TCRLA_Public/090824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, August 24, 2009, Vol. 10, No. 166

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver Faces Criticism & Possible Removal


A R G E N T I N A

ADESIL SA: Trustee Verifying Proofs of Claim Until October 1
ANEDRA SA: Requests for Preventive Contest
DIVISION CMR: Asks for Preventive Contest
FITO SRL: Trustee Verifying Proofs of Claim Until September 25
KONFLUENCIA SA: Asks for Preventive Contest

PALUDETTO HNOS: Trustee Verifying Proofs of Claim Until Sept. 24
TEXPART SRL: Asks for Preventive Contest


B A H A M A S

FOUR SEASONS: Sells Bahamas Unit to Sandals Resorts


B E R M U D A

BERNARD L. MADOFF: Alpha Prime Fund Ignores Lawsuit
BLUEPOINT RE: Creditors' Proofs of Debt Due on September 8
KINGATE GLOBAL: Court to Hear Wind-Up Petition on September 4
MARINER REINSURANCE: Scheme Creditors' Meeting Set for October 15


B R A Z I L

BANCO DO BRASIL: May Double Credit to Individuals
BANCO NACIONAL: Gets Final Part of BRL100-Billion Loan
BANCO NACIONAL: Magnesita Refratarios Completes Debt Renegotiation
BANCO NACIONAL: Evaluates US$332 Million Loan for Bolivia
CAIXA ECONOMICA: Provides BRL2 Billion Credit Line for CSN

COMPANHIA SIDERURGICA: Gets BRL2BB Loan for Working Capital
GERDAU SA: Chief Executive Officer Sees Slow Steel Market Recovery
MAGNESITA REFRATORIOS: Completes Debt Renegotiation


C A Y M A N  I S L A N D S

AGATE IAM: Creditors' Proofs of Debt Due on October 6
AMBER IAM: Creditors' Proofs of Debt Due on October 6
BERNARD L. MADOFF: 2 Cayman Funds Gets Default Notices
BREEZE IAM: Creditors' Proofs of Debt Due on October 6
DAISY IAM: Creditors' Proofs of Debt Due on October 6

DIAMOND IAM: Creditors' Proofs of Debt Due on October 6
DIMENSION (IMA): Creditors' Proofs of Debt Due on October 6
EMBRYO (IFI): Creditors' Proofs of Debt Due on October 6
FOUNTAIN IAM: Creditors' Proofs of Debt Due on October 6
INTER SPHERE: Placed Under Voluntary Wind-Up

LILAC IAM: Creditors' Proofs of Debt Due on October 6
OSPREY IAM: Creditors' Proofs of Debt Due on October 6
SEAHAWK IAM: Creditors' Proofs of Debt Due on October 6
TITAN IAM: Creditors' Proofs of Debt Due on October 6
TULIP IAM: Creditors' Proofs of Debt Due on October 6

UNITY IAM: Creditors' Proofs of Debt Due on October 6


J A M A I C A

CABLE & WIRELESS: Appoints David Shaw as Chief Executive Officer
SUGAR COMPANY OF JAMAICA: Gov't Closer to Selling Sugar Factories
SUGAR COMPANY OF JAMAICA: Eridania Order to Cost US$45 Million


M E X I C O

OCEANOGRAFIA SA: S&P Affirms 'CCC' Rating on $335 Mil. Notes


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Opens Agency to Handle Business From Closed Firms


V E N E Z U E L A

CITGO PETROLEUM: Released “Significant” Toxic Chemicals
PETROLEOS DE VENEZUELA: U.S. Unit Under Probe Over Toxic Released
* VENEZUELA: Expects Economy to “Skirt” Recession
* VENEZUELA: Must Reform Financial Rules, Finance Minister Says


X X X X X X X X

* BOND PRICING: For the Week August 17 to July 21, 2009


                         - - - - -


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


STANFORD INT'L: SFG Receiver Faces Criticism & Possible Removal
---------------------------------------------------------------
Stanford Financial Group receiver, Ralph Janvey, faces heightened
criticism and calls for his removal, Anna Driver at Reuters
reports.  The report relates that Mr. Janvey is being accused by
investors, regulators and politicians of overreaching his
authority and overspending on legal bills and consultants.

According to the report, the U.S. Securities and Exchange
Commission, who recommended Mr. Janvey for the position, now seeks
to limit Mr. Janvey's role in the case, while at least one U.S.
senator wants him booted from the job.  The report relates that
about US$269 million in Robert Allen Stanford's assets has been
recovered and Mr. Janvey has asked U.S. District Judge David
Godbey in Dallas to approve about US$27 million in fees.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Bloomberg News said that Mr. Janvey said he is
seeking to recoup US$925 million tied to certificates of deposit
issued by Stanford International Bank Limited.  The report related
Mr. Janvey expanded an earlier complaint to recover money from
Stanford customers as well as brokers whom allegedly profited from
a multi-billion fraud.  According to the report, the stockbrokers
said they were “innocent victims” and some of them invested their
own money in the bank’s certificates.  The report related the
brokers' attorneys told U.S. District Judge David Godbey in Dallas
that “their only sin is that they were duped by Mr. Stanford’s
alleged misrepresentations an[d] misdeeds, just like other
Stanford clients that the receiver is charged with protecting.”
The report recalled Mr. Janvey, according to the financial
advisers, opposed earlier requests for release of their accounts
even as he reached agreements with other investors whose holdings
were frozen.  Bloomberg News noted the U.S. SEC and John Little, a
lawyer appointed by the court to represent Stanford investors’
interests, previously urged Judge Godbey to prevent Mr. Janvey
from suing about 300 investors to recover more than US$600
million.  The report related both claimed the lawsuits would cost
more than they would recover and would punish people who are
already victims.

Reuters relates that Rose Romero, regional director in the SEC's
Fort Worth office, told investors at the hearing that her office
was exploring ways to limit the scope of the receivership.  The
report relates that Ms. Romero said that the SEC is considering
the possibility of replacing Mr. Janvey as receiver.

Meanwhile, the report notes that U.S. Republican Senator David
Vitte said he plans to write SEC Chairman Mary Schapiro, asking
her to request that Mr. Janvey be replaced with a receiver whose
interests are more aligned with investors.

                   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
=================


ADESIL SA: Trustee Verifying Proofs of Claim Until October 1
------------------------------------------------------------
The court-appointed trustee for Adesil S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 1, 2009.


ANEDRA SA: Requests for Preventive Contest
------------------------------------------
Anedra SA requested for its preventive contest.

The company stopped making its payments July 1, 2009.


DIVISION CMR: Asks for Preventive Contest
-----------------------------------------
Division CMR SA asked for its preventive contest.


FITO SRL: Trustee Verifying Proofs of Claim Until September 25
--------------------------------------------------------------
The court-appointed trustee for Fito S.R.L.'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 11, 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.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 28, 2009.


KONFLUENCIA SA: Asks for Preventive Contest
-------------------------------------------
Konfluencia SA asked for its preventive contest.


PALUDETTO HNOS: Trustee Verifying Proofs of Claim Until Sept. 24
----------------------------------------------------------------
The court-appointed trustee for Paludetto Hnos. S.H.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 24, 2009.

The trustee will present the validated claims in court as
individual reports on November 6, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 18, 2009.


TEXPART SRL: Asks for Preventive Contest
----------------------------------------
Texpart SRL asked for its preventive contest.


=============
B A H A M A S
=============


FOUR SEASONS: Sells Bahamas Unit to Sandals Resorts
---------------------------------------------------
Sandals Resorts International has purchased Four Seasons Resort
Great Exuma at Emerald Bay, Bahamas for an undisclosed sum,
CaribWorldNews reports.  The report relates Sandals Resorts
Founder and Chairman, Gordon 'Butch' Stewart, said that the
500-acre property is set to become a Sandals Resort and will be
called Sandals Emerald Bay, Great Exuma, Bahamas.

"We have deep roots in The Bahamas.  We know the people and these
islands well and it is our distinct pleasure and honor to further
our partnership in tourism here," the report quoted Mr. Stewart as
saying.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2009, hottelchatter.com said that Four Seasons Exuman in
Bahamas will close on May 26, as the property seems to be in
"receivership" which is pretty much a last-ditch attempt to avoid
bankruptcy.  The report related that the property was not able to
find a new owner and is now forced to close up shop, the report
relates.   The hotel, the report recalled, said that Four Seasons
continues to operate the resort normally until that time, however,
it is not accepting new reservations.

                        About Four Seasons

Four Seasons Hotels -- http://www.fourseasons.com-- manages some
75 luxury hotels and resorts in more than 30 countries. Most
properties are operated under the Four Seasons name, but some are
Regent hotels.  It has ownership interests in only about half of
its properties, having shifted from a hotel owner to a hotel
operator in the 1990s.  In 2007 Four Seasons Hotels board members
took the company private.


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


BERNARD L. MADOFF: Alpha Prime Fund Ignores Lawsuit
---------------------------------------------------
Bernard L. Madoff Investment Securities LLC trustee Irving Picard,
appointed under the Securities Investor Protection Act to
liquidate the company, seeks permission from the U.S. Bankruptcy
Court in Manhattan to file default notices against Bermuda-based
Alpha Prime Fund Limited for ignoring his lawsuits, Erik Larson at
Bloomberg News reports.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2009, Bloomberg News said Mr. Picard sued Bermuda-based
Alpha Prime Fund Limited for allegedly receiving almost US$213
million in transfers from the Madoff firm in the past two years.
London-based HSBC Bank Plc and a Luxembourg-based unit were also
included in Mr. Harris' 29-page complaint.  According to the
report, Mr. Picard alleged that HSBS and its unit were conduits
for the shifting of money from Madoff to Alpha Prime.  The report,
citing Mr. Picard's complaint, relates that from January 2005 to
December 11, 2008 -- the day Mr. Madoff was arrested and was sued
by the U.S. Securities and Exchange Commission -- Alpha Prime
received transfers via HSBC and beneficial tax payments of almost
US$213 million.

Bloomberg News said that the complaint stated that HSBC, its
subsidiary and other unnamed entities invested us$227.6 million
with a Madoff firm on behalf of Alpha Prime starting in June 2003,
according to the complaint.  “Alpha Prime knew or should have
known” that Madoff’s investment advisory business “was predicated
on fraud,” the report quoted Mr. Picard’s attorneys as saying.

Bloomberg News said the default doesn’t apply to HSBC, which has
said it has “good defenses” to the trustee’s allegations.

                       About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least $50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


BLUEPOINT RE: Creditors' Proofs of Debt Due on September 8
----------------------------------------------------------
The creditors of Bluepoint Re Limited are required to file their
proofs of debt by September 8, 2009, to be included in the
company's dividend distribution.

John C. McKenna is the company's liquidator.


KINGATE GLOBAL: Court to Hear Wind-Up Petition on September 4
-------------------------------------------------------------
A petition to wind up the operations of Kingate Global Fund, Ltd.
will be heard before the Supreme Court of Bermuda on September 4,
2009, at 9:45 a.m.

The attorneys for the petitioner is:

          Sedgwick Chudleigh
          Mercury House, Fourth Floor
          101 Front Street
          Hamilton HM12, Bermuda


MARINER REINSURANCE: Scheme Creditors' Meeting Set for October 15
-----------------------------------------------------------------
The scheme creditors of Mariner Reinsurance Company Limited will
hold a meeting on October 15, 2009, at 2:00 p.m., at the offices
of KMS Insurance Management Limited, America House, 2 America
Square, in London, EC3N 2LU, United Kingdom.


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


BANCO DO BRASIL: May Double Credit to Individuals
-------------------------------------------------
Banco do Brasil SA may double credit to individuals over the next
decade as falling interest rates spur demand for car and home
loans, Telma Marotto at Bloomberg News reports, citing President
Aldemir Bendine.

According to the report, Mr. Bendine said that personal loans may
climb to as high as 50% of the state-controlled bank’s total
portfolio from 27% in the second quarter.  The report relates such
lending rose 69% to BRL68.5 billion (US$37.1 billion) in the three
months ending June 30 after the central bank cut the benchmark
interest rate below 10% for the first time.

The report notes that the push is helping Banco do Brasil counter
a drop in revenue from lower borrowing costs.  The report relates
that Banco do Brasil’s net interest margin increased to 7.3% in
the second quarter from 7.1% a year earlier.

“The best way to compensate for losses in revenue in a scenario of
lower benchmark interest rates is to increase credit volume,” Mr.
Bendine told Bloomberg News in an interview.  “This good moment
for Brazilian banks is due in large part to the size of the
population that is having access to bank products,” the report
quoted Mr. Bendine as saying.

                       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: Gets Final Part of BRL100-Billion Loan
------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA received
the final BRL36 billion (US$19.8 billion) installment of a BRL100
billion treasury loan on August 22, John Kolodziejski at  Dow
Jones Newswires reports, citing Estado news agency.

As reported in the Troubled Company Reporter-Latin America on
January 26, 2009, Reuters said Brazil's government will inject
BRL100 billion (US$42.63 billion) BNDES this year in a bid to spur
corporate investment.  The report related that the government
expects the move should help provide much needed cash for
companies as private banks have reduced lending because of the
global credit crunch.  "This is how we will confront the global
economic crisis," Reuters quoted Finance Minister Guido
Mantega as saying. "The answer is to keep investment levels high,"
Mr. Mantega added.  According to the report, the capital injection
will help BNDES have a record BRL160 billion available for credit
this year.  The government, Reuters added, expects "zero fiscal
impact" from the BNDES capital injection because the bank will
have to pay back the funds to the treasury at some point in the
future.

According to Dow Jones Newswires, the first BRL13 billion
installment was paid in March and was followed by BRL26 billion in
June, and a further BRL25 billion in July.  The report notes that
the whole July loan installment was allocated to state-controlled
oil company Petrobras (PBR).

                            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.


BANCO NACIONAL: Magnesita Refratarios Completes Debt Renegotiation
------------------------------------------------------------------
Magnesita Refratarios SA has completed the renegotiation of its
major debts, John Kolodziejski at Dow Jones Newswires reports,
citing the Estado news agency.  The report relates that Banco
Nacional de Desenvolvimento Economico e Social SA said the company
successfully agreed to new terms for loans and finance with
institutions such as JPMorgan, Itau BBA and Bradesco.

According to the report, the renegotiation was possible thanks to
an increase in capital in which BNDES' equities arm, BNDESPAR,
took a stake in Magnesita.

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, latin France said that Magnesita Refratarios
plans to raise BRL350 million by offering 44.9 million shares.
The report related that existing shareholders will be able to
purchase the stock in amounts proportional to their holdings
starting 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 aim of the operation was to readjust Magnesita's capital
structure, allowing it to continue its process of
internationalization," the Dow Jones quoted BNDES President
Luciano Coutinho, as saying.  The only problem Magnesita had was
in its credit profile, Mr. Coutinho added.

                    About Magnesita Refratarios

Magnesita Refratarios SA produces and markets refractory materials
and operates mines.  The company's product includes refractory
bricks, refractory tools for continous casting, and monolithic
refractories.  Magensia owns mineral deposits throughout Brazil.

                          *     *     *

As of July 14, 2009, the company continues to carry Moody's B2 LT
Corp Family rating and Ba2.br NSR LT Corp rating.  The company
also continues to carry Standard and Poor's BB- LT Issuer Credit
ratings.


BANCO NACIONAL: Evaluates US$332 Million Loan for Bolivia
---------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said it is
studying a US$332 million loan for Bolivia, but has not approved
anything yet, LatinFrance reports.

According to the report, the loan would go to finance the
construction of a 306 km-long road connecting the cities of
Cochabamba and Beni.

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.


CAIXA ECONOMICA: Provides BRL2 Billion Credit Line for CSN
----------------------------------------------------------
Companhia Siderurgica Nacional S.A. has received a credit line
from Brazilian state-owned bank Caixa Economica Federal to use for
working capital, LatinFrance reports, citing unnamed source.  A
Troubled Company Reporter-Latin America report on August 21, 2009,
citing Dow Jones Newswires, related that that CSN obtained a loan
for BRR2 billion in a term of three years from a federal bank.

According to LatinFrance, this is the third major loan Caixa
Economica Federal has done for higher rated Brazilian corporates.
The report relates that in March, it extended a BRL500m 3-year
facility to a unit of Ipiranga at 120.0% of the CDI, and it loaned
Braskem a BRL600m 4-year facility at an all-in cost of 122.3% of
CDI.  The report says the CSN loan is significantly larger, and
likely commands a higher relative spread, though market conditions
have improved substantially since March.

Meanwhile, LatinFrance relates that CSN has been rumored to be
among the candidates for a cross border bond.  “We believe the
company wants to maintain its cash position to allow it to take
advantage of opportunities that could include acquiring coal
assets,” says Barclays in a report obtained by the news agency.
“We continue to view CSN as a solid credit but believe that CSN
bonds trade relatively rich and offer little upside potential,”
Barclays added.

                           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+.

                      About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                          *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


COMPANHIA SIDERURGICA: Gets BRL2BB Loan for Working Capital
-----------------------------------------------------------
Companhia Siderurgica Nacional S.A. has received a credit line
from Brazilian state-owned bank Caixa Economica Federal to use for
working capital, LatinFrance reports, citing unnamed source.  A
Troubled Company Reporter-Latin America report on August 21, 2009,
citing Dow Jones Newswires, related that that CSN obtained a loan
for BRR2 billion in a term of three years from a federal bank.

According to LatinFrance, this is the third major loan Caixa
Economica Federal has done for higher rated Brazilian corporates.
The report relates that in March, it extended a BRL500m 3-year
facility to a unit of Ipiranga at 120.0% of the CDI, and it loaned
Braskem a BRL600m 4-year facility at an all-in cost of 122.3% of
CDI.  The report says the CSN loan is significantly larger, and
likely commands a higher relative spread, though market conditions
have improved substantially since March.

Meanwhile, LatinFrance relates that CSN has been rumored to be
among the candidates for a cross border bond.  “We believe the
company wants to maintain its cash position to allow it to take
advantage of opportunities that could include acquiring coal
assets,” says Barclays in a report obtained by the news agency.
“We continue to view CSN as a solid credit but believe that CSN
bonds trade relatively rich and offer little upside potential,”
Barclays added.

                           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+.

                      About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                          *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


GERDAU SA: Chief Executive Officer Sees Slow Steel Market Recovery
------------------------------------------------------------------
Gerdau S.A. Chief Executive Officer Andre Gerdau Johannpeter said
that the company will slowly resume production and investments as
the market for steel recovers gradually, Guillermo Parra-Bernal at
Reuters reports, citing Valor Economico newspaper.

According to the report, Mr. Johannpeter told Valor newspaper in
an interview that the US$8.3 billion acquisition frenzy over which
he has presided since taking the helm the company was "the right
decision."  "It was a question of positioning yourself
strategically, since everyone in the industry was doing the same,"
the report quoted Mr. Johannpete as saying.

As reported in the Troubled Company Reporter-Latin America on
August 7, 2009, the company posted a net loss of R$329 million in
the second quarter of 2009.

Reuters relates that the loss was due to the writing down the
value of assets acquired during the past years.  The report notes
that the company has been grappling with declining activity as a
recession in key markets such as the United States and some
European countries has curbed demand.

Meanwhile, Reuters notes that Mr. Johannpeter told Valor newspaper
that he is "concerned" over excess optimism by bankers and
investors about the pace of the global economic recovery.  "We see
the stock markets with all this level of euphoria," Mr.
Johannpeter said, the Reuters relates.  "Everyone has gone through
such a rough ride that they are looking for good news.  And we
need the good news to keep coming," Mr. 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.


MAGNESITA REFRATORIOS: Completes Debt Renegotiation
---------------------------------------------------
Magnesita Refratarios SA has completed the renegotiation of its
major debts, John Kolodziejski at Dow Jones Newswires reports,
citing the Estado news agency.  The report relates that Banco
Nacional de Desenvolvimento Economico e Social SA said the company
successfully agreed to new terms for loans and finance with
institutions such as JPMorgan, Itau BBA and Bradesco.

According to the report, the renegotiation was possible thanks to
an increase in capital in which BNDES' equities arm, BNDESPAR,
took a stake in Magnesita.

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, latin France said that Magnesita Refratarios
plans to raise BRL350 million by offering 44.9 million shares.
The report related that existing shareholders will be able to
purchase the stock in amounts proportional to their holdings
starting 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 aim of the operation was to readjust Magnesita's capital
structure, allowing it to continue its process of
internationalization," the Dow Jones quoted BNDES President
Luciano Coutinho, as saying.  The only problem Magnesita had was
in its credit profile, Mr. Coutinho added.

                    About Magnesita Refratarios

Magnesita Refratarios SA produces and markets refractory materials
and operates mines.  The company's product includes refractory
bricks, refractory tools for continous casting, and monolithic
refractories.  Magensia owns mineral deposits throughout Brazil.

                          *     *     *

As of July 14, 2009, the company continues to carry Moody's B2 LT
Corp Family rating and Ba2.br NSR LT Corp rating.  The company
also continues to carry Standard and Poor's BB- LT Issuer Credit
ratings.


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


AGATE IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Agate IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


AMBER IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Amber IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


BERNARD L. MADOFF: 2 Cayman Funds Gets Default Notices
------------------------------------------------------
Bernard L. Madoff Investment Securities LLC trustee Irving Picard,
appointed under the Securities Investor Protection Act to
liquidate the company, seeks permission from the U.S. Bankruptcy
Court in Manhattan to file default notices against two Cayman
Islands firms -- Harley International Limited and Primeo Fund --
accused of profiting from the fraud are ignoring his lawsuits,
Erik Larson at Bloomberg News reports.

According to the report, Chris Sharpe, of the financial advisory
firm Zolfo Cooper, which is liquidating Primeo in a Cayman Islands
court, declined to comment.  The report relates the fund entered
voluntary liquidation in January.

As reported in the Troubled Company Reporter-Latin America on
July 9, 2009, in May, Mr. Picard sued Harley International
(Cayman) Limited to recover US$1,072,800,000 the latter received
from Madoff from June 23, 2004, until Dec. 11, 2008.  Harley,
according to Mr. Picard, received avoidable transfers from BLMIS.
Harley, the trustee alleged, "knew or should have known that its
account statements at BLMIS did not reflect legitimate trading
activity and that Madoff was engaged in fraud."  The complaint
said that from at least 1996 until 2008, Harley received
unrealistically high and consistent annual return -- approximating
13.5% -- in contrast to the vastly larger fluctuations in the S&P
100 Index on which Madoff's trading activity was purportedly based
during the time period.

                      About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least $50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


BREEZE IAM: Creditors' Proofs of Debt Due on October 6
------------------------------------------------------
The creditors of Breeze IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


DAISY IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Daisy IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


DIAMOND IAM: Creditors' Proofs of Debt Due on October 6
-------------------------------------------------------
The creditors of Diamond IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


DIMENSION (IMA): Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------------
The creditors of Dimension (IMA) Limited are required to file
their proofs of debt by October 6, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


EMBRYO (IFI): Creditors' Proofs of Debt Due on October 6
--------------------------------------------------------
The creditors of Embryo (IFI) Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


FOUNTAIN IAM: Creditors' Proofs of Debt Due on October 6
--------------------------------------------------------
The creditors of Fountain IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


INTER SPHERE: Placed Under Voluntary Wind-Up
--------------------------------------------
On July 13, 2009, the sole shareholder of Inter Sphere Funding TMK
Holdings Inc. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


LILAC IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Lilac IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


OSPREY IAM: Creditors' Proofs of Debt Due on October 6
------------------------------------------------------
The creditors of Osprey IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


SEAHAWK IAM: Creditors' Proofs of Debt Due on October 6
-------------------------------------------------------
The creditors of Seahawk IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


TITAN IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Titan IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


TULIP IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Tulip IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


UNITY IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Unity IAM Limited are required to file their
proofs of debt by October 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


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


CABLE & WIRELESS: Appoints David Shaw as Chief Executive Officer
----------------------------------------------------------------
Cable and Wireless Jamaica Limited has advised that David Shaw was
appointed as Chief Executive Officer of Lime on July 21, 2009.
Mr. Shaw was also appointed to the Board of Directors at a special
meeting held on August 12, 2009.

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

                        About Cable & Wireless

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

                          *     *     *

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

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


SUGAR COMPANY OF JAMAICA: Gov't Closer to Selling Sugar Factories
-----------------------------------------------------------------
The Jamaican government is one step closer to completing the sale
of state-owned sugar factories, RadioJamaica reports.  The report
relates that

According to the report, Agriculture Minister Dr. Chris Tufton
said significant progress has been made.  "Well we want to do it
as quickly as we can but we understand that it has to be a process
and there has to be a number of stages including due diligence on
both sides and so," the report quoted Mr. Tufton as saying.  "I
want to commit an exact time but I think we are going at a rate
that makes me comfortable that we will reach a decision in the not
too distant future," Mr. Tufton added.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, citing RadioJamaica, the Jamaican government's plan
to divest SCJ's five sugar factories may face trouble if the
original owners of the Hampden Estate succeed in their legal
battle in the High Court.  The report related that Hampden has
sued the SCJ, the Trelawny Sugar Company which operated the
factory, and the former receiver/manager John Lee in its objection
to the divestment.  The Gleaner noted that SCJ's sugar factories
are now expected to be sold off to what has been described as a
"priority four investors."  The report related that sources said
the government failed to offload the company as a single entity.

According to the report, prospective buyers on the short-list are:

   * a conglomerate -- Hussey family and American
     partners -- who is going after the Long Pond and Hampden
     Estates in Trelawny;

   * U.S.-based Energen Corporation for the Petrojam Ethanol
     facility and Bernard Lodge, Innswood, Monymusk estates in
     Clarendon;

   * Italians Eridania Sadam, who is eyeing the Frome estate in
      Westmoreland; and

   * Fred M. Jones, in partnership with Seprod Limited, has set
     his sights on the Duckenfield estate in St Thomas.

                          About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.


SUGAR COMPANY OF JAMAICA: Eridania Order to Cost US$45 Million
--------------------------------------------------------------
The 79,000 tonnes (174 million pounds) of raw sugar that the
government will supply Italian-owned Eridania Suisse SA, as part
of an agreement, could cost the state as much as US$45 million
($4 billion), The Jamaica Gleaner reports.  The report notes that
this estimate is related to the assumption that the factories
perform at 2008 levels when unit costs were 26 US cents per pound.

However, the report relates that if the production costs will go
down to 18 US cents per pound in time for this year's crop,
Eridania's supplies would cost US$31.3 million (JM$2.8 billion) to
churn -- still more than double the seed money available to
Jamaica.

According to the report, Agriculture Minister Christopher Tufton
has said that Jamaica can produce Eridania's sugar at US$21
million (J$1.87 billion), but, getting to that price would require
the sugar factories to become so super-efficient.

As reported in the Troubled Company Reporter-Latin America on
July 21, 2009, RadioJamaica said Eridania Suisse's US$15 million
provision for the Jamaica government as part of a deal to carry on
production activities at Sugar Company Jamaica is a stand alone
deal and would not compromise negotiations for SCJ's sale.
According to a TCRLA report, citing Caribbean Net News, the
Jamaica government has negotiated an interim funding with Eridania
Suisse to ensure the continued operation of Sugar Company of
Jamaica's three sugar estates -- Frome in Westmoreland, Monymusk
in Clarendon, and Bernard Lodge in St Catherine, Catibbean Net
News reports.  The report related the money will be used to
undertake field maintenance work on the three estates, as well as
preparatory works for the Frome and Monymusk factories.  According
to the report, Agriculture and Fisheries Minister Christopher
Tufton said the Cabinet has approved the arrangement, which should
“effectively ensure” the factories’ sugar production output for
the 2009/10 crop year, while the process of divestment continues.
Caribbean Net News noted Eridania and Energen Development Limited
are the two short-listed entities with which the administration is
pursuing negotiations toward the sale of the factories and
Petrojam Ethanol Limited (PEL).

Catibbean Net News said that Mr. Tufton advised that the fund will
be used to undertake the necessary preparatory and field
maintenance work at the properties for the upcoming crop year,
inclusive of fertilization of the fields and installing the
appropriate irrigation infrastructure.  Mr. Tufton, the report
related, said that, in return, the government will supply Eridania
with some 79,000 tonnes of raw sugar for the 2009/10 crop year.
Regarding the sale of the remaining estates Eridania will share,
on a 50 to 50 basis with the government, any profit made on the
final sale price, less agreed cost, Mr. Tufton added

                           About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.


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


OCEANOGRAFIA SA: S&P Affirms 'CCC' Rating on $335 Mil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services removed its 'CCC' long-term
corporate credit rating on Oceanografia S.A. de C.V. from
CreditWatch, where it was placed with negative implications on
Jan. 19, 2009.  At the same time, S&P affirmed the 'CCC' rating on
Oceanografia and its $335 million senior secured notes.  The
outlook is negative.

Founded in 1968, Oceanografia provides pipe-laying and pipe-burial
construction services, inspection, maintenance and repair
(primarily for pipeline infrastructure), and vessel-chartering
services for Petroleos Mexicanos in the Bay of Campeche.

"The affirmation reflects S&P's belief (based on preliminary
information) that, while S&P believes Oceanografia will report
weak financial results during the first half of 2009, these
results show a slight improvement versus 2008, and could continue
to improve during the second half of 2009 as new vessels arrive.
The ratings also reflect S&P's view of the company's business
profile as vulnerable, given its high customer and geographic
concentration and the continued delay in the delivery of new
vessels.  S&P also think its financial profile is highly
leveraged, especially in light of its very weak liquidity,
elevated indebtedness, and poor disclosure of financial
information," said Standard & Poor's credit analyst Enrique Gomez
Tagle.

Oceanografia's business profile reflects its high dependence on
PEMEX contracts -- the company's only source of revenue.  As a
result, regulatory and operational developments around PEMEX may
significantly affect Oceanografia's prospects.  S&P's perception
of Oceanografia's capacity to successfully execute new contracts
has been hindered by the continued delay in the delivery of new
vessels since the end of 2008.  This has resulted in lower-than-
expected sales and in a major deterioration in the company's
financial profile.

The outlook is negative, given S&P's concerns about the company's
liquidity, the delay in the release of financial results for the
first and second quarters of 2009, and S&P's unease about the
company's ability and willingness to report timely financial
statements.  "If liquidity does not improve in the coming months,
if the delays in the release of complete financial information to
the public continue, or if the results are weaker that expected,
S&P could downgrade the ratings.  An improvement in Oceanografia's
liquidity and information disclosure, along with evidence of
improvements in its operations, could lead us to revert the
outlook to stable," Mr. Gomez added.


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


CL FIN'L: CLICO Opens Agency to Handle Business From Closed Firms
-----------------------------------------------------------------
Colonial Life Insurance Company, a unit of CL Financial Limited,
opened a new agency, CL Agency, at the company's St Vincent St,
Port of Spain head office, to handle business from three top
performing offices it closed, Trinidad and Tobago Express reports.

According to the report, CLICO said CL Agency would "re-affirm
Colonial Life's commitment to its clients and provide another
avenue for the public to interact with our financial advisers and
courteous staff".  The report relates the new agency will also
monitor and streamline CLICO's vast insurance and investment
products.

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.


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


CITGO PETROLEUM: Released “Significant” Toxic Chemicals
-------------------------------------------------------
Citgo Petroleum Corp's plant in Corpus Christi, Texas, had a
“significant” release of a potentially lethal chemical from an
alkylation unit July 19, seriously injuring a worker, Paul
Burkhardt at Bloomberg News reports, citing a federal agency.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Reuters said Citgo Petroleum's alkylation unit was
shut following a July 19 morning fire at its 163,000 barrel per
day (bpd) Corpus Christi, Texas, refinery.

The report, citing a Citgo filing with the Texas Commission on
Environmental Quality, relates that nearly 4,000 pounds of
hydrogen fluoride was discharged during the July 19 incident after
a fire broke out in the unit.

According to the report, the Environmental Protection Agency said
Hydrogen fluoride is “toxic to humans, flora, and fauna in certain
doses and can be lethal as demonstrated by documented workplace
accidents.”  The report relates that Citgo reported 3,437 pounds
of hydrogen fluoride released from a source of “alkylation unit
fugitives” and 560 pounds from a flare stack.

The report adds that the chemical board, EPA and Occupational
Safety and Health Administration are investigating the Citgo plant
incident.

                      About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUELA: U.S. Unit Under Probe Over Toxic Released
-----------------------------------------------------------------
Citgo Petroleum Corp's plant in Corpus Christi, Texas, had a
“significant” release of a potentially lethal chemical from an
alkylation unit July 19, seriously injuring a worker, Paul
Burkhardt at Bloomberg News reports, citing a federal agency.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Reuters said Citgo Petroleum's alkylation unit was
shut following a July 19 morning fire at its 163,000 barrel per
day (bpd) Corpus Christi, Texas, refinery.

The report, citing a Citgo filing with the Texas Commission on
Environmental Quality, relates that nearly 4,000 pounds of
hydrogen fluoride was discharged during the July 19 incident after
a fire broke out in the unit.

According to the report, the Environmental Protection Agency said
Hydrogen fluoride is “toxic to humans, flora, and fauna in certain
doses and can be lethal as demonstrated by documented workplace
accidents.”  The report relates that Citgo reported 3,437 pounds
of hydrogen fluoride released from a source of “alkylation unit
fugitives” and 560 pounds from a flare stack.

The report adds that the chemical board, EPA and Occupational
Safety and Health Administration are investigating the Citgo plant
incident.

                      About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


* VENEZUELA: Expects Economy to “Skirt” Recession
-------------------------------------------------
Venezuela's economy will likely avoid recession and could grow
modestly this year, Ana Isabel Martinez at Reuters reports, citing
Finance Minister Ali Rodriguez.

The report relates that Mr. Rodriguez told local newspaper Ultimas
Noticias in an interview that the government was working to
stimulate growth and an expansion of 1% was not out of the
question.  "There is no recession. By convention, a recession
exists when there are two consecutive quarters of negative growth.
We are not in that situation," Ultimas Noticias quoted Mr.
Rodriguez as saying, Reuters notes.

As reported in the Troubled Company Reporter-Latin America on
August 21, 2009, Bloomberg News said that Venezuela's gross
domestic product shrank 2.4% in the second quarter, the first time
since 2003, after a plunge in oil prices led to restricted
government and consumer spending, and manufacturing output
collapsed.  In the first half of the year, GDP fell 1%, the
central bank said in an e-mailed statement obtained by the news
agency.  According to the report, the economy faltered under
Venezuela’s rigid foreign exchange and price controls, as
President Hugo Chavez responded to a collapse in oil prices at the
beginning of the year by cutting spending and controlling the sale
of dollars at the official exchange rate to try to hold on to
reserves.  Bloomberg News pointed out that the country's economic
indicators contracted across the board in the second quarter,
including investment, oil activity, manufacturing and consumer
spending, as the economy reeled from the collapse in oil prices.

                          *     *     *

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


* VENEZUELA: Must Reform Financial Rules, Finance Minister Says
---------------------------------------------------------------
Venezuela’s financial industry is in need of reform to reduce
speculation and encourage investment that will increase
productivity, Matthew Walter at Bloomberg News reports, citing
Finance Minister Ali Rodriguez.  “An important percentage of
Venezuela’s finances are oriented more toward speculative
activities than acting to stimulate the national productive
apparatus,” the report quoted Mr. Rodriguez as saying.

According to the report, Venezuela’s economy shrank 2.4% in the
second quarter, the first contraction since 2003, led by a 8.5%
drop in manufacturing output.  The report relates Mr. Rodriguez
said the economy has been hurt by “external factors” including the
fall in the price of oil and the global financial crisis.

Bloomberg News notes that economists including Miguel Octavio,
head of research at BBO Financial Services Inc., said the
government may be planning to make changes to the country’s
foreign exchange rules, which may include the creation of a dual
exchange rate.

Mr. Rodriguez, the report relates, said he had presented a plan to
President Hugo Chavez to reduce the “imbalance” in the country’s
parallel, unofficial exchange rate.  The report notes Mr.
Rodriguez said the central bank, finance minister and Foreign
Exchange Administration Commission met to review demand to buy
currency at the official exchange rate and decided to grant 65% of
the amount requested.  The currency will be sold in three groups,
the report adds.

                         *     *     *

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


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


* BOND PRICING: For the Week August 17 to July 21, 2009
-------------------------------------------------------


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

ARGENTINA

ALTO PALERMO SA         7.88      5/11/2017   USD        71.1
ARG BODEN                  7      10/3/2015   USD       63.85
ARGENT-$DIS             8.28      12/31/2033  USD       52.63
ARGENT-$DIS             8.28      12/31/2033  USD        64.1
ARGENT-PAR              1.18      12/31/2038  ARS       29.72
ARGENT-=DIS             7.82      12/31/2033  EUR       51.16
ARGNT-BOCON PR13           2      3/15/2024   ARS       51.67
ARGNT-BOCON PRE8           2      1/3/2010    ARS        25.9
AUTOPISTAS DEL S        11.5      5/23/2017   USD       39.75
BANCO HIPOT SA          9.75      4/27/2016   USD          77
BANCO MACRO SA         10.75      6/7/2012    USD       48.51
BANCO MACRO SA          9.75      12/18/2036  USD       68.75
BONAR ARG $ V           10.5      6/12/2012   ARS       64.27
BONAR VII                  7      9/12/2013   USD       71.74
BONAR X                    7      4/17/2017   USD       63.96
BUENOS AIRE PROV        9.38      9/14/2018   USD       50.76
BUENOS AIRE PROV        9.63      4/18/2028   USD       47.97
BUENOS-$DIS             9.25      4/15/2017   USD       57.14
INVERS REP Y SOC         8.5      2/2/2017    USD          77
MENDOZA PROVINCE         5.5      9/4/2018    USD       57.81
TRANSENER               8.88      12/15/2016  USD        73.5

BRAZIL

COSAN SA INDUSTR        8.25      #N/A N Ap   USD       86.61
REDE EMPRESAS          11.13      #N/A N Ap   USD        65.5
REDE EMPRESAS          11.13      #N/A N Ap   USD        50.5
VIGOR                   9.25      2/23/2017   USD          84

CAYMAN ISLAND

AES DOMINICANA            11      12/13/2015  USD          87
AIG SUNAMERICA          6.38      10/5/2020   GBP       68.69
BARION FUNDING           0.1      12/20/2056  EUR        6.37
BARION FUNDING          0.25      12/20/2056  USD        6.79
BARION FUNDING          0.25      12/20/2056  USD        6.79
BARION FUNDING          0.25      12/20/2056  USD        6.79
BARION FUNDING          0.25      12/20/2056  USD        6.85
BARION FUNDING          0.25      12/20/2056  USD        6.79
BARION FUNDING          0.63      12/20/2056  GBP       16.17
BARION FUNDING          1.44      12/20/2056  GBP       29.02
BARION FUNDING          0.25      12/20/2056  USD        6.79
BES FINANCE LTD          4.5      #N/A N Ap   EUR       76.55
BES FINANCE LTD          6.2      2/7/2035    EUR       62.36
CHINA MED TECH             4      8/15/2013   USD          67
CHINA PROPERTIES        9.13      5/4/2014    USD        69.5
DUBAI HLDNG COMM           6      2/1/2017    GBP        68.9
EGE HAINA FINANC         9.5      4/26/2017   USD          72
ESFG INTERNATION        5.75      #N/A N Ap   EUR       77.08
FERTINITRO FIN          8.29      4/1/2020    USD          52
GOL FINANCE             8.75      #N/A N Ap   USD          77
LDK SOLAR CO LTD        4.75      4/15/2013   USD       68.46
MALACHITE FDG           0.63      12/21/2056  EUR       22.71
MAZARIN FDG LTD         0.25      9/20/2068   USD           5
MAZARIN FDG LTD         0.25      9/20/2068   USD        5.06
MAZARIN FDG LTD         0.25      9/20/2068   USD           5
MAZARIN FDG LTD          0.1      9/20/2068   EUR        3.84
MAZARIN FDG LTD         1.44      9/20/2068   GBP       26.69
MAZARIN FDG LTD         0.63      9/20/2068   GBP       13.42
MAZARIN FDG LTD         0.25      9/20/2068   USD           5
MAZARIN FDG LTD         0.25      9/20/2068   USD           5
MAZARIN FDG LTD         0.25      9/20/2068   USD           5
MINERVA OVERSE           9.5      2/1/2017    USD        73.2
PANAMA CANAL RAI           7      11/1/2026   USD          71
PUBMASTER FIN           6.96      6/30/2028   GBP       54.04
REG DIV FUNDING         5.25      1/25/2036   USD       72.77
SHINSEI FIN CAYM        6.42      #N/A N Ap   USD       50.23
SHINSEI FIN CAYM        6.42      #N/A N Ap   USD       50.15
SHINSEI FINANCE         7.16      #N/A N Ap   USD       45.13
SMFG PREFERRED          6.16      #N/A N Ap   GBP        75.6
SUNAMER INST FND        6.15      10/14/2019  EUR       71.89
XL CAPITAL LTD           6.5      #N/A N Ap   USD        59.5


ECUADOR

REP OF ECUADOR          9.38      12/15/2015  USD       80.72


JAMAICA

JAMAICA GOVT               8      3/15/2039   USD          69
JAMAICA GOVT             8.5      2/28/2036   USD       71.63
JAMAICA GOVT           13.38      4/27/2032   JMD       59.43
JAMAICA GOVT LRS       12.75      6/29/2022   JMD       60.48
JAMAICA GOVT LRS          16      6/13/2022   JMD       74.76
JAMAICA GOVT LRS       12.85      5/31/2022   JMD       61.02
JAMAICA GOVT LRS          15      11/15/2021  JMD       71.19
JAMAICA GOVT LRS       13.38      12/15/2021  JMD       63.99
JAMAICA GOVT LRS         7.5      10/6/2012   JMD       71.84
JAMAICA GOVT LRS          14      6/30/2021   JMD       67.42
JAMAICA GOVT LRS       16.25      5/22/2027   JMD       72.28
JAMAICA GOVT LRS       16.25      6/18/2027   JMD       72.38
JAMAICA GOVT LRS        14.4      8/3/2027    JMD       65.87
JAMAICA GOVT LRS        15.5      3/24/2028   JMD       68.97
JAMAICA GOVT LRS       16.25      7/26/2032   JMD       72.25
JAMAICA GOVT LRS       16.13      8/21/2032   JMD        73.7
JAMAICA GOVT LRS       16.25      8/26/2032   JMD       74.24
JAMAICA GOVT LRS          15      8/30/2032   JMD       68.56
JAMAICA GOVT LRS          15      9/6/2032    JMD       65.07
JAMAICA GOVT LRS          16      12/6/2032   JMD       71.07
JAMAICA GOVT LRS       13.58      12/15/2026  JMD       60.41
JAMAICA GOVT LRS       12.75      6/29/2022   JMD        60.5
JAMAICA GOVT LRS        16.5      6/14/2027   JMD       73.37
NEWLAND INT PROP         9.5      11/15/2014  USD       70.88


PUERTO RICO

DORAL FINL CORP            7      4/26/2012   USD       39.75
DORAL FINL CORP          7.1      4/26/2017   USD          33
DORAL FINL CORP         7.15      4/26/2022   USD       26.88
DORAL FINL CORP         7.65      3/26/2016   USD       34.13
PUERTO RICO CONS         6.1      5/1/2012    USD        55.5
PUERTO RICO CONS         6.5      4/1/2016    USD          45


VENEZUELA

PETROLEOS DE VEN         5.5      4/12/2037   USD       43.12
PETROLEOS DE VEN        5.25      4/12/2017   USD       53.75
PETROLEOS DE VEN        5.38      4/12/2027   USD       43.07
VENEZUELA               5.75      2/26/2016   USD       68.17
VENEZUELA                  7      12/1/2018   USD        64.8
VENEZUELA                  6      12/9/2020   USD       56.87
VENEZUELA                  9      5/7/2023    USD       70.71
VENEZUELA               7.65      4/21/2025   USD       60.72
VENEZUELA               9.25      9/15/2027   USD       73.42
VENEZUELA               9.25      5/7/2028    USD       69.41
VENEZUELA                  7      3/31/2038   USD       53.53
VENEZUELA                  7      3/16/2015   EUR       70.33
VENEZUELA                  7      3/16/2015   EUR       70.19
VENZOD - 189000         9.38      1/13/2034   USD       69.45


                            ***********

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.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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           * * * End of Transmission * * *