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

             Tuesday, August 18, 2009, Vol. 10, No. 162

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver Faults Home Sale by Owner's Ex-Lover


A R G E N T I N A

BANCO DE VALORES: Moody's Assigns 'B2' Global Rating on Debt
ESTABLECIMIENTO AVICOLA: Creditors' Proofs of Debt Due on Sept. 24
PERGAMINO MADERAS: Creditors' Proofs of Debt Due on October 19
TALLERES REUNIDOS: Asks for Opening of Preventive Contest


B E R M U D A

ASIA DEKOR: Creditors' Proofs of Debt Due on September 2
ASIA DEKOR: Members to Receive Wind-Up Report on October 16
DOLE FOOD: Fitch Gives Positive Outlook on US$500 Mil. Offering
LEHMAN RE: U.S. Court to Hold Chapter 15 Hearing on September 9


B R A Z I L

BANCO DO BRASIL: Resumes Position as Brazil's Market Leader
BANCO DO BRASIL: Seeks Partnership With Insurance Firms
SADIA SA: Posts BRL346 Million Profit in Second Quarter
* BRAZIL: Seeks to Boost Fertilizer Alliance With Venezuela


C A Y M A N  I S L A N D S

BARSAC FOREST: Members to Hear Wind-Up Report on Sept. 3
DV GLOBAL: Members Receive Wind-Up Report
ELGIN CORPORATE: Shareholders to Hear Wind-Up Report on August 21
ELGIN CORPORATE: Shareholders to Hear Wind-Up Report on August 21
FRANKEN BROTHERS: Members to Hear Wind-Up Report on Sept. 3

LISTRAC INVESTMENT: Members to Hear Wind-Up Report on Sept. 3
RESOLVE FUNDING: Members to Receive Wind-Up Report on August 21
SAN RAPHAEL: Members to Receive Wind-Up Report on September 3
SANDLER CAPITAL: Members to Receive Wind-Up Report on August 20
SARAJEVO PRIVATIZATION: Members Receive Wind-Up Report

STANFIELD STRUCTURED: Members Receive Wind-Up Report
STELFORT III: Members to Receive Wind-Up Report on August 27
TEAK HILL: Members to Receive Wind-Up Report on August 20
TENNENBAUM CAPITAL: Members to Receive Wind-Up Report on August 20
TRIPLET AND ASSOCIATES: Members to Hear Wind-Up Report on Sept. 3


E C U A D O R

BANCO DE LA PRODUCCION: Fitch Affirms 'B-' Issuer Default Rating
* ECUADOR: Remittances Fall 21% in First 6 Months


J A M A I C A

NATIONAL COMMERCIAL BANK: To Buy Super Plus' New Kingston Property
SUPER PLUS: Sells New Kingston Asset to National Commercial Bank
NCB CAPITAL: CariCris Reaffirms CariBB+ Rating on Debt Issue
* JAMAICA: Jamaicans Shun Loans From Financial Institutions


M E X I C O

CEMEX SAB: Sets Extraordinary Gen. Shareholders Meeting on Sept. 4
CEMEX SAB: Raised to ‘Buy’ at Deutsche Bank on Debt Refinancing


P E R U

DOE RUN: Peru to Seek "Realistic Solution" for Smelter Problem
* PERU: GDP Shrinks at Fastest Pace in 8 Years in June


T R I N I D A D  &  T O B A G O

CARILLION CARIBBEAN: In the Verge of Closure; Lays Off 713 Workers


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Restart Crude Output in Orinoco With BP
* VENEZUELA: Seeks to Boost Fertilizer Alliance With Brazil


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: SFG Receiver Faults Home Sale by Owner's Ex-Lover
-----------------------------------------------------------------
Stanford Financial Group court-appointed receiver Ralph Janvey has
asked U.S. District Judge David Godbey to sanction Rebecca Reeves-
Stanford for selling a US$3 million house in May, after she
learned that Robert Allen Stanford’s assets were being sought to
repay investors allegedly swindled in a multi-billion Ponzi
scheme, Laurel Brubaker Calkins at Bloomberg News reports.  The
report relates that Kevin Sadler, Mr. Janvey’s attorney, said in
court papers that Ms. Reeves-Stanford is “one of several ‘outside
wives’ with whom Mr. Stanford had an ongoing relationship” for
“nearly two decades.”

According to the report, Ms. Reeves-Stanford’s newest lawyer,
Bradford M. Cohen of Fort Lauderdale, Florida, said Mr. Janvey
won’t succeed in having his client or her previous attorneys found
in contempt.  “The freeze order affects third parties who received
something without consideration, and Rebecca Reeves-Stanford never
received anything without consideration,” Mr. Cohen told Bloomberg
News in a phone interview.  “She has two children by Mr.
Stanford,” Mr. Cohen added.

Bloomberg News notes that Mr. Cohen said the house was in Ms.
Reeves-Stanford’s name before she sold it.

Mr. Sadler, the report relates, said Ms. Reeves-Stanford’s
attorney confirmed that Mr. Stanford paid US$1.4 million for the
Florida property in 2005.  “Indeed, the amount is likely far
higher as Reeves-Stanford has no other apparent means of support
beyond the ill-gotten funds Stanford lavished on her,” the report
quoted Mr. Sadler as saying.  The report relates Mr. Sadler also
claimed Ms. Reeves-Stanford transferred the sale proceeds to an
offshore account in the Cook Islands, in an attempt to keep the
money out of Mr. Janvey’s hands.

                  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


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


BANCO DE VALORES: Moody's Assigns 'B2' Global Rating on Debt
------------------------------------------------------------
Moody's Latin America has assigned a rating of A1.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Aval Rural X issued by
Banco de Valores S.A. -- acting solely in its capacity as Issuer
and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Aval Rural S.G.R., which is a financial
guarantor in Argentina.  Aval Rural has a rating of A1.ar
(Argentine National Scale) and of B2 (Global Scale, Local
Currency).

The rating assigned to this transaction is primarily based on the
rating of Aval Rural.  Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction.

                            Structure

Banco de Valores S.A.  (Issuer and Trustee) issued one class of
debt securities denominated in US dollars.  The rated securities
will bear a 10.00% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, comprised of a pool of fixed rate bills
of exchange denominated in US dollars, guaranteed by Aval Rural
S.G.R.  The bills of exchange will bear the same interest rate as
the rated securities.

Although the rated securities (and the bills of exchange) are
denominated in U.S. dollars, they are payable in Argentine pesos
at the exchange rate published by Banco de la Nacion Argentina as
of the day prior to the date that the funds are initially
deposited into the Trust account.  As a result, the dollar is used
as a currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Aval Rural to
make payment under the bills of exchange.  Aval Rural, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the date
on which the funds are initially deposited by either Aval Rural,
the exporter, or the individual producers into the Trust Account.

                           Rating Action

  -- US$8,075,000 in Fixed Rate Debt Securities of "Fideicomiso
     Financiero Aval Rural X", rated A1.ar (Argentine National
     Scale) and B2 (Global Scale, Local Currency).


ESTABLECIMIENTO AVICOLA: Creditors' Proofs of Debt Due on Sept. 24
------------------------------------------------------------------
Estudio Castro, the court-appointed trustee for Establecimiento
Avícola La Campesina 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.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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.

The Trustee can be reached at:

          Estudio Castro
          Danovara y Asociados
          Jeronimo Salguero 2533
          Argentina


PERGAMINO MADERAS: Creditors' Proofs of Debt Due on October 19
--------------------------------------------------------------
Moises Gorelik, the court-appointed trustee for Pergamino Maderas
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 19, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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.

The Trustee can be reached at:

          Moises Gorelik
          Lavalle 1675
          Argentina


TALLERES REUNIDOS: Asks for Opening of Preventive Contest
---------------------------------------------------------
Talleres Reunidos Italo Argentino Saicafi asked for the opening of
preventive contest.

The company stopped making payments on July 30, 2009.


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B E R M U D A
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ASIA DEKOR: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------
The creditors of Asia Dekor Holdings Limited are required to file
their proofs of debt by September 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

         Chan Hon Mo
         Tai Tung Building
         Units 1601-3, 16th Floor
         8 Fleming Road, Wanchai
         Hong Kong


ASIA DEKOR: Members to Receive Wind-Up Report on October 16
-----------------------------------------------------------
The members of Asia Dekor Holdings Limited will hold their final
general meeting on October 16, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

         Chan Hon Mo
         Tai Tung Building
         Units 1601-3, 16th Floor
         8 Fleming Road, Wanchai
         Hong Kong


DOLE FOOD: Fitch Gives Positive Outlook on US$500 Mil. Offering
---------------------------------------------------------------
Fitch Ratings views Dole Food Company, Inc.'s proposed initial
public offering of up to US$500 million in common stock and
proposed US$325 million secured note issuance positively.

Fitch currently rates Dole and its subsidiary Solvest Ltd:

Dole Food Company, Inc. (Operating Company)

  -- Long-term Issuer Default Rating 'CCC';
  -- Secured asset-based revolver 'B+/RR1';
  -- Secured term loan B 'B+/RR1';
  -- Third-lien secured notes 'CCC/RR4';
  -- Senior unsecured debt 'C/RR6'.

Solvest Ltd. (Bermuda-based Subsidiary)

  -- Long-term IDR 'CCC';
  -- Secured term loan C 'B+/RR1'.

At June 20, 2009, Dole had approximately US$2 billion in
consolidated debt.

On Aug. 6, 2009, Fitch removed its Negative Ratings Outlook for
Dole due to the company's announcement on Aug. 4 that it planned
to offer senior secured notes during the third quarter of 2009 and
use proceeds from the issuance, together with cash and/or
borrowings under its revolver, to redeem the bulk of its
US$383 million 7.25% notes due June 15, 2010.  Significant
improvement in Dole's operating performance over the past 18
months and improvement in capital markets is providing the company
more flexibility to address its upcoming maturities.  Dole
commenced an offering of US$325 million privately placed senior
secured notes due 2016.  Upon the completion of the issuance and
the anticipated refinancing of its 2010 notes a one notch upgrade
is likely.

Dole also filed an S1 Registration Statement stating that the
company and David H.  Murdock plan to issue, via an IPO, up to
US$500 million of common stock and that a portion of the proceeds
received by Dole will be used to pay down debt.  Prior to the
consummation of the offering, Dole intends to complete
transactions which will result in the elimination of the current
cross-default provisions that exist between its senior secured
facilities and certain indebtedness of its parent, DHM Holding
Co., Inc., and its affiliates.  In addition, the company is
exploring certain structuring alternatives involving DHM Holdings,
which could be completed prior to the IPO, in order to more
efficiently operate as a public company.  Such alternatives could
include a merger or other combination with DHM Holdings; however,
in connection with any such combination, a transfer of interest
and liabilities in its Westlake Wellbeing Properties and non-core
land, including land in Hawaii, to affiliates of David H.  Murdock
could occur.

Fitch views this potential equity offering as a credit positive,
given that it could result in a meaningful reduction in the
company's debt and reduce its overall financial leverage.
Completion of the IPO, of which timing is uncertain, and
subsequent use of proceeds to repay indebtedness, could result in
additional upgrade(s) to the company's ratings.  Recovery
prospects for the company's 13 7/8% US$350 million third-lien
notes issued on March 18, 2009 and unsecured notes, which totaled
US$738 million at June 20, 2009, could also improve given
increased equity loss absorption.

Dole has been private since March 28, 2003 when David H.  Murdock
of DHM Holding Co., Inc., completed a leveraged buy-out of the 76%
of the company he did not already own with US$1.5 billion in debt
and an estimated US$125 million of cash equity.  Based on an
average enterprise value market multiple of 7.5 times (x) for
Dole's closest peers and the company's current latest twelve month
operating EBITDA (excluding gains related to asset sales) of
US$418.5 million, Fitch estimates that the US$500 million IPO
represents a material portion of the company's net worth.

During the most recent LTM period ended June 20, 2009, Dole's
leverage (defined as total debt-to-operating EBITDA) was 4.8x,
down significantly from a peak of 8.3x for the fiscal year ended
Dec. 29, 2007.  The improvement has been driven by better cash
flow generation and debt reduction.  The company generated
US$164.5 million of free cash flow (defined as cash flow from
operations less capital expenditures and dividends), after
producing negative free cash flow annually since 2005.  Operating
cash flow has benefited from significant improvements in working
capital and higher operating income.  Continued free cash flow
generation would be positive for the ratings.  At June 20, 2009,
Dole's liquidity included US$107.9 million of cash and
US$243.6 million available under its ABL revolver due April 12,
2011.  In addition to the first priority secured leverage
maintenance covenant, terms of the agreement subject Dole to a
springing fixed charge coverage ratio of 1.0x should availability
under the revolver fall below US$35 million.  At June 20, 2009,
the borrowing base for this facility was US$320 million.

                    About Dole Food Company

Dole Food Company, Inc., is the world's leading producer, marketer
and distributor of fresh fruit and fresh vegetables, including a
growing line of value-added products.  The company holds the
number one or number two market share position in the primary
markets and categories for which it competes.  Dole's three
business segments and their respective contribution to its
US$7.6 billion of annualized revenue and US$378 million of
annualized operating EBIT (excluding corporate expenses) in 2008
were Fresh Fruit (71% and 81%), Fresh Vegetables (14% and 0%) and
Packaged Foods (15% and 19%).  Approximately 60% of Dole's revenue
is generated in international markets.


LEHMAN RE: U.S. Court to Hold Chapter 15 Hearing on September 9
---------------------------------------------------------------
On August 6, 2009, Peter C.B. Mitchell and D. Geoffrey Hunter, as
provisional liquidators of Lehman Re Ltd., filed a petition
pursuant to Chapter 15 of the U.S. Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York seeking
recognition of the winding-up of the Company commenced under the
Bermuda Companies Act 1981 before the Supreme Court of Bermuda as
a “foreign main proceeding,” as defined in Section 1502(4) of the
Bankruptcy Code.

With respect to the petition, the Bankruptcy Court has scheduled a
hearing on recognition of the Bermuda Proceeding for 10:00 a.m. on
September 9, 2009 before the Honorable James M. Peck in Room 601
of the Bankruptcy Court, One Bowling Green, New York.

Copies of the petition and related documents are available to
parties in interest on the Bankruptcy Court's Electronic Case
Filing System, which can be accessed from the Bankruptcy Court's
Web site at http://www.nysb.uscourts.govor upon written request
to the petitioners' United States counsel (including by facsimile
or e-mail) addressed to:

     Cadwalder, Wickersham & Taft LLP
     One World Financial Center
     New York, NY 10281
     Fax: (212) 504-6666
     Attn: Betty Comerro
           Betty.Comerro@cwt.com

Any party in interest wishing to submit a response or objection to
the petition or the relief requested by the petitioners must do so
in accordance with the Bankrutpcy Code and the Federal Rules of
Bankruptcy Procedure, in writing and setting forth the basis
therefor, which response or objection must be filed electronically
with the Court by registered users of the Court's electronic case
filing system in accordance with General Order M-242 (a copy of
which may be view on the Court's Web site) and by all other
parties in interest on a 3.5 inch disc, preferably in Portable
Document Format (PDF), Word Perfect or any other Windows-based
word processing format.  A hard copy of any response or objection
must be sent to the Chambers of the Honorable James M. Peck,
United States Bankruptcy Judge and served upon the petitioners'
United States counsel, so as to be received no later than
4:00 p.m. on September 1, 2009.

In addition to filing a written object, all parties in interest
opposed to the petition must appear at the hearing at the time and
place set forth above.

Lehman Re Ltd. is a Bermuda -based insurance unit of Lehman
Brothers Holdings Inc.  Lehman Re's petition for liqudation was
filed with the Supreme Court of Bermuda on September 23, 2008.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 dollars plus
the retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


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B R A Z I L
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BANCO DO BRASIL: Resumes Position as Brazil's Market Leader
-----------------------------------------------------------
Banco do Brasil SA officially resumed its traditional position as
the nation's market leader, based on a strategy of acquisitions
and expansion of credit portfolios, Rogerio Jelmayer at Dow Jones
Newswires reports.  The report recalls that Banco do Brasil lost
its top ranking post at the end of 2008 to Itau Unibanco SA
(ITUB), the company resulted from the merger between Banco Itau
Holdings Financeira SA and Unibanco-Uniao de Bancos Brasileiros
SA.

According to the report, with the merger, Itau Unibanco displaced
Banco do Brasil from its historic spot as Brazil's largest bank in
terms of total assets, the criterion used by the Brazilian Central
Bank for ranking the nation's financial institutions.

However, Dow Jones Newswires says Banco do Brasil's total assets
reached BRL598.8 billion (US$327.2 billion) at the end of the
second quarter, up 43.9% from a year earlier.  The report relates
the figure is higher than Itau Unibanco's total second-quarter
assets of BRL596.4 billion.

The report says Banco do Brasil clawed its way back to leadership
in only a few months through a complex, aggressive strategy, with
a acquisition of a 49.99% stake in private Banco Votorantim,
strengthening its presence in the critical auto financing market,
and then it bought control of Sao Paulo state government bank
Nossa Caixa, reinforcing its presence in Brazil's wealthiest
state.  The report relates parallel to the acquisitions, Banco do
Brasil also managed to expand credit portfolios at a faster pace
than its rivals.

Dow Jones says that in the second quarter, Banco Brazil's total
credit portfolio reached BRL252.4 billion, up 32.8% from the
second quarter of 2008; while Itau Unibanco's total credit
portfolio was BRL265.96 billion in the period, representing a more
cautious increase of 15% from the second quarter of 2008.

                       About Banco do Brasil

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

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO DO BRASIL: Seeks Partnership With Insurance Firms
-------------------------------------------------------
Banco do Brasil SA is studying partnerships with various insurance
companies to restructure its existing operations, Rogerio Jelmayer
at Dow Jones Newswires reports, citing O Estado de S. Paulo
newspaper.  The report relates an unnamed source said that the
bank hired UBS in order to study a model for the partnerships.

According to the report, Banco do Brasil is evaluating
partnerships with U.S. firm Principal Financial Group Inc.'s
(PFG), Spain's Mapfre SA (MAP.MC) and local insurance company
Sulamerica.

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

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


SADIA SA: Posts BRL346 Million Profit in Second Quarter
-------------------------------------------------------
Sadia S. A.'s second quarter profit increased 124% to BRL346
million (US$186 million) from BRL154 million in the same quarter
the year before, though the gains were nearly all from interest
earnings and exchange rate movements, Brian Ellsworth and Roberto
Samora at Reuters report.

According to the report, the company's operating revenue was down
slightly and earnings before interest, taxes, depreciation and
amortization (EBITDA) was down 14% to BRL248 million.

Reuters says that the largest gains came from changes in the value
of assets abroad due a relatively stronger dollar in the second
quarter of this year compared to the previous year, when the real
currency was at its strongest just before the financial crisis.

                        About Sadia S.A.

Headquartered in Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                         *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.


* BRAZIL: Seeks to Boost Fertilizer Alliance With Venezuela
-----------------------------------------------------------
Brazil and Venezuela will seek a geostrategic alliance on
fertilizer, Xinhua News reports, citing Venezuelan President Hugo
Chavez.

According to the report, Brazil's ambassador to Venezuela Jaoo de
Souza said Venezuela's Bolivar state borders Brazil's Roraima
state and the latter needs Venezuela's fertilizer to boost
agriculture and downstream production such as livestock farming.
The report relates Venezuela produces crude oil and natural gas,
both of which are key feed stocks for many industrial fertilizers.

                         *     *     *

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


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


BARSAC FOREST: Members to Hear Wind-Up Report on Sept. 3
--------------------------------------------------------
The members of Barsac Forest Financial, Ltd. will hold their final
general 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


DV GLOBAL: Members Receive Wind-Up Report
-----------------------------------------
The members of DV Global Fund 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:

          Hugh Dickson
          c/o Peter Bigwood
          P.O. Box 1370, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


ELGIN CORPORATE: Shareholders to Hear Wind-Up Report on August 21
-----------------------------------------------------------------
The shareholders of Elgin Corporate Credit Master Fund will hold
their final general meeting on August 21, 2009, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Keith Blake
          c/o Lauren Christie
          Telephone: 345-815-2663
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


ELGIN CORPORATE: Shareholders to Hear Wind-Up Report on August 21
-----------------------------------------------------------------
The shareholders of Elgin Corporate Credit Fund will hold their
final general meeting on August 21, 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:

          Keith Blake
          c/o Lauren Christie
          Telephone: 345-815-2663
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


FRANKEN BROTHERS: Members to Hear Wind-Up Report on Sept. 3
-----------------------------------------------------------
The members of Franken Brothers, Ltd. will hold their final
general meeting on September 3, 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:

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


LISTRAC INVESTMENT: Members to Hear Wind-Up Report on Sept. 3
-------------------------------------------------------------
The members of Listrac Investment Company, Ltd. will hold their
final general 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


RESOLVE FUNDING: Members to Receive Wind-Up Report on August 21
---------------------------------------------------------------
The members of Resolve Funding Corporation will hold their final
general 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:

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


SAN RAPHAEL: Members to Receive Wind-Up Report on September 3
-------------------------------------------------------------
The members of San Raphael Company, Ltd. will hold their final
general 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


SANDLER CAPITAL: Members to Receive Wind-Up Report on August 20
---------------------------------------------------------------
The members of Sandler Capital SPC will hold their final general
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:

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


SARAJEVO PRIVATIZATION: Members Receive Wind-Up Report
------------------------------------------------------
The members of Sarajevo Privatization Venture 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


STANFIELD STRUCTURED: Members Receive Wind-Up Report
----------------------------------------------------
The members of Stanfield Structured Opportunity Fund, 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


STELFORT III: Members to Receive Wind-Up Report on August 27
------------------------------------------------------------
The members of Stelfort III Holdings (Cayman) Ltd will hold their
final general 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


TEAK HILL: Members to Receive Wind-Up Report on August 20
---------------------------------------------------------
The members of Teak Hill SPC will hold their final general 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:

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


TENNENBAUM CAPITAL: Members to Receive Wind-Up Report on August 20
------------------------------------------------------------------
The members of Tennenbaum Capital SPC will hold their final
general 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:

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


TRIPLET AND ASSOCIATES: Members to Hear Wind-Up Report on Sept. 3
-----------------------------------------------------------------
The members of Triplet and Associates, Ltd. will hold their final
general 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


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


BANCO DE LA PRODUCCION: Fitch Affirms 'B-' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings affirms Banco de la Produccion's ratings:

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

The Rating Outlook is Stable.

Produbanco's ratings reflect its sound capital level, strong
franchise, experienced management, sound asset quality, adequate
reserves and ample liquidity.  They also consider its loan and
investment concentration and challenging environment.  The ratings
are constrained by the country ceiling.

In spite of Produbanco's important 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.

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

Produbanco's performance during 2008 and into 2009 was affected by
declining margins and sluggish non-interest revenues in spite of a
moderate loan growth.  Government mandated interest rate
reductions hindered revenues while many fees were eliminated.
Costs continued growing albeit at a lower pace and loan loss
provisions were lower than in 2007 but are poised to be higher in
2009.  Overall efficiency and net income declined and
profitability suffered accordingly.  ROAE stood at 14% at April
2009 while ROAA reached 1.1%.

Asset quality declined slightly during 2009 after a stable 2008
but reserve coverage remains comfortably high; the loan portfolio
appears less exposed to consumer lending and better diversified by
industry albeit a bit concentrated.  Deposits are well diversified
but have shown some increased volatility due to concerns over
Ecuador's ability to sustain dollarization.  Capital ratios
improved thanks to the slower growth and a relatively safer
balance sheet.

Future growth should be modest as the bank focuses on
consolidating its position in face of the global downturn.
Margins should continue under pressure and costs are expected to
slowly decline in relative terms.  Declining asset quality should
require increased provisions thus maintaining pressure on the
bottom line that is expected to decline but remain positive.
Capital ratios could see some deterioration but they should be
seen in the light of the ample loan loss reserves.

Incorporated in 1978, Produbanco is Ecuador's fourth largest bank
by assets (12% of the system's assets at April 2009).
Historically focused on corporate banking, it expanded into retail
banking in the past few years; the bank is also active in fund
management and securities brokerage.


* ECUADOR: Remittances Fall 21% in First 6 Months
-------------------------------------------------
Ecuador's central bank said the money that citizens living abroad
sent home during the first six months of the year dropped 21%  to
US$1.2 billion from US$1.5 billion in the same period last year,
due to rising unemployment in the United States and the European
Union, Associated Press reports.

According to the report, remittances plunged 22% in the fourth
quarter of 2008, leaving last year down 8.6% from 2007.

The report says remittances and crude oil exports are the two
pillars of Ecuador's dollarized economy, in place since Ecuador
adopted the U.S. dollar amid a hyperinflation crisis in 2000.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-term
foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC'
following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


NATIONAL COMMERCIAL BANK: To Buy Super Plus' New Kingston Property
------------------------------------------------------------------
National Commercial Bank of Jamaica plans to buy a two-acre
property in New Kingston from Super Plus, a company run by Wayne
Chen one of the bank's seated board members and half-brother to
the bank's principal owner, Jamaica Gleaner reports.

According to the report, the Wayne Chen-led Super Plus NCB refused
to discuss the price on the deal, but back in April Super Plus
said the property was worth about US$5 million or about J$445
million.  "We do not wish to disclose the purchase price," said
Major Ffrench Campbell, the head of facilities and services
division at NCB, via email obtained by the news agency.  "However,
we can say that it reflected current market conditions and the
negotiations resulted in our obtaining the property over other
highly competing bids," Mr. Campbell added.

The report relates Mr. Campbell said the acquisition would help
the bank reduce operating costs and improve efficiency through
better space management.  "We have several units operating in
different locations in Kingston and the space at the Trafalgar
Road location is ideal for consolidation of these units.  As a
result, we are expected to reap significant savings," the report
quoted Mr. Campbell as saying.

The report says the one-time supermarket will also become a
centralized canteen for NCB staffers and house its information
technology division and other unspecified units inside its new
real estate asset.  "The acquisition of this property will allow
us to give up rental of two floors in the Towers on Oxford Road as
well as another location on Eureka Road, which we will be putting
up for sale," Mr. Campbell said, the report adds.

The report discloses that Mr. Campbell said the deal with Super
Plus should be finalized within four weeks.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica said that the Super Plus food chain
plans to close five additional stores, increasing the total number
of ceased operations to 13, with the Spanish Town branch as among
those that will be affected in the latest phase of the down
sizing.  "We are closing our Spanish Town location as part of our
restructuring operations.  We have closed the Trafalgar Road New
Kingston branch and the Liguanea Branch and we will also close
four other branches in 30 days making a total of 13 stores closed
after the restructuring is over," the report quoted SuperPlus
Chairman Wayne Chen as saying.  The supermarket chain is further
restructuring its operations in order to reduce its debts, he
added.  According to the report, RadioJamaica said Super Plus
closed its branches in Liguanea, St. Andrew, New Kingston, and
Oasis Centre in Spanish Town, St. Catherine; and its head office
at Beverly Vale has reportedly been sold as the company seeks to
rationalize its operations, closing non- performing stores while
at the same time trimming waste.

                       About Super Plus

Super Plus is one of Jamaica's largest food chains.

              About National Commercial Bank Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.


SUPER PLUS: Sells New Kingston Asset to National Commercial Bank
----------------------------------------------------------------
National Commercial Bank of Jamaica plans to buy a two-acre
property in New Kingston from Super Plus, a company run by Wayne
Chen one of the bank's seated board members and half-brother to
the bank's principal owner, Jamaica Gleaner reports.

According to the report, the Wayne Chen-led Super Plus NCB refused
to discuss the price on the deal, but back in April Super Plus
said the property was worth about US$5 million or about J$445
million.  "We do not wish to disclose the purchase price," said
Major Ffrench Campbell, the head of facilities and services
division at NCB, via email obtained by the news agency.  "However,
we can say that it reflected current market conditions and the
negotiations resulted in our obtaining the property over other
highly competing bids," Mr. Campbell added.

The report relates Mr. Campbell said the acquisition would help
the bank reduce operating costs and improve efficiency through
better space management.  "We have several units operating in
different locations in Kingston and the space at the Trafalgar
Road location is ideal for consolidation of these units.  As a
result, we are expected to reap significant savings," the report
quoted Mr. Campbell as saying.

The report says the one-time supermarket will also become a
centralized canteen for NCB staffers and house its information
technology division and other unspecified units inside its new
real estate asset.  "The acquisition of this property will allow
us to give up rental of two floors in the Towers on Oxford Road as
well as another location on Eureka Road, which we will be putting
up for sale," Mr. Campbell said, the report adds.

The report discloses that Mr. Campbell said the deal with Super
Plus should be finalized within four weeks.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica said that the Super Plus food chain
plans to close five additional stores, increasing the total number
of ceased operations to 13, with the Spanish Town branch as among
those that will be affected in the latest phase of the down
sizing.  "We are closing our Spanish Town location as part of our
restructuring operations.  We have closed the Trafalgar Road New
Kingston branch and the Liguanea Branch and we will also close
four other branches in 30 days making a total of 13 stores closed
after the restructuring is over," the report quoted SuperPlus
Chairman Wayne Chen as saying.  The supermarket chain is further
restructuring its operations in order to reduce its debts, he
added.  According to the report, RadioJamaica said Super Plus
closed its branches in Liguanea, St. Andrew, New Kingston, and
Oasis Centre in Spanish Town, St. Catherine; and its head office
at Beverly Vale has reportedly been sold as the company seeks to
rationalize its operations, closing non- performing stores while
at the same time trimming waste.

                       About Super Plus

Super Plus is one of Jamaica's largest food chains.

              About National Commercial Bank Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.


NCB CAPITAL: CariCris Reaffirms CariBB+ Rating on Debt Issue
------------------------------------------------------------
Caribbean Information and Credit Rating Services Limited has re-
affirmed its ratings on the debt issue (notional) of the size of
US$25 million of NCB Capital Markets Limited (NCBCML) of Jamaica
of CariBB+ (Foreign Currency Rating) and CariBBB- (Local Currency
Rating) on its regional rating scale.  The foreign currency rating
indicates that the level of creditworthiness of this obligation,
adjudged in relation to other obligations in the Caribbean is
speculative.

The ratings of NCBCML reflect the company’s exclusive operations
in Jamaica and the increased financial and economic difficulty
that the weakened global economy poses to the existing policy
challenges facing Jamaica.  CariCRIS believes that the impact from
contagion could be severe on Jamaica because of the challenging
initial macroeconomic conditions: modest and deteriorating
international liquidity, large current account deficit, high
inflation, onerous debt burden and contracted economic growth.
The ratings also reflect the tightening credit conditions in the
international market and subsequent loss of its international
credit lines, high liquidity gap and the limited liquidity support
mechanisms available to the company.  The global financial turmoil
has severely impacted the access to international credit resulting
in higher funding costs for all players.  Also impacting the
ratings are the sharp decline in earnings, narrowing interest
spreads and the deterioration in the value of the asset portfolio.
These factors are tempered by the company’s robust capital
adequacy levels and favorable market position.  The company
leverages on its relationship with its parent, National Commercial
Bank Jamaica Ltd, reaping synergistic benefits that lead to the
most favorable operating efficiency ratio in the industry.  Also
supporting the ratings is the strong asset portfolio dominated by
Government of Jamaica securities.  In addition, it has a favorable
resource profile which is strengthened by an increasing focus on
retail clients.

The ratings of NCBCML also factor in a notch-up owing to its
status as a wholly-owned subsidiary of NCBJ.  NCBCML’s net worth
represented 25% of the Group’s consolidated net worth as at
March 31, 2009.  As a result, it is unlikely that the parent will
withhold its support in a distress situation.  Any support from
NCBJ would arise from efforts to protect the value of its
substantial investment in NCBCML and the moral obligation due to
the “reputation risk” associated with any potential failure at
NCBCML.

NCBCML operates solely in a highly indebted economy and one
constrained by limited fiscal flexibility.  Growth in the Jamaican
economy, lagging behind that of its regional peers, is constrained
by a crowding-out of private sector investments in the face of
government’s high borrowing requirements.  As a result, the
investment and loan portfolios of most Jamaican financial
institutions have a high concentration of government securities
which limits the market’s opportunities for diversification and
the opportunities for private sector companies to access the
capital market for funding.  The global credit crisis has made it
increasingly difficult for the Government of Jamaica and financial
institutions to access US dollar (US$) financing.

NCBCML lost its international credit lines with Morgan Stanley and
Lehman Brothers in the face of tightening credit conditions
stemming from the financial crisis.  As such, NCBCML was forced to
access US$ funding from the Jamaican market at much higher rates
in order to repay the outstanding balances on these credit lines.
At the end of March 2009, NCBCML’s US$ denominated portfolio
recorded a deficit in its liquidity gap for the 30-day bucket of
US$6.5 million.  Additionally, NCBCML has high liquidity gaps in
the one year bucket and has limited access to liquidity support
mechanisms.

Typically, the earnings of all securities companies are inherently
volatile due to its high susceptibility to market risks.  The
current economic and financial conditions have negatively impacted
NCBCML’s profits in FY2008 and for the first half of FY2009.  In
FY2008, the company recorded an impairment loss of JM$1.2 billion
representing the potential loss on realization of securities held
by Lehman Brothers which led to a 50% decline in profits after tax
(PAT) to JM$775 million.  Margins continue to be squeezed as
interest spreads declined to 1.5% in FY2008 from a high of 3.2% in
FY2004.  For the six months ending March 2009, PAT declined by 36%
to JM$653 million from JM$1 billion in the year-earlier period.

The values of both the Jamaican dollar and US$ denominated
portfolios have been declining for all players in the Jamaican
market.  NCBCML’s US$ portfolio value has declined by around 10%
from October to December 2008, while the J$ portfolio has been
declining given the upward trend in interest rates.  For the first
four months of 2009, rates remained unchanged with the exception
of the 365-day rate which declined to 22.67% from 24%.

These credit weaknesses are, to some extent, tempered by the
following:

NCBCML enjoys very robust capital adequacy; capital, as a
proportion of its risk-weighted assets, was estimated at 77.9% in
FY2008 (based on Basel I guidelines).  Capital adequacy levels
compare favourably with Jamaican and regional peers.  The company
has the largest net worth in the Jamaican securities industry
while net worth coverage compares very favourably with Jamaican
peers.  Over the last five (5) years, management has capitalized
retained earnings, thereby strengthening its capital base.

The company leverages on the strong “NCB brand equity” by sharing
its name, management, risk management policies, IT systems and
physical infrastructure.  This has resulted in the company
attaining the most extensive coverage of the domestic market and
the most favorable efficiency ratio in the industry at 28.3% in
FY2008.

NCBCML has a strong asset portfolio which is dominated by GOJ
securities denominated in J$ and US$.  In a Jamaican context, both
portfolios can be considered to have relatively low credit risk,
but not from a regional perspective given the relative sovereign
credit risk of Jamaica.

NCBCML has a favorable resource profile with the more stable, low
cost retail clients accounting for the majority of clients versus
the more cost sensitive institutional clients.  Going forward,
management intends to tap further into the retail segment and
increase its share of the overall portfolio.  In the J$ portfolio,
concentration levels of the top ten (10) institutional investors
are relatively low at 21.6% at the end of April 2009.  In the US$
portfolio concentration levels have declined with the top 10
lenders accounting for 36.8% of total institutional borrowings as
at April 2009 down from 56% in April 2008.


* JAMAICA: Jamaicans Shun Loans From Financial Institutions
-----------------------------------------------------------
There are signs that the decline in disposable income is forcing
more Jamaicans to shun loans from financial institutions,
RadioJamaica reports.  The report relates data from the Bank of
Jamaica show a further fall off in the demand for credit with car
loans suffering the biggest decline.

According to the report, at the end of June, the stock of private
sector credit was JM$220 billion, representing a decline of 0.1%,
the first decrease in five years.

The report notes that BoJ said the reduction during the April to
June quarter was consistent with the contraction in economic
activity.  The report relates that loans and advances declined by
JM$322 million or 0.1% during the three months relative to an
increase of 4.3% in the March quarter.

The reduction in the stock of personal loans represented a larger
decline than in the previous quarter, reflecting worsening
economic conditions, the report says.  RadioJamaica adds that
within the personal loans category, there was a decline of 1.8% in
credit for the purchase of motor cars relative to an increase of
7.3% in the June 2008 quarter.

                        *     *     *

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
===========


CEMEX SAB: Sets Extraordinary Gen. Shareholders Meeting on Sept. 4
------------------------------------------------------------------
CEMEX, S.A.B. de C.V's Board of Directors has resolved to call an
Extraordinary General Shareholders Meeting to be held at the
auditorium of the Museo de Arte Contemporáneo, A.C., located at
Zuazua and Jardon streets, Colonia Centro, in the city of
Monterrey, NL, at 12:00 PM local time on September 4, 2009.

The agenda to be discussed at the meeting is:

   -- Resolution regarding a proposal of the Board of Directors
      to increase the variable portion of the capital stock,
      and to issue bonds convertible into shares; for which
      purpose a proposal will be made to issue up to 4.8 billion
      unsubscribed shares (equivalent to 1.6 billion CPOs or
      160 million ADSs), to be initially held in the company’s
      treasury and subsequently subscribed by the investing
      public through a public offer, in accordance with article
      53 of the Securities Market Law or, if applicable, to
      effect the conversion of bonds issued pursuant to article
      210 Bis of the Negotiable Instruments and Credit
      Transactions Law; preemptive subscription rights shall
      not be available in either case.

      The shares representing the increase in the capital
      stock will be represented by ordinary participation
      certificates (“CEMEX.CPO”), each CPO representing three
      ordinary shares.  The proposal will be that the public
      offer and, if applicable, the issuance of convertible
      bonds, be carried out within a period of 24 months.

   -- Appointment of a delegate or delegates to formalize the
      resolutions adopted at the meeting.

The proposals of the Board of Directors are designed to give CEMEX
the flexibility to issue additional equity and/or convertible
bonds when market conditions are appropriate and thus strengthen
CEMEX’s balance sheet.

Holders of record of CPOs on August 24 (the CPO Record Date) will
be entitled to vote. CPO holders should refer to the Notice of
Meeting that will be published on August 15, 2009, for voting
instruction.

Holders of record of ADSs on August 21, 2009 (the ADS Record Date)
will be entitled to vote. ADS holders will receive proxy voting
information via mail.  Additional voting information for ADS
holders will be included on our website on the ADS Record Date.

                       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.



CEMEX SAB: Raised to ‘Buy’ at Deutsche Bank on Debt Refinancing
---------------------------------------------------------------
CEMEX, S.A.B. de C.V. was upgraded to “buy” from “hold” at
Deutsche Bank AG, yesterday, August 17, after company refinanced
its debt, Catarina Saraiva at Bloomberg News reports.

As reported in the Troubled Company Reporter-Latin America on
August 17, 2009, 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

“With Cemex’s call for shareholder approval of a maximum 20%
capital increase, the risk is now more quantifiable and we
estimate dilution largely in a range of 7 to 12% (on a per share
of free cash flow and valuation basis),” analyst Dan McGoey wrote
in a note obtained by the news agency.  The report relates Mr.
McGoey lifted his price estimate for the U.S.-traded shares 34% to
US$15 from US$11.20.

Bloomberg News notes that at Credit Suisse Group AG, analysts
reiterated their “neutral” rating on the shares, saying that the
valuation premium is “unjustified.”

                       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.


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


DOE RUN: Peru to Seek "Realistic Solution" for Smelter Problem
--------------------------------------------------------------
The Peru government will seek a "realistic solution" for the Doe
Run Peru smelter, which has been shut since June because of
financial difficulties, Teresa Cespedes at Reuters reports, citing
Peruvian President Alan Garcia.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, Reuters said Doe Run Peru filed for a government-
monitored financial restructuring because it was worried creditors
might try to freeze its assets or operations.  The report related
during the process, creditors will meet to decide whether to
restructure or liquidate the company's operations.  "The only
objective of the company in going to regulatory agency
Indecopi to start this process was to prevent some suppliers of
concentrates from blocking an integral solution," the company said
in a statement obtained by the news agency.  "Doe Run Peru is a
viable company. It's not insolvent, nor is it in bankruptcy," it
added.  According to Reuters, among the company's creditors are:
precious petals producer Buenaventura, El Brocal, and zinc and
silver miner Volcan.

According to a TCRLA report on August 5, 2009, citing Reuters, Doe
Run Peru owes some US$100 million to its suppliers and needs to
spend another US$150 million to clean up La Oroya, which often
ranks as one of the world's most polluted sites.  Bloomberg News
recalled the company shut all its smelter operations after failing
to reach an agreement with banks and mining suppliers.  The report
related Mining Federation General Secretary Luis Castillo said the
company, a unit of New York Renco Group Inc., is unable to pay its
3,700 workers and has no cash for metal supplies for its La Oroya
zinc and lead smelter.  Bloomberg News related that Doe Run Peru’s
zinc and lead smelter received a three-month extension to complete
planned environmental cleanup projects.  The report related Doe
Run Peru committed 100 percent of its shares as a guarantee it
will complete the clean-up after a government- brokered deal to
lend the company US$75 million and provide US$100 million of
concentrates after banks halted funding.

"We have obstacles with respect to the extension of the cleanup,
how it will be done, in what time and with what guarantees," the
report quoted Mr. Garcia as saying.  "We will work with the
Environment Ministry and the Mining and Energy Minister so that in
the next few days, we will be able offer a realistic solution,"
Mr. Garcia added.

Reuters notes that the government has previously said it would
only be willing to offer Doe Run Peru a "reasonable extension" to
its October cleanup deadline if its parent company injects at
least US$100 million in fresh capital, and offers 100% of its
Peruvian operations to the state as a guarantee to finish the job
at La Oroya.

                        About Doe Run Peru

Doe Run Peru is a mining and metallurgical company with operations
located in the central highlands of Peru.

The company continues to carry Moody's bank financial strength at
D- and Fitch Ratings individual rating at D.

Doe Run Peru may file for bankruptcy to restructure debt at its
shuttered zinc and lead smelter unit, according to reporting by
Bloomberg News reported in early August, citing Energy & Mines
Minister Pedro Sanchez Gamarra.  The unit owes suppliers US$156
million and has been closed since June.


* PERU: GDP Shrinks at Fastest Pace in 8 Years in June
------------------------------------------------------
Peru’s economy contracted the most in eight years in June as the
manufacturing, fishing and mining industries slumped, Alex Emery
at Bloomberg News reports.  The report relates that the government
statistics agency said gross domestic product shrank 2.1% from the
same month a year earlier.

According to the report, Peru’s growth has stalled as the global
recession curbs demand for the country’s metals, fishmeal and
natural gas exports.  The report says the contraction was the
biggest since the economy shrank 3.3% in June 2001.

“The external crisis has particularly hit the textiles and
agriculture industries,” Ruben Loaiza, chief executive officer of
AFP Prima, Peru’s second-largest private pension fund, told
Bloomberg News in an interview.  “We’re starting to see signs of
economic reactivation and increased consumer confidence in the
second half,” Mr. Loaiza added.

Bloomberg News says that fishing output fell 18% in June, while
manufacturing dropped 12.2%, agriculture declined 4.8% and metals
output, led by zinc, lead and tin, sank 4%.

                        *     *     *

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

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


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


CARILLION CARIBBEAN: In the Verge of Closure; Lays Off 713 Workers
------------------------------------------------------------------
Carillion Caribbean has laid off 713 employees and could be on the
verge of closure if money, to the tune of TT$140 million, owed by
clients is not paid soon, Trinidad and Tobago Newsday reports.
The report relates a company official alleged that mega state
construction company Udecott owes Carillion TT$10 million and HDC
owes Carillion TT$30 million.

According to the report, sources within the construction industry
said the layoffs which have been kept very low key, started two
months ago at the BIR construction site at Richmond Street in
Port-of-Spain where 103 Carillion workers were sent home.  The
report relates at the Housing Development Corporation (HDC)
construction site in Chaguanas, 107 workers were sent home and at
the Samsung/Petrotrin site, some 523 Carillion employees were laid
off.  “As recent as August 14, we sent home office staff.  We are
now operating with just about one quarter of the original office
staff and as it stands, we have no money to pay salaries at the
end of the month,” the report quoted the source as saying.

T&T Newsday notes that the Carillion source said that the 713
persons sent home included laborers, riggers, secretarial and even
management staff.

Carillion Caribbean -- http://www.carillion.ca-- is based in Port
of Trinidad and provides Building, Oilfield Construction and
Maintenance and FM services locally and to the neighboring
islands.  Using expertise originally developed in the Middle East,
the business specializes off-island in high-end resort development
and has been involved in a number of prestigious projects in the
region.


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


PETROLEOS DE VENEZUELA: Restart Crude Output in Orinoco With BP
---------------------------------------------------------------
Petroleos de Venezuela and BP Plc have restarted production at the
113,000 barrel per day Petromonagas project in the Orinoco heavy
crude region, after suspending output in January to meet OPEC
cuts, Marianna Parraga at Reuters reports, citing PDVSA Vice
President Eulogio Del Pino.

Del Pino told Reuters in an interview that Petromonagas was
restarted last week.  The report relates the suspension of
production at the project had affected supplies to the Chalmette
refinery in the United States.

According to the report, Petromonagas usually exports 90,000 bpd
to the Chalmette refinery in Louisiana, which is jointly owned by
PDVSA and Exxon Mobil.  The report notes that Venezuela said it
has reduced output by 189,000 bpd to meet OPEC cuts this year,
with 121,000 bpd taken from the Orinoco belt.  In recent weeks
production bounced back in the region, the report adds.

Reuters says that the Chinese-Venezuelan Sinovensa project used
Petromonagas' upgrader to process oil while the BP-PDVSA project
was not producing.  The report relates now, Sinovensa has returned
to mixing its heavy crude with light crude to produce Merey 16.

                           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: Seeks to Boost Fertilizer Alliance With Brazil
-----------------------------------------------------------
Brazil and Venezuela will seek a geostrategic alliance on
fertilizer, Xinhua News reports, citing Venezuelan President Hugo
Chavez.

According to the report, Brazil's ambassador to Venezuela Jaoo de
Souza said Venezuela's Bolivar state borders Brazil's Roraima
state and the latter needs Venezuela's fertilizer to boost
agriculture and downstream production such as livestock farming.
The report relates Venezuela produces crude oil and natural gas,
both of which are key feed stocks for many industrial fertilizers.

                         *     *     *

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


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

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


ACO ALTONA          EALT3 BZ         80647079.55     -12603367.15
ACO ALTONA SA       EAAON BZ         80647079.55     -12603367.15
ACO ALTONA-PREF     EAAPN BZ         80647079.55     -12603367.15
ACO ALTONA-PREF     EALT4 BZ         80647079.55     -12603367.15
ALL MALHA PAULIS    GASC3 BZ        656500097.92    -450029899.55
ALL MALHA PAULIS    GASC3B BZ       656500097.92    -450029899.55
ARTHUR LAN-DVD C    ARLA11 BZ        21333792.82     -16295577.05
ARTHUR LAN-DVD P    ARLA12 BZ        21333792.82     -16295577.05
ARTHUR LANG-RC C    ARLA9 BZ         21333792.82     -16295577.05
ARTHUR LANG-RC P    ARLA10 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
ARTHUR LANGE        ARLA3 BZ         21333792.82     -16295577.05
ARTHUR LANGE SA     ALICON BZ        21333792.82     -16295577.05
ARTHUR LANGE-PRF    ARLA4 BZ         21333792.82     -16295577.05
ARTHUR LANGE-PRF    ALICPN BZ        21333792.82     -16295577.05
AZEVEDO             AZEV3 BZ         47860887.41       -4389906.4
AZEVEDO E TRA-PR    AZEVPN BZ        47860887.41       -4389906.4
AZEVEDO E TRAVAS    AZEVON BZ        47860887.41       -4389906.4
AZEVEDO-PREF        AZEV4 BZ         47860887.41       -4389906.4
BALADARE            BLDR3 BZ            49015.54         -7494.67
BOMBRIL             BMBBF US        239716189.99    -242287717.11
BOMBRIL             BOBR3 BZ        239716189.99    -242287717.11
BOMBRIL CIRIO SA    BOBRON BZ       239716189.99    -242287717.11
BOMBRIL CIRIO-PF    BOBRPN BZ       239716189.99    -242287717.11
BOMBRIL SA-ADR      BMBBY US        239716189.99    -242287717.11
BOMBRIL SA-ADR      BMBPY US        239716189.99    -242287717.11
BOMBRIL-PREF        BOBR4 BZ        239716189.99    -242287717.11
BOMBRIL-RGTS PRE    BOBR2 BZ        239716189.99    -242287717.11
BOMBRIL-RIGHTS      BOBR1 BZ        239716189.99    -242287717.11
BOTUCATU TEXTIL     STRP3 BZ         25771113.88      -6735922.24
BOTUCATU-PREF       STRP4 BZ         25771113.88      -6735922.24
BUETTNER            BUET3 BZ         74895906.51     -28401073.82
BUETTNER SA         BUETON BZ        74895906.51     -28401073.82
BUETTNER SA-PRF     BUETPN BZ        74895906.51     -28401073.82
BUETTNER SA-RT P    BUET2 BZ         74895906.51     -28401073.82
BUETTNER SA-RTS     BUET1 BZ         74895906.51     -28401073.82
BUETTNER-PREF       BUET4 BZ         74895906.51     -28401073.82
CAF BRASILIA        CAFE3 BZ         15788426.91    -516549819.64
CAF BRASILIA-PRF    CAFE4 BZ         15788426.91    -516549819.64
CAFE BRASILIA SA    CSBRON BZ        15788426.91    -516549819.64
CAFE BRASILIA-PR    CSBRPN BZ        15788426.91    -516549819.64
CAMBUCI SA          CAMB3 BZ         87269252.24     -22493566.05
CAMBUCI SA          CAMBON BZ        87269252.24     -22493566.05
CAMBUCI SA-PREF     CAMBPN BZ        87269252.24     -22493566.05
CAMBUCI SA-PREF     CAMB4 BZ         87269252.24     -22493566.05
CAMBUCI SA-PREF     CXDOF US         87269252.24     -22493566.05
CHIARELLI SA        CCHI3 BZ         22274026.77     -44537138.21
CHIARELLI SA        CCHON BZ         22274026.77     -44537138.21
CHIARELLI SA-PRF    CCHPN BZ         22274026.77     -44537138.21
CHIARELLI SA-PRF    CCHI4 BZ         22274026.77     -44537138.21
CHILESAT CO-ADR     TL US           384163312.21        -36488590
CHILESAT CO-RTS     CHISATOS        384163312.21        -36488590
CHILESAT CORP SA    TELEX CI        384163312.21        -36488590
CIMOB PART-PREF     GAFPN BZ         36817394.78     -33083086.54
CIMOB PART-PREF     GAFP4 BZ         36817394.78     -33083086.54
CIMOB PARTIC SA     GAFON BZ         36817394.78     -33083086.54
CIMOB PARTIC SA     GAFP3 BZ         36817394.78     -33083086.54
COMERCIAL PL-ADR    SCPDS LI        146090772.51     -255079026.8
COMERCIAL PL-C/E    COMEC AR        146090772.51     -255079026.8
COMERCIAL PLA-BL    COMEB AR        146090772.51     -255079026.8
COMERCIAL PLAT-$    COMED AR        146090772.51     -255079026.8
CONST A LIND-PRF    CALI4 BZ         14038885.98     -11543314.46
CONST A LIND-PRF    LINDPN BZ        14038885.98     -11543314.46
CONST A LINDEN      LINDON BZ        14038885.98     -11543314.46
CONST A LINDEN      CALI3 BZ         14038885.98     -11543314.46
CTM CITRUS SA       CTMON BZ         38740523.05       -671039.81
CTM CITRUS- PR R    CTPC2 BZ         38740523.05       -671039.81
CTM CITRUS-ADR      CTMMY US         38740523.05       -671039.81
CTM CITRUS-COM R    CTPC1 BZ         38740523.05       -671039.81
CTM CITRUS-PREF     CTMPN BZ         38740523.05       -671039.81
CTM CITRUS-RCT C    CTPC9 BZ         38740523.05       -671039.81
CTM CITRUS-RCT C    CTP5 BZ          38740523.05       -671039.81
CTM CITRUS-RCT P    CTPC10 BZ        38740523.05       -671039.81
CTM CITRUS-RCT P    CTP6 BZ          38740523.05       -671039.81
D H B               DHBI3 BZ         89461115.57    -284716721.06
D H B-PREF          DHBI4 BZ         89461115.57    -284716721.06
DHB IND E COM       DHBON BZ         89461115.57    -284716721.06
DHB IND E COM-PR    DHBPN BZ         89461115.57    -284716721.06
DOC IMBITUB-PREF    IMBI4 BZ         89702642.66     -11135784.06
DOC IMBITUBA        IMBI3 BZ         89702642.66     -11135784.06
DOC IMBITUBA-RTC    IMBI1 BZ         89702642.66     -11135784.06
DOC IMBITUBA-RTP    IMBI2 BZ         89702642.66     -11135784.06
DOCA INVESTI-PFD    DOCA4 BZ         88417960.92     -18059127.86
DOCA INVESTIMENT    DOCA3 BZ         88417960.92     -18059127.86
DOCAS IMBITUB-PR    IMBIPN BZ        89702642.66     -11135784.06
DOCAS IMBITUBA      IMBION BZ        89702642.66     -11135784.06
DOCAS SA            DOCAON BZ        88417960.92     -18059127.86
DOCAS SA-PREF       DOCAPN BZ        88417960.92     -18059127.86
DOCAS SA-RTS PRF    DOCA2 BZ         88417960.92     -18059127.86
ESTRELA SA          ESTR3 BZ          50541924.7     -43741941.51
ESTRELA SA          ESTRON BZ         50541924.7     -43741941.51
ESTRELA SA-PREF     ESTRPN BZ         50541924.7     -43741941.51
ESTRELA SA-PREF     ESTR4 BZ          50541924.7     -43741941.51
FABRICA RENAUX      FRNXON BZ        53485265.61     -31264773.12
FABRICA RENAUX      FTRX3 BZ         53485265.61     -31264773.12
FABRICA RENAUX-P    FRNXPN BZ        53485265.61     -31264773.12
FABRICA RENAUX-P    FTRX4 BZ         53485265.61     -31264773.12
FABRICA TECID-RT    FTRX1 BZ         53485265.61     -31264773.12
FER C ATL-RCT CM    VSPT9 BZ       1050516250.26      -47197918.4
FER C ATL-RCT PF    VSPT10 BZ      1050516250.26      -47197918.4
FER C ATLANT        VSPT3 BZ       1050516250.26      -47197918.4
FER C ATLANT-PRF    VSPT4 BZ       1050516250.26      -47197918.4
FER HAGA-PREF       HAGA4 BZ         11324601.97     -49777521.75
FERRAGENS HAGA      HAGAON BZ        11324601.97     -49777521.75
FERRAGENS HAGA-P    HAGAPN BZ        11324601.97     -49777521.75
FERROVIA CEN-DVD    VSPT11 BZ      1050516250.26      -47197918.4
FERROVIA CEN-DVD    VSPT12 BZ      1050516250.26      -47197918.4
GASCOIGNE EMP-PF    1GASPN BZ       656500097.92    -450029899.55
GASCOIGNE EMP-PF    GASC4B BZ       656500097.92    -450029899.55
GASCOIGNE EMP-PF    GASC4 BZ        656500097.92    -450029899.55
GASCOIGNE EMPREE    1GASON BZ       656500097.92    -450029899.55
GAZOLA              GAZO3 BZ         15610576.83     -42175190.26
GAZOLA SA           GAZON BZ         15610576.83     -42175190.26
GAZOLA SA-DVD CM    GAZO11 BZ        15610576.83     -42175190.26
GAZOLA SA-DVD PF    GAZO12 BZ        15610576.83     -42175190.26
GAZOLA SA-PREF      GAZPN BZ         15610576.83     -42175190.26
GAZOLA-PREF         GAZO4 BZ         15610576.83     -42175190.26
GAZOLA-RCPT PREF    GAZO10 BZ        15610576.83     -42175190.26
GAZOLA-RCPTS CMN    GAZO9 BZ         15610576.83     -42175190.26
HAGA                HAGA3 BZ         11324601.97     -49777521.75
HOPI HARI SA        PQTM3 BZ         58692385.42    -188832203.73
HOPI HARI-PREF      PQTM4 BZ         58692385.42    -188832203.73
IMPSAT FIBER NET    IMPTQ US           535007008        -17165000
IMPSAT FIBER NET    XIMPT SM           535007008        -17165000
IMPSAT FIBER NET    330902Q            535007008        -17165000
IMPSAT FIBER-$US    IMPTD AR           535007008        -17165000
IMPSAT FIBER-BLK    IMPTB AR           535007008        -17165000
IMPSAT FIBER-C/E    IMPTC AR           535007008        -17165000
IMPSAT FIBER-CED    IMPT AR            535007008        -17165000
MARAMBAIA           CTPC3 BZ         38740523.05       -671039.81
MARAMBAIA-PREF      CTMMF US         38740523.05       -671039.81
MARAMBAIA-PREF      CTPC4 BZ         38740523.05       -671039.81
MINUPAR             MNPR3 BZ         77985985.08     -17398607.53
MINUPAR SA          MNPRON BZ        77985985.08     -17398607.53
MINUPAR SA-PREF     MNPRPN BZ        77985985.08     -17398607.53
MINUPAR-PREF        MNPR4 BZ         77985985.08     -17398607.53
MMX MINERACA-GDR    XMM CN          852266425.01    -110184832.63
MMX MINERACA-GDR    3M11 GR         852266425.01    -110184832.63
MMX MINERACA-GDR    MMXMY US        852266425.01    -110184832.63
MMX MINERACAO       MMXCF US        852266425.01    -110184832.63
MMX MINERACAO       TRES3 BZ        852266425.01    -110184832.63
MMX MINERACAO       MMXM3 BZ        852266425.01    -110184832.63
N.A.                TOYB1 BZ         20577415.71      -7950050.37
NORDON MET          NORD3 BZ         15650782.44     -14576030.17
NORDON MET-RTS      NORD1 BZ         15650782.44     -14576030.17
NORDON METAL        NORDON BZ        15650782.44     -14576030.17
NOVA AMERICA SA     NOVA3B BZ           21287489    -183535527.21
NOVA AMERICA SA     NOVAON BZ           21287489    -183535527.21
NOVA AMERICA SA     1NOVON BZ           21287489    -183535527.21
NOVA AMERICA SA     NOVA3 BZ            21287489    -183535527.21
NOVA AMERICA-PRF    NOVAPN BZ           21287489    -183535527.21
NOVA AMERICA-PRF    NOVA4B BZ           21287489    -183535527.21
NOVA AMERICA-PRF    1NOVPN BZ           21287489    -183535527.21
NOVA AMERICA-PRF    NOVA4 BZ            21287489    -183535527.21
PARQUE TEM-DV CM    PQT5 BZ          58692385.42    -188832203.73
PARQUE TEM-DV PF    PQT6 BZ          58692385.42    -188832203.73
PARQUE TEM-RCT C    PQTM9 BZ         58692385.42    -188832203.73
PARQUE TEM-RCT P    PQTM10 BZ        58692385.42    -188832203.73
PARQUE TEM-RT CM    PQTM1 BZ         58692385.42    -188832203.73
PARQUE TEM-RT PF    PQTM2 BZ         58692385.42    -188832203.73
PET MANG-RECEIPT    RPMG9 BZ         67915860.11    -166793076.45
PET MANG-RECEIPT    RPMG10 BZ        67915860.11    -166793076.45
PET MANG-RIGHTS     RPMG1 BZ         67915860.11    -166793076.45
PET MANG-RIGHTS     RPMG2 BZ         67915860.11    -166793076.45
PET MANGUINH-PRF    RPMG4 BZ         67915860.11    -166793076.45
PETRO MANGUIN-PF    MANGPN BZ        67915860.11    -166793076.45
PETRO MANGUINHOS    MANGON BZ        67915860.11    -166793076.45
PETRO MANGUINHOS    RPMG3 BZ         67915860.11    -166793076.45
PROMAN              PRMN3B BZ        10408605.71       -202138.27
PROMAN              PRMN3 BZ         10408605.71       -202138.27
RENAUXVIEW SA       TXRX3 BZ         43112153.13     -64315032.24
RENAUXVIEW SA-PF    TXRX4 BZ         43112153.13     -64315032.24
RIMET               REEMON BZ        80030147.28     -124398873.4
RIMET               REEM3 BZ         80030147.28     -124398873.4
RIMET-PREF          REEMPN BZ        80030147.28     -124398873.4
RIMET-PREF          REEM4 BZ         80030147.28     -124398873.4
RIOSULENSE SA       RSULON BZ        50548850.21      -5456867.48
RIOSULENSE SA       RSUL3 BZ         50548850.21      -5456867.48
RIOSULENSE SA-PR    RSULPN BZ        50548850.21      -5456867.48
RIOSULENSE SA-PR    RSUL4 BZ         50548850.21      -5456867.48
SANESALTO           SNST3 BZ      20705801887.08    -466044305.79
SANSUY              SNSY3 BZ        100279114.92     -45812488.77
SANSUY SA           SNSYON BZ       100279114.92     -45812488.77
SANSUY SA-PREF A    SNSYAN BZ       100279114.92     -45812488.77
SANSUY SA-PREF B    SNSYBN BZ       100279114.92     -45812488.77
SANSUY-PREF A       SNSY5 BZ        100279114.92     -45812488.77
SANSUY-PREF B       SNSY6 BZ        100279114.92     -45812488.77
SCHLOSSER           SCLO3 BZ         10007791.94     -53599536.49
SCHLOSSER SA        SCHON BZ         10007791.94     -53599536.49
SCHLOSSER SA-PRF    SCHPN BZ         10007791.94     -53599536.49
SCHLOSSER-PREF      SCLO4 BZ         10007791.94     -53599536.49
SNIAFA SA           SNIA AR          11489328.24       -840226.12
SNIAFA SA-B         SNIA5 AR         11489328.24       -840226.12
SNIAFA SA-B         SDAGF US         11489328.24       -840226.12
SOC COMERCIAL PL    COME AR         146090772.51     -255079026.8
SOC COMERCIAL PL    CAD IX          146090772.51     -255079026.8
SOC COMERCIAL PL    CVVIF US        146090772.51     -255079026.8
SOC COMERCIAL PL    CADN SW         146090772.51     -255079026.8
SOC COMERCIAL PL    SCDPF US        146090772.51     -255079026.8
STAROUP SA          STARON BZ        25771113.88      -6735922.24
STAROUP SA-PREF     STARPN BZ        25771113.88      -6735922.24
TEC TOY SA-PF B     TOYB6 BZ         20577415.71      -7950050.37
TEC TOY SA-PREF     TOYB5 BZ         20577415.71      -7950050.37
TEC TOY SA-PREF     TOYDF US         20577415.71      -7950050.37
TECEL S JOSE        SJOS3 BZ         17924946.14     -18569451.23
TECEL S JOSE        FTSJON BZ        17924946.14     -18569451.23
TECEL S JOSE-PRF    FTSJPN BZ        17924946.14     -18569451.23
TECEL S JOSE-PRF    SJOS4 BZ         17924946.14     -18569451.23
TECTOY              TOYB3 BZ         20577415.71      -7950050.37
TECTOY              TOYB13 BZ        20577415.71      -7950050.37
TECTOY SA           TOYBON BZ        20577415.71      -7950050.37
TECTOY SA-PREF      TOYBPN BZ        20577415.71      -7950050.37
TECTOY-PF-RTS5/6    TOYB11 BZ        20577415.71      -7950050.37
TECTOY-PREF         TOYB4 BZ         20577415.71      -7950050.37
TECTOY-RCPT PF B    TOYB12 BZ        20577415.71      -7950050.37
TECTOY-RCT ORD      TOYB9 BZ         20577415.71      -7950050.37
TECTOY-RCT PREF     TOYB10 BZ        20577415.71      -7950050.37
TECTOY-RT           TOYB2 BZ         20577415.71      -7950050.37
TEKA                TKTQF US        189819518.01    -244265715.17
TEKA                TEKA3 BZ        189819518.01    -244265715.17
TEKA                TEKAON BZ       189819518.01    -244265715.17
TEKA-ADR            TKTPY US        189819518.01    -244265715.17
TEKA-ADR            TKTQY US        189819518.01    -244265715.17
TEKA-ADR            TEKAY US        189819518.01    -244265715.17
TEKA-PREF           TEKA4 BZ        189819518.01    -244265715.17
TEKA-PREF           TKTPF US        189819518.01    -244265715.17
TEKA-PREF           TEKAPN BZ       189819518.01    -244265715.17
TELEBRAS SA         TELB3 BZ        185536520.68      -1054841.44
TELEBRAS SA         TLBRON BZ       185536520.68      -1054841.44
TELEBRAS SA         TBASF US        185536520.68      -1054841.44
TELEBRAS SA-PREF    TELB4 BZ        185536520.68      -1054841.44
TELEBRAS SA-PREF    TLBRPN BZ       185536520.68      -1054841.44
TELEBRAS SA-RT      TELB9 BZ        185536520.68      -1054841.44
TELEBRAS-ADR        TBASY US        185536520.68      -1054841.44
TELEBRAS-ADR        TBX GR          185536520.68      -1054841.44
TELEBRAS-ADR        TBAPY US        185536520.68      -1054841.44
TELEBRAS-ADR        RTB US          185536520.68      -1054841.44
TELEBRAS-ADR        TBRAY GR        185536520.68      -1054841.44
TELEBRAS-ADR        TBH US          185536520.68      -1054841.44
TELEBRAS-BLOCK      TELB30 BZ       185536520.68      -1054841.44
TELEBRAS-CED C/E    TEL4C AR        185536520.68      -1054841.44
TELEBRAS-CED C/E    RCT4C AR        185536520.68      -1054841.44
TELEBRAS-CEDE BL    RCT4B AR        185536520.68      -1054841.44
TELEBRAS-CEDE PF    RCTB4 AR        185536520.68      -1054841.44
TELEBRAS-CEDE PF    TELB4 AR        185536520.68      -1054841.44
TELEBRAS-CEDEA $    RCT4D AR        185536520.68      -1054841.44
TELEBRAS-CEDEA $    TEL4D AR        185536520.68      -1054841.44
TELEBRAS-CM RCPT    TELE31 BZ       185536520.68      -1054841.44
TELEBRAS-CM RCPT    RCTB31 BZ       185536520.68      -1054841.44
TELEBRAS-CM RCPT    RCTB30 BZ       185536520.68      -1054841.44
TELEBRAS-CM RCPT    TBRTF US        185536520.68      -1054841.44
TELEBRAS-CM RCPT    RCTB32 BZ       185536520.68      -1054841.44
TELEBRAS-COM RT     TELB1 BZ        185536520.68      -1054841.44
TELEBRAS-PF BLCK    TELB40 BZ       185536520.68      -1054841.44
TELEBRAS-PF RCPT    CBRZF US        185536520.68      -1054841.44
TELEBRAS-PF RCPT    RCTB42 BZ       185536520.68      -1054841.44
TELEBRAS-PF RCPT    TELE41 BZ       185536520.68      -1054841.44
TELEBRAS-PF RCPT    RCTB41 BZ       185536520.68      -1054841.44
TELEBRAS-PF RCPT    TLBRUP BZ       185536520.68      -1054841.44
TELEBRAS-PF RCPT    TBAPF US        185536520.68      -1054841.44
TELEBRAS-PF RCPT    RCTB40 BZ       185536520.68      -1054841.44
TELEBRAS-RCT        RCTB33 BZ       185536520.68      -1054841.44
TELEBRAS-RCT PRF    TELB10 BZ       185536520.68      -1054841.44
TELEBRAS-RECEIPT    TLBRUO BZ       185536520.68      -1054841.44
TELEBRAS-RTS CMN    TCLP1 BZ        185536520.68      -1054841.44
TELEBRAS-RTS CMN    RCTB1 BZ        185536520.68      -1054841.44
TELEBRAS-RTS PRF    RCTB2 BZ        185536520.68      -1054841.44
TELEBRAS-RTS PRF    TLCP2 BZ        185536520.68      -1054841.44
TELEBRAS/W-I-ADR    TBH-W US        185536520.68      -1054841.44
TELECOMUNICA-ADR    81370Z BZ       185536520.68      -1054841.44
TELEX-A             TELEXA CI       384163312.21        -36488590
TELEX-RTS           TELEXO CI       384163312.21        -36488590
TELMEX CORP SA      CHILESAT        384163312.21        -36488590
TELMEX CORP-ADR     CSAOY US        384163312.21        -36488590
TEXTEIS RENA-RCT    TXRX9 BZ         43112153.13     -64315032.24
TEXTEIS RENA-RCT    TXRX10 BZ        43112153.13     -64315032.24
TEXTEIS RENAU-RT    TXRX2 BZ         43112153.13     -64315032.24
TEXTEIS RENAU-RT    TXRX1 BZ         43112153.13     -64315032.24
TEXTEIS RENAUX      RENXON BZ        43112153.13     -64315032.24
TEXTEIS RENAUX      RENXPN BZ        43112153.13     -64315032.24
TRESSEM PART SA     1TSSON BZ       852266425.01    -110184832.63
VARIG PART EM SE    VPSC3 BZ        101177852.25    -318442006.32
VARIG PART EM TR    VPTA3 BZ         49432124.18    -399290425.77
VARIG PART EM-PR    VPSC4 BZ        101177852.25    -318442006.32
VARIG PART EM-PR    VPTA4 BZ         49432124.18    -399290425.77
VARIG SA            VARGON BZ       966298025.55   -4695211316.33
VARIG SA            VAGV3 BZ        966298025.55   -4695211316.33
VARIG SA-PREF       VAGV4 BZ        966298025.55   -4695211316.33
VARIG SA-PREF       VARGPN BZ       966298025.55   -4695211316.33
WETZEL SA           MWET3 BZ         69983432.56      -6279264.91
WETZEL SA           MWELON BZ        69983432.56      -6279264.91
WETZEL SA-PREF      MWELPN BZ        69983432.56      -6279264.91
WETZEL SA-PREF      MWET4 BZ         69983432.56      -6279264.91
WIEST               WISA3 BZ         39838113.86     -93371563.06
WIEST SA            WISAON BZ        39838113.86     -93371563.06
WIEST SA-PREF       WISAPN BZ        39838113.86     -93371563.06
WIEST-PREF          WISA4 BZ         39838113.86     -93371563.06


                            ***********

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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