TCRLA_Public/090722.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, July 22, 2009, Vol. 10, No. 143

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner's Attorneys Appeal to No Bail Ruling
STANFORD INT'L: CFO Seeks Delay in Change-of-Plea Date


A R G E N T I N A

BUENOS AIRES: Fitch Keeps B Long-Term Foreign & Local Cur. Ratings


B E R M U D A

BLUE POINT: Sued Over Money Lost in US$3BB Alleged Ponzi Scheme
CHINAVEST MANAGEMENT: Creditors' Proofs of Debt Due on August 3
CHINAVEST MANAGEMENT: Members' Final Meeting Set for August 26
EFG SELECT: Court to Hear Wind-Up Petition on August 3
EMERALD STRATEGIC: Court to Hear Wind-Up Petition on August 3


B R A Z I L

AWB LIMITED: To Wind Down Brazil Operations
BANCO BRADESCO: Goldman Sachs Recommends Buying Firm's Shares
BANCO DO BRASIL: Spends BRL2.17-BB to Acquire Nossa Caixa's Shares
BANCO NACIONAL: B2W-Companhia Seeks BRL154-Million Loan
PERDIGAO SA: Denies Interest in Argentine Dairy Company


C A Y M A N  I S L A N D S

ASHANTI CAPITAL: Members to Hear Wind-Up Report on August 7
ASHANTI FINANCE: Members to Hear Wind-Up Report on August 7
ASHANTI GOLDFIELDS: Members to Hear Wind-Up Report on August 7
ASHANTI GOLDFIELDS: Members to Hear Wind-Up Report on August 7
ASHANTI WARRANTS: Members to Hear Wind-Up Report on August 7

AQR R.C. EQUITY: Shareholder to Receive Wind-Up Report on August 7
BRIGHT FUTURES: Shareholders to Hear Wind-Up Report on August 11
CNH MA: Shareholder to Receive Wind-Up Report on August 7
TANGO FINANCE: S&P Withdraws Issuer Credit Ratings
TIDEN DESTINY: Members to Hear Wind-Up Report on August 7

WHITE SAILS: Final Meeting Set for July 30


C H I L E

ALTO PARANA: Moody's Gives Negative Outlook; Keeps 'Ba3' Rating


E C U A D O R

PERENCO CORP: Petroecuador Seeks Fund to Take Over Firm's Biz


J A M A I C A

GOODYEAR TIRE: Jamaica Stock Exchange Delists Firm
SUGAR COMPANY: Workers Union and Minister Hold Sugar Meeting
* JAMAICA: Sees Earnings From Tourists Drop by J$70 Million
* JAMAICA: Inflation Jumps by 1.4% in June Period


M E X I C O

CONTROLADORA COMERCIAL: Holds Restructuring Talks With JP Morgan


P E R U

* PERU: Economy Expanded 0.9% in First Half of 2009, Minister Says


T R I N I D A D  &  T O B A G O

VIJAY MARKETING: Incurs J$1.7-Million in Losses Due to Fire


T U R K S  &  C A I C O S  I S L A N D S

OLINT TCI: Not Enough Assets to Pay Off Investor Claims


                         - - - - -


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


STANFORD INT'L: Owner's Attorneys Appeal to No Bail Ruling
----------------------------------------------------------
Robert Allen Stanford, a financier accused of orchestrating a
multi-billion Ponzi Scheme, has his attorneys busy taking an
appeal from Judge David Hittner's “no bail” decision, Caribbean
World News reports.  The report relates Mr. Stanford's attorneys
on June 21 filed an appeal with the 5th U.S. Circuit Court of
Appeals in New Orleans, asking for Judge Hittner`s decision to be
overturned.

As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Caribbean360.com reports said defense lawyer Dick
DeGuerin's second attempt to obtain bail for Mr. Stanford --
founder of Stanford International Bank Limited –- was not granted
by Judge Hittner.  The report related Judge Hittner denied a
motion filed by Mr. DeGuerin for a review of the order he made on
June 30, revoking the US$500,000 bail given by U.S. Magistrate
Judge Frances Stacy.  Judge Hittner previously considered Mr.
Stanford a flight risk and ruled that the defendant will remain in
jail to await his August 25 trial.

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

                  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: CFO Seeks Delay in Change-of-Plea Date
------------------------------------------------------
Assistant U.S. Attorney Greg Costa has agreed to the request of
James M. Davis, Stanford Group Co. finance chief accused of aiding
financier Robert Allen Stanford perpetrate a multi-billion fraud,
to move the “re-arraignment” date to Aug. 18 from Aug. 6 because
he has a scheduling conflict, Thom Weidlich and Laurel Brubaker
Calkins at Bloomberg News report.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, Bloomberg News said U.S. District Judge David
Hittner has previously scheduled Mr. Davis's “re-arraignment”
proceeding on August 6, which he will change his plea of not
guilty on that date.  The report related Judge Hittner said that
the victims wishing to be heard at the “plea hearing” must tell
prosecutors no later than July 31.

According to a TCRLA report on July 15, citing Bloomberg News,
Mr. Davis pleaded not guilty to criminal charges against him in a
U.S. court.  The report related Mr. Davis was released by U.S.
Magistrate Judge Calvin Botley on US$500,000 bond with a US$5,000
cash deposit, with his in-laws and son as co-signers.  Mr. Davis,
the report pointed out, was charged with conspiracy to commit
mail, wire and securities fraud, as well as mail fraud and
conspiracy to obstruct a U.S. Securities and Exchange Commission
investigation.

“Mr. Davis plans to plead guilty to all three counts, which carry
a combined statutory maximum sentence of thirty years, pursuant to
a plea agreement with the United States,” prosecutors said in a
July 9 court filing obtained by the news agency.  A TCRLA April 14
report, citing Bloomberg News, related that Mr. Finn said his
client has been cooperating with investigators and expects to
enter into talks that could settle civil charges and any possible
criminal charges.

The criminal complaint is U.S. v. Davis, H-09-335, U.S. District
Court, Southern District of Texas (Houston).

                   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
=================


BUENOS AIRES: Fitch Keeps B Long-Term Foreign & Local Cur. Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed the city of Buenos Aires' long-term
foreign and local currency ratings at 'B'.  Likewise, the 'B'
rating on Buenos Aires's euro medium-term note program is
affirmed.  The Rating Outlook remains Stable.

The ratings are supported by strengths in the city of Buenos
Aires' credit profile, including its large and diversified
economy, an adequate liquidity position, and the city's
sustainable debt levels and manageable debt-service repayment
schedule.  The city's creditworthiness is also supported by
financial flexibility, as the 88% of the city's total incomes are
represented by local sources (the remainder coming from federal
transfers).

The city has met its debt obligations in a timely fashion.  As of
June 2009 the Series II, III, IV and V under the EMTN Program were
totally cancelled, and currently only Series I remains
outstanding.

The city's finances deteriorated in recent years due to current
expense growth (personnel and services) that exceeded the rate of
revenue growth.  As of December 2008 preliminary figures show a
positive current balance of ARP2.076 millions that represents
16.3% of total revenues.  Although it shows a financial deficit of
ARP257 million, this number is 23% lower than the previous year.

The challenge for the city's administration will be to manage its
finances in the context of an economic downturn and higher level
of inflation.  In Fitch's view, the city's autonomy and
maintenance of a low level of debt will help the administration to
achieve that aim.

As of December 2008, total debt was around ARP1,731 millions.  The
ratio of total debt to total revenues has been improving in the
last years: at 32.7% in 2005, 25.9% in 2006, 19.0% in 2007 and
13.6% in 2008.

In order to handle cash management and finance public works the
city is issuing short-term debt in the local market (called
'Letras de Tesoreria').  Also pending is the final approval of a
new debt issuance of ARP1.6 billion (US$430 million).  If this new
debt is approved, Fitch will analyze the final terms and
conditions, and the impact on the city's fiscal condition.

Capital expenditures during 2008 show a nominal increase of around
60% compared with the previous year, but the budget was not
completed due to the fact that the new debt issuance mentioned
above was not approved.

The budget for 2009 presents a financial deficit of
ARP738 million, including high capital expenditure levels.  This
gives some room to adjust these expenditures in case the income
and expenses dynamics are not favorable.  In addition, the budget
assumes a positive balance of around 14% on total revenues.


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


BLUE POINT: Sued Over Money Lost in US$3BB Alleged Ponzi Scheme
---------------------------------------------------------------
Bermuda-incorporated Blue Point Management Limited is subject of a
class-action lawsuit over money lost in relation to an alleged
US$3 billion Ponzi scheme, Jonathan Kent at the Royal Gazette
reports.  The report relates the Bermuda investment management
company, its principal James Fry, Metro II LLC, a subsidiary of
ArrowHead, and PricewaterhouseCoopers as auditors, are the
defendants in a case brought by shareholders of ArrowHead, an
entity managed by Blue Point.

According to the report, the plaintiffs accused Blue Point and Mr.
Fry, and ArrowHead of handing over money to Minnesota businessman
Tom Petters -- who faces charges of running an elaborate Ponzi
scheme involving the allegedly fictitious trading of electronic
goods.  The report relates the complaint alleged that Mr. Fry took
US$24 million in fees, while he "literally handed over hundreds of
millions of dollars to Mr. Petters with no investigation or
supervision whatsoever".  The plaintiffs' investments are now
"entirely worthless," the complaint adds.

Mr. Fry, through his companies, promised "advantageous rates of
return through investments in short-term secured notes", though in
practice he just handed it over to Petters, according to the
complaint, the report notes.  "For the years 2003-2006, Blue Point
and Fry earned approximately US$13 million in management fees and
over $11 million in incentive fees," the complaint added.

The suit was filed on July 7, 2009 in the U.S. District Court for
the District of Minnesota by Tradex Global Master Fund SPC LTD.
and The ABL Segregated Portfolio, under the caption, "Tradex
Global Master Fund SPC LTD. et al v. Blue Point Management LTD. et
al., Case No. 0:2009-cv-01736."

Blue Point was incorporated in Bermuda in April 1999.


CHINAVEST MANAGEMENT: Creditors' Proofs of Debt Due on August 3
---------------------------------------------------------------
The creditors of ChinaVest Management Limited are required to file
their proofs of debt by August 3, 2009, to be included in the
comapany's dividend distribution.

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

The company's liquidator is:

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


CHINAVEST MANAGEMENT: Members' Final Meeting Set for August 26
--------------------------------------------------------------
The members of ChinaVest Management Limited will hold their final
general meeting on August 26, 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 16, 2009.

The company's liquidator is:

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


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


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


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


AWB LIMITED: To Wind Down Brazil Operations
-------------------------------------------
Melbourne-based AWB Ltd. said it will close its Brazil business,
made unprofitable by falling margins, foreign exchange losses and
overhead and funding costs, Madelene Pearson at Bloomberg News
reports.  The Brazilian unit will record a full-year pretax
operating loss of as much as A$65 million (US$53 million) in the
year ending Sept. 30, AWB said in a statement obtained by the news
agency.

The report relates the company said that the poor result in Brazil
is due to credit issues, reduced trading margins, recently
identified deferred currency losses, interest and overhead costs
and poor commercial decisions made locally.  The closure may also
result in some one-off costs for the group, mostly from the loss
of tax benefits, it added.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2009, Bloomberg News said AWB Ltd indicated it cut its
profit forecast because of the “poor performance” of its Brazilian
unit.  According to Bloomberg, AWB said an accounting error at its
Brazilian unit will require last year’s full-year profit to be
restated and reduced by AU$4 million.

                         About AWB Limited

Headquartered in Melbourne, Australia, AWB Limited (ASX:AWB) --
http://www.awb.com.au/-- operates in three business areas: Rural
Services, Financial Services and Commodity Management.  Rural
Services offers customers a range of agribusiness services,
including merchandise, fertilizer, farm services, wool and
livestock, finance, insurance and real estate.  The Financial
Services business provides financial solutions to clients across
rural and regional Australia, including lending solutions, savings
and investment accounts, insurance solutions, equipment finance,
wealth management and online trading.  Commodity Management
business include commodity trading, origination and sales of
commodities, such as wheat, canola and pulses, logistics and
chartering, and risk management.  These operations include Pool
Management Services, Australian Commodity Management,
International Commodity Management, and Supply Chain and Other
Investments.


BANCO BRADESCO: Goldman Sachs Recommends Buying Firm's Shares
-------------------------------------------------------------
Goldman Sachs Group Inc. recommended buying Banco Bradesco SA's
shares on speculation that loan growth and asset quality will
recover this quarter, Paulo Winterstein at Bloomberg News reports.

“We see increasing evidence that the current slowdown is
approaching its trough, and that growth and asset quality will
improve during 3Q2009 ahead of current expectations,” analyst
Jason Mollin wrote in a note obtained by the news agency.

According to the report, Bradesco Bradesco was raised from
“neutral.”

Banco Bradesco, the report notes, added BRL1.6 billion (US$839
million) in reserves,“ strengthening the balance sheet in case of
any turbulence still ahead.”

                    About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                       *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO DO BRASIL: Spends BRL2.17-BB to Acquire Nossa Caixa's Shares
------------------------------------------------------------------
Banco do Brasil SA may spend as much as BRL2.17 billion
(US$1.14 billion) to buy Sao Paulo’s state-run Banco Nossa Caixa
SA's 30.8 million voting shares for BRL70.63 each, in an auction
on Sept. 4, Laura Price and Francisco Marcelino at Bloomberg News
report, citing Estado de S. Paulo newspaper.

As reported in the Troubled Company Repoter-Latin America on
March 12, 2009, Reuters said that Brazil's central bank approved
Banco do Brasil's purchase of Nossa Caixa.  Bloomberg News related
Banco do Brasil said it will buy a 71.2% stake in Banco Nossa for
BRL5.39 billion in cash after 7 months of negotiations.  The bank
is paying BRL70.63 a share, an 18th month installment of BRL299.2
million beginning March 2009, aiming to regain its top rank as
Latin America's biggest financial group, the same report noted.

However, Bloomberg News points out that Banco do Brasil lost the
top spot at the end of 2008 after Banco Itau Holding Financeira
SA’s takeover of Uniao de Bancos Brasileiros SA.

Meanwhile, Brazilian President Luiz Inacio Lula da Silva supported
Banco do Brasil's plans to expand internationally -- Latin
America, Afica and China, -- Rogerio Jelmayer at Dow Jones
Newswires reports, citing a person who participated in the
meeting.

                     About Banco do Brasil

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

                       *     *     *

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


BANCO NACIONAL: B2W-Companhia Seeks BRL154-Million Loan
-------------------------------------------------------
Brazilian online retail giant B2W-Companhia Global do Varejo's
board has approved the company's plan to obtain a BRL154 million
(US$81 million) loan from Banco Nacional de Desenvolvimento
Economico e Social SA (BNDES), Rogerio Jelmayer at Dow Jones
Newswires reports.

According to the report, loans provided by BNDES are attractive
because the bank offers lower interest rates than private banks.
BNDES loans are calculated in accordance with the government's
long-term interest rate (TJLP), which is 6%, plus an average
spread of 2%.
                          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


PERDIGAO SA: Denies Interest in Argentine Dairy Company
-------------------------------------------------------
Perdigao SA denied newspaper reports that it is interested in
acquiring part of Argentine dairy company La Serenisima, Matthew
Cowley of Dow Jones Newswires reports.

"Perdigao SA clarifies that the information in national and
international press about an eventual interest by Brasil Foods in
the purchase of Argentine dairy company La Serenisima isn't
correct," Perdigao said in a statement obtained by the news
agency.  "The company reiterates that, currently, it isn't in
conversations in this respect and that the news published in
recent days is no more than speculation," the company added.

According to the report, La Serenisima admitted it is facing
financial difficulties and local press has reported it's
considering a variety of options, including talks with France's
Danone SA, with which it already has a joint venture.

                       About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As of June 25, 2009, the company continues to carry Moody's LT
Corp rating at Ba1 and Standard and Poor's LT Issuer Credit
Ratings at BB+


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


ASHANTI CAPITAL: Members to Hear Wind-Up Report on August 7
-----------------------------------------------------------
The members of Ashanti Capital (Second) Limited will hold their
final meeting on August 7, 2009, to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ASHANTI FINANCE: Members to Hear Wind-Up Report on August 7
-----------------------------------------------------------
The members of Ashanti Finance (Cayman) Limited will hold their
final meeting on August 7, 2009, to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ASHANTI GOLDFIELDS: Members to Hear Wind-Up Report on August 7
--------------------------------------------------------------
The members of Ashanti Goldfields (Samax) Limited will hold their
final meeting on August 7, 2009, to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ASHANTI GOLDFIELDS: Members to Hear Wind-Up Report on August 7
--------------------------------------------------------------
The members of Ashanti Goldfields (Samax) Limited will hold their
final meeting on August 7, 2009, to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ASHANTI WARRANTS: Members to Hear Wind-Up Report on August 7
------------------------------------------------------------
The members of Ashanti Warrants Limited will hold their final
meeting on August 7, 2009, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AQR R.C. EQUITY: Shareholder to Receive Wind-Up Report on August 7
------------------------------------------------------------------
The shareholder of AQR R.C. Equity Offshore Fund Ltd. will hear 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


BRIGHT FUTURES: Shareholders to Hear Wind-Up Report on August 11
----------------------------------------------------------------
The shareholders of Bright Futures Growth Fund Limited will hold
their final meeting on August 11, 2009, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Yan Yin Wing, William
         Far East Finance Centre, 46th Floor
         Harcourt Road, Hong Kong
         Telephone: (852) 25289882
         Facsimile: (852) 25290177


CNH MA: Shareholder to Receive Wind-Up Report on August 7
---------------------------------------------------------
The shareholder of CNH MA I, Ltd. will hear 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


TANGO FINANCE: S&P Withdraws Issuer Credit Ratings
--------------------------------------------------
Standard & Poor's Ratings Services withdrew its issuer credit
rating and senior ratings on Tango Finance Ltd. and its senior
ratings on Tango Finance Corp., co-issuers of the structured
investment vehicle.  At the same time, the ratings on Tango
Finance Ltd.'s capital notes are unchanged.

The withdrawal of ratings follows the repayment of all outstanding
commercial paper and medium-term notes.  Tango previously
completed an asset sale and used the cash proceeds of that sale to
repay senior obligations as they came due.

Tango Finance Ltd. still has approximately, $91 million of capital
notes outstanding.  In May 2009, S&P lowered its rating on the
capital notes to 'CC' because, in S&P's opinion, the cash
available after paying all senior obligations would not be
sufficient to repay the noteholders in full.  S&P's opinion of the
capital notes remains unchanged.

                           Ratings List

                         Ratings Withdrawn

                        Tango Finance Ltd.

                                  Ratings
                                  -------
    Class                  To                 From
    -----                  --                 ----
    Issuer credit rating   NR                 AAA/Negative/A-1+
    CP                     NR                 A-1+
    MTNs                   NR                 AAA

                       Tango Finance Corp.

                                        Ratings
                                        -------
          Class                  To                 From
          -----                  --                 ----
          CP                     NR                 A-1+
          MTNs                   NR                 AAA

                      CP -- Commercial paper.
                     MTNs -- Medium-term notes.
                         NR -- Not rated.

                        Ratings Unaffected

                        Tango Finance Ltd.

                    Capital Notes          CC


TIDEN DESTINY: Members to Hear Wind-Up Report on August 7
---------------------------------------------------------
The members of Tiden Destiny Fund Limitedwill hold their final
meeting on August 7, 2009, at 3:00 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


WHITE SAILS: Final Meeting Set for July 30
------------------------------------------
The members of White Sails Limited will hold their final meeting
on July 30, 2009, at 10:00 a.m., at the offices of Avalon
Management Limited, Landmark Square, 1st Floor, 64 Earth Close,
West Bay Beach, in Grand Cayman, Cayman Islands.


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


ALTO PARANA: Moody's Gives Negative Outlook; Keeps 'Ba3' Rating
---------------------------------------------------------------
Moody's Latin America changed the ratings outlook for Alto
Parana's US$270 million fully guaranteed notes to negative from
stable and affirmed the Baa2 foreign currency debt rating at the
current rating level of the guarantor company, Celulosa Arauco y
Constitucion S.A.  At the same time, Moody's affirmed Alto
Parana's Ba3 global local currency corporate family rating and the
Aaa.ar national scale rating.  The outlook for these ratings
remains stable.

The Ba3 Global Local Currency corporate family rating incorporates
a two-notch rating uplift to the company's standalone credit
profile provided by the implicit support from Alto Parana's parent
company, Arauco.

The Ba3 corporate family rating considers the company's modest
scale and limited geographical diversification as all the
company's assets are located primarily in Argentina.  It also
considers the risks associated with the operating environment in
Argentina.  While Alto Parana's declining operating margins,
higher input costs and unabsorbed fixed costs have weakened the
company's overall credit metrics due to the rapidly declining pulp
prices seen in 2008, the Ba3 rating reflects the current industry
dynamics and continues to incorporate the expected support from
Arauco.  The support arises from the guarantees of the company's
notes and the presence of cross default provisions that would
cause an acceleration of most of Arauco's debt in the event of a
default at Alto Parana.

The Ba3 rating incorporates the company's increased leverage
ratios and negative free cash flow position going into a major
economic downturn.  In addition, the rating considers expectations
that pulp and forest industry conditions, such as pricing and
global demand, may not show sufficient improvement in 2009 to
materially maintain the company's historical operating margins and
overall credit profile.

While the main driver of Alto Parana's ongoing margin pressure
will continue to be the decline of pulp prices over the
intermediate term, Moody's believes that the company could benefit
from lower input costs and the expected ongoing devaluation of the
Argentinean peso reducing local currency operating costs.

The Baa2 rating for Alto Parana's notes reflects the full and
unconditional guarantee of the debt by the company's Chilean
parent, Arauco, which is rated Baa2.  The Aaa.ar is a National
Scale rating, which is intended to measure the relative
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks.  NSRs in Argentina are designated by the ".ar" suffix.
NSRs differ from global scale ratings in that they are not
globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The negative outlook on the Baa2 rating of the US$270 million debt
guaranteed by Alto Parana's parent company reflects the negative
outlook on Arauco's ratings.  The stable outlook on the corporate
family ratings considers Moody's expectations that, despite what
is likely to be a slow global economic recovery and ongoing
depressed prices for pulp and wood products, Alto Parana will
manage its operating performance and overall credit profile
commensurate with its current rating.  The stable outlook also
reflects Moody's expectation of a prudent financial policy related
to dividend payments going forward.

Although unlikely given the current difficult industry conditions,
Alto Parana's ratings could see upward pressure if the operating
framework led to a more stable and predictable performance for the
company and a demonstrated ability to effectively manage the
current downturn.  Quantitatively, retained cash flow to debt
above 20% (5.6% as of Last twelve months ended March 09) and debt
to EBITDA below 1.5 times (3.1x as of LTM 03-09) could result in
upward rating pressure.

On the other hand, and over the medium term, an ongoing decline in
operating performance or liquidity and persistent negative free
cash flow could negatively impact Alto Parana's outlook and/or
ratings.  Alto Parana's corporate family ratings could be lowered
if operating performance weakened or if its dividend payments or
potential acquisition activities were to result in weaker debt
protection measures.

Alto Parana is the largest forestry company in Argentina.  It is
engaged in the production of pulp, forestry, wood and chemical
products and the management of forestry assets.  Industrial plants
are located in the province of Misiones. Alto Parana manufactures
whitened long fiber cellulose, wood paper pulp and produces
elaborated wood and medium density fiberboards.

Alto Parana is a company controlled by Industrias Forestales, a
corporation belonging to Arauco Group, a Chilean company, engaged
primarily in the production of pulp, wood products, and the
management of forestry assets in Chile, Argentina, Uruguay and
Brazil.


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


PERENCO CORP: Petroecuador Seeks Fund to Take Over Firm's Biz
-------------------------------------------------------------
The Ecuadorian state-owned oil company Petroecuador requested
US$10 million from the country's finance ministry to keep the
production in oil field previously operated by French-exploiter
Perenco, through Perenco Ecuador Limited, Xinhua News reports.
The report relates Petroamazonas, a unit of Petroecuador, offered
technical and economic aid to impede a reduction on the production
of Perenco wells.

As reported in the Troubled Company Reporter-Latin America on
July 21, 2009, Agence France-Presse News said Perenco said it will
abandon its facilities in Ecuador amid a dispute with the
country's government over alleged tax arrears.  Dow Jones
Newswires said Perenco Corp. will start legal and administrative
steps to terminate around 200 workers in Perenco Ecuador.

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 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.

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


GOODYEAR TIRE: Jamaica Stock Exchange Delists Firm
--------------------------------------------------
The Jamaica Stock Exchange has decided to delist Goodyear Jamaica
Limited as of July 20, 2009, RadioJamaica reports.  The report
relates JSE said the decision was based on one of its rules that
dictates that any entity which is suspended from trading for more
than 180 days will be automatically removed.

According to the report, JSE said it has been 205 days since
Goodyear Jamaica was suspended.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2008, Radio Jamaica said that the Jamaica Stock Exchange
(JSE) has suspended trading of Goodyear Jamaica's shares following
a company extraordinary general meeting where members voted
unanimously to voluntarily wind up the company and appoint
liquidators.  The report related the liquidators applied to the
JSE for suspension of trading in the shares, which was approved by
JSE Chairman Curtis Martin under the JSE's Rule 411.

                     About Goodyear Jamaica

Goodyear Jamaica Limited -- http://www.goodyear.com.jm/
-- is engaged in the importation and distribution of tires, tubes
and related rubber products, all of which are imported from
related parties.  Its product portfolio includes tires for
automobiles, light trucks, commercial trucks and farm vehicles.
In addition to Goodyear tires, the Company produces tires under
the Kelly brand name.  The Company's operations are focused in two
geographic segments: Jamaica and the Caribbean, and Central and
South America.  The Company is a 60% subsidiary of the Goodyear
Tire & Rubber Company, in Akron, Ohio, United States.


SUGAR COMPANY: Workers Union and Minister Hold Sugar Meeting
------------------------------------------------------------
Jamaica Agriculture Minister Dr. Chris Tufton and the Sugar
Company of Jamaica's workers union -- University and Allied
Workers Union (UAWU), the National Workers Union and the
Bustamante Industrial Trade Union -– planned to meet on Monday,
July 20, to discuss the multi-million dollar interim financing
arrangement to prepare for the upcoming sugar crop, RadioJamaica
News reports.

“We from the unions are really concerned about the SCJ's
factories' ability to deliver on the 79,000 tons of sugar and
therefore we wrote to the minister to ask how this will be done
and who will be managing the US$15 million because we've seen in
the past where a lot of funds have been pumped into the SCJ and we
have nothing to show for it.  We're hoping that the Minister will
be able to answer these questions so that they country can be
reassured that what is put into the SCJ factories will not go like
the others," the report quoted First Vice President of the UAWU
Clifton Grant as saying.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Caribbean Net News said that the Jamaica government
has negotiated a US$15 million (J$1.3 billion) interim funding
with Italian firm, 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.

Eridania and Energen Development Limited, the report said, 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 noted 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 pointed out, 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.


* JAMAICA: Sees Earnings From Tourists Drop by J$70 Million
-----------------------------------------------------------
The Jamaica's tourism sector saw a drop of its earning by J$70
million to US$1.1 billion in the January to mid-July period from
US$1.7 billion in the same period last year, amidst a 3.3% growth
in tourism arrivals, The Jamaica Observer reports, citing Tourism
Minister Edmund Bartlett.  "While international tourism is not
immune to the global economic crunch, it has performed better than
other sectors such as construction, real estate and the financial
markets," the report quoted Mr. Bartlett as saying.

According to the report, Mr. Bartlett pointed to the need for
companies operating in the tourism sector to concentrate on
containment of cost, product renewal, innovative approaches to
marketing, and continuous investment in human resource
development, in order to keep their competitive edge.  "The
industry must routinely review market trends and develop cutting-
edge market intelligence," the Mr. Bartlett added.

                        *     *     *

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


* JAMAICA: Inflation Jumps by 1.4% in June Period
-------------------------------------------------
Jamaica's average cost of living increased by 1.4% during June up
from 0.9% in May due to the new tax measures announced in May
combined with the rise in the cost of electricity, RadioJamaica
reports.  The report relates inflation for the fiscal year to date
now stands at 2.7%.

According to the report, as was expected, the tax adjustments
which were unveiled by the Finance Minister during his Budget
Presentation led to all the main categories in the Consumer Price
Index, CPI, recording increases.

RadioJamaica notes that the biggest rise was in the "Alcoholic,
Beverages and Tobacco" group, up 4.9% following May's hike in the
Special Consumption Tax.  The report relates the Housing Index
rose 3.8% due mainly to higher electricity rates while the
Transport category was up 1.6% as a result of the gas tax.

                       *     *     *

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


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


CONTROLADORA COMERCIAL: Holds Restructuring Talks With JP Morgan
----------------------------------------------------------------
Controladora Comercial Mexicana SAB de CV a.k.a Comerci said it is
holding restructuring talks with JPMorgan Chase & Co., Emily
Schmall at Bloomberg News reports.

Comercial Mexicana officials met with JPMorgan in New York on
July 17, Francisco Galindo, an outside spokesman for the Mexican
retailer, told Bloomberg News in a phone interview.  The report
relates Tasha Pelio, a spokeswoman for JPMorgan in New York,
confirmed the companies are meeting but declined to comment on the
status of the negotiations.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, Bloomberg News said Comerci expects JPMorgan Chase
& Co. to join five other banks in approving a plan to restructure
more than US$1.5 billion of debt.  The report related Barclays
Plc, Goldman Sachs Group Inc., Bank of America Corp.'s Merrill
Lynch, Banco Santander SA and Citigroup Inc. agreed in principle
to restructure the company's peso derivative losses.

According to a TCR-LA report on June 15, LatinFrance said JPMorgan
chose not to extend derivative talks with Comerci unlike its other
counterparties –- Merrill Lynch, Barclays and Goldman Sachs -–
because of a disagreement on the terms of the ongoing settlement.
The derivative talks were extended until July 10, the report
related.  According to LatinFrance, JPMorgan held its claim
against the company in a New York court and Comerci counter-
claimed.  LatinFrance disclosed that banks, local bondholders and
international holders have some US$800 million worth of debt
alone, and the four investment banks have filed claims of US$2.2
billion in derivatives, which was countered with a US$1.08 billion
derivatives writedown by the company.

Reuters related that Comerci defaulted in October after massive
derivatives losses sent its debt soaring above US$2 billion.  On
Oct. 9, 2008, Comerci filed for protection under Mexico's
bankruptcy code Ley de Concurso Mercantil.

                          About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a  Comerci
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


=======
P E R U
=======


* PERU: Economy Expanded 0.9% in First Half of 2009, Minister Says
------------------------------------------------------------------
Peru's economy expanded 0.9% in the first six months of 2009,
indicating that growth slowed in the second quarter, Liza Lin and
Shamim Adam at Bloomberg News report.  The economy grew 1.8% in
the first quarter from a year earlier, while gross domestic
product will expand between 2.5% and 3% this year, and as much as
6% in 2010, Mr. Perez told the news agency in an interview.

According to the report, Peru’s growth has stalled as the global
recession crimps demand for its metals and natural-gas exports,
with the economy growing less than analysts expected in May.  The
report relates the government is tapping three years of fiscal
surpluses to finance a US$3 billion stimulus plan as private
investment eases.  “Exports have suffered around 15 percent but
the stimulus package the government has passed is trying to bring
forth internal demand,” Mr. Perez was quoted by the report as
saying.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2009, LatinFrance said JPMorgan has knocked Peru down to
marketweight from overweight on deteriorating growth.

The country also continues to carry Moody's Ba1 foreign currency
rating with stable outlook.


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


VIJAY MARKETING: Incurs J$1.7-Million in Losses Due to Fire
-----------------------------------------------------------
Vijay Marketing Limited incurred an estimated J$1.7 million in
losses after one of its soft candle factory in Paramin Village was
destroyed due to fire on July 13, Rhondor Dowlat at Trinidad and
Tobago Newsday reports, citing Ronald and Deborah Singh, owners of
Vijay Marketing.  The report relates the authorities are
suspecting arson as the cause of the fire.

According to the Newsday, local reports said there was an
explosion in the middle room of the two-storey concrete structure
and a fire ignited then spread to the rest of the building.

Ms. Singh, the report notes, said seven workers are now jobless,
but she expects to have the business up and running again at
another location on Saddle Road, Maraval.  The company recently
imported J$300,000 worth in goods from Panama and cosmetic jars
and caps from Pennsylvania, in the United States, all of which,
were destroyed in the fire, Ms. Singh added.

Newsday notes that the owners also lost cosmetics, baby powder,
soft candle and hair products.

                    About Vijay Marketing

Vijay Marketing's soft candle factory manufactured soft candle,
toiletries and make-up.  The company was also the distributor of
Raquel Cosmetics Products.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT TCI: Not Enough Assets to Pay Off Investor Claims
-------------------------------------------------------
Olint TCI Corporation Limited court-appointed liquidator Joseph P.
Connolly of PricewaterhouseCoopers Limited said his initial
findings indicate there are not enough assets to meet investor's
claims, Caribbean World News reports.

According to the report, Mr. Connolly said that there is no
likelihood of an early distribution to claimants as the task of
identifying the reasons for the failure of Olint TCI, the
identification and recovery of additional assets, the
identification and the verification of claims from customers/
investors/creditors, is likely to be a difficult and time
consuming task.  The report relates Mr. Connolly said that he is
not in possession of the approximately US$13 million in funds from
the company and cannot state if and when these assets will be
recovered for Olint TCI.

Caribbean World News points out that Olint TCI does not include
Olint Corporation Limited, Overseas Locket International Limited
or any other entity incorporated in Jamaica or elsewhere that may
be linked to David Smith and Tracy-Ann Smith, the shareholders of
Olint TCI.

As reported in the Troubled Company Reporter-Latin America on
June 19, 2009, in the interim, to assist the liquidator, claimants
of Olint TCI are being requested to forward their claim along with
the following information about their account(s):

    * Name(s) of account holder and beneficiary

    * Customer account number and member ID number

    * Contact information, including address,
      telephone number, facsimile, and email,

    * Copies of all Contracts or Agreements

    * Documentation showing funds placed with and
      withdrawn from Olint TCI e.g. copies of cheques,
      banker's drafts or wire transfer instructions,

    * Statements received from Olint TCI, and

    * Any other document that may substantiate a claim
      against Olint TCI


                            ***********

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.


           * * * End of Transmission * * *