TCRLA_Public/090819.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, August 19, 2009, Vol. 10, No. 163

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Former Group Adviser Warned SEC on Bad Cds
STANFORD INT'L: Investors Blames U.S. Authorities


A R G E N T I N A

AMERICAN STAR: Requests for Bankruptcy
FARMACEUTICOS: Proofs of Claim Verification Due on September 21
SERUCIAL SA: Proofs of Claim Verification Deadline is September 22
VIDIMEN SA: Trustee Verifying Proofs of Claim Until August 28


B A R B A D O S

CABLE & WIRELESS: LIME Barbados to Meet With Worker's Union


B E R M U D A

ALL FOODS: Court to Hear Petition on August 28
ALL MAINTENANCE: Court to Hear Petition on August 28
AYLMER FUND: Creditors' Proofs of Debt Due on August 28
AYLMER FUND: Members' Final General Meeting Set for September 16
BERMUDA ROOFING: Court to Hear Petition on August 28

COMPASS HOLDINGS: Court to Hear Petition on August 28


B R A Z I L

BANCO BRADESCO: Raised to “Buy” at UBS on Brazil Loan Growth
BRASIL FOODS: Posts BRL129 Million Net Profit in Second Quarter
BRASIL FOODS SA: Shareholders OK Merger of BRF and Sadia Shares
BANCO DO BRASIL: Is “Studying” Role in Insurance Business
BANCO NACIONAL: BNDESPar Plans to Buy BRL55.9MM Magnesita Shares

BANCO NACIONAL: Plans to Rescue Lupatech SA's Converts
CAMARGO CORREA: Mulls Selling 4.4% Stake in Itausa
COSAN SA: India Drought to Boost Sugar Prices
GOL LINHAS: Stock Raised to “Hold” at Banco Santander
LUPATECH SA: Sells BRL328 Million 2018 Convertible Debentures

* BRAZIL: Economists Expect Faster GDP Growth in 2010


C A Y M A N  I S L A N D S

BATCHKOVA VENTURES: Shareholders Receive Wind-Up Report
CONSISTENT RETURN: Creditors' Proofs of Debt Due on August 20
COREVEST NEW: Creditors' Proofs of Debt Due on August 25
CZ 97: Shareholder to Hear Wind-Up Report on August 21
DMS FIXED: Creditors' Proofs of Debt Due on August 25

DMS FIXED: Creditors' Proofs of Debt Due on August 25
FORSYTH ALTERNATIVE: Creditors' Proofs of Debt Due on August 25
FORSYTH DIVERSITY: Creditors' Proofs of Debt Due on August 25
HOUSTON ENERGY: Shareholders Receive Wind-Up Report
IZANAGI JAPAN: Shareholder to Hear Wind-Up Report on August 20

J.P. MORGAN: Creditors' Proofs of Debt Due on August 31
SEARCH PACIFIC: Creditors' Proofs of Debt Due on August 31
STANFIELD ARBITRAGE: Creditors' Proofs of Debt Due on August 25
STANFIELD QUATTRO: Creditors' Proofs of Debt Due on August 25
SUMPU FUNDING: Commences Liquidation Proceedings


J A M A I C A

AIR JAMAICA: Cabinet Has Yet to Approve Airline Sale
CABLE & WIRELESS: LIME Posts J$504MM Losses in Qtr. Ended June
* JAMAICA: Planning Institute Says Local Economy Still Declining


M E X I C O

CEMEX SAB: Fitch Affirms Issuer Default Rating at 'B'
GRUPO MEXICO: Hikes Offer to US$2.2 Billion for Asarco LLC


P E R U

INT'L CONSOLIDATED MINERALS: Puts Main Unit Into Administration


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Closes 3 Offices; Workers Resign & Demand Pay


V E N E Z U E L A

* VENEZUELA: No Plan to Stiffen Oil Deals with Caribbean, LatAm


                         - - - - -


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


STANFORD INT'L: Former Group Adviser Warned SEC on Bad Cds
----------------------------------------------------------
Former financial adviser with Robert Allen Stanford's financial
company, Leyla Wydler, told a U.S. Senate panel that she warned
the Securities and Exchange Commission about the firm's hawking of
shady investments five years before it closed the firm and accused
the Mr. Stanford of running a Ponzi scheme, Dough Simpson of the
Associated Press reports.

According to the report, Ms. Wydler, hired by Stanford Group in
2000, said she was fired two years later -- after resisting
managers' pressure to sell certificates of deposit offered by
Stanford International Bank Limited.  The report relates Ms.
Wydler said she called the SEC and reported her suspicions about
the CDs in 2004, after losing an arbitration case against the
company.

The report notes that Ms. Wydler said her boss gave her no reason
for her dismissal, but she had been pressured to sell the CDs to
her customers instead of getting them into stocks, bonds and other
investments.  "I firmly believe I was terminated for my reluctance
to sell CDs," the report quoted Ms. Wydler as saying.

U.S. Sen. David Vitter, R-La., called the field hearing to get
testimony from Ms. Wydler, regulators and Louisiana investors, The
AP says.  The report relates that Mr. Vitter, the only committee
member present, said he hoped for a full committee meeting in
Washington this fall.

                   About Stanford International

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

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

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

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

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


STANFORD INT'L: Investors Blames U.S. Authorities
-------------------------------------------------
Investors of Robert Allen Stanford's companies flocked to a
congressional hearing, claiming U.S. authorities should also share
blame in the multi-billion dollar Ponzi scheme, CaribbeanWorld
News reports.

According to the report, at the U.S. Senate Banking Committee
field hearing in New Orleans by U.S. Sen. David Vitter, R-La.,
some investors who say they lost their life savings to Mr.
Stanford insisted that U.S. federal regulators were warned as
early as 2003 but did nothing.  “These agencies along with Mr.
Stanford have robbed me of my American dream,” the report quoted
Craig Nelson, a 55-year-old resident of Magnolia Springs, Alabama,
as saying.  “I feel the U.S. government is responsible for my
loss,” Mr. Nelson added.

The report relates that Troy Lillie, a retired Exxon Mobil
refinery worker from Maurice, Louisiana, said that the U.S. System
has absolutely failed them and now they are left destitute,
defrauded and dependent on others.

                  About Stanford International

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

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

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

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

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


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


AMERICAN STAR: Requests for Bankruptcy
--------------------------------------
American Star SA asked for its own bankruptcy.

The company stopped making payments on June 16, 2009.


FARMACEUTICOS: Proofs of Claim Verification Due on September 21
---------------------------------------------------------------
Estudio Bejar, the court-appointed trustee for Farmaceuticos
Argentinos SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 21, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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 Bejar
          Patin y Asociados
          Suipacha 211
          Argentina


SERUCIAL SA: Proofs of Claim Verification Deadline is September 22
------------------------------------------------------------------
The court-appointed trustee for Serucial SA's reorganization
proceedings, will be verifying creditors' proofs of claim until
September 22, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 28, 2010.


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

The trustee will present the validated claims in court as
individual reports on October 30, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 2, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 3, 2010.


===============
B A R B A D O S
===============


CABLE & WIRELESS: LIME Barbados to Meet With Worker's Union
-----------------------------------------------------------
Lime Barbados, formerly Cable & Wireless Barbados, will be having
another round of discussions with the Barbados Workers Union team
led by General Secretary Sir Roy in the office of the Minister of
Labor, CbC.bb News reports.  The report relates that the meeting,
under the chairmanship of Senator Arni Walters, is an attempt to
broker an arrangement that could avoid further lay offs at the
telecoms company.

According to the report, LIME said some 140 workers are to be laid
off as the company seeks to right-size its operations.  The
workers representative, however, is seeking an alternative to the
dismissals against the background of a BB$90 million declared last
year.

The report says that the first round of discussions started
August 14.

Cable & Wireless Barbados, established in April 2002, is an
amalgamation of four Cable & Wireless companies operating in
Barbados.  In 2008 it was rebranded as Lime (Landline, Internet,
Mobile, Entertainment).  It provides voice, data and IP services
to business and residential customers, including products from
basic telephone service and internet access, to managed data
network solutions, ISDN and cellular services via an enhanced
network.

                     About Cable & Wireless

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

                          *     *     *

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

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


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


ALL FOODS: Court to Hear Petition on August 28
----------------------------------------------
A petition on seeking an alternative remedy on the winding up of
All Foods Ltd will be heard before the Supreme Court of Bermuda on
August 28, 2009, 9:30 a.m.

Kyril Burrows filed the petition on August 3, 2009.


ALL MAINTENANCE: Court to Hear Petition on August 28
----------------------------------------------------
A petition on seeking an alternative remedy on the winding up of
All Maintenance Ltd will be heard before the Supreme Court of
Bermuda on August 28, 2009, 9:30 a.m.

Kyril Burrows filed the petition on August 3, 2009.


AYLMER FUND: Creditors' Proofs of Debt Due on August 28
-------------------------------------------------------
The creditors of Aylmer Fund Limited are required to file their
proofs of debt by August 28, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 13, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


AYLMER FUND: Members' Final General Meeting Set for September 16
----------------------------------------------------------------
The members of Aylmer Fund Limited will hold their final general
meeting on September 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 13, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


BERMUDA ROOFING: Court to Hear Petition on August 28
----------------------------------------------------
A petition on seeking an alternative remedy on the winding up of
Bermuda Roofing and Tanks Ltd will be heard before the Supreme
Court of Bermuda on August 28, 2009, 9:30 a.m.

Kyril Burrows filed the petition on August 3, 2009.


COMPASS HOLDINGS: Court to Hear Petition on August 28
-----------------------------------------------------
A petition on seeking an alternative remedy on the winding up of
Compass Holdings Ltd will be heard before the Supreme Court of
Bermuda on August 28, 2009, 9:30 a.m.

Kyril Burrows filed the petition on August 3, 2009.


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


BANCO BRADESCO: Raised to “Buy” at UBS on Brazil Loan Growth
------------------------------------------------------------
Banco Bradesco S.A. was raised to “buy” from “neutral” yesterday,
August 18, 2009, at UBS AG, which said the country’s lenders
should benefit from a cycle of credit growth, Paulo Winterstein at
Bloomberg News reports.  The bank will likely rally to BRL39 in 12
months, analyst Eduardo Nishio wrote in a note obtained by the
news agency.

According to the report, Mr. Nishio said that Brazilian banks’
loans may expand at a “sustainable pace” of 15% to 20% a year.
“Overall, we are more positive on the macroeconomic outlook for
the 2H09 and in 2010,” the report quoted Mr. Nishio as saying.
“With delinquency ratios expected to peak in the current quarter,
we believe the shift now should be towards loan growth,” Mr.
Nishio added.

Bloomberg News notes that Brazil's central bank said the country's
personal default rates were stable in June at 8.6%, after climbing
to a record in May, while corporate defaults increased to 3.4%
from 3.2% in May.

                      About Banco Bradesco

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

                           *     *     *

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


BRASIL FOODS: Posts BRL129 Million Net Profit in Second Quarter
---------------------------------------------------------------
BRF-Brasil Foods SA reported a second-quarter net profit of BRL129
million (US$69.7 million) from BRL76 million in the same period a
year earlier due to the impact of the exchange rate variation on
its dollar-denominated debt, Rogerio Jelmayer at Dow Jones
Newswires reports.

"In the light of the appreciation of the Brazilian real against
the U.S. dollar, net financial income reported a quarterly total
of BRL167.6 million versus BRL32.0 million in the year ago
period," the company said in a statement obtained by the news
agency.  The report relates the company ended the period with a
total debt of BRL4.7 billion, up from BRL3.5 billion seen in the
year-earlier period.

According to the report, the company reported second-quarter net
revenue of BRL2.7 billion, down from BRL2.83 billion in the second
quarter of 2008.  The report relates Earnings before interest,
taxes, depreciation and amortization (EBITDA) dropped 43% in the
period to BRL133 million; while EBITDA margin ended the second
quarter at 4.9%, down from 8.2% a year earlier.

                      About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil Foods
also processes frozen pastas, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                         *     *     *

As of August 18, 2009, the company continues to carry Moody's Ba1
LT Corp Family Rating.  The company also continues to carry
Standard and Poors BB+ LT Issuer Credit ratings.


BRASIL FOODS SA: Shareholders OK Merger of BRF and Sadia Shares
---------------------------------------------------------------
The management of BRF-Brasil Foods SA --- formerly named Perdigao
S.A. and Sadia S.A. and, together with BRF -- said the companies'
shareholders approved the merger of Sadia's common and preferred
shares by BRF, except for the shares held indirectly by BRF,
resulting in an increase of BRF's share capital in the amount of
R$2,335,484,255.61, through the issuance of 59,390,963 common
shares, with no par value.

In exchange for each common and preferred merged share, 0.132998
registered common shares, with no par value, issued by BRF, will
be allocated to each SADIA shareholder, as set forth in the
Material Fact Notices published on May 19, 2009 and August 3,
2009.

The share capital of BRF, after the Merger of Shares, will be
R$11,863,417,953.36, divided into 418,986,623 common shares, with
no par value.

As a result of the shareholder approval obtained at the meeting,
BRF will directly and indirectly hold all the shares issued by
SADIA, and this constitutes the last corporate phase of the
business combination between BRF and SADIA, as contemplated in the
Association Agreement referred to in the Material Fact Notice
published on May 19, 2009, pending the decision of the Brazilian
antitrust authorities.

Until September 18, 2009 (inclusive), SADIA's shareholders, at
their own discretion, may adjust their positions through sales and
purchases, by means of private transactions or securities
brokerage companies authorized to deal with the BM&FBovespa S.A. -
Bolsa de Valores, Mercadorias e Futuros, in order to be owners of
whole numbers of BRF's shares after such period of time.

BRF shares that are not wholly allocated to each of SADIA's
shareholders will be placed on the market at the BM&FBovespa S.A.-
Bolsa de Valores, Mercadorias e Futuros, through an auction,
proportionally dividing the proceeds among the owners of fractions
of shares.  SADIA's shareholders who hold positions resulting in
fractions of shares and that have already indicated a bank account
for the deposit of dividends shall have the proceeds from the sale
of such fractions immediately credited to the same bank accounts
within 30 business days from the receipt of funds arising from the
disposal of shares corresponding to these fractions on the BM&F
Bovespa S.A.- Bolsa de Valores, Mercadorias e Futuros.  For those
that have not indicated a bank account or have an outdated record,
the amount corresponding to the sale shall remain available at the
Depositary Institution, Banco Bradesco S.A., as of the same date,
which will perform the payment upon presentation of the relevant
identification or ownership documentation, as the case may be.

In compliance with the provisions of Section 1 of Article 137 of
Law No. 6.404/76, SADIA's dissenting common shareholders of the
resolution approving the Merger of Shares may exercise their
withdrawal rights with respect to the SADIA common shares they
held on May 19, 2009, before the opening of trading, which was the
date of publication of the first Material Fact Notice related to
the Merger of Shares.  SADIA's common shareholders who have
acquired common shares from and including such date will not be
entitled to exercise withdrawal rights, as provided for in Section
1 of Article 137 of Law No. 6.404/76.

Under applicable law, the period for the exercise of withdrawal
rights will be 30 days from the date the minutes of the general
shareholders meeting of Sadia S.A. approving the Merger of Shares
are published; this period will end on September 18, 2009.

For any common shareholder who validly exercises his or her
withdrawal rights, the payment amount, pursuant to Article 45,
Section 1 of Law No. 6.404/76, will be an amount in reais
corresponding to the equity value of the shares as of December 31,
2008, i.e., R$0.41 per common share issued by SADIA, provided the
right such common shareholders have to demand a special balance
sheet.

Common shareholders whose shares issued by SADIA are deposited on
the BM&FBovespa S.A. - Bolsa de Valores, Mercadorias e Futuros may
exercise their withdrawal rights, if applicable, through their
custody agents until September 17, 2009.  Common shareholders
whose shares are held directly in trust with Banco Bradesco S.A.,
a custodial financial institution of the registered shares issued
by Sadia, may exercise their withdrawal rights until September 18,
2009 by presenting the relevant verifying documents and requesting
to exercise their withdrawal rights, as provided for in the
applicable law, at the Company's headquarters at Rua Senador
Atilio Fontana, 86 - Concordia - SC, Brazil, or at the
administrative office at Rua Fortunato Ferraz, 659, 2nd floor,
05093-301, Sao Paulo - SP, Brazil, from 9:00am to 5:00pm, Monday
through Friday.

Any trading of shares issued by SADIA on the stock exchanges will
not be interrupted until September 21, 2009 (inclusive).  Payments
to common shareholders who validly exercise withdrawal rights must
be made by BRF on September 23, 2009.

On September 22, 2009, the shares issued by BRF to Sadia
shareholders as a result of the Merger of Shares will start
trading under ticker BOVESPA - PRGA3, BRF - Brasil Foods S.A. -
Novo Mercado.  The ADRs - American Depositary Receipts of BRF
delivered to Sadia shareholders as a result of the Merger of
Shares will start trading as of September 22, 2009 under ticker
NYSE – PDA.

                       About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil Foods
also processes frozen pastas, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of August 18, 2009, the company continues to carry Moody's Ba1
LT Corp Family Rating.  The company also continues to carry
Standard and Poors BB+ LT Issuer Credit ratings.


BANCO DO BRASIL: Is “Studying” Role in Insurance Business
---------------------------------------------------------
Banco do Brasil SA said it is studying a role in the insurance
business and has yet to make a decision, Heloiza Canassa at
Bloomberg News reports.  The report relates that the bank was
responding to newspaper reports saying it is discussing possible
joint ventures with local and international insurers.

According to the report, Brazilian insurer Sul America SA said
that it regularly looks for ways of expanding existing
partnerships its units have with Banco do Brasil, and no agreement
has been reached.

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 NACIONAL: BNDESPar Plans to Buy BRL55.9MM Magnesita Shares
----------------------------------------------------------------
Brazil's Magnesita Refratarios plans to raise BRL350 million by
offering 44.9 million shares, LatinFrance reports.  The report
relates that existing shareholders will be able to purchase the
stock in amounts proportional to their holdings starting today
through September 16.

According to the report, BNDESPar, the equity investor arm of
Brazilian development bank BNDES and a Magnesita shareholder,
plans to acquire a minimum of BRL55.9 million in new shares, and
could buy up to BRL245 million if minority shareholders fail to
exercise their full allotments.  The report notes that Magnesita
plans to offer shares at BRL7.80 per share, the average price for
the last 90 days.

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

                           *     *     *

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


BANCO NACIONAL: Plans to Rescue Lupatech SA's Converts
------------------------------------------------------
Lupatech SA has sold to shareholders BRL328 million in 2018
convertible debentures, LatinFrance says.  The report, citing an
Lupatech IR official, relates that  the company said it completed
a sale of notes to 75 different investors, Banco Nacional de
Desenvolvimento Economico e Social SA, which ended up consuming
90% of the issue.

According to the report, the transaction launched in July extends
Lupatech SA’s average tenor to 6.0 years from 1.5 and increase its
proportion of BRL-denominated debt.

The report notes BNDES also approved earlier this year BRL441
million in financing facilities for Lupatech.

The report says that BNDES, which helped structure the transaction
alongside Lupatech, had agreed to purchase 11.5% of the issue plus
any remaining unsold convertibles.  LatinFrance relates the notes
will pay IPCA plus 6.5%, and can be exchanged for shares starting
in year 3 using a conversion mechanism.

The conversion price is equal to the market price, limited to a
BRL17.50-BRL35.00 range, plus a diminishing premium equal to 100%
of the price in the third year and 40% of the price in the eighth,
LatinFrance notes.  The report relates Lupatech can also call the
bonds after 2 years.

The report adds that proceeds will pay short-term debt and fund
future acquisitions.

                           About BNDES

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

                          *     *     *

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

                         About Lupatech SA

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments:
Energy Products, Flow Control and Metallurgy.  In the Energy
Products segment, the company provides such products as deepwater
platform anchoring ropes, valves, tools for oil exploration and
tube coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA?s
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2009, Standard & Poor's Ratings Services said that it
revised its outlook on Brazil-based industrial and oil and gas
valve fabricator Lupatech S.A. to negative from stable.  At the
same time, S&P affirmed its ratings on the company, including the
'BB-' global scale and 'brA-' Brazilian national scale corporate
credit ratings.


CAMARGO CORREA: Mulls Selling 4.4% Stake in Itausa
--------------------------------------------------
Camargo Correa is evaluating the possible sale of its stake in
banking company Itausa- Investimentos Itau SA, Rogerio Jelmayer at
Dow Jones Newswires reports, citing local newspaper O Estado de S.
Paulo.  Itausa is the holding company that controls Brazil's
largest private bank, Itau Unibanco Banco Multiplo S/A (ITUB).

According to the report, citing the local newspaper, Camargo
Correa is evaluating the sale of its 4.4% stake in Itausa, which
is worth around US$1.5 billion.  The report relates the company is
also evaluating possible sales of its stakes in Alcoa Inc. and
textile company Tavex.

Dow Jones Newswires notes that the local newspaper said Camargo
Correa has hired the Rothschild bank to study the potential
operations.  The report, citing O Estado, adds that the company is
planning to raise money in order to invest in projects in the
cement and construction industries, toll road operators, and
energy.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As of June 15, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings.  The company also continues to
carry Fitch's BB LT Issuer Default Ratings.


COSAN SA: India Drought to Boost Sugar Prices
---------------------------------------------
Paulo Winterstein at Bloomberg News reports that speculation has
emerged that a drought in India will boost prices for Cosan SA
Industria e Comercio.

According to the report, India’s farm ministry said that as many
as 246 of its 626 districts have declared a drought or are in a
drought-like situation because of scant monsoon rainfall this
year.  The report, citing the weather bureau, relates that the
monsoon season, which accounts for about three-quarters of the
nation’s annual rain, may be the driest in seven years.  That
would reduce sugar output in the country, the report notes.

“Over the weekend we started getting news about India’s climate,
which may cut output,” the report quoted Auro Rozenbaum, an
analyst at Banco Bradesco SA in Sao Paulo, as saying.  “The
outlook is good for prices,” Mr. Rozenbaum added.

                         About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                         *     *     *

As reported in the Troubled Company Jul 27, 2009, Fitch Ratings
has assigned 'BB-' local and foreign currency Issuer
Default Ratings and a 'A-(bra)' National Scale Rating to Cosan
S.A. Industria e Comercio and its subsidiary Cosan Combustiveis e
Lubrificantes Ltda.  Fitch has also assigned a 'BB-' rating to
CCL's proposed US$300 million senior unsecured notes due 2014
issued through its wholly owned subsidiary, CCL Finance Ltd.  The
notes will be unconditionally and irrevocably guaranteed by CCL.
The Rating Outlook for Cosan and CCL is Stable.


GOL LINHAS: Stock Raised to “Hold” at Banco Santander
-----------------------------------------------------
Heloiza Canassa at Bloomberg News reports that GOL Intelligent
Airlines aka GOL Linhas Areas Inteligentes S.A.'s stock was raised
to “hold” from “underperform” at Banco Santander SA.

The upgrade is meant “to account for the airline’s improved
operating performance, profitability, and balance sheet,” analysts
Caio Pereira Dias and Carlos Eduardo Lucato wrote in a note
obtained by the news agency.  “Second-quarter results and July
traffic indicate that Gol’s turnaround process is succeeding,” the
analysts added.

As reported in the Troubled Company Reporter-Latin America on
August 12, 2009, the company posted a 2Q09 net income of R$353.7
million, with a net margin of 25.4%, versus a net loss of R$166.5
million in 2Q08 and net income of R$61.4 million in 1Q09.

According to Bloomberg News, the carrier's domestic demand surged
29% in July from a year earlier, while total domestic air traffic
in Brazil increased 25.7%.

                          About GOL Linhas

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

                          *     *     *

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


LUPATECH SA: Sells BRL328 Million 2018 Convertible Debentures
-------------------------------------------------------------
Lupatech SA has sold to shareholders BRL328 million in 2018
convertible debentures, LatinFrance says.  The report, citing an
Lupatech IR official, relates that  the company said it completed
a sale of notes to 75 different investors, Banco Nacional de
Desenvolvimento Economico e Social SA, which ended up consuming
90% of the issue.

According to the report, the transaction launched in July extends
Lupatech SA’s average tenor to 6.0 years from 1.5 and increase its
proportion of BRL-denominated debt.

The report notes BNDES also approved earlier this year BRL441
million in financing facilities for Lupatech.

The report says that BNDES, which helped structure the transaction
alongside Lupatech, had agreed to purchase 11.5% of the issue plus
any remaining unsold convertibles.  LatinFrance relates the notes
will pay IPCA plus 6.5%, and can be exchanged for shares starting
in year 3 using a conversion mechanism.

The conversion price is equal to the market price, limited to a
BRL17.50-BRL35.00 range, plus a diminishing premium equal to 100%
of the price in the third year and 40% of the price in the eighth,
LatinFrance notes.  The report relates Lupatech can also call the
bonds after 2 years.

The report adds that proceeds will pay short-term debt and fund
future acquisitions.

                           About BNDES

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

                          *     *     *

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

                         About Lupatech SA

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments:
Energy Products, Flow Control and Metallurgy.  In the Energy
Products segment, the company provides such products as deepwater
platform anchoring ropes, valves, tools for oil exploration and
tube coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA?s
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2009, Standard & Poor's Ratings Services said that it
revised its outlook on Brazil-based industrial and oil and gas
valve fabricator Lupatech S.A. to negative from stable.  At the
same time, S&P affirmed its ratings on the company, including the
'BB-' global scale and 'brA-' Brazilian national scale corporate
credit ratings.


* BRAZIL: Economists Expect Faster GDP Growth in 2010
-----------------------------------------------------
Brazil’s economy will expand faster than previously expected in
2010, as domestic demand pulls the country out of its first
contraction in 17 years, Andre Soliani at Bloomberg News reports,
citing a survey of economists.  The report, citing the median
forecast in an Aug. 14 central bank survey of about 100 analysts,
relates Brazil's economy will grow 3.8% in 2010, after contracting
0.34% this year.

According to the report, the central bank has slashed the
benchmark interest rate to a record, while the government has cut
taxes on cars and home appliances and stepped up public spending
amid falling revenue to combat recession.  The economic policies
of President Luiz Inacio Lula da Silva are paving the way for a
“domestic demand- driven recovery,” the Organization for Economic
Cooperation and Development said in a July 14 report obtained by
the news agency.

Bloomberg News says the economy’s forecast contraction for 2009
would be Brazil’s first for a calendar year since 1992, when it
shrank 0.47%.  The country’s GDP expanded 4.67% the following
year, the report notes.

                         *     *     *

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


BATCHKOVA VENTURES: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Batchkova Ventures Limited met on August 10,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Scott Seaman
          c/o Gramercy Advisors LLC
          20 Dayton Avenue
          Greenwich, CT 06830


CONSISTENT RETURN: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------------
The creditors of Consistent Return Ltd. are required to file their
proofs of debt by August 20, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 8, 2009.

The company's liquidators are:

          Geoffrey Varga
          Nicolas Matthews
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


COREVEST NEW: Creditors' Proofs of Debt Due on August 25
--------------------------------------------------------
The creditors of Corevest New Frontier Partners (Intl) Limited are
required to file their proofs of debt by August 25, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 20, 2009.

The company's liquidator is:

          Ogier
          Jonathan McLean
          c/o Ogier
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


CZ 97: Shareholder to Hear Wind-Up Report on August 21
------------------------------------------------------
The shareholders of CZ 97 A Limited will hear on August 21, 2009,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Philip Sutcliffe
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


DMS FIXED: Creditors' Proofs of Debt Due on August 25
-----------------------------------------------------
The creditors of DMS Fixed Income Micro RV Master Fund, Ltd. are
required to file their proofs of debt by August 25, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 16, 2009.

The company's liquidator is:

          Ogier
          Jonathan McLean
          c/o Ogier
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


DMS FIXED: Creditors' Proofs of Debt Due on August 25
-----------------------------------------------------
The creditors of DMS Fixed Income Micro RV Fund, Ltd. are required
to file their proofs of debt by August 25, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 16, 2009.

The company's liquidator is:

          Ogier
          Jonathan McLean
          c/o Ogier
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


FORSYTH ALTERNATIVE: Creditors' Proofs of Debt Due on August 25
---------------------------------------------------------------
The creditors of Forsyth Alternative Income Fund Limited are
required to file their proofs of debt by August 25, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 17, 2009.

The company's liquidator is:

          David Walker
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


FORSYTH DIVERSITY: Creditors' Proofs of Debt Due on August 25
-------------------------------------------------------------
The creditors of Forsyth Diversity Fund Limited are required to
file their proofs of debt by August 25, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 17, 2009.

The company's liquidator is:

          David Walker
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


HOUSTON ENERGY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Houston Energy International Ltd. met on
August 10, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephen H. Pouns
          Pool Capital Partners LLC
          600 Travis Street, Suite 3100
          Houston, Texas 77002, USA


IZANAGI JAPAN: Shareholder to Hear Wind-Up Report on August 20
--------------------------------------------------------------
The sole shareholder of Izanagi Japan Fund will hear on August 20,
2009, at 3:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Keith Blake
          c/o Krissa Jeffers
          Telephone: 345-914-4398
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


J.P. MORGAN: Creditors' Proofs of Debt Due on August 31
-------------------------------------------------------
The creditors of J.P. Morgan Tactical Trading Fund Ltd. are
required to file their proofs of debt by August 31, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 7, 2009.

The company's liquidator is:

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


SEARCH PACIFIC: Creditors' Proofs of Debt Due on August 31
----------------------------------------------------------
The creditors of Search Pacific Limited are required to file their
proofs of debt by August 31, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 8, 2009.

The company's liquidator is:

          Wong, Mo Wah Gordon
          5701, Cheung Kong Center, 57th Floor
          2 Queen's Road Central, Hong Kong
          Telephone: +852 2525 1211
          Facsimile: +852 2826 9418


STANFIELD ARBITRAGE: Creditors' Proofs of Debt Due on August 25
---------------------------------------------------------------
The creditors of Stanfield Arbitrage CDO, Ltd. are required to
file their proofs of debt by August 25, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2009.

The company's liquidator is:

          Ogier
          Jonathan McLean
          c/o Ogier
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


STANFIELD QUATTRO: Creditors' Proofs of Debt Due on August 25
-------------------------------------------------------------
The creditors of Stanfield Quattro CLO, Ltd. are required to file
their proofs of debt by August 25, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 14, 2009.

The company's liquidator is:

          Ogier
          Jonathan McLean
          c/o Ogier
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


SUMPU FUNDING: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on June 17, 2009, the
members of Sumpu Funding Corporation resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
August 7, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Victor Murray
          Jess Shakespeare
          c/o Maples Finance Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


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


AIR JAMAICA: Cabinet Has Yet to Approve Airline Sale
----------------------------------------------------
The Jamaican Cabinet has been deliberating on recommendations for
the divestment of Air Jamaica Limited but no decision has been
made to hand over the entity to new owners, RadioJamaica reports,
citing an unnamed government insider.  The report relates that in
June, Prime Minister Bruce Golding said negotiations led by the
Air Jamaica privatization team were well advanced and a decision
would be made soon.

According to the report, the divestment team has reportedly
selected a successful bidder from two international entities;
Caribbean Airlines and low budget carrier Spirit Airlines.  The
report notes that Air Jamaica workers continue to await word on
the fate of their jobs with the impending sale of the airline.

However, the report relates Bustamante Industrial Trade Union
(BITU) said the workers are not in favour of positions being made
redundant, rather the employees want the airline to maintain its
existing operations and work force.  "It is not that Air Jamaica
workers are looking to be made redundant what we are looking for
is to have a settlement of the whole divestment.  They understand
the position the government has however they want to ensure that
the airline settles and continues to operate and their jobs are
protected," the report quoted Kavon Gayle, president-General of
the BITU, as saying.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.
Radio Jamaica said the airline has been hemorrhaging over US$150
million per annum and the government has had to foot the massive
bill.  In addition, Radio Jamaica said, Air Jamaica currently has
over US$600 million in loans outstanding.

                          About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).


CABLE & WIRELESS: LIME Posts J$504MM Losses in Qtr. Ended June
--------------------------------------------------------------
Cable & Wireless Jamaica Limited's Board of Directors released the
unaudited consolidated results of the Company, Jamaica Digiport
International, and other subsidiaries, for the quarter ended
June 30, 2009.

Revenue for the quarter declined 5% from J$5.704 billion in 2008
to J$5.395 billion in 2009.  Increased ADSL revenue and non-
recurring revenues associated with the Tower Share Agreement with
Oceanic Digital were offset by reductions in fixed and mobile
revenues resulting from the impact of the recession, the Company's
focus on gross margin rather than revenue and increased
competition.  The decline in international revenue was driven by
reduced termination rates combined with a decline in traffic
commencing in December 2008 when a competitor unilaterally reduced
CWJ's international circuits resulting in a continued significant
reduction of incoming international mobile minutes to CWJ.

Gross Margin overall declined 2% to J$3.679 billion compared with
J$3.762 billion for the same period last year.  Recurring gross
margins as a percentage of revenue remained flat year-on-year at
66%.  This result reflected improvement in Fixed Line margin
percentages as lower margin interconnect revenues and low margin
price plans were eliminated, offsetting reductions in Mobile
margin percentages which are also under competitive and economic
pressure.

Total Operating Expenses (excluding depreciation & amortization)
increased by 10% over the quarter ended June 2008.  The Company
successfully managed to reduce its local currency based costs
including employee expenses, offset by an increase in foreign
currency based expenses and as a consequence of the 24%
devaluation of the Jamaican dollar against the United States
dollar during the year.

Operating Losses of J$165 million for the quarter compares with
Operating Profit of J$382 million for the quarter ended June 2008
mainly as a result of the increase recorded in Operating Expenses
and a further J$198 million for restructuring costs related to the
ongoing transformation process.

Over the past year the company increased its borrowings in order
to fund network development and expansion.  As a consequence, net
finance costs have increased by 42% over June 2008 due primarily
to an increase of J$211 million in interest expenses resulting
from the increased borrowings, and to a change in interest rates
which are currently charged at the Bank of Jamaica 182 Day
Weighted Average Treasury Bill Yield.

Net loss attributable to stockholders of J$504 million was greater
than the June 2008 quarter loss (J$27 million) resulting in a loss
per stock unit of 2.99c compared to 0.16c.

                             Outlook

The transformation process has generated significant underlying
savings which have ameliorated the impact of the global economic
recession and the tough competitive environment.  These underlying
savings, it is expected, will serve the company well as the
Company exits the current recession.

The Company will continue to work hard to improve performance and
are focused on delivering world class customer experience, better
value to its customers and increased value to its stockholders in
the future.

                      About Cable & Wireless

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

                          *     *     *

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

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


* JAMAICA: Planning Institute Says Local Economy Still Declining
----------------------------------------------------------------
The prognosis for Jamaica's economic recovery has not improved
much despite signs of renewal in the global economy, RadioJamaica
reports, citing Planning Institute of Jamaica.  The report relates
PIOJ Executive Director Dr. Wesley Hughes revealed that the
country's economy continued to decline for the April to June
quarter.

According to the report, Mr. Hughes said for the three months
ended June 30, the manufacturing, construction, wholesale and
retail sectors all recorded downturns, but perhaps most glaring
was the 62.5% drop in the mining and quarrying sector highlighted
by lower production levels for both the alumina and crude bauxite.
However, the report relates that Mr. Hughes said the agricultural,
forestry and fisheries sector record a 9.2% increase.

RadioJamaica notes that the country's Gross Domestic Product
declined by 3.99% relative to the same period last year.

Mr. Hughes, the report notes, said that the outlook for the July
to September quarter is not rosy.  The report relates Mr. Hughes
said that the country will continue to be challenged by weakened
external demand which will impact exports as well as the continued
slowdown in the construction sector.

                        *     *     *

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: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------
Fitch Ratings has affirmed these ratings of Cemex, S.A.B. de C.V.
and related entities:

Cemex

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.

Cemex Espana S.A. (Cemex Espana)

  -- IDR at 'B';
  -- Senior unsecured debt obligations at 'B+/RR3'.

Rinker Materials Corporation

  -- US$150 million senior unsecured notes due 2025 at 'B+/RR3'.

Fitch has removed all ratings of Cemex and its subsidiaries from
Rating Watch Evolving and has assigned a Stable Rating Outlook.

The rating affirmations and Outlook revision reflect the
successful refinancing of approximately US$15 billion of bank and
private placement debt.  Positively, the structure of Cemex's new
amortization schedule minimizes the risk of a near-term default by
Cemex and should allow the company to further pursue its plan to
strengthen its balance sheet and de-leverage the company over the
next few years by using free cash flow, an equity issuance as well
as selling additional asset to pay down debt.

The ratings remain at the 'B' level due to the very high leverage
that remains at Cemex.  For the last 12 months (LTM) ended
June 30, 2009, the company generated US$3.8 billion of EBITDAR.
This figure compares with approximately US$23.5 billion of lease
adjusted debt, giving the company an adjusted leverage ratio of
6.1 times (X).  Weakness in three of the company's key markets --
the U.S., Spain, and U.K -- will continue to hurt the company's
results during 2009, leading Fitch to project an EBITDAR of
US$3.4 billion for the year.

Cemex continues to pursue the sale of non-strategic assets.  On
June 15, 2009, the company reached an agreement to sell its
Australian assets to Holcim for AUD2.02 billion (US$1.7 billion).
The company is expected to receive the cash for this transaction
before the end of 2009.  This transaction will be only mildly
deleveraging for Cemex as these operations generated
AUD313 million (US$263 million) of EBITDA during 2008.  The terms
of Cemex's agreement with creditors should result in an equity
issuance by the company within the next 12 months, with proceeds
being used to repay bank debt.  A combination of lower debt levels
and a stabilization of the company's key markets could lead to an
eventual ratings upgrade.


GRUPO MEXICO: Hikes Offer to US$2.2 Billion for Asarco LLC
----------------------------------------------------------
Grupo Mexico SA de C.V. has increased its bid for U.S. copper
smelter Asarco LLC to US$2.2 billion plus a US$280 million note
during proceedings in a Texas courtroom, adding about another
US$500 million to its bet against Indian metals giant Vedanta
Resources PLC, Joel Millman and David Mclaughlin at Bloomberg News
report.  The report relates that this is Grupo Mexico's latest
offer a long-running battle for the U.S. company and may put
Asarco LLC back under the control of the Mexican billionaire
German Larrea who forced it into bankruptcy proceeding.

Steven Church at Bloomberg reported that Grupo Mexico SAB told a
Bankruptcy Court in Texas that it has a definitive term sheet with
five banks for a US$1.5 billion in financing to acquire ASARCO
LLC.  Grupo Mexico said it is ready to pay a US$22.5 million
commitment fee to the unnamed banks if its proposed Chapter 11
Plan for ASARCO is selected.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When ASARCO LLC filed for protection
from its creditors, it listed US$600 million in total assets and
US$1 billion in total debts.

According to the report, Grupo Mexico and India's Sterlite
Industries Ltd., a unit of Vedanta, dueled throughout last week,
raising their competing offers that each said it was committed to
pay to settle creditors' demands.  The report relates U.S. Judge
Richard Schmidt is considering which bidder's reorganization plan
best serves creditors in his federal bankruptcy court in Corpus
Christi, Texas.

Dow Jones Newswires notes that unions picketed Judge Schmidt's
courtroom expressing their opposition to returning Asarco to Grupo
Mexico.  The report relates the union alleged that behind Grupo
Mexico's acquisition plan, is an effort by Mr. Larrea to skirt
payment of environmental clean-up costs in dozens of U.S.
Locations.

The report recalls that Mr. Larrea told a U.S. court last year his
company intended to meet its environmental clean-up obligations,
and hoped Asarco LLC would emerge from bankruptcy after
negotiating settlements on such claims under court supervision.
The report relates the  court did find Grupo Mexico had defrauded
creditors and ordered Mr. Larrea's company to pay a judgment now
worth an estimated US$8 billion in damages to Asarco.

Dow Jones Newswires points out that neither Sterlite nor its
parent, Vedanta, had indicated whether it would try to match Grupo
Mexico's latest offer.

                        About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *
As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


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


INT'L CONSOLIDATED MINERALS: Puts Main Unit Into Administration
---------------------------------------------------------------
International Consolidated Minerals Inc said it would place its
main unit, International Consolidated Minerals Limited, into
administration as it couldn't raise funding or restructure its
debt, Shivani Singh at Reuters reports.  The report relates that
the company had in March suspended mining operations at
Pachapacqui in Peru to conserve cash.

According to the report, in June, the company had said it had a
"severe shortage of working capital" and was pursuing options for
long-term financing to fund its operations and growth.

According to a company press statement, International Consolidated
Minerals Inc. disclosed that negotiations to secure a
restructuring of the company's existing indebtedness and raise new
funding have to date been unsuccessful.  The company said its
Board requested a temporary suspension, with immediate effect, of
trading in its shares on AIM and Lima, pending clarification of
the Company's financial position and its immediate requirement for
further short and medium term funding to enable it to continue
operating.

                 About Int'l Consolidated Minerals

International Consolidated Minerals Inc. --
http://www.icmi-inc.com/-- was formed to acquire and pursue the
development and production of mineral assets with a focus in Latin
America and, initially, in Peru.

ICM owns 100% of and manages the Pachapaqui property, which hosts
a past-producing base metals (zinc, lead and copper) and precious
metals (silver and gold) mine located in the political department
of Ancash in Peru, 240 kilometers north of the capital, Lima.  The
property consists of 33 Peruvian Mining and Beneficiation
Concessions within a surface area of approximately 2,170.7
hectares, with currently nine years (at 360,000 tonnes per year
mill feed (tpy)) of JORC-standard reserves and resources (totaling
171,000,000 equivalent silver ounces) within the Central Mineral
Belt of the Peruvian Andes, and exceptional exploration potential
for 70,000,000 tonnes of reserves which could extend the mine life
by decades.


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


CL FINANCIAL: CLICO Closes 3 Offices; Workers Resign & Demand Pay
-----------------------------------------------------------------
Majority of the workers at three Colonial Life Insurance Company
offices that were closed last week -- Valpark Shopping Plaza in
Valsayn, Herbert Street in St Clair and at the corner of Lucknow
and Western Main Road in St James -- resigned from the company,
Trinidad and Tobago Newsday reports.  The report relates the
workers said that all they want from Clico, a unit of CL Financial
Limited, is for the company to pay what they owed to them.

According to the report, about 70 workers of the 100 employees of
the three branches resigned. The report notes that the affected
workers were supposed to meet with Clico Managing Director Claude
Musaib Ali at the company’s head office on August 17, but the
workers who resigned decided to boycott the meeting because they
felt nothing useful would come out of it.

Some of the former workers told Newsday in an interview that they
have not been earning any income for the last six months since
they are not selling any new products and usually make their money
on commissions.  The report relates that a foremer worker said
some of them went three times to Clico’s head office to receive
their cheques but were told to come back each time.

Meanwhile, the report points out that Clico officials reiterated
this was all part of the company’s restructuring exercise.

                        About CL Financial

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

                          *     *     *

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

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


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


* VENEZUELA: No Plan to Stiffen Oil Deals with Caribbean, LatAm
---------------------------------------------------------------
Venezuela said that no plans are being considered to require more
money up front from poor Caribbean and Central American nations
buying oil on preferential terms under its Petrocaribe program,
The Associated Press reports.  The report relates that the
secretariat of the Venezuelan oil pact said any changes made to
the deal's terms would be "to the benefit of member countries."

According to the report, Petroleos de Venezuela SA released the
statement days after Jamaican Prime Minister Bruce Golding said he
hoped Venezuela would scale back a proposal to require more money
up front.  The report relates that Petrocaribe secretariat said
officials never considered changing "the terms of the time of
payment" or increasing "the percentage of the bill that is paid in
cash."

The AP recalls that Venezuela and Caribbean nations launched
Petrocaribe in June 2005 as global oil prices skyrocketed and
smaller countries were struggling to buy enough fuel to keep their
economies afloat.  The report relates the Petrocaribe pact
requires members to pay 60% of the oil's cost and finance the rest
at 1% interest over 25 years.  The percentage changes as oil
prices vary, meaning member nations would make just a 50%
downpayment if oil prices rebounded to US$80 a barrel, the report
points out.


The report adds the Petrocaribe secretariat said leaders of member
countries analyzed the accord at their summit in June seeking
options for "maximizing their benefits."

                           *     *     *

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


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *