TCRLA_Public/090721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, July 21, 2009, Vol. 10, No. 142

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Kroll Hit With Miami Lawsuit on “Gross Negligence”
STANFORD INT'L: SFG Receiver Defends Claim to Insurance Payout
STANFORD INT'L: Prosecutors Request to Delay Owner's Trial
STANFORD INT'L: SFG Receiver Seeks Clawback of Investor Funds


A R G E N T I N A

TERMINAL PUERTO: Seeks Creditor Protection Amid US$100MM Debt
* ARGENTINA: Cordoba Province Plans US$150 Million Debt Sale


B E R M U D A

CERBERUS FERN: Creditors' Proofs of Debt Due on July 27
CERBERUS FERN: Members' Final Meeting Set for August 17
CORPORATE INSURERS: Creditors' Proofs of Debt Due on August 4
CORPORATE INSURERS: Members' General Meeting Set for August 19
INTERNATIONAL DESIGN: Creditors' Proofs of Debt Due on July 31

INTERNATIONAL DESIGN: Member to Hear Wind-Up Report on August 21
PEBERCO LIMITED: Creditors' Proofs of Debt Due on August 17
PEBERCO LIMITED: Member to Receive Wind-Up Report on September 9
PRIME DILMUN: Creditors' Proofs of Debt Due on July 29
PRIME DILMUN: Members' Final Meeting Set for August 18


B R A Z I L

BANCO NACIONAL: Says Govt May Pour BRL43.3BB in Innovations
GENERAL MOTORS: Invests US$1 Billion in Two New Models
GERDAU AMERISTEEL: Plans to Hike Product Prices
GERDAU AMERISTEEL: To Discuss 2Q Financial Results on August 6


C A Y M A N  I S L A N D S

AQR ABSOLUTE: Shareholder to Hear Wind-Up Report on August 7
AQR FINANCIAL: Shareholder to Hear Wind-Up Report on August 7
AQR GAA: Shareholder to Hear Wind-Up Report on August 7
CITY OF LONDON: Members' Final Meeting Set for August 7
ESSEX PARK: Shareholders' Final Meeting Set for August 7

INVESTCORP OPPORTUNISTIC: Shareholders' Meeting Set for Sept. 3
MATRIX RM: Members' Final Meeting Set for July 30
UBS FINANCE: Shareholders' Final Meeting Set for August 7
VEGA FUND: Members' Final Meeting Set for July 7
VEGA FUND: Members' Final Meeting Set for July 29


E C U A D O R

PERENCO CORP: To Close Ecuador Operations


J A M A I C A

DIGICEL LIMITED: Bond Issues Well-Received by Investors
JAMAICA PUBLIC SERVICE: Has Fund to Pay Future Hurricane Costs
SUGAR COMPANY: Eridania Suisse Fund Not Enough, Minister Says


M E X I C O

* MEXICO: Unemployment Rate May Increase to Record on Slump


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Pays US$2.7 Billion to Suppliers
PETROLEOS DE VENEZUELA: Revenues Hit by Declining Prices & Output


X X X X X X X X

CABLE & WIRELESS: Plans More Jobs at Caribbean Operations
NORTEL NETWORKS: To Sell Enterprise Solutions to Avaya for $475MM
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Kroll Hit With Miami Lawsuit on “Gross Negligence”
------------------------------------------------------------------
Risk consulting company Kroll, a unit of Marsh & McLennan
Companies, Inc, is facing a lawsuit alleging gross negligence in a
2007 review it conducted of the business operations of Robert
Allen Stanford, who is accused of orchestrating a multi-billion
Ponzi scheme, Reuters reports.  The lawsuit was filed before U.S.
District Court for the Southern District of Florida in Miami on
May 21.

According to the report, the complaint alleges Electri
International, a Bethesda, Maryland-based foundation for
electrical contractors, lost a multimillion-dollar investment in
the CDs of Stanford International Bank after retaining Kroll to
evaluate the soundness of the bank and being given "a green light
to invest" Knoll's Miami office.  "As a direct and proximate
result of Defendant Kroll's gross negligence and breach of
contract, Electri lost the entire principal amount it had
invested, plus the interest it had earned through the date it
received Defendant Kroll's Final Report, for a total of
US$6,363,455.72," the suit said, the report relates.

Reuters notes that Electri's contract with Kroll was signed by Tom
Cash, Kroll's executive managing director for business
intelligence and investigations in Latin America and the
Caribbean.  The report relates the complaint said Mr. Cash was
hired as a U.S. consultant of Mr. Stanford in the late 1990s,
shortly before the U.S. Treasury Department issued a 1999 advisory
warning U.S. banks to scrutinize transactions involving Antigua
due to corrupt practices or lax regulation of offshore banks.
Kroll spokesman Richard Myers, the report notes, said that the
company had been paid US$15,000 by Electri "to perform limited due
diligence" in connection with an investment in SIB that Electri
had made several years earlier.  "Kroll's report back to Electri
made clear that, given the nature of the bank and the fact that it
is less stringently regulated, it is inherently a greater risk,"
the report quoted Mr. Myers as saying.

                   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: SFG Receiver Defends Claim to Insurance Payout
--------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
said that the insurance policy of directors and officers should be
reserved for his use in defending the Stanford companies against
claims from defrauded investors rather than given exclusively to
Stanford executives to pay lawyers in their personal defenses,
Andrew M Harris and Laurel Brubaker Calkins at Bloomberg News
report.  The report relates Lloyd’s of London policy is worth at
least US$50 million.

“This is an extremely valuable asset of the receivership estate
whose value will decline with every dollar paid,” Mr. Janvey told
Dallas U.S. District Court Judge David Godbey in a filing obtained
by the news agency.

As reported in the Troubled Company Reporter-Latin America on
July 9, 2009, Bloomberg News said Mr. Stanford told Judge Godbey
that the criminal cases against him "should be thrown out" if he
doesn't get access to his to money to pay his lawyers.  Judge
Godbey has frozen Mr. Stanford's assets at the request of the U.S.
Securities and Exchange Commission.  The report related that
Mr. Stanford said the court-ordered freeze on his assets prevents
him from mounting a defense to the lawsuits filed against him.
"Throughout the duration of this case, the government has
repeatedly sought to deprive Mr. Stanford of his ability to obtain
any funds to defend himself," attorneys for Mr. Stanford said in
the 18-page submission obtained by the news agency.  Bloomberg
News recalled Judge Godbey, in a July 1 ruling, denied Mr.
Stanford's request for access to his funds to pay lawyers' fees,
saying the financier hadn't complied with an earlier order to
provide an accounting of his personal assets.

                   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: Prosecutors Request to Delay Owner's Trial
----------------------------------------------------------
Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg News
report that U.S. prosecutors in Robert Allen Stanford's case
requested to delay the lawsuit against Mr. Stanford while a
parallel criminal investigation proceeds.

According to the report, the federal prosecutors seek to delay the
discovery process -- the exchange of evidence before trial of a
lawsuit -- to protect evidence in a related prosecution.  “The
U.S. is entitled to intervene in this action for the purpose of
protecting against the premature discovery of information that is
the subject of the criminal prosecution,” the government said in a
filing obtained by the news agency.

The report relates Mr. Standford's lawyer, Dick DeGuerin, said,
“They don’t want us to get discovery in the civil case, which is
far more liberal than what’s available in a criminal case.  “We
could have taken depositions in the civil case,” Mr. DeGuerin
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: SFG Receiver Seeks Clawback of Investor Funds
-------------------------------------------------------------
Stanford Financial Group court-appointed receiver Ralph Janvey has
sued five investors seeking the return of millions of dollars from
some of Robert Allen Stanford's investors, Laurel Brubaker Calkins
and Andrew M. Harris of Bloomberg News reports.  The report
relates Mr. Janvey filed papers in federal court in Dallas that
seeks to recover more than US$3 million in proceeds he says they
received from certificates of deposit purchased from Antigua-based
Stanford International Bank.

“In fraud cases such as this, where investors’ funds are
commingled, all defrauded persons are similarly situated with
respect to those who perpetrated the scheme and are to be
treated equally with respect to the ultimate distribution” of
any money recovered from Stanford’s estate, the report quoted Mr.
Janvey’s lawyer Kevin Sadler as saying.

“Allowing some innocent investors,” such as the five being sued in
this clawback action, “to keep proceeds from the fraudulent scheme
when other investors received none, would violate this principle,”
Mr. Sadler 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).


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


TERMINAL PUERTO: Seeks Creditor Protection Amid US$100MM Debt
-------------------------------------------------------------
Terminal Puerto Rosario SA filed for protection from creditors on
July 20, Carlos Caminada at Bloomberg News says, citing Punto Biz
newsletter.

Punto Biz, according to Bloomberg, said TPR is struggling with
about US$100 million of debt.

Terminal Puerto Rosario operates one of Argentina’s largest ports
in the city of Rosario, according to Bloomberg.  Rosario is
located next to the Parana River in Santa Fe province, about 190
miles northwest of Buenos Aires.  Santa Fe produces about 30
percent of Argentina’s soybeans.


* ARGENTINA: Cordoba Province Plans US$150 Million Debt Sale
------------------------------------------------------------
Argentina’s Cordoba province plans to sell US$150 million worth of
dollar-linked bonds in the local market early next month, Drew
Benson at Bloomberg News reports, citing an unnamed source.

That source told Bloomberg the 12% bonds due in 2017 will be
denominated in pesos and payments will be made in pesos based on
the current exchange rate.

According to the report, the province is seeking regulatory
approval for the sale from the Buenos Aires Stock Exchange and
plans to pitch the bonds to investors in Buenos Aires next week.

The source said Banco de la Provincia de Cordoba is arranging the
sale, Bloomberg News adds.

                           *     *     *

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

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


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


CERBERUS FERN: Creditors' Proofs of Debt Due on July 27
-------------------------------------------------------
The creditors of Cerberus Fern Holdings IV Ltd. are required to
file their proofs of debt by July 27, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

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


CERBERUS FERN: Members' Final Meeting Set for August 17
-------------------------------------------------------
The members of Cerberus Fern Holdings IV Ltd. will hold their
final general meeting on August 17, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

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


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

The company commenced wind-up proceedings on July 13, 2009.

The company's liquidator is:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


CORPORATE INSURERS: Members' General Meeting Set for August 19
--------------------------------------------------------------
The members of Corporate Insurers Limited will hold their general
meeting on August 19, 2009, at 9:00 a.m., at Canon's Court, 22
Victoria Street, in Hamilton, Bermuda.

At the meeting, the members will be asked to:

   * approve and adopt the account laid before them showing the
     manner in which the winding-up of the company has been
     conducted and its property disposed of;

   * hear any explanation that may be given by the liquidator; and

   * dissolve the company.


INTERNATIONAL DESIGN: Creditors' Proofs of Debt Due on July 31
--------------------------------------------------------------
The creditors of International Design Group 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 July 15, 2008.

The company's liquidator is:

          Nigel J.S. Chatterjee
          PricewaterhouseCoopers Advisory Limited
          Dorchester House, 7 Church Street
          Hamilton, Bermuda


INTERNATIONAL DESIGN: Member to Hear Wind-Up Report on August 21
----------------------------------------------------------------
The member of International Design Group Ltd. will receive on
August 21, 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 15, 2008.

The company's liquidator is:

          Nigel J.S. Chatterjee
          PricewaterhouseCoopers Advisory Limited
          Dorchester House, 7 Church Street
          Hamilton, Bermuda


PEBERCO LIMITED: Creditors' Proofs of Debt Due on August 17
-----------------------------------------------------------
The creditors of Peberco Limited are required to file their proofs
of debt by August 17, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

         Philippe Jordan
         Samson Belair/Deloitte & Touche Inc
         1 Place Ville Marie, Bureau 3000
         Montreal, QC H3B 4T9
         Canada


PEBERCO LIMITED: Member to Receive Wind-Up Report on September 9
----------------------------------------------------------------
The member of Peberco Limited will receive on September 9, 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 9, 2009.

The company's liquidator is:

         Philippe Jordan
         Samson Belair/Deloitte & Touche Inc
         1 Place Ville Marie, Bureau 3000
         Montreal, QC H3B 4T9
         Canada


PRIME DILMUN: Creditors' Proofs of Debt Due on July 29
------------------------------------------------------
The creditors of Prime Dilmun Management Limited are required to
file their proofs of debt by July 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

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


PRIME DILMUN: Members' Final Meeting Set for August 18
------------------------------------------------------
The members of Prime Dilmun Management Limited will hold their
final general meeting on August 18, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

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


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


BANCO NACIONAL: Says Govt May Pour BRL43.3BB in Innovations
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA President,
Luciano Coutinho, said Brazil's investment in innovation is likely
to reach 1.5% or 1.6% of gross domestic product next year, John
Kolodziejski of Dow Jones Newswires reports.  The report relates
BNDES said 1.5% of GDP is the equivalent of BRL43.3 billion
(US$22.7 billion).

According to the report, Mr. Coutinho said that in recent years,
Brazil had been spending between 1.1% and 1.3% of GDP in
supporting scientific research and development, however, the
global financial crisis interrupted Brazil's innovation investment
plans last year.

Mr. Coutinho, the report notes, said that investment in innovation
would increase on the back of a return to growth in Brazil's GDP
this year.  "We expect (GDP) growth of between 3.5% and 4% in the
second half of this year, and 4.5% in 2010," the report quoted
Mr. Coutinho as saying.

Dow Jones Newswirews says Mr. Coutinho said that BNDES would offer
incentives for software, hardware and telecoms development and
hoped to attract foreign investors in these areas.  Foreign
companies also could access BNDES innovation funds as Brazil's
constitution doesn't discriminate against foreign capital, Mr.
Coutinho added.

                           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


GENERAL MOTORS: Invests US$1 Billion in Two New Models
------------------------------------------------------
General Motors do Brasil Ltda, a Brazil unit of General Motors
Corp., will invest US$1 billion to develop two new car models -- a
new small car and one medium-sized -- to be developed at the
Gravatai plant in and are expected to be in production by 2012,
Mercopress reports, citing GM Brazil and Mercosur Operations
President Jaime Ardila.  The report relates Mr. Ardila said about
50% of the money will come directly from GM Brazil while the rest
will be borrowed.

According to the report, the new cars would be sold in Brazil and
other Mercosur countries, and GM Brazil might later export them to
other nations, such as South Africa.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, Dow Jones Newswires said General Motors do Brasil
is in talks with two government banks -- Banco Regional de
Desenvolvimento Economico and Banco Nacional de Desenvolvimento
Economico e Social SA -- to finish off its planned three-year,
US$2.5 billion investment strategy.  The report related the
company said it signed on to a roughly US$172 million loan with
state-run Rio Grande do Sul Development Bank, and revealed another
US$1 billion investment on July 15, which completes the planned
investment.

Dow Jones Newswires points out that almost half of the capital
needs have come from the local unit and none of the financing is
coming from U.S. corporate headquarters or private lenders.  “The
Brazilian subsidiary is financially independent from the troubled
Detroit auto maker and hasn't tapped corporate headquarters for
cash in more than three years," the news agency quoted Mr. Ardilla
as saying.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had US$82.2
billion in total assets and US$172.8 billion in total liabilities,
resulting in US$90.5 billion in stockholders' deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GERDAU AMERISTEEL: Plans to Hike Product Prices
-----------------------------------------------
Gerdau Ameristeel Corporation plans to adjust pricing for most of
its products by US$44 per tonne from August 1, 2009, due to the
challenging business conditions, Steel Guru News reports.

According to the report, the company notified its customers of the
coming hikes in letters sent out.   The report relates these
increases do not reflect the full impact of rising raw material
costs.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


GERDAU AMERISTEEL: To Discuss 2Q Financial Results on August 6
--------------------------------------------------------------
Gerdau Ameristeel Corporation will host a conference call to
discuss its 2009 second quarter financial results for the three-
month period ending June 30, 2009 on Thursday, August 6, 2009 at
3:00 p.m., Eastern Time.

Dial-in Number: 416-644-3433 or 1-800-814-4861
Reference Number: 21311215 followed by the number sign
Live Webcast: http://www.gerdauameristeel.com.

The company said that participants will have connect to this
website at least 15 minutes prior to the conference call to ensure
adequate time for any software download that may be needed to hear
the webcast.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


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


AQR ABSOLUTE: Shareholder to Hear Wind-Up Report on August 7
------------------------------------------------------------
The shareholder of AQR Absolute Return Offshore Fund (USD) II Ltd.
will receive on August 7, 2009, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Martina de Lima
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


AQR FINANCIAL: Shareholder to Hear Wind-Up Report on August 7
-------------------------------------------------------------
The shareholder of AQR Financial Futures Offshore Fund (USD) III
Ltd. will receive on August 7, 2009, at 9:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          Martina de Lima
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


AQR GAA: Shareholder to Hear Wind-Up Report on August 7
-------------------------------------------------------
The shareholder of AQR GAA Global Total Return Offshore Fund Ltd.
will receive on August 7, 2009, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Martina de Lima
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


CITY OF LONDON: Members' Final Meeting Set for August 7
-------------------------------------------------------
The members of City of London Investment Management Cayman SPC
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:

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


ESSEX PARK: Shareholders' Final Meeting Set for August 7
--------------------------------------------------------
The shareholders of Essex Park CDO 2007 Ltd. will hold their final
meeting on August 7, 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:

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


INVESTCORP OPPORTUNISTIC: Shareholders' Meeting Set for Sept. 3
---------------------------------------------------------------
The shareholders of Investcorp Opportunistic Investments Onshore
Fund Limited will hold their final meeting on September 3, 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:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


MATRIX RM: Members' Final Meeting Set for July 30
-------------------------------------------------
The members of Matrix RM Fund will hold their final meeting on
July 30, 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:

         Geoffrey Varga
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         PO Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 623 0007


UBS FINANCE: Shareholders' Final Meeting Set for August 7
---------------------------------------------------------
The shareholders of UBS Finance (Cayman Islands) 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:

          Darren Stainrod
          c/o UBS Fund Services (Cayman) Ltd.
          UBS House, 227 Elgin Avenue
          P.O. Box 852, Grand Cayman KY1-1103
          Cayman Islands


VEGA FUND: Members' Final Meeting Set for July 7
------------------------------------------------
The members of Vega Fund Financing SPV I Ltd will hold their final
meeting on July 7, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Trudy-Ann Baines, Deloitte & Touche
         P.O. Box 1787GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 814-2294
         Facsimile: (345) 949-8258


VEGA FUND: Members' Final Meeting Set for July 29
-------------------------------------------------
The members of Vega Fund Financing SPV II Ltd will hold their
final meeting on July 29, 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:

         Stuart Sybersma
         c/o Trudy-Ann Baines, Deloitte & Touche
         P.O. Box 1787GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 814-2294
         Facsimile: (345) 949-8258


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


PERENCO CORP: To Close Ecuador Operations
-----------------------------------------
French oil company Perenco said it will abandon its facilities in
Ecuador amid a dispute with the country's government over alleged
tax arrears, Agence France-Presse News reports, citing company
officials.

"Perenco has severed relations with the workers," the report
quoted Wilson Pastor, manager of Petroamazonas, a subsidiary of
Ecuador's state-owned oil company which will take over crude
production, as saying.  "Perenco is seeking to unilaterally
terminate its contract" to extract oil,” Mr. Pastor added.

According to the report, citing terms of a contract between the
company and Ecuador's government, Perenco Ecuador Limited's
operations will automatically be dissolved if operations are
suspended for thirty consecutive days.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Dow Jones Newswires said Perenco Corp. will start
legal and administrative steps to terminate around 200 workers in
its Ecuador unit Perenco Ecuador. "During the current situation in
which there is a confiscation without compensation, we don't have
any other option but to terminate our employees, and we will start
that process," Rodrigo Marquez, Latin American regional manager
for the Perenco Group, told the news agency in a telephone
interview.  According to the report, Mr. Marquez said the company
is communicating this decision to the government and will continue
with the arbitration process against Ecuador at the International
Center for the Settlement of Investment Disputes, ICSID.  "Now the
claim will also have added to it this confiscation of our assets,"
the report quoted Mr. Marquez as saying.  The report related the
current claim at ICSID is for about US$400 million.

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.

                         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.


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


DIGICEL LIMITED: Bond Issues Well-Received by Investors
-------------------------------------------------------
Digicel Limited's bond issues were heavily over-subscribed, with
the proceeds to be used for general corporate purposes, including
debt service and acquisitions, and to increase the company's
overall liquidity position, Keith Collister at the Jamaica
Observer reports.

As reported in thte Troubled Company Reporter-Latin America on
July 10, 2009, Digicel Limited has completed a US$160 million
corporate bond offering, which is a reopening of the US$350
million of 12% senior notes due 2014 that were sold in March 2009.
A further US$90 million of the existing 2014 bonds held by
Denis O'Brien, were also successfully placed as part of the
transaction.  The offering was led by Credit Suisse, with Citi and
J.P. Morgan acting as joint book-runners on the deal.

According to the Observer, the bonds, which were priced at 99.5 at
the offer, have risen sharply over the past week. According to
Oppenheimer, they are now trading at an offer price of 104, or a
yield to maturity of just under 10.9 per cent, the lower yield
being due to the rise in bond price.  The report relates the sixty
individual accounts that invested in the new offer included US
high yield investors, as well as dedicated emerging markets
investors, many of the latter based in Europe.

                         About Digicel

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.  Digicel finished FY2005 with
1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million
and US$155 million, respectively.

                          *     *     *

As of July 9, the company continues to carry these low ratings
from Moody's Investors Service:

   -- B2 LT Corp Family rating
   -- Caa1 senior unsecured debt
   -- Ba2 probability of default


JAMAICA PUBLIC SERVICE: Has Fund to Pay Future Hurricane Costs
--------------------------------------------------------------
Jamaica Public Service Company Limited's surcharge in its
electricity bills to pay for the damage it suffered from Hurricane
Ivan in 2004 will come to an end this month, Mark Titus at Jamaica
Gleaner reports.  The report relates future hurricane losses are
expected to be met from the company's self-insurance fund, which
is now said to be capitalized at around US$9 million (more than
J$800 million).

The report recalls the Office of Utilities Regulation (OUR)
authorized JPSCO to recover the cost of damage caused by Ivan
through a charge of about seven cents per kwh for residential
clients, applied to customers' bills between 2007 and 2009.

According to the Observer, the fund, which JPSCO officials
confirmed to be in the region of US$9 million, and growing by
about US$5 million per year, was utilized to cover damage caused
by other storms, including Hurricane Dean.

                          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.


SUGAR COMPANY: Eridania Suisse Fund Not Enough, Minister Says
-------------------------------------------------------------
Italian firm Eridania Suisse's US$15 million provision for the
Jamaica government as part of a deal to carry on production
activities at Sugar Company Jamaica is a stand alone deal and
would not compromise negotiations for SCJ's sale, RadioJamaica
reports.  Eridania Suiss is one of the bidders for SCJ's three
remaining sugar estates.

According to the report, Opposition Spokesman on Agriculture Roger
Clarke says he is uncomfortable with the arrangement.  "It is
going to be difficult for them to produce much sugar this year
because a large number of the estates have almost been abandoned
and it hardly matters to apply fertilizers at this late stage as
some of the fields have been overgrown.  It's going to be
difficult to make any meaningful improvement with that amount of
money," said the report quoted Mr. Clarke as saying.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Caribbean Net News said the Jamaica government has
negotiated an interim funding with Eridania Suisse to ensure the
continued operation of Sugar Company of Jamaica's three sugar
estates -- Frome in Westmoreland, Monymusk in Clarendon, and
Bernard Lodge in St Catherine, Catibbean Net News reports.  The
report related the money will be used to undertake field
maintenance work on the three estates, as well as preparatory
works for the Frome and Monymusk factories.  According to the
report, Agriculture and Fisheries Minister Christopher Tufton said
the Cabinet has approved the arrangement, which should
“effectively ensure” the factories’ sugar production output for
the 2009/10 crop year, while the process of divestment continues.

Caribbean Net News noted Eridania and Energen Development Limited
are the two short-listed entities with which the administration is
pursuing negotiations toward the sale of the factories and
Petrojam Ethanol Limited (PEL).

Catibbean Net News said that Mr. Tufton advised that the fund will
be used to undertake the necessary preparatory and field
maintenance work at the properties for the upcoming crop year,
inclusive of fertilization of the fields and installing the
appropriate irrigation infrastructure.  Mr. Tufton, the report
related, said that, in return, the government will supply Eridania
with some 79,000 tonnes of raw sugar for the 2009/10 crop year.
Regarding the sale of the remaining estates Eridania will share,
on a 50 to 50 basis with the government, any profit made on the
final sale price, less agreed cost, Mr. Tufton added.

                         About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 9, 2009, the Jamaica Gleaner said Agriculture Minister
Christopher Tufton said that if a new deal is not inked soon, the
public will be called on again to plug a projected US$4.2 billion
hole, representing a US$2 billion operational loss, and bank
penalties, apparently from continuous hefty overdrafts, incurred
by the SCJ's four factories during the 2008/2009 season.
According to the Gleaner, the enterprise has a US$21-billion debt
and losses totaling more than US$14 billion since 2005.


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


* MEXICO: Unemployment Rate May Increase to Record on Slump
-----------------------------------------------------------
Hugh Collins and Valerie Rota at Bloomberg News report that
Mexican unemployment rate would probably rise to a record in June
and economists predict the recession in the country's economy may
fuel more job losses through the middle of next year.

“We should expect more layoffs in the following months and
definitely no new hiring,” Miguel Maron Manzur, president of the
National Manufacturing Industry Chamber, told the news agency in
an interview.  A recovery in the labor market “will depend on when
the U.S. economy starts driving forward Mexican exports,” Mr.
Manzur added.

The national statistics agency may say July 22 that joblessness
rose to 5.6% in June, according to the median estimate of seven
economists surveyed by Bloomberg.

The report relates Mexico Chief Economist at UBS AG Gabriel
Casillas said unemployment may climb to 6% by December.  Mr.
Casillas, the report relates, predicts Mexico’s gross domestic
product will shrink 7% this year leading to more joblessness.

Bloomberg News notes Jonathan Heath, chief Latin American
economist with HSBC Holdings Plc in Mexico City, said declines in
the manufacturing sector are causing layoffs in the rest of the
economy.

Formal jobs registered with Mexico’s social security system
declined by 268,791 in the first six months of this year, the
report says.  “We would expect stronger drops in employment in the
coming months,” Citigroup economist Arturo Vieyro wrote in a
research note obtained by the news agency.  “The impact of the
recession on employment will last until the middle of 2010,” Mr.
Vieyro 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.


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


PETROLEOS DE VENEZUELA: Pays US$2.7 Billion to Suppliers
--------------------------------------------------------
Petroleos de Venezuela has paid almost all of its outstanding
debts to suppliers after making recent payments of US$2.7 billion,
Dan Molinski at Dow Jones Newswires reports, citing Minister
Rafael Ramirez.  The report related Reuters reported that Mr.
Ramirez said that officials at PDVSA said 4,250 suppliers have
been paid so far, leaving an unpaid balance of US$536 million.

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'


PETROLEOS DE VENEZUELA: Revenues Hit by Declining Prices & Output
-----------------------------------------------------------------
Venezuela Minister of Energy and Petroleum Rafael Ramirez warned
against the combined effect of the global economic crisis on the
industry and, consequently, on the Venezuela: a decline in oil
revenues due to lower prices and to output cuts under the
Organization of the Petroleum Exporting Countries, Deisy Buitrago
of EL Universal News reports.

According to the report, citing data from the Ministry of Energy,
prices rebounded in January, after the OPEC cut came into force,
with a monthly average increase of US$2.  The report relates the
upward trend, however, has not been consistent throughout the
year, amidst concerns about the global economy.

El Universal notes that in July, the monthly average price of the
Venezuelan oil basket declined US$5.81 to US$57.38 per barrel from
US$63.19 per barrel in June, a 9.19% fall.

State-owned Petroleos de Venezuela, the report says, has not
officially disclosed the changes approved in its budget this year
after government officials cut several items in March.  The
holding only announced that it cut the 2009 costs and spending
budget by US$17 billion to US$60 billion, the report adds.

                          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
===============


CABLE & WIRELESS: Plans More Jobs at Caribbean Operations
---------------------------------------------------------
Cable and Wireless Plc said it plans more cuts in its Caribbean
operations as a result of a slowdown in business, due to the
global economic crisis, The Jamaica Gleaner reports.

According to the report, the company said fixed-line minutes in
the Caribbean fell 9% in the first quarter this year, while
average revenue per customer at the mobile business declined by
eight per cent.  "In the face of this, we are accelerating and
stepping up our cost-reduction programs," the company was quoted
by the report as saying.

The Caribbean businesses now operate under the trading name LIME.

The company, the report notes, said the slowdown in the Caribbean
is "intensifying", adding that the mobile business is also
suffering from increased competition.

                     About Cable & Wireless

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

                          *     *     *

Cable & Wireless plc continues to carry a 'Ba3' long-term
corporate family rating from Moody's Investors Service with stable
outlook.


NORTEL NETWORKS: To Sell Enterprise Solutions to Avaya for $475MM
-----------------------------------------------------------------
Nortel(1) Networks Corporation said the Company, its principal
operating subsidiary Nortel Networks Limited and certain of its
other subsidiaries, including Nortel Networks Inc. and Nortel
Networks UK Limited, have entered into:

   -- a "stalking horse" asset and share sale agreement with Avaya
      Inc. for its North American, Caribbean and Latin America and
      Asia Enterprise Solutions business; and

   -- an asset sale agreement with Avaya for the Europe, Middle
      East and Africa portion of its Enterprise Solutions
      business,

for a purchase price of US$475 million.

The agreements include the planned sale of substantially all of
the assets of the Enterprise Solutions business globally as well
as the shares of Nortel Government Solutions Incorporated and
DiamondWare, Ltd.

Commenting on the announcement, Nortel President and Chief
Executive Officer, Mike Zafirovski said: "We continue to be fully
focused on running our operations and continuing to serve our
customers while actively engaged in the sale of our businesses.
We have determined that the sale of our businesses maximizes value
while preserving innovation platforms, customer relationships and
jobs to the greatest extent possible. The CDMA and LTE Access
stalking horse asset sale agreement announced on June 19th, and
[the] agreements around our Enterprise business are solid proof of
that value.  This represents the best path forward, and we are
advancing in our discussions with interested parties for our other
businesses."

"The many customers I have spoken with have been highly supportive
of our efforts and transparency throughout this process. They
value our employees and technology platforms and are appreciative
of our service levels which are at multi-year highs."

"[The] agreements underscore the value of Enterprise Solutions and
the investments we have made in enterprise telephony, unified
communications and data networking core competencies.  If
successfully completed, this transaction will provide clarity on
the path forward for our Enterprise customers, partners and
employees, and enable the industry to continue to benefit from
Nortel-created technology, know-how and leading-edge innovation."

"We have some of the best talent in the industry and will explore
all potential opportunities for them as we move through this
process."

In EMEA any impact on the Enterprise Solutions workforce in
connection with this proposed transaction will be considered as
part of any required information and consultation process with
employee representatives or employees.

Joel Hackney, President, Enterprise Solutions added: "The
successful buyer will gain access to an industry-leading portfolio
that is optimized for real-time communications, bringing speed and
simplicity to customers' network environments and allowing them to
enhance collaboration, streamline business processes and improve
productivity."

Mr. Hackney continued: "Enterprise Solutions has strong
relationships with key customers and partners around the world,
and we have helped them achieve industry-leading differentiation
and competitive advantages.  We remain committed to serving them
without interruption through this process and, as we move forward,
we pledge to communicate our progress to the greatest extent
possible."

Chuck Saffell, Chief Executive Officer of Nortel Government
Solutions, said: "Nortel Government Solutions has built a robust
product and services business for U.S. Federal government
customers. If successfully concluded, this agreement will offer
Avaya the opportunity to continue to grow this business and bring
further value to customers."

"The addition of Nortel Enterprise Solutions will increase Avaya's
global scale, expand our channel partner network, and strengthen
our world-class portfolio of products and services," said Kevin
Kennedy, president and CEO, Avaya. "This is a strategic
opportunity to acquire talent and complementary assets that
position the combined company for growth and success. We are
committed to protecting the communications investments of the
customers of Avaya and Nortel, and to effectively executing the
integration of Nortel Enterprise Solutions and Avaya."

"As the largest reseller of Avaya and Nortel equipment to Canadian
business, Bell believes Avaya's history of leadership in
enterprise communications makes it an ideal candidate for this
proposed transaction," said Stephane Boisvert, President of Bell
Business Markets.  "Bell was the first major service provider to
standardize on both Avaya and Nortel IP telephony solutions, and
we are confident Avaya will continue to provide partners and
customers with innovative business communications technologies and
responsive customer support going forward."

"Avaya's proposed acquisition of Nortel Enterprise Solutions is
good news for our customers, who would benefit from the broadened
range of compelling solutions," said Hanif Lalani, CEO, BT Global
Services. "BT and Avaya have been working closely, and
successfully, over the last couple of years. Building on our
success, BT has plans to expand this engagement with Avaya over
the next year to offer a full unified communications portfolio.
Today's news strengthens this expansion plan."

                      Details of Sale Process

Nortel will file the stalking horse asset and share sale agreement
with the United States Bankruptcy Court for the District of
Delaware along with a motion seeking the establishment of bidding
procedures for an auction that allows other qualified bidders to
submit higher or otherwise better offers, as required under
Section 363 of the U.S. Bankruptcy Code.  A similar motion for the
approval of the bidding procedures will be filed with the Ontario
Superior Court of Justice.  Following completion of the bidding
process, final approval of the U.S. and Canadian courts will be
required.

In relation to the EMEA entities to which they are appointed, the
UK Joint Administrators have the authority, without further court
approval, to enter into the EMEA asset sale agreement on behalf of
those relevant Nortel entities.  In some EMEA jurisdictions, this
transaction is subject to information and consultation with
employee representatives prior to finalization of the terms of
sale.

In addition to the processes and approvals, consummation of the
transaction is subject to the satisfaction of regulatory and other
conditions and the receipt of various approvals, including
governmental approvals in Canada and the United States and the
approval of the courts in France and Israel.  The stalking horse
asset and share sale agreement and the EMEA asset sale agreement
are also subject to purchase price adjustments under certain
circumstances.

                  Share Value; Certain Potential
                 Tax Consequences of TSX Delisting

Nortel does not expect that the Company's common shareholders or
the NNL preferred shareholders will receive any value from the
creditor protection proceedings and expects that the proceedings
will result in the cancellation of these equity interests.  The
Company and NNL applied to delist their shares from trading on the
Toronto Stock Exchange and delisting occurred on June 26, 2009, at
the close of trading.

As a result of the TSX delisting, certain sellers of Nortel shares
who are not residents of Canada for purposes of the Income Tax Act
(Canada) may be liable for Canadian tax and may be subject to tax
filing requirements in Canada as a result of the sale of such
shares after June 26, 2009.  Also, purchasers of Nortel shares
from non-residents may have an obligation to remit 25% of the
purchase price to the Canada Revenue Agency.  Parties to sales of
Nortel shares involving a non-resident seller should consult their
tax advisors or the Canada Revenue Agency.

                            About Avaya

Avaya -- http://www.avaya.com/-- provides unified communications,
contact centers, and related services directly and through its
channel partners to leading businesses and organizations around
the world.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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

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

ARGENTINA

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


BRAZIL

TELEBRAS-ADR       RTB US            185536520.68     -1054841.44
TECEL S JOSE       SJOS3 BZ           17924946.14    -18569451.23
TELEBRAS-PF RCPT   CBRZF US          185536520.68     -1054841.44
DOCAS SA-PREF      DOCAPN BZ          88417960.92    -18059127.86
CIMOB PART-PREF    GAFPN BZ           36817394.78    -33083086.54
SCHLOSSER-PREF     SCLO4 BZ           10007791.94    -53599536.49
VARIG PART EM SE   VPSC3 BZ          101177852.25   -318442006.32
SCHLOSSER SA-PRF   SCHPN BZ           10007791.94    -53599536.49
SCHLOSSER          SCLO3 BZ           10007791.94    -53599536.49
TECEL S JOSE-PRF   SJOS4 BZ           17924946.14    -18569451.23
BOTUCATU TEXTIL    STRP3 BZ           25771113.88     -6735922.24
VARIG SA           VAGV3 BZ          966298025.55  -4695211316.33
STAROUP SA         STARON BZ          25771113.88     -6735922.24
STAROUP SA-PREF    STARPN BZ          25771113.88     -6735922.24
TELEBRAS SA        TBASF US          185536520.68     -1054841.44
TEC TOY SA-PREF    TOYB5 BZ           20577415.71     -7950050.37
TELEBRAS-PF RCPT   TBAPF US          185536520.68     -1054841.44
PARQUE TEM-DV PF   PQT6 BZ            58692385.42   -188832203.73
RENAUXVIEW SA-PF   TXRX4 BZ           43112153.13    -64315032.24
CONST A LIND-PRF   LINDPN BZ          14038885.98    -11543314.46
ACO ALTONA         EALT3 BZ           72616112.37     -8863784.58
SANESALTO          SNST3 BZ        20705801887.08   -466044305.79
SANSUY SA-PREF B   SNSYBN BZ         100279114.92    -45812488.77
TELEBRAS-CM RCPT   RCTB31 BZ         185536520.68     -1054841.44
SANSUY-PREF B      SNSY6 BZ          100279114.92    -45812488.77
TELEBRAS SA        TLBRON BZ         185536520.68     -1054841.44
NOVA AMERICA-PRF   1NOVPN BZ             21287489   -183535527.21
PROMAN             PRMN3 BZ           10408605.71      -202138.27
TECTOY-PREF        TOYB4 BZ           20577415.71     -7950050.37
HOPI HARI-PREF     PQTM4 BZ           58692385.42   -188832203.73
PARQUE TEM-RCT C   PQTM9 BZ           58692385.42   -188832203.73
CHIARELLI SA-PRF   CCHPN BZ           22274026.77    -44537138.21
DOCAS SA-RTS PRF   DOCA2 BZ           88417960.92    -18059127.86
TELEBRAS-CEDE BL   RCT4B AR          185536520.68     -1054841.44
TELEBRAS-CED C/E   RCT4C AR          185536520.68     -1054841.44
NOVA AMERICA-PRF   NOVA4 BZ              21287489   -183535527.21
NOVA AMERICA-PRF   NOVAPN BZ             21287489   -183535527.21
PARQUE TEM-DV CM   PQT5 BZ            58692385.42   -188832203.73
TELEBRAS-ADR       TBRAY GR          185536520.68     -1054841.44
AZEVEDO E TRAVAS   AZEVON BZ          47860887.41      -4389906.4
PET MANG-RIGHTS    RPMG1 BZ           67915860.11   -166793076.45
PARQUE TEM-RT PF   PQTM2 BZ           58692385.42   -188832203.73
TELEBRAS-ADR       TBAPY US          185536520.68     -1054841.44
PARQUE TEM-RT CM   PQTM1 BZ           58692385.42   -188832203.73
TEXTEIS RENAUX     RENXPN BZ          43112153.13    -64315032.24
PET MANG-RIGHTS    RPMG2 BZ           67915860.11   -166793076.45
PETRO MANGUINHOS   RPMG3 BZ           67915860.11   -166793076.45
PARQUE TEM-RCT P   PQTM10 BZ          58692385.42   -188832203.73
PET MANG-RECEIPT   RPMG10 BZ          67915860.11   -166793076.45
RIOSULENSE SA      RSUL3 BZ           50548850.21     -5456867.48
RIOSULENSE SA-PR   RSUL4 BZ           50548850.21     -5456867.48
DOCAS SA           DOCAON BZ          88417960.92    -18059127.86
PET MANG-RECEIPT   RPMG9 BZ           67915860.11   -166793076.45
TELEBRAS-RTS PRF   RCTB2 BZ          185536520.68     -1054841.44
BOMBRIL            BOBR3 BZ          202399273.95   -205733462.83
TELEBRAS-CEDE PF   RCTB4 AR          185536520.68     -1054841.44
TELEBRAS-CM RCPT   RCTB30 BZ         185536520.68     -1054841.44
SANSUY SA          SNSYON BZ         100279114.92    -45812488.77
TELEBRAS-PF RCPT   RCTB42 BZ         185536520.68     -1054841.44
TEXTEIS RENAUX     RENXON BZ          43112153.13    -64315032.24
TELEBRAS-PF RCPT   RCTB40 BZ         185536520.68     -1054841.44
TELEBRAS-ADR       TBASY US          185536520.68     -1054841.44
MMX MINERACAO      TRES3 BZ          852266425.01   -110184832.63
BUETTNER SA-RT P   BUET2 BZ           74895906.51    -28401073.82
TECTOY SA-PREF     TOYBPN BZ          20577415.71     -7950050.37
D H B              DHBI3 BZ           89461115.57   -284716721.06
TELEBRAS-CM RCPT   TBRTF US          185536520.68     -1054841.44
SANSUY             SNSY3 BZ          100279114.92    -45812488.77
TEXTEIS RENA-RCT   TXRX10 BZ          43112153.13    -64315032.24
TEXTEIS RENAU-RT   TXRX2 BZ           43112153.13    -64315032.24
TEKA               TEKAON BZ         189819518.01   -244265715.17
TECTOY-RT          TOYB2 BZ           20577415.71     -7950050.37
WETZEL SA          MWET3 BZ           62051686.19     -4312427.28
MARAMBAIA          CTPC3 BZ           38740523.05      -671039.81
TECTOY             TOYB13 BZ          20577415.71     -7950050.37
TEC TOY SA-PF B    TOYB6 BZ           20577415.71     -7950050.37
TECTOY-RCT ORD     TOYB9 BZ           20577415.71     -7950050.37
FER C ATL-RCT CM   VSPT9 BZ          893379731.09     -42150373.2
RIOSULENSE SA      RSULON BZ          50548850.21     -5456867.48
FERROVIA CEN-DVD   VSPT11 BZ         893379731.09     -42150373.2
PROMAN             PRMN3B BZ          10408605.71      -202138.27
ESTRELA SA-PREF    ESTR4 BZ            50541924.7    -43741941.51
NOVA AMERICA SA    1NOVON BZ             21287489   -183535527.21
FER C ATLANT-PRF   VSPT4 BZ          893379731.09     -42150373.2
BUETTNER SA        BUETON BZ          74895906.51    -28401073.82
MMX MINERACA-GDR   XMM CN            852266425.01   -110184832.63
WIEST-PREF         WISA4 BZ           39838113.86    -93371563.06
WIEST SA           WISAON BZ          39838113.86    -93371563.06
TEXTEIS RENA-RCT   TXRX9 BZ           43112153.13    -64315032.24
TELEBRAS-RTS CMN   TCLP1 BZ          185536520.68     -1054841.44
VARIG SA-PREF      VARGPN BZ         966298025.55  -4695211316.33
BOTUCATU-PREF      STRP4 BZ           25771113.88     -6735922.24
VARIG SA-PREF      VAGV4 BZ          966298025.55  -4695211316.33
VARIG PART EM-PR   VPTA4 BZ           49432124.18   -399290425.77
FER C ATL-RCT PF   VSPT10 BZ         893379731.09     -42150373.2
VARIG PART EM-PR   VPSC4 BZ          101177852.25   -318442006.32
DHB IND E COM-PR   DHBPN BZ           89461115.57   -284716721.06
TELEBRAS-RTS CMN   RCTB1 BZ          185536520.68     -1054841.44
TELEBRAS-CEDEA $   TEL4D AR          185536520.68     -1054841.44
TEKA-PREF          TEKAPN BZ         189819518.01   -244265715.17
TEKA-ADR           TEKAY US          189819518.01   -244265715.17
ARTHUR LANG-RT C   ARLA1 BZ           21333792.82    -16295577.05
TELEBRAS-BLOCK     TELB30 BZ         185536520.68     -1054841.44
TELEBRAS-COM RT    TELB1 BZ          185536520.68     -1054841.44
TELEBRAS-RCT PRF   TELB10 BZ         185536520.68     -1054841.44
CTM CITRUS-RCT P   CTPC10 BZ          38740523.05      -671039.81
DOC IMBITUBA-RTC   IMBI1 BZ           89702642.66    -11135784.06
RENAUXVIEW SA      TXRX3 BZ           43112153.13    -64315032.24
TELEBRAS-ADR       TBH US            185536520.68     -1054841.44
TELEBRAS/W-I-ADR   TBH-W US          185536520.68     -1054841.44
TEKA               TEKA3 BZ          189819518.01   -244265715.17
GAZOLA SA-DVD PF   GAZO12 BZ          15610576.83    -42175190.26
TELEBRAS-ADR       TBX GR            185536520.68     -1054841.44
VARIG SA           VARGON BZ         966298025.55  -4695211316.33
TEKA-ADR           TKTQY US          189819518.01   -244265715.17
DOCAS IMBITUBA     IMBION BZ          89702642.66    -11135784.06
TELEBRAS-PF RCPT   TLBRUP BZ         185536520.68     -1054841.44
SANSUY SA-PREF A   SNSYAN BZ         100279114.92    -45812488.77
TELEBRAS SA-PREF   TLBRPN BZ         185536520.68     -1054841.44
TELEBRAS-CED C/E   TEL4C AR          185536520.68     -1054841.44
CAMBUCI SA         CAMB3 BZ           77853098.43    -18690214.78
VARIG PART EM TR   VPTA3 BZ           49432124.18   -399290425.77
TEKA-ADR           TKTPY US          189819518.01   -244265715.17
TELEBRAS SA-PREF   TELB4 BZ          185536520.68     -1054841.44
TELEBRAS SA-RT     TELB9 BZ          185536520.68     -1054841.44
TELEBRAS-CM RCPT   TELE31 BZ         185536520.68     -1054841.44
TELEBRAS-CEDE PF   TELB4 AR          185536520.68     -1054841.44
CTM CITRUS-COM R   CTPC1 BZ           38740523.05      -671039.81
TEKA-PREF          TKTPF US          189819518.01   -244265715.17
TEKA               TKTQF US          189819518.01   -244265715.17
ACO ALTONA-PREF    EALT4 BZ           72616112.37     -8863784.58
FER C ATLANT       VSPT3 BZ          893379731.09     -42150373.2
BUETTNER-PREF      BUET4 BZ           74895906.51    -28401073.82
CHIARELLI SA       CCHI3 BZ           22274026.77    -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ           22274026.77    -44537138.21
CAMBUCI SA         CAMBON BZ          77853098.43    -18690214.78
CAMBUCI SA-PREF    CAMBPN BZ          77853098.43    -18690214.78
RIOSULENSE SA-PR   RSULPN BZ          50548850.21     -5456867.48
CONST A LINDEN     CALI3 BZ           14038885.98    -11543314.46
CHIARELLI SA       CCHON BZ           22274026.77    -44537138.21
GAZOLA-RCPT PREF   GAZO10 BZ          15610576.83    -42175190.26
CTM CITRUS-RCT P   CTP6 BZ            38740523.05      -671039.81
CAF BRASILIA-PRF   CAFE4 BZ           15788426.91   -516549819.64
WIEST SA-PREF      WISAPN BZ          39838113.86    -93371563.06
BUETTNER SA-PRF    BUETPN BZ          74895906.51    -28401073.82
TECTOY-PF-RTS5/6   TOYB11 BZ          20577415.71     -7950050.37
CAMBUCI SA-PREF    CAMB4 BZ           77853098.43    -18690214.78
CAFE BRASILIA SA   CSBRON BZ          15788426.91   -516549819.64
CONST A LIND-PRF   CALI4 BZ           14038885.98    -11543314.46
CAFE BRASILIA-PR   CSBRPN BZ          15788426.91   -516549819.64
CTM CITRUS-PREF    CTMPN BZ           38740523.05      -671039.81
CTM CITRUS-RCT C   CTPC9 BZ           38740523.05      -671039.81
CTM CITRUS- PR R   CTPC2 BZ           38740523.05      -671039.81
NORDON METAL       NORDON BZ          15650782.44    -14576030.17
D H B-PREF         DHBI4 BZ           89461115.57   -284716721.06
DHB IND E COM      DHBON BZ           89461115.57   -284716721.06
CAMBUCI SA-PREF    CXDOF US           77853098.43    -18690214.78
TEC TOY SA-PREF    TOYDF US           20577415.71     -7950050.37
TECTOY-RCT PREF    TOYB10 BZ          20577415.71     -7950050.37
MARAMBAIA-PREF     CTPC4 BZ           38740523.05      -671039.81
MARAMBAIA-PREF     CTMMF US           38740523.05      -671039.81
CTM CITRUS-ADR     CTMMY US           38740523.05      -671039.81
TELEBRAS-PF RCPT   RCTB41 BZ         185536520.68     -1054841.44
GASCOIGNE EMPREE   1GASON BZ         656500097.92   -450029899.55
CTM CITRUS-RCT C   CTP5 BZ            38740523.05      -671039.81
CAF BRASILIA       CAFE3 BZ           15788426.91   -516549819.64
TELEBRAS-PF BLCK   TELB40 BZ         185536520.68     -1054841.44
ESTRELA SA-PREF    ESTRPN BZ           50541924.7    -43741941.51
ARTHUR LAN-DVD P   ARLA12 BZ          21333792.82    -16295577.05
TELEBRAS SA        TELB3 BZ          185536520.68     -1054841.44
ARTHUR LANG-RC P   ARLA10 BZ          21333792.82    -16295577.05
NOVA AMERICA-PRF   NOVA4B BZ             21287489   -183535527.21
ARTHUR LANG-RC C   ARLA9 BZ           21333792.82    -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ           21333792.82    -16295577.05
ARTHUR LANGE       ARLA3 BZ           21333792.82    -16295577.05
HOPI HARI SA       PQTM3 BZ           58692385.42   -188832203.73
WIEST              WISA3 BZ           39838113.86    -93371563.06
GASCOIGNE EMP-PF   1GASPN BZ         656500097.92   -450029899.55
FERROVIA CEN-DVD   VSPT12 BZ         893379731.09     -42150373.2
CTM CITRUS SA      CTMON BZ           38740523.05      -671039.81
ALL MALHA PAULIS   GASC3 BZ          656500097.92   -450029899.55
MMX MINERACA-GDR   3M11 GR           852266425.01   -110184832.63
TELECOMUNICA-ADR   81370Z BZ         185536520.68     -1054841.44
AZEVEDO            AZEV3 BZ           47860887.41      -4389906.4
BOMBRIL-PREF       BOBR4 BZ          202399273.95   -205733462.83
BOMBRIL CIRIO SA   BOBRON BZ         202399273.95   -205733462.83
BOMBRIL-RGTS PRE   BOBR2 BZ          202399273.95   -205733462.83
TELEBRAS-RCT       RCTB33 BZ         185536520.68     -1054841.44
TEXTEIS RENAU-RT   TXRX1 BZ           43112153.13    -64315032.24
BUETTNER           BUET3 BZ           74895906.51    -28401073.82
BOMBRIL CIRIO-PF   BOBRPN BZ         202399273.95   -205733462.83
TRESSEM PART SA    1TSSON BZ         852266425.01   -110184832.63
AZEVEDO E TRA-PR   AZEVPN BZ          47860887.41      -4389906.4
BALADARE           BLDR3 BZ              49015.54        -7494.67
BOMBRIL SA-ADR     BMBBY US          202399273.95   -205733462.83
GAZOLA-PREF        GAZO4 BZ           15610576.83    -42175190.26
BOMBRIL SA-ADR     BMBPY US          202399273.95   -205733462.83
BOMBRIL-RIGHTS     BOBR1 BZ          202399273.95   -205733462.83
BOMBRIL            BMBBF US          202399273.95   -205733462.83
TEKA-PREF          TEKA4 BZ          189819518.01   -244265715.17
DOC IMBITUBA       IMBI3 BZ           89702642.66    -11135784.06
DOC IMBITUB-PREF   IMBI4 BZ           89702642.66    -11135784.06
ARTHUR LANGE-PRF   ARLA4 BZ           21333792.82    -16295577.05
DOC IMBITUBA-RTP   IMBI2 BZ           89702642.66    -11135784.06
TELEBRAS-RECEIPT   TLBRUO BZ         185536520.68     -1054841.44
TELEBRAS-CM RCPT   RCTB32 BZ         185536520.68     -1054841.44
CONST A LINDEN     LINDON BZ          14038885.98    -11543314.46
DOCAS IMBITUB-PR   IMBIPN BZ          89702642.66    -11135784.06
TELEBRAS-PF RCPT   TELE41 BZ         185536520.68     -1054841.44
GAZOLA-RCPTS CMN   GAZO9 BZ           15610576.83    -42175190.26
GAZOLA SA          GAZON BZ           15610576.83    -42175190.26
GAZOLA             GAZO3 BZ           15610576.83    -42175190.26
FABRICA RENAUX     FTRX3 BZ           53485265.61    -31264773.12
GAZOLA SA-PREF     GAZPN BZ           15610576.83    -42175190.26
FERRAGENS HAGA     HAGAON BZ          11324601.97    -49777521.75
FERRAGENS HAGA-P   HAGAPN BZ          11324601.97    -49777521.75
TELEBRAS-RTS PRF   TLCP2 BZ          185536520.68     -1054841.44
FER HAGA-PREF      HAGA4 BZ           11324601.97    -49777521.75
ACO ALTONA-PREF    EAAPN BZ           72616112.37     -8863784.58
TECTOY             TOYB3 BZ           20577415.71     -7950050.37
MMX MINERACAO      MMXM3 BZ          852266425.01   -110184832.63
WETZEL SA          MWELON BZ          62051686.19     -4312427.28
WETZEL SA-PREF     MWELPN BZ          62051686.19     -4312427.28
NORDON MET-RTS     NORD1 BZ           15650782.44    -14576030.17
NOVA AMERICA SA    NOVA3 BZ              21287489   -183535527.21
NOVA AMERICA SA    NOVA3B BZ             21287489   -183535527.21
NORDON MET         NORD3 BZ           15650782.44    -14576030.17
TECTOY-RCPT PF B   TOYB12 BZ          20577415.71     -7950050.37
MMX MINERACAO      MMXCF US          852266425.01   -110184832.63
WETZEL SA-PREF     MWET4 BZ           62051686.19     -4312427.28
PETRO MANGUINHOS   MANGON BZ          67915860.11   -166793076.45
PETRO MANGUIN-PF   MANGPN BZ          67915860.11   -166793076.45
MMX MINERACA-GDR   MMXMY US          852266425.01   -110184832.63
GASCOIGNE EMP-PF   GASC4B BZ         656500097.92   -450029899.55
MINUPAR SA-PREF    MNPRPN BZ          77985985.08    -17398607.53
MINUPAR            MNPR3 BZ           77985985.08    -17398607.53
ESTRELA SA         ESTR3 BZ            50541924.7    -43741941.51
PET MANGUINH-PRF   RPMG4 BZ           67915860.11   -166793076.45
FABRICA RENAUX     FRNXON BZ          53485265.61    -31264773.12
BUETTNER SA-RTS    BUET1 BZ           74895906.51    -28401073.82
ESTRELA SA         ESTRON BZ           50541924.7    -43741941.51
NOVA AMERICA SA    NOVAON BZ             21287489   -183535527.21
FABRICA RENAUX-P   FTRX4 BZ           53485265.61    -31264773.12
FABRICA RENAUX-P   FRNXPN BZ          53485265.61    -31264773.12
FABRICA TECID-RT   FTRX1 BZ           53485265.61    -31264773.12
AZEVEDO-PREF       AZEV4 BZ           47860887.41      -4389906.4
DOCA INVESTIMENT   DOCA3 BZ           88417960.92    -18059127.86
DOCA INVESTI-PFD   DOCA4 BZ           88417960.92    -18059127.86
HAGA               HAGA3 BZ           11324601.97    -49777521.75
ARTHUR LANGE SA    ALICON BZ          21333792.82    -16295577.05
ACO ALTONA SA      EAAON BZ           72616112.37     -8863784.58
SANSUY-PREF A      SNSY5 BZ          100279114.92    -45812488.77
ARTHUR LAN-DVD C   ARLA11 BZ          21333792.82    -16295577.05
TECTOY SA          TOYBON BZ          20577415.71     -7950050.37
TECEL S JOSE       FTSJON BZ          17924946.14    -18569451.23
CIMOB PART-PREF    GAFP4 BZ           36817394.78    -33083086.54
ALL MALHA PAULIS   GASC3B BZ         656500097.92   -450029899.55
GASCOIGNE EMP-PF   GASC4 BZ          656500097.92   -450029899.55
SCHLOSSER SA       SCHON BZ           10007791.94    -53599536.49
ARTHUR LANGE-PRF   ALICPN BZ          21333792.82    -16295577.05
GAZOLA SA-DVD CM   GAZO11 BZ          15610576.83    -42175190.26
MINUPAR-PREF       MNPR4 BZ           77985985.08    -17398607.53
MINUPAR SA         MNPRON BZ          77985985.08    -17398607.53
TELEBRAS-CEDEA $   RCT4D AR          185536520.68     -1054841.44
TECEL S JOSE-PRF   FTSJPN BZ          17924946.14    -18569451.23
CIMOB PARTIC SA    GAFON BZ           36817394.78    -33083086.54
CIMOB PARTIC SA    GAFP3 BZ           36817394.78    -33083086.54

COLOMBIA

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

                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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