TCRLA_Public/090820.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

             Thursday, August 20, 2009, Vol. 10, No. 164

                            Headlines

A R G E N T I N A

ARDILA Y ASOCIADOS: Creditors' Proofs of Debt Due on September 25
DIMADE SRL: Creditors' Proofs of Debt Due on October 1
EVOLUTION MEDIA: Proofs of Claim Verification Deadline is Sept. 11
FOODEXPORT SRL: Proofs of Claim Verification Deadline is Oct. 8
GEOTEG SA: Creditors' Proofs of Debt Due on October 6

JAMES SPORT: Proofs of Claim Verification Deadline is Sept. 15


B R A Z I L

BANCO DO BRASIL: Seeks to Boost Earnings From Insurance Operations
BANCO NACIONAL: Signs 8 Firms to SME Lending Guarantee Program
COMPANHIA SIDERURGICA: Raised to “Buy” at Bank of America
COSAN SA: Posts BRL337.3 Million Net Profit in April-June Quarter
GERDAU SA: Operating at Less Than 80% Capacity, Chairman Says

GERDAU SA: Unit to Call Back Workers at Napoleon Township Plant
GOL LINHAS: Gets IOSA Registration; Paves Way for Code-Share Deals
LIGHT SA: Raises BRL772 Million From Share Offering
NET SERVICOS: S&P Raises Corporate Credit Rating to 'BB+'
* BRAZIL: Banco Nacional Expects GDP Growth Near 5% Next Year


C A Y M A N  I S L A N D S

ABENOBASHI TERMINAL: Members to Receive Wind-Up Report on Aug. 24
AHFP ASCEND: Members to Receive Wind-Up Report on Aug. 27
FIRST STATE: Shareholders to Receive Wind-Up Report on August 31
FIRST STATE: Shareholders to Receive Wind-Up Report on August 31
GLOBALVEST HEDGE: Members to Receive Wind-Up Report on August 25

GOLDBOND FUND: Members to Receive Wind-Up Report on August 24
GREAT OAKS: Members to Receive Wind-Up Report on August 26
JAPAN HIGH: Members to Receive Wind-Up Report on August 25
JAPAN HIGH: Members to Receive Wind-Up Report on August 25
LATINVEST HOLDINGS: Members to Receive Wind-Up Report on August 25

LUCROS CAPITAL: Shareholder to Receive Wind-Up Report on August 26
LUCROS CAPITAL: Shareholder to Receive Wind-Up Report on August 26
RANGE MARITIME: Members to Receive Wind-Up Report on August 26
THREADNEEDLE UK: Shareholder to Receive Wind-Up Report on Aug. 25
THREADNEEDLE UK: Members to Receive Wind-Up Report on August 25


E C U A D O R

PERENCO ECUADOR: Says Truce With Ecuador Doubtful

E L  S A L V A D O R

* EL SALVADOR: Remittances Fall 10th Straight Time in July


J A M A I C A

AIR JAMAICA: Divestment to Cost Over US$100 Million


M E X I C O

CABLEMAS SA: Fitch Affirms Issuer Default Rating at 'BB-'
CEMEX SAB: To Raise US$1 Billion by Issuing New Equity
CEMEX SAB: Unit Agrees to Pay US$400,000 Fine
GRUPO MEXICO: Not Prepared for Steelworkers Strike
* MEXICO: IDB Approves US$500 Million to Support Mortgage Markets


P A R A G U A Y

FINANCIERA EL COMERCIO: IFC Invests US$1.2 Million in Firm


P E R U

DOE RUN PERU: Seeks Cleanup Extension; Workers to Block Roads
DOE RUN PERU: Inter-American Commission Files Suits Against Peru
* PERU: Faces International Lawsuit for Mining Contamination


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Workers at Shuttered Branches Get Salaries


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ARDILA Y ASOCIADOS: Creditors' Proofs of Debt Due on September 25
-----------------------------------------------------------------
The court-appointed trustee for Ardila y Asociados S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 25, 2009.

The trustee will present the validated claims in court as
individual reports on November 9, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 22, 2009.


DIMADE SRL: Creditors' Proofs of Debt Due on October 1
------------------------------------------------------
The court-appointed trustee for Dimade S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 1, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 29, 2009.


EVOLUTION MEDIA: Proofs of Claim Verification Deadline is Sept. 11
------------------------------------------------------------------
Mario Jasatzky, the court-appointed trustee for Evolution Media
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until September 11, 2009.

Mr. Jasatzky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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:

          Mario Jasatzky
          Cerrito 228
          Argentina


FOODEXPORT SRL: Proofs of Claim Verification Deadline is Oct. 8
---------------------------------------------------------------
Claudio Jorge Haimovici, the court-appointed trustee for
Foodexport S.R.L.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 8, 2009.

Mr. Haimovici will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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:

          Claudio Jorge Haimovici
          Maipu 267
          Argentina


GEOTEG SA: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The court-appointed trustee for Geoteg S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 6, 2009.

The trustee will present the validated claims in court as
individual reports on November 18, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 2, 2009.


JAMES SPORT: Proofs of Claim Verification Deadline is Sept. 15
--------------------------------------------------------------
Mirta Haydee Addario, the court-appointed trustee for James Sport
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 15, 2009.

Ms. Addario 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:

          Mirta Haydee Addario
          Lavalle 1454
          Argentina


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


BANCO DO BRASIL: Seeks to Boost Earnings From Insurance Operations
------------------------------------------------------------------
Banco do Brasil SA aims to double earnings from insurance
operations to 25% in five years, Telma Marotto and Andre Soliani
Costa at Bloomberg News report, citing President Aldemir Bendine.

“Banco do Brasil doesn’t earn as much from insurance as rivals,”
the report quoted Mr. Bendine as saying.  “We’re seeking to
increase the capital the bank has in these companies,” Mr. Bendine
added, referring to holdings in insurance businesses.

According to the report, Banco do Brasil is combating pressure on
margins from falling interest rates by expanding in insurance, a
business which Fitch Rating said has “significant potential” in
Brazil.  The industry, worth BRL96.2 billion in premiums, is the
biggest in Latin America and represents about 3.3% of GDP, Fitch
said in a July 6 report obtained by the news agency.  The report
relates Mr. Bendine said insurance operations account for 12% of
the bank’s earnings.

“Expanding in insurance is a positive strategy,” the report quoed
Laura Lyra Schuch, an analyst at Ativa Corretora in Rio de
Janeiro, as saying.  “The insurance sector has great growth
potential in Brazil.  It’s a good way of reducing dependence on
credit growth,” Ms. Schunch added.

                       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 NACIONAL: Signs 8 Firms to SME Lending Guarantee Program
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has signed
up eight financial institutions to work with its SME lending
guarantee program, James Newman at Business News Americas reports.
The report relates the banks that signed with BNDES are:

   -- federally controlled Banco do Brasil,
   -- Caixa Economica Federal,
   -- Banco Bradesco,
   -- Itaú Unibanco,
   –- Banco Santander,
   -- Rio Grande do Sul state development agency CaixaRS,
   -- Rio de Janeiro state development agency InvestRio, and
   -- southern regional development bank BRDE.

According to the report, BNDES has started the program with BRL680
million (US$364 million), of which BRL580 million comes from the
federal government and BRL100 million is from BNDES itself.  The
report relates it will cover 80% of the credit risk on SME lending
transactions.  BNAmericas says the SME guarantee program is set to
have a total of BRL4 billion from the federal government, with
BNDES and BB both running guarantee funds.

The report notes that Elvio Gaspar, director of the development
bank's social area, said Bando do Brasil's fund will be aimed at
slightly lower transaction sizes.

BNAmericas adds Osias Brito, executive VP at Banco Fibra, said
that while the government's move will be a helpful one for the
economy in general, it does not interest many midsize banks
directly.  "I'd prefer to take the risk," Brito told Bnamericas,
the report quoted Mr. Brito as saying.  "If I go through this
program I have a 4-5 [percentage] point spread, but if I like the
risk, I can get a 9-10 point spread [without the program]," Mr.
Brito added.

                            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.


COMPANHIA SIDERURGICA: Raised to “Buy” at Bank of America
---------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Companhia
Siderurgica Nacional S.A. was raised to “buy” from “underperform”
on August 19, at Bank of America Corp., which said the company is
its “favorite way to play the exposure” in the nation’s steel
market.

“We are now more constructive on the Brazilian steel industry,
given the faster than-expected price and demand recovery and the
end of de-stocking at the distribution level,” Felipe Hirai, a Sao
Paulo-based analyst, wrote in a note obtained by the news agency.
The report relates Mr. Hirai raised the company because it’s
trading at a historically low premium to bigger rival Usinas
Siderurgicas de Minas Gerais SA, and on the outlook that CSN will
benefit from demand for its iron ore.

According to the report, Mr. Hirai said that CSN historically
trades at a ratio of price to earnings before interest, taxes,
depreciation, and amortization that is about 36% higher than that
of Usiminas.  The report notes CSN is currently trading just 12%
above Usiminas.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


COSAN SA: Posts BRL337.3 Million Net Profit in April-June Quarter
-----------------------------------------------------------------
Guillermo Parra-Bernal and Inae Riveras at Reuters report that
Cosan SA Industria e Comercio recorded BRL337.3 million (US$184
million) net profit in the April-through-June quarter from a net
loss of BRL58.1 million a year as rising sugar prices lifted
revenue and the company posted sizzling gains on derivatives
contracts.

According to the report, the company's revenue soared nearly
sixfold to BRL3.6 billion, reflecting higher sales volumes of
sugar and ethanol and an average increase of about a third in
sugar prices over the three months ended in June 30.  The report
relates net financial result surged to BRL433.4 million in the
quarter from BRL87 million a year earlier.

Reuters notes that Cosan SA said the use of derivatives contracts
to hedge against fluctuations in the currency and commodity prices
boosted the financial result by BRL289 million.  The report
relates the company said the strategy helped offset the impact of
a weaker real, which lifted debt-servicing costs in the quarter.
"Fluctuations (in commodity and currency prices) had a very
relevant impact on net income for the period," the company was
quoted by the report as saying.

The report notes that the company's EBITDA jumped to BRL331.2
million from BRL29.2 million in the same quarter in 2008; while
EBITDAH, if hedging operations were excluded, rose to BRL472
million from BRL74.4 million a year earlier.

                           About Cosan SA

Headquartered in Brazil, Cosan SA Industria e Comercio (Cosan) --
http://www.cosan.com.br  -- is a Brazil-based company active in
the research and production of sugar, ethanol and derivatives.
The company cultivates harvests and processes sugarcane - the main
raw material used to produce sugar and ethanol.  In addition, it
is engaged in the production of sustained energy from renewable
sources.  It operates 18 production units located in the state of
Sao Paulo.  The Company also operates port terminals.  As of
March 31, 2009, Cosan was the parent company of a number of
controlled entities, such as TEAS - Terminal Exportador de Alcool
de Santos SA, Cosan SA Bioenergia, Radar Propriedades Agricolas SA
and Cosanpar Participacoes SA, among others.   Cosan SA is a
subsidiary of Bermuda-based Cosan Limited.

                           *     *     *

As reported in the Troubled Company July 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.


GERDAU SA: Operating at Less Than 80% Capacity, Chairman Says
-------------------------------------------------------------
Gerdau S.A. Chairman Jorge Gerdau Johannpeter said the company is
working at less than 80% of installed capacity, Jeff Fick at Dow
Jones Newswires reports, citing local Estado newspaper.  The
report relates Mr. Johannpeter said the economic slowdown has
crimped global and domestic demand for steel products, and
Brazil's steel industry reflected the impact.

According to the report, CEO Andre Gerdau Johannpeter said earlier
this month that the company was operating at between 60% and 70%
of capacity.  The report relates that with signals that demand is
increasing, CEO Johannpeter said that capacity utilization should
climb in the second half of 2009.

The report recalls Gerdau SA earlier this month planned to keep
several blast furnaces in the U.S. operating -- they had
previously been expected to be shut down.

Chairman Johannpeter, the report notes, told Estado in an
interview that while the credit squeeze that sparked the slowdown
has eased, investments in general remained suspended.  "For big
companies, there's no lack of credit," the report quoted Chairman
Johannpeter as saying.  The report relates Chairman Johannpeter
lauded government stimulus measures, which focused on consumers.
"When you stimulate consumption, the entire production chain has
to adjust," Chairman Johannpeter added.

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


GERDAU SA: Unit to Call Back Workers at Napoleon Township Plant
---------------------------------------------------------------
Gerdau MacSteel Inc., a unit of Brazil-based Gerdau S.A., is
calling back about 60 to 70 of its employees to return to work at
its mill in Napoleon Township next month, as the automotive
industry is starting to make cars again, Chris Gautz at Jackson
News reports.  The report relates that a US$3 billion government
program offers US$3,500 or US$4,500 incentives for new-car buyers
willing to trade in their low-mileage vehicles, which will lead to
the purchase of about 750,000 vehicles this summer.

According to the report, a massive layoff took place in January at
the company's Napoleon Township mill, which employed about 360
workers.  The report relates there are about 100 people now
working in the mill's finishing department; and workers who will
be called back will be making steel.

The report notes that Mark Marcucci, president of MacSteel, said
that to counter the high prices, said employees will only work
between 7 p.m. and 11 a.m., when electric rates are considered
"off-peak" and about 30% lower than during "peak" hours.

Mr. Marcucci, the report adds, said he was pleased by the union
vote that allowed Gerdau MacSteel to start production again.  The
report relates the union voted overwhelmingly on a cooperative
agreement with management for a moratorium on Sunday premium pay
and no overtime for employees until after they work 40 hours
during the week.

                     About Gerdau MacSteel

Gerdau MacSteel, Inc., manufactures and supplies steel products.
The Company offers steel bars under MACGOLD and MACPLUS brand
names.  Additionally, it provides metal heat treating, phosphate
coating, bar shearing, and sawing services to cold forming,
stamping, forging, and casting companies.  The Company serves
automotive transportation, farm equipment, heavy construction, and
military sectors.  Gerdau MacSteel was formerly known as Quanex
Corporation and changed its name to Gerdau MacSteel in April,
2008.  The company was founded in 1927 and is based in Jackson,
Michigan.  Gerdau MacSteel operates as a subsidiary of Gerdau S.A.

                       About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


GOL LINHAS: Gets IOSA Registration; Paves Way for Code-Share Deals
------------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
received IATA Operational Safety Audit registration from the
International Air Transport Association, recognized as the global
standard for assessing airlines' operational safety and controls.

Receiving the registration underlines the company's excellent
operational safety standards and increases the potential for a
series of commercial opportunities, such as signing new code-share
agreements with foreign airlines that operate intercontinental
flights to Brazil or South America.

"New code-share agreements will provide GOL with a larger
intercontinental feeder network, increasing the number of
passengers with direct, convenient access to its extensive South
American network.  These agreements will also benefit the more
than six million registered SMILES participants, who will now have
the option to use their accrued miles on other airlines to visit
destinations around the world," said Constantino de Oliveira
Junior, GOL's CEO.

"In addition to international recognition, IOSA certification will
allow GOL to consolidate its operational safety audit procedures,
streamlining the process to make it more efficient while also
optimizing operating costs," added Captain Fernando Rockert de
Magalhaes, the Company's vice president - technical.

                          About GOL Linhas

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

                          *     *     *

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


LIGHT SA: Raises BRL772 Million From Share Offering
---------------------------------------------------
Light SA has raised a total of BRL772 million from a share
offering at the conclusion of a 30-day greenshoe period that
followed the original BRL707 million sale, at BRL24.00 per share,
LatinFrance reports.

According to the report, the extra allotment worth BRL65 million
takes the total number of shares to 32.17m shares.  The report
relates that in the transaction, BNDESPar sold 18.8 million
shares, cutting its stake to 25.7%, while EDF sold 13.4 million,
its entire stake.

LatinFrance says that Itau and Citi managed the transaction.

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

                            *     *     *

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


NET SERVICOS: S&P Raises Corporate Credit Rating to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on Brazil-based cable operator NET Servicos de Comunicacao S.A.,
including raising its long-term corporate credit rating to 'BB+'
from 'BB'.  At the same time S&P raised its long-term Brazil
national scale rating to 'brAA' from 'brAA-'.  The outlook is
stable.

"The upgrade reflects S&P's greater comfort that NET's leading
position in cable and high-quality broadband services will support
fairly resilient operational performance through business cycles,"
said Standard & Poor's credit analyst Flavia Bedran.  The
company's track record has also shown that NET maintains a
moderate financial policy even when faced with greater competition
from new entrants.

NET's consolidated customer base and high-quality product offering
has resulted in fairly stable operating cash flow generation,
which has supported the company's strong growth in recent years
(both in terms of customer acquisition costs and capital
expenditures) while maintaining its low leverage position.  Even
considering the more challenging economic environment, together
with more competitive pay-TV and broadband markets, in recent
years the company has demonstrated its capacity to post organic an
inorganic growth, which is helping to boost revenues.

On the other hand, NET's business profile can limit further
upsides for the credit rating, given the low penetration of pay-TV
in the country and NET's limited geographic coverage and base of
clients, which is still highly concentrated in the higher-income
segments.  The wide coverage of the popular Brazilian open TV and
increasing competition of telecom operators offering triple-play
packages through partnerships with TV content providers could
constrain growth rates or add volatility to NET's cash flow as the
cable services penetrate lower-income segments.

The stable outlook reflects S&P's expectation that NET will
maintain resilient cash-flow generation and an adequate financial
policy and debt maturity profile.  S&P sees a positive rating or
outlook action as unlikely in the medium term due to constraints
on the company's business profile, which S&P see as fair.  On the
other hand, S&P could change the outlook to negative or even
downgrade NET if increased competition diminishes the company's
market share and base of revenues, or if the company adopts an
aggressive acquisition strategy that eventually leads to lower
margins and higher financial leverage.


* BRAZIL: Banco Nacional Expects GDP Growth Near 5% Next Year
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA forecasts
that Brazil's economy to expand 5% next year, Jessica Brice at
Bloomberg News reports, citing BNDES President Luciano Coutinho.

According to the report, Mr. Coutinho said Brazilian gross
domestic product will expand 3.5% to 4% on a year-over-year basis
in the fourth quarter.  Bank lending, the stock market and initial
public offerings will likely rebound in the second half of the
year, Mr. Coutinho added.

                           *     *     *

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


ABENOBASHI TERMINAL: Members to Receive Wind-Up Report on Aug. 24
-----------------------------------------------------------------
The members of Abenobashi Terminal Building Co., Ltd. will hold a
meeting on August 24, 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


AHFP ASCEND: Members to Receive Wind-Up Report on Aug. 27
---------------------------------------------------------
The members of AHFP Ascend will hold a meeting on August 27, 2009,
at 3:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


FIRST STATE: Shareholders to Receive Wind-Up Report on August 31
----------------------------------------------------------------
The shareholders of First State Investments Gold & Precious Metals
Long Short Master Fund Ltd will hold a meeting on August 31, 2009,
at 10:30 a.m., to receive the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Hall Chadwick
          Richard Albarran
          Blair Pleash
          c/o Rothstein Kass
          27 Hospital Road, Grand Cayman KY1-1109
          Cayman Islands


FIRST STATE: Shareholders to Receive Wind-Up Report on August 31
----------------------------------------------------------------
The shareholders of First State Investments Gold & Precious Metals
Long Short Fund Ltd will hold a meeting on August 31, 2009, at
10:00 a.m., to receive the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Hall Chadwick
          Richard Albarran
          Blair Pleash
          c/o Rothstein Kass
          27 Hospital Road, Grand Cayman KY1-1109
          Cayman Islands


GLOBALVEST HEDGE: Members to Receive Wind-Up Report on August 25
----------------------------------------------------------------
The members of Globalvest Hedge LLC will hold a meeting on
August 25, 2009, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Carolyn Wilson
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8623
          Facsimile: (345) 945 4237


GOLDBOND FUND: Members to Receive Wind-Up Report on August 24
-------------------------------------------------------------
The members of Goldbond Fund Management (Cayman) Limited will hold
a meeting on August 24, 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:

          Lee Kwai San
          Lippo Centre, 39th Floor, Tower 1
          89 Queensway
          Hong Kong


GREAT OAKS: Members to Receive Wind-Up Report on August 26
----------------------------------------------------------
The members of Great Oaks Strategic Investment Partners Offshore,
Ltd. will hold a meeting on August 26, 2009, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


JAPAN HIGH: Members to Receive Wind-Up Report on August 25
----------------------------------------------------------
The members of Japan High Yield Property Fund (II) Limited will
hold a meeting on August 25, 2009, at 4:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Japan Regional Assets Manager Limited
          c/o Century Yard, Cricket Square,
          Hutchins Drive, P.O. Box 2681GT
          Grand Cayman, Cayman Islands
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


JAPAN HIGH: Members to Receive Wind-Up Report on August 25
----------------------------------------------------------
The members of Japan High Yield Property Fund Limited will hold a
meeting on August 25, 2009, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Japan Regional Assets Manager Limited
          c/o Century Yard, Cricket Square,
          Hutchins Drive, P.O. Box 2681GT
          Grand Cayman, Cayman Islands
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


LATINVEST HOLDINGS: Members to Receive Wind-Up Report on August 25
------------------------------------------------------------------
The members of Latinvest Holdings LDC will hold a meeting on
August 25, 2009, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Carolyn Wilson
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8623
          Facsimile: (345) 945 4237


LUCROS CAPITAL: Shareholder to Receive Wind-Up Report on August 26
------------------------------------------------------------------
The shareholder of Lucros Capital Fund Ltd. will receive on
August 26, 2009, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 9877


LUCROS CAPITAL: Shareholder to Receive Wind-Up Report on August 26
------------------------------------------------------------------
The shareholder of Lucros Capital Master Fund Ltd. will receive on
August 26, 2009, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 9877


RANGE MARITIME: Members to Receive Wind-Up Report on August 26
--------------------------------------------------------------
The members of Range Maritime Fund Limited will hold a meeting on
August 26, 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:

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


THREADNEEDLE UK: Shareholder to Receive Wind-Up Report on Aug. 25
-----------------------------------------------------------------
The shareholder of Threadneedle UK Alpha Plus Fund Limited will
receive on August 25, 2009, at 10:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Carolyn Wilson
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8623
          Facsimile: (345) 945 4237


THREADNEEDLE UK: Members to Receive Wind-Up Report on August 25
---------------------------------------------------------------
The members of Threadneedle UK Alpha Plus Master Fund Limited will
hold a meeting on August 25, 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:

          David A.K. Walker
          c/o Carolyn Wilson
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8623
          Facsimile: (345) 945 4237


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


PERENCO ECUADOR: Says Truce With Ecuador Doubtful
-------------------------------------------------
French oil company Perenco said that an agreement with Ecuador
over the government's seizure of the firm's operations in the
Andean country last month is "very unlikely," Eduardo Garcia and
Alexandra Valencia at Reuters report.

Perenco's Latin American Manager Rodrigo Marquez told Reuters in
an interview that there have not been any formal talks with the
Ecuadorean government since the seizure, but that the two parties
have exchanged correspondence.  "The government hasn't changed its
mind.  From the correspondence they've sent, I gather that they'd
only allow us to go back if . . . we pay the amounts we've been
arguing about," the report quoted Mr. Marquez as saying.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Dow Jones Newswires said that Perenco said it has
taken the first steps towards terminating the contracts of its 250
workers in the country.  "The government and Petroecuador continue
to insist on disobeying court orders and want us to continue to
work under conditions that clearly violate our rights and
contracts," the report quoted Mr. Marquez as saying.

According to a TCRLA report on July 16, Perenco Ecuador and its
consortium partner, Burlington Resources Oriente Limited,
disclosed that suspension of their participation contracts with
Ecuador is imminent unless the Government of Ecuador complies with
orders of two international arbitration tribunals that prohibit
the government from seizing oil produced by the consortium.
Perenco Ecuador is the operator of Blocks 7 and 21 in Ecuador.
The report related that the dispute between Perenco and Ecuador
stems from the government's charge that the company owes
approximately US$338 million, excluding late-payment fees, from
overdue windfall oil taxes.

                       About Perenco

Perenco -- http://www.perenco.com/-- is an exploration and
production company dedicated to developing oil and natural gas
potential.  Perenco Ecuador Limited is part of a privately held
upstream oil and gas company and is the operator of Blocks 7 and
21 in Ecuador.


====================
E L  S A L V A D O R
====================


* EL SALVADOR: Remittances Fall 10th Straight Time in July
----------------------------------------------------------
1El Salvador's remittances declined for the 10th consecutive time
in July, LatinFrance reports, citing JPMorgan.  The report relates
that JP Morgan expects a year-on-year decline in 2009.

According to the report, JPMorgan said that July saw US$286
million flow in, taking the total for the first seven months to
US$2.03 billion, down 10.8% lower than in the same period of 2008.

“Remittances decreased from 18.1% of GDP in 2007 to 17.1% of GDP
in 2008 and, according to our estimates, are likely to dip to
15.3% of GDP this year,” the report quoted JP Morgan as saying.


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


AIR JAMAICA: Divestment to Cost Over US$100 Million
---------------------------------------------------
The sale of Air Jamaica Limited will likely cost more than US$100
million (JM$8.9 billion), but will result in savings in the short
term, Steven Jackson at Jamaica Observer reports, citing Dennis
Chung, a member of the airline's privatization committee.  The
report relates the costs will relate to staff and administrative
expenses, but also include non-current liabilities.

"If you think about it though, the company is losing US$100
million per annum and you can pay one year's loss and stop the
loss occurring to the government, then after two years you would
have recouped all the opportunity benefit," Mr. Chung said in a
written response obtained by the news agency.  "The prime minister
did indicate that there are costs relating to the staff and there
are also other liabilities that will need to be settled.  Remember
that Air Jamaica is a company with over US$1 billion in
accumulated losses," the report quoted Mr. Chung as saying.

For more than 40 years the government has not shown an ability to
run the airline profitably, Mr. Chung added.

According to the report, the airline reported an operating loss of
US$162.43 million on revenues of US$350.98 million for its 2008
financial year.  The report relates the airline reported losses of
US$171 million in 2007, US$128.4 million in 2006 and US$131.5
million in 2005.

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).


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


CABLEMAS SA: Fitch Affirms Issuer Default Rating at 'BB-'
---------------------------------------------------------
Fitch Ratings has affirmed Cablemas, S.A. de C.V.'s ratings:

  -- Local currency Issuer Default Rating at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale long-term rating at 'A(mex)'.

The Rating Outlook for these ratings is Stable.

In addition, Fitch affirms Cablemas' US$175 million 9.375% coupon
senior notes due in 2015 at 'BB-'.

Cablemas' ratings are based on its solid operating network,
geographically diverse subscriber base, stable financial position,
increasing competition and continued negative cash flow
generation.  Cablemas continues to invest in its network
development and increasing its subscriber base and service
penetration, which has resulted in negative cash generation in
recent years.  A positive rating action from Fitch depends on the
company's ability to achieve and maintain positive free cash flow
over time, which would allow it to reduce its total debt-to-EBITDA
to 2.0 times (x) or below on a continued basis.

The ratings incorporate the increased participation of Grupo
Televisa, S.A.B.  (Televisa, rated 'BBB+/AAA(mex)' by Fitch) in
Cablemas' equity and its active role in the company's strategy,
decision-making and execution processes.  In February 2009
Televisa injected MXP557 million to increase its equity
participation in Cablemas to 58% from 54%.  Fitch believes that
Televisa's participation brings long-term strategic synergies, as
well as a robust partner with ample financial flexibility and
growth support.  Televisa consolidates Cablemas' results since
June 2008; however, there is no explicit guarantee or support from
Televisa to the company's debt, nor cross defaults according to
Televisa's bond indentures, as Cablemas is still not considered a
material subsidiary of Televisa.

Cablemas' financial position remains stable, despite global
economic conditions.  For the latest 12 months ended in June 30,
2009, EBITDA interest coverage was 2.9x compared to 2.8x at the
end of 2008, 3.9x in 2007 and 3.6x in 2006.  Total-debt-to-EBITDA
for the same period was 2.6x, down from 2.8x and 2.9x in 2008 and
2007, respectively, but weaker than the 2.3x registered in 2006.
Credit metrics have been affected by the sharp currency
devaluation.  Taking into account Cablemas' derivative
transactions to hedge the principal of the debt, total debt-to-
EBITDA for year-end 2008 and LTM at June 2009 is stable at 2.1x.

Cablemas' liquidity is manageable and total debt remains stable.
The company's cash balance at June 2009 was approximately
US$22 million, with total debt of approximately US$225 million and
short-term debt of US$2.6 million, mainly represented by interest
payable.  Total debt is comprised of a bank loan for US$50 million
maturing in 2012, capital leases for US$0.5 million and
US$175 million senior notes due 2015.

Cablemas is the second largest cable operator in Mexico, in terms
of subscribers and homes passed.  The company has operations in 46
cities and 15 states, including important cities distributed
across the country such as Chihuahua, Tijuana, Cancun, Playa del
Carmen, Merida, Cuernavaca and Acapulco.  For the LTM ended June
2009, the company generated revenues and EBITDA of
MXP3,416 million and MXP1,148 million, respectively.


CEMEX SAB: To Raise US$1 Billion by Issuing New Equity
------------------------------------------------------
CEMEX, S.A.B. de C.V. agreed to issue US$1 billion in new shares
by June, repay US$5 billion in debt by the end of 2011 and limit
capital spending under a US$15 billion refinancing plan, Thomas
Black at Bloomberg News reports.  The report relates that Chief
Executive Officer Lorenzo Zambrano said the company’s capital
expenditures will be limited to US$700 million next year and
US$800 million in each of the following three years as the company
concentrates on repaying debt.

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

Key components of the refinancing plan include:

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

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

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

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

According to Bloomberg News, the company also committed to a
minimum cumulative payment of US$2.9 billion of the loan by
December 2010 and US$5 billion by the end of 2011.  The report
relates Chief Financial Officer Rodrigo Trevino said the
refinancing loan has a one-time fee of 2 percentage points.

The cost of the loan will increase between 50 and 100 basis points
if Cemex doesn’t repay US$4.8 billion by December 2010 and US$7.6
billion by December 2011, Hector Medina, vice president for
finance and legal, told Bloomberg News in an interview.  The
report relates Mr. Medina said that the company must raise US$1
billion of net proceeds from an equity sale by June or face a
US$100 million penalty and an interest-rate increase of 75 basis
points.  Cemex can meet the bank loan payments with new debt, Mr.
Medina added.

                       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 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- 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 SAB: Unit Agrees to Pay US$400,000 Fine
---------------------------------------------
Cemex Inc., a unit of Mexico-based Cemex S.A.B. De C.V., has
agreed to pay US$400,000 in fines for the improper discharge of
materials at plants in Azusa, Walnut, Inglewood, Los Angeles and
West Hollywood, Sgvtribune reports, citing officials at Los
Angeles City Attorney's office.

According to the report, the fines are to settle criminal charges
brought against the company by the city of Los Angeles, which
conducted an investigation into the improper discharge of silt,
sand and other materials.  The report relates the violation of
environmental laws occurred between 2002 and 2006.

"Cemex implemented all recommended measures," the report quoted
company spokesperson Jennifer Borgen as saying.  "This case was
settled years after we already resolved everything.  We are
instituting measures above and beyond what the city and county
recommended," Mr. Borgen added.

Based in Houston, Texas, Cemex Inc. is a unit of Mexico-based
Cemex S.A.B.  The company got a big boost -- especially in terms
of ready-mix capacity -- when its parent acquired UK-based RMC
Group in 2005 and Rinker in 2007.  CEMEX Inc. now boasts that it's
the largest cement company in the U.S., as well as the largest
ready-mix company.  In addition to cement and ready-mix, CEMEX
Inc. also makes and sells concrete block and aggregates.  It
serves customers through around 370 ready-mix plants (up from 90
before the acquisitions), more than a dozen cement plants, around
50 distribution facilities, and more than 100 aggregate quarries.

                       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 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- 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)'.


GRUPO MEXICO: Not Prepared for Steelworkers Strike
--------------------------------------------------
Grupo Mexico SA de C.V., fighting to win back its bankrupt U.S.
copper unit Asarco LLC, hasn’t made any preparations for a strike
threatened by a union, Steven Church at Bloomberg News reports,
citing and unnamed company official.

According to the report, the United Steelworkers of America union
said it would order a strike if Grupo Mexico takes back control of
Asarco LLC without first negotiating a new labor contract.  The
report relates lawyer Jorge Lazalde, who handles Asarco matters
for Grupo Mexico, said the company doesn’t need to prepare for a
work stoppage.

Bloomberg News notes that the 1,400 Asarco workers represented by
the USW plan to strike if no agreement is reached with Grupo
Mexico by the time the bankruptcy court makes a decision to who
will take over Asarco.  “We will not work without an agreement,”
Manny Armenta, the union’s representative for Asarco, told the
news agency in a telephone interview.  “It better be done quick if
they want one,” the representative added.

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Dow Jones Newswires said Grupo Mexico has
increased its bid for U.S. 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.  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.  According to Dow Jones
Newswires, 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 related 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 pointed out that unions picketed Judge
Schmidt's courtroom expressing their opposition to returning
Asarco to Grupo Mexico.  The report related 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.

                        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.


* MEXICO: IDB Approves US$500 Million to Support Mortgage Markets
-----------------------------------------------------------------
The Inter-American Development Bank approved a US$500 million to
support mortgage markets in Mexico Second loan under US$2.5
billion conditional credit line will provide liquidity to primary
and secondary mortgage markets, boost low-income housing

Mexico will receive US$500 million to promote efficient mortgage
markets in the second installment of a US$2.5 billion 10-year
conditional credit line for investment projects (CCLIP) approved
by the Inter-American Development Bank.

The first US$500 million loan under the CCLIP, approved in
November 2008, helped to strengthen the financial structure of the
Sociedad Hipotecaria Federal, SNC (SHF), a public entity that
promotes home ownership and provides liquidity and stability to
the Mexican primary and secondary mortgage markets.

The new loan will enable SHF to continue offering lines of credit
to authorized intermediaries (known as “Sofoles” and “Sofomes” in
Mexico) and maintain liquidity in secondary markets through the
acquisition of bonds backed by mortgages.

A robust market for mortgage-backed securities will be critical to
meeting the housing needs of Mexico’s middle and low-income
families in the years ahead.  Mexico has a housing deficit of more
than 9 million units, and SHF estimates that more than 1 million
households will seek housing finance in 2009 alone.

“Despite the unfavorable environment caused by the global
financial crisis, Mexico has succeeded in sustaining a housing
finance system that has become a model in the developing world,”
said Ellis Juan, the IDB’s representative in Mexico.  “This loan
will enable SHF to meet continuing demand for housing solutions
and, indirectly, to assist in the recovery of the construction
industry, which is a key source of employment and an important
element of the economic recovery strategy of the Mexican
Government.”

The loan is for a 25-year term, with a five-year grace period, at
an adjustable interest rate based on Libor.


===============
P A R A G U A Y
===============


FINANCIERA EL COMERCIO: IFC Invests US$1.2 Million in Firm
----------------------------------------------------------
International Finance Corporation disclosed its first microfinance
investment in Latin America’s Southern Cone, a US$1.2 million
equity investment in Paraguay’s Financiera El Comercio to help
reduce the impact of the financial crisis by supporting lending to
microenterprises.

El Comercio, the largest finance company in Paraguay, provides
financial services predominantly to micro, small, and medium
enterprises, particularly in the agricultural sector.  It also
specializes in consumer and home improvement loans.  The company
serves more than 73,000 customers through a network of 46
branches, 36 of which are located in rural areas.  IFC’s
investment will strengthen El Comercio’s capital base and help it
expand its lending to underserved segments of the rural
population.

“We are pleased to begin a relationship with IFC and welcome this
investment, which represents a vote of confidence in El Comercio,”
said Carlos Heisecke, President of El Comercio.  “The financing
will further strengthen El Comercio and allow it to continue
expanding access to finance throughout Paraguay.  We also welcome
the valuable knowledge and global experience IFC will contribute
to our organization as we work together.”

Enrique Canas, IFC Country Manager, Southern Cone and Bolivia,
said, “This first microfinance transaction by IFC in the Southern
Cone is an indication of IFC’s commitment to the development of
the Paraguayan financial system.  Microfinance institutions such
as El Comercio have a significant role to play in ensuring
continued lending to people in rural areas and to reducing the
impact of the financial crisis.”

The countries in Latin America’s Southern Cone are Argentina,
Chile, Paraguay, and Uruguay.

                  About Financiera El Comercio

Financiera El Comercio -- http://www.elcomercio.com.py.-- was
founded in 1976 and began focusing its business in rural areas and
microfinance after its merger with EFISA Financiera in December
1999.  El Comercio is the largest finance institution in Paraguay
and has an extensive network of 46 branches, of which 36 are
located in rural areas outside the capital city of Asuncion. For
more information, visit www.elcomercio.com.py.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 3, 2009, Standard & Poor's Ratings Services affirmed its
'B-' global-scale counterparty credit rating on Financiera El
Comercio and revised the outlook to positive from stable.


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


DOE RUN PERU: Seeks Cleanup Extension; Workers to Block Roads
-------------------------------------------------------------
Workers at Doe Run Peru's La Oroya smelter said they will block
area roads starting August 31 to demand that the government give
the company more time to complete an environmental cleanup, which
could clear the way for a restart of operations, Terry Wade at
Reuters reports.

According to the report, the workers said the protests will
include a blockade of the area's east-west highway, the main road
that connects the central part of Peru to its capital city, Lima.
"We want an extension of PAMA (the mandatory cleanup) because it
is key to the restart of jobs.  The banks are not going to lend
money without it," union leader Royberto Guzman told Reuters in am
interview.  The current cleanup deadline is October.

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.  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 said Doe
Run Peru committed 100% 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.

                        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.


DOE RUN PERU: Inter-American Commission Files Suits Against Peru
----------------------------------------------------------------
The Inter-American Commission for Human Rights has admitted into
court the case on La Oroya, and is holding Peru's government as
responsible for crimes against humanity for allowing Doe Run Peru
to poison the population of La Oroya with pollution, Isabel Guerra
at Living Peru reports.

According to the report, the lawsuit was filed by a group of
international NGO's -- such as the Center for Human Rights,
Earthjustice and the Inter American Association for Environmental
Defense (AIDA) -- with the support of the Peruvian Society of
Environmental Law against the Peruvian State.  The report relates
one of the reasons alleged for accepting the demand are “the lack
of commitment and actions to meet the minimum acceptable
environmental standards,” in La Oroya.

The report says Doe Run Peru lost its Environmental Certification
(that had been granted in 2006 by TUV Rheinland Group auditors)
last March.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, LivinginPeru.com said Peru's Deputy Minister of
Mining, Fernando Gala, declared that Doe Run Peru “still has the
obligation of meeting the environmental cleanup as soon as
possible.”  The report related Mr. Gala remarked that Peru's
goverment expects Doe Run to have this task done in two months'
time (by October 31) but admitted that “it is very complicated for
Doe Run to meet this deadline.”  According to the report, Doe Run
Peru Vice President for Environmental Affairs, Jose Mogrovejo,
insists on requesting an extension of 30 months to do the cleanup.

According to a TCRLA report August 5, citing Reuters, the company
needs to spend US$150 million to clean up La Oroya, which often
ranks as one of the world's most polluted sites.  Bloomberg News
related the company committed 100% 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.
                      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: Faces International Lawsuit for Mining Contamination
------------------------------------------------------------
The Inter-American Commission for Human Rights has admitted into
court the case on La Oroya, and is holding Peru's government as
responsible for crimes against humanity for allowing Doe Run Peru
to poison the population of La Oroya with pollution, Isabel Guerra
at Living Peru reports.

According to the report, the lawsuit was filed by a group of
international NGO's -- such as the Center for Human Rights,
Earthjustice and the Inter American Association for Environmental
Defense (AIDA) -- with the support of the Peruvian Society of
Environmental Law against the Peruvian State.  The report relates
one of the reasons alleged for accepting the demand are “the lack
of commitment and actions to meet the minimum acceptable
environmental standards,” in La Oroya.

The report says Doe Run Peru lost its Environmental Certification
(that had been granted in 2006 by TUV Rheinland Group auditors)
last March.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, LivinginPeru.com said Peru's Deputy Minister of
Mining, Fernando Gala, declared that Doe Run Peru “still has the
obligation of meeting the environmental cleanup as soon as
possible.”  The report related Mr. Gala remarked that Peru's
goverment expects Doe Run to have this task done in two months'
time (by October 31) but admitted that “it is very complicated for
Doe Run to meet this deadline.”  According to the report, Doe Run
Peru Vice President for Environmental Affairs, Jose Mogrovejo,
insists on requesting an extension of 30 months to do the cleanup.

According to a TCRLA report August 5, citing Reuters, the company
needs to spend US$150 million to clean up La Oroya, which often
ranks as one of the world's most polluted sites.  Bloomberg News
related the company committed 100% 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.
                      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.


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


CL FINANCIAL: Workers at Shuttered Branches Get Salaries
--------------------------------------------------------
Workers at the three Colonial Life Insurance Company branches that
were closed last week, have received the salaries owed them, Clint
Chan Tack at Trinidad and Tobago Newsday reports.

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Trinindad and Tobago Newsday said 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.  The report related
that 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 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 pointed 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.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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 * * *