TCRLA_Public/090804.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, August 4, 2009, Vol. 10, No. 152

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Patton Boggs Replaces DeGuerin as Defense Counsel
STANFORD INT'L: SFG Receiver May Sue Investors, U.S. Judge Says
STANFORD INT'L: Time Running Out on Arrest of Antigua Regulator
* ANTIGUA & BARBUDA: Time Running Out on Arrest of Local Regulator


A R G E N T I N A

ALEPIDOTE Y CAPUTO: Verifying Proofs of Claim Until September 10
AUTOMOTORES SAN TELMO: Verifying Proofs of Claim Until Sept. 14
COCINAS Y VESTIDORES: Verifying Proofs of Claim Until October 20
CORDOBA: Moody's Assigns 'B3' Global Scale Rating
ESTANCIAS NAVARRO: Verifying Proofs of Claim Until September 18

I BAMBINI: Trustee Verifying Proofs of Claim Until September 16
LECOR SRL: Trustee Verifying Proofs of Claim Until August 31
PANCHA BC: Trustee Verifying Proofs of Claim Until September 2
TELECOM ARGENTINA: To Host 1H Earnings Conference Call on August 7


B E R M U D A

PROTOSTAR LTD: Proposes Milbank Tweed as U.S. Bankruptcy Counsel
PROTOSTAR LTD: Taps Appleby in Bermuda Restructuring Matters
PROTOSTAR LTD: Wants to Hire Pachulski Stang as Delaware Counsel


B R A Z I L

BANCO BRADESCO: Posts R$4.020-Billion Net Income in First Half
RIO GRANDE: Moody's Confirms 'Ba1' Local Ratings on Senior Bonds
TAM SA: Two Board Members Resign from Post
* BRAZIL: First-Half Deficit Widens to BRL43.7 Billion


C A Y M A N  I S L A N D S

ARLO VI: Moody's Withdraws 'Ca' Ratings on US$50 Mil. Notes
BESTINVEST FUND: Creditors' Proofs of Debt Due on August 21
BROCADE ENHANCED: Creditors' Proofs of Debt Due on August 20
BROCADE ENHANCED: Creditors' Proofs of Debt Due on August 20
CUMULUS WEATHER: Creditors' Proofs of Debt Due on August 20

EBEF INVESTMENT: Creditors' Proofs of Debt Due on August 17
FORE LEVERAGED: Placed Under Voluntary Wind-Up
NAC HOLDING: Commences Liquidation Proceedings
OMNI FUND: Creditors' Proofs of Debt Due on August 17
RISING ASSET: Creditors' Proofs of Debt Due on August 20

TANGENT INVESTMENTS: Creditors' Proofs of Debt Due on August 11


C O L O M B I A

ECOPETROL SA: Agrees to Continue Negotiation Talks With Unions
BANCOLOMBIA SA: Posts COP253.1 Billion Net Income in Second Qtr


J A M A I C A

ALUMINA PARTNERS: 250 Retirees to Lose Healthcare Benefits


H A I T I

* HAITI: World Bank and Government Sign US$5 Million Grant


M E X I C O

EMPRESAS ICA: Predicts Higher Returns, Dividend Within 5 Years
STIEFEL LABORATORIES: Moody's Withdraws 'B1' Corp. Family Rating
SWIFT TRANSPO: Bank Debt Trades at 25% Off in Secondary Market


C O L O M B I A

ECOPETROL SA: Agrees to Continue Negotiation Talks With Unions
BANCOLOMBIA SA: Posts COP253.1 Billion Net Income in Second Qtr


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Bahamas Seeks to Transfer Policies to RF&G
BRITISH WEST: Shareholders Want Better Offer; To Sue Government


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Signs Oil Venture Deal With Gazprom
PETROLEOS DE VENEZUELA: Unit Takes Over as Executer of Tavsa


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Patton Boggs Replaces DeGuerin as Defense Counsel
-----------------------------------------------------------------
Robert Allen Stanford, the financier accused of orchestrating a
multi-billion fraud, has replaced his criminal attorney, Dick
DeGuerin, Esq., with attorneys from the Patton Boggs law firm,
Reuters reports.  "Mr. Stanford said that the law firm of DeGuerin
and Dickson has been replaced as criminal defense counsel," a
Patton Boggs spokeswoman said in a statement obtained by the news
agency.

According to the report, Robert Luskin, Esq., a managing partner
at the Washington, DC law firm, will lead the defense team.  The
report relates Mr. Luskin was a lawyer with the U.S. Department of
Justice and has expertise in money laundering and racketeering.

Mr. DeGuerin, the report notes, had been working with Mr. Stanford
since March.  The report says Mr. DeGuerin was never officially
retained because Mr. Stanford's assets have been frozen since
February when civil fraud charges were filed.  "All I have to say
I will say in my motions to withdraw," the report quoted Mr.
DeGuerin 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 May Sue Investors, U.S. Judge Says
---------------------------------------------------------------
Stanford Financial Group's court-appointed receiver, Ralph Janvey,
can sue investors only for interest payments they received from
Robert Allen Stanford, the financier accused of orchestrating a
multi-billion fraud, Laurel Brubaker Calkins and Andrew M. Harris
at Bloomberg News report, citing U.S. District Judge David Godbey.

The report relates Judge Godbey denied a U.S. Securities and
Exchange Commission request to strip Mr. Janvey of the power to
pursue so-called clawbacks following a hearing at the federal
courthouse in Dallas.  Any recoveries must be limited to interest
paid to investors, Judge Godbey said.

According to the report, Judge Godbey encouraged Mr. Janvey to
seek what he called a “second opinion” on the issue of whether a
receiver has the right to pursue principal as well as interest in
clawback claims.  “Your arguments are not silly,” Judge Godbey
told Janvey and his attorney, Kevin Sadler of Baker Botts LLP in
Houston, the report notes.  “I don’t think it’s a stupid position.
I just disagree with it, and I think the commission’s view is
better,” the report quoted Judge Godbey as saying.

Judge Godbey, the report says, put his ruling on hold for 10 days
to give Mr. Janvey a chance to appeal.  The report relates Mr.
Janvey, who has sued to recover from Stanford investors and
stockbrokers who profited from the alleged fraud, said he’ll
temporarily suspend the suits until an appeals court can review
the propriety of suing investors for principal.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Bloomberg News said Mr. Janvey is seeking to recoup
US$925 million tied to certificates of deposit issued by Mr.
Stanford’s Stanford International Bank Limited.  The report
related Mr. Janvey expanded an earlier complaint to recover money
from Stanford customers as well as brokers who allegedly profited
from a multi-billion fraud.  According to the report, the
stockbrokers said they were “innocent victims” and some of them
invested their own money in the bank’s certificates.

The report said the brokers' attorneys told Judge Godbey that
“their only sin is that they were duped by Mr. Stanford’s alleged
misrepresentations and misdeeds, just like other Stanford clients
that the receiver is charged with protecting.”  Bloomberg News
noted the U.S. SEC and John Little, a lawyer appointed by the
court to represent Stanford investors’ interests, previously urged
Judge Godbey to prevent Mr. Janvey from suing about 300 investors
to recover more than US$600 million.  The report related both
claimed the lawsuits would cost more than they would recover and
would punish people who are already victims.

                  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: Time Running Out on Arrest of Antigua Regulator
---------------------------------------------------------------
Director of Public Prosecutions Anthony Armstrong said that no
extradition request was submitted to the government for Leroy King
-- former administrator and Chief Executive Officer of the
Financial Services Regulatory Commission -- to appear in the
United States on charges related to his involvement in Robert
Allen Stanford's alleged US$8 billion fraud, Caribbean360.com
reports.

According to the report, Mr. Armstrong said that once the
documents are submitted, he would provide them to the defense so
that they could prepare their case.

Mr. King, the report recalls, has been on bail ever since he was
arrested on June 24 on a provisional warrant and was held at the
request of U.S. officials who said they wanted him detained while
they worked to get him extradited.  However, the report relates
the warrant is only valid for 60 days.

As reported in the Troubled Company Reporter-Latin America on
Jun 30, 2009, CaribWorldNews said Mr. King is under house arrest
and required to check in with police twice a day and cannot leave
home except for medical appointments.  The Associated Press
related Antigua and Barbuda fired Mr. King four days after U.S.
prosecutors charged that he accepted more than $100,000 in bribes
to help Mr. Stanford with an alleged multi-billion swindle.
According to the report, Attorney General Justin Simon said the
government accepted the recommendation of the country's Financial
Services Regulatory Commission that Mr. King "be dismissed from
the commission with immediate effect."  AP noted prosecutors said
Mr. King, who was the Caribbean islands' top regulator, should
have caught the fraud but instead took bribes to let it continue.

Caribbean360.com says Mr. King is facing charges of conspiracy to
commit wire and mail fraud, conspiracy to launder illegal
proceeds, and conspiracy to obstruct the U.S. Securities and
Exchange Commission investigations into Mr. Stanford and the
Stanford International Bank Limited.

             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).


* ANTIGUA & BARBUDA: Time Running Out on Arrest of Local Regulator
------------------------------------------------------------------
Director of Public Prosecutions Anthony Armstrong said that no
extradition request was submitted to the government for Leroy King
-- former administrator and Chief Executive Officer of the
Financial Services Regulatory Commission -- to appear in the
United States on charges related to his involvement in Robert
Allen Stanford's alleged US$8 billion fraud, Caribbean360.com
reports.

According to the report, Mr. Armstrong said that once the
documents are submitted, he would provide them to the defense so
that they could prepare their case.

Mr. King, the report recalls, has been on bail ever since he was
arrested on June 24 on a provisional warrant and was held at the
request of U.S. officials who said they wanted him detained while
they worked to get him extradited.  However, the report relates
the warrant is only valid for 60 days.

As reported in the Troubled Company Reporter-Latin America on
Jun 30, 2009, CaribWorldNews said Mr. King is under house arrest
and required to check in with police twice a day and cannot leave
home except for medical appointments.  The Associated Press
related Antigua and Barbuda fired Mr. King four days after U.S.
prosecutors charged that he accepted more than $100,000 in bribes
to help Mr. Stanford with an alleged multi-billion swindle.
According to the report, Attorney General Justin Simon said the
government accepted the recommendation of the country's Financial
Services Regulatory Commission that Mr. King "be dismissed from
the commission with immediate effect."  AP noted prosecutors said
Mr. King, who was the Caribbean islands' top regulator, should
have caught the fraud but instead took bribes to let it continue.

Caribbean360.com says Mr. King is facing charges of conspiracy to
commit wire and mail fraud, conspiracy to launder illegal
proceeds, and conspiracy to obstruct the U.S. Securities and
Exchange Commission investigations into Mr. Stanford and the
Stanford International Bank Limited.


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


ALEPIDOTE Y CAPUTO: Verifying Proofs of Claim Until September 10
----------------------------------------------------------------
The court-appointed trustee for Alepidote y Caputo S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until September 10, 2009.


AUTOMOTORES SAN TELMO: Verifying Proofs of Claim Until Sept. 14
---------------------------------------------------------------
The court-appointed trustee for Automotores San Telmo S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until September 14, 2009.

The trustee will present the validated claims in court as
individual reports on October 27, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 9, 2009.


COCINAS Y VESTIDORES: Verifying Proofs of Claim Until October 20
----------------------------------------------------------------
The court-appointed trustee for Cocinas y Vestidores S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until October 20, 2009.

The trustee will present the validated claims in court as
individual reports on December 1, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 26, 2010.


CORDOBA: Moody's Assigns 'B3' Global Scale Rating
--------------------------------------------------
Moody's Latin America (Moody's) has assigned first time issuer
ratings of B3 (global scale) and A2.ar (Argentina national Scale)
to the Province of Cordoba.  The rating outlook is stable.

At the same time, Moody's assigned ratings of B3 and A2.ar to
Cordoba's forthcoming US$150 million Co-participation Tax Revenue
Senior Secured Notes due 2017.  These notes constitute a direct,
unconditional and unsubordinated obligation of the province.  As
the bonds are to be issued in US$ but payable in AR$ at market
exchange rates, the province remains vulnerable to foreign
currency exposure on debt service payments.  The ratings assigned
on the notes also reflect Moody's assessment of the support
provided by the B3 credit quality of the Co-participation Tax
Revenue flows coming from the central government.

"The issuer ratings reflect Cordoba's declining debt ratios and
still positive (though declining) operating and financial results,
offset by tight liquidity position and a strong reliance on
financial aid coming from the federal government in order to
finance its deficits," said Moody's Associate Analyst Patricio
Esnaola.  "This strong reliance on federal funding links Cordoba's
credit quality to that of the sovereign, which is rated B3".
"Cordoba still faces substantial credit risks, stemming from
concerns about the province's capacity to maintain a high level of
own-source revenues within a context of a severe economic
slowdown."

Even though the province's debt levels have been increasing since
2002, the debt burden has been decreasing relative to total
revenues, Esnaola said, mainly prompted by a significant increase
in revenues since 2003.  While net direct and indirect debt was
about Ar$6 billion in 2003 and nearly Ar$8.5 billion in 2008 (a
rise of 42% in five years), net direct and indirect debt to total
revenues dropped from 205% in 2003 to 86% in 2008.  Likewise, net
direct and indirect debt to operating revenues fell from 214% in
2003 to 90% in 2008.

"Although Cordoba's financing and operating balances are still
positive, they appear to be fading as total spending has been
growing faster than total revenues since 2005," said Esnaola.  A
sustained narrowing of the province's operating margins might
apply negative pressure on the already tight liquidity position.
In addition, personnel costs are likely to continue to apply
pressure on the spending side, primarily because of the high
inflation rates prevailing in the country.

Assigned ratings also recognize Cordoba's high reliance on
financial aid coming from the federal government, basically in the
form of annual 7-year loans under the Program of Financial
Assistance, known by the Spanish acronym PAF.  This financial aid
represents around 75% of Cordoba's principal payments.

"Under the PAF program, the national government stands ready to
aid Argentina's provincial and local governments by refinancing
their debt as it matures, and the province of Cordoba is a member
of this program," said Esnaola.  "While the loans help the
provinces to cover their financial deficits and principal
payments, they also draw provincial creditworthiness closer to
that of the central government."

He said the ratings are also constrained by the operating
environment for regional and local governments in Argentina, which
is characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.

"This environment is wed to an institutional framework under which
regional and local governments carry significant responsibility
for public services while nearly all rely heavily on federal
automatic transfers of the tax share regime, suggesting a low
level of fiscal flexibility in relation to revenue," said Esnaola.

Moody's Argentina National Scale ratings are opinions of the
relative creditworthiness of issuers and issues within Argentina
and are not globally comparable.  The Moody's Global Scale rating
allows investors to compare the province's creditworthiness to all
other issuers in the world.  It incorporates all Argentina-related
risks, including the potential volatility of the Argentine
economy.


ESTANCIAS NAVARRO: Verifying Proofs of Claim Until September 18
---------------------------------------------------------------
The court-appointed trustee for Estancias Navarro S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until September 18, 2009.

The trustee will present the validated claims in court as
individual reports on November 2, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 15, 2009.


I BAMBINI: Trustee Verifying Proofs of Claim Until September 16
---------------------------------------------------------------
The court-appointed trustee for I Bambini S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 16, 2009.


LECOR SRL: Trustee Verifying Proofs of Claim Until August 31
------------------------------------------------------------
The court-appointed trustee for Lecor S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 31, 2009.

The trustee will present the validated claims in court as
individual reports on October 13, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 24, 2009.


PANCHA BC: Trustee Verifying Proofs of Claim Until September 2
--------------------------------------------------------------
The court-appointed trustee for Pancha B.C. S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 2, 2009.

The trustee will present the validated claims in court as
individual reports on October 14, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 25, 2009.


TELECOM ARGENTINA: To Host 1H Earnings Conference Call on August 7
------------------------------------------------------------------
Telecom Argentina will host first half earnings conference call on
August 7, 2009 at 11:00 a.m.  Interested persons will need to log
on at http://www.videonewswire.com/event.asp?id=60987or

   Contact:

   Ruth Fuhrmann
   rfuhrmann@ta.telecom.com.ar
   (54 11) 4968 4448

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                         *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


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


PROTOSTAR LTD: Proposes Milbank Tweed as U.S. Bankruptcy Counsel
----------------------------------------------------------------
ProtoStar Ltd. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware for authority to employ
Milbank, Tweed, Hadley & McCloy LLP as counsel.

Milbank will, among other things:

   -- advise the Debtors of their rights, powers and duties as
      debtors-in-possession in the continued management of its
      businesses and properties;

   -- assist the Debtors in reviewing and consummating any
      transactions contemplated during these cases including any
      financing agreements, asset sales and related transactions;
      and

   -- assist the Debtors in reviewing, estimating, and resolving
      claims asserted against their estates.

Matthew S. Barr, a member of Milbank, tells the Court that Milbank
received US$1,562,366 on account of services and expenses incurred
prepetition.  On May 6, Milbank received a US$500,000 advance
retainer.  As of the petition date, Milbank holds a retainer of
US$237,017.

The hourly rates of Milbank's personnel are:

     Partners                   US$740 US$995
     Of Counsel                   $740 - $905
     Associates                   $285 - $685
     Legal Assistants             $160 - $345

Mr. Barr assures the Court that Milbank is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Barr can be reached at:

     Milbank, Tweed, Hadley & McCloy LLP
     1 Chase Manhattan Plaza
     New York, NY 10005
     Tel: (212) 530-5000
     Fax: (212) 530-5219

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
assets and debts both ranging from US$100,000,001 to
US$500,000,000.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: Taps Appleby in Bermuda Restructuring Matters
------------------------------------------------------------
ProtoStar Ltd. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware for permission to employ the
Law Firm of Appleby as their Bermuda counsel.

Appleby will assist the Debtors with respect to all aspects of
Bermuda Corporate Insolvency, Restructuring, Liquidation and
General Corporate law.  The Debtors relate that Appleby will not
serve as bankruptcy and reorganization counsel with respect to
matters pertaining to the U.S. bankruptcy law.

Jennifer Fraser, a partner at Appleby, tells the Court that
Appleby received US$164,000 as payment for prepetition services
and expenses.  Appleby is holding a US$62,000 retainer balance.


The hourly rates of Appleby's personnel are:

     Partners                 U$600 US$730
     Associates                $265 - $635
     Paralegals                $200 - $225

The hourly rates of professionals assigned in the Chapter 11 cases
are:

     Tonesan Amissah, partner   US$710
     Ms. Fraser, partner          $700
     Alison Dyer-Fagundo, partner $600
     Keith Robinson, asscoiate    $575
     Martin Ouwenhand, associate  $575
     Steven Rees Davis            $450
     Adam Collieson               $300

Ms. Fraser assures the Court that Appleby is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Ms. Fraser can be reached at:

     Law Firm of Appleby
     Canon's Court, Victoria St.
     P.O. Box HM 1179
     Hamilton HM EX, Bermuda

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Milbank, Tweed, Hadley & McCloy LLP as counsel; Pachulski Stang
Ziehl & Jones LLP as Delaware counsel; UBS Securities LLC as
financial advisor & investment banker and Kurtzman Carson
Consultants LLC as claims and noticing agent.  In their petition,
the Debtors listed assets and debts both ranging from
US$100,000,001 to US$500,000,000.  As of Dec. 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


PROTOSTAR LTD: Wants to Hire Pachulski Stang as Delaware Counsel
----------------------------------------------------------------
ProtoStar Ltd. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware for permission to employ
Pachulski Stang Ziehl & Jones LLP as Delaware counsel.

PSZ&J will, among other things:

   a) provide legal advice with respect to the Debtors' powers and
      duties as debtors-in-possession in the continued operation
      of their business and management of their property;

   b) prepare on behalf of the Debtors necessary applications,
      motions, answers, orders, reports and other legal papers;
      and

   c) appear in Court on behalf of the Debtors and in order to
      protect the interests of the Debtors before the Court.

Prepetition, PSZ&J received US$75,000 in payment for services
rendered prior to the petition date.  PSZ&J is current as of ethe
petition date but has not yet completed a final reconciliation as
of the petition date.

The hourly rates of PSZ&J's personnel are:

     Laura Davis Jones, partner     US$825
     James E. O'Neill                 $595
     Kathleen  P. Makowski            $425
     Monica Molitor                   $225

Ms. Jones assures the Court that PSZ&J is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

Ms. Jones can be reached at:

     Pachulski Stang Ziehl & Jones LLP
     919 N. Market Street, 17th Floor
     Wilmington, DE 19899-8705
     Tel: (302) 652-4100
     Fax: (302) 652-4400

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Milbank, Tweed, Hadley & McCloy LLP as counsel; the Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
assets and debts both ranging from US$100,000,001 to
US$500,000,000.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


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


BANCO BRADESCO: Posts R$4.020-Billion Net Income in First Half
--------------------------------------------------------------
Banco Bradesco S.A. disclosed first half 2009 earnings results.
The bank posted these figures for the period:

   -- Net Income for 1H09 totaled R$4.020 billion (a 2.8%
      variation relative to the adjusted net income of
      R$3.909 trillion y-o-y), corresponding to EPS of
      R$2.52 (accumulated over 12 months) and a 23.7%
      annualized return on Average Shareholders' Equity.

   -- Net income comprised R$2.732 billion from financial
      activities, which represented 68% of the total, and
      R$1.288 billion from Insurance and Private Pension
      Plan activities, which accounted for 32% of total Net
      Income.

   -- Bradesco's market capitalization as of June 30, 2009
      stood at R$81.301 billion.  The company highlights that
      its preferred shares increased by 28.7% during 1H09.

   -- Total Assets reached R$482.478 billion in June 2009, an
      increase of 19.7% vis-a-vis 2008.  Annualized return on
      average Assets reached 1.7%, vis-a-vis 2.1% in the
      same period of last year.

   -- The Total Loan Portfolio stood at R$212.768 billion
      in June 2009, 18.1% higher on a y-o-y analysis.
      Operations with individuals totaled R$74.288 billion
      (up by 13.2%), while loans to corporations totaled
      R$138.480 billion (up by 20.9%).

   -- Assets under Management reached R$647.574 billion, an
      increase of 17.6% vis-a-vis R$550.582 billion of
      June 2008.

   -- Shareholders' Equity stood at R$37.277 billion in
      June 2009, a 10.6% y-o-y growth. The Capital Adequacy
      Ratio (Basel II) stood at 17.0% in June 2009, 14.3% of
      which being Tier I Capital.

   -- In 1H09, shareholders were paid, in the form of
      Interest on Shareholders' Capital and Dividends,
      R$3.253 billion, R$1.372 million of which referred to
      income generated in the period (R$210 million paid
      monthly and R$1.162 million provisioned) and R$1.881
      billion referred to the year 2008 (monthly payment of
      R$39 million paid on January 1, 2009 and
      supplementary payments of R$1.842 billion paid on
      March 9, 2009).

   -- The Efficiency Ratio in June 2009 stood at 42.0%
      (42.6% in June 2008).

   -- In the half-year, investments in infrastructure, IT
      and telecommunications amounted to R$1.616 billion, up
      by 43.4% y-o-y.

   -- In the period, taxes and contributions, including
      social security, paid or provisioned, calculated based
      on the main activities developed by the Bradesco
      Organization in 1H09, amounted to R$4.185 billion,
      equivalent to 104.1% of Net Income.  Financial
      intermediation taxes withheld and paid by the
      Organization amounted to R$2.950 billion.

   -- Bradesco has a comprehensive distribution network of
      4,598 Branches (3,406 branches + 1,192 mini-branches-
      PABs), 30,191 ATMs in the Bradesco Dia&Noite
      (Day&Night) Network, 17,699 Bradesco Expresso outlets,
      6,011 Banco Postal (Postal Bank) Branches, 2,788 PAEs
      and 64 branches of Finasa Promotora de Vendas.
      In addition, 6,239 ATMs in the Banco24Horas
      (24HourBank) Network are available to Bradesco clients.

   -- In the half-year ended in June 2009, fixed personnel
      compensation plus charges and benefits totaled
      R$3.285 billion.  Social benefits provided to the
      85,871 employees of Bradesco Organization and
      their dependents stood at R$719.485 million.
      Regarding investments in development and training
      programs, expenditures reached R$42.943 million.

   -- In June 2009, Banco Bradesco partially sold its
      participation in the Companhia Brasileira de Meios
      de Pagamento (VisaNet Brasil), in the process related
      to the Secondary Public Offering of Common Shares,
      regarded as Brazil's biggest ever IPO.

   -- In June 2009, Banco Bradesco, entered into a "Private
      Instrument of Share Merger and Other Covenants" with
      controlling shareholders of Banco ibi S.A., aiming at
      the acquisition of all its capital stock and, at the
      same time, signed a 20-year Partnership Agreement with
      C&A Modas Ltda. to jointly trade, on an exclusive basis,
      financial products and services of Bradesco in C&A
      stores.  The completion of the operation is subject to
      the approval by the relevant bodies.  The amount of
      operation, nearly R$1.4 billion, will be paid upon
      the delivery of shares issued by Bradesco.

   -- Regarding Sustainability, the company have directed
      Bradesco's actions into three pillars:

         (i) Sustainable Finances, aimed at bank inclusion,
             social and environmental variables for loan
             granting and offer of social and environmental
             products;
        (ii) Responsible Management, with emphasis in employee
             valuation, work environment improvement and eco-
             efficient practices; and

       (iii) Social and Environmental Investments, aimed at
             education, the environment, culture and sports.
             The compmay highlight Fundacao Bradesco, which has
             been developing a broad social and educational
             program for over 52 years, maintaining 40 schools
             in Brazil.  In 2009, with a budget estimated at R
             R$231.3 million, Fundacao Bradesco will be able to
             service over 642 thousand people, 111 thousand
             (4) of which are students who will receive
             free-of-charge quality education.

                     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.


RIO GRANDE: Moody's Confirms 'Ba1' Local Ratings on Senior Bonds
----------------------------------------------------------------
Moody's America Latina confirmed its Ba1 local currency corporate
family rating and Aa2.br Brazilian national scale corporate family
rating for Rio Grande Energia.  At the same time, Moody's
confirmed its Ba1 local currency and Aa2.br Brazil national scale
ratings for RGE's senior unsecured debentures due 2011.  The
outlook for all ratings is now stable.  The rating action
concludes the review for possible upgrade initiated on January 30,
2009.

The rating action affects this debt issue:

  -- BRL 26.2 million -- Senior Unsecured Debentures due 2011

RGE's Ba1 rating reflects the stable and relatively predictable
cash flows of its regulated distribution business, its low level
of indebtedness along with the implicit support of its parent
company, CPFL Energia S.A (not rated).  RGE benefits significantly
from the creditworthiness of the CPFL group, which is the largest
distribution group in Brazil.  The group has solid operations,
resilient access to the capital markets and strong corporate
governance practices.  RGE's ratings are constrained by the
group's relatively high capital expenditures, aggressive dividend
distribution policy and the evolving regulatory environment for
electric utilities in Brazil.

Moody's observes that RGE's ratings incorporate the risk profile
of its parent company, CPFL, because of RGE's operational and
financial integration with CPFL and its subsidiaries and the
cross-default clauses in CPFL's existing debt agreements.  Based
solely on publicly available information, Moody's believes that
CPFL may have investment grade characteristics.  However, limited
access to management's business and financial strategy constrains
Moody's ability to form as clear a picture of the group's
creditworthiness on a prospective basis.

CPFL continues to have resilient access to the local capital
markets, which has allowed it to provide adequate financial
resources to its subsidiaries on a timely basis.  The CPFL group
recently demonstrated this access through its Brazil domestic
market debt issuance of approximately BRL 1.0 billion in long-term
debentures.

The Aa2.br national scale rating assigned to the debentures
reflects the standing of the company's credit quality relative to
its domestic peers.  Moody's National Scale Ratings are intended
as relative measures of creditworthiness among debt issuances and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix. Issuers or issues rated Aa2.br demonstrate very
strong creditworthiness relative to other domestic issuers.  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 last rating action for RGE was on January 30, 2009 when the
ratings were upgraded but remained on review for possible further
upgrade while a more comprehensive analysis of the CPFL group was
completed, which included developing a better understanding of its
business and financial strategy going forward.

Headquartered in the city of Caxias do Sul, Brazil, Rio Grande
Energia S.A. is a fully regulated electricity distribution company
with net revenues of BRL1,660 million (approx. US$863 million) and
net profit of BRL175 million (approx. US$91 million) reported in
the last twelve months ended March 31, 2009.  RGE operates a 30-
year concession (2027) to distribute energy in 254 municipalities
to approximately 1.2 million consumers in the northern and
northeastern of Rio Grande do Sul state in southern Brazil.  RGE
is a full subsidiary of CPFL Energia S.A., a holding company with
interests in the distribution, generation and commercialization of
electricity in Brazil.  CPFL posted consolidated net sales of
BRL9,613 million (US$4,999 million) and net profit of
BRL1,285 million (US$668 million) in the last twelve months ended
March 31, 2009.


TAM SA: Two Board Members Resign from Post
------------------------------------------
During a Board of Directors meeting held at TAM SA's headquarters
in Sao Paulo, resignation letters were received from board members
Pedro Pullen Parente and Adalberto de Moraes Schettert.

In light of the resignations, Andre Esteves, BTG president, and
Marco Antonio Bologna, president of TAM Executive Aviation, are
TAM Empreendimentos e Participacoes S/A's nominations to fill the
vacancies on the Board.  The nominations will be presented at the
Company's Extraordinary General Assembly August 18, 2009.

Maria Claudia Oliveira Amaro continues as President of the Board,
and Mauricio Rolim Amaro as Vice President, positions that both
have held since April 2007.

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                            *     *     *

As of June 17, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.
The company also continues to carry Moody's B1 LT Corp Family
Rating and Senior Unsecured Debt Ratings.


* BRAZIL: First-Half Deficit Widens to BRL43.7 Billion
------------------------------------------------------
Brazil's nominal budget deficit for the first half of 2009 widened
to BRL43.7 billion (US$23 billion), Mercopress reports, citing
data from the Brazilian Central Bank.  The report relates the June
deficit of BRL10.1 billion comes after a BRL11.5 billion nominal
deficit in May.

According to the report, higher government spending to stimulate
the economy and less revenue from the slowdown in activity has
impacted in Brazil's estimates for this year but officials are
confident of a rebound in the second half.  The report relates
nominal budget includes federal and local governments and state
companies.

Finance Minister Guido Mantega, the report notes, said there was
"no risk" Brazil would lapse on its fiscal targets this year.
"Our fiscal situation will be more comfortable in the second half
of the year" as tax collection rises, the report quoted Mr.
Mantega as saying.  "We will do whatever it takes to meet our
targets," Mr. Mantega added.

Mercopress says net debt-to-GDP rose to 43.1% in June compared
with 42.5% in May.  The report relates primary surplus (before
interest payment) rose to BRL3.38 billion from BRL1.12 billion in
May, pushing net debt to 2.04% of GDP, the lowest since August
1999 and below the government's year-end target of 2.5%.

The Brazilian government, the report says, cut its primary budget
surplus goal in April to 2.5% of GDP, from an initial 3.8% amid a
decline in tax collection and to give government managed Petrobras
leeway to make investments in offshore oil deposits.

Mercopress adds that Altamir Lopes, head of Economic Research at
the Central bank, said net debt-to-GDP ratios are set to reverse
as Brazil's economy resumes growth in the second half of the year.



                           *     *     *

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


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


ARLO VI: Moody's Withdraws 'Ca' Ratings on US$50 Mil. Notes
-----------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Arlo VI Ltd.

The rating action follows the repurchase of the last 10 millions
of principal amount still outstanding on 20 July 2009.

The rating action is:

Arlo VI Ltd.:

(1) Euler-CDO Class B-5D US$50,000,000 Credit-Linked Notes due
    2013

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Date: 30 October 2008, downgraded to Ca from
     Caa1


BESTINVEST FUND: Creditors' Proofs of Debt Due on August 21
-----------------------------------------------------------
The creditors of Bestinvest Fund are required to file their proofs
of debt by August 21, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 25, 2009.

The company's liquidator is:

          Keith Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Ann Smith
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4383
          Facsimile: 345-949-7164


BROCADE ENHANCED: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------------
The creditors of Brocade Enhanced Fund Limited are required to
file their proofs of debt by August 20, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Keith Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Ann Smith
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4383
          Facsimile: 345-949-7164


BROCADE ENHANCED: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------------
The creditors of Brocade Enhanced Master Fund Limited are required
to file their proofs of debt by August 20, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Keith Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Ann Smith
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4383
          Facsimile: 345-949-7164


CUMULUS WEATHER: Creditors' Proofs of Debt Due on August 20
-----------------------------------------------------------
The creditors of Cumulus Weather Master Fund I are required to
file their proofs of debt by August 20, 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:

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


EBEF INVESTMENT: Creditors' Proofs of Debt Due on August 17
-----------------------------------------------------------
The creditors of EBEF Investment Fund SPC 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 8, 2009.

The company's liquidator is:

          Chan Kam Hop
          Far East Finance Centre, 36th Floor
          16 Harcourt Road
          Hong Kong
          Telephone: 2528 9882
          Facsimile: 2110 2946


FORE LEVERAGED: Placed Under Voluntary Wind-Up
----------------------------------------------
On July 8, 2009, the sole shareholder of Fore Leveraged Loan
Opportunity Fund Ltd. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Walkers Fund Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9004
          Cayman Islands
          Telephone: (345) 914-6314


NAC HOLDING: Commences Liquidation Proceedings
----------------------------------------------
Nac Holding, Ltd. was put into liquidation on July 8, 2009.

The company's liquidator is:

          Gerard H. Brimo
          BMMC Bldg., 6th Floor
          143 Dela Rosa cor., Adelantado Sts.
          Legaspi Village, Makati City
          Philippines


OMNI FUND: Creditors' Proofs of Debt Due on August 17
-----------------------------------------------------
The creditors of Omni Fund SPC, Ltd 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 7, 2009.

The company's liquidator is:

          Chris Johnson
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946 0820


RISING ASSET: Creditors' Proofs of Debt Due on August 20
--------------------------------------------------------
The creditors of Rising Asset Management Company Ltd. are required
to file their proofs of debt by August 20, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 1, 2009.

The company's liquidator is:

          Wang Qiang
          Suites 802 – 803, 8/F.
          The Hong Kong Club Building
          3A Chater Road, Central, Hong Kong
          Tel: 852-25235891
          Fax: 852-25235993


TANGENT INVESTMENTS: Creditors' Proofs of Debt Due on August 11
---------------------------------------------------------------
The creditors of Tangent Investments Limited are required to file
their proofs of debt by August 11, 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:

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


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


ECOPETROL SA: Agrees to Continue Negotiation Talks With Unions
--------------------------------------------------------------
Ecopetrol S.A. and its three existing union organizations, USO,
Adeco and Sindispetrol, have agreed to extend negotiations for 20
days as of August 3.  This extension is within the maximum
mandatory legal terms.

The first phase of the negotiation process began on July 14 and
would have expired on August 2.  During the first 20 days of the
direct settlement stage the unions have made public their claims
and, in some cases, partial agreements have been achieved and were
recorded in the process minutes.

Ecopetrol is confident that during the extension period agreements
will be reached thus enabling the company to have a new Collective
Bargain Agreement that will benefit its workers and assure the
sustained growth of Ecopetrol.

Discussions have been held within an environment of respect that
will translate in further building trust among the company, its
employees and the country.

                        About Ecopetrol S.A.

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

                       *     *     *

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


BANCOLOMBIA SA: Posts COP253.1 Billion Net Income in Second Qtr
---------------------------------------------------------------
Bancolombia S.A. reported consolidated net income of COP253.1
billion for the quarter ended June 30, 2009 or COP321.29 per
share-U.S. $0.60 per ADR.  For the first six months of 2009, net
income totaled COP 564.2 billion, decreasing 10.3% as compared to
the first six months of 2008.

During 2Q09, Bancolombia maintained its strong balance sheet.  The
Bank reserves for loan losses represented 5.2% of total loans by
the end of 2Q09, while coverage, measured by the ratio of
allowances for loans and accrued interest losses to past due loans
(overdue more than 30 days), increased to 137.3% in 2Q09.  On the
other hand, past due loans ratio improved, decreasing from 4.0% in
1Q09 to 3.9% by the end of 2Q09.

Driven primarily by corporate lending, Bancolombia experienced
loan growth in COP denominated loans during 2Q09, increasing 5%
and 17% as compared to the end of the quarter ended March 31, 2009
and the quarter ended June 30, 2008, respectively.  Likewise,
deposits continued their positive performance reaching COP 42,888
billion as of June 30, 2009, representing an increase of 24% as
compared to 2Q08, while the ratio of net loans to deposits
(including borrowings from development banks) remained stable at
92% at the end of 2Q09.

In 2Q09 net interest income decreased 6% as compared to 1Q09 as
the Bank experienced margin compression driven by the rapid
decrease in interest rates in Colombia; the weighted average of
the interest rates for 90 day CDs offered by the Colombian
financial system ("DTF") fell 259 basis points during the quarter.
As a result, the Bank's net interest margins compressed as a
significant portion of Bancolombia's loan portfolio was indexed to
DTF.

In addition, the Bank's non-interest income was mixed during 2Q09:

   * Net fees and income from services continued its positive
     performance reaching a record COP 379.7 billion for 2Q09,
     representing an increase of 27.0% as compared to 2Q08.

   * Other operating income amounted to COP 20 billion,
     decreasing 89.8% as compared to 2Q08 due to the negative
     impact in the line item of income from derivative
     financial instruments caused by a COP 62.9 billion
     non-recurring charge during 2Q09, related to rule
     changes concerning valuation methodologies for
     derivative instruments established by the Colombian
     regulator.  The bank notes that it finished amortizing
     the reduction in the carrying value of derivatives in 2Q09.

The Bank's results were impacted by high credit cost as net
provision charges totaled COP345.0 billion in 2Q09, an increase of
43% as compared to 2Q08, although stable as compared to the
COP339.9 billion provision charges for 1Q09.  In addition,
operating expenses totaled COP 681.3 billion, decreasing for the
second consecutive quarter (down 5% as compared to 1Q09).

Overall, the annualized return on average shareholders' equity
("ROE") for 2Q09 is 16.5% while the ROE for the first six months
of 2009 is 18.2%.

Shareholders' equity amounted to COP6,213 billion by the end of
2Q09, while capital adequacy (tier 1+ 2 capital ratio) finished at
12.94% in 2Q09, up from 12.73% in 1Q09.

                         About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


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


ALUMINA PARTNERS: 250 Retirees to Lose Healthcare Benefits
----------------------------------------------------------
Jamaica Gleaner reports 250 retirees who receive health-care
benefits financed by the Alumina Partners of Jamaica will lose
that assistance.  The report relates the senior citizens will now
have to find alternative ways to finance their medical costs.

In a letter to the retirees, dated March 24, 2009, Human Resource
Manager Alberto Fabrini said, " Alpart took a number of steps this
year to maintain the company's operations under trying
circumstances."  He said Alpart could only continue to grant
health benefits until the end of July.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica Alpart's mining and refinery operations
officially came to a halt on May 15.  The report related Alpart
said it will send home 900 permanent employees in the process amid
a 60% decline in alumina product prices since July 2008.  Mr.
Fabrini, as cited by Radio Jamaica News, said the temporary
shutdown will allow the plant to prepare for future developments.
Although the company took steps to maintain the operations even at
reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
Radio Jamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.

"As a consequence, the Alumina Partners of Jamaica Medical Plan
will be terminated effective July 31, 2009, and medical benefits
under the plan for all categories of employees will cease on that
date," the letter said, the report relates.  "Alpart had also
extended the benefits under our employee medical plan to our
retirees and, as a result, all medical benefits enjoyed by our
retirees under the pan will also cease," it added.

                          About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.


=========
H A I T I
=========


* HAITI: World Bank and Government Sign US$5 Million Grant
----------------------------------------------------------
The World Bank Country Director for the Caribbean and the Haitian
Ambassador to the United States have signed a US$5 million grant
to strengthen Haiti’s agriculture management and support its
sustainable development.

“With this US$5 million grant, the Bank seeks to support the
Ministry of Agriculture, catalyzing the use of public sector and
donor funds for the agriculture sector,” highlighted Yvonne
Tsikata, World Bank Country Director for the Caribbean.

Agriculture continues to play a dominant role in the Haitian
economy.  The sector provides more than 25% of the country’s GDP
and accounts for approximately 50 percent of the overall
employment (60% located in rural areas and supporting 75% of the
poor).  The new World Bank grant seeks to help the Ministry of
Agriculture, Natural Resources and Rural Development prioritize
and target investments according to the agricultural sector policy
and improve local agricultural support services.

Since January 2005, the World Bank has provided a total of US$278
million in grants for Haiti.  In addition, approximately US$20
million have been granted as trust fund resources.


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


EMPRESAS ICA: Predicts Higher Returns, Dividend Within 5 Years
--------------------------------------------------------------
Empresas ICA SAB plans to start paying dividends within five years
it anticipates its return on equity will more than double as toll
projects are expanded or completed, Thomas Black at Bloomberg
reports, citing Chief Financial Officer Alonso Quintana.

According to the report, investments to build toll highways that
ICA will operate for 30 years under government concessions has
held down return on equity.  The report relates Mr. Quintana said
the return on equity may rise to as much as 20% from about 7% this
year.  “With the nature of our business, it has nowhere to go but
up,” Mr. Quintana told the news agency in an interview.  “Once
these projects reach the mature phase, they will give us constant,
good return on equity for many years,” Mr. Quintana added.

Mr. Quintana, the report notes, said the company will have more
profit as investment requirements for toll roads ease, and the
company will seek to implement “an interesting” dividend policy
that is on par with other construction companies.

Bloomberg News says the company may create a holding company for
its toll highways, allowing it to sell shares in the unit or to
create instruments for Mexican pension funds to invest directly
into projects.

Mr. Quintana said Mexican pension funds may invest between
MXN6 billion (US$453.7 million) and MXN8 billion in a group of
toll roads owned by ICA and Goldman Sachs Group Inc.  The report
relates the equity will help reduce the project’s MXN30 billion of
debt.  The report relates the 30-year project, awarded to ICA and
Goldman after their MXN44.1 billion bid in 2007, may begin to pay
dividends four years from now after completing a phase of heavy
investment to build the highway.  ICA’s return on equity will also
be boosted as its housing unit’s profit margins rise along with
the number of homes it builds each year, Mr. Quintana added.

Bloomberg points out that with revenue from concession projects
and housing to rise, ICA will reduce its dependence on civil and
industrial construction units.  The report relates housing and
concession projects, including the management of water systems,
will likely account for 20% of revenue each in five years.

                        About Empresas ICA

Empresas ICA S.A.B. de CV offers engineering and construction
services.  The company builds dams, highways, airports, office
buildings, manufacturing facilities, and housing projects,
operates water distribution and treatment systems, highways and
parking facilities, mines aggregates, operates ports, and builds
grain storage systems.

                           *     *     *

As of August 3, 2009, the company continues to carry Standard and
Poor's BB- LT Issuer Credit Ratings.


STIEFEL LABORATORIES: Moody's Withdraws 'B1' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service withdrew all ratings of Stiefel
Laboratories, Inc., following the close of the acquisition of
Stiefel by GlaxoSmithKline plc.  It is Moody's understanding that
Stiefel's term loan has been repaid and that its revolving credit
agreement has been terminated.  This concludes the review for
possible upgrade initiated on April 21, 2009.

These ratings have been withdrawn:

Stiefel Laboratories, Inc.

* Corporate Family Rating, B1
* Probability of Default Rating, B1
* First lien senior secured term loan, B1 (LGD3, 47%)
* Revolving credit facility, B1 (LGD3, 47%)

Moody's last rating action on Stiefel took place on April 21,
2009, when Moody's placed Stiefel's ratings under review for
possible upgrade.

Headquartered in Coral Gables, Florida, Stiefel Laboratories,
Inc., develops, manufactures and markets a variety of prescription
and non-prescription dermatological products, including Duac,
Soriataine and Physiogel.


SWIFT TRANSPO: Bank Debt Trades at 25% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Swift
Transportation Co., Inc., is a borrower traded in the secondary
market at 74.92 cents-on-the-dollar during the week ended Friday,
July 31, 2009, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 2.02 percentage points from the previous week, The
Journal relates.  The loan matures on March 15, 2014.  The Company
pays 275 basis points above LIBOR to borrow under the facility.
The bank debt carries Moody's B3 rating and Standard & Poor's B-
rating.  The debt is one of the biggest gainers and losers among
widely-quoted syndicated loans in secondary trading in the week
ended July 31, among the 144 loans with five or more bids.

Swift Transportation Co., Inc. -- http://www.swifttrans.com/--
hauls freight such as building materials, paper products, and
retail merchandise throughout the US and in Mexico.  The Company
operates a fleet of about 18,000 tractors and 48,000 trailers from
a network of about 40 terminals.  Its services include dedicated
contract carriage, in which drivers and equipment are assigned to
a customer long-term.  Besides standard dry vans, Swift's fleet
includes refrigerated, flatbed, and other specialized trailers, as
well as about 5,800 intermodal containers.  Chairman and CEO Jerry
Moyes owns the company, which he founded in 1966, took public, and
took private again in 2007.


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


ECOPETROL SA: Agrees to Continue Negotiation Talks With Unions
--------------------------------------------------------------
Ecopetrol S.A. and its three existing union organizations, USO,
Adeco and Sindispetrol, have agreed to extend negotiations for 20
days as of August 3.  This extension is within the maximum
mandatory legal terms.

The first phase of the negotiation process began on July 14 and
would have expired on August 2.  During the first 20 days of the
direct settlement stage the unions have made public their claims
and, in some cases, partial agreements have been achieved and were
recorded in the process minutes.

Ecopetrol is confident that during the extension period agreements
will be reached thus enabling the company to have a new Collective
Bargain Agreement that will benefit its workers and assure the
sustained growth of Ecopetrol.

Discussions have been held within an environment of respect that
will translate in further building trust among the company, its
employees and the country.

                        About Ecopetrol S.A.

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

                       *     *     *

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


BANCOLOMBIA SA: Posts COP253.1 Billion Net Income in Second Qtr
---------------------------------------------------------------
Bancolombia S.A. reported consolidated net income of COP253.1
billion for the quarter ended June 30, 2009 or COP321.29 per
share-U.S. $0.60 per ADR.  For the first six months of 2009, net
income totaled COP 564.2 billion, decreasing 10.3% as compared to
the first six months of 2008.

During 2Q09, Bancolombia maintained its strong balance sheet.  The
Bank reserves for loan losses represented 5.2% of total loans by
the end of 2Q09, while coverage, measured by the ratio of
allowances for loans and accrued interest losses to past due loans
(overdue more than 30 days), increased to 137.3% in 2Q09.  On the
other hand, past due loans ratio improved, decreasing from 4.0% in
1Q09 to 3.9% by the end of 2Q09.

Driven primarily by corporate lending, Bancolombia experienced
loan growth in COP denominated loans during 2Q09, increasing 5%
and 17% as compared to the end of the quarter ended March 31, 2009
and the quarter ended June 30, 2008, respectively.  Likewise,
deposits continued their positive performance reaching COP 42,888
billion as of June 30, 2009, representing an increase of 24% as
compared to 2Q08, while the ratio of net loans to deposits
(including borrowings from development banks) remained stable at
92% at the end of 2Q09.

In 2Q09 net interest income decreased 6% as compared to 1Q09 as
the Bank experienced margin compression driven by the rapid
decrease in interest rates in Colombia; the weighted average of
the interest rates for 90 day CDs offered by the Colombian
financial system ("DTF") fell 259 basis points during the quarter.
As a result, the Bank's net interest margins compressed as a
significant portion of Bancolombia's loan portfolio was indexed to
DTF.

In addition, the Bank's non-interest income was mixed during 2Q09:

   * Net fees and income from services continued its positive
     performance reaching a record COP 379.7 billion for 2Q09,
     representing an increase of 27.0% as compared to 2Q08.

   * Other operating income amounted to COP 20 billion,
     decreasing 89.8% as compared to 2Q08 due to the negative
     impact in the line item of income from derivative
     financial instruments caused by a COP 62.9 billion
     non-recurring charge during 2Q09, related to rule
     changes concerning valuation methodologies for
     derivative instruments established by the Colombian
     regulator.  The bank notes that it finished amortizing
     the reduction in the carrying value of derivatives in 2Q09.

The Bank's results were impacted by high credit cost as net
provision charges totaled COP345.0 billion in 2Q09, an increase of
43% as compared to 2Q08, although stable as compared to the
COP339.9 billion provision charges for 1Q09.  In addition,
operating expenses totaled COP 681.3 billion, decreasing for the
second consecutive quarter (down 5% as compared to 1Q09).

Overall, the annualized return on average shareholders' equity
("ROE") for 2Q09 is 16.5% while the ROE for the first six months
of 2009 is 18.2%.

Shareholders' equity amounted to COP6,213 billion by the end of
2Q09, while capital adequacy (tier 1+ 2 capital ratio) finished at
12.94% in 2Q09, up from 12.73% in 1Q09.

                         About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


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


CL FINANCIAL: CLICO Bahamas Seeks to Transfer Policies to RF&G
--------------------------------------------------------------
Supervisor of Insurance Alma Gomez and the Judicial Manager for
CLICO (Bahamas) Limited, Mark Hulse at accounting firm Baker Tilly
Hulse, ask the Supreme Court to approve the transfer of policies
from the Belize branch of CLICO (Bahamas) to RF&G Life Insurance
Company, Caribbean360.com reports.  CLICO (Bahamas) is a unit of
CL Financial Limited.

"What we have been telling policy holders from the inception that
CLICO was put into liquidation in the Bahamas, was that we could
transfer their policies from one insurance company to another.  It
did take a while to carry out that exercise because of the due
diligence that had to be conducted.  We have almost come to the
end of that process where we have selected a company which is RFG
Life Insurance Company to be the buyer for the life and health
portfolio," the report quoted Mr. Gomez as saying.  "What this
means is that the court has now to approve that transfer.  The
office of the supervisor of insurance has already done the due
diligence; we have checked out all that we need to check out.  The
company has done their due diligence too so we know what is being
transferred," Mr. Gomez added.

According to the report, the Court will hear the application on
August 10 and policyholders who object to the transfer have been
told they must lodge any objection before then.

"What we need to do now is to put it up to the policy holders of
CLICO and say this is the option that we have for you.  Do you
want to go over to RF&G Life?  That is one of the requirement that
the judge gave us for the court hearing. . . .  If a policy holder
does not want to go over and they want to either cancel their
policy or decide that they prefer not to go to that company then
they need to make that objection to the court.  The court will
then decide to do with that specific policy holder," the report
quoted Mr. Gomez as saying.

Caribbean360.com says that the Supervisor of Insurance suggested
that it was best for all the policy holders to be transferred to
RFG Life Insurance Company to avoid losing out on life savings
they have put into CLICO.

                        About CL Financial

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Tobago
President George Maxwell Richards signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.


BRITISH WEST: Shareholders Want Better Offer; To Sue Government
---------------------------------------------------------------
British West Indies' shareholders said they will take Trinidad and
Tobago government to court to get a better price for their shares
in now defunct BWIA International Airways Ltd, as they find the 20
cents offer the government is proposing "disrespectful," Trinidad
and Tobago Express reports.

According to the report, the group's representatives plans to
write to the Securities and Exchange Commission asking them to
rethink their decision not to get involved in the matter because
BWIA is now a defunct, delisted company.

"Most of those shareholders purchased the stocks at $7.80.  Then
you had the Government selling them at a discounted price of 20
cents before the company was delisted, but this was never the real
value of the shares, it was a discount," the report quoted
minority shareholder advocate, Peter Permell, as saying.  The last
price at which the shares were traded before the delisting was
97%, and that showed that the shares were not worthless though
BWIA was bankrupt, Mr. Permell added.

Mr. Permell, the report notes, said that at least 1,800 former
employees have shares in the company that were purchased with
their pension funds and as such this offer was "a slap in the
face" to employees who dedicated their lives to the company.  The
decision to take the struggle for a more equitable share price as
far as the courts was unanimous among the persons who attended,
and thus far less than 500 of the over 4,000 shareholders who make
up the minority group have signed on to accept the Government's
ex-gratia offer of 20 cents per share, Mr. Permell added.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2009, Trinidad Express said a group of minority
shareholders of BWIA rejected the Trinidad and Tobago government's
offer to pay them for their stock.  The report related the
government offered 4,200 BWIA shareholders 20 cents per share for
their stock in the folded airline.  According to the report, the
airline's shareholders paid between US$4 and more than US$6 per
share about 10 years ago and they refused to accept the ex-gratia
payment from government by the July 31 deadline.  The report noted
the payment amounts to about TT$7 million but shareholders say
their investments are worth mire than five times that.  The
Express said minority shareholder rights advocate Peter Permell
said BWIA was still a limited liability company and under
Securities and Exchange Commission by-laws, government's offer
amounted to a takeover.

"Anybody could take legal action, if they feel aggrieved,"
Ministry of Finance Mariano Browne was quoted by the report as
saying.  The government took many factors into consideration when
it made the payment offer to the shareholders, Mr. Browne said.
The report related Mr. Browne added that based on statements made
by the Government in 2004 it was evident that the State had always
intended to deal with the minority shareholders and, "we consider
our offer to be a good offer".  The Express pointed out that Mr.
Browne said former BWIA shareholders won't be receiving shares in
Caribbean Airlines as a trade-off as the government's
responsibilities in dealing with the shareholders was only with
regard to BWIA, which was to an extent already "bankrupt" in 2004.

                     About British West Indies

British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline had reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management was a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch the
Caribbean Airlines.


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


PETROLEOS DE VENEZUELA: Signs Oil Venture Deal With Gazprom
-----------------------------------------------------------
Russia, aiming to strengthen its presence in Latin America, has
signed an agreement with Venezuela regarding setting up of a joint
venture between Russia's oil and gas behemoth Gazprom and
Petroleos de Venezuela SA for rendering services to the oil and
gas industry, domain-b.com reports.  The report relates the
agreement was signed between PDVSA Vice President Eulogio Del Pino
and Gazprom's president for International Exploration and
Production, Boris Ivanov.

According to the report, the Russian-Venezuelan joint venture
could start working in September and ultimately achieve a
production level of one million bpd which is more than 1-per cent
of the world's oil production.  The report relates analysts feel
that at the current international oil prices, the Russian-
Venezuelan joint venture is unlikely to make an impact since
Venezuela is an OPEC member and even if the partners want to
achieve full production capacity, Venezuela need to comply with
the quota requirements imposed by OPEC.  Moreover, the present tax
structure in Venezuela is not attractive to Russian companies who
have to invest huge sums for developing the oil fields, the report
says.

The report notes analysts said preliminary estimates indicate oil
reserves to the tune of 235 billion barrels of heavy crude oil in
the Orinoco belt with latest estimate of recoverable reserves of
172 billion barrels.  The report relates after certification of
all the blocks of the Orinoco basin, the reserves could reach 314
billion barrels, which could take Venezuela to the first position
in the world in terms of oil reserves.

                            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: Unit Takes Over as Executer of Tavsa
------------------------------------------------------------
PDVSA Industrial, a subsidiary of Venezuelan state oil company
Petroleos de Venezuela, has taken over as executer of the
nationalization of steel tube maker Tavsa, Steel Guru News
reports.

"PDVSA Industrial has guaranteed Tavsa workers that there will not
be any firings once the nationalization takes place," the report
quoted a spokesperson with the basic industries and mining
ministry Mibam as saying.  A public private technical commission
has been created to determine how much the Tenaris group, which
controlled Tavsa, will be paid as an indemnity, the spokesman
added.

According to the report, a team of PDVSA Industrial technicians
has already visited the Tavsa plant to assess the company's
financial and labor situations in order to determine the best way
to restart operations.  The report relates the Tavsa plant is
situated within steelmaker Sidor's facilities in Puerto Ordaz
city.

The report notes that Tavsa, which is 70% owned by Tenaris and 30%
owned by state heavy industry holding CVG, has production capacity
of 80,000 tonnes per annum of seamless steel tubes and employs
roughly 200 workers.  The report recalls Tavsa stopped operations
when Sidor refused to continue providing Tavsa with raw materials
until its debt of US$17 million with Sidor was paid.

                         About PDVSA

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

                         *     *     *

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

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


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


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

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


ARGENTINA

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


BRAZIL


TECTOY-RCT PREF    TOYB10 BZ          20577415.71     -7950050.37
AZEVEDO            AZEV3 BZ           47860887.41      -4389906.4
BUETTNER           BUET3 BZ           74895906.51    -28401073.82
TELEBRAS-CM RCPT   TBRTF US          185536520.68     -1054841.44
SCHLOSSER-PREF     SCLO4 BZ           10007791.94    -53599536.49
TELEBRAS SA-PREF   TLBRPN BZ         185536520.68     -1054841.44
BOMBRIL CIRIO-PF   BOBRPN BZ         202399273.95   -205733462.83
ESTRELA SA-PREF    ESTR4 BZ            50541924.7    -43741941.51
NOVA AMERICA-PRF   NOVA4 BZ              21287489   -183535527.21
TEC TOY SA-PF B    TOYB6 BZ           20577415.71     -7950050.37
TECTOY-PF-RTS5/6   TOYB11 BZ          20577415.71     -7950050.37
TECTOY-PREF        TOYB4 BZ           20577415.71     -7950050.37
TECTOY SA          TOYBON BZ          20577415.71     -7950050.37
CIMOB PARTIC SA    GAFP3 BZ           36817394.78    -33083086.54
GASCOIGNE EMP-PF   1GASPN BZ         656500097.92   -450029899.55
TEKA               TKTQF US          189819518.01   -244265715.17
TECTOY-RCPT PF B   TOYB12 BZ          20577415.71     -7950050.37
FERROVIA CEN-DVD   VSPT12 BZ        1050516250.26     -47197918.4
TECEL S JOSE       SJOS3 BZ           17924946.14    -18569451.23
TECEL S JOSE       FTSJON BZ          17924946.14    -18569451.23
TEC TOY SA-PREF    TOYB5 BZ           20577415.71     -7950050.37
TEXTEIS RENA-RCT   TXRX10 BZ          43112153.13    -64315032.24
TECTOY             TOYB13 BZ          20577415.71     -7950050.37
TECTOY             TOYB3 BZ           20577415.71     -7950050.37
TECEL S JOSE-PRF   SJOS4 BZ           17924946.14    -18569451.23
TELEBRAS-RCT       RCTB33 BZ         185536520.68     -1054841.44
PET MANG-RECEIPT   RPMG10 BZ          67915860.11   -166793076.45
SANSUY-PREF B      SNSY6 BZ          100279114.92    -45812488.77
PET MANGUINH-PRF   RPMG4 BZ           67915860.11   -166793076.45
PET MANG-RECEIPT   RPMG9 BZ           67915860.11   -166793076.45
PET MANG-RIGHTS    RPMG2 BZ           67915860.11   -166793076.45
CAMBUCI SA         CAMB3 BZ           77853098.43    -18690214.78
RIOSULENSE SA      RSUL3 BZ           50548850.21     -5456867.48
PETRO MANGUIN-PF   MANGPN BZ          67915860.11   -166793076.45
PARQUE TEM-DV PF   PQT6 BZ            58692385.42   -188832203.73
SCHLOSSER SA-PRF   SCHPN BZ           10007791.94    -53599536.49
PARQUE TEM-DV CM   PQT5 BZ            58692385.42   -188832203.73
PETRO MANGUINHOS   RPMG3 BZ           67915860.11   -166793076.45
NOVA AMERICA-PRF   1NOVPN BZ             21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4B BZ             21287489   -183535527.21
BALADARE           BLDR3 BZ              49015.54        -7494.67
RIOSULENSE SA-PR   RSUL4 BZ           50548850.21     -5456867.48
PARQUE TEM-RCT C   PQTM9 BZ           58692385.42   -188832203.73
PARQUE TEM-RCT P   PQTM10 BZ          58692385.42   -188832203.73
SANSUY             SNSY3 BZ          100279114.92    -45812488.77
SANSUY SA          SNSYON BZ         100279114.92    -45812488.77
CHIARELLI SA       CCHI3 BZ           22274026.77    -44537138.21
SANESALTO          SNST3 BZ        20705801887.08   -466044305.79
SANSUY-PREF A      SNSY5 BZ          100279114.92    -45812488.77
PET MANG-RIGHTS    RPMG1 BZ           67915860.11   -166793076.45
MARAMBAIA-PREF     CTPC4 BZ           38740523.05      -671039.81
SANSUY SA-PREF B   SNSYBN BZ         100279114.92    -45812488.77
PROMAN             PRMN3B BZ          10408605.71      -202138.27
CIMOB PART-PREF    GAFP4 BZ           36817394.78    -33083086.54
RIMET              REEM3 BZ           80030147.28    -124398873.4
PROMAN             PRMN3 BZ           10408605.71      -202138.27
NOVA AMERICA SA    NOVA3B BZ             21287489   -183535527.21
NORDON METAL       NORDON BZ          15650782.44    -14576030.17
RIOSULENSE SA      RSULON BZ          50548850.21     -5456867.48
RIMET              REEMON BZ          80030147.28    -124398873.4
RIMET-PREF         REEM4 BZ           80030147.28    -124398873.4
TELEBRAS-RTS PRF   RCTB2 BZ          185536520.68     -1054841.44
TELECOMUNICA-ADR   81370Z BZ         185536520.68     -1054841.44
VARIG SA           VAGV3 BZ          966298025.55  -4695211316.33
BUETTNER SA-RTS    BUET1 BZ           74895906.51    -28401073.82
TELEBRAS/W-I-ADR   TBH-W US          185536520.68     -1054841.44
ESTRELA SA-PREF    ESTRPN BZ           50541924.7    -43741941.51
TELEBRAS-RTS PRF   TLCP2 BZ          185536520.68     -1054841.44
ALL MALHA PAULIS   GASC3 BZ          656500097.92   -450029899.55
TEXTEIS RENA-RCT   TXRX9 BZ           43112153.13    -64315032.24
TELEBRAS-PF RCPT   TELE41 BZ         185536520.68     -1054841.44
CTM CITRUS-ADR     CTMMY US           38740523.05      -671039.81
TECEL S JOSE-PRF   FTSJPN BZ          17924946.14    -18569451.23
TELEBRAS-PF RCPT   RCTB42 BZ         185536520.68     -1054841.44
TELEBRAS-CM RCPT   RCTB31 BZ         185536520.68     -1054841.44
TELEBRAS-RTS CMN   RCTB1 BZ          185536520.68     -1054841.44
TELEBRAS-RTS CMN   TCLP1 BZ          185536520.68     -1054841.44
TELEBRAS-RCT PRF   TELB10 BZ         185536520.68     -1054841.44
FER C ATL-RCT PF   VSPT10 BZ        1050516250.26     -47197918.4
VARIG SA-PREF      VAGV4 BZ          966298025.55  -4695211316.33
TECTOY-RT          TOYB2 BZ           20577415.71     -7950050.37
WETZEL SA-PREF     MWET4 BZ           62051686.19     -4312427.28
NORDON MET         NORD3 BZ           15650782.44    -14576030.17
WETZEL SA          MWET3 BZ           62051686.19     -4312427.28
WIEST SA-PREF      WISAPN BZ          39838113.86    -93371563.06
WIEST-PREF         WISA4 BZ           39838113.86    -93371563.06
WIEST              WISA3 BZ           39838113.86    -93371563.06
SCHLOSSER          SCLO3 BZ           10007791.94    -53599536.49
TEXTEIS RENAU-RT   TXRX2 BZ           43112153.13    -64315032.24
TRESSEM PART SA    1TSSON BZ         852266425.01   -110184832.63
VARIG PART EM SE   VPSC3 BZ          101177852.25   -318442006.32
TEXTEIS RENAUX     RENXON BZ          43112153.13    -64315032.24
AZEVEDO E TRAVAS   AZEVON BZ          47860887.41      -4389906.4
VARIG SA           VARGON BZ         966298025.55  -4695211316.33
BUETTNER SA-PRF    BUETPN BZ          74895906.51    -28401073.82
VARIG PART EM TR   VPTA3 BZ           49432124.18   -399290425.77
VARIG PART EM-PR   VPSC4 BZ          101177852.25   -318442006.32
TELEBRAS-BLOCK     TELB30 BZ         185536520.68     -1054841.44
TELEBRAS SA-RT     TELB9 BZ          185536520.68     -1054841.44
TELEBRAS-ADR       TBRAY GR          185536520.68     -1054841.44
TELEBRAS SA-PREF   TELB4 BZ          185536520.68     -1054841.44
RIOSULENSE SA-PR   RSULPN BZ          50548850.21     -5456867.48
TELEBRAS-ADR       TBX GR            185536520.68     -1054841.44
TELEBRAS-ADR       TBH US            185536520.68     -1054841.44
TELEBRAS-ADR       RTB US            185536520.68     -1054841.44
TELEBRAS-PF RCPT   TLBRUP BZ         185536520.68     -1054841.44
BUETTNER-PREF      BUET4 BZ           74895906.51    -28401073.82
CTM CITRUS-PREF    CTMPN BZ           38740523.05      -671039.81
TEKA-PREF          TEKAPN BZ         189819518.01   -244265715.17
TEKA-ADR           TKTQY US          189819518.01   -244265715.17
TEKA-ADR           TKTPY US          189819518.01   -244265715.17
TELEBRAS-PF RCPT   TBAPF US          185536520.68     -1054841.44
TELEBRAS SA        TBASF US          185536520.68     -1054841.44
TEKA-PREF          TEKA4 BZ          189819518.01   -244265715.17
TEKA-PREF          TKTPF US          189819518.01   -244265715.17
WIEST SA           WISAON BZ          39838113.86    -93371563.06
TELEBRAS-CM RCPT   TELE31 BZ         185536520.68     -1054841.44
CTM CITRUS-COM R   CTPC1 BZ           38740523.05      -671039.81
TELEBRAS-PF RCPT   RCTB40 BZ         185536520.68     -1054841.44
TELEBRAS-CM RCPT   RCTB32 BZ         185536520.68     -1054841.44
TELEBRAS-PF RCPT   CBRZF US          185536520.68     -1054841.44
MINUPAR-PREF       MNPR4 BZ           77985985.08    -17398607.53
TELEBRAS-COM RT    TELB1 BZ          185536520.68     -1054841.44
TELEBRAS-PF BLCK   TELB40 BZ         185536520.68     -1054841.44
TELEBRAS-ADR       TBAPY US          185536520.68     -1054841.44
TELEBRAS-CED C/E   RCT4C AR          185536520.68     -1054841.44
TELEBRAS-CEDE BL   RCT4B AR          185536520.68     -1054841.44
TELEBRAS SA        TELB3 BZ          185536520.68     -1054841.44
TELEBRAS-CED C/E   TEL4C AR          185536520.68     -1054841.44
TELEBRAS-CEDEA $   RCT4D AR          185536520.68     -1054841.44
TELEBRAS-CEDEA $   TEL4D AR          185536520.68     -1054841.44
GAZOLA             GAZO3 BZ           15610576.83    -42175190.26
TELEBRAS-CEDE PF   TELB4 AR          185536520.68     -1054841.44
DOC IMBITUBA       IMBI3 BZ           89702642.66    -11135784.06
CHIARELLI SA-PRF   CCHI4 BZ           22274026.77    -44537138.21
CHIARELLI SA-PRF   CCHPN BZ           22274026.77    -44537138.21
CHIARELLI SA       CCHON BZ           22274026.77    -44537138.21
DOCA INVESTIMENT   DOCA3 BZ           88417960.92    -18059127.86
RENAUXVIEW SA-PF   TXRX4 BZ           43112153.13    -64315032.24
CIMOB PART-PREF    GAFPN BZ           36817394.78    -33083086.54
GAZOLA SA-PREF     GAZPN BZ           15610576.83    -42175190.26
GAZOLA-RCPTS CMN   GAZO9 BZ           15610576.83    -42175190.26
TEKA               TEKAON BZ         189819518.01   -244265715.17
CONST A LIND-PRF   CALI4 BZ           14038885.98    -11543314.46
CAFE BRASILIA-PR   CSBRPN BZ          15788426.91   -516549819.64
CAF BRASILIA       CAFE3 BZ           15788426.91   -516549819.64
CAF BRASILIA-PRF   CAFE4 BZ           15788426.91   -516549819.64
BOTUCATU-PREF      STRP4 BZ           25771113.88     -6735922.24
CAMBUCI SA-PREF    CXDOF US           77853098.43    -18690214.78
CAMBUCI SA         CAMBON BZ          77853098.43    -18690214.78
PETRO MANGUINHOS   MANGON BZ          67915860.11   -166793076.45
CTM CITRUS- PR R   CTPC2 BZ           38740523.05      -671039.81
TEKA-ADR           TEKAY US          189819518.01   -244265715.17
FERRAGENS HAGA     HAGAON BZ          11324601.97    -49777521.75
TELEBRAS-ADR       TBASY US          185536520.68     -1054841.44
TELEBRAS-CM RCPT   RCTB30 BZ         185536520.68     -1054841.44
CTM CITRUS-RCT P   CTPC10 BZ          38740523.05      -671039.81
D H B              DHBI3 BZ           89461115.57   -284716721.06
FER C ATL-RCT CM   VSPT9 BZ         1050516250.26     -47197918.4
CTM CITRUS-RCT P   CTP6 BZ            38740523.05      -671039.81
GAZOLA SA-DVD PF   GAZO12 BZ          15610576.83    -42175190.26
DOCAS SA           DOCAON BZ          88417960.92    -18059127.86
VARIG PART EM-PR   VPTA4 BZ           49432124.18   -399290425.77
CIMOB PARTIC SA    GAFON BZ           36817394.78    -33083086.54
FABRICA RENAUX-P   FRNXPN BZ          53485265.61    -31264773.12
ACO ALTONA         EALT3 BZ           72616112.37     -8863784.58
CTM CITRUS SA      CTMON BZ           38740523.05      -671039.81
CONST A LIND-PRF   LINDPN BZ          14038885.98    -11543314.46
CAFE BRASILIA SA   CSBRON BZ          15788426.91   -516549819.64
ARTHUR LANG-RC P   ARLA10 BZ          21333792.82    -16295577.05
CAMBUCI SA-PREF    CAMBPN BZ          77853098.43    -18690214.78
ARTHUR LANGE SA    ALICON BZ          21333792.82    -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ           21333792.82    -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ           21333792.82    -16295577.05
AZEVEDO E TRA-PR   AZEVPN BZ          47860887.41      -4389906.4
TEXTEIS RENAUX     RENXPN BZ          43112153.13    -64315032.24
ARTHUR LANGE-PRF   ARLA4 BZ           21333792.82    -16295577.05
ARTHUR LANGE-PRF   ALICPN BZ          21333792.82    -16295577.05
CONST A LINDEN     CALI3 BZ           14038885.98    -11543314.46
ACO ALTONA-PREF    EAAPN BZ           72616112.37     -8863784.58
DOCAS SA-PREF      DOCAPN BZ          88417960.92    -18059127.86
BOMBRIL-RGTS PRE   BOBR2 BZ          202399273.95   -205733462.83
TELEBRAS-CEDE PF   RCTB4 AR          185536520.68     -1054841.44
ARTHUR LAN-DVD P   ARLA12 BZ          21333792.82    -16295577.05
SANSUY SA-PREF A   SNSYAN BZ         100279114.92    -45812488.77
ALL MALHA PAULIS   GASC3B BZ         656500097.92   -450029899.55
ARTHUR LAN-DVD C   ARLA11 BZ          21333792.82    -16295577.05
TELEBRAS-RECEIPT   TLBRUO BZ         185536520.68     -1054841.44
ARTHUR LANGE       ARLA3 BZ           21333792.82    -16295577.05
SCHLOSSER SA       SCHON BZ           10007791.94    -53599536.49
BOMBRIL-RIGHTS     BOBR1 BZ          202399273.95   -205733462.83
BOTUCATU TEXTIL    STRP3 BZ           25771113.88     -6735922.24
BUETTNER SA-RT P   BUET2 BZ           74895906.51    -28401073.82
TEXTEIS RENAU-RT   TXRX1 BZ           43112153.13    -64315032.24
BUETTNER SA        BUETON BZ          74895906.51    -28401073.82
VARIG SA-PREF      VARGPN BZ         966298025.55  -4695211316.33
AZEVEDO-PREF       AZEV4 BZ           47860887.41      -4389906.4
BOMBRIL            BMBBF US          202399273.95   -205733462.83
BOMBRIL CIRIO SA   BOBRON BZ         202399273.95   -205733462.83
PARQUE TEM-RT CM   PQTM1 BZ           58692385.42   -188832203.73
BOMBRIL            BOBR3 BZ          202399273.95   -205733462.83
BOMBRIL SA-ADR     BMBPY US          202399273.95   -205733462.83
BOMBRIL-PREF       BOBR4 BZ          202399273.95   -205733462.83
STAROUP SA-PREF    STARPN BZ          25771113.88     -6735922.24
MARAMBAIA-PREF     CTMMF US           38740523.05      -671039.81
MMX MINERACAO      TRES3 BZ          852266425.01   -110184832.63
D H B-PREF         DHBI4 BZ           89461115.57   -284716721.06
HAGA               HAGA3 BZ           11324601.97    -49777521.75
HOPI HARI-PREF     PQTM4 BZ           58692385.42   -188832203.73
ARTHUR LANG-RC C   ARLA9 BZ           21333792.82    -16295577.05
MMX MINERACAO      MMXCF US          852266425.01   -110184832.63
TEKA               TEKA3 BZ          189819518.01   -244265715.17
MARAMBAIA          CTPC3 BZ           38740523.05      -671039.81
GASCOIGNE EMP-PF   GASC4B BZ         656500097.92   -450029899.55
ACO ALTONA-PREF    EALT4 BZ           72616112.37     -8863784.58
GAZOLA SA          GAZON BZ           15610576.83    -42175190.26
GASCOIGNE EMP-PF   GASC4 BZ          656500097.92   -450029899.55
GASCOIGNE EMPREE   1GASON BZ         656500097.92   -450029899.55
GAZOLA-PREF        GAZO4 BZ           15610576.83    -42175190.26
GAZOLA-RCPT PREF   GAZO10 BZ          15610576.83    -42175190.26
GAZOLA SA-DVD CM   GAZO11 BZ          15610576.83    -42175190.26
TECTOY SA-PREF     TOYBPN BZ          20577415.71     -7950050.37
RIMET-PREF         REEMPN BZ          80030147.28    -124398873.4
NOVA AMERICA SA    NOVAON BZ             21287489   -183535527.21
WETZEL SA          MWELON BZ          62051686.19     -4312427.28
NORDON MET-RTS     NORD1 BZ           15650782.44    -14576030.17
NOVA AMERICA SA    1NOVON BZ             21287489   -183535527.21
NOVA AMERICA-PRF   NOVAPN BZ             21287489   -183535527.21
RENAUXVIEW SA      TXRX3 BZ           43112153.13    -64315032.24
NOVA AMERICA SA    NOVA3 BZ              21287489   -183535527.21
HOPI HARI SA       PQTM3 BZ           58692385.42   -188832203.73
MINUPAR SA-PREF    MNPRPN BZ          77985985.08    -17398607.53
TELEBRAS-PF RCPT   RCTB41 BZ         185536520.68     -1054841.44
MINUPAR            MNPR3 BZ           77985985.08    -17398607.53
MINUPAR SA         MNPRON BZ          77985985.08    -17398607.53
MMX MINERACA-GDR   MMXMY US          852266425.01   -110184832.63
MMX MINERACAO      MMXM3 BZ          852266425.01   -110184832.63
MMX MINERACA-GDR   XMM CN            852266425.01   -110184832.63
MMX MINERACA-GDR   3M11 GR           852266425.01   -110184832.63
BOMBRIL SA-ADR     BMBBY US          202399273.95   -205733462.83
DOCAS SA-RTS PRF   DOCA2 BZ           88417960.92    -18059127.86
ESTRELA SA         ESTR3 BZ            50541924.7    -43741941.51
DOCAS IMBITUBA     IMBION BZ          89702642.66    -11135784.06
TELEBRAS SA        TLBRON BZ         185536520.68     -1054841.44
ESTRELA SA         ESTRON BZ           50541924.7    -43741941.51
FABRICA RENAUX     FRNXON BZ          53485265.61    -31264773.12
FABRICA RENAUX     FTRX3 BZ           53485265.61    -31264773.12
FABRICA RENAUX-P   FTRX4 BZ           53485265.61    -31264773.12
STAROUP SA         STARON BZ          25771113.88     -6735922.24
DOC IMBITUB-PREF   IMBI4 BZ           89702642.66    -11135784.06
CAMBUCI SA-PREF    CAMB4 BZ           77853098.43    -18690214.78
DHB IND E COM      DHBON BZ           89461115.57   -284716721.06
DHB IND E COM-PR   DHBPN BZ           89461115.57   -284716721.06
DOC IMBITUBA-RTC   IMBI1 BZ           89702642.66    -11135784.06
PARQUE TEM-RT PF   PQTM2 BZ           58692385.42   -188832203.73
DOCAS IMBITUB-PR   IMBIPN BZ          89702642.66    -11135784.06
DOC IMBITUBA-RTP   IMBI2 BZ           89702642.66    -11135784.06
CTM CITRUS-RCT C   CTPC9 BZ           38740523.05      -671039.81
FER HAGA-PREF      HAGA4 BZ           11324601.97    -49777521.75
FER C ATLANT-PRF   VSPT4 BZ         1050516250.26     -47197918.4
FER C ATLANT       VSPT3 BZ         1050516250.26     -47197918.4
WETZEL SA-PREF     MWELPN BZ          62051686.19     -4312427.28
FERROVIA CEN-DVD   VSPT11 BZ        1050516250.26     -47197918.4
TECTOY-RCT ORD     TOYB9 BZ           20577415.71     -7950050.37
FERRAGENS HAGA-P   HAGAPN BZ          11324601.97    -49777521.75
ACO ALTONA SA      EAAON BZ           72616112.37     -8863784.58
FABRICA TECID-RT   FTRX1 BZ           53485265.61    -31264773.12
TEC TOY SA-PREF    TOYDF US           20577415.71     -7950050.37
CONST A LINDEN     LINDON BZ          14038885.98    -11543314.46
DOCA INVESTI-PFD   DOCA4 BZ           88417960.92    -18059127.86
CTM CITRUS-RCT C   CTP5 BZ            38740523.05      -671039.81


COLOMBIA


TELEX-A            TELEXA CI         344183089.19    -23898527.41
TELEX-RTS          TELEXO CI         344183089.19    -23898527.41
CHILESAT CORP SA   TELEX CI          344183089.19    -23898527.41
CHILESAT CO-RTS    CHISATOS CI       344183089.19    -23898527.41
CHILESAT CO-ADR    TL US             344183089.19    -23898527.41
TELMEX CORP SA     CHILESAT CI       344183089.19    -23898527.41
TELMEX CORP-ADR    CSAOY US          344183089.19    -23898527.41
N.A.               TOYB1 BZ           20577415.71     -7950050.37


                            ***********

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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