TCRLA_Public/090825.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

             Tuesday, August 25, 2009, Vol. 10, No. 167

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Court Releases Funds to Joint Liquidators
STANFORD INT'L: Investors File Lawsuit Against Affiliate & State


A R G E N T I N A

ARQUI+ SRL: Creditors' Proofs of Debt Due on October 9
BEAU GEST: Trustee Verifying Proofs of Claim Until September 14
COMPANIA SALUD: Creditors' Proofs of Debt Due on September 11
COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt Due on Oct. 13
DYNAMOTIVE ENERGY: Posts US$3MM Net Loss in 6Mos Ended June 30

PIAP VIAL: Creditors' Proofs of Debt Due on October 7
SOUTHERN BUILD: Creditors' Proofs of Debt Due on October 14


B E R M U D A

FAIRMONT SOUTHAMPTON: Slashes Hotel Rates to Attract Tourists
PROTOSTAR LTD: Bankruptcy Court OKs Auction of Satellite Units
PROTOSTAR LTD: Sale Procedures, Loan Opposed by Creditors


B R A Z I L

AWB LIMITED: To Make US$80MM to US$95MM Provision for Brazil Exit
BR MALLS: To Acquire Shopping Metro's 95% Stake for BRL188 Million
CAIXA ECONOMICA: Mulls BRL8 Billion in Corporate Loans
COMPANHIA SIDERURGICA: Unit Expects to Sell 14.5MM Tons Iron Ore
ENERGISA SA: To Spend BRL75 Million To Acquire Unit's Shares


C A Y M A N  I S L A N D S

AIRGLOW IAM: Creditors' Proofs of Debt Due on October 6
APHELION GENERAL: Commences Wind-Up Proceedings
ART IAM: Creditors' Proofs of Debt Due on October 6
CONCORD IAM: Creditors' Proofs of Debt Due on October 6
DUSK IAM: Creditors' Proofs of Debt Due on October 6

GEM IAM: Creditors' Proofs of Debt Due on October 6
JOY IAM: Creditors' Proofs of Debt Due on October 6
KAPPA IAM: Creditors' Proofs of Debt Due on October 6
LEO IAM: Creditors' Proofs of Debt Due on October 6
SKY IAM: Creditors' Proofs of Debt Due on October 6

TYPHOON IAM: Creditors' Proofs of Debt Due on October 6
VELOS BALKAN: Commences Wind-Up Proceedings
WHITNEY JAPAN: Commences Wind-Up Proceedings
ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3
ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3


C O L O M B I A

ECOPETROL SA: Signs 5-Year Collective Bargaining Deal With Union


J A M A I C A

AIR JAMAICA: Spends US$52 Million to Sub-Lease Two Aircrafts
ALUMINA PARTNERS: Former Workers to Get Pension Money
KES DEV'T LIMITED: Liquidation Hits Snag
JAMAICA PUBLIC SERVICE: Fall in Oil Prices Boosts Firm's Profit
SUGAR COMPANY: Gov't Receives Eridania's US$15MM Capital Injection

* JAMAICA: Manufacturers Want Further Reduction in Interest Rates
* JAMAICA: Moody's Says IMF Stand-By Deal Supports 'B2' Rating


M E X I C O

ALESTRA: Only 35% Participate in Cash Offer for 2010 Notes


P E R U

DOE RUN PERU: May Cancel Creditor Protection Filing


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Court Releases Funds to Joint Liquidators
---------------------------------------------------------
The joint liquidators of Stanford International Bank Limited wish
to advise that from August 18, 2009, onwards they will be able to
use funds of SIB in England and Wales to meet essential ongoing
operating costs of the Antiguan liquidation.

The Court of Appeal for England & Wales varied the restraint order
over the assets, which had previously been obtained by the Serious
Fraud Office at the request of the United States Department of
Justice.

The joint liquidators, Nigel Hamilton-Smith and Peter Wastell,
have a further appeal that seeks the discharge of the criminal
restraint order obtained by the SFO on behalf of the US DOJ.  They
are requesting the control of the funds so that they can be
distributed to investors and creditors, rather than retained with
a view to making them available in future to the US DOJ.

The date of this appeal has been set as November 16, 2009, which
will also include a hearing to deal with the US receiver’s appeal
against the order of the High Court of July 3, 2009, which gave
the Antiguan liquidators control of SIB assets located in England
and Wales.

Separately, proceedings continue in Switzerland, Canada and the US
in respect of the joint liquidators’ applications for formal
recognition of the Antiguan liquidation of SIB and for control of
SIB assets located in those jurisdictions.

In the meantime, the joint liquidators continue to deal with
investors via the Online Claims Management System --
https://stanford.vantisplc.com/ -- and, to date, over 13,000
investors have accessed the service.  The joint liquidators shall
continue to verify and confirm claims.

Stanford Trust Company Limited remains in receivership and is not
currently in a position to formally agree claims with its clients
and creditors.  The liquidators of SIB are, however, aware of the
position of STC, and its clients and creditors, and know that
STC’s clients’ claims will be formally registered with SIB in due
course.

                   About Stanford International

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

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

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

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

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


STANFORD INT'L: Investors File Lawsuit Against Affiliate & State
----------------------------------------------------------------
Louisiana-chartered Stanford Trust Co. 's 86 investors,
represented by Baton Rouge lawyer Phillip Preis of the Preis
Gordon law firm, has filed a class-action lawsuit against the
firm, the state, and others, for "turn[ing] a blind eye to the
Stanford scheme," 2theadadvocate.com reports.  The report relates
the lawsuit's plaintiffs are composed mostly of old investors who
invested their life savings with Stanford Trust and lost it all.

According to the report, the suit, filed in state District Court,
alleges that the state’s Office of Financial Institutions informed
Stanford Trust in 2007 that it should cease marketing the Stanford
International Bank certificates of deposit because of the need to
diversify assets and because of the risks associated with the
operation of the bank on the Caribbean Island of Antigua.  The
report relates that the suit also contends OFI informed Stanford
Trust that all CDs from Stanford International Bank should be
removed from the trust in 2008 because of the risk associated with
the CDs and the foreign bank’s inability to inform OFI of what
assets, if any, in which the funds from the CDs were invested.

"OFI already knew of the risk associated with the sale of the
(Stanford International Bank) CDs, yet the State of Louisiana did
nothing to change its operational procedures to prevent another
catastrophe or inform the plaintiffs of the new risks perceived by
OFI," the suit charges, the report notes.

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


ARQUI+ SRL: Creditors' Proofs of Debt Due on October 9
------------------------------------------------------
Viviana Santamarina, the court-appointed trustee for Arqui+
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 9, 2009.

Ms. Santamarina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

          Viviana Santamarina
          Jufre 250
          Argentina


BEAU GEST: Trustee Verifying Proofs of Claim Until September 14
---------------------------------------------------------------
The court-appointed trustee for Beau Gest S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 14, 2009.

The trustee will present the validated claims in court as
individual reports on October 27, 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 9, 2009.


COMPANIA SALUD: Creditors' Proofs of Debt Due on September 11
-------------------------------------------------------------
Manuel Manzanita, the court-appointed trustee for Compania Salud
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 11, 2009.

Mr. Manzanita will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Manuel Manzanita
          Av. Cordoba 135
          Argentina


COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt Due on Oct. 13
-----------------------------------------------------------------
Isaac Jozpe, the court-appointed trustee for Cooperativa de
Vivienda, Credito y Consumo Surikata Limitada's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 13, 2009.

Mr. Jozpe will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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:

          Isaac Jozpe
          Uriburu 1054
          Argentina


DYNAMOTIVE ENERGY: Posts US$3MM Net Loss in 6Mos Ended June 30
--------------------------------------------------------------
Dynamotive Energy Systems Corporation filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
6-K for the three and six months ended June 30, 2009.

For three months ended June 30, 2009, the Company posted a net
loss of US$1.53 million compared with a net loss of US$2.90
million for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of US$3.22 million compared with a net loss of US$4.34 million for
the same period in 2008.

The Company's balance sheet showed total assets of US$36.06
million, total liabilities of US$11.34 million and stockholders'
equity of about US$24.72 million.

The Company also disclosed that the financial statements were
prepared on the going concern basis, which presumes the Company
will be able to realize its assets and discharge its liabilities
in the normal course of operations for the foreseeable future.

A full-text copy of the Company's financial statements for the
periods ended June 30, 2009, is available for free at
http://ResearchArchives.com/t/s?42e0

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider
headquartered in Vancouver, Canada, with subsidiaries based in the
United States, United Kingdom and Argentina.  Its
carbon/greenhouse gas neutral fast pyrolysis technology uses
medium temperatures and oxygen-less conditions to turn dry waste
biomass and energy crops into BioOil(TM) for power and heat
generation.  BioOil(TM) can be further converted into vehicle
fuels and chemicals.


PIAP VIAL: Creditors' Proofs of Debt Due on October 7
-----------------------------------------------------
Salvador Lamarchina, the court-appointed trustee for Piap Vial
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 7, 2009.

Ms. Lamarchina 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. 7, 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:

          Salvador Lamarchina
          Esmeralda 847
          Argentina


SOUTHERN BUILD: Creditors' Proofs of Debt Due on October 14
-----------------------------------------------------------
Christian Barbieri, the court-appointed trustee for Southern Build
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 14, 2009.

Mr. Barbieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

          Christian Barbieri
          Av. Callao 449
          Argentina


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B E R M U D A
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FAIRMONT SOUTHAMPTON: Slashes Hotel Rates to Attract Tourists
-------------------------------------------------------------
The Fairmont Southampton Princess Resort has slashed its prices
aiming to increase the number of tourists in its establishment,
BermudaSun reports.  The report relates that the Fairmont
Southampton is offering rooms for just US$99 over 99 hours.

According to the report, Michael Pye, Fairmont Southampton
director of operations, hopes the sale will generate bookings now
and in the first quarter of next year.

The Fairmont Southampton Princess Resort --
http://www.fairmont.com/southampton/-- is a Bermuda luxury
hotel located on the island's southern shore.  Featuring 593 guest
rooms and suites, each with a private balcony and incredible views
of the ocean, the harbor or the golf course, our Bermuda luxury
resort's idyllic location and luxurious amenities have been
beckoning visitors to the island since 1972.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2009, the Royal Gazette said Fairmont Southampton sent
home workers and extended accelerated retirement options to
others in its Bermuda hotel.  The report related the hotel also
said it would close half of its guest rooms until April and shut
its restaurants on a rotating basis depending on occupancy rates,
up to the summer season as the global economic crisis took effect.

According to the report, Fairmont Hotels & Resorts Bermuda
Managing Director Norm Mastalir said the hotel was seeking
alternative ways of attracting business from overseas, while
working with government on the domestic front to reduce costs and
boost revenue to stave off the impact of the financial turmoil.


PROTOSTAR LTD: Bankruptcy Court OKs Auction of Satellite Units
--------------------------------------------------------------
Bloomberg News reports that Judge Mary Walrath has authorized
Protostar LTd. to sell its two satellites at an October 14
auction.  According to Bloomberg's Michael Bathon, Judge Walrath
granted the proposed procedures for the sale of virtually all the
assets of ProtoStar I Ltd. and ProtoStar II Ltd., the company's
units.  The assets include the two satellites and ground
equipment, software and contracts needed to operate them.

As reported by the TCR on Aug. 12, 2009, the Debtors have
submitted separate bid procedures for assets of Protostar I Ltd.
and Protostar II Ltd.  They propose to pay a break up fee of up to
3% of the cash purchase price of the assets and expense
reimbursement of up to US$500,000 to the stalking horse bidder in
the event another party is the successful bidders at the auction.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: Sale Procedures, Loan Opposed by Creditors
---------------------------------------------------------
ProtoStar Ltd. is facing opposition from the official creditors'
committee to procedures for selling the assets and final approval
for financing.  According to Bill Rochelle at Bloomberg, the
Creditors Committee asserts the DIP financing "would render the
Chapter 11 process a sham," and the case is for the "exclusive
benefit of secured lenders."   It opposes the fast-tracked sale of
the Debtors' assets and the sale milestones set by the DIP
lenders.

As reported by the TCR on Aug. 12, 2009, the Debtors have
submitted separate bid procedures for assets of Protostar I Ltd.
and Protostar II Ltd.  They propose to pay a break up fee of up to
3% of the cash purchase price of the assets and expense
reimbursement of up to $500,000 to the stalking horse bidder in
the event another party is the successful bidders at the auction.
The Debtors propose an auction sale for September 23, with a
September 17 deadline for the submission of bids.

The U.S. Bankruptcy Court for the District of Delaware has granted
interim approval to the request of ProtoStar Ltd., as borrower,
and ProtoStar I Ltd., as guarantor, permission, on an interim
basis, (i) to borrow up to $2,000,000 in senior secured super-
priority financing from Wells Fargo Bank, National Association, as
administrative agent for itself and the other DIP lenders, and to
use cash collateral of the pre-petition lenders, to finance the
Debtors' operations and satisfy other working capital and
operational needs of the Debtors.  As of the petition date,
ProtoStar Ltd. and ProtoStar I Ltd. are indebted to the WC
Facility lenders in the aggregate amount of $10,000,000 plus
accured interest.  As of the petition date, roughly $182,363,076
plus accrued interest is owed to the holders of the Convertible
Senior Secured Notes due 2012.

PS II is also accessing DIP financing from lenders led by Credit
Suisse, Singapore Branch, as collateral agent, and Credit Suisse,
Cayman Islands Branch, as administrative agent.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


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


AWB LIMITED: To Make US$80MM to US$95MM Provision for Brazil Exit
-----------------------------------------------------------------
AWB Limited will make a US$80 million to US$95 million provision
against its Brazil operations, which are being wound down, that
will affect its annual profit, the Australian Associated Press
reports.  The report relates the company AWB had warned in July
that it would be undertaking an orderly wind down of the
operations that might result in one-off losses and costs.

"Including the costs of restructuring as well as anticipated
impairment costs, management estimate that a provision in the
range of US$80 million to US$95 million will be required against
AWB Brazil as at September 30," the company said in a statement
obtained by the news agency.

According to the report, the provision largely relates to the
impairment of debtors and investments and the recognition of
contingent liabilities, which will impact the cash recovered by
the AWB group from the winding down process.  "Included in the
provision is management's expectation that an estimated net cash
contribution will be required following the completion of the
winding down, in the range of US$16 million to US$35 million," the
company added.

AAP notes that as a result of the wind down, US$43 million of
deferred tax assets relating to tax losses currently on the
balance sheet of AWB Brazil will also be written off in fiscal
2009 and accounted for as a part of the AWB's annual tax expense.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2009, Bloomberg News said AWB Limited will close its
Brazil business, made unprofitable by falling margins, foreign
exchange losses and overhead and funding costs.  The Brazilian
unit will record a full-year pretax operating loss of as much as
A$65 million (US$53 million) in the year ending Sept. 30, AWB said
in a statement obtained by the news agency.  The report related
that the company said that the poor result in Brazil is due to
credit issues, reduced trading margins, recently identified
deferred currency losses, interest and overhead costs and poor
commercial decisions made locally.

                        About AWB Limited

Headquartered in Melbourne, Australia, AWB Limited (ASX:AWB) --
http://www.awb.com.au/-- operates in three business areas: Rural
Services, Financial Services and Commodity Management.  Rural
Services offers customers a range of agribusiness services,
including merchandise, fertilizer, farm services, wool and
livestock, finance, insurance and real estate.  The Financial
Services business provides financial solutions to clients across
rural and regional Australia, including lending solutions, savings
and investment accounts, insurance solutions, equipment finance,
wealth management and online trading.  Commodity Management
business include commodity trading, origination and sales of
commodities, such as wheat, canola and pulses, logistics and
chartering, and risk management.  These operations include Pool
Management Services, Australian Commodity Management,
International Commodity Management, and Supply Chain and Other
Investments.


BR MALLS: To Acquire Shopping Metro's 95% Stake for BRL188 Million
------------------------------------------------------------------
BR Malls Participacoes S.A. said it is acquiring a 95% stake in
Shopping Metro Santa Cruz from JHSF Participacoes for BRL188
million, LatinFrance reports.  The report relates that it is
likely the transaction will be paid for in cash.

According to the report, in July, the buyer raised BRL727 million
through a follow-on offering with the intention of making
acquisitions.  The report relates that the deal is expected to
close within 15 days.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, LatinFrance said BR Malls raised BRL727 million
through a follow-on offering priced on July.  The report related
the company sold 48.46 million shares at BRL15.00, a 1.6% discount
to the closing price of BRL15.25.  According to the report, the
issuer capped the sale at 48 million because it did not see the
need to raise additional cash.  The report noted that an unnamed
banker managing the transaction said that selling shareholders
chose not to divest holdings beyond the 18 million they had
originally planned to offer.  The book was over 3x subscribed, the
unnamed manager added.  LatinFrance added that the follow-on was
led by Itau BBA, with UBS Pactual, Santander and Citi as joint
bookrunners.

                          About BR Malls

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. is the largest integrated shopping mall company in Brazil
with a portfolio of 34 malls, representing 985.2 thousand square
meters in total Gross Leasable Area (GLA) and 429.1 thousand
square meters in owned GLA.

                           *     *     *

As of July 1, 2009, the company continues to carry Standard and
Poor's "BB-" LT Issuer Credit ratings.  The company also continues
to carry Fitch Ratings' "BB-" LT Issuer Default ratings and "BB-"
Senior Secured debt ratings.


CAIXA ECONOMICA: Mulls BRL8 Billion in Corporate Loans
------------------------------------------------------
Caixa Economica Federal is reviewing BRL8 billion (US$4.37
billion) in business loan requests to "aggressively" bolster its
corporate credit market presence, Aluisio Alves at Reuters
reports, citing Chief Financial Officer Marcio Percival.  The
report relates that the new loans would be on top of a line
extended to steelmaker Companhia Siderurgica Nacional.  "We've
been moving more aggressively into credit lines for companies,"
Mr. Percival told Reuters in an interview.

As reported in the Troubled Company Reporter-Latin America on
August 24, 2009, LatinFrance said that Companhia Siderurgica
Nacional S.A. has received a BRR2 billion credit line in a term of
three years from Caixa Economica to use for working capital.  The
report related this is the third major loan Caixa Economica
Federal has done for higher rated Brazilian corporates.  The
report noted 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 said the CSN loan is significantly larger, and likely
commands a higher relative spread, though market conditions have
improved substantially since March.

According to Reuters, the federally-owned bank has seen a 56%
surge in its loan portfolio in the second quarter from a year
earlier, led by a surge in mortgages and consumer loans.

Reuters relates that Mr. Percival said Caixa Economica also set
aside BRL3 billion for its CaixaPar holding company to acquire
companies in the financial services, real estate or technology
sectors.  The bank may announce possible takeovers before the end
of the year, Mr. Percival added.

                        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: Unit Expects to Sell 14.5MM Tons Iron Ore
----------------------------------------------------------------
Namisa S.A., a 60% owned-subsidiary of Siderurgica Nacional S.A.,
expects to sell 14.5 million metric tons of iron ore this year,
John Kolodziejski at Dow Jones Newswires reports, citing Valor
newspaper.  The report relates that Namisa said of the total,
around nine million tons will come from Namisa's own Casa de Pedra
mining complex, and the rest will come from independent miners
also within Minas Gerais State.

According to the report, Namisa expects net 2009 profit of BRL1.5
billion (US$820 million), up 40% from 2008, when it sold 9.5
million tons of iron ore.  The report notes that Namisa is
investing BRL4 billion to raise iron ore output to 39 million tons
in 2013.  "Most of the sales will be in long-term contracts at
benchmark prices," the report quoted Charles Lagana Putz,
president of Namisa, as saying.

Dow Jones Newswires notes that Namisa plans to operate two 6.5
million ton-a-year pellet plants at the Casa de Pedra mine by
2012, which will raise the price of the ore.

Namisa is 60% owned by CSN.  A consortium of Japanese and Korean
mills -- Itochu Corp., Nippon Steel Corp., JFE Steel Corp., Posco,
Sumitomo Metal Industries, Kobe Steel and Nisshin Steel Co. -–
paid US$3.12 billion for the other 40% in mid-October.

                            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+.


ENERGISA SA: To Spend BRL75 Million To Acquire Unit's Shares
------------------------------------------------------------
Energisa SA will spend BRL75 million to acquire the shares it
doesn’t own of its three of its subsidiaries, Borborema, Paraiba
and Nova Friburgo, Lainfrance reports, citing a company statement.

According to the report, the company move is aimed to simplify the
holdco’s ownership structure and consolidate its holdings, which
includes a total of 9 different units located around Brazil.

The report says Energisa is publicly listed, but is largely held
by two large groups of private shareholders.

Energisa, based in Cataguases, Minas Gerais, is a holding company
that controls five electricity distribution utilities in four
Brazilian states (Paraiba, Sergipe, Minas Gerais and Rio de
Janeiro), serving approximately 2.2 million consumers.  In 2008,
Energisa sold 6,614 GWh, equivalent to approximately 1.5% of all
electricity distributed in Brazil.  Energisa is listed on the
Brazilian stock market and is controlled by the Botelho family.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2009, Moody's confirmed the Ba3 local currency corporate
family rating for Energisa S.A. and the Ba3 rating for the
US$250 million unsecured notes units jointly but not severally
issued by Energisa Sergipe - Distribuidora de Energia S.A. and
Energisa Paraiba –- Distribuidora de Energia S.A. due 2013 and
guaranteed by Energisa.  At the same time, Moody's confirmed
Energisa's A3.br corporate family rating on the Brazilian national
scale.


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


AIRGLOW IAM: Creditors' Proofs of Debt Due on October 6
-------------------------------------------------------
The creditors of Airglow 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


APHELION GENERAL: Commences Wind-Up Proceedings
-----------------------------------------------
On July 14, 2009, the sole shareholder of Aphelion General Partner
Inc. passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


ART IAM: Creditors' Proofs of Debt Due on October 6
---------------------------------------------------
The creditors of ART 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


CONCORD IAM: Creditors' Proofs of Debt Due on October 6
-------------------------------------------------------
The creditors of Concord 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


DUSK IAM: Creditors' Proofs of Debt Due on October 6
----------------------------------------------------
The creditors of Dusk 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


GEM IAM: Creditors' Proofs of Debt Due on October 6
---------------------------------------------------
The creditors of GEM 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


JOY IAM: Creditors' Proofs of Debt Due on October 6
---------------------------------------------------
The creditors of JOY 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


KAPPA IAM: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------
The creditors of Kappa 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


LEO IAM: Creditors' Proofs of Debt Due on October 6
---------------------------------------------------
The creditors of Leo 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


SKY IAM: Creditors' Proofs of Debt Due on October 6
---------------------------------------------------
The creditors of SKY 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


TYPHOON IAM: Creditors' Proofs of Debt Due on October 6
-------------------------------------------------------
The creditors of Typhoon 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


VELOS BALKAN: Commences Wind-Up Proceedings
-------------------------------------------
On July 15, 2009, the sole shareholder of Velos Balkan Fund passed
a resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


WHITNEY JAPAN: Commences Wind-Up Proceedings
--------------------------------------------
On July 13, 2009, the sole shareholder of Whitney Japan Strategic
Fund, Ltd. passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Zest Investments V are required to file their
proofs of debt by September 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 14, 2009.

The company's liquidator is:

          Ellen J. Christian
          c/o Piccadilly Cayman Limited
          Telephone: 345 945 9208
          Fax: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman KY1-1006
          Cayman Islands


ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Zest Investments IV are required to file their
proofs of debt by September 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 14, 2009.

The company's liquidator is:

          Ellen J. Christian
          c/o Piccadilly Cayman Limited
          Telephone: 345 945 9208
          Fax: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman KY1-1006
          Cayman Islands



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


ECOPETROL SA: Signs 5-Year Collective Bargaining Deal With Union
----------------------------------------------------------------
Ecopetrol S.A. and its union, Union Sindical Obrera, have signed a
new five-year collective bargaining agreement.  This collective
bargaining agreement will make work harmony possible while
leveraging the growth of the company towards its production target
of one million barrels a day by 2015.

This historical agreement, where transparency and open
communication were fundamental, is the materialization of another
agreement signed by the parties last April 24, which is
fundamentally grounded on mutual respect, acknowledgement and a
constructive and productive dialogue.

The collective bargaining agreement was achieved during the direct
agreement stage, which lasts a maximum of 40 days, and will be
valid until 2014.  Ecopetrol conducted this process with the
coexisting unions USO, Adeco and Sindispetrol.

The new collective bargaining agreement covers health, education,
housing, transport, meals, cultural activities, union rights and
guarantees, among other aspects.  As regards salary, it provides
for an increase of 6.02% for the first year; the Consumer Price
Index, or CPI, plus 1% for the second year; CPI plus 1.15% for the
two following year, and CPI plus 1.5% for the last year.

Ecopetrol and the Political Committee of USO also reached
agreements regarding the application of the salary compensation
policy for unionized personnel, productivity, and solution of the
situation of personnel dismissed due to the 2004 work stoppage.

Ecopetrol would like to highlight and recognize the efforts of its
negotiation team members for their commitment, dedication and
professionalism throughout this process.  Ecopetrol also
appreciated the efforts of the representatives of the parties for
their open-mindedness and willingness to dialog.  These teams made
this important achievement possible, which will translate into
company sustainability, well-being for its workers and benefits
for the whole country.

                        About Ecopetrol S.A.

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

                           *     *     *

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


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


AIR JAMAICA: Spends US$52 Million to Sub-Lease Two Aircrafts
------------------------------------------------------------
Air Jamaica Limited spent approximately US$52 million last month
to sub-lease two aircraft from the US based North American
Airlines, Jamaica Gleaner reports.  The report relates that the
airline's management said the sub-lease was necessary and it has
not placed added financial strain on the cash strapped airline.

According to the report, Air Jamaica President and Chief Executive
Officer, Bruce Nobles, said that the direct operating cost of one
aircraft versus another is minimal.  The report relates Mr. Nobles
said in some cases the subleased aircraft were larger and could
allow for the sale of additional seats.

The report notes Mr. Nobles said several issues forced Air Jamaica
to sub-lease aircraft at a time when the airline's restructuring
plans had caused it to return some of the planes it had leased.

Air Jamaica, the report notes, had faced criticisms about its
maintenance schedule but this time around the airline’s president
hinted that there was no problem.  The report adds that Mr. Nobles
said usually Air Jamaica leases planes for a day or two and at
present the airline has no sub-leases.

                          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).


ALUMINA PARTNERS: Former Workers to Get Pension Money
-----------------------------------------------------
Alumina Partners of Jamaica's management and the National Workers
Union has reach an agreement regarding the dispute over plans to
wind up the company's pension scheme, RadioJamaica reports, citing
NWU President Vincent Morrison.

"The workers will first receive their contribution an interest and
thereafter, will receive additional payments regarding the
surplus," the report quoted Mr. Morrison as saying.  However, the
report relates Mr. Morrison said that the issue of the payment of
the surplus amounts is still to be decided.

"The trustees have been working with the actuaries and an
evaluation has been done and they're now awaiting a response from
the Financial Services Commission (FSC).  The recommendation has
been made to the FSC by the trustees for the surplus to be
distributed to the employees," the report quoed Mr. Morisson as
saying.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica Alpart's mining and refinery operations
officially came to a halt on May 15.  The report related Alpart
said it will send home 900 permanent employees in the process amid
a 60% decline in alumina product prices since July 2008.  Mr.
Fabrini, as cited by Radio Jamaica News, said the temporary
shutdown will allow the plant to prepare for future developments.
Although the company took steps to maintain the operations even at
reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
Radio Jamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.

                           About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.


KES DEV'T LIMITED: Liquidation Hits Snag
----------------------------------------
Capital and Credit Merchant Bank, which holds a debenture against
assets of insolvent KES Development Limited, has so far not been
forthcoming with information on what assets it has taken control
of, Jamaica Gleaner reports.  The report relates the bank's legal
assistant, Petagaye Fairclough, denied that it got any formal
request to disclose a statement of assets, saying later she
personally had not seen one.  "We are checking internally to see
if this was done," the report quoted Mr. Fairclough as saying.

According to the report, KES liquidator, Ken Tomlinson, cannot say
with any degree of certainty whether the assets of KES are
sufficient to cover outstanding claims against the company
estimated to be in the region of JM$1 billion.

The Gleaner notes that creditors raised concern that Capital and
Credit was already in the process of selling equipment and
properties without communicating with other parties affected by
the liquidation of KES, but Mr. Fairclough while not denying
properties had been put on the market, said that there was no
wholesale disposal of assets.

As reported in the Troubled Company Reporter-Latin America on
August 21, 2009, The Jamaica Glenaer said KES Development Limited
went into voluntary liquidation with more than JM$1 billion in
liabilities.  The report related that Kenneth Tomlinson was
appointed as the liquidator.  According to the report, the
company, which was founded by husband-and-wife team Hugh and Elesa
Scott, is indebted to an estimated 40-50 creditors -- with Capital
and Credit Merchant Bank said to be holding a debenture over some
of the debt and CCMB and Jamaica Mortgage Bank together are owed
JM$5 million.  The report recalled that Mr. and Mrs. Scotts was
advised to placed their business in liquidation last December
after its cash had virtually dried up with its projects
unfinished.  The Scotts, in their 14 years of business, have done
developments in the capital and around the country, the report
said.  The Gleaner related that one of KES's projects was
confiscated by its bankers and placed in the market in March;
while the partially done, and overgrown construction at Old Stony
Hill Road, St Andrew, has been idle for several years, and is on
the market forJM $124 million.

                       About KES Dev't Company

K.E.S. Development Company, Ltd. provides real estate development
services in residential and commercial areas. It offers
engineering, project management, and contracting services. The
company was founded in 1995 and is based in Kingston, Jamaica.


JAMAICA PUBLIC SERVICE: Fall in Oil Prices Boosts Firm's Profit
----------------------------------------------------------------
Jamaica Public Service Company Limited recorded US$16 million
profit in the quarter ended June despite a 30% decline in revenue
to US$186 million from US$270 million in 2008, RadioJamaica
reports.  The report relates that the company attributed its
profit to the fall in the price of oil.

According to the report the turnaround was due to a US$86 million
saving on the company's oil import bill which fell from US$191
million to US$105 million.

The company, the report notes, suffered a US$3.7 million loss
during the corresponding period in 2008.  The report says JPSCO
also saw a decline in other expenses during the quarter.

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


SUGAR COMPANY: Gov't Receives Eridania's US$15MM Capital Injection
------------------------------------------------------------------
Patrick Foster at Jamaica Observer reports that the Jamaica
government has received the US$15-million capital injection from
Italian firm Eridania Eridania Suisse.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Caribbean Net News said 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).

Caribbean 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.

According to the Gleaner, Agriculture Minister Christopher Tufton
said that the arrangement with Eridana will not only ensure
continuity of the operations at Bernard Lodge, Monymusk and Frome
estates until they are divested, but will also obviate the need
for government to provide any further injection of funds into
these entities.  The report relates that through the Italian
lifeline, JM$600 million is earmarked for equipment rehabilitation
at Monymusk and Frome; while additional funds from the deal are
planned for an agricultural upgrade, which includes:

   -- JM$170 million for replanting,
   -- JM$80 million to improve irrigation, and
   -- JM$130 million to increase the efficiency of the
      harvesting fleet.

                          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.


* JAMAICA: Manufacturers Want Further Reduction in Interest Rates
-----------------------------------------------------------------
Despite the recent reduction in interest rates by the Bank of
Jamaica the manufacturing sector said that there is still room for
further downward adjustments, RadioJamaica reports.

According to the report, for the third time in a month, the
Central Bank on cut interest rates by a further one percentage
point.  The report relates the Jamaica Manufacturers Association
said the move is welcomed but more reductions are needed in order
to kick start the economy.

"Lowering interest rates, the affordability is much better and it
will also help in terms of investment in a country, JMA President
Omar Azan was quoted by the report as saying.  "When interest
rates are high people think twice about investing because they
can't compete with their regional partners when interest rates are
high compared with Trinidad and Tobago and Barbados or Dominica
where they are using single digit interest rates.  So I think it
needs to continue to get the economy going," Mr. Azan added.

                           *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


* JAMAICA: Moody's Says IMF Stand-By Deal Supports 'B2' Rating
--------------------------------------------------------------
In a new special comment on the sovereign ratings of Jamaica,
Moody's says that its stable outlook on the B2 government bond
ratings reflect its expectations for a Stand-By agreement with the
IMF to address financing shortfalls exacerbated by the global
crisis.

The rating agency finds that the Jamaican government's
announcement earlier this week that it will not pursue a voluntary
domestic debt exchange -- despite considerable challenges --
underscores the importance the government places on maintaining
its creditworthy reputation.

"Multilateral disbursements and a Stand-by agreement with the IMF
will prove vital to preserving liquidity and closing the financing
gap this year," said Alessandra Alecci, a Vice President - Senior
Analyst in Moody's Sovereign Risk Group.  The agreement is likely
to incorporate strict macroeconomic reform conditions,
particularly on the fiscal front, in order to address structural
impediments to debt sustainability.

She said the government is facing mounting pressure to contain the
fiscal deficit, which, due to a drop in revenues, is very likely
to exceed the official 5.5% of GDP target for the fiscal year
ending in March 2010, pushing central government debt to GDP
towards 120%.

"With interest and wage expenditures alone consuming 70% of the
total, a fiscal adjustment is very complicated," said Ms. Alecci,
who explained that both the domestic and external financing
situations have been under pressure until recently.  Accordingly,
the reduction in domestic interest rates and the newfound
stability of the Jamaican dollar are welcome developments.

"However, as external vulnerability remains high, a further
decline in tourism revenues, family remittances or foreign
investment inflows, and/or higher oil prices could easily renew
concerns about the balance of payments and pressure the currency
once again," said Ms. Alecci.  "Continued currency stability is in
part due to expectations of official inflows from multilaterals,
especially the IMF."

Going forward, she said, Jamaica's situation is highly vulnerable.
Although the ratings outlook is stable as it is assumed that
multilateral financing will continue, and that the government will
address its structural fiscal challenges in order to lighten its
debt burden over time.

"We are cognizant that this will be difficult politically as well
as economically, making further downgrades possible," said Ms.
Alecci.

Given that B2 is only two notches away from the Caa range, the
Moody's report on Jamaica clarifies that, on its scale, a Caa
rating reflects not only the probability of default, but also the
anticipated loss to investors in the event of a default.

"Generally speaking, a Caa rating is assigned to a country when
the government is very close to default, and losses are likely to
be between 5% and 30%," said Ms. Alecci.  "Although Jamaica's
vulnerability is still very high, the government's well-documented
willingness to honor its debts and the likelihood that it will
continue to receive multilateral financing, an involuntary
restructuring is not a base-case scenario at this stage."

She nevertheless acknowledged that a prolonged "muddle through"
scenario -- and avoiding meaningful fiscal reforms -- could
severely impair the country's ability to pay going forward,
regardless of its willingness.


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


ALESTRA: Only 35% Participate in Cash Offer for 2010 Notes
----------------------------------------------------------
Alestra, S. de R.L. de C.V., disclosed the expiration and final
results of its previously announced cash tender offer for any and
all of its outstanding 8% Senior Notes due 2010 upon the terms and
subject to the conditions set forth in the Company's Offer to
Purchase dated July 27, 2009 and the related Letter of
Transmittal.  The Tender Offer expired at 12:00 midnight, New York
City time, on Friday, August 21, 2009.

The aggregate principal amount outstanding of the Notes validly
tendered prior to the Expiration Date pursuant to the Tender Offer
was US$109,431,000, representing 35.97% of the aggregate principal
amount of outstanding Notes.

The offer price which will be paid for each US$1,000 outstanding
principal amount of Notes validly tendered after the Early
Participation Date and prior to the Expiration Date and accepted
for payment will be US$1,010.  In addition to the Offer Price,
holders whose Notes are purchased pursuant to the Tender Offer
will also receive accrued and unpaid interest from the last
interest payment date preceding the Tender Offer to, but not
including, the applicable Settlement Date.

For settlement purposes, the Offer Price will be calculated based
upon the original principal amount of the Notes accepted for
tender multiplied by a scaling factor of 0.635, which reflects the
current principal amortization of the Notes.

The "Settlement Date" for Notes validly tendered and not validly
withdrawn prior to the Early Participation date occurred on
August 12, 2009.  The "Settlement Date" for Notes validly tendered
after the Early Participation Date and prior to the Expiration
Date is anticipated to be on or about August 25, 2009.

The Tender Offer is made upon the terms and subject to the
conditions set forth in the Offer to Purchase and the related
Letter of Transmittal and is subject to certain conditions.  The
Company expressly reserves the right in its sole discretion,
subject to applicable law, at any time or from time to time, to
(1) amend the terms of the Tender Offer in any respect, and (2)
terminate the Tender Offer and not accept for purchase any
tendered Notes.  Any amendment applicable to the Tender Offer will
apply to all Notes tendered pursuant to the Tender Offer.

The withdrawal date relating to the Tender Offer occurred at 5:00
p.m., New York City time, on August 7, 2009.  Notes tendered may
be withdrawn only if the Company reduces the amount of the Offer
Price or the principal amount of Notes subject to the Tender Offer
or is otherwise required by applicable law to permit withdrawal.
Under such circumstances, previously tendered Notes may be validly
withdrawn until the expiration of 10 business days after the date
that notice of such reduction or requirement is first published or
given or sent to holders by the Company.

The Company retained Citigroup Global Markets Inc. and Morgan
Stanley & Co. Incorporated to act as Dealer Managers for the
Tender Offer and D.F. King & Co., Inc. to act as the Tender Agent
and Information Agent for the Tender Offer.

                      About Alestra S. de R.L

Alestra S. de R.L. de C.V. is a Mexican telecommunications
company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 11, 2009, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Alestra S. de R.L. de C.V.


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


DOE RUN PERU: May Cancel Creditor Protection Filing
---------------------------------------------------
Patricia Velez at Reuters reports that financially troubled Doe
Run Peru may cancel a filing it made to request protection from
creditors, if its deadline to finish an environmental cleanup
program is extended and it reaches a deal with creditors.

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.

"Obviously, if there is an integral solution, I don't think it
would make sense to continue on with [government regulator]
Indecopi," Jose Mogrovejo, the company's vice president of
environmental affairs, told Reuters in an interview.  "We are
looking for an integral solution that is parallel and independent
of the Indecopi process," Mr. Mogrovejo added.

                           About Doe Run

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


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

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

ACO ALTONA         EALT3 BZ           80647079.55     -12603367.15
ACO ALTONA SA      EAAON BZ           80647079.55     -12603367.15
ACO ALTONA-PREF    EALT4 BZ           80647079.55     -12603367.15
ACO ALTONA-PREF    EAAPN BZ           80647079.55     -12603367.15
ALL MALHA PAULIS   GASC3B BZ         656500097.92    -450029899.55
ALL MALHA PAULIS   GASC3 BZ          656500097.92    -450029899.55
ARTHUR LAN-DVD C   ARLA11 BZ          21333792.82     -16295577.05
ARTHUR LAN-DVD P   ARLA12 BZ          21333792.82     -16295577.05
ARTHUR LANG-RC C   ARLA9 BZ           21333792.82     -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ          21333792.82     -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ           21333792.82     -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ           21333792.82     -16295577.05
ARTHUR LANGE       ARLA3 BZ           21333792.82     -16295577.05
ARTHUR LANGE SA    ALICON BZ          21333792.82     -16295577.05
ARTHUR LANGE-PRF   ALICPN BZ          21333792.82     -16295577.05
ARTHUR LANGE-PRF   ARLA4 BZ           21333792.82     -16295577.05
AZEVEDO            AZEV3 BZ           47860887.41       -4389906.4
AZEVEDO E TRA-PR   AZEVPN BZ          47860887.41       -4389906.4
AZEVEDO E TRAVAS   AZEVON BZ          47860887.41       -4389906.4
AZEVEDO-PREF       AZEV4 BZ           47860887.41       -4389906.4
B&D FOOD CORP      BDFCE US              15779763          -588840
B&D FOOD CORP      BDFC US               15779763          -588840
BALADARE           BLDR3 BZ              49015.54         -7494.67
BOMBRIL            BMBBF US          239716189.99    -242287717.11
BOMBRIL            BOBR3 BZ          239716189.99    -242287717.11
BOMBRIL CIRIO SA   BOBRON BZ         239716189.99    -242287717.11
BOMBRIL CIRIO-PF   BOBRPN BZ         239716189.99    -242287717.11
BOMBRIL SA-ADR     BMBBY US          239716189.99    -242287717.11
BOMBRIL SA-ADR     BMBPY US          239716189.99    -242287717.11
BOMBRIL-PREF       BOBR4 BZ          239716189.99    -242287717.11
BOMBRIL-RGTS PRE   BOBR2 BZ          239716189.99    -242287717.11
BOMBRIL-RIGHTS     BOBR1 BZ          239716189.99    -242287717.11
BOTUCATU TEXTIL    STRP3 BZ           25771113.88      -6735922.24
BOTUCATU-PREF      STRP4 BZ           25771113.88      -6735922.24
BUETTNER           BUET3 BZ           86940610.88     -37817234.67
BUETTNER SA        BUETON BZ          86940610.88     -37817234.67
BUETTNER SA-PRF    BUETPN BZ          86940610.88     -37817234.67
BUETTNER SA-RT P   BUET2 BZ           86940610.88     -37817234.67
BUETTNER SA-RTS    BUET1 BZ           86940610.88     -37817234.67
BUETTNER-PREF      BUET4 BZ           86940610.88     -37817234.67
CAF BRASILIA       CAFE3 BZ           15788426.91    -516549819.64
CAF BRASILIA-PRF   CAFE4 BZ           15788426.91    -516549819.64
CAFE BRASILIA SA   CSBRON BZ          15788426.91    -516549819.64
CAFE BRASILIA-PR   CSBRPN BZ          15788426.91    -516549819.64
CAMBUCI SA         CAMBON BZ          87269252.24     -22493566.05
CAMBUCI SA         CAMB3 BZ           87269252.24     -22493566.05
CAMBUCI SA-PREF    CAMBPN BZ          87269252.24     -22493566.05
CAMBUCI SA-PREF    CXDOF US           87269252.24     -22493566.05
CAMBUCI SA-PREF    CAMB4 BZ           87269252.24     -22493566.05
CHIARELLI SA       CCHI3 BZ           22274026.77     -44537138.21
CHIARELLI SA       CCHON BZ           22274026.77     -44537138.21
CHIARELLI SA-PRF   CCHPN BZ           22274026.77     -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ           22274026.77     -44537138.21
CHILESAT CO-ADR    TL US             432460542.94     -44559657.55
CHILESAT CO-RTS    CHISATOS CI       432460542.94     -44559657.55
CHILESAT CORP SA   TELEX CI          432460542.94     -44559657.55
CIMOB PART-PREF    GAFP4 BZ           36817394.78     -33083086.54
CIMOB PART-PREF    GAFPN BZ           36817394.78     -33083086.54
CIMOB PARTIC SA    GAFP3 BZ           36817394.78     -33083086.54
CIMOB PARTIC SA    GAFON BZ           36817394.78     -33083086.54
COMERCIAL PL-ADR   SCPDS LI          146090772.51     -255079026.8
COMERCIAL PL-C/E   COMEC AR          146090772.51     -255079026.8
COMERCIAL PLA-BL   COMEB AR          146090772.51     -255079026.8
COMERCIAL PLAT-$   COMED AR          146090772.51     -255079026.8
CONST A LIND-PRF   LINDPN BZ          14038885.98     -11543314.46
CONST A LIND-PRF   CALI4 BZ           14038885.98     -11543314.46
CONST A LINDEN     CALI3 BZ           14038885.98     -11543314.46
CONST A LINDEN     LINDON BZ          14038885.98     -11543314.46
CTM CITRUS SA      CTMON BZ           38740523.05       -671039.81
CTM CITRUS- PR R   CTPC2 BZ           38740523.05       -671039.81
CTM CITRUS-ADR     CTMMY US           38740523.05       -671039.81
CTM CITRUS-COM R   CTPC1 BZ           38740523.05       -671039.81
CTM CITRUS-PREF    CTMPN BZ           38740523.05       -671039.81
CTM CITRUS-RCT C   CTPC9 BZ           38740523.05       -671039.81
CTM CITRUS-RCT C   CTP5 BZ            38740523.05       -671039.81
CTM CITRUS-RCT P   CTP6 BZ            38740523.05       -671039.81
CTM CITRUS-RCT P   CTPC10 BZ          38740523.05       -671039.81
D H B              DHBI3 BZ          108241401.93    -350596880.48
D H B-PREF         DHBI4 BZ          108241401.93    -350596880.48
DHB IND E COM      DHBON BZ          108241401.93    -350596880.48
DHB IND E COM-PR   DHBPN BZ          108241401.93    -350596880.48
DOC IMBITUB-PREF   IMBI4 BZ           89702642.66     -11135784.06
DOC IMBITUBA       IMBI3 BZ           89702642.66     -11135784.06
DOC IMBITUBA-RTC   IMBI1 BZ           89702642.66     -11135784.06
DOC IMBITUBA-RTP   IMBI2 BZ           89702642.66     -11135784.06
DOCA INVESTI-PFD   DOCA4 BZ           88417960.92     -18059127.86
DOCA INVESTIMENT   DOCA3 BZ           88417960.92     -18059127.86
DOCAS IMBITUB-PR   IMBIPN BZ          89702642.66     -11135784.06
DOCAS IMBITUBA     IMBION BZ          89702642.66     -11135784.06
DOCAS SA           DOCAON BZ          88417960.92     -18059127.86
DOCAS SA-PREF      DOCAPN BZ          88417960.92     -18059127.86
DOCAS SA-RTS PRF   DOCA2 BZ           88417960.92     -18059127.86
ESTRELA SA         ESTR3 BZ           61011893.59     -54580283.64
ESTRELA SA         ESTRON BZ          61011893.59     -54580283.64
ESTRELA SA-PREF    ESTR4 BZ           61011893.59     -54580283.64
ESTRELA SA-PREF    ESTRPN BZ          61011893.59     -54580283.64
FABRICA RENAUX     FTRX3 BZ           53485265.61     -31264773.12
FABRICA RENAUX     FRNXON BZ          53485265.61     -31264773.12
FABRICA RENAUX-P   FRNXPN BZ          53485265.61     -31264773.12
FABRICA RENAUX-P   FTRX4 BZ           53485265.61     -31264773.12
FABRICA TECID-RT   FTRX1 BZ           53485265.61     -31264773.12
FER C ATL-RCT CM   VSPT9 BZ         1050516250.26      -47197918.4
FER C ATL-RCT PF   VSPT10 BZ        1050516250.26      -47197918.4
FER C ATLANT       VSPT3 BZ         1050516250.26      -47197918.4
FER C ATLANT-PRF   VSPT4 BZ         1050516250.26      -47197918.4
FER HAGA-PREF      HAGA4 BZ           11324601.97     -49777521.75
FERRAGENS HAGA     HAGAON BZ          11324601.97     -49777521.75
FERRAGENS HAGA-P   HAGAPN BZ          11324601.97     -49777521.75
FERROVIA CEN-DVD   VSPT12 BZ        1050516250.26      -47197918.4
FERROVIA CEN-DVD   VSPT11 BZ        1050516250.26      -47197918.4
GASCOIGNE EMP-PF   1GASPN BZ         656500097.92    -450029899.55
GASCOIGNE EMP-PF   GASC4 BZ          656500097.92    -450029899.55
GASCOIGNE EMP-PF   GASC4B BZ         656500097.92    -450029899.55
GASCOIGNE EMPREE   1GASON BZ         656500097.92    -450029899.55
GAZOLA             GAZO3 BZ           15610576.83     -42175190.26
GAZOLA SA          GAZON BZ           15610576.83     -42175190.26
GAZOLA SA-DVD CM   GAZO11 BZ          15610576.83     -42175190.26
GAZOLA SA-DVD PF   GAZO12 BZ          15610576.83     -42175190.26
GAZOLA SA-PREF     GAZPN BZ           15610576.83     -42175190.26
GAZOLA-PREF        GAZO4 BZ           15610576.83     -42175190.26
GAZOLA-RCPT PREF   GAZO10 BZ          15610576.83     -42175190.26
GAZOLA-RCPTS CMN   GAZO9 BZ           15610576.83     -42175190.26
HAGA               HAGA3 BZ           11324601.97     -49777521.75
HOPI HARI SA       PQTM3 BZ           58692385.42    -188832203.73
HOPI HARI-PREF     PQTM4 BZ           58692385.42    -188832203.73
IMPSAT FIBER NET   IMPTQ US             535007008        -17165000
IMPSAT FIBER NET   XIMPT SM             535007008        -17165000
IMPSAT FIBER NET   330902Q GR           535007008        -17165000
IMPSAT FIBER-$US   IMPTD AR             535007008        -17165000
IMPSAT FIBER-BLK   IMPTB AR             535007008        -17165000
IMPSAT FIBER-C/E   IMPTC AR             535007008        -17165000
IMPSAT FIBER-CED   IMPT AR              535007008        -17165000
MARAMBAIA          CTPC3 BZ           38740523.05       -671039.81
MARAMBAIA-PREF     CTMMF US           38740523.05       -671039.81
MARAMBAIA-PREF     CTPC4 BZ           38740523.05       -671039.81
MINUPAR            MNPR3 BZ           89611489.39     -20702110.72
MINUPAR SA         MNPRON BZ          89611489.39     -20702110.72
MINUPAR SA-PREF    MNPRPN BZ          89611489.39     -20702110.72
MINUPAR-PREF       MNPR4 BZ           89611489.39     -20702110.72
MMX MINERACA-GDR   XMM CN           1060478942.97    -123550800.05
MMX MINERACA-GDR   3M11 GR          1060478942.97    -123550800.05
MMX MINERACA-GDR   MMXMY US         1060478942.97    -123550800.05
MMX MINERACAO      MMXCF US         1060478942.97    -123550800.05
MMX MINERACAO      TRES3 BZ         1060478942.97    -123550800.05
MMX MINERACAO      MMXM3 BZ         1060478942.97    -123550800.05
N.A.               TOYB1 BZ           20577415.71      -7950050.37
NORDON MET         NORD3 BZ            14029500.1     -17709728.15
NORDON MET-RTS     NORD1 BZ            14029500.1     -17709728.15
NORDON METAL       NORDON BZ           14029500.1     -17709728.15
NOVA AMERICA SA    NOVA3 BZ              21287489    -183535527.21
NOVA AMERICA SA    1NOVON BZ             21287489    -183535527.21
NOVA AMERICA SA    NOVA3B BZ             21287489    -183535527.21
NOVA AMERICA SA    NOVAON BZ             21287489    -183535527.21
NOVA AMERICA-PRF   NOVA4B BZ             21287489    -183535527.21
NOVA AMERICA-PRF   NOVAPN BZ             21287489    -183535527.21
NOVA AMERICA-PRF   1NOVPN BZ             21287489    -183535527.21
NOVA AMERICA-PRF   NOVA4 BZ              21287489    -183535527.21
PARQUE TEM-DV CM   PQT5 BZ            58692385.42    -188832203.73
PARQUE TEM-DV PF   PQT6 BZ            58692385.42    -188832203.73
PARQUE TEM-RCT C   PQTM9 BZ           58692385.42    -188832203.73
PARQUE TEM-RCT P   PQTM10 BZ          58692385.42    -188832203.73
PARQUE TEM-RT CM   PQTM1 BZ           58692385.42    -188832203.73
PARQUE TEM-RT PF   PQTM2 BZ           58692385.42    -188832203.73
PET MANG-RECEIPT   RPMG10 BZ          67915860.11    -166793076.45
PET MANG-RECEIPT   RPMG9 BZ           67915860.11    -166793076.45
PET MANG-RIGHTS    RPMG2 BZ           67915860.11    -166793076.45
PET MANG-RIGHTS    RPMG1 BZ           67915860.11    -166793076.45
PET MANGUINH-PRF   RPMG4 BZ           67915860.11    -166793076.45
PETRO MANGUIN-PF   MANGPN BZ          67915860.11    -166793076.45
PETRO MANGUINHOS   RPMG3 BZ           67915860.11    -166793076.45
PETRO MANGUINHOS   MANGON BZ          67915860.11    -166793076.45
PROMAN             PRMN3 BZ           10408605.71       -202138.27
PROMAN             PRMN3B BZ          10408605.71       -202138.27
REII INC           REIC US               15779763          -588840
RENAUXVIEW SA      TXRX3 BZ           43112153.13     -64315032.24
RENAUXVIEW SA-PF   TXRX4 BZ           43112153.13     -64315032.24
RIMET              REEMON BZ          80030147.28     -124398873.4
RIMET              REEM3 BZ           80030147.28     -124398873.4
RIMET-PREF         REEM4 BZ           80030147.28     -124398873.4
RIMET-PREF         REEMPN BZ          80030147.28     -124398873.4
RIOSULENSE SA      RSULON BZ          50548850.21      -5456867.48
RIOSULENSE SA      RSUL3 BZ           50548850.21      -5456867.48
RIOSULENSE SA-PR   RSULPN BZ          50548850.21      -5456867.48
RIOSULENSE SA-PR   RSUL4 BZ           50548850.21      -5456867.48
SANESALTO          SNST3 BZ        20705801887.08    -466044305.79
SANSUY             SNSY3 BZ          100279114.92     -45812488.77
SANSUY SA          SNSYON BZ         100279114.92     -45812488.77
SANSUY SA-PREF A   SNSYAN BZ         100279114.92     -45812488.77
SANSUY SA-PREF B   SNSYBN BZ         100279114.92     -45812488.77
SANSUY-PREF A      SNSY5 BZ          100279114.92     -45812488.77
SANSUY-PREF B      SNSY6 BZ          100279114.92     -45812488.77
SCHLOSSER          SCLO3 BZ           10007791.94     -53599536.49
SCHLOSSER SA       SCHON BZ           10007791.94     -53599536.49
SCHLOSSER SA-PRF   SCHPN BZ           10007791.94     -53599536.49
SCHLOSSER-PREF     SCLO4 BZ           10007791.94     -53599536.49
SNIAFA SA          SNIA AR            11489328.24       -840226.12
SNIAFA SA-B        SDAGF US           11489328.24       -840226.12
SNIAFA SA-B        SNIA5 AR           11489328.24       -840226.12
SOC COMERCIAL PL   CAD IX            146090772.51     -255079026.8
SOC COMERCIAL PL   COME AR           146090772.51     -255079026.8
SOC COMERCIAL PL   SCDPF US          146090772.51     -255079026.8
SOC COMERCIAL PL   CVVIF US          146090772.51     -255079026.8
SOC COMERCIAL PL   CADN SW           146090772.51     -255079026.8
STAROUP SA         STARON BZ          25771113.88      -6735922.24
STAROUP SA-PREF    STARPN BZ          25771113.88      -6735922.24
TEC TOY SA-PF B    TOYB6 BZ           20577415.71      -7950050.37
TEC TOY SA-PREF    TOYB5 BZ           20577415.71      -7950050.37
TEC TOY SA-PREF    TOYDF US           20577415.71      -7950050.37
TECEL S JOSE       SJOS3 BZ           17924946.14     -18569451.23
TECEL S JOSE       FTSJON BZ          17924946.14     -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ           17924946.14     -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ          17924946.14     -18569451.23
TECTOY             TOYB13 BZ          20577415.71      -7950050.37
TECTOY             TOYB3 BZ           20577415.71      -7950050.37
TECTOY SA          TOYBON BZ          20577415.71      -7950050.37
TECTOY SA-PREF     TOYBPN BZ          20577415.71      -7950050.37
TECTOY-PF-RTS5/6   TOYB11 BZ          20577415.71      -7950050.37
TECTOY-PREF        TOYB4 BZ           20577415.71      -7950050.37
TECTOY-RCPT PF B   TOYB12 BZ          20577415.71      -7950050.37
TECTOY-RCT ORD     TOYB9 BZ           20577415.71      -7950050.37
TECTOY-RCT PREF    TOYB10 BZ          20577415.71      -7950050.37
TECTOY-RT          TOYB2 BZ           20577415.71      -7950050.37
TEKA               TEKAON BZ         219773260.95    -306726075.74
TEKA               TKTQF US          219773260.95    -306726075.74
TEKA               TEKA3 BZ          219773260.95    -306726075.74
TEKA-ADR           TKTQY US          219773260.95    -306726075.74
TEKA-ADR           TEKAY US          219773260.95    -306726075.74
TEKA-ADR           TKTPY US          219773260.95    -306726075.74
TEKA-PREF          TEKA4 BZ          219773260.95    -306726075.74
TEKA-PREF          TEKAPN BZ         219773260.95    -306726075.74
TEKA-PREF          TKTPF US          219773260.95    -306726075.74
TELEBRAS SA        TELB3 BZ          185536520.68      -1054841.44
TELEBRAS SA        TLBRON BZ         185536520.68      -1054841.44
TELEBRAS SA        TBASF US          185536520.68      -1054841.44
TELEBRAS SA-PREF   TLBRPN BZ         185536520.68      -1054841.44
TELEBRAS SA-PREF   TELB4 BZ          185536520.68      -1054841.44
TELEBRAS SA-RT     TELB9 BZ          185536520.68      -1054841.44
TELEBRAS-ADR       TBH US            185536520.68      -1054841.44
TELEBRAS-ADR       RTB US            185536520.68      -1054841.44
TELEBRAS-ADR       TBASY US          185536520.68      -1054841.44
TELEBRAS-ADR       TBRAY GR          185536520.68      -1054841.44
TELEBRAS-ADR       TBX GR            185536520.68      -1054841.44
TELEBRAS-ADR       TBAPY US          185536520.68      -1054841.44
TELEBRAS-BLOCK     TELB30 BZ         185536520.68      -1054841.44
TELEBRAS-CED C/E   TEL4C AR          185536520.68      -1054841.44
TELEBRAS-CED C/E   RCT4C AR          185536520.68      -1054841.44
TELEBRAS-CEDE BL   RCT4B AR          185536520.68      -1054841.44
TELEBRAS-CEDE PF   TELB4 AR          185536520.68      -1054841.44
TELEBRAS-CEDE PF   RCTB4 AR          185536520.68      -1054841.44
TELEBRAS-CEDEA $   TEL4D AR          185536520.68      -1054841.44
TELEBRAS-CEDEA $   RCT4D AR          185536520.68      -1054841.44
TELEBRAS-CM RCPT   TELE31 BZ         185536520.68      -1054841.44
TELEBRAS-CM RCPT   RCTB31 BZ         185536520.68      -1054841.44
TELEBRAS-CM RCPT   RCTB30 BZ         185536520.68      -1054841.44
TELEBRAS-CM RCPT   RCTB32 BZ         185536520.68      -1054841.44
TELEBRAS-CM RCPT   TBRTF US          185536520.68      -1054841.44
TELEBRAS-COM RT    TELB1 BZ          185536520.68      -1054841.44
TELEBRAS-PF BLCK   TELB40 BZ         185536520.68      -1054841.44
TELEBRAS-PF RCPT   TBAPF US          185536520.68      -1054841.44
TELEBRAS-PF RCPT   RCTB41 BZ         185536520.68      -1054841.44
TELEBRAS-PF RCPT   RCTB40 BZ         185536520.68      -1054841.44
TELEBRAS-PF RCPT   TLBRUP BZ         185536520.68      -1054841.44
TELEBRAS-PF RCPT   CBRZF US          185536520.68      -1054841.44
TELEBRAS-PF RCPT   RCTB42 BZ         185536520.68      -1054841.44
TELEBRAS-PF RCPT   TELE41 BZ         185536520.68      -1054841.44
TELEBRAS-RCT       RCTB33 BZ         185536520.68      -1054841.44
TELEBRAS-RCT PRF   TELB10 BZ         185536520.68      -1054841.44
TELEBRAS-RECEIPT   TLBRUO BZ         185536520.68      -1054841.44
TELEBRAS-RTS CMN   RCTB1 BZ          185536520.68      -1054841.44
TELEBRAS-RTS CMN   TCLP1 BZ          185536520.68      -1054841.44
TELEBRAS-RTS PRF   TLCP2 BZ          185536520.68      -1054841.44
TELEBRAS-RTS PRF   RCTB2 BZ          185536520.68      -1054841.44
TELEBRAS/W-I-ADR   TBH-W US          185536520.68      -1054841.44
TELECOMUNICA-ADR   81370Z BZ         185536520.68      -1054841.44
TELEX-A            TELEXA CI         432460542.94     -44559657.55
TELEX-RTS          TELEXO CI         432460542.94     -44559657.55
TELMEX CORP SA     CHILESAT          432460542.94     -44559657.55
TELMEX CORP-ADR    CSAOY US          432460542.94     -44559657.55
TEXTEIS RENA-RCT   TXRX9 BZ           43112153.13     -64315032.24
TEXTEIS RENA-RCT   TXRX10 BZ          43112153.13     -64315032.24
TEXTEIS RENAU-RT   TXRX1 BZ           43112153.13     -64315032.24
TEXTEIS RENAU-RT   TXRX2 BZ           43112153.13     -64315032.24
TEXTEIS RENAUX     RENXPN BZ          43112153.13     -64315032.24
TEXTEIS RENAUX     RENXON BZ          43112153.13     -64315032.24
TRESSEM PART SA    1TSSON BZ        1060478942.97    -123550800.05
VARIG PART EM SE   VPSC3 BZ          101177852.25    -318442006.32
VARIG PART EM TR   VPTA3 BZ           49432124.18    -399290425.77
VARIG PART EM-PR   VPTA4 BZ           49432124.18    -399290425.77
VARIG PART EM-PR   VPSC4 BZ          101177852.25    -318442006.32
VARIG SA           VARGON BZ         966298025.55   -4695211316.33
VARIG SA           VAGV3 BZ          966298025.55   -4695211316.33
VARIG SA-PREF      VAGV4 BZ          966298025.55   -4695211316.33
VARIG SA-PREF      VARGPN BZ         966298025.55   -4695211316.33
WETZEL SA          MWET3 BZ           69983432.56      -6279264.91
WETZEL SA          MWELON BZ          69983432.56      -6279264.91
WETZEL SA-PREF     MWELPN BZ          69983432.56      -6279264.91
WETZEL SA-PREF     MWET4 BZ           69983432.56      -6279264.91
WIEST              WISA3 BZ           39838113.86     -93371563.06
WIEST SA           WISAON BZ          39838113.86     -93371563.06
WIEST SA-PREF      WISAPN BZ          39838113.86     -93371563.06
WIEST-PREF         WISA4 BZ           39838113.86     -93371563.06


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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