TCRLA_Public/090817.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

             Monday, August 17, 2009, Vol. 10, No. 161

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Must Prove Funds Are Not Part of Scam
STANFORD INT'L: Investors to Appeal Clawback Ruling
* ANTIGUA & BARBUDA: Gets US$50MM From ALBA to Pay State Workers


A R G E N T I N A

AGP INGENIERIA: Trustee Verifying Proofs of Claim Until Sept. 3
CRISAV SA: Trustee Verifying Proofs of Claim Until Sept. 24
EISENHARDT SA: Trustee Verifying Proofs of Claim Until October 8
HONESTIDAD SRL: Trustee Verifying Proofs of Claim Until Sept. 21
PEDEMIL SA: Trustee Verifying Proofs of Claim Until August 28


B E R M U D A

DIRECTRADE LTD: Court Enters Wind-Up Order
EMERALD FINANCIAL: Court Enters Wind-Up Order
EMERALD INVESTMENT: Court Enters Wind-Up Order
EFG SELECT: Court Enters Wind-Up Order
EMERALD STRATEGIC: Court Enters Wind-Up Order

INTELSAT LIMITED: Posts BM$32.7 Million Net Loss in Second Quarter


B R A Z I L

AES CORP: AES Tiete's 2Q Net Profit Up 48.6% to BRL199.2 Million
BANCO NACIONAL: Sees Loans to Increase by 43% This Year
MAFRIG ALIMENTOS: Ended Talks With Bertin on Meatpacker Formation
TAM SA: Posts BRL788.9 Million Net Profit in Second Quarter
TELE NORTE: Posts BRL146 Million Loss in Second Quarter

TELE NORTE: S&P Raises Global Corporate Credit Rating From 'BB+'


C A Y M A N  I S L A N D S

IMAGINE CAPITAL: Members Receive Wind-Up Report
INQUAM LIMITED: Members Receive Wind-Up Report
MCCI ENERGY: Members to Receive Wind-Up Report on August 20
MCCI GRAIN: Members to Receive Wind-Up Report on August 20
MCCI MASTER: Members to Receive Wind-Up Report on August 20

MCCI PRECIOUS: Members to Receive Wind-Up Report on August 20
MH FUNDING: Members Receive Wind-Up Report
MITTELBAUM COMPANY: Members to Receive Wind-Up Report on Sept. 3
NICHELLE LIMITED: Members to Receive Wind-Up Report on August 27
OHCAF (OFFSHORE): Members Receive Wind-Up Report

OHCAF (ONSHORE): Members Receive Wind-Up Report
ORICO ASSET: Members Receive Wind-Up Report
OSPREY STRATEGIES: Members Receive Wind-Up Report
PEREGRINE STRATEGIES: Members Receive Wind-Up Report
QUANTUM ABS: Members to Receive Wind-Up Report on Sept. 3

STARTS CAYMAN: Moody's Withdraws 'Ca' Rating on 2008-1 Notes


C O L O M B I A

ECOPETROL SA: Pending Dividend Payments at COP72.60 Per Share


E C U A D O R

BANCO PICHINCHA: Fitch Affirms Issuer Default Rating at 'B-'


J A M A I C A

ALUMINA PARTNERS: To Continue Water Supply Amid Plant Closure


M E X I C O

CEMEX SAB: Extends Maturity of US$15 Billion Loan Until Feb. 2014
CONSORCIO ARA: Moody's Affirms Global Issuer Rating at 'Ba2'


S T  K I T T S  &  N E V I S

CL FINANCIAL: BAICO to be Audited; Court Replaces General Manager


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Inks US$30BB Oil Venture W/ Russian Firms
PETROLEOS DE VENEZUELA: Inks River Joint Venture With Argentina
* VENEZUELA: To Negotiate Long-Term Financing With China
* VENEZUELA: ALBA Provides US$50 Million Funds to Antigua


X X X X X X X X

* LATAM: Caribbean Hotel Income Hit “Hard” by Economic Recession
* BOND PRICING: For the Week August 10 to August 14, 2009


                         - - - - -


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


STANFORD INT'L: Owner Must Prove Funds Are Not Part of Scam
-----------------------------------------------------------
Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg News
report that Robert Allen Stanford, the financier accused of
orchestrating a multi-billion Ponzu scheme, said he cannot afford
a defense lawyer to fend off charges that could imprison him for
life.  The report relates U.S. District Judge David Hittner ruled
that Mr. Stanford cannot access his frozen funds unless he can
prove it is untainted by wrong doing.

“Any effort by  [Mr. Stanford] to challenge civilly or criminally
what the government’s got comes with a risk of exposing himself
and forfeiting his rights,” the report quoted former federal
prosecutor Eric Sussman, who’s not involved in the case, as
saying.  “Obviously, it puts [Mr. Stanford] in a bind,” Mr.
Sussman added.

According to the report, Mr. Stanford is caught between two
constitutional rights -- one guarantees legal counsel and another
protects a defendant from being forced to testify against himself.
The report relates Dick DeGuerin, Mr. Stanford's defense lawyer,
told Judge Hittner that to show Mr. Stanford's assets are
untainted, thus allowing the financier to pay for legal
representation, Mr. Stanford would have to testify.  Anything Mr.
Stanford will reveal about his finances could be used against him
in the criminal prosecution, Mr. DeGuerin added.

The report notes Mr. Stanford has one defense lawyer seeking to be
relieved as counsel and another unwilling to commit without a
guarantee of payment.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, Reuters said Judge Hittner ruled that Mr. DeGuerin
won't be allowed to withdraw just yet even though another law firm
has said it would represent Mr. Stanford.  The report related
Judge Hittner said he will only consider Mr. DeGuerin's motion
when another lawyer signs onto the case.

Mr. Stanford replaced his criminal attorney, Dick DeGuerin, Esq.,
with attorneys from the Patton Boggs law firm.  Robert Luskin,
Esq., a managing partner at the Washington, DC law firm, is to
lead the defense team.  However, Reuters notes, that so far, no
one from Patton Boggs has filed a notice of appearance, in what
appears to be a battle for compensation.

The report says Mr. Stanford's assets were frozen by a court-
appointed receiver in February and his lawyers have not yet been
paid.  In his motion to withdraw, Mr. DeGuerin said he had sought
assurances regarding future legal fees and expenses, and had not
received them, the report noted.

Meanwhile, Bloomberg News relates that Mr. Stanford is also
fighting with federal officials over using liability insurance to
pay for his defense costs.

                  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. D


STANFORD INT'L: Investors to Appeal Clawback Ruling
---------------------------------------------------
More than 60 investors of Stanford International Bank Limited
represented by Baton Rouge attorney Phillip W. Preis, Esq., told
federal judges in Dallas and New Orleans that they will fight a
court officer’s efforts to increase losses they suffered at the
bank, Bill Lodge at 2theadadvocate reports.  The report relates
Mr. Preis said he filed court notice of a cross appeal that will
argue investors who lost money to Stanford International Bank
should not be subject to demands for any of their remaining
assets.

According to the report, Mr. Preis explained that neither the
interest nor the principal should be “subject to Janvey’s clawback
if you’re a net loser.”

As reported in the Troubled Company Reporter on August 13, 2009,
the U.S. Fifth Circuit Court of Appeals granted motions by Ralph
S. Janvey, in his capacity as receiver for the Stanford
International Bank, Ltd., to extend the asset freeze over certain
Stanford Group Company and Stanford Trust Company customer
accounts that remain frozen.  The extension maintains the asset
freeze during the Receiver's appeal of a determination by the
District Court on claw backs for principal payments under
certificates of deposits issued by Stanford.  Final briefing on
the Receiver's appeal is due on October 14, 2009, and oral
argument has tentatively been scheduled for November 2, 2009.

The Receiver had asked the Court of Appeals to enter an order
extending the injunction until it determines this legal
issue -- whether an equity receiver has a viable claim for
disgorgement of money diverted from one group of innocent
investors in a Ponzi scheme and paid to others as a purported
return of the principal.  Mr. Janvey requested for an extension of
an existing freeze over the investment accounts at Pershing, JP
Morgan and SEI of Stanford customers who received ill-gotten
gains.  "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," Mr. Janvey said in his motion.  About
30,000 accounts at Pershing, et al., were frozen at the start of
the receivership but Mr. Janvey had released 97% of these
accounts.  During the week of July 27, the Receiver asserted
ancillary claims against 800 investors as relief defendants,
seeking disgorgement of nearly US$400 million that was stolen from
other investors and distributed to the relief defendants before
the receivership commenced.

The District Court, however, ruled the relief defendants cannot be
liable for return of principal they invested with Stanford,
despite the fact that the principal was "returned" only by
diverting the deposits of other innocent investors.  Based on this
conclusion, the Court imposed a freeze on the defendants' accounts
only to the extent of purported interest payments they received on
their invested principal.

                  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: Gets US$50MM From ALBA to Pay State Workers
----------------------------------------------------------------
Antigua has received US$50 million from a regional trade bloc to
help pay back wages of public employees as the island battles a
financial crisis, Associated Press reports, citing officials.  The
report relates the money comes from a bloc of leftist-led nations
known as ALBA, pioneered by Venezuelan President Hugo Chavez.

According to the report, Finance Minister Harold Lovell said
Antigua anticipates half the funds would be considered a grant and
the other half a loan.

Prime Minister Baldwin Spencer, the report notes, said that
hundreds of state workers who have not been paid since July will
receive the money by week's end.

The AP says Antigua is scrambling to repair its financial image
after the director of the island's financial regulatory commission
was accused of accepting bribes in a US$7 billion Ponzi scheme
with Robert Allen Stanford.  The report says that the government
has hired a public relations firm and also sought help from a
regional agency that monitors money laundering.


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


AGP INGENIERIA: Trustee Verifying Proofs of Claim Until Sept. 3
---------------------------------------------------------------
The court-appointed trustee for Agp Ingenieria y Construcciones
S.R.L.'s bankruptcy proceedings will be verifying creditors'
proofs of claim until September 3, 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.


CRISAV SA: Trustee Verifying Proofs of Claim Until Sept. 24
-----------------------------------------------------------
The court-appointed trustee for Crisav S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 24, 2009.

The trustee will present the validated claims in court as
individual reports on November 6, 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 18, 2009.


EISENHARDT SA: Trustee Verifying Proofs of Claim Until October 8
----------------------------------------------------------------
The court-appointed trustee for Eisenhardt S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 8, 2009.

The trustee will present the validated claims in court as
individual reports on November 20, 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 2, 2010.


HONESTIDAD SRL: Trustee Verifying Proofs of Claim Until Sept. 21
----------------------------------------------------------------
The court-appointed trustee for Honestidad S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 21, 2009.

The trustee will present the validated claims in court as
individual reports on November 3, 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 16, 2009.


PEDEMIL SA: Trustee Verifying Proofs of Claim Until August 28
-------------------------------------------------------------
The court-appointed trustee for Pedemil S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 28, 2009.


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


DIRECTRADE LTD: Court Enters Wind-Up Order
------------------------------------------
On August 3, 2009, the Supreme Court of Bermuda entered an order
wind up the operations of Directrade Ltd.

The official receiver was appointed as the company's liquidator.


EMERALD FINANCIAL: Court Enters Wind-Up Order
---------------------------------------------
On August 3, 2009, the Supreme Court of Bermuda entered an order
wind up the operations of Emerald Financial Limited.

The official receiver was appointed as the company's liquidator.


EMERALD INVESTMENT: Court Enters Wind-Up Order
----------------------------------------------
On August 3, 2009, the Supreme Court of Bermuda entered an order
wind up the operations of Emerald Investment Management Limited.

The official receiver was appointed as the company's liquidator.


EFG SELECT: Court Enters Wind-Up Order
--------------------------------------
On August 3, 2009, the Supreme Court of Bermuda entered an order
wind up the operations of EFG Select Funds Limited.

The official receiver was appointed as the company's liquidator.


EMERALD STRATEGIC: Court Enters Wind-Up Order
---------------------------------------------
On August 3, 2009, the Supreme Court of Bermuda entered an order
wind up the operations of Emerald Strategic Focus Funds Limited.

The official receiver was appointed as the company's liquidator.


INTELSAT LIMITED: Posts BM$32.7 Million Net Loss in Second Quarter
------------------------------------------------------------------
Intelsat Limited reported results for the three months and six
months ended June 30, 2009.

Intelsat, Ltd. reported revenue of BM$642.5 million and a net loss
of BM$32.7 million for the three months ended June 30, 2009.  The
company also reported EBITDAi, or earnings before net interest,
loss on early extinguishment of debt, taxes and depreciation and
amortization, of BM$522.4 million, and New Bermuda Adjusted
EBITDAi of BM$502.7 million for the three months ended June 30,
2009.

The company reported revenue of BM$1.274 billion and a net loss of
BM$590.4 million for the six months ended June 30, 2009.  The net
loss reflects in part non-cash charges of BM$499.1 million
incurred in the first quarter of 2009 for orbital location
impairments.  The company also reported EBITDA i of BM$498.1
million and New Bermuda Adjusted EBITDAi of BM$997.2 million, or
78 percent of revenue, for the six months ended June 30, 2009.

“Intelsat’s record Adjusted EBITDA in the second quarter of 2009
surpassed the BM$500 million level for the first time, reflecting
attractive revenue growth and solid execution on cost management,”
said Intelsat CEO Dave McGlade.  “Our network services business
and Intelsat General Corporation government business are thriving
as a result of the demand for the communications infrastructure we
provide for applications such as broadband networking, cellular
backhaul, and mobility.”

“In the second quarter we entered into a significant long-term
renewal in our media business, underscoring the value of our
satellite neighborhoods and contributing to an increase in our
backlog to BM$9.5 billion at June 30, 2009 from BM$8.7 billion at
the end of the first quarter,” Mr. McGlade continued.  “This
growth in backlog reinforces the overall strength of our business
across our customer sets, while also providing attractive
visibility on future revenues and cash flows.”

              Financial Results for the Three Months
                      Ended June 30, 2009

Revenue for the three months ended June 30, 2009 increased by
BM$57.6 million, or 10%, to BM$642.5 million as compared to
BM$584.9 million for the three months ended June 30, 2008.  New
business, strong renewals, expansion of existing contracts and
improved contract terms contributed to the overall favorable
trends.  Also reflected in the period was revenue of BM$21.9
million earned from the re-sale of a launch vehicle and related
services, a business which we do not currently intend to pursue in
the future.

By service type, revenue increased or decreased due to:

   * Transponder services -- an aggregate increase of BM$31.8
     million, due primarily to a BM$19.9 million increase in
     revenue from network services customers, resulting from
     new business and strong renewals, primarily in the Latin
     America and Caribbean, the Europe and the Africa and
     Middle East regions, and a BM$12.6 million increase in
     revenues resulting from new services and strong renewals
     sold primarily to North American customers of the Intelsat
     General business, a portion of which was related to
     capacity resold from third parties.

   * Managed services -- an aggregate increase of
     BM$4.0 million, due primarily to a BM$3.0 million increase
     in revenue from network services customers, resulting from
     new business and contract expansions in trunking and
     private line solutions and broadband services, primarily
     in the Africa and Middle East and the Europe regions, and
     a BM$1.7 million increase in revenue from customers of
     the Intelsat General business in the North America region.

   * Channel -- a decrease of BM$2.0 million related to
     continued declines from the migration of point-to-point
     satellite traffic to fiber optic cables across
     transoceanic routes and the optimization of customer
     networks, a trend that we expect will continue.

   * Mobile satellite services and other— an aggregate increase
     of BM$23.8 million, primarily due to increased revenues
     from professional and technical services performed for
     satellite operators and other satellite-related services
     customers, including BM$16.9 million in increased revenue
     from the completion of a re-sale of a launch vehicle
     during the second quarter of 2009, and BM$3.7 million
     and BM$2.3 million in increased revenue from sales of
     third-party usage-based mobile services and customer
     premises equipment, respectively, to customers of the
     Intelsat General business.


Total operating expenses for the three months ended June 30, 2009
increased by BM$10.6 million, or 3%, to BM$325.5 million as
compared to BM$314.9 million for the same period in 2008.  In
addition to the changes related to the line items discussed below,
unrealized gains on derivative financial instruments of BM$52.1
million decreased by BM$47.3 million as compared to BM$99.4
million in the second quarter of 2008.  The resulting increase in
operating expenses was more than offset by the absence of any
impairment in asset value in the second quarter of 2009, as
compared to a BM$63.6 million non-cash impairment of asset value
incurred in the second quarter of 2008.

            EBITDA, New Bermuda Adjusted EBITDA and
                  Other Financial Metrics

The company's EBITDA of BM$522.4 million for the three months
ended June 30, 2009 reflected an increase of BM$32.0 million, or
7%, from BM$490.4 million for the same period in 2008.  New
Bermuda Adjusted EBITDA increased by BM$38.0 million, or 8%, to
BM$502.7 million, or 78% of revenue, for the three months ended
June 30, 2009 from BM$464.8 million, or 79% of revenue, for the
same period in 2008.  The lower margin percentage during the
second quarter of 2009 reflected the impact of the lower margins
on the re-sale of a launch vehicle as compared to the margins on
our other services, and higher third-party capacity sales in the
second quarter of 2009 as compared to the prior year period.

At June 30, 2009, Intelsat’s backlog, representing expected future
revenue under contracts with customers and Intelsat’s pro rata
share of backlog in its joint venture investments, was BM$9.5
billion.  At March 31, 2009, Intelsat’s backlog was BM$8.7
billion.  Intelsat management has reviewed the data pertaining to
the use of the Intelsat system and is providing revenue
information with respect to that use by customer set and service
type in the following tables. Intelsat management believes this
provides a useful perspective on the changes in revenue and
customer trends over time.

              Free Cash Flow from Operations and
                     Capital Expenditures

Intelsat generated free cash flow from operationsi of BM$163.4
million during the three months ended June 30, 2009, as a result
of interest and satellite construction payments as well as changes
in working capital during the period.  Free cash flow from
operations is defined as net cash provided by operating
activities, less payments for satellites and other property and
equipment (including capitalized interest).  Payments for
satellites and other property and equipment during the three
months ended June 30, 2009 totaled BM$150.9 million.

Intelsat generated free cash flow from operationsi of BM$112.8
million during the six months ended June 30, 2009.  Payments for
satellites and other property and equipment during the six months
ended June 30, 2009 totaled BM$283.4 million.

Intelsat is in the process of procuring and building 11 satellites
that are expected to be launched throughout the next three years,
including the New Dawn joint venture satellite.  The company
expects that 2009 total capital expenditures will range from
approximately BM$625 million to BM$675 million, however, several
late 2009 contract milestones could result in some expenditures
being delayed into 2010.  The capital expenditure 2009 estimate
excludes capital expenditures related to the New Dawn satellite,
for which Intelsat’s cash contributions in 2009 are expected to be
minimal.  The company indicated that changes in the overall
satellite launch market could result in increases to expected
launch costs in the future.

                           About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat Ltd.'s June 30 balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million.

                           *     *     *

As reported in the Troubled Company Reporter on February 6, 2009,
Moody's Investors Service assigned a B3 rating to Intelsat Ltd.'s
new US$400 million note issue (in the name of Intelsat's indirect,
wholly-owned subsidiary, Intelsat Subsidiary Holding Company,
Ltd.; terms and conditions of the new notes mirror those of an
existing senior unsecured 8.875% note issue that matures
January 15, 2015).  The proceeds will be used to fund a tender
offer for a portion of Intelsat Ltd.'s 7.625% notes due 2012 and
its 6.5% notes due 2013.


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


AES CORP: AES Tiete's 2Q Net Profit Up 48.6% to BRL199.2 Million
----------------------------------------------------------------
AES Tiete's second quarter net profit increased 48.6% to BRL199.2
million (US$109.4 million) from BRL134 million in the same period
last year, due to higher energy prices and lower financial costs,
and a 13% increase in energy prices charged to consumers, Kenneth
Rapoza at Dow Jones Newswires reports.  The report relates the
company posted BRL215 million in the first quarter.

According to the report, the company's financial costs were BRL7
million from with BRL65.3 million in the second quarter last year.

Dow Jones Newswires notes that the company recorded net revenue of
BRL414.6 million, up from BRL374 million last year and down
slightly from the BRL421 million in the first quarter.  The report
relates earnings before interest, taxes, depreciation and
amortization (EBITDA) in the second quarter were BRL325.1 million,
up from BRL289.1 million and lower than the BRL342 million in the
first quarter; while Ebitda margin was 78.4% from 77% last year,
but lower than the 81.1% in the first quarter.

Meanwhile, a separate Dow Jones Newswires relates that the company
said it will pay investors BRL199.1 million (US$109 million) in
dividends on Sept. 15.  The report says common shareholders will
get BRL0.49 per share while preferred shareholders will get
BRL0.54 per share.

AES Tiete SA generates electricity for consumption in the
Brazilian State of Sao Paulo.  The Company generates electricity
through hydroelectric plants located on the rivers Tiete, Grande,
and Pardo.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


BANCO NACIONAL: Sees Loans to Increase by 43% This Year
--------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA expects
its loan disbursements to rise by about 43% this year, more than
originally expected, as an economic recovery is gradually fanning
demand for financing, Denise Luna at Reuters reports, citing Bank
Chief Executive Officer Luciano Coutinho.  The report relates Mr.
Coutinho said the bank expects total disbursements to reach BRL130
billion (US$71 billion) by year-end, compared with BRL91 billion
in 2008 and an initial estimate of BRL120 billion reais.

According to the report, for the first seven months, disbursements
excluding a 25 billion real loan made to state-controlled oil
company Petrobras reached BRL97 billion.

The report recalls that when credit markets unraveled last year,
President Luiz Inacio Lula da Silva instructed BNDES to shore up
debt-laden companies and foster mergers among those facing
bankruptcy, easing fears of mass layoffs and company defaults in
Brazil.

Mr. Coutinho, the report notes, said disbursements will accelerate
for projects in the electricity generation and oil and gas
industries and for the purchase of machinery.  The oil and gas
industry will probably require more than 287 billion reais in
financing through 2012, Mr. Coutinho added.  The report relates
Mr. Coutinho estimated that for the 2009-2012 period, required
financing for investments by power companies will double to BRL119
billion from the 2005-2008 period.

Reuters says BNDES slashed borrowing costs for the purchase of
machinery last month to 4.5% from a level between 9% and 11%.

                          About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

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


MAFRIG ALIMENTOS: Ended Talks With Bertin on Meatpacker Formation
-----------------------------------------------------------------
Marfrig Alimentos SA and Brazilian rival Bertin SA ended talks to
form the largest beef-processing operation in the country,
surpassing JBS SA, Carlos Caminada and Diana Kinch at Bloomberg
News report.  The report recalls Marfrig Alimentos said it was in
talks with Bertin on May 6 for the planned agreement.

Bertin will instead focus on a BRL3 billion-real (US$1.6 billion),
five-year plan to almost double slaughtering capacity to 21,000
head a day from about 12,000 now, Executive Director Fernando
Falco told Bloomberg in an interview.

Bertin has 13 beef-processing plants in Brazil, one in Paraguay
and another in Uruguay.

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                          *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


TAM SA: Posts BRL788.9 Million Net Profit in Second Quarter
-----------------------------------------------------------
TAM SA reported a second-quarter net profit of BRL788.9 million
(US$431 million) from BRL337 million in the same quarter of 2008
due to the reduction of jet fuel costs, Rogerio Jelmayer of Dow
Jones Newswires reports.  The report relates the airline's fuel
expenses totaled BRL620 million in the second quarter, down from
BRL988 million in the year ago period.

According to the report, net operating revenue reached BRL2.3
billion in the second quarter, down from the BRL2.5 billion
registered a year ago.  The report notes the company said its
Ebitdar totaled BRL191.5 million in the period, down from BRL318.1
million a year ago.

Dow Jone Newswires says that using International Financial
Reporting Standards accounting criteria, TAM reported a second-
quarter net profit of BRL539.6 million, up from BRL241.3 million
in the same quarter of 2008.

Meanwhile, Laura Price and Paulo Winterstein at Bloomberg News
report that the airline's profit trailed two analysts’ estimates
as international-travel demand failed to match growth in seating
capacity.  Bloomberg News relates Victor Mizusaki, an Itau
Corretora analyst, projected earnings of BRL864.2 million, while
Morgan Stanley’s Nicolai Sebrell estimated profit of BRL698
million.

Bloomberg News notes that Mr. Sebrell has an “underweight” rating
on the Tam Sa's shares, while Mr. Mizusaki, who is based in Sao
Paulo, rates Tam Sa as “sector perform.”

                          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.


TELE NORTE: Posts BRL146 Million Loss in Second Quarter
-------------------------------------------------------
Tele Norte Leste Participacoes S.A. -- aka Oi -- posted a second-
quarter loss of BRL146 million (US$80 million) from profit on a
pro forma basis of BRL288 million a year earlier, as acquisition
costs increased the company’s debt, Flavia Bohone at Bloomberg
News reports.  The report relates that the company's revenue fell
2.4% to BRL7.3 billion.

Reuters relates that Oi said consolidated earnings before
interest, taxes, depreciation and amortization (EBITDA) fell 6.6%
to BRL2.4 billion.  Reuters relates the fall in EBITDA
"principally reflect(ed) operations in Sao Paulo, which are still
in the launching phase."

According to Bloomberg News, Tele Norte paid BRL5.86 billion to
buy rival Brazil Telecom Participacoes SA last year, which
resulted to an increase of Tele Norte’s debt to BRL21.6 billion in
the quarter ended in June, from BRL7.9 billion a year earlier.
The report relates Alexandre Garcia, an analyst at Raymond James &
Associates Inc. in Sao Paulo, said before the earnings release
that the results are still being pressured by costs associated
with the acquisition.  “This is a transition year for the
carrier,” Bloomberg quoted Mr. Garcia as saying.  “I expect some
costs to fall as the synergy between the companies is complete,”
Mr. Garcia added.

The Bloomberg News notes that Chief Financial Officer Alex Zornig
said Oi plans to take on five-year debt.

As reported in the Troubled Company Reporter-Latin America on
August 14, 2009, Bloomberg News said Oi's second quarter
earnings are speculated to be “weak” as its owner won’t yet see
benefits from its takeover of rival, Brasil Telecom.  “Telemar has
gained a lot in previous days and it’s giving back those gains
ahead of earnings, which likely will still be weak ahead of the
incorporation of Brasil Telecom” because of costs from the
takeover, the report quoted Mr. Garcia as saying.  According to
the report, Brasil Telecom said it would incorporate its
controller, Brasil Telecom, as part of a capital reorganization
that is part of Oi’s takeover of the company.  The report related
Mr. Garcia said investors may have been expecting a single
conversion of Brasil Telecom and Brasil Telecom Participacoes
shares into Oi stock later this year, however, after the
announcement, the full incorporation of Brasil Telecom by Oi
likely won’t happen until 2010.  “With this incorporation you can
already begin to amortize the premium paid for shares, but you
won’t see the full financial benefits yet,” the report quoted Mr.
Garcia as saying.  Oi will see savings of about BRL290 million
reais a year after the takeover is amortized, Mr. Garcia added.

                       About Tele Norte

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

                         *   *   *

As reported in the Troubled Company Reporter-Latin America on
August 17, 2009, Standard & Poor's Ratings Services said that it
raised its global scale corporate credit ratings on Tele Norte
Leste Participacoes S.A. and Telemar Norte Leste S.A., to 'BBB-'
from 'BB+'.

This concludes the Troubled Company Reporter's coverage
of (company name) until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


TELE NORTE: S&P Raises Global Corporate Credit Rating From 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its global
scale corporate credit ratings on Tele Norte Leste Participacoes
S.A. and Telemar Norte Leste S.A., to 'BBB-' from 'BB+'.

At the same time, S&P raised its Brazilian national scale
corporate credit rating on TNL to 'brAAA from 'brAA+'.  Similarly,
S&P also raised such ratings on two companies the group controls,
Brasil Telecom Participacoes S.A. and Brasil Telecom S.A., to
'brAAA' from 'brAA+'.  And S&P raised its national scale ratings
on debentures issued by the group's ultimate holding company,
Telemar Participacoes S.A., to 'brAA' from 'brAA-'.

The outlooks are stable.

"The rating actions followed a change in S&P's views on industry
risks in the Brazilian telecom industry, and the company's
successful funding of the Brasil Telecom acquisition," said
Standard & Poor's credit analyst Victor Saulytis.  "We expect the
recent wave of consolidation in the industry to promote more-
prudent financial and client acquisition policies, increasing cash
generation, and consequently, better credit measures."

"The upgrade also reflects the successful funding of the Brasil
Telecom acquisition, resulting in an adequate debt profile and a
mild amortization schedule for the next few years," Mr.  Saulytis
added.

The ratings on the Telemar entities reflect the companies'
dominant market position in fixed-line and Internet services
within the Regions I and II; a significant stake in the wireless
segment as a national player, providing a fairly diversified
revenue mix; and the group's relatively stable results, with
strong discretionary cash generation.

However, exposure to significant competition in fast-growing
niches such as wireless is pressuring Telemar's operating margins,
and S&P expects it will implement a more aggressive dividend
policy in the coming years.


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


IMAGINE CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Imagine Capital Holdings Inc. met on August 11,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


INQUAM LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of INQUAM Limited met on August 11, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bruce David Mcnaught FCA
          c/o Granary House
          The Grange, St. Peter Port
          Guernsey, GY1 2QG, Channel Islands
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


MCCI ENERGY: Members to Receive Wind-Up Report on August 20
-----------------------------------------------------------
The members of MCCI Energy Fund Inc. will hold their meeting on
August 20, 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:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


MCCI GRAIN: Members to Receive Wind-Up Report on August 20
----------------------------------------------------------
The members of MCCI Grain Fund Inc. will hold their meeting on
August 20, 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:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


MCCI MASTER: Members to Receive Wind-Up Report on August 20
-----------------------------------------------------------
The members of MCCI Master Fund Inc. will hold their meeting on
August 20, 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:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


MCCI PRECIOUS: Members to Receive Wind-Up Report on August 20
-------------------------------------------------------------
The members of MCCI Precious Metal Fund Inc. will hold their
meeting on August 20, 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:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


MH FUNDING: Members Receive Wind-Up Report
------------------------------------------
The members of MH Funding Corporation met on August 11, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


MITTELBAUM COMPANY: Members to Receive Wind-Up Report on Sept. 3
----------------------------------------------------------------
The members of Mittelbaum Company, Ltd. will hold their meeting on
September 3, 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:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


NICHELLE LIMITED: Members to Receive Wind-Up Report on August 27
----------------------------------------------------------------
The members of Nichelle Limited will hold their meeting on
August 27, 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:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


OHCAF (OFFSHORE): Members Receive Wind-Up Report
------------------------------------------------
The members of Ohcaf (Offshore) SPC met on August 11, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


OHCAF (ONSHORE): Members Receive Wind-Up Report
-----------------------------------------------
The members of OHCAF (Onshore) SPC met on August 11, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ORICO ASSET: Members Receive Wind-Up Report
-------------------------------------------
The members of Orico Asset Finance Holdings met on August 11,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


OSPREY STRATEGIES: Members Receive Wind-Up Report
-------------------------------------------------
The members of Osprey Strategies Ltd. met on August 11, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


PEREGRINE STRATEGIES: Members Receive Wind-Up Report
----------------------------------------------------
The members of Peregrine Strategies Ltd. met on August 11, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


QUANTUM ABS: Members to Receive Wind-Up Report on Sept. 3
---------------------------------------------------------
The members of Quantum ABS Holdings, Ltd. will hold their meeting
on September 3, 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:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


STARTS CAYMAN: Moody's Withdraws 'Ca' Rating on 2008-1 Notes
------------------------------------------------------------
Moody's withdrew its rating of Series 2008-1 Leveraged Super
Senior notes issued by Starts Cayman Limited.  These notes were
redeemed in full on 6 August 2009.

The rating action is:

Starts Cayman Limited:

(1) Series 2008-1 US$425,000,000 Leveraged Super Senior Credit-
    Linked Fixed Rate Notes due 2016 bearing 0.04853% to 2014

  -- Current Rating: WR
  -- Prior Rating: Ca
  -- Prior Rating Date: 2 March 2009, downgraded to Ca from Aaa


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


ECOPETROL SA: Pending Dividend Payments at COP72.60 Per Share
-------------------------------------------------------------
Ecopetrol S.A.'s pending 2009 dividend payments will amount to
COP$72.60 per share, payable from August 27, 2009 and from
December 15, 2009, respectively.  These dividend payments relate
to the COP220 per share dividend that was approved by the
company's General Shareholders' Assembly on March 26, 2009, to be
paid in three installments.  The first installment for COP74.80
per share was paid this past April.

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

                           *     *     *

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


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


BANCO PICHINCHA: Fitch Affirms Issuer Default Rating at 'B-'
------------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias'
long-term and short-term Issuer Default Ratings:

  -- Long-term foreign currency IDR at 'B-';
  -- Short-term foreign currency IDR at 'B';
  -- Support at '5';
  -- Support floor at 'NF'.

The Outlook is Stable.

Pichincha's ratings reflect its strong franchise, broad deposit
base, ample liquidity, strengthened capital and acceptable
financial performance.  They also factor in concerns over
declining economic growth and uncertainty in its regulatory
environment.  Pichincha's ratings are above Fitch's sovereign
ratings of Ecuador because it has little exposure to government
debt and sound liquidity; the ratings are constrained by the
country ceiling.

In spite of Pichincha's dominant retail deposit market share,
Fitch believes that government support cannot be relied upon - if
it were necessary - given Ecuador's weak fiscal standing and the
lack of a lender of last resort.

Pichincha's IDRs could improve once uncertainty over its
regulatory and operating environment is cleared, provided that it
maintains its asset quality, capital levels and performance within
reasonable levels.  Severe asset deterioration, weak performance
or government intervention in the bank's ability to manage
liquidity and its balance sheet would pressure ratings downward.

Pichincha's performance during 2008 and into 2009 was driven by
continuous portfolio growth and resilient margins; the bank's
revenue generation remained strong in spite of adverse regulation
but asset quality declined hence pressuring loan loss provisions.
An extraordinary gain from the sale of investments in Colombia
propelled profitability to a return on average equity of about 23%
and a return on average assets of 1.94%.  The trend continues into
2009 but the lack of extraordinary gains and continued asset
quality pressures resulted in an ROAE of 12.5% in March 2009 while
ROAA reached 1.1%.

Asset quality declined during first quarter-2009 (1Q'09) to 3.1%
as growth slowed and portfolios matured; healthy provisions
sustained the reserve coverage at over 6% of gross loans.
Deposits remained relatively stable in spite of politically
induced anxiety while capital ratios improved thanks to one-time
profits but remain below the industry average.

Future growth will be more challenging as the economy feels the
impact of the global crisis; margins are expected to continue
under pressure from the interest rate sliding and slower deposit
growth.  Costs should decline only in 2010 but credit cost should
continue growing and pressuring the bottom line.  Profitability
may decline in the short run but remain positive absent a deeper
global recession.  The grim economic scenario will challenge
Pichincha's capacity to improve its capital ratios that could see
a moderate decline into 2010 but recover later on.

Pichincha is Ecuador's largest bank with about 34% of the system's
assets at March 2009.  Incorporated in 1906, the group offers a
wide array of services to corporate, middle market and retail
customers.  Pichincha is tightly controlled by its main
shareholder, Fidel Egas Grijalva, who holds over 60.2% of the
company's stock.


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


ALUMINA PARTNERS: To Continue Water Supply Amid Plant Closure
-------------------------------------------------------------
Alumina Partners of Jamaica will continue its water supply program
to sections of St. Elizabeth despite the closure of the company's
plant, RadioJamaica reports, citing Prime Minister Bruce Golding.
The report relates the company has also agreed to extend the
supply of water from five days to seven, but with conditions as
the company has complained of persons abusing the system.

According to the report, Mr. Golding said ALPART needed the help
of the community to deal with the "unwanted interference and
vandalism" of its system.  The report relates Mr. Goding appealed
to the residents of St. Elizabeth, their Members of Parliament and
Councillors to help so that the majority of people are not
deprived because of the actions of a few.

The issue of water shortage in St. Elizabeth was a major problem
in the area.

                          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.

                        *     *     *

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.


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


CEMEX SAB: Extends Maturity of US$15 Billion Loan Until Feb. 2014
-----------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that it has completed its
refinancing of the majority of the Company's outstanding debt.
The refinancing plan extends the maturities of roughly US$15
billion in syndicated and bilateral obligations with roughly 75
banks and private placement noteholders, providing for a semi-
annual amortization schedule, with a final maturity of
February 14, 2014.  Final documentation has been signed and all
conditions precedent have been satisfied in full

Key components of the refinancing plan include:

    * A revised maturity schedule running through February 2014,
      paying LIBOR plus 450bps to its bank creditors and a fixed
      rate of 8.91% to its private placement creditors that
      represent US$895 million of the total refinancing package,
      subject to adjustments, with semi-annual amortizations
      prior to that date.

    * A covenant package, including revised financial covenants,
      mandatory prepayment obligations, and other limitations.

    * A security package comprised of security over stock in
      certain subsidiaries of the company and guarantees from
      most of the guarantors under the existing debt facilities
      joining the refinancing plan.

    * The company intends to meet the amortization requirements
      prior to final maturity using funds from a variety of
      sources, including free cash flow from operations and
      net cash proceeds from non-core asset sales as well as
      capital market transactions.

Lorenzo H. Zambrano, Chairman and CEO of CEMEX said: "We are
pleased with the outcome of this refinancing, as it significantly
improves our debt maturity profile while providing the Company
with greater flexibility and the ability to diversify sources of
financing.  As a result, CEMEX is in a much stronger financial
position to regain our financial flexibility and, eventually, our
investment-grade capital structure."

Lazard acted as CEMEX's exclusive financial advisor in this
transaction.
                       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
August 14, 2009, Standard & Poor's Ratings Services revised its
CreditWatch listing on Cemex S.A.B. de C.V.'s 'B-' long-term
corporate credit rating -- as well as its national scale ratings,
and senior unsecured debt and perpetual debentures, and on its
subsidiaries -- to developing from negative, where they were
placed on March 10, 2009, reflecting S&P's concerns about the
timely refinancing of its bank loan maturities in 2009.


CONSORCIO ARA: Moody's Affirms Global Issuer Rating at 'Ba2'
------------------------------------------------------------
Moody's de Mexico affirmed the A2.mx national scale issuer rating
and the Ba2 global local currency issuer rating of Consorcio ARA,
S.A.B. de C.V.  The rating outlook remains stable.

The ratings affirmation reflects that, despite the adverse
operating environment derived from the current and expected to be
protracted financial crisis as well as a significant economic
contraction that have depleted liquidity and lowered the
availability of bridge financing, ARA has maintained a
conservative capital structure with solid profitability and
liquidity and credit metrics.  Furthermore, ARA has already
adopted the new accounting rules that will come into effect on
January 2010, which require developers to report revenues on a
titling basis vs. percentage of completion.  Although, the
company's metrics deteriorated somewhat, they remain solidly in
the Ba2/A2.mx rating category.

The ratings continue to reflect ARA's position as a public company
with a good corporate infrastructure, which enhances transparency
and governance.  ARA has above-average independence on its board,
with eight out of eleven independent members.  The company's land
bank, strict cost controls, excellent collections system and
pricing models allow it to have strong operating margins, despite
the tremendous growth it has experienced.  Other credit strengths
include its professional management with broad business
experience, coupled with a flexible organizational structure with
a strong technological platform.  ARA has been in business since
1977, is a public company traded on the Mexican Bolsa de Valores
and in the USA through an ADR program since 1996.  ARA's primary
credit challenges are that it relies on the Mexican economic and
political environment, the government's current strong support for
housing and the high costs of land and land development.
Furthermore, the housing development market is fragmented, and
homes are built on a speculative basis.  ARA has 100% of the risk
of finding the homebuyers.  The funding of homes remains
concentrated with Sociedad Hipotecaria Federal, INFONAVIT and
FOVISSSTE, and the timing of receipt of the mortgages funded by
these government and quasi-government entities can range from
three to twelve months.  In addition, funding sources for middle
and upper income housing are limited.  Finally, ARA does utilize
short-term debt, which can create liquidity and funding problems.

The stable rating outlook is based on Moody's determination that
ARA will maintain a conservative approach to leverage, and stable
earnings.  Moody's believes that ARA has solid franchise value,
with a well-recognized brand and a valuable land reserve strategy.
Furthermore, Moody's expects that ARA will continue to focus on
targeting all segments of the housing market, while maintaining
high quality construction and good operating controls.

Moody's stated that upward rating movements would be predicated
upon ARA improving its overall market share and industry
leadership to at least the third-largest developer with an
increased leadership in its strategic alliances and retail
businesses, all while at least maintaining its current leverage
and strong earnings.  Downward rating movements will take place
should Debt/Total Assets rise above 20%, Debt/EBITDA goes above 2x
and fixed charge coverage consistently falls below 3x, including
capitalized interest.  Additionally, weaker market share and
falling out of the top ten homebuilders in terms of units sold and
an adverse shift in the government's housing policy will pressure
the ratings negatively.

These ratings were affirmed with a stable outlook:

* Consorcio ARA, S.A.B.  de C.V. -- National scale issuer rating
  at A2.mx, global scale local currency issuer rating at Ba2.

Moody's last rating action with respect to ARA took place on
January 24, 2006, when Moody's assigned an A2.mx national scale
issuer rating, and a Ba2 global scale local currency issuer
rating, to Consorcio ARA.  On June 28, 2007, Moody's commented
that the ratings of Consorcio ARA were unaffected by the company's
increase in bank loans.

Consorcio ARA, domiciled in Mexico City, Mexico is a publicly
traded, fully integrated homebuilder engaged in the development,
construction, marketing and sale of affordable, middle and high
income housing developments in Mexico.  The firm reported total
assets of $14 billion MXN pesos and total equity of $8.5 billion
MXN pesos at June 30, 2009.


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


CL FINANCIAL: BAICO to be Audited; Court Replaces General Manager
-----------------------------------------------------------------
A full audit is to be carried out on British American Insurance
Company Limited, a unit of CL Financial Limited, in St. Kitts and
Nevis now that the High Court has replaced the company's General
Manager Eugene Hamilton, Caribbean360.com reports.  The report
relates Lisa Taylor, a partner in the accounting firm KPMG, has
been appointed by the court as judicial manager to take over the
administration of the company from Hamilton.

According to the report, Ms. Taylor will undertake a full audit of
British American with regard to business procedures, assets and
liabilities and investments.

The report notes that Prime Minister Denzil Douglas said last
month that EC$130 million (US$49.6 million) at British American
had gone unaccounted for.  The government had been concerned about
the apparently callous and irresponsible way in which Hamilton had
been avoiding addressing the customer obligations of British
American, the Office of Prime Minister said in a statement
obtained by the news agency.

Mr. Douglas, the report points out, previously said there was an
increase in the number of complaints about the management of the
company.  The report relates Mr. Douglas had revealed that reports
showed that the St Kitts branch of British American was operating
in a different manner from that of the Nevis branch, with some
financial records of the St Kitts office not found.

                         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
August 10, 2009, A.M. Best Co. has downgraded the financial
strength rating to C (Weak) from B (Fair) and issuer credit rating
to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


PETROLEOS DE VENEZUELA: Inks US$30BB Oil Venture W/ Russian Firms
-----------------------------------------------------------------
Petroleos de Venezuela and a group of five Russian oil companies
-- OAO Gazprom, OAO Rosneft, OAO Lukoil, TNK-BP and OAO
Surgutneftegaz -- that formed a company known as Consorcio Ruso
plan to spend US$30 billion on a joint venture in Venezuela’s
Orinoco region, Anastasia Ustinova at Bloomberg News reports.  The
report relates Russian Deputy Prime Minister Igor Sechin said that
the 40-year venture will seek to produce crude in the Junin 6 area
and may expand to other Orinoco blocks.

According to Bloomberg News, Mr. Carrizalez said Presidents Dmitry
Medvedev and Hugo Chavez are expected to sign an agreement to
create a bank to fund projects during Mr. Chavez’s visit to Russia
in September.

The report says PDVSA-Servicios, the state oil company’s oilfield
services subsidiary, and Gazprom’s Latin American division agreed
to form a venture to operate drilling rigs and gas compression
equipment.  The report relates Venezuela has reached out to Russia
in an attempt to obtain financing and reduce dependency on the
United States of America.

The report adds that Boris Ivanov, chief executive officer of
Gazprom EP International BV, said Gazprom will use its Gazprombank
unit to lend US$4 billion to Venezuela starting at the end of
August.  The loan will be collateralized by Venezuelan exports,
Mr. Ivanov added.
                           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
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: Inks River Joint Venture With Argentina
---------------------------------------------------------------
The governments of Venezuela and Argentina agreed to create a
joint venture in the area of river transportation to facilitate
the exchange of Venezuelan energy products for food items produced
in the Southern Cone, El Universal reports, citing state-run oil
company Petroleos de Venezuela.

According to the report, PDVSA said Fluvialba will serve to
"transport food and oil on the river axis formed by Argentina,
Uruguay, Paraguay, Brazil and Bolivia."  The report relates the
agreement was signed by Asdrubal Chavez, Pdvsa's Vice President
for Refining, Trade and Supply, and by Andres Guzman, the
President of the Argentinean company Fluviomar.

The report says the agreement established the provisional union of
the Argentinean company Fluviomar and the Venezuelan company
Albanave "for the later creation of Fluvialba."

                           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
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'


* VENEZUELA: To Negotiate Long-Term Financing With China
--------------------------------------------------------
Venezuela will use Chinese loans to replenish an infrastructure
development fund that the Latin American country repays with oil,
Daniel Cancel at Bloomberg News reports, citing President Hugo
Chavez.  The report relates that China-Venezuela fund has received
US$12 billion from both countries for such projects, while
Venezuela has spent about US$4 billion this year.

According to the report, Asdrubal Chavez, vice president of
refining and supply at state-oil company Petroleos de Venezuela
SA, said that Venezuelan officials will visit China in December to
negotiate long-term financing.  “Thanks to the generosity and
alliance with China, we’re negotiating the third installment,” the
report quoted Mr. Chavez as saying.  “China has more than enough
dollars and huge reserves, so I proposed that we pay with oil
shipments, and that’s what we’re doing,” Mr. Chavez added.

                           *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.


* VENEZUELA: ALBA Provides US$50 Million Funds to Antigua
---------------------------------------------------------
Antigua has received US$50 million from a regional trade bloc to
help pay back wages of public employees as the island battles a
financial crisis, Associated Press reports, citing officials.  The
report relates the money comes from a bloc of leftist-led nations
known as ALBA, pioneered by Venezuelan President Hugo Chavez.

According to the report, Finance Minister Harold Lovell said
Antigua anticipates half the funds would be considered a grant and
the other half a loan.

Prime Minister Baldwin Spencer, the report notes, said that
hundreds of state workers who have not been paid since July will
receive the money by week's end.

The AP says Antigua is scrambling to repair its financial image
after the director of the island's financial regulatory commission
was accused of accepting bribes in a US$7 billion Ponzi scheme
with Robert Allen Stanford.  The report says that the government
has hired a public relations firm and also sought help from a
regional agency that monitors money laundering.

     *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.


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


* LATAM: Caribbean Hotel Income Hit “Hard” by Economic Recession
----------------------------------------------------------------
The average Caribbean hotel saw bottom-line profits decline by 16%
last year the global economic recession, Caribbean360.com reports,
citing a report by Georgia-based research firm, PKF Hospitality
Research, in its newly released 2009 edition of 'Caribbean Trends
in the Hotel Industry.'  The report relates visits to the
Caribbean decreased by 4% in 2008, translating into a 4.5% drop in
hotel revenues.

"Even though Caribbean hotel managers were able to cut expenses by
1.1% in 2008, it was still not enough to offset the 4.5 percent
decrease in total revenue," the report quoted Scott Smith, senior
vice president of PKF Consulting, as saying.  "The net result was
an average 16 per cent decline in unit-level profits for the
typical Caribbean hotel in 2008," Mr. Smith added.

According to Caribbean360.com, PKF Hospitality Research's report
said utilities and insurance costs remain a major concern for
Caribbean hoteliers.  In 2008, utilities and insurance expenses
increased by 9.1% and 6.3%, respectively, the study added.

The PKF study, the report notes, also found that not only has the
economic recession impacted the operations of existing hotels, but
it also has forced planned hotels to either delay or stop
construction.   Caribbean360.com relates that the study said
several proposed Caribbean hotels have not been able to obtain the
financing they need in order to proceed with construction.
Caribbean360.com adds that in addition to proposed projects, the
solvency of existing hotels also has been impacted.


* BOND PRICING: For the Week August 10 to August 14, 2009
---------------------------------------------------------


Issuer             Coupon        Maturity   Currency    Price
-------            ------        --------   --------    -----


ARGENTINA

ALTO PALERMO SA        7.88        5/11/2017   USD        71.1
ARGNT-BOCON PRE8          2        1/3/2010    ARS       25.72
ARGNT-BOCON PR13          2        3/15/2024   ARS       50.18
BONAR ARG $ V          10.5        6/12/2012   ARS        59.5
ARG BODEN                 7        10/3/2015   USD       57.83
BONAR X                   7        4/17/2017   USD       60.64
BONAR VII                 7        9/12/2013   USD       64.87
ARGENT-PAR             1.18        12/31/2038  ARS        27.2
ARGENT-$DIS            8.28        12/31/2033  USD       61.25
ARGENT-$DIS            8.28        12/31/2033  USD       50.62
ARGENT-=DIS            7.82        12/31/2033  EUR       48.37
BANCO HIPOT SA         9.75        4/27/2016   USD       79.25
BANCO MACRO SA         9.75        12/18/2036  USD       68.75
BUENOS-$DIS            9.25        4/15/2017   USD       57.08
BUENOS AIRE PROV       9.38        9/14/2018   USD       50.57
BUENOS AIRE PROV       9.63        4/18/2028   USD       47.81
AUTOPISTAS DEL S       11.5        5/23/2017   USD          42
INDUSTRIAS METAL      11.25        10/22/2014  USD       69.06
INVERS REP Y SOC        8.5        2/2/2017    USD          75
MENDOZA PROVINCE        5.5        9/4/2018    USD       57.55
TRANSENER              8.88        12/15/2016  USD       71.25

BELIZE

REDE EMPRESAS         11.13        #N/A N Ap   USD          66
REDE EMPRESAS         11.13        #N/A N Ap   USD        50.5
VIGOR                  9.25        2/23/2017   USD          84

CAYMAN ISLAND

AES DOMINICANA           11        12/13/2015  USD          87
AIG SUNAMERICA         6.38        10/5/2020   GBP       67.56
SUNAMER INST FND       6.15        10/14/2019  EUR       65.77
BARION FUNDING          0.1        12/20/2056  EUR        6.33
BARION FUNDING         0.25        12/20/2056  USD        6.38
BARION FUNDING         0.25        12/20/2056  USD        6.38
BARION FUNDING         0.25        12/20/2056  USD        6.38
BARION FUNDING         0.25        12/20/2056  USD        6.38
BARION FUNDING         0.25        12/20/2056  USD        6.38
BARION FUNDING         0.63        12/20/2056  GBP       16.12
BARION FUNDING         1.44        12/20/2056  GBP        28.9
BARION FUNDING         0.25        12/20/2056  USD        6.44
BES FINANCE LTD         4.5        #N/A N Ap   EUR        78.7
BES FINANCE LTD         6.2        2/7/2035    EUR       62.28
CHINA PROPERTIES       9.13        5/4/2014    USD       72.26
CHINA MED TECH            4        8/15/2013   USD       61.99
DUBAI HLDNG COMM          6        2/1/2017    GBP       68.96
EGE HAINA FINANC        9.5        4/26/2017   USD       73.53
ESFG INTERNATION       5.75        #N/A N Ap   EUR       77.65
FERTINITRO FIN         8.29        4/1/2020    USD          52
GOL FINANCE            8.75        #N/A N Ap   USD          76
LDK SOLAR CO LTD       4.75        4/15/2013   USD       69.25
MALACHITE FDG          0.63        12/21/2056  EUR       22.62
MAZARIN FDG LTD        0.25        9/20/2068   USD        4.75
MAZARIN FDG LTD        0.25        9/20/2068   USD        4.75
MAZARIN FDG LTD        0.25        9/20/2068   USD        4.75
MAZARIN FDG LTD        0.25        9/20/2068   USD        4.75
MAZARIN FDG LTD        0.63        9/20/2068   GBP       13.36
MAZARIN FDG LTD        1.44        9/20/2068   GBP       26.57
MAZARIN FDG LTD        0.25        9/20/2068   USD         4.8
MAZARIN FDG LTD        0.25        9/20/2068   USD        4.75
MAZARIN FDG LTD         0.1        9/20/2068   EUR        3.82
MINERVA OVERSE          9.5        2/1/2017    USD       71.13
MINERVA OVERSE          9.5        2/1/2017    USD       66.73
PANAMA CANAL RAI          7        11/1/2026   USD          71
PUBMASTER FIN          6.96        6/30/2028   GBP        53.9
PUBMASTER FIN          5.94        12/30/2024  GBP       74.72
REG DIV FUNDING        5.25        1/25/2036   USD       73.04
SHINSEI FINANCE        7.16        #N/A N Ap   USD       46.88
SHINSEI FIN CAYM       6.42        #N/A N Ap   USD       50.01
SHINSEI FIN CAYM       6.42        #N/A N Ap   USD       49.93
SMFG PREFERRED         6.16        #N/A N Ap   GBP       77.77
XL CAPITAL LTD          6.5        #N/A N Ap   USD          62

DOMINICAN REPUBLIC

DOMINICAN REPUBL       8.63        4/20/2027   USD        73.5


ECUADOR

REP OF ECUADOR         9.38        12/15/2015  USD       77.46


JAMAICA

JAMAICA GOVT              8        3/15/2039   USD       69.05
JAMAICA GOVT            8.5        2/28/2036   USD       71.25
JAMAICA GOVT LRS        7.5        10/6/2012   JMD       70.71
JAMAICA GOVT LRS         14        6/30/2021   JMD       66.83
JAMAICA GOVT LRS         15        11/15/2021  JMD       70.65
JAMAICA GOVT LRS      13.38        12/15/2021  JMD       63.59
JAMAICA GOVT LRS      12.85        5/31/2022   JMD       60.78
JAMAICA GOVT LRS         16        6/13/2022   JMD       74.35
JAMAICA GOVT LRS      12.75        6/29/2022   JMD       60.28
JAMAICA GOVT LRS      12.75        6/29/2022   JMD       60.29
JAMAICA GOVT LRS      13.58        12/15/2026  JMD       60.19
JAMAICA GOVT LRS      16.25        5/22/2027   JMD       71.91
JAMAICA GOVT LRS       16.5        6/14/2027   JMD       72.99
JAMAICA GOVT LRS      16.25        6/18/2027   JMD       73.95
JAMAICA GOVT LRS       15.5        3/24/2028   JMD        68.6
JAMAICA GOVT          13.38        4/27/2032   JMD       59.09
JAMAICA GOVT LRS      16.25        7/26/2032   JMD       71.85
JAMAICA GOVT LRS      16.13        8/21/2032   JMD       73.26
JAMAICA GOVT LRS      16.25        8/26/2032   JMD       73.82
JAMAICA GOVT LRS         15        8/30/2032   JMD       68.18
JAMAICA GOVT LRS       14.4        8/3/2027    JMD       65.55
JAMAICA GOVT LRS         16        12/6/2032   JMD       70.67
JAMAICA GOVT LRS         15        9/6/2032    JMD       68.18


PANAMA

NEWLAND INT PROP        9.5        11/15/2014  USD          71

PUERTO RICO

DORAL FINL CORP           7        4/26/2012   USD        37.5
DORAL FINL CORP        7.65        3/26/2016   USD       23.38
DORAL FINL CORP         7.1        4/26/2017   USD       20.25
DORAL FINL CORP        7.15        4/26/2022   USD        15.5
PUERTO RICO CONS        6.1        5/1/2012    USD        55.5
PUERTO RICO CONS        6.5        4/1/2016    USD          45


VENEZUELA

PETROLEOS DE VEN       5.38        4/12/2027   USD       42.32
PETROLEOS DE VEN       5.25        4/12/2017   USD       52.68
PETROLEOS DE VEN        5.5        4/12/2037   USD       42.25
VENEZUELA              7.65        4/21/2025   USD       59.96
VENEZUELA              9.25        9/15/2027   USD       71.58
VENEZUELA              9.25        5/7/2028    USD       66.07
VENEZUELA                 9        5/7/2023    USD        67.5
VENEZUELA                 7        3/31/2038   USD       52.21
VENEZUELA                 7        3/16/2015   EUR       70.64
VENEZUELA                 7        3/16/2015   EUR       70.42
VENEZUELA              5.75        2/26/2016   USD       65.67
VENEZUELA                 7        12/1/2018   USD       64.02
VENEZUELA                 6        12/9/2020   USD       55.21
VENZOD - 189000        9.38        1/13/2034   USD       66.73


                            ***********

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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