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

             Friday, August 28, 2009, Vol. 10, No. 170

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner's Private-Equity Stakes to Be Sold


A R G E N T I N A

APPLICATION SYSTEMS: Creditors' Proofs of Debt Due on October 7
ARDILA Y ASOCIADOS: Proofs of Claim Verification Due on Sept. 25
IMAGEN RACING: Proofs of Claim Verification Due on October 6
MEAT BROKERS: Proofs of Claim Verification Due on October 29
PIAP VIAL: Creditors' Proofs of Debt Due on October 7

TECEKA SA: Asks for Preventive Contest
TECNOPRACTICA SA: Proofs of Claim Verification Deadline is Nov. 4
TELECOM ARGENTINA: Watchdog Tells Telecom Italia to Sell Stake


A R U B A

VALERO ENERGY: Shuts Down Aruba Refinery


B R A Z I L

BANCO DO BRASIL: Names Nelson Barbosa as New Bank Chairman
BANCO NACIONAL: To Provide BRL423MM Fund to Concesao Metroviaria
EDITORA ABRIL: Moody's Affirms 'Ba3' Corporate Family Rating
JBS SA: To Produce Beef for Walmart Stores in Brazil


C A Y M A N  I S L A N D S

2100 CAPITAL: Creditors' Proofs of Debt Due on September 3
ALTEAS HOLDINGS: Creditors' Proofs of Debt Due on September 3
BLACK RIVER: Creditors' Proofs of Debt Due on September 3
BLUE EAGLE: Creditors' Proofs of Debt Due on September 3
BRENTWOOD (CAYMAN): Creditors' Proofs of Debt Due on September 3

BUNDY LIMITED: Creditors' Proofs of Debt Due on September 3
COAST BROOKLINE: Creditors' Proofs of Debt Due on September 3
COAST HAWKESBURY: Creditors' Proofs of Debt Due on September 3
COAST LONGFELLOW: Creditors' Proofs of Debt Due on September 3
CONCERTO LIMITED: Creditors' Proofs of Debt Due on September 3

EAGLE PLUS: Creditors' Proofs of Debt Due on September 3
FRONTPOINT JAPAN: Creditors' Proofs of Debt Due on September 3
FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on September 3
GENTREE OFFSHORE: Creditors' Proofs of Debt Due on September 3
KAMANI HOLDINGS: Creditors' Proofs of Debt Due on September 3


C O L O M B I A

COLOMBIA: Stable Economic Policy Supports Moody's 'Ba1' Rating


E C U A D O R

* ECUADOR: President Correa Calls for a Speedy Liquidation Process
* ECUADOR: President Seeks to Keep Capital in Ecuador


J A M A I C A

AIR JAMAICA: Divestment Process to Take Time, Government Says
* JAMAICA: Government Expects IMF's Answer in Two Months
* JAMAICA: Gov't Takes Careful Approach to Divestment of Assets


M E X I C O

ASARCO LLC: Grupo Mexico Confident Own Plan to be Confirmed
CEMEX SAB: County Gives Go-Ahead Signal for Quarry Expansion
COMERCI: To Reach an Agreement With Bondholders Soon
CORPORACION DURANGO: Concludes Financial Restructuring
EMPRESAS ICA: May List Finished Projects on Mexican Exchange

GRUMA SAB: Negotiation Extensions Won't Affect S&P's 'B+' Rating
GRUPO MEXICO: Says Reorganization Plan Will Get Confirmation


U R U G U A Y

BANCO DO BRASIL: Inaugurates Uruguay Office With BNDES
BANCO NACIONAL: Inaugurates Uruguay Office With Banco do Brasil


V E N E Z U E L A

* VENEZUELA: Wilpro Energy Sues Government & 3 U.S. Banks


X X X X X X X X

BURGER KING: Expands Presence In Latin America & Caribbean


                         - - - - -


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


STANFORD INT'L: Owner's Private-Equity Stakes to Be Sold
--------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that U.S. District Judge David Godbey in Dallas ruled that
the Israeli development fund and luxury Houston hotel investments
of Robert Allen Stanford, the financier accused of orchestrating a
multi-billion fraud, can be sold immediately.  The report relates
that this ruling is made amidst Mr. Stanford's objections he
hasn’t been convicted of any wrongdoing.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2009, Bloomberg News said Stanford Financial Group court-
appointed receiver Ralph Janvey asked for emergency approval to
sell Mr. Stanford's stake in two limited partnerships to avoid
meeting cash calls or diluting the investments.  “The sale of
these investments will allow the receivership estate to avoid
having to choose between injecting millions of dollars worth of
capital into the partnerships or defaulting under the agreements,”
Kevin Sadler, a lawyer for receiver Mr. Janvey, said in court
papers obtained by the news agency.  According to the report, Mr.
Sadler said in the filing that Mr. Stanford’s companies are
already past-due on US$2.5 million in capital calls issued by two
Israeli development funds since the U.S. Securities and Exchange
Commission sued Mr. Stanford and seized his businesses.  If the
stakes aren’t sold by July 27, Mr. Stanford’s US$14.3 million
investment in the two funds will shrink to US$400,000, Mr. Sadler
added.  Bloomberg News noted that Mr. Janvey’s advisers negotiated
a sale price of US$4.1 million for the stakes in Israel
Opportunity Fund I and II, which would generate US$1.6 million in
cash for the receivership estate.   The report related that the
remaining US$2.5 million would go to cover the outstanding capital
calls and relieve the Stanford companies of US$61 million in
future capital commitments to the two funds.

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


APPLICATION SYSTEMS: Creditors' Proofs of Debt Due on October 7
---------------------------------------------------------------
The court-appointed trustee for Application Systems S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 7, 2009.


ARDILA Y ASOCIADOS: Proofs of Claim Verification Due on Sept. 25
----------------------------------------------------------------
Marta Dieguez, the court-appointed trustee for Ardila y Asociados
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 25, 2009.

Ms. Dieguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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:

          Marta Dieguez
          Peru 743


IMAGEN RACING: Proofs of Claim Verification Due on October 6
-----------------------------------------------------------
Mauricio Mudric, the court-appointed trustee for Imagen Racing
Group S.A.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 6, 2009.

Mr. Mudric 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:

          Mauricio Mudric
          Tucuman 893
          Argentina


MEAT BROKERS: Proofs of Claim Verification Due on October 29
------------------------------------------------------------
Pablo Alberto Amarante, the court-appointed trustee for Meat
Brokers S.A.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 29, 2009.

Mr. Amarante 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:

          Pablo Alberto Amarante
          Lavalle 1537
          Argentina


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


TECEKA SA: Asks for Preventive Contest
--------------------------------------
Teceka S.A. asked for its preventive contest.

The company stopped making payments last January 26.


TECNOPRACTICA SA: Proofs of Claim Verification Deadline is Nov. 4
-----------------------------------------------------------------
The court-appointed trustee for Tecnopractica S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until November 4, 2009.

The trustee will present the validated claims in court as
individual reports on December 17, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 1, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 20, 2010.


TELECOM ARGENTINA: Watchdog Tells Telecom Italia to Sell Stake
--------------------------------------------------------------
Argentina's National Antitrust Commission has given Telecom Italia
SpA one year to divest its stakes in local unit Telecom Argentina
SA, due to a conflict of interest, Shane Romig of Dow Jones
Newswires reports.  CNDC Vice President Humberto Guarda Mendoza
told Dow Jones Newswires yesterday, August 27, in an interview
that Telecom Italia must present a plan for the sale within 60
days.

According to the report, CNDC said that Spain's Telefonica SA's
minority stake in Telecom Italia creates a conflict between the
two companies' Argentine operations.  The report relates
Telefonica owns Telefonica Argentina, which shares an effective
duopoly over the Argentine telecommunications sector with Telecom.

Dow Jones Newswires notes that the antitrust investigation is
based on Telefonica SA's involvement in a consortium that bought a
24.7% stake in Telecom Italia, which gave Telefonica two seats on
the Telecom Italia's board.  The report relates that Telecom
Italia argued that Telefonica SA's indirect 10% holding translates
into a mere 1.8% stake in the Argentine unit and that its
directors are barred from making decisions in the two markets
where the providers overlap -- Argentina and Brazil.

Telecom Italia SpA, the report relates, is also involved a battle
for control of Telecom Argentina with the company's other
shareholder, Werthein Group.  Telecom Italia owns half of Sofora
S.A., the company that controls Telecom Argentina, while Werthein
Group, owns the other half.

The report says Telecom Italia holds a call option that vested in
January that would allow it to buy from Werthein the stake in
Sofora it first bought from France Telecom in 2003 at a fire-sale
price of US$125 million.  However, the report relates that
Werthein Group refused to honor the contract and exercising of the
option has been blocked by the CNDC.

Mr. Mendoza, the report notes, said that while Telecom Italia is
expected to appeal the CNDC decision, almost all decisions of the
commission have been upheld.

                        About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


=========
A R U B A
=========


VALERO ENERGY: Shuts Down Aruba Refinery
----------------------------------------
Valero Energy Corp said it would keep its 235,000-barrel-per-day
refinery in Aruba shut indefinitely as economic conditions have
not improved to the point where the plant can operate profitably,
Erwin Seba at Reuters reports.

According to the report, Valero spokesman Bill Day said the pace
of maintenance underway at the refinery will be slowed down and
most of the contractors working on overhauling refinery units will
be let go.  "There will be no change in the status of Valero
employees," the report quoted Day as saying.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2009, The Associated Press said Valero Energy had
temporarily close its Aruba refinery for at least two months this
summer, as falling prices for its refined products make the plant
less profitable.  The report related that refiner will decide
whether to restart operations in August or September.

AP noted that Valero bought the Aruba plant in 2004 but has been
looking to sell it since last year.

                        About Valero Energy

Valero Energy Corporation -- http://www.valero.com/--
incorporated in 1981, owns and operates 16 refineries located in
the United States, Canada, and Aruba that produce conventional
gasolines, distillates, jet fuel, asphalt, petrochemicals,
lubricants, and other refined products, as well as a slate of
premium products, including conventional blendstock for oxygenate
blending (CBOB) and reformulated gasoline blendstock for oxygenate
blending (RBOB).  The Company markets refined products on a
wholesale basis in the United States and Canada through bulk and
rack marketing network.  It also sells refined products through a
network of about 5,800 retail and wholesale branded outlets in the
United States, Canada, and Aruba.  The Company operates through
two segments: refining and retail.

                           *     *     *

As of June 25, 2009, the company continues to carry Moody's "Ba1"
Preferred Stock rating.


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


BANCO DO BRASIL: Names Nelson Barbosa as New Bank Chairman
----------------------------------------------------------
Brazil secretary of economic policy, Nelson Barbosa, will replace
Bernard Appy as chairman of Banco do Brasil SA, effective
September 14, Jeff Fick at Dow Jones Newswires reports, citing
Finance Ministry.

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

                           *     *     *

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


BANCO NACIONAL: To Provide BRL423MM Fund to Concesao Metroviaria
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
provide a BRL423 million fund to Concesao Metroviaria do Rio de
Janeiro, which operates metro lines in the Brazilian city,
LatinFrance reports.  The report relates that Concesao Metroviaria
will use the fund to expand its network.

According to the report, an unnamed BNDES spokesman said that the
financing, understood to have a tenor close to 20 years, pays a
spread over the TJLP plus a BNDES spread of around 1.00% and a
credit spread of up to 3.57%.  The funds are being used to expand
the transfers between 2 lines and increase the frequency of
trains, according to a BNDES statement obtained by the news
agency.

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

                           *     *     *

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


EDITORA ABRIL: Moody's Affirms 'Ba3' Corporate Family Rating
------------------------------------------------------------
Moody's upgraded Editora Abril S.A.'s Brazilian national scale
corporate family rating to A2.br from A3.br and affirmed Editora
Abril's Ba3 global scale corporate family rating.  At the same
time, the outlook for all ratings was changed to positive from
stable.

"The upgrade to A2.br on the Brazilian national scale and the
change in outlook to positive was primarily based on improvements
in Editora Abril's debt protection metrics, corporate governance
and financial disclosure," explained Moody's VP Senior Analyst,
Soummo Mukherjee.  "The change in outlook also reflects Moody's
expectation that Editora Abril's leverage is likely to further
improve and that its cash balance will benefit substantially from
the eventual consolidation of Abril Comunicacoes S.A.," added
Mukherjee.

"We also expect that intercompany transactions between Editora
Abril and other companies in the Abril S.A. group will continue to
be gradually eliminated, which was an important factor for Moody's
corporate governance assessment and the decision to change the
outlook to positive," complemented Mukherjee.

Editora Abril's Ba3 local currency corporate family rating
reflects its dominant position within the Brazilian magazine
market, its valuable magazines and brand portfolios, the company's
and the parent's ("Abril S.A.") consistently improving leverage
and coverage ratios over the past years, as well as the benefits
of more sustainable growth in Brazil's advertising market, that
has shown some resilience so far during the global economic
crisis, during which market leaders such as Editora Abril have
seen their market share increase.

The main factor constraining Editora Abril's ratings is the
significant contribution to revenues from the cyclical advertising
business in a single country (41.2% in the first half of 2009) and
from a single weekly magazine (Veja) in terms of revenues and
EBITDA, which creates substantial concentration risk.  Despite
recent improvements in corporate governance, the group's ownership
structure is still complex and material intercompany transaction
balances remain.

The global economic crisis impacted the Brazilian magazine
advertising market during the first six months of 2009.  Total
magazine advertising spending dropped 8.7% in the first half of
2009 compared to the same period last year, according to data from
Intermeios.  The drop in ad spending was significantly greater
than that of GDP in Brazil, which contracted by 1.8% in the 1Q'09
versus the same period a year ago.  Meanwhile, Editora Abril's net
revenues increased 10.4% in the 1Q'09 and 1.8% in the 2Q'09 vs.
the same periods of 2008 by expanding its share in the Brazilian
magazine advertising market to 60.5% from 60%, and increasing
revenues in Editora Abril's other business segments, thus
demonstrating Editora Abril's stronger resilience than the overall
Brazilian magazine advertising market.  However, Moody's notes
that increased costs related to the growth in other segments
without parallel growth in advertising revenues, drove weaker
margins (19.8% in 2Q09 vs. 24.3% in 2Q08, based on Moody's
standard definitions and adjustments).

As of June 30, 2009, Editora Abril reported a total cash balance
of BRL 112 million, which is primarily in local currency invested
in CDs and debentures issued by top tier local banks.  The
company's Total Adjusted Debt to EBITDA improved to 2.3 times from
2.7 times for the last twelve months ended in June 30, 2009 (all
ratios according to Moody's standard adjustments and definitions).
The company has enough cash and internal cash generation to cover
its debt maturities through year-end of 2009, which adds up to
around BRL 120 million.

Moody's also takes comfort from possible Abril group support for
the company's liquidity, including potential access to the
proceeds from the prior asset sale of the group's pay-tv business.
Editora Abril would have access to the proceeds through the
eventual incorporation of Abril Comunicacoes.  The incorporation
should strengthen Editora Abril's cash position and liquidity,
although timing is still uncertain.

Free cash flow to debt on a last twelve month basis ended in June
30th, 2009 was -8% due to unusually higher working capital needs
in 1Q'09 as the company took advantage of the stronger BRL to
anticipate the payment to paper suppliers, one of the company's
main costs in foreign currency, which caused a large drop in its
payables position.  The effect is expected to reverse in 2009 due
to a return of higher levels of accounts payables and allowing the
company to generate positive free cash flow again.

Rating affirmed is:

  - Local currency corporate family rating: Ba3 (Global scale)

Rating upgraded is:

  - Brazilian national scale corporate family rating: Upgraded to
    A2.br from A3.br

Upward rating momentum for Editora Abril's Ba3 global local
currency rating would likely develop should Editora Abril further
improve its corporate governance standards and debt protection
metrics by continuing to reduce intercompany loans and use free
cash flow or the proceeds from the sale of pay-TV assets for debt
reduction.

Editora Abril's Ba3 ratings or outlook are likely to come under
negative pressure should the Brazilian economy and magazine
advertising market experience a greater than expected downturn
that causes Editora Abril's leverage (Debt to EBITDA) to increase
above 3.0 times (2.3 times in the last twelve months ended in June
2009), interest coverage (EBITDA to Interest) decrease below 2.5
times (4.9 times in the last twelve months ended in June 2009) or
EBITDA margin to fall below 15.0% on a last twelve month basis
(19.6% in the last twelve months ended in June 2009).  Negative
pressure could also arise, if the group's conservative approach of
running each business as a separate unit were to change, with a
consequent resumption of new intercompany transactions.

Moody's last rating action on Editora Abril was on April 23, 2008,
when a Ba3 local currency corporate family rating and a A3.br
Brazilian national scale corporate family rating were assigned
with a stable outlook.

Editora Abril's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Editora Abril's core industry and the company's ratings
are believed to be comparable to those of other issuers of similar
credit risk.

Editora Abril S.A., based in Sao Paulo, Brazil, is the largest
magazine publisher in Brazil, with approximately 4.0 million
subscriptions and net revenues of BRL 1.93 billion (approx. US$1.0
billion) in the last twelve months ended in June 2009.  It
publishes and prints a wide selection of consumer magazines,
including Veja, the third best selling weekly news magazine in the
world and the largest outside the US.


JBS SA: To Produce Beef for Walmart Stores in Brazil
----------------------------------------------------
JBS SA and Wal-Mart Stores Inc. have signed an agreement in which
JBS SA will produce beef for Walmart stores in Brazil and Walmart
will market the products, Meat International News reports.

According to the report, both parties guaranteed that beef will
not be sourced from properties within the Amazon Biome that have
been "blacklisted" by the Brazilian Environment Institute or from
ranchers who have exploited child or "slave-like" labor.  The
report relates JBS SA said that under the agreement, there is a
commitment to identify, trace and control cattle within the
ecosystem so that no cattle raised in the region can be associated
with illegal deforestation or logging.

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As of June 17, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.


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


2100 CAPITAL: Creditors' Proofs of Debt Due on September 3
----------------------------------------------------------
The creditors of 2100 Capital Multi-Strategy Master Fund 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 23, 2009.

The company's liquidator is:

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


ALTEAS HOLDINGS: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------------
The creditors of Alteas Holdings Ltd. 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 17, 2009.

The company's liquidator is:

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


BLACK RIVER: Creditors' Proofs of Debt Due on September 3
---------------------------------------------------------
The creditors of Black River CFO I Ltd. 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 17, 2009.

The company's liquidators are:

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


BLUE EAGLE: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Blue Eagle Portfolios Asian Opportunities Fund
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 10, 2009.

The company's liquidators are:

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


BRENTWOOD (CAYMAN): Creditors' Proofs of Debt Due on September 3
----------------------------------------------------------------
The creditors of Brentwood (Cayman) Holdings Ltd. 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 17, 2009.

The company's liquidator is:

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


BUNDY LIMITED: Creditors' Proofs of Debt Due on September 3
-----------------------------------------------------------
The creditors of Bundy Limited 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 17, 2009.

The company's liquidator is:

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


COAST BROOKLINE: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------------
The creditors of Coast Brookline Strategy Investments Ltd 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 21, 2009.

The company's liquidator is:

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


COAST HAWKESBURY: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Coast Hawkesbury Strategy Investments Ltd 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 21, 2009.

The company's liquidator is:

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


COAST LONGFELLOW: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Coast Longfellow Strategy Investments Ltd 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 21, 2009.

The company's liquidator is:

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


CONCERTO LIMITED: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Concerto Limited 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 21, 2009.

The company's liquidators are:

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


EAGLE PLUS: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Eagle Plus Ltd. 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 13, 2009.

The company's liquidator is:

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


FRONTPOINT JAPAN: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Frontpoint Japan Equity Market Neutral Fund
Offshore Ltd. 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 15, 2009.

The company's liquidator is:

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


FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on September 3
-----------------------------------------------------------------
The creditors of Frontpoint Offshore RCL Equity Long/Short Fund,
Ltd. 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 15, 2009.

The company's liquidator is:

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


GENTREE OFFSHORE: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Gentree Offshore Inc. 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 23, 2009.

The company's liquidator is:

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


KAMANI HOLDINGS: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------------
The creditors of Kamani Holdings Limited 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 17, 2009.

The company's liquidator is:

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


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


COLOMBIA: Stable Economic Policy Supports Moody's 'Ba1' Rating
--------------------------------------------------------------
In its annual report on Colombia, Moody's Investors Service says
the country's Ba1 foreign currency government bond rating is
supported by relative stability in macro-economic policy, an
impeccable debt-service track record and financial backing from
the U.S.

Key constraints to the rating, according to the Moody's report,
include structural challenges to the fiscal position in light of
increasing inflexibility in expenditures and a narrow revenue
base.  Colombia's persistent external imbalance and its growing
dependence on unstable export markets such as Venezuela and
Ecuador underscore the country's relative lack of diversification.

"Colombia is proving to be more resilient to the global financial
crisis than originally anticipated," said Moody's Vice-
President/Senior Analyst Alessandra Alecci, author of the report.
"Financing has been available in both the domestic and external
markets, even at the height of the crisis."

She said a flexible exchange rate and a credible monetary
authority have allowed the currency to absorb the brunt of the
adjustment, while interest rates have fallen, facilitating a
"soft" landing.

"With the majority of the debt stock in local currency, the
currency pressure has not translated into higher debt-servicing
costs," said Ms. Alecci.  "An improved overall debt profile with
longer maturities and reduced exposure to foreign-currency debt
coupled with a reduction in gross financing requirements are
elements that have strengthened the government's ability to manage
shocks."

As there are still considerable global risks, including a
potential "double-dip" scenario, she explained that upward rating
movements would require a careful assessment of how Colombia
emerges from the crisis and whether the expected fiscal
deterioration can be reversed through a meaningful rebound in
growth, committed policy efforts, or both, thus allowing debt
dynamics to improve after the crisis passes.

"Given Colombia's long democratic tradition, a bid for a potential
third term by President Uribe would not likely affect the
trajectory of Colombia's ratings," said Ms. Alecci.  "Most of the
other potential candidates are fairly close to Uribe's center-
right orientation and none would likely change course on economic
policy or on the successful security policy."

The downturn in activity has predictably led to a deterioration in
public finances, explained the analyst, with the 2009 central
government deficit projected at 4.0% of GDP and at 4.4% in 2010.
The fiscal deterioration is being exacerbated by structural issues
that could complicate an adjustment once the crisis is over, says
the Moody's report.  Colombia's tax burden is among the lowest in
the region and while total expenditures have remained broadly
under control, but they are becoming increasingly inflexible.

Moody's does not foresee a meaningful reduction in the government
debt burden in the coming years.  The central government debt-to-
GDP ratio could possibly cross the 40% threshold, a level that is
still relatively manageable, however.

"Barring negative developments, higher debt levels could still be
consistent with positive rating actions if accompanied by improved
fiscal fundamentals," said Ms. Alecci.

Colombia is among the few emerging-market commodity exporters
whose current account remained in deficit even during very
favorable external conditions.  While not a positive development,
in Moody's opinion, this should not represent a major concern for
Colombia's credit outlook, thanks to the size of the current
account deficit and because capital inflows, particularly in the
energy sector, have provided sufficient financing.

"Despite recent improvements, most external indicators still
compare unfavorably with similarly-rated peers, particularly in
the region and even in cases like Brazil, where the improvement
has been pronounced," said Ms. Alecci.

She added that key credit risks for Colombia going forward include
a potentially sharp deterioration in public finances similarly to
what occurred in the early 2000s.  This could arise out of a "slow
growth trap," particularly if the global recovery is timid and
given Colombia's relative lack of diversification.  Under this
scenario, revenues would be affected and, if combined with the
inability to control expenditures, the fiscal situation could
become unmanageable and debt levels would rise to levels above
those of similarly-rated peers.  For now, Moody's does not see
this as likely, however.


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


* ECUADOR: President Correa Calls for a Speedy Liquidation Process
------------------------------------------------------------------
Ecuador President Rafael Correa called for the Banking
Superintendency to expedite the liquidation of banking entities
responsible, a decade ago, for unleashing the worst financial
crisis in history, Poder360.com reports.

According to the report, Mr. Correa said that so far no banks
involved in the process have been closed and stated that the slow
progress in closing institutions calls for a thorough reform of
the Superintendency.  The report relates that Mr. Correa said all
the banking debtors in liquidation have yet to be charged, that
all affected creditors have yet to be paid, and that accounts have
yet to be settled with the creditor institutions.

The report recalls that in 1999, after the financial debacle,
thirty banks went into state hands, some were restructured and
resumed operations and others entered into liquidation.

                           *     *     *

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


* ECUADOR: President Seeks to Keep Capital in Ecuador
-----------------------------------------------------
Stephan Kueffner at Bloomberg News reports that Ecuadorean
President Rafael Correa revealed new measures to keep capital from
leaving the country as the government cuts estimates for economic
growth and dips into foreign reserves.  The report relates that
President Correa said gross domestic product will expand “close to
2%” this year, less than the previously estimated 2.5%.

According to the report, the government will double levies on
money sent abroad to 2%, and also will use US$1.6 billion from
foreign reserves for infrastructure investments.

President Correa, the report notes, is working to shore up
government funds and keep dollars in the country after defaulting
on US$3.2 billion of debt in December and March.  The report
recalls that the economy was battered late last year and early in
2009 as the price of oil fell more than 70% from record highs.

Bloomberg News adds that the government also plans to introduce a
minimum corporate tax to avoid evasion.

                           *     *     *

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


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


AIR JAMAICA: Divestment Process to Take Time, Government Says
-------------------------------------------------------------
The Jamaican government said it is still in negotiations with two
short-listed bidders for Air Jamaica Limited, RadioJamaica
reports.  The report relates that the statement contradicts an
earlier disclosure by Golding administration that a buyer had been
identified for the cash strapped airline and the divestment was
close to being completed.

According to the report, Prime Minister Bruce Golding said one of
the bidders is now in Jamaica conducting due diligence.  "Cabinet
is deliberating on the matter, we've not yet taken a decision (as)
there are a number of issues that must be addressed before a
decision is taken, the least of which is cost of the privatization
and the impact that that would have on the budget.  Those are very
weighty issues that must be closely studied," the report quoted
Mr. Golding as saying.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.  A
TCR-LA report on June 10, citing Jamaica Observer, related that
Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have
both expressed an interest in acquiring Air Jamaica.  Radio
Jamaica said the airline has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill.
Moreover, Radio Jamaica said, Air Jamaica currently has over
US$600 million in loans outstanding.

                        About Air Jamaica

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

                           *     *     *

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


* JAMAICA: Government Expects IMF's Answer in Two Months
--------------------------------------------------------
The Jamaican government is optimistic that the Board of the
International Monetary Fund will make a decision on Jamaica's
application for balance of payment support by the end of October,
Carribean360.com reports.  The report relates that Minister of
Finance and the Public Service Audley Shaw said that discussions
with the IMF are on schedule and a team from the Fund should
arrive in the island by about September 8.

According to the report, Mr. Shaw gave an assurance that the
Letter of Intent to access a US$1.2 billion loan from the
multilateral institution should be ready by the following week.
The report relates that a medium-term program, outlining the
country's fiscal targets and measures to achieve these targets, is
also being prepared to accompany the letter.

"Without an IMF agreement and without access to the balance of
payment support, our Net International Reserves (NIR) could
deplete to as much as US$800 million, which could put you down to
about six weeks of imports, which is not considered ideal," the
report quoted Mr. Shaw as saying.

The report notes that the government is also anticipating
receiving a US$320 million liquidity grant from the IMF by mid-
September.

                         *     *     *

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


* JAMAICA: Gov't Takes Careful Approach to Divestment of Assets
---------------------------------------------------------------
The Jamaican government said that it is taking a careful approach
to the divestment of state assets in the current economic climate,
the Jamaica Gleaner reports.  The report relates that Prime
Minister Bruce Golding said the government is not prepared to sell
public assets out of desperation.

According to the report, the government already is far advanced in
its divestment of the state owned sugar factories and there are
plans to also privatize the Jamaica Pegasus Hotel.

Mr. Golding, the report notes, said the government is also
considering the divestment of its shares in the Jamaica Public
Service Company.  However, the report relates, Mr. Golding said
discussions are still taking place with the company’s part owners.

                           *     *     *

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


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


ASARCO LLC: Grupo Mexico Confident Own Plan to be Confirmed
-----------------------------------------------------------
Grupo Mexico, S.A.B. DE C.V. on August 27 said it remains
confident that its subsidiary, Americas Mining Corp., is entitled
under applicable U.S. law to retain control of its wholly owned
subsidiary ASARCO through the full payment plan offered to
creditors on their claims and liabilities, plus interest.

AMC attorney Robert Moore presented the company's final arguments
to U.S. Judge Richard Schmidt of the Corpus Christi Bankruptcy
Court on Wednesday, arguing that GMEXICO's offer to pay the ASARCO
creditors US$2.2 billion in cash represented a full and fair
offer, and one that meets the necessary legal obligations to
retain ownership of the company.  Failure to do so, Mr. Moore
argued, would represent a breach of constitutional law.

"Our view is that we're facing what in my view is a constitutional
level issue," Mr. Moore argued in his closing statement.  "It's an
issue of due process.  It's an issue of unfair taking.  It's an
issue of compensation for an unfair taking. In my view again . . .
I think this is an issue the Supreme Court would be interested
in."

"We are the owner," Mr. Moore continued.  "We initiated these
cases through our subsidiaries.  We in essence through our plan
now are funding the hundreds of millions of dollars that we've
spent for these cases.  We've agreed to un-impair all non-
consenting creditors under our plan and pay all creditors in full
in cash, including interest at the date of payment, and we want
our company back."

GMEXICO, through its subsidiary AMC has offered full value of
US$3.6 billion in cash.  This value includes a US$2.2 billion cash
contribution, the disbursement of an estimated US$1.4 billion in
cash on hand from ASARCO's balance sheet, a one-year promissory
note for US$280 million payable to the asbestos creditors, the
forgiveness of US$191 million worth of tax claim debt and a US$60
million tax refund contribution.

AMC has evidenced to the Bankruptcy Court that its plan is
financially viable since AMC has a firm commitment from four
internationally recognized financial institutions to deliver
financing for up to US$1.3 billion, which in addition to GMEXICO's
commitment to contribute US$900 million, amounts to US$2.2 billion
in cash on the date of close.  Furthermore, AMC and GMEXICO have
agreed to increase the escrow that currently holds US$2.2 billion
in Southern Copper Corporation stock as surety for the plan by an
additional US$500 million in cash as part of the contribution AMC
is obliged to make.

Also, to ease any concern ASARCO employees may have, AMC has
offered to extend the collective bargaining agreement to June 2011
under the same terms and conditions as the current contract, which
Judge Schmidt approved in 2007.

GMEXICO is also confident the Corpus Christi Bankruptcy Court will
recommend that U.S. District Court Judge Andrew Hanen confirm
AMC's Plan to resolve ASARCO's Chapter 11 reorganization,
upholding the constitutional rights of the sole stockholder, AMC,
to remain ASARCO's owner by covering its liabilities in full.

                        Competing Plans

As reported by the Troubled Company Reporter, Sterlite Industries
(India) Ltd., on August 19 raised its bid for ASARCO LLC, by
pledging to pay all of the Company's unsecured debts in full, thus
matching an offer from Grupo Mexico SAB.  Under the plan backed by
ASARCO LLC, Sterlite would guarantee to pay unsecured debts of
Asarco LLC that are ultimately considered legitimate by Judge
Schmidt.

Grupo Mexico SAB on August 18 beefed up its offer for ASARCO LLC
to US$2.2 billion in cash.  Grupo Mexico said this offer
guarantees full payment for creditors.  Because the creditors are
no longer impaired, voting in favor of the Parent Plan is no
longer required as the creditors can be deemed to accept the Plan.

ASARCO LLC and Grupo Mexico, through unit ASARCO Inc., have filed
competing plans of reorganization for ASARCO LLC.  Judge Richard
Schmidt began on August 10 hearings to choose between the
competing plans, which originally included a third plan, sponsored
by investors led by Harbinger Capital Partners Master Fund I Ltd.

Grupo Mexico previously offered to purchase ASARCO LLC, in
exchange for US$1.72 billion in cash plus a note for US$280
million for unsecured creditors.

ASARCO LLC's plan is built upon an agreement to sell assets to
Vedanta unit Sterlite Industries Inc.  Sterlite has agreed to
provide a US$770 million promissory note, pay US$1.59 billion in
cash and assume certain liabilities as part of its consideration
in exchange for ASARCO's assets.

ASARCO Inc. and AMC early this year lost a lawsuit filed against
it for intentional fraudulent conveyance of ASARCO LLC's crown
jewel -- its stock in Southern Peru Copper Company, now known as
Southern Copper Corporation.  The U.S. District Court for the
Southern District of Texas concluded that AMC is the transferee of
an avoidable transfer, and ordered AMC to return the SPCC Shares
to ASARCO LLC and to pay ASARCO LLC US$1.38 billion in money
damages.  ASARCO Inc. and AMC, however, are appealing the ruling.

The recovery by creditors from the SPCC Litigation may depend on
the outcome of the litigation and which Chapter 11 plan is
selected by the Bankruptcy Court.  According to Bloomberg, under
the ASARCO LLC Plan, creditors may collect money from the
judgement against Grupo Mexico.  The Parent Plan, however, would
limit any payments related to the judgement.

According to Bloomberg, Kenneth N. Klee, a professor at the
University of California, Los Angeles, School of Law, testified
before the Bankruptcy Court on August 17 that Grupo Mexico may be
forced to pay as much as US$2.94 billion in connection with the
SPCC Litigation.  "There is a 51% chance of Asarco prevailing,"
said Mr. Klee, a lead author of the U.S. Bankruptcy Code when
Congress overhauled the law in the late 1970s.

Mr. Klee was hired by ASARCO LLC to determine how much its parent,
Grupo Mexico, may have to pay creditors in connection with the
SPCC Litigation -- the last major issue for Judge Schmidt to
decide before he chooses between two competing plans, Bloomberg
aid.

Judge Schmidt will make a final decision on August 31.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

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

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

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


CEMEX SAB: County Gives Go-Ahead Signal for Quarry Expansion
------------------------------------------------------------
CEMEX, S.A.B. de C.V. has received a recommendation from county
planners to go ahead with its lime stone quarry in the hills above
Davenport, as the planned expansion will have low risk to local
water supply, Kurtis Alexander at Mercury News reports.  The
report relates that the county's review of the company's plan,
concluded that precautions can be taken to prevent the
contamination of an underground spring, Liddell Spring, used by
Santa Cruz for drinking water.

According to the report, the company has sought for more than a
decade to enlarge its 87-acre quarry -by 17 acres.  But concerns
over Liddell Spring's fate have slowed that effort, the report
says.

The report notes that the commission, which has final say over the
expansion, is scheduled to make a decision on the proposal
September 23.

The report points out that in spite of the county report, city
officials remain unconvinced that quarry expansion won't disturb
their spring.

                        About Cemex, S.A.B.

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


COMERCI: To Reach an Agreement With Bondholders Soon
----------------------------------------------------
Emily Schmall and Hugh Collins at Bloomberg News report that
speculation has emerged that Controladora Comercial Mexicana SAB,
(Comerci) will reach an agreement with bondholders soon.  The
report relates Francisco Galindo, an outside company spokesman,
said that Comerci’s bondholders are meeting today, August 28, in
Mexico City to negotiate a deal on restructuring the debt.

“The speculation surrounding the meeting [today] is definitely
moving the stock,” Idalia Cespedes, an analyst with Interacciones
Casa de Bolsa, told Bloomberg in a telephone interview.

According to the report, citing a company statement, Comerci said
that “negotiations are continuing in a favorable manner” and it
doesn’t have any additional information.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2009, Bloomberg News said Comerci is holding
restructuring talks with JPMorgan Chase & Co.  The report recalled
Comerci expects JPMorgan Chase & Co. to join five other banks in
approving a plan to restructure more than US$1.5 billion of debt.
The report related Barclays Plc, Goldman Sachs Group Inc., Bank of
America Corp.'s Merrill Lynch, Banco Santander SA and Citigroup
Inc. agreed in principle to restructure the company's peso
derivative losses.  Reuters recalled that Comerci defaulted in
October after massive derivatives losses sent its debt soaring
above US$2 billion.  On Oct. 9, 2008, Comerci filed for protection
under Mexico's bankruptcy code Ley de Concurso Mercantil.

                         About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


CORPORACION DURANGO: Concludes Financial Restructuring
------------------------------------------------------
Hugh Collins at Bloomberg News reports that Corporacion Durango,
S.A.B. de C.V. said it completed its international financial
restructuring.  The restructuring involves an “important”
repurchase of debt at a discount, the company said in an e-mailed
statement obtained by the news agency.

According to the report, the company's debt fell 54% to US$250
million.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2009, Latin France said that Corporacion Durango has
reached a tentative agreement with some 92% of its creditors to
restructure its debt.

Corporacion Durango, S.A.B. de C.V. (BMV: CODUSA) is the largest
paper producer in Mexico, it has 8 paper mills, 21 corrugated
containers and 11 depots for recycled fiber facilities in Mexico
and in the U.S.A. The number of direct employees is 8,000 and
3,850 indirect employees esteemed and its combined sales per year
are approximately US$1.2 billion dollars.

The Company and its units filed for bankruptcy in Mexico and the
U.S. in October after missing a US$26.5 million interest payment
on 10.5% bonds due in 2017.

Corporacion Durango filed for Chapter 15 bankruptcy with the
U.S. Bankruptcy Court for the Southern District of New York (Lead
Case No. 08-13911) on Oct. 6, 2008.  In its Chapter 15 petition,
Corporacion Durango asked the U.S. Court to consider its
proceedings in Mexico as the "foreign main proceeding."

Two of its affiliates -- Paper International Inc. and Fiber
Management of Texas Inc. -- filed for Chapter 11 protection
separately with the same court on the same day.  Both were liable
on the parent's notes that went into default when the parent was
unable to make a US$26.5 million interest payment due in October.

The bankruptcy court in New York confirmed the U.S. subsidiaries'
Chapter 11 plan in June.  The U.S. plan for Paper International
Inc. and Fiber Management of Texas called for paying unsecured
creditors approximately 70% while trade suppliers would be paid in
full.  Holders of US$535 million in notes are slated for
US$250 million in new notes, 17 million shares of stock, and
US$10 million cash.


EMPRESAS ICA: May List Finished Projects on Mexican Exchange
------------------------------------------------------------
Empresas ICA S.A.B. de CV may list projects on the Mexican Stock
Exchange to raise funds, Carlos Manuel Rodriguez and Andres R.
Martinez at Bloomberg News report, citing Chairman Bernardo
Quintana.  “The first projects we’re seeking to list are the ones
finished,” Mr. Quintana told Bloomberg in an interview.  “Those
projects already have a revenue track record, without the risk of
construction,” Mr. Quintana added.

According to the report, Mexico’s securities regulator said that
it may approve four trusts to trade on the stock exchange to raise
financing for projects such as dams, highways and trains.  The
report relates that the trusts would sell equity-like securities
and yield dividends, similar to real-estate investment trusts.

Mexican pension funds may invest between MXN6 billion (US$453.7
million) and MXN8 billion in a group of toll roads owned by ICA
and Goldman Sachs Group Inc., Mr. Quintana told the news agency in
the interview.  The equity, which would dilute ICA’s 20% stake and
Goldman’s 80% stake, will help reduce the project’s MXN30 billion,
Mr. Quintana added.

                        About Empresas ICA

Empresas ICA S.A.B. de CV offers engineering and construction
services.  The company builds dams, highways, airports, office
buildings, manufacturing facilities, and housing projects,
operates water distribution and treatment systems, highways and
parking facilities, mines aggregates, operates ports, and builds
grain storage systems.

                           *     *     *

As of August 3, 2009, the company continues to carry Standard and
Poor's BB- LT Issuer Credit Ratings.


GRUMA SAB: Negotiation Extensions Won't Affect S&P's 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on GRUMA
S.A.B. de C.V. (B+/Watch Neg/--) are unaffected by the company's
announcement of an additional extension to finalize its
negotiations with derivatives counterparties to convert
$726.6 million related to derivative instruments to term loans.

The ratings are currently on CreditWatch with negative
implications.  Although these negotiations have taken longer than
originally expected, S&P's current rating incorporates S&P's
belief that GRUMA will be able to settle the matter during the
next few weeks.  S&P will resolve S&P's CreditWatch listing once
GRUMA closes the term loan transactions, and based on S&P's
appraisal of its financial situation under the new capital
structure.  If the company finalizes negotiations with
satisfactory terms, S&P could affirm the ratings.


GRUPO MEXICO: Says Reorganization Plan Will Get Confirmation
------------------------------------------------------------
Grupo Mexico, S.A.B. DE C.V. said it remains confident that its
subsidiary, Americas Mining Corp., is entitled under applicable
U.S. law to retain control of its wholly owned subsidiary ASARCO
through the full payment plan offered to creditors on their claims
and liabilities, plus interest.

AMC attorney Robert Moore presented the company’s final arguments
to U.S. Judge Richard Schmidt of the Corpus Christi Bankruptcy
Court, arguing that GMEXICO’s offer to pay the ASARCO creditors
US$2.2 billion in cash represented a full and fair offer, and one
that meets the necessary legal obligations to retain ownership of
the company.  Failure to do so, Mr. Moore argued, would represent
a breach of constitutional law.

“Our view is that we're facing what in my view is a constitutional
level issue,” Mr. Moore argued in his closing statement.  “It's an
issue of due process.  It's an issue of unfair taking.  It's an
issue of compensation for an unfair taking.  In my view again
. . . I think this is an issue the Supreme Court would be
interested in.”

“We are the owner,” Mr. Moore continued.  “We initiated these
cases through our subsidiaries.  We in essence through our plan
now are funding the hundreds of millions of dollars that we've
spent for these cases.  We've agreed to un-impair all non-
consenting creditors under our plan and pay all creditors in full
in cash, including interest at the date of payment, and we want
our company back.”

GMEXICO, through its subsidiary AMC has offered full value of
US$3.6 billion in cash.  This value includes a US$2.2 billion cash
contribution, the disbursement of an estimated US$1.4 billion in
cash on hand from ASARCO’s balance sheet, a one-year promissory
note for US$280 million payable to the asbestos creditors, the
forgiveness of US$191 million worth of tax claim debt and a US$60
million tax refund contribution.

AMC has evidenced to the Bankruptcy Court that its plan is
financially viable since AMC has a firm commitment from four
internationally recognized financial institutions to deliver
financing for up to US$1.3 billion, which in addition to GMEXICO's
commitment to contribute US$900 million, amounts to US$2.2 billion
in cash on the date of close.  Furthermore, AMC and GMEXICO have
agreed to increase the escrow that currently holds US$2.2 billion
in Southern Copper Corporation stock as surety for the plan by an
additional US$500 million in cash as part of the contribution AMC
is obliged to make.

Also, to ease any concern ASARCO employees may have, AMC has
offered to extend the collective bargaining agreement to June 2011
under the same terms and conditions as the current contract, which
Judge Schmidt approved in 2007.

GMEXICO is also confident the Corpus Christi Bankruptcy Court will
recommend that U.S. District Court Judge Andrew Hanen confirm
AMC's Plan to resolve ASARCO’s Chapter 11 reorganization,
upholding the constitutional rights of the sole stockholder, AMC,
to remain ASARCO’s owner by covering its liabilities in full.

                         About Grupo Mexico

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

                           *     *     *

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


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


BANCO DO BRASIL: Inaugurates Uruguay Office With BNDES
------------------------------------------------------
Banco do Brasil SA and Banco Nacional de Desenvolvimento Economico
e Social SA disclosed the inauguration of a joint representative
office in Uruguay, Rogerio Jelmayer at Dow Jones Newswires
reports.  The report relates that Banco do Brasil said the office
will offer services for Brazilian clients in Uruguay.

According to the report, the presence of Banco do Brasil and BNDES
in the neighboring country comes amid an increase in trade between
the two nations.

In 2001, the report recalls, Brazil posted a trade surplus of only
US$140 million with Uruguay.  The report relates Banco do Brasil
said that currently, the annual surplus is running at around
US$625 million.

                            About BNDES

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

                           *     *     *

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

                       About Banco do Brasil

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

                           *     *     *

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


BANCO NACIONAL: Inaugurates Uruguay Office With Banco do Brasil
---------------------------------------------------------------
Banco do Brasil SA and Banco Nacional de Desenvolvimento Economico
e Social SA disclosed the inauguration of a joint representative
office in Uruguay, Rogerio Jelmayer at Dow Jones Newswires
reports.  The report relates that Banco do Brasil said the office
will offer services for Brazilian clients in Uruguay.

According to the report, the presence of Banco do Brasil and BNDES
in the neighboring country comes amid an increase in trade between
the two nations.

In 2001, the report recalls, Brazil posted a trade surplus of only
US$140 million with Uruguay.  The report relates Banco do Brasil
said that currently, the annual surplus is running at around
US$625 million.

                            About BNDES

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

                           *     *     *

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

                       About Banco do Brasil

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

                           *     *     *

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


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


* VENEZUELA: Wilpro Energy Sues Government & 3 U.S. Banks
---------------------------------------------------------
Wilpro Energy Services fears the Venezuelan government could
defraud it of US$45 million by submitting false claims to U.S.
banks after President Hugo Chavez nationalized Wilpro's holdings
in the country, Barbara Leonard at Court House News reports.

According to the report, citing Wilpro's complaint in New York
County Court, in May this year, the Venezuelan National Guard
and a Venezuelan judge helped the national oil company, PDVSA
Petroleo Y Gas, take over Wilpro's assets, which are worth
"hundreds and hundreds of millions of dollars."  The report,
citing the complaint, relates that Petroleos de Venezuela had
stopped making payments to Wilpro 7 months before the
nationalization; it dismissed Wilpro's security personnel and
ordered other employees to exchange their uniforms for red PDVSA
coveralls.

The report notes Wilpro said it sent notices of nonrenewal to
defendants JP Morgan Chase, Bank of America and ABN AMRO Bank,
which had provided lines of credit.  However, the report relates
that the banks are required to pay up to US$45 million in just a
few hours if PDVSA submits a false claim.  The report says that
Wilpro, along with its parent companies, the Williams Companies
and Exterran Holdings, wants the three banks and PDVSA enjoined
from drawing on the lines of credit.

Wilpro is represented by Ralph Siciliano with Tannenbaum Helpern
Syracuse & Hirschtritt.

                           *     *     *

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


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


BURGER KING: Expands Presence In Latin America & Caribbean
----------------------------------------------------------
Burger King Corp.'s franchises in the Latin America and Caribbean
region continue to grow, with the company adding 85 new
restaurants so far this year, CaribWorldNews reports.

According to the report, Armando Jacomino, President of BK Latin
America & Caribbean said that the new restaurant brings the total
franchises to 1,078.  The report relates Mr. Jacomino also
revealed that for the first time, the company has entered the
Suriname market while also re-entering Uruguay.

Meanwhile, the report notes that across the Caribbean, St. Lucia
led with a 16.7% sales increase, followed by Grand Cayman with
11.4% and St. Maarten with +9.5%.

                         About Burger King

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                           *     *    *

As reported in the Troubled Company Reporter-Latin America on
February 17, 2009, Standard & Poor's Ratings Services said it
revised its outlook on Miami-based Burger King Corp. to stable
from positive.  Concurrently, S&P affirmed its ratings on the
company, including its 'BB-' corporate credit rating.


                            ***********

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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