TCRLA_Public/090811.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 11, 2009, Vol. 10, No. 157

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Seeks to Keep Gathering Evidence
STANFORD INT'L: Lawmakers Return US$87,800 in Stanford Donations
STANFORD INT'L: Receiver Asks Appeals Court to Extend Asset Freeze


A R G E N T I N A

BANCO DE GALICIA: Grupo Financiero Posts ARS36.8 Mil. Profit in 2Q
BANCO HIPOTECARIO: Posts Ps. 52.9 Million Net Income in 2Q
CASA CORPORACION: Verifying Proofs of Claim Until August 20
FLUMA SA: Trustee Verifying Proofs of Claim Until September 4
TELECOM ARGENTINA: Telecom Personal Gains 1M Subscribers in 1H2009


B E R M U D A

LEHMAN RE LTD: Voluntary Chapter 15 Case Summary


B R A Z I L

GOL LINHAS: Posts Preliminary Traffic Figures for July
LIGHT SA: Second Quarter Profit Falls to BRL121 Million
TAM SA: Soaring Real May Rescue Airline From Oil Hedges


C A Y M A N  I S L A N D S

AGEMO FUND: Shareholders' Final Meeting Set for August 21
ASIA ERA: Shareholders' Final Meeting Set for August 21
ERICA OVERSEAS: Shareholders' Final Meeting Set for October 8
FR IX: Shareholders' Final Meeting Set for August 20
GREENFIELD INVESTMENTS: Shareholder to Hear Wind-Up Report Aug. 19

HFG INDIA: Shareholders' Final Meeting Set for August 21
LNS MANAGEMENT: Shareholders' Final Meeting Set for August 21
LNS PARTNERS: Shareholders' Final Meeting Set for August 21
ML EUROMEDIC: Shareholders' Final Meeting Set for August 21
OBEREK LTD: Shareholders' Final Meeting Set for August 21

ORCA VENTURES: Shareholders' Final Meeting Set for October 1
SALDANI LTD: Shareholder to Hear Wind-Up Report August 20
SMILE OPPORTUNITIES: Shareholders' Final Meeting Set for Sept. 26
TT LONG/SHORT: Shareholders' Final Meeting Set for August 17
VISION CAPITAL: Shareholders' Final Meeting Set for September 30


C O L O M B I A

BANCOLOMBIA SA: Decision on Banco de Colombia Merger Issued


J A M A I C A

CABLE & WIRELESS: LIME & Barbados Workers Union at Odds
JAMAICAN CREDIT: S&P Downgrades Rating on $225 Mil. Certs. to 'B+'
* JAMAICA: Debt Increased by JM$25 Billion Since April
* JAMAICA: Objects to S&P's Credit Rating Downgrade


M E X I C O

ALESTRA S: S&P Affirms Corporate Credit Rating at 'B+'
CEMEX SAB: Gains Support From All Creditors on Refinancing


S T  K I T T S  &  N E V I S

CABLE & WIRELESS: St. Kitts & Nevis Unit Posts EC$17MM Profit


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

BRITISH WEST: U.S. SEC Not Responsible to Help Shareholders


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: Owner Seeks to Keep Gathering Evidence
------------------------------------------------------
Robert Allen Stanford, the financier accused of orchestrating a
multi-billion fraud, asked U.S. District Judge David Godbey to
reject prosecutors? request to halt evidence gathering in the
fraud lawsuit brought by the U.S. Securities and Exchange
Commission, Laurel Brubaker Calkins and Andrew M. Harris at
Bloomberg News report.  The report relates Mr. Stanford said the
evidence gathering might help him fight liquidation of his assets
while his criminal case moves forward.

According to the report, the government claims records and
depositions from the civil case could jeopardize its 21-count
criminal indictment against Stanford and his co-defendants.

Bloomberg News notes that Mr. Stanford, citing papers filed Aug. 6
in federal court in Dallas, said Stanford Financial Group court-
appointed receiver, Ralph Janvey, said the court-appointed
receiver in the SEC lawsuit will keep liquidating his financial
empire unless the case is put on hold.

?Unless Mr. Stanford demonstrates that the civil accusations
against him lack merit, the receiver will continue to do so,? the
report quoted Ruth Brewer Schuster, one of Stanford?s civil
attorneys, as saying.  ?Based on the speed with which the receiver
has liquidated Mr. Stanford?s estate, Mr. Stanford simply cannot
wait until a criminal trial in order to clear his name,? Mr.
Schuster said.  Mr. Janvey claims all of Stanford?s assets are
tainted by a fraud scheme involving the sale of certificates of
deposit through Stanford International Bank Limited, the report
points out.

Bloomberg News says that if Judge Godbey grants the government
request to halt discovery in the SEC case, Mr. Stanford asked the
judge to put on hold the entire lawsuit until the criminal case is
resolved.  The report relates Mr. Stanford said that without a
complete stay, the receiver could continue liquidating assets.
Mr. Janvey?s efforts to close Stanford?s businesses and sell real
estate and private-equity portfolio assets are premature because
he hasn?t been convicted of any wrongdoing, Mr. Stanford added.

                  About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

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

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

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

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


STANFORD INT'L: Lawmakers Return US$87,800 in Stanford Donations
----------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
said that so far, U.S. politicians have returned US$87,800 in
donations from accused swindler Robert Allen Stanford, Anna Driver
at Reuters reports.  The report relates several lawmakers
including President Barack Obama said they would donate to charity
the contributions they had received from Stanford.

According to the report, Mr. Janvey had urged politicians to give
the money back so it could be returned to Stanford investors.  The
report notes that among the cash returned include:

   -- US$8,000 from Senate Majority Leader Harry Reid,

   -- US$27,500 from Senate Banking Committee Chairman
      Christopher Dodd, and

   -- US$14,000 from Richard Shelby, the top Republican
      on the Senate Banking Committee.

Reuters, citing the Center for Responsive Politics, recalls that
over the past decade, Stanford's firm, Stanford Financial Group,
spent US$4.8 million in lobbying Washington politicians.  The
report notes Mr. Stanford, his political action committee,
employees and members of their families also made US$2.4 million
in campaign contributions to federal candidates since 2000.

                   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: Receiver Asks Appeals Court to Extend Asset Freeze
------------------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that Stanford Financial Group court-appointed receiver,
Ralph Janvey, asked the U.S. Court of Appeals in New Orleans to
keep in place the injunction imposed by the U.S. District Court in
Dallas for the release of Stanford investors? frozen accounts
until he can contest a lower-court order set to unlock most of the
funds at noon on Aug. 13.

According to the report, District Judge David Godbey said after
Aug. 13, the freeze would apply only to the interest generated by
investor funds and not principal.

The report relates Mr. Janvey told the Mr. Gobey he would appeal.
?Without such an order, investors who were lucky enough to cash
out of the scheme before the receivership will be permitted to
keep millions of dollars stolen from other innocent investors who
were not so fortunate,? Kevin Sadler, Mr. Janvey?s attorney, said
in a filing obtained by the news agency.

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.

                 About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

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

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

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

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


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


BANCO DE GALICIA: Grupo Financiero Posts ARS36.8 Mil. Profit in 2Q
------------------------------------------------------------------
Grupo Financiero Galicia S.A., a unit of Banco de Galicia y Buenos
Aires de C.V., reported a second-quarter profit of ARS36.8 million
(US$9.6 million), down 12.6% from the same period a year earlier,
Shane Romig at Dow Jones Newswires reports.

According to the report, Grupo Galicia saw profits fall sharply
from the first quarter, when the group posted a net gain of
ARS91.9 million.

Banco de Galicia y Buenos Aires, the report relates, posted
profits during the second quarter of ARS41.1 million, up from
ARS38.1 million a year ago.

Grupo Financiero Galicia S.A. operates as a financial services
holding company for Banco Galicia, a commercial bank in Argentina.
The bank attracts deposits and offers business an consumer loans,
mortgages, investment banking, securities services, foreign
exchange services, mutual funds, insurance, annuities, and credit
cards.

                     About Banco de Galicia

Banco de Galicia y Buenos Aires de C.V. attracts deposits and
offers commercial banking services.  The bank offers consumer
loans, mortgages, investment banking, securities services, foreign
exchange services, mutua funds, insurance, annuities, and credit
cards.

As of August 11, 2009, the company continues to carry Moody's Caa1
Foreign LT Bank deposits ratings, Ba1 Local LT Bank Depostits
ratings, B2 Senior Unsecured Debt rating, and B2 Subordinate
rating.


BANCO HIPOTECARIO: Posts Ps. 52.9 Million Net Income in 2Q
----------------------------------------------------------
Banco Hipotecario S.A. posted a net income of Ps. 52.9 million for
second quarter 2009, Ps. 22.9 million higher than last quarter and
Ps. 70.0 million higher than the same quarter of 2008.

Financial margins of Ps. 161.6 million were 27.5% higher than the
previous quarter and 344.8% higher than a year ago.  Deposits
remained stable in the quarter and increased 76.4% YoY.

The company has an equity ratio of 22.6%.

Banco Hipotecario SA attracts deposits and offers commercial
banking services.  The bank offers mortgage, personal, and
corporate loans, credit cards, and insurance service.

                           *     *     *

As of August 10, 2009, the company continues to carry Moody's Ba1
Local Currency rating, Caa1 Foreign LT Bank Deposits rating, Ba1
Local LT Bank Deposits rating, and D Bank Financial Strenght
rating.


CASA CORPORACION: Verifying Proofs of Claim Until August 20
-----------------------------------------------------------
The court-appointed trustee for C.A.S.A. Corporacion Argentina
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until August 20, 2009.

The trustee will present the validated claims in court as
individual reports on October 16, 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 27, 2009.


FLUMA SA: Trustee Verifying Proofs of Claim Until September 4
-------------------------------------------------------------
The court-appointed trustee for Fluma S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 4, 2009.

The trustee will present the validated claims in court as
individual reports on October 22, 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 10, 2009.


TELECOM ARGENTINA: Telecom Personal Gains 1M Subscribers in 1H2009
------------------------------------------------------------------
Telecom Argentina SA?s mobile arm, Telecom Personal, has gained
over one million subscribers during the first half of 2009, taking
its total subscriber base in Argentina to 13.6 million, around 68%
of which are pre-paid subscribers, Wirelessfederation.com reports

According to the report, the second quarter revenue reached
ARS1.91 billion, up from ARS1.67 billion in the same quarter a
year ago, while H1 revenue amounted to ARS3.76 billion, up 14%
year-on-year.

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Telecom Argentina S.A.'s first half net profit
increases 15% to ARS703 million (US$183 million) from ARS613
million in the same period a year ago as Internet and mobile phone
sales increased.  The report related the company ARS374 million in
the second-quarter, based on the company's first-quarter results.
According to the report, Telecom Argentina said that revenue from
the company's Internet business rose 43% in the first half of 2009
from the same period a year earlier.  The report notes that the
company cited a "substantial expansion of the broadband service,
driven by an increase in subscribers, better network coverage and
commercial promotions."  Reuters said the company's operating
profit in the first half increased 25% to ARS262 million, while
consolidated net revenue rose 14% to ARS5.75 billion pesos.

                        About Telecom Argentina

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


LEHMAN RE LTD: Voluntary Chapter 15 Case Summary
------------------------------------------------
Chapter 15 Petitioner: Lehman Re Ltd.

Chapter 15 Debtor: Lehman Re Ltd.
                   c/o Peter C.B. Mitchell & D. Geoffrey
                   Hunter, Joint Provisional Liquidators
                   PricewaterhouseCoopers Advisory Limited
                   Dorchester House, 7 Church St.
                   Hamilton
                   Bermuda, HM11

Chapter 15 Case No.: 09-14884

Type of Business: The Debtor is a Bermuda-based insurance unit of
                  Lehman Brothers Holdings Inc.

Chapter 15 Petition Date: August 8, 2009

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Chapter 15 Petitioner's Counsel: Gregory M. Petrick, Esq.
                                 gregory.petrick@cwt.com
                                 Ingrid Bagby, Esq.
                                 ingrid.bagby@cwt.com
                                 Cadwalader, Wickersham & Taft LLP
                                 One World Financial Center
                                 New York, NY 10281
                                 Tel: (212) 504-6000
                                 Fax: (212) 993-2747

Estimated Assets: US$500 million to US$1 billion

Estimated Debts: More than US$1 billion


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


GOL LINHAS: Posts Preliminary Traffic Figures for July
------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed its preliminary
traffic figures for July 2009.

In July 2009, GOL recorded an increase in demand on its route
network for the fourth consecutive month.  In addition to the
seasonally favorable period for the airline industry as a whole,
passenger traffic volume (measured in RPK -- revenue passenger
kilometers) moved up over June 2009 thanks to:

    (i)  the school vacations in July;
   (ii)  the increased supply of low-fare seats, aiming to
         optimize the Company's load factor, yields and cost
         structure, in line with the strategy of generating
         positive operating cash flow; and
   (iii) revitalizing the SMILES program.

As a result of all of these factors, GOL reported a 7.4% increase
in RPK over July 2008 and a 20.3% upturn over the previous month.

Also in July, the company recorded a total load factor of 71.5%,
the highest figure since the acquisition of VRG, 6.8 p.p. up on
the 64.7% reported in July 2008 and 7.7 p.p. up on the 63.8%
posted in June 2009.  The domestic load factor stood at 74.6% and
the international one at 49.5%.

In line with its focus on optimizing operating profitability, the
utilization ratio of GOL's operational fleet exceeded 12 hours/day
in comparison to 11.3 hours/day posted in 1Q09, pushing up seat
supply by 7.3% over June 2009. This gradual and planned increase
in block hours is an important factor in diluting operating costs.

In this scenario, domestic market demand climbed by 29.0% year-
over-year and by 22.8% over June 2009 (a low-season month).  The
international segment recorded an opposite tendency, with demand
dropping by 61.6% over the same period last year, due to the
elimination of long-haul routes, and falling by 1.6% over the
previous month due to the Company's strategic decision to
temporarily suspend flights to Lima in order to revaluate it and
reduce the frequency of flights to Santiago and Buenos Aires,
mainly driven by its focus on profitability.

                       About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. ?- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As of May 19, 2009, the company continues to carry Moody's B1
long-term corporate family ratings.  The company also continues to
carry Fitch's B+ Issuer Credit Ratings and B Senior Unsecured
Rating and Preferred Stock ratings.


LIGHT SA: Second Quarter Profit Falls to BRL121 Million
-------------------------------------------------------
Paulo Winterstein and Heloiza Canassa at Bloomberg News report
that Light SA's second quarter profit fell to BRL121 million
(US$65.8 million).  The result is less than an estimate of BRL167
million, according to the average of three forecasts compiled by
Bloomberg

According to the report, net revenue dropped 1.9% from the year-
earlier period to BRL1.27 billion.

Bloomberg News says the company said sales volumes were hurt in
the second quarter after the economic slowdown reduced demand in
the open market.  The report relates power losses rose for the
second consecutive quarter and costs increased by 8.2%.

?Light?s earnings report was pretty bad, with all numbers coming
in below expectations,? the report quoted Reinaldo Zakalski, who
helps manage the equivalent of about US$170 million at BI Asset
Management in Sao Paulo, as saying.

                           About Light SA

Light SA generates, transmits, and distributes electricity in
Brazilian State of Rio Janeiro.  The company operates in the state
of Rio Janeiro

                            *     *     *

As of August 11, 2009, the company continues to carry Moody's Ba1
LT Corp Family rating.


TAM SA: Soaring Real May Rescue Airline From Oil Hedges
-------------------------------------------------------
Heloiza Canassa at Bloomberg News reports that a soaring real is
helping rescue Tam SA from wrong-way bets that crude prices would
average more than US$100 a barrel this year.  The report relates
Victor Mizusaki, an airline analyst at Itau Corretora, said that
the world?s best-performing currency has risen 27% this year,
cutting Tam?s dollar-denominated debt and aircraft costs and
offsetting losses tied to oil hedges.

?The currency gain has a very positive impact, it?s the most
important thing holding earnings up,? Mr. Mizusaki told Bloomberg
News in a telephone interview.  The report notes Mr. Mizusaki
rated Tam ?sector perform.?

The report note the airline posted a loss of BRL1.3 billion in the
fourth quarter after betting oil, which touched a record US$147.27
on July 11, 2008, would extend a rally into 2009.  Bloomberg News
relates the economic crisis has curbed demand, leading crude this
year to slump as much as 75% from July?s high.

Bloomberg News says that Deutsche Bank AG and Itau said the
airline hedged more than 45% of estimated consumption this year at
prices of at least $105 a barrel.  The report notes TAM SA said
the oil hedges resulted in a 919 million-real expense in the
fourth quarter after it renegotiated some contracts.

Mr. Mizusaki, the report notes, said TAM SA gets about 33% of its
revenue from international operations and have about 60% of their
costs linked to the U.S. currency, most of which are aircraft
leases and fuel expenses.

Tam?s fuel hedging ?puts it at a strategic disadvantage in 2009
and represents a substantial cash obligation at current oil price
levels,? Deutsche Bank analyst Dan McGoey wrote in a July 31 note
obtained by the news agency.

                           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.


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


AGEMO FUND: Shareholders' Final Meeting Set for August 21
---------------------------------------------------------
The shareholders of Agemo Fund Limited will hold their final
meeting on August 21, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ASIA ERA: Shareholders' Final Meeting Set for August 21
-------------------------------------------------------
The shareholders of Asia Era Fund will hold their final meeting on
August 21, 2009, at 10:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ERICA OVERSEAS: Shareholders' Final Meeting Set for October 8
-------------------------------------------------------------
The shareholders of Erica Overseas Ltd. will hold their final
meeting on October 8, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


FR IX: Shareholders' Final Meeting Set for August 20
----------------------------------------------------
The shareholders of FR IX Offshore GP Limited will hold their
final meeting on August 20, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jennifer Zarrilli
          First Reserve Corporation
          One Lafayette Place, Third Floor
          Greenwich, Connecticut 06830
          United States


GREENFIELD INVESTMENTS: Shareholder to Hear Wind-Up Report Aug. 19
------------------------------------------------------------------
The shareholder of Greenfield Investments Limited will receive on
August 19, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Campbell Directors Limited
          Scotia Centre, George Town
          P.O. Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 2648
          Facsimile: (345) 949 8613


HFG INDIA: Shareholders' Final Meeting Set for August 21
--------------------------------------------------------
The shareholders of HFG India Continuum Fund (Caymans), SPC will
hold their final meeting on August 21, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LNS MANAGEMENT: Shareholders' Final Meeting Set for August 21
-------------------------------------------------------------
The shareholders of LNS Management Limited will hold their final
meeting on August 21, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LNS PARTNERS: Shareholders' Final Meeting Set for August 21
-----------------------------------------------------------
The shareholders of LNS Partners Limited will hold their final
meeting on August 21, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ML EUROMEDIC: Shareholders' Final Meeting Set for August 21
-----------------------------------------------------------
The shareholders of ML Euromedic Co-Invest, Ltd. will hold their
final meeting on August 21, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OBEREK LTD: Shareholders' Final Meeting Set for August 21
---------------------------------------------------------
The shareholders of Oberek Ltd. will hold their final meeting on
August 21, 2009, at 9:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ORCA VENTURES: Shareholders' Final Meeting Set for October 1
------------------------------------------------------------
The shareholders of Orca Ventures Ltd. will hold their final
meeting on October 1, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


SALDANI LTD: Shareholder to Hear Wind-Up Report August 20
---------------------------------------------------------
The shareholder of Saldani Ltd will receive on August 20, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


SMILE OPPORTUNITIES: Shareholders' Final Meeting Set for Sept. 26
-----------------------------------------------------------------
The shareholders of Smile Opportunities Ltd. will hold their final
meeting on September 26, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


TT LONG/SHORT: Shareholders' Final Meeting Set for August 17
------------------------------------------------------------
The shareholders of TT Long/Short Japan Fund Limited will hold
their final meeting on August 17, 2009, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


VISION CAPITAL: Shareholders' Final Meeting Set for September 30
----------------------------------------------------------------
The shareholders of Vision Capital Corporation will hold their
final meeting on September 30, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nobuaki Hagura
          c/o Takehiko Negishi of Mori Hamada and
          Matsumoto of Marunouchi Park Building, 2-6-1
          Marunouchi, Chiyodaku, Tokyo 100-8222, Japan
          Telephone: +81-3-5220-1838
          Facsimile: +81-3-5220-1738


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


BANCOLOMBIA SA: Decision on Banco de Colombia Merger Issued
-----------------------------------------------------------
Bancolombia S.A. disclosed that the Colombian Vice Attorney
General's Office (Vicefiscal General de la Nacion) issued an order
in second instance in connection with the investigations
surrounding the acquisition by Bancolombia (formerly Banco
Industrial Colombiano S.A.) of Banco de Colombia S.A. and their
subsequent merger.

The order:

   -- confirms the decision issued in the first instance
      finding that the prescriptive periods relating to the
      allegation of willful misconduct by a public officer
      (prevaricato por accion) had expired,

   -- reverses the preclusion order issued in the first
      instance to close the investigations into the allegations
      of willful neglect by a public officer (prevaricato por
      omision), with the purpose of determining whether the
      prescriptive periods have expired for each accused
      individual,

   -- reverses the preclusion order issued in the first instance
      to close the investigations into the allegations of fraud;
      and

   -- orders the consolidation of the legal proceedings
      relating to fraud.  It noted that in the parallel criminal
      investigation related to allegations of fraud, the
      Colombian Attorney General issued a preclusion order
      barring further investigation into such allegations on
      July 31, 2009.

The investigations covered by the Colombian Vice Attorney
General's order relate to allegations against the President of
Bancolombia, members of the board of directors of Banco Industrial
Colombiano S.A. in office at the time of the merger with Banco de
Colombia S.A., members of the board of directors of the Central
Bank of the Republic of Colombia and certain officers of the
Colombian Superintendency of Finance.

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


CABLE & WIRELESS: LIME & Barbados Workers Union at Odds
-------------------------------------------------------
A showdown is brewing between Barbados Workers Union, the
country's largest trade union, LIME over the company's decision to
lay off more than a hundred employees, RadioJamaica reports.

According to the report, BWU General Secretary Sir Roy Trotman is
upset that over the circumstances relating to the sending home of
116 workers here and has threatened to launch an island wide
demonstration over the matter.  "I am calling for a national
protest in one form or another against Cable and Wireless.  We
have not yet reached the stage where we are going to take work
stoppage because the matter is at the level of the Labour
Department," the report quoted Mr. Roy as saying.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

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

                          *     *     *

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

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


JAMAICAN CREDIT: S&P Downgrades Rating on $225 Mil. Certs. to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Jamaican
Credit Card Merchant Voucher Receivables Master Trust's (the
trust's) US$225 million floating-rate certificates series 2001-A
due 2013 to 'B+' from 'BB+' and removed the rating from
CreditWatch with negative implications, where it was placed
March 19, 2009.

S&P's rating on the series 2001-A certificates reflects S&P's
sovereign credit rating on Jamaica (CCC+/Negative/C); S&P's
foreign and local currency ratings on National Commercial Bank
Jamaica Ltd. (CCC+/Negative/C); and S&P's 'B+' survivability
assessment on NCB, which addresses the bank's ability to acquire
the necessary Visa and MasterCard merchant voucher assets to
service the transaction even under a state of selective default or
other financial impairment.  The rating also reflects the
transaction's strong enhancement level through
overcollateralization and other structural features that mitigate
sovereign interference risk and other credit risks.

The rating actions follow the August 5, 2009, lowering of S&P's
long-term sovereign credit rating on Jamaica to 'CCC+' from 'B-'
and the lowering of S&P's country transfer and convertibility
assessment on Jamaica to 'B+' from 'BB-'; and the August 6, 2009,
lowering of S&P's long-term foreign and local currency credit
ratings on NCB to 'CCC+' from 'B-' and the lowering of S&P's
survivability assessment on NCB to 'B+' from 'BB+'.  S&P's outlook
on both NCB and Jamaica is negative.

S&P's 'CCC+' rating and negative outlook on Jamaica reflect S&P's
view that Jamaica's vulnerable fiscal profile, combined with
difficult financing conditions, may compel the government to
undertake a debt exchange, which, in S&P's view, could be regarded
as a distressed debt exchange.  S&P's 'CCC+' rating on NCB
reflects the bank's large exposure to Jamaican sovereign debt
securities and loans to public entities, as well as the more
challenging environment that the Jamaican banking system faces,
which will continue to pressure NCB's financial performance.

S&P's 'B+' survivability assessment on NCB reflects S&P's view
that the vulnerabilities in the Jamaican government's debt profile
have increased significantly from previous years, narrowing the
government's capacity to support or economically assist the bank
in times of stress.  S&P's survivability assessment is three
notches above S&P's counterparty credit rating on NCB, as S&P
believes that the bank could receive certain assistance from the
Jamaican government, if needed, due to its importance in the
Jamaican banking system, its market share, its adequate financial
performance, and its large branch network and deposit base.

The trust's performance has been strong since 2001.  As of
June 30, 2009, the series 2001-A transaction's quarterly debt
service coverage ratio (DSCR) was 7.65x, down from historical
levels.  The decrease in the DSCR reflects a decline in
collections due to the global economic downturn and the fact that
the transaction has finished its interest-only payment period and
has begun paying principal.  The 7.65x DSCR meets S&P's
requirements for a 'B+' rating.

NCB, one of Jamaica's leading banks, sold all of its existing and
future rights to receive U.S. dollar-denominated payments from
Visa International Service Association and MasterCard
International Inc. to the issuer.  The payment rights include the
amounts owed in regards to cash advances made through Plus System
Inc. or Cirrus System Inc., the cash advance systems operated by
Visa and MasterCard, respectively.  These receivables arise from
NCB's acquisition of the electronic or paper transaction vouchers
that foreign cardholder charges generate when cardholders use
NCB's voucher processing services.


* JAMAICA: Debt Increased by JM$25 Billion Since April
------------------------------------------------------
Jamaica's debt has increased by US$25 billion since the start of
the fiscal year in April, RadioJamaica reports, citing the
Ministry of Finance.

According to the report, at the end of May the country owed its
local and international creditors JM$1.25 trillion, the report
relates domestic debt stood at JM$664 billion while JM$560 billion
was due to international creditors.

                        *     *     *

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


* JAMAICA: Objects to S&P's Credit Rating Downgrade
---------------------------------------------------
Standard and Poors downgrade of Jamaica's long term sovereign
credit rating to CCC+ isn't sitting well with the island's
government, Caribbean360.com reports.  The report relates Finance
Minister Audley Shaw is insisting that the ratings action "ignores
several positive economic developments that have taken place in
recent weeks".

"In recent months, there have been continued signs of an improved
outlook for Jamaica's credit profile," the report quoted Mr. Shaw
as saying.  The report relates Mr. Shaw pointed to significant
over-subscription of locally issued debt, sharp reductions in
market determined local interest rates, sustained stability in the
foreign exchange market, and tightening of the spreads of
government-issued foreign currency denominated debt traded in the
international capital markets.  These developments have also been
supported by Jamaica's application to the International Monetary
Fund (IMF) for a standby arrangement, Mr. Shaw added.

"We are confident that an IMF programme will enhance the already
positive trajectory in Jamaica's credit profile cited above. In
addition, we believe that an IMF programme will facilitate access
to other multilateral funding sources that will further reduce the
Government of Jamaica's borrowing costs," Mr. Shaw said, the
report notes.  "The Government believes that S&P's ratings action
are out of context given these developments," Mr. Shaw added.

According to the report, Mr. Shaw added that the Bruce Golding
administration is not pursuing nor does it intend to pursue any
transaction with its domestic or external partners that could be
viewed in any way as a "distressed transaction" according to S&P's
own criteria.  The report adds that Mr. Shaw insisted that the
government remains firmly committed to honoring all of its local
and international obligations and that the financial sector
continues to be strong, sound and well regulated by the Bank of
Jamaica and the Financial Services Commission.

                           *     *     *

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


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


ALESTRA S: S&P Affirms Corporate Credit Rating at 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Mexican telecommunications company Alestra S. de
R.L. de C.V.

S&P also affirmed its 'B+' local currency rating on Alestra's
$200 million in 144A long-term senior unsecured notes due in 2014,
and the recovery rating of '3', indicating S&P's expectation of
meaningful (50% to 70%) recovery in the event of a payment
default.

The outlook is stable.

"The affirmation reflects Alestra's completion of its issuance of
the notes," said Standard & Poor's credit analyst Marcela Due¤as.
"It plans to use proceeds to refinance its existing senior notes,
resolving potential liquidity concerns."

The ratings on Alestra reflect the risks of competing with larger
and better capitalized telecoms, primarily incumbent Telefonos de
Mexico S.A.B. de C.V., in an industry subject to growing price
pressure.  The ratings also reflect the decline in revenues from
traditional long-distance services.

The ratings also consider Alestra's exposure to foreign-exchange
risk from all of its debt being denominated in U.S. dollars, and
the June 2010 maturity of its joint-venture agreement with 49%
stakeholder AT&T.  An expiration of this agreement could hurt
customer retention.

The company should be able to offset the decline in long-distance
revenues somewhat by capturing growth in value-added services in
Mexico.

Further tempering factors include Alestra's niche competitive
strategy of targeting services to multinational companies, large
and midsize enterprises, and high-end residential users; support
from equity owners Alfa S.A.B. de C.V. and AT&T Mexico (both
unrated); the company's well-established network with a
significant footprint in Mexico, and its margin stability and
positive free operating cash flow.


CEMEX SAB: Gains Support From All Creditors on Refinancing
----------------------------------------------------------
CEMEX, S.A.B. de C.V. said it won support for a plan to refinance
its debt from all affected creditors, Thomas Black at Bloomberg
News reports.  The report relates the company said it is now in
the documentation phase.

According to the report, Cemex has said the agreement will push
maturities on the debt to 2014, with some payments due before that
date, and may include the sale of new shares.  The plan would also
contain restrictions on acquisitions, investments and other
actions, the company added.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2009 Cemex SAB said it continues to make significant
progress with its core banks that represent a majority of the
Company's outstanding bank debt.  The report related Cemex
presented its refinancing proposal to the Company's full syndicate
of banks with a revised maturity schedule on a new facility
encompassing US$14.5 billion in bank debt that would run through
February 2014.  The company said that this revised schedule would
shift 2009-2011 maturities substantially into the future.
According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins.  The report relates one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.

A TCR-LA report on May 6, 2009, citing Bloomberg News, related
that Cemex is in negotiations with Banco Santander SA and Banco
Bilbao Vizcaya Argentaria SA's Bancomer unit on loans to help it
cover debt obligations due this year.  According to a TCR-LA
report on March 11, Bloomberg News said Cemex started discussions
with banks to renegotiate about US$14.5 billion of debt after
postponing its bond sale.  Company spokesman Jorge Perez,
Bloomberg related, said the US$14.5 billion is all of Cemex's bank
debt and doesn't include any bonds.  At the end of December, Cemex
had total debt of US$18.8 billion, the report noted.  According to
Reuters, Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit crisis.

                         About Cemex, S.A.B.

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

                          *     *     *

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


============================
S T  K I T T S  &  N E V I S
============================


CABLE & WIRELESS: St. Kitts & Nevis Unit Posts EC$17MM Profit
-------------------------------------------------------------
LIME (St. Kitts and Nevis), a unit of Cable & Wireless plc, posted
pre-tax profit of EC$17.5 million for the year 2008/2009 from
EC$25.8 million in the same period last year, cupcom.com reports.
The report relates LIME Chairman for St. Kitts and Nevis, Lawrence
Mc Naughton, said exceptional costs (EC$5.8 million) associated
with the company's transformation were mainly responsible for the
decline in profit.

According to the report, the company reported profit after tax of
EC$8.6 million in 2008/2009 from EC$14.8 million in 2007/2008 and
EC$12.5 million in 2006/2007.  The report relates the company
reported gross revenue of EC$105.6 million in 2008/2009 from
EC$106.6 million for 2007/2008 and Corporation tax of EC$8.9
million in 2008/2009 compared to EC$11 million in 2007/2008.

?Our gross revenue of EC$105.6 was marginally lower than that of
the previous year.  Growth in mobile, broadband and other revenues
have minimized the impact of the decline in the traditional fixed
line business,? the report quoted Mr. Naughton as saying

Mr. Naughton, the report relates noted that Gross Margin for the
year grew by EC$2.8 million over the prior year mainly as a result
of the growth in Broadband and Mobile Gross Margins, led by
reductions in handset subsidies, which resulted in a net Cost of
Sales improvement of EC$1.3 million over the year 2007/2008.

The report notes the company invested EC$2.2 million in its
Broadband Network and EC$1.7 million to upgrade its Mobile Network
providing better quality of service.

                         About Cable & Wireless

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

                           *     *     *

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

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


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


BRITISH WEST: U.S. SEC Not Responsible to Help Shareholders
-----------------------------------------------------------
The United States Securities and Exchange Commission said
it is not the SEC's responsibility to help defunct airline British
West Indies' minority shareholders get what they have termed a
"fair price" for their stock in the airline, Trinidad Express
reports.  The report relates SEC Commissioner Francis Lewis said
the Commission had no issues acting as a facilitator for dialogue
on the matter, however, "the role of the SEC is not to decide on
the value (of shares)."

According to the report, Mr. Lewis said the country's laws
provided a clear route which the aggrieved shareholders could take
to get the courts to decide on a fair price.

However, the report notes that financial consultant Peter Permell
argued that the SEC had jurisdiction over the matter, as BWIA was
a publicly listed company and under Section 4 of the Companies Act
Chapter 81:01 of the Laws of the Republic of Trinidad and Tobago
and Section 3 of the Securities Industry Act Chap 83:02, a "public
company" is defined as "a company whose issued shares or
debentures are or were part of a distribution, or an offer, to the
public".  The report relates Mr. Permell said even though BWIA was
now de-listed the SEC must fulfill its responsibilities and if it
did not, the minority shareholders group would have to go the
courts to have them give the proper interpretation of the by laws
as they pertains to the SEC responsibilities.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, Trinidad and Tobago Newsday said British West
Indies' minority shareholders, said Mr. Permell and legal advisor
Lynette Seebaran-Suite, are seeking at least a TT$1.80 share price
from Government, if they do resort to getting a fair share value
from the courts.  Trinidad and Tobago Express related BWIA's
shareholders said they will take Trinidad and Tobago government to
court to get a better price for their shares in the defunct
airline, as they find the 20 cents offer the government is
proposing "disrespectful."  Trinidad Express recalled a group of
minority shareholders of BWIA rejected the Trinidad and Tobago
government's offer to pay them for their stock.

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 report related Ministry of Finance
Mariano Browne said 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.


===============
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.


           * * * End of Transmission * * *