and receipt
services.  Its operational strategy is based on the provision of
banking services to the low-income population.

                      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 July 1, 2009, the company continues to carry Moody's Ba2
Foreign LT Bank Deposit Rating.


BANCO NACIONAL: To Provide US$13 Billion Loan to Petrobras
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will lend
BRL25 billion (US$12.8 billion) to Petroleo Brasileiro S.A.
(Petrobras) denominated in local Treasury notes, Guillermo Parra-
Bernal of Reuters report, citing daily newspaper Valor Economico.

According to the report, Valor, citing Petrobras CEO Almir
Barbassa, said that under the transaction, the National Treasury
will issue the notes and transfer them to BNDES, which will, in
turn, lend them to Petrobras.  The report relates the oil company
will distribute the notes among its ten pension funds, which will
sell them to raise cash to pay for investments and other
expenditures.

Reuters notes the newspaper, citing BDES President Luciano
Coutinho, said that BNDES has committed the loans and the
structuring for the transaction is finished, although it needs
final approval by the National Treasury.

As reported in the Troubled Company Reporter-Latin America on
May 13, 2009, Dow Jones Newswires said Petrobras said it would
receive funds from the BNDES to help aid the company's planned
investments of US$28.6 billion.  According to the report, Mr.
Barbassa said Petrobras also raised US$6.5 billion in a bridge
loan from a consortium of local and international banks to help
fund the planned investments.

                          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.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


COSAN SA: S&P Affirms Corporate Credit Ratings at 'BB-'
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'BB-' corporate credit ratings, on sugar and ethanol producer
Cosan Ltd. and its Brazilian operating subsidiary, Cosan S.A.
Industria e Comercio (jointly referred to as Cosan), and removed
them from CreditWatch.  The outlook is negative.

Ratings were placed on CreditWatch with negative implications on
March 16, 2009, following an announcement that Cosan and Nova
America had agreed to combine their sugar and ethanol businesses.
The all-shares transaction was approved by both companies'
shareholders on June 18, 2009.

"The ratings on Cosan reflect its significant debt, especially
after the Esso (renamed Cosan Combustíveis e Lubrificantes S.A.)
and Nova America acquisitions, potential integration risks, and
the inherent risks associated with the commodity sugar and ethanol
business," said Standard & Poor's credit analyst Marcelo Schwarz.
"These risks include highly volatile prices and margins, strong
seasonality of profits and cash flow, large working capital
swings during the crop season, and high trade barriers and
protection measures in many of the largest sugar markets."

Several factors partially mitigate these risks.  Cosan has a cost
advantage in the production of sugar and ethanol because of the
favorable climate in Brazil, scale gains, and efficient operations
and logistics.  Its vertical integration from sugar cane
plantation to retail distribution, combined with investments in
cogeneration, helps reduce the volatility of cash flows.

The company's liquidity is adequate, reflected in high cash
reserves at both Cosan S.A. and Cosan Ltd. and low debt maturities
in the short term.

S&P sees as a positive the group's vertical integration,
optimizing CCL's logistics through Cosan's scale and backhauling
potential.  The group may also benefit from a deeper insight into
its markets, especially regarding price formation and inventory
levels, gained by supplying ethanol to and purchasing from
multiple parties.

The combination of Cosan's sugar-supplying capabilities with Nova
America's raw sugar requirements for its leading retail market
refined sugar brand, "Uniao," is also a positive.

S&P believes that Cosan's sugar and ethanol business, responsible
for the bulk of its cash generation, will gradually improve the
company's profits in second-half 2009 amid strong medium-term
fundamentals for sugar, especially on lower production in India,
while ethanol slowly recovers from record-low prices.


LUPATECH SA: S&P Changes Outlook to Negative; Affirms 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Brazil-based industrial and oil and gas valve
fabricator Lupatech S.A. to negative from stable.  At the same
time, S&P affirmed its ratings on the company, including the 'BB-'
global scale and 'brA-' Brazilian national scale corporate credit
ratings.

"The negative outlook on Lupatech reflects its significant
leverage for the rating category, and its considerable debt
position, which increases its interest burden and reduces free
cash flows," said Standard & Poor's credit analyst Piero Parolin.
"The negative outlook also reflects S&P's expectation that
Lupatech's financial ratios will recover at a slower pace than S&P
had originally anticipated and that this improvement will depend
on significant revenue expansion over next few years."

The ratings on Lupatech reflect the company's acquisitive growth
strategy, contributing to somewhat weak credit measures until
acquired companies are fully integrated.

The ratings also incorporate pressures on working capital stemming
from rising receivables and inventories; aggressive debt leverage
and credit metrics; and S&P's expectation that Lupatech will
reduce its growth through acquisitions after the recent conclusion
of its program.

The ratings also reflect Lupatech's significant concentration in
the energy products segment (formerly oil and gas) and in a single
large client, Brazilian oil company Petroleo Brasileiro S.A. -
Petrobras.

Lupatech's Brazilian reais (R$) 441 million loan from Banco
Nacional de Desenvolvimento Economico e Social (BNDES) partially
mitigates these factors.  S&P also expect the company to refinance
a significant portion of its debt maturities over the next three
years, reducing its interest expenses.

Favorable prospects for the oil and gas industry in Brazil, mainly
because of Petrobras' large investment plans for the next several
years, are also a positive for Lupatech.  The company is the
leading player in Brazil in most segments in which it operates and
is diversifying in both products and geography.


TELE NORTE: To Adopt Stock Restructuring After Brasil Telecom Deal
------------------------------------------------------------------
Tele Norte Leste Participacoes S.A. (aka Oi) plans stock
restructuring aimed at simplifying ownership following the
acquisition of rival Brasil Telecom Participacoes SA, Alastair
Stewart at Dow Jones Newswires reports.

According to the report, following the conclusion of the public
offering for Brasil Telecom voting shares, Oi will collapse the
wholly owned subsidiaries Copart 1, Copart 2 Invitel and Solpart
into Coari, which is controlled by Telemer Participacoes.  The
report Oi is still awaiting approval from anti-trust regulators to
merge share structure and operations.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2009, Dow Jones Newswires said anti-trust regulators at
Brazil's Finance Ministry published a report that approved Tele
Norte Leste (Oi)'s plan to acquire Brasil Telecom without
restrictions.  Dow Jones related the regulators' study focused on
the broadband Internet market, and it detailed concerns about the
merged company's dominance in certain areas.  However, the report
related the regulator chose not to sanction or restrict the
company's broadband operations because of the relative ease with
which new competition can enter these markets.

                       About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. (aka Oi)-- http://www.telemar.com.br--
provides fixed-line telecommunications services in South America.
The company markets its services under its Telemar brand name.
Tele Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS
SA; Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                          *     *     *

As of July 1, 2009, the company continues to carry Standard and
Poor's "BB+" long- term issuer credit rating.


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


ATTICUS EMERGING: Shareholders' Final Meeting Set for August 10
---------------------------------------------------------------
The shareholders of Atticus Emerging Markets Ltd will hold their
final meeting on August 10, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


ATTICUS EMERGING: Shareholders' Final Meeting Set for August 10
---------------------------------------------------------------
The shareholders of Atticus Emerging Markets Fund Ltd will hold
their final meeting on August 10, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


AWY LIMITED: Creditors' Proofs of Debt Due on August 7
------------------------------------------------------
The creditors of AWY 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 12, 2009.

The company's liquidator is:

          Ian Wight
          c/o Ross Higginson
          Deloitte & Touche, P.O. Box 1787
          Grand Cayman KY1-1109, Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: rhigginson@deloitte.com


CAMCAP E-SPVI: Shareholders' Final Meeting Set for August 7
-----------------------------------------------------------
The shareholders of Camcap E-SPVI Offshore Fund, Ltd. will hold
their final meeting on August 7, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Roland A. von Metzsch
          45 Coolidge Point
          Manchester, MA 01944, U.S.A.


CAYMAN COMMERCIAL: Creditors' Proofs of Debt Due on July 31
-----------------------------------------------------------
The creditors of Cayman Commercial Development Ltd. are required
to file their proofs of debt by July 31, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Paul Travers
          PO Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Tel: +1 345 949 4018
          Fax: +1 345 949 7891
          email: general@caymanmanagement.ky


GOLDEN OAK: Shareholders' Final Meeting Set for August 7
--------------------------------------------------------
The shareholders of Golden Oak Korea Alternative Strategy Fund
will hold their final meeting on August 7, 2009, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


LONDON WALL: Moody's Downgrades Ratings on Six 2006-1 Notes
-----------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of six classes of notes issued by London Wall 2006-1 Limited.

The transaction is a synthetic balance sheet CDO referencing a
pool of bank originated corporate loans aggregating
EUR3,994.0 million as on 05 June 2009.  Although replenishments
are permitted until July 2010, Moody's Investors Service
understands that being in breach of the replenishment test, the
portfolio is static at present.

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolio, as indicated by the
increase in the average rating factor from 316 (at closing in July
2006 on a pool size of EUR4,000.0 million) to 587 (June 2009 on a
pool size of EUR3,994.0 million) and the revision of certain key
assumptions that the agency uses to rate and monitor corporate
CDOs.  These revised assumptions incorporate Moody's expectation
that European and global corporate default rates are likely to
greatly exceed their historical long-term averages and reflect the
heightened interdependence of credit markets in the current global
economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" initially published on 15 January 2009
and as updated from time to time.  Moody's notes that the global
corporate loan sector currently has a negative outlook and has
shown signs of increasing weakness in terms of credit performance.
The sector is further stressed by the anticipated limited
refinancing opportunities for EMEA corporate issuers over the next
six to twelve months.

For the majority of the underlying referenced assets, the
equivalent Moody's ratings used in Moody's analysis are obtained
through a mapping process between the originator's internal rating
scale and Moody's public rating scale.  To compensate for the
absence of credit indicators such as ratings reviews and outlooks
in mapped ratings, a half notch stress was applied to the mapping
scale.  An additional stress was applied to capture potential
deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Report below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

London Wall 2006-1 Limited

  -- EUR124,000,000 Class A Notes due 2016, downgraded to Aa1;
     previously on April 7, 2009 Aaa and placed under review for
     possible downgrade

  -- EUR76,000,000 Class B1 Notes due 2016, downgraded to A3;
     previously on April 7, 2009 Aa2 and placed under review for
     possible downgrade

  -- USD 30,000,000 Class B2 Notes due 2016, downgraded to A3;
     previously on April 7, 2009 Aa2 and placed under review for
     possible downgrade

  -- EUR36,000,000 Class C Notes due 2016, downgraded to Baa3;
     previously on April 7, 2009 A2 and placed under review for
     possible downgrade

  -- EUR36,000,000 Class D Notes due 2016, downgraded to Ba2;
     previously on April 7, 2009 Baa2 and placed under review for
     possible downgrade

  -- EUR28,000,000 Class E Notes due 2016, downgraded to B2;
     previously on April 7, 2009 Ba1 and placed under review for
     possible downgrade


MELLON GLOBAL: Shareholders' Final Meeting Set for August 7
-----------------------------------------------------------
The shareholders of Mellon Global Opportunity Enhanced Alpha Fund,
Ltd. will hold their final meeting on August 7, 2009, at
9:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


ROCK CAPITAL: Members to Receive Wind-Up Report on August 14
------------------------------------------------------------
The members of Rock Capital (Cayman) Ltd. will hold their final
meeting on August 14, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Andrew David Law
          Montague Sterling Centre
          P.O. Box N-3924, Nassau, The Bahamas


STYX CLO: Shareholders' Final Meeting Set for August 7
------------------------------------------------------
The shareholders of STYX CLO Ltd. will hold their final meeting on
August 7, 2009, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TYC COMPANY: Shareholders' Final Meeting Set for August 7
---------------------------------------------------------
The shareholders of TYC Company Ltd will hold their final meeting
on August 7, 2009, at 8:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


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


ECOPETROL SA: Discloses Terms of International Notes Due 2019
-------------------------------------------------------------
Ecopetrol S.A. has priced US$1.5 billion of unsecured senior debt
under Rule 144A / Regulation S with registration rights due 2019
in the international market, under the terms:

    * Coupon: 7.625%

    * Issue Price: 99.642%

    * Make-Whole to American Treasury Note: 50 basis points

    * Interest Payment Dates: July 23 and January 23 of
      each year, beginning on January 23, 2010

    * Maturity Date: July 23, 2019

    * Denomination and multiples: US$1,000 / US$1,000

The funds will be used for the financing of the Business Plan
2009-2015.

The notes have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable
exemption from registration requirements.

                       About Ecopetrol S.A.

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.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009 , Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


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


PERENCO LIMITED: To Halt Ecuador Oil Output on Tax Fight
--------------------------------------------------------
French oil company Perenco will temporarily halt operations in
Ecuador from July 16 over a fight with the government concerning
taxes, Eduardo Garcia at Reuters reports, citing Latin America
Manager Rodrigo Marquez.  "[The output suspension] is going to be
something temporary because we are going to keep our personnel
there, in the hope that the government backtracks," the report
quoted Mr. Marquez as saying.

According to the report, Ecuadorean Oil Minister Germanico Pinto
called Perenco's decision "illegal, unilateral and arbitrary", and
said the government will take "the necessary measures" to
guarantee the interests of the state.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, Perenco Ecuador Limited and its consortium partner,
Burlington Resources Oriente Limited, disclosed that suspension of
their participation contracts with Ecuador is imminent unless the
Government of Ecuador complies with orders of two international
arbitration tribunals that prohibit the government from seizing
oil produced by the consortium.  Perenco Ecuador is the Operator
of Blocks 7 and 21 in Ecuador.

On February 19, 2009, the Republic of Ecuador and its oil company,
Empresa Estatal Petroleos del Ecuador, commenced a coercive
process to collect from Perenco Ecuador approximately US$327
million they claimed were due under a 2006 Ecuadorian law by which
the Government asserts a right to 99% of the oil revenues above an
arbitrary "reference price."  In March 2009, Petroecuador began
seizing crude oil produced by Perenco Ecuador and Burlington from
Blocks 7 and 21 to satisfy the alleged Law 42 debt.

However, on May 8, 2009, a three member international arbitration
tribunal constituted under the auspices of the International
Centre for the Settlement of Investment Disputes unanimously
ordered that the Republic of Ecuador and Petroecuador were
restrained from "instituting or further pursuing any action" -
including oil seizures -- "to collect from Perenco any payments
[they] claim are owed . . . pursuant to Law 42."  The tribunal
made clear that such orders are "are binding on the party to which
they are directed" and that the parties "are under an
international obligation to comply" with them.  On June 29, 2009,
a different international arbitration tribunal in a separate ICSID
arbitration commenced by Burlington issued a similar provisional
measures order.

Despite the ICSID tribunal orders, Petroecuador carried out three
auctions of the crude oil it has seized from Perenco Ecuador and
Burlington.  No buyers materialized at the first auction held in
May. The second and third auctions were held on July 3 and
July 8.  In the final hour of each of those two recent auctions,
Petroecuador emerged as the sole bidder.  As sole bidder,
Petroecuador purchased from itself approximately 2.5 million
barrels of seized crude at about half the current market price.

                         About Perenco

Perenco –- http://www.perenco.com/–- is an exploration and
production company dedicated to developing oil and natural gas
potential.  Perenco Ecuador Limited is part of a privately held
upstream oil and gas company and is the operator of Blocks 7 and
21 in Ecuador.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, Reuters said Ecuador will freeze the income of
720,000 barrels of oil produced by Perenco after the French oil
company failed to settle EUR350 million in late taxes.  Reuters
noted under Ecuadorean law, the state could temporarily seize
assets or freeze accounts of a company to force payment.


* ECUADOR: Gov't Not Decided About Bilateral Debt, Minister Says
----------------------------------------------------------------
The Ecuador government has not yet decided what will happen with
the country's multilateral and bilateral debt, after the nation
defaulted this year on some of its global bonds, Mercedes Alvaro
at Dow Jones Newswires reports.

According to the report, Minister of Economic Policy Coordination
Diego Borja said that for the moment the government's decision has
been to continue honoring bilateral and multilateral debt,
basically that of the Interamerican Development Bank, the Andean
Development Corp. and the Latin America Reserve Fund.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2009, Dow Jones Newswires said the Ecuadorian government
doesn't plan to stop or renegotiate payments of multilateral and
bilateral debt.  Bloomberg News related Ecuador said it will
review the legitimacy of loans from multilateral lenders and other
governments in the coming months after completing a buyback plan
on US$3.2 billion in defaulted bonds.  Bloomberg News pointed out
that President Rafael Correa said the government must decide how
to treat the debts, which accounted for two-thirds of the US$10
billion the country owed as of December, when it defaulted.

According to DJ Newswires, a government commission, which has
looked into Ecuador's debt, said multilateral lenders like the
Inter-American Development Bank, the World Bank and the
International Monetary Fund have shifted loans in the past,
breaking their rules to use these loans to pay debt and aid
creditors.

According to a TCRLA June 15 report, citing Bloomberg News,
Ecuador bought back 91% of its defaulted bonds due 2012 and 2030
and will re-open its offer to bondholders who didn’t participate.
Dow Jones Newswires related that Ms. Viteri said 8.7% of the 2012
bonds remain in the market, while 7.2% of the 2030 bonds are still
outstanding.  President Rafael Correa, according to DJ Newswires,
said that the government had spent about US$900 million on the
bond buyback and had repurchased about US$2.9 billion worth of the
debt.  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.


                         *     *     *

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-'.


* ECUADOR: Receives US$480 Million FLAR Loan, Ministers Says
------------------------------------------------------------
The government of Ecuador has received a US$480 million loan from
the Latin America Reserve Fund, Mercedes Alvaro at Dow Jones
Newswires reports, citing Diego Borja, minister of economic policy
coordination.  The report relates Mr. Borja said the loan is in
the fiscal accounts.

As reported in the Troubled Company Reporter-Latin America on
July 13, 2009, Dow Jones Newswires said that Ecuador will receive
a loan from FLAR to finance public projects.  The report related
that the loan has a three-year maturity and carries an annual
interest rate of Libor plus four points.  The report said the loan
is part of a package of US$1.5 billion from multilateral lenders
that Ecuador is seeking to cover the fiscal deficit for 2009.

                         *     *     *

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


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


CASH PLUS: PwC Projects Investors May Get 5% Recovery
-----------------------------------------------------
PricewaterhouseCoopers says asset sales could deliver between five
and 16 cents on the dollar to Cash Plus Limited's investors,
Julian Richardson of the Jamaica Observer reports.

According to the report, company's asset sale was made public and
interested parties have until the end of  this week to bid for the
company's assets on sale.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, 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.

The Observer notes that the jury is out on how much investors will
be able to recoup after the company is liquidated, but PwC
estimated that investors stand to gain anywhere between five and
16 cents on the dollar.  The report relates disposal of Cash Plus'
real estate assets is expected to net at least J$200 million.

However, the Observer points out that the realtor is not as
optimistic about the other properties in the advertisement, which
includes:

   * several lots at Mango Walk Manors in Montego Bay;
   * Villa Chelsea, and
   * two lots in Norbrook, St Andrew,
   * over J$10-million worth of Cash Plus motor vehicles,
   * a 2005 Caterpillar Loadall telescopic forklift, and
   * a 2005 Caterpillar Skid Steer Loader (Bobcat).

The report notes that the company has also properties in
Oracabessa -- the Hillshire Hotel and Golden Seas Beach Resort --
which is worth at least US$3 million and US$4 million
respectively.  The report relates the entity is said to have
houses, hotels, vehicles and even ships in other countries that
have yet to be identified.
However, the report notes that there are a few factors some say
have severely eroded the amount that can be recouped by investors
namely the auditor's “exorbitantly” high fees and Cash Plus's
unclaimed deposits of atleast US$15 million, which could be used
to pay lenders.

                         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.


JAMAICA PUBLIC SERVICE: No Decision on Tariff Increase Request
--------------------------------------------------------------
The Office of Utilities Regulation has still not yet made any
decisions on Jamaica Public Service Company Limited's tariff
increase request, RadioJamaica reports.  The report relates the
OUR said it is still reviewing data provided by the power company
as well as oral and written submissions from members of the
public.

According to the report, JPSCO's management has warned that the
company is badly in need of a rate increase in order to provide an
efficient service to the island.  The report relates the company
said the adjustment is of critical importance if the company is to
continue improving and upgrading its systems.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2009, as part of the comprehensive review of the non-
fuel portion of electricity rates application filed by JPSCO with
OUR; JPS asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.  The proposed new tariffs will result in an
increase in the total bill of customers, ranging from 4.3% for a
Tier One (100 kWh/month or less) residential customer to 26.8% for
a Tier 4 (more than 2000 kWh/month) business customer, with an
overall average increase of 22.8% for all customer groups.  New
approved rates will be reflected in July bills.

The tariff review will set base rates for the period 2009-2014.
It is being conducted against the backdrop of JPS’ poor financial
results over the 2004-2009 tariff period, during which the company
made a loss in three of the five years.

                           About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


SUPER PLUS FOOD: Continues Stores Sale to Pay Mounting Bank Debts
-----------------------------------------------------------------
The Wayne Chen-led Super Plus Food Store has sold another
supermarket, Stony Hill Super Plus store, to Oanh Ho, as part of
the firm's efforts to obtain cash to pay mounting bank debts,
Dionne Rose at the Jamaica Gleaner reports. Oanh Ho is the
operator of Joong Supermarket and Wholesale.

According to the report, the latest sell-off has made 30 more jobs
redundant persons on top of several hundred sent home in the wake
of a total 13 stores shuttered and divested in the last three
years.  "What we have been doing is restructuring," the report
quoted Mr. Chen as saying.  The company will continue to offload
assets, Mr. Chen added.

Mr. Chen, as cited by RadioJamica, said that the grocery section
of firm's New Kingston outlet all activities have ceased.  The
report relates sources said the property is valued at some US$5
million (J$445 million).

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica said that Super Plus plans to close
five additional stores, increasing the total number of ceased
operations to 13.  The report related that the firm's move
appears that its financial woes are worsening.  The report said
the company closed its Spanish Town branch, the Trafalgar Road New
Kingston branch, and the Liguanea Branch and will also close four
other branches days making a total of 13 stores closed after the
restructuring.  The report noted Mr. Chen said that at the end of
the restructuring exercise the network of stores will be reduced
to 14.  A TCRLA report on April 15, 2009, citing RadioJamaica,
related that said Super Plus closed its branches in Liguanea, St.
Andrew, New Kingston, and Oasis Centre in Spanish Town, St.
Catherine.  The report said Super Plus' head office at Beverly
Vale has reportedly been sold.

Super Plus is one of Jamaica's largest food chains.


* JAMACIA: Road Project With Bouygues Suspended on Lack of Funds
----------------------------------------------------------------
A joint venture project, on the Mount Rosser St. Ann leg of the
Highway 2000, between the Jamaica government and France-based
Bouygues was suspended because the government is unable to find
the US$13 million or more than J$1 billion needed to continue the
Highway, RadioJamaica reports.  The report relates Bouygues senior
executives are scheduled to arrive in Jamaica for crucial talks
with the government.

According to the report, the project suspension caused the laying
off of more than 300 workers.

Transport Minister Mike Henry told the news agency that that a top
level meeting will be held to discuss a number of issues including
how the remaining construction will be financed.  The country will
be informed on Friday of the outcome of the talks, Mr. Henry
added.

                         *     *     *

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


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


CEMEX SAB: Completes MXN$2.2 Billion Securitization of Accounts
---------------------------------------------------------------
CEMEX, S.A.B. de C.V. has successfully raised MXN$2.2 billion
(approximately US$160 million), through the securitization of
accounts receivables of the Company's CEMEX Mexico and CEMEX
Concretos units.

To fund the transaction, a trust (at HSBC Mexico) issued
receivables-backed bonds maturing on December 29, 2011.  This
transaction does not represent new debt for CEMEX as it is a sale
of receivables on a non-recourse basis.

The bonds were priced at a spread of 250bps over the 28-day TIIE
interbank rate and were assigned an "mxAAA" rating by Standard &
Poor's and "HRAAA" by HR Ratings.  The issuance was oversubscribed
1.3 times.

Proceeds from the securitization of these accounts receivables
will reduce our working capital investment needs.

For this issuance, Ixe Casa de Bolsa served as underwriter and
Finacity Corporation as bond administrator.

The transaction underscores CEMEX's ability to tap long-term
capital markets and the progress it is making as part of the
Company's effort to regain financial flexibility through strategic
initiatives, including:

   -- Divestment of non strategic assets;
   -- Implementation of US$900 million in recurrent cost savings;
   -- Rationalization of capital expenditures; and
   -- Reduction of its total debt, and improvement of its debt
      profile.

                       About Cemex, S.A.B.

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings placed on 'Rating Watch Evolving',
Cemex's ratings, including its 'B' Foreign currency Issuer Default
Rating, and 'B' Local currency IDR.


* MEXICO: Economy to Shrink 7% This Year, UN Agency Says
--------------------------------------------------------
Mexico’s economy will shrink 7% this year as gross domestic
product for all of Latin America declines 1.9%, Sebastian Boyd at
Bloomberg News reports, citing the United Nation’s Economic
Commission for Latin America and the Caribbean.

“Mexico is the biggest concern in the region,” the report quoted
Alicia Barcena, the commission’s executive secretary, as saying.
“It’s an economy that depends very heavily on exports to the U.S.,
it’s one of the countries with the biggest fall in remittances and
it’s also being hit by swine flu.  Recovery for Mexico will be
difficult and highly complicated,” Ms. Barcena added.

According to the report, Ms. Barcena said the effects of swine flu
may knock between 0.3% and 0.5% from Mexican GDP this year.

However, the report points out that the comission said next year
it will be better for the region.  Mexico’s economy may expand
2.5% as Latin America grows 3.1%, the commission added.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2009, Bloomberg News said Mexico's first quarter 2009
gross domestic product fell 8.2% from the same period last year,
as the global financial crisis and the outbreak of swine flu cut
demand.  The report related Mexican Finance Minister
Agustin Carstens said GDP may shrink as much as 5.5% this year.
According to Bloomberg News, Mexico’s economy is reeling from the
effects of the global slump, particularly the recession in the
U.S., and the swine flu out break, which further eroded economic
output.


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


CL FIN'L: Trading of Angostura Holdings' Shares to Resume Soon
--------------------------------------------------------------
Angostura Holdings Limited, a former unit of CL Financial Limited,
is expected to have its shares “on the market soon”, Trinidad and
Tobago Newsday reports, citing CL Financial Group CEO Michael
Carballo.

As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Trinidad and Tobago Newsday said trading of
Angostura Holdings' shares was suspended beginning yesterday, July
13, on the TT Stock Exchange as it was unable to submit its 2008
accounts.  The report related 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 pointed out that
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 said.

                      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.


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


PETROLEOS DE VENEZUELA: Sells Remaining US$1.58Bln Local Bonds
--------------------------------------------------------------
Petroleos de Venezuela has sold the remaining US$1.58 billion of
dollar bonds from a US$3 billion issue it started in the local
market two weeks ago, Daniel Cancel and Steven Bodzin at Bloomberg
News report.  The report relates an unnamed official said the
company completed the sale on Tuesday.

According to the report, the company sold US$1.42 billion of the
zero coupon bonds (Petrobonos) maturing in 2011 on July 6 after
only accepting bids that were above 175% of face value.  The
remaining bonds were sold directly to interested banks and
brokerages at a price of 190 percent of face value, Nelson Corrie,
head trader at Caracas-based Interacciones Casa de Bolsa, told the
news agency in an interview.  Bondholders were told that the bonds
would be registered with Euroclear for international trading by
Aug. 10, Mr. Corrie added.

Bloomberg News says PDVSA is borrowing to help pay debts to
vendors.

As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Reuters said PDVSA 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.  The report
related 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 said
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.

According to a TCRLA report on July 9, 2009, citing Reuters, 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.
                         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
===============


* LATAM: World Bank to Invest US$17 billion in the Region
---------------------------------------------------------
The World Bank plans to invest around US$17 billion in public and
private projects in Latin America and the Caribbean through
June 2010, Economic Times reports, citing Pamela Cox, the World
Bank vice president for the Latin America and the Caribbean.

According to the report, Ms. Cox said that the Bank invested a
similar amount in the region between mid-2008 and mid-2009.

The World Bank, the report notes, estimates that in 2009 the
regional economy will contract by two percent, but forecasts a 2.5
per cent growth for 2010.


* Fitch Lists National Scale Rating Changes for June 2009
---------------------------------------------------------
Fitch Ratings released a comprehensive list of its 78 Latin
America national scale rating changes for the month of June, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Industrias Metalurgicas Pescarmona S.A. (IMPSA) (Argentina)

  -- National long-term rating to 'A(arg)' from 'A-(arg)', Outlook
     Stable.

  -- (Rating action took place on June 3, 2009.)

Fitch has also downgraded these ratings:

Corporacion Interamericana de Entretenimiento (CIE) (Mexico)

  -- National long-term rating to 'BBB(mex)' from 'BBB+(mex)',
     Rating Watch remains Negative;

  -- National short-term rating to 'F3(mex)' from 'F2(mex)';

  -- CIE 05 series 05 national long-term rating to 'BBB(mex)' from
     'BBB+(mex)', Rating Watch remains Negative;

  -- CIE 06 series 06 national long-term rating to 'BBB(mex)' from
     'BBB+(mex)', Rating Watch remains Negative;

  -- CIE 08 series 2008 national long-term rating to 'BBB(mex)'
     from 'BBB+(mex)', Rating Watch remains Negative.

  -- (Rating action took place on June 2, 2009.)

Creyc CREYCB06U_062U (F#599) (Mexico)

  -- CREYCB 06U residential mortgage-backed securitization series
     2006-4 national long-term rating to 'AA-(mex)' from
     'AAA(mex)', Outlook Negative assigned.

  -- CREYCB 06-2U residential mortgage-backed securitization
     series 2006-5 national long-term rating to 'A-(mex)' from
     'A+(mex)', assigned Negative Outlook.

  -- (Removed from Rating Watch Negative on June 3, 2009.)

Creyc CREYCCB06U (F#364) (Mexico)

  -- CREYCCB 06U residential mortgage-backed securitization series
     2006-1 national long-term rating to 'AA+(mex)' from
     'AAA(mex)', assigned Negative Outlook.

  -- (Removed from Rating Watch Negative on June 3, 2009.)

Deutsche Bank DBCB07U_072U_073U (F#314) (Mexico)

  -- DBCB 07U CDO series 2007 national long-term rating to 'AA-
      (mex)' from 'AAA(mex)', assigned Negative Outlook.

  -- DBCB 07U-2U CDO series 2007 national long-term rating to 'AA-
      (mex)' from 'AAA(mex)', assigned Negative Outlook.

  -- (Removed from Rating Watch Negative on June 4, 2009.)

Banco Universal, S.A. y Subsidiarias (Panama)

  -- National long-term rating to 'BB(pan)' from 'BB+(pan)';
     Outlook revised to Negative from Stable.

  -- (Rating action took place on June 17, 2009.)

Promotora de Casas y Edificios, S.A. de C.V. (Mexico)

  -- National short-term rating to 'C(mex)' from 'B(mex)'.

  -- (Rating action took place on June 17, 2009.)

Bazar Avenida S.A. (Argentina)

  -- VCP serie 4 ser 4 national short-term rating to 'C(arg)' from
     'B(arg)'.

  -- (Rating action took place on June 18, 2009.)

Confibono Titulos I (Argentina)

  -- VDFA repackaged debt series national long-term rating to
     'A(arg)' from 'AA-(arg)'; placed on Rating Watch Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XL (Argentina)

  -- VDFA consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative;

  -- VDFB consumer loans series national long-term rating to
     'BBB+(arg)' from 'AA-(arg)', remains on Rating Watch
     Negative;

  -- VDFC consumer loans series national long-term rating to
     'BB+(arg)' from 'BBB+(arg)', removed from Rating Watch
     Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XLI (Argentina)

  -- VDFA consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative;

  -- VDFB consumer loans series national long-term rating to
     'BBB+(arg)' from 'AA-(arg)', remains on Rating Watch
     Negative;

  -- VDFC consumer loans series national long-term rating to
     'BB+(arg)' from 'BBB+(arg)', removed from Rating Watch
     Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XLII (Argentina)

  -- VDFA consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative;

  -- VDFB consumer loans series national long-term rating to
     'BBB+(arg)' from 'AA-(arg)', remains on Rating Watch
     Negative;

  -- VDFC consumer loans series national long-term rating to
     'BB+(arg)' from 'BBB+(arg)', removed from Rating Watch
     Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XXXIX (Argentina)

  -- VDFA consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative;

  -- VDFB consumer loans series national long-term rating to
     'BBB+(arg)' from 'AA-(arg)', remains on Rating Watch
     Negative;

  -- VDFC consumer loans series national long-term rating to
     'BB+(arg)' from 'BBB+(arg)', removed from Rating Watch
     Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XXXV (Argentina)

  -- VDF consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XXXVI (Argentina)

  -- VDF consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XXXVII (Argentina)

  -- VDFA consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative;

  -- VDFB consumer loans series national long-term rating to
     'BBB+(arg)' from 'AA-(arg)', remains on Rating Watch
     Negative.

  -- VDFC consumer loans series national long-term rating to
     'BB+(arg)' from 'BBB+(arg)', removed from Rating Watch
     Negative.

  -- (Rating action took place on June 18, 2009.)

Confibono XXXVIII (Argentina)

  -- VDFA consumer loans series national long-term rating to
     'A(arg)' from 'AAA(arg)', remains on Rating Watch Negative;

  -- VDFB consumer loans series national long-term rating to
     'BBB+(arg) from 'AA-(arg)', remains on Rating Watch Negative;

  -- VDFC consumer loans series national long-term rating to
     'BB+(arg)' from 'BBB+(arg)', removed from Rating Watch
     Negative.

  -- (Rating action took place on June 18, 2009.)

Banco Multisectorial de Inversiones (El Salvador)

  -- National long-term rating to 'AA(slv)' from 'AA+(slv)',
     Outlook Stable.

  -- (Rating action took place on June 23, 2009.)

Union de Credito Ganadero de Tabasco, S.A. de C.V. (Mexico)

  -- National long-term rating to 'B+(mex)' from 'BB-(mex)',
     assigned Negative Outlook.

  -- (Rating action took place on June 23, 2009.)

Caja de Credito Cooperativa La Capital del Plata Limitada
(Argentina)

  -- National short-term rating to 'B(arg)' from 'A3(arg)'.
  -- (Rating action took place on June 25, 2009.)

Investire Acciones (Argentina)

  -- National long-term rating to 'BBB-(arg)' from 'BBB(arg)'.
  -- (Rating action took place on June 29, 2009.)

Fondo de Valores Inmobiliarios (Venezuela)

  -- National long-term rating to 'BBB(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)'.
  -- (Rating action took place on June 30, 2009.)

San Agustin SAGUSCB04 (F#242837) (Mexico)

  -- Commercial mortgage-backed securitization series 2004
     SAGUSCB04 national long-term rating to 'AA-(mex)' from
     'AA(mex)', assigned Negative Outlook.

  -- (Rating action took place on June 30, 2009.)

Fitch has made these Outlook and Rating Watch revisions:

Credito Inmobiliario, S.A. de C.V. (Mexico)

  -- National long-term rating 'BBB+(mex)', assigned Stable
     Outlook;

  -- CINMOBI 07-3 series 2007 national long-term rating
     'BBB+(mex)', assigned Stable Outlook;

  -- National short-term rating 'F2(mex)'.

  -- (Rating action took place on June 1, 2009.)

Municipio de Tlajomulco de Zuniga, Jal. (Mexico)

  -- National long-term rating 'A+(mex)', Outlook revised to
     Stable from Positive.

  -- (Rating actions took place on June 2, 2009.)

Bancomer BACOMCB07 (F#711) (Mexico)

  -- BACOMCB 07 residential mortgage-backed securitization series
     2007 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Bancomer BACOMCB08 (F#725) (Mexico)

  -- BACOMCB 08 residential mortgage-backed securitization series
     2007 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Banorte BNORCB06_062 (F#583) (Mexico)

  -- Residential mortgage -backed securitization series 2006-3
     national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- Residential mortgage-backed securitization series 2006-
     4national long-term rating 'A+(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Fincasa FCASACB06U (F#563) (Mexico)

  -- Residential mortgage-backed securitization series 2006
     national long-term rating 'AAA(mex)', assigned Negative
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

HSBC HSBCCB073_074 (F#685) (Mexico)

  -- Residential mortgage-backed securitization series 2006
     national long-term rating 'A(mex)', assigned Negative
     Outlook;

  -- Residential mortgage-backed securitization series 2007-2
     national long-term rating 'AAA(mex)', assigned Negative
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

HSBC HSBCCB07_072 (F#626) (Mexico)

  -- HSBCCB 07-2 residential mortgage-backed securitization series
     2007 national long-term rating 'A(mex)', assigned Negative
     Outlook;

  -- HSBCCB 07 residential mortgage-backed securitization series
     2007 national long-term rating 'AAA(mex)', assigned Negative
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

HSBC HSBCCB08_082 (F#823) (Mexico)

  -- HSBCCB 08 residential mortgage-backed securitization series
     2008 national long-term rating 'AAA(mex)', assigned Stable
     Outlook;

  -- HSBCCB 08-2 residential mortgage-backed securitization series
     2008 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS04 (F#80371) (Mexico)

  -- CEDEVIS 04 residential mortgage-backed securitization series
     2004-1 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS04U (F#80423) (Mexico)

  -- CEDEVIS 04U residential mortgage-backed securitization series
     2004-2 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS052U (F#80467) (Mexico)

  -- CEDEVIS 05-2U residential mortgage-backed securitization
     series 2005-1 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS063U (F#80496) (Mexico)

  -- CEDEVIS 063U residential mortgage-backed securitization
     series 20061 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS06U (F#80484) (Mexico)

  -- CEDEVIS 06U residential mortgage-backed securitization series
     2006-1 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS073U (F#80523) (Mexico)

  -- CEDEVIS 07-3U residential mortgage-backed securitization
     series 2007-3 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS07U (F#80512) (Mexico)

  -- CEDEVIS 07U residential mortgage-backed securitization series
     2007 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS083U_084U (F#80550) (Mexico)

  -- CEDEVIS 08-3U residential mortgage-backed securitization
     series 2008-2 national long-term rating 'AAA(mex)', assigned
     Stable Outlook;

  -- CEDEVIS 08-4U residential mortgage-backed securitization
     series 2008-2 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS085U_086U (F#80557) (Mexico)

  -- CEDEVIS 08-5U residential mortgage-backed securitization
     series 2008-3 national long-term rating 'AAA(mex)', assigned
     Stable Outlook;

  -- CEDEVIS 08-6U residential mortgage-backed securitization
     series 2008-3 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS087U_088U (F#80561) (Mexico)

  -- CEDEVIS 08-7U residential mortgage-backed securitization
     series 2008 national long-term rating 'AAA(mex)', assigned
     Stable Outlook;

  -- CEDEVIS 08-8U residential mortgage-backed securitization
     series 2008 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS089U_0810U (F#80569) (Mexico)

  -- CEDEVIS 08-9U residential mortgage-backed securitization
     series 2008 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- CEDEVIS 08-10U residential mortgage-backed securitization
     series 2008 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS08U_082U (F#80548) (Mexico)

  -- CEDEVIS 08-U residential mortgage-backed securitization
     series 2008 national long-term rating 'AAA(mex)', assigned
     Stable Outlook;

  -- CEDEVIS 08-2U residential mortgage-backed securitization
     series 2008 national long-term rating 'AAA(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Infonavit CEDEVIS09U (F#80582) (Mexico)

  -- CEDEVIS 09U residential mortgage-backed securitization series
     2009 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Patrimonio PATRICB 07_072 (F#649) (Mexico)

  -- PATRICB 07-2 residential mortgage-backed securitization
     series 2007 national long-term rating 'A(mex)', assigned
     Stable Outlook.

  -- (Rating actions took place on June 3, 2009.)

Scotia SCOTICB08 (F#744) (Mexico)

  -- SCOTICB08 residential mortgage-backed securitization series
     2008 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHCCB07_072_073 (F#247545) (Mexico)

  -- BRHCCB07-3 residential mortgage-backed securitization series
     2007-4 national long-term rating 'A(mex)', assigned Stable
     Outlook;

  -- BRHCCB07 residential mortgage-backed securitization series
     2007-4 national long-term rating 'AAA(mex)', assigned Stable
     Outlook;

  -- BRHCCB07-2 residential mortgage-backed securitization series
     2007-4 national long-term rating 'A(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHCCB084U_085U (F#253936) (Mexico)

  -- BRHCCB08-04 residential mortgage-backed securitization series
     2008 national long-term rating 'AAA(mex)', assigned Stable
     Outlook;

  -- BRHCCB08-05 residential mortgage-backed securitization series
     2008 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHSCCB05U (F#238) (Mexico)

  -- BRHCCB05U residential mortgage-backed securitization series
     2005-1 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHSCCB06 (F#239) (Mexico)

  -- BRHCCB06 residential mortgage-backed securitization series
     2006-1 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHSCCB062_063 (F#400) (Mexico)

  -- BRHCCB06-2 residential mortgage-backed securitization series
     2006-8 national long-term rating 'AAA(mex)', assigned Stable
     Outlook.

  -- BRHCCB06-3 residential mortgage-backed securitization series
     2006-9 national long-term rating 'A(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHSCCB07_072 (F#429) (Mexico)

  -- BRHCCB07 residential mortgage-backed securitization series
     2007-1 national long-term rating 'AAA(mex)', assigned Stable
     Outlook;

  -- BRHCCB07-2 residential mortgage-backed securitization series
     2007-2 national long-term rating 'A(mex)', assigned Stable
     Outlook.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHCCB07U_072U_073U (F#234036) (Mexico)

  -- BRHCCB073U residential mortgage-backed securitization series
     2007-3 national long-term rating 'A(mex)', placed on Rating
     Watch Negative.

  -- (Rating actions took place on June 3, 2009.)

Su Casita BRHCCB08U_082U_083U (F#250295) (Mexico)

  -- BRHCCB083U residential mortgage-backed securitization series
     2008 national long-term rating 'A(mex)', placed on Rating
     Watch Negative;

  -- BRHCCB08U residential mortgage-backed securitization series
     2008 national long-term rating 'AAA(mex)', placed on Rating
     Watch Negative;

  -- BRHCCB082U residential mortgage-backed securitization series
     2008 national long-term rating 'AAA(mex)', placed on Rating
     Watch Negative.

  -- (Rating actions took place on June 3, 2009.)

Compania Financiera Argentina (Argentina)

  -- National long-term rating 'AA(arg)', placed on Rating Watch
     Negative;

  -- Obligaciones Negociables Serie 2 national long-term rating
     'AA(arg)', placed on Rating Watch Negative;

  -- Deposit notes national long-term rating 'AA(arg)', placed on
     Rating Watch Negative.

  -- (Rating actions took place on June 3, 2009.)

Su Casita Trust (Mexico)

  -- Residential mtge-backed securitization series 2007 class B
     national long-term rating 'A+(mex)', assigned Negative
     Outlook.

  -- (Rating actions took place on June 4, 2009.)

Banco Ibi S.A. Banco Multiplo (Brasil)

  -- National long-term rating 'A-(bra)'; placed on Rating Watch
     Positive.

  -- National short-term rating 'F2(bra)'; placed on Rating Watch
     Positive.

  -- (Rating actions took place on June 5, 2009.)

CEMEX, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'BB-(mex)'; Rating Watch revised to
     Evolving from Negative.

  -- National short-term rating 'B(mex)'; Rating Watch revised to
     Evolving from Negative.

  -- (Rating action took place on June 15, 2009.)

Banmedica S.A. (Chile)

  -- National long-term rating 'A+(chl)', Outlook revised to
     Positive from Stable.

  -- Senior unsecured bonds series A (con cargo Linea de Bonos No.
     408) national long-term rating 'A+(chl)', assigned Positive
     Outlook;

  -- Senior unsecured bonds series B (con cargo Linea de Bonos No.
     409) national long-term rating 'A+(chl)', assigned Positive
     Outlook;

  -- Senior unsecured bonds series C (con cargo Linea de Bonos No.
     528) national long-term rating 'A+(chl)', assigned Positive
     Outlook;

  -- Senior unsecured bonds series D (con cargo Linea de Bonos No.
     529) national long-term rating 'A+(chl)', assigned Positive
     Outlook.

  -- (Rating actions took place on June 30, 2009.)

CGE Distribucion S.A. (Chile)

  -- National long-term rating 'AA(chl)', placed on Rating Watch
     Negative;

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'AA(chl)', placed on Rating Watch Negative;

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1+(chl)', placed on Rating Watch Negative;

  -- Senior unsecured bonds series A (con cargo linea de bonos No.
     389) national long-term rating 'AA(chl)', placed on Rating
     Watch Negative;

  -- Senior unsecured bonds series B (con cargo linea de bonos No.
     389) national long-term rating 'AA(chl)', placed on Rating
     Watch Negative.

  -- (Rating actions took place on June 30, 2009.)

CGE Transmision S.A. (Chile)

  -- National long-term rating 'AA(chl)', placed on Rating Watch
     Negative;

  -- Senior unsecured bonds series B (bono No. 352) national long-
     term rating 'AA(chl)', placed on Rating Watch Negative;

  -- Senior unsecured debt issuance programme series 353 national
     long-term rating 'AA(chl)', placed on Rating Watch Negative.

  -- (Rating actions took place on June 30, 2009.)

Compania General de Electricidad S.A. (CGE) (Chile)

  -- National long-term rating 'AA-(chl)', placed on Rating Watch
     Negative;

  -- National short-term rating 'F1+(chl)'; placed on Rating Watch
     Negative.

  -- Senior unsecured bonds series B (bono No. 261) national long-
     term rating 'AA-(chl)', placed on Rating Watch Negative;

  -- Senior unsecured bonds series C national long-term rating
     'AA-(chl)', placed on Rating Watch Negative;

  -- Senior unsecured bonds series D (con cargo linea de bonos No.
     469) national long-term rating 'AA-(chl)', placed on Rating
     Watch Negative;

  -- Senior unsecured bonds series E (con cargo linea de bonos No.
     470) national long-term rating 'AA-(chl)', placed on Rating
     Watch Negative;

  -- Senior unsecured bonds series F (con cargo linea de bonos No.
     469) national long-term rating 'AA-(chl)', placed on Rating
     Watch Negative;

  -- Senior unsecured bonds series G (con cargo linea de bonos No.
     470) national long-term rating 'AA-(chl)', placed on Rating
     Watch Negative;

  -- Senior unsecured bonds series H (con cargo linea de bonos No.
     541) national long-term rating 'AA-(chl)', placed on Rating
     Watch Negative;

  -- Senior unsecured bonds series I (con cargo linea de bonos No.
     542) national long-term rating 'AA-(chl)', placed on Rating
     Watch Negative;

  -- Senior unsecured bonds series J (con cargo linea de bonos No.
     542) national long-term rating 'AA-(chl)', placed on Rating
     Watch Negative.

  -- (Rating actions took place on June 30, 2009.)

Compania Nacional de Fuerza Electrica S.A. (Conafe)(Chile)

  -- National long-term rating 'AA(chl)', placed on Rating Watch
     Negative.

  -- Senior unsecured bonds series C (con cargo linea de bonos No.
     378) national long-term rating 'AA(chl)', placed on Rating
     Watch Negative.

  -- Senior unsecured bonds series D (con cargo linea de bonos No.
     377) national long-term rating 'AA(chl)', placed on Rating
     Watch Negative.

  -- (Rating actions took place on June 30, 2009.)

Empresas EMEL S.A. (Chile)

  -- National long-term rating 'AA(chl)', placed on Rating Watch
     Negative.

  -- Senior unsecured bonds series C (con cargo linea de bonos No.
     466) national long-term rating 'AA(chl)', placed on Rating
     Watch Negative.

  -- Senior unsecured bonds series D (con cargo linea de bonos No.
     465) national long-term rating 'AA(chl)', placed on Rating
     Watch Negative.

  -- (Rating actions took place on June 30, 2009.)

Fitch has affirmed and withdrawn these ratings:

Chrysler Financial Services Venezuela, LLC (Venezuela)

  -- National long-term rating 'CC(ven)';
  -- National short-term rating 'C(mex)';
  -- (Rating action took place on June 1, 2009.)

Credito Real, S.A. de C.V. (Mexico)

  -- CREAL 06 series 2006 national long-term rating 'BBB+(mex)',
     Outlook Stable;

  -- C.B. de C.P. series 2006 national short-term rating
     'F2(mex)'.

  -- (Rating action took place on June 1, 2009.)

Regional Trade (Argentina)

  -- Obligaciones Negociables PyME garantizadas serie IV ser IV
     national long-term rating 'A(arg)';

  -- (Rating action took place on June 2, 2009.)

Hipotecaria Credito y Casa, S.A. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)'.
  -- (Rating action took place on June 3, 2009.)

Agrometal (Argentina)

  -- Acciones ordinarias Categoria 1.
  -- (Rating action took place on June 10, 2009.)

Municipio Los Cabos (Mexico)

  -- National long-term rating 'AA-(mex)'.
  -- (Rating action took place on June 15, 2009.)

Municipio de Apodaca N.L. (Mexico)

  -- National long-term rating 'AA-(mex)'.
  -- (Rating action took place on June 22, 2009.)

Banchile Securitizadora (Chile)

  -- PS 2005-10 auto loans series 2005-10 - ISSUE DETAIL - A
     national long-term rating 'AAA(chl)';

  -- PS 2005-10 auto loans series 2005-10 - ISSUE DETAIL - B
     national long-term rating 'AAA(chl)'.

  -- (Rating action took place on June 26, 2009.)

Banco Promerica (El Salvador)

  -- National long-term rating 'BB(slv)';
  -- National short-term rating 'B(slv)'.
  -- (Rating action took place on June 29, 2009.)

Inversiones Financieras Promerica, S.A. (El Salvador)

  -- National long-term rating 'BB(slv)';
  -- National short-term rating 'B(slv)'.
  -- (Rating action took place on June 29, 2009.)

FFP Ecofuturo S.A. (Bolivia)

  -- National long-term rating 'BBB(bol)', Outlook Stable;

  -- National short-term rating 'F2(bol)';

  -- National long-term local currency rating 'A-(bol)', Outlook
     Stable;

  -- National short-term local currency rating 'F1(bol)'.

  -- (Rating action took place on June 30, 2009.)

FFP Fassil S.A. (Bolivia)

  -- National long-term rating 'BBB(bol)', Outlook Stable;

  -- National short-term rating 'F2(bol)';

  -- National long-term local currency rating 'A-(bol)', Outlook
     Stable;

  -- National short-term local currency rating 'F1(bol)'.

  -- (Rating action took place on June 30, 2009.)

                            ***********

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., Marites O. Claro, Joy  A. Agravente, Valerie C.
Udtuhan, Rousel Elaine C. Tumanda, 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 * * *