TCRLA_Public/090831.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, August 31, 2009, Vol. 10, No. 171

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver Shouldn’t Get Suit Fees, SEC Says
STANFORD INT'L: Former SFG CEO Pleads Guilty in Fraud Case


A R G E N T I N A

AMENABAR 1702: Creditors' Proofs of Debt Due on October 21
ARGENMODA SRL: Creditors' Proofs of Debt Due on September 22
E-TAO SA: Creditors' Proofs of Debt Due on October 1
FAXTE SA: Creditors' Proofs of Debt Due on October 1
IMAGEN RACING: Creditors' Proofs of Debt Due on October 6

JAMES SPORT: Creditors' Proofs of Debt Due on September 25
YPF SA: China National Has “Nothing to Disclose at Moment”


B E R M U D A

XL CAPITAL: Unit Appoints Regional Energy Underwriting Manager


B R A Z I L

BRASIL FOOD: Foreigners Acquires 31.5% Firm's Share Offered
COMPANHIA SIDERURGICA: Unit Says Iron-Ore Demand May Be Restocking
CITIGROUP INC: To Issue US$6.1MM in Brazilian Real-Linked Notes
GERDAU AMERISTEEL: Reaches Idling Deal With United Steel Workers
GOL LINHAS: Fitch Affirms Issuer Default Ratings at 'B+'

* BRAZIL: Economy Set to Grow 5%, Goldman Sachs Says
* BRAZIL: July Budget Deficit Widens to High for 2009


C A Y M A N  I S L A N D S

POD HOLDING: Creditors' Proofs of Debt Due on September 3
SAISEI KAISYU: Creditors' Proofs of Debt Due on September 3
SAISEI KAISYU: Creditors' Proofs of Debt Due on September 3
SILVER LAKE: Creditors' Proofs of Debt Due on September 3
SIXTINA 2: Creditors' Proofs of Debt Due on September 3

SIXTINA 2: Creditors' Proofs of Debt Due on September 3
SIXTINA 5: Creditors' Proofs of Debt Due on September 3
SIXTINA 5: Creditors' Proofs of Debt Due on September 3
SIXTINA 6: Creditors' Proofs of Debt Due on September 3
SIXTINA 7: Creditors' Proofs of Debt Due on September 3

SIXTINA 7: Creditors' Proofs of Debt Due on September 3
SIXTINA 8: Creditors' Proofs of Debt Due on September 3
SIXTINA 9: Creditors' Proofs of Debt Due on September 3
SIXTINA 10: Creditors' Proofs of Debt Due on September 3
SIXTINA 14: Creditors' Proofs of Debt Due on September 3


E C U A D O R

TELEAMAZONAS: May Be Closed After Airing Correa Conversation
* ECUADOR: President Threatens to Close Major Television Network
* ECUADOR: Economic Measures Unlikely To Raise Production


M E X I C O

CEMEX SAB: Inks Data Back Up & Protection Deal With EMC
CEMEX SAB: S&P Changes CreditWatch on 'B-' Rating to Positive
CORPORACION DURANGO: Fitch Upgrades Issuer Default Rating to 'CCC'


P E R U

* PERU: IMF Allocates US$740 Million in Drawing Rights


P U E R T O  R I C O

CARIBBEAN RESTAURANTS: Moody's Affirms 'Caa1' Corporate Rating
* PUERTO RICO: July Unemployment Rate Reaches 16.5%


S T  K I T T S  &  N E V I S

FOUR SEASONS: Reopening of Nevis Resort Delayed a Fourth Time


V E N E Z U E L A

* VENEZUELA: Bonds Raised to “Overweight” at Deutsche Bank AG
* VENEZUELA: Repsol YPF to Use US$173.5MM Credit as Field Payment


X X X X X X X X

* BOND PRICING: For the Week August 24 to August 28, 2009


                         - - - - -


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


STANFORD INT'L: SFG Receiver Shouldn’t Get Suit Fees, SEC Says
--------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
shouldn’t be paid for work on so-called clawback lawsuits against
investors allegedly defrauded in a multi-billion scheme, Laurel
Brubaker Calkins at Bloomberg News reports, citing regulators.

“The receiver’s fee application should be discounted to ensure
that investors do not have to pay the receiver and his team to, in
effect, sue them,” SEC attorneys said in papers filed in federal
court in Dallas, the report relates.

As reported in the Troubled Company Reporter-Latin America on
August 4, 2009, Bloomberg News said U.S. District Judge David
Godbey ruled that Mr. Janvey could sue investors only for interest
payments they received from Robert Allen Stanford, the financier
accused of orchestrating a multi-billion fraud.  The report
related that Mr. Janvey’s lawyer told Juge Godbey that clawbacks
weren’t cost-efficient unless they also sought to recover
principal, which the receiver could distribute among investors who
couldn’t redeem their CDs after the company collapsed.

According to Bloomberg News, Mr. Janvey requested payment of
US$27.5 million in fees and expenses for his first 14 weeks’ work
as Stanford’s receiver and claims that is a 20% discount from the
rates the firms assisting him typically charge.

The SEC, the report relates, said that in addition to stripping
out any reimbursements related to the clawback suits, Mr. Janvey’s
fees should be cut by another 20% out of concerns that so little
cash has been recovered to repay victims.

                  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: Former SFG CEO Pleads Guilty in Fraud Case
----------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that former Stanford Financial Group Co. Chief Financial
Officer, James M. Davis, has pleaded guilty of helping Robert
Allen Stanford in a US$7 billion Ponzi scheme and prosecutors said
Mr. Davis will testify against his former colleagues.

According to the report, Mr. Davis admitted three felony counts
before U.S. District Judge David Hittner and agreed to forfeit
US$1 billion.  “Mr. Davis knows he’s looking at very, very stiff
punishment down the road,” the report quoted David Finn, Mr.
Davis' defense attorney, as saying.  After the plea hearing,
“Probation is out of the question in this case,” Mr. Finn added.

According to the report, Assistant U.S. Attorney Paul Pelletier
told Judge Hittner that the Justice Department would request
leniency in Mr. Davis’s sentencing if it deems his cooperation
“sufficient.”  The report notes that Mr. Finn said Mr. Davis’s
cooperation has focused on two fronts: locating assets Stanford
stashed overseas and helping the U.S. extradite Antigua’s top
banking regulator, Leroy King, who was indicted along with
Stanford for allegedly taking bribes to conceal the fraud.

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Bloomberg News said Mr. Davis pleaded not guilty to
criminal charges against him in a U.S. court.  The report related
Mr. Davis was released by U.S. Magistrate Judge Calvin Botley on
US$500,000 bond with a US$5,000 cash deposit, with his in-laws and
son as co-signers.  Mr. Davis, the report pointed out, was charged
with conspiracy to commit mail, wire and securities fraud, as well
as mail fraud and conspiracy to obstruct a U.S. Securities and
Exchange Commission investigation.  “Mr. Davis plans to plead
guilty to all three counts, which carry a combined statutory
maximum sentence of thirty years, pursuant to a plea agreement
with the United States,” prosecutors said in a July 9 court filing
obtained by the news agency.  According to a TCRLA April 14
report, Mr. Finn said his client has been cooperating with
investigators and expects to enter into talks that could settle
civil charges and any possible criminal charges.

The criminal complaint is U.S. v. Davis, H-09-335, U.S.
District Court, Southern District of Texas (Houston).

Meanwhile, a separate Bloomberg News report that Mr. Stanford was
rushed to the hospital for having an elevated pulse shortly before
he was to appear in court on August 27.  The report relates that
Dick DeGuerin, Mr. Stanford's defense lawyer, said his client must
remain hospitalized several days for observation.  The report
notes that Judge Hittner postponed the hearing without setting a
new date.

                  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
=================


AMENABAR 1702: Creditors' Proofs of Debt Due on October 21
----------------------------------------------------------
The court-appointed trustee for Amenabar 1702 S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 21, 2009.

The trustee will present the validated claims in court as
individual reports on December 2, 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
February 7, 2010.


ARGENMODA SRL: Creditors' Proofs of Debt Due on September 22
------------------------------------------------------------
The court-appointed trustee for Argenmoda S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 22, 2009.

The trustee will present the validated claims in court as
individual reports on November 4, 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 17, 2009.


E-TAO SA: Creditors' Proofs of Debt Due on October 1
----------------------------------------------------
The court-appointed trustee for E-Tao S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
October 1, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 30, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 6, 2010.


FAXTE SA: Creditors' Proofs of Debt Due on October 1
----------------------------------------------------
The court-appointed trustee for Faxte S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 1, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 30, 2009.


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


JAMES SPORT: Creditors' Proofs of Debt Due on September 25
----------------------------------------------------------
The court-appointed trustee for James Sport S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 25, 2009.


YPF SA: China National Has “Nothing to Disclose at Moment”
----------------------------------------------------------
China National Petroleum Corp. has “nothing to disclose at the
moment” on whether Brazil’s biggest oil producer is in talks to
acquire a stake in Repsol YPF SA’s Argentine unit, YPF SA, John
Duce at Bloomberg News reports, citing Vice President Zhou Jiping.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, Bloomberg News said Repsol YPF is in talks with CNPC
and CNOOC for a possible stake sale in YPF SA.  The report related
one source said China National Petroleum may make an offer of
about US$13 billion to US$14.5 billion for Repsol's stake in YPF
SA this month, while CNOOC Group is preparing a rival bid to buy a
minority stake in the unit.  The report said CNOOC Group hasn't
decided whether its Chinese parent or Hong Kong-listed unit will
make the acquisition.  According to the report, CNPC may offer to
buy as much as 75% of YPF, while Chinese rival CNOOC Ltd. is
interested in a 25% stake.

A TCR-LA report on July 3, citing Bloomberg News, related that
Chief Executive Officer Antonio Brufau wants to cut Repsol's stake
in YPF after Argentine restrictions on natural gas exports and
price caps on crude reduced profitability.  The report said that
the company also needs to raise funds for production, including in
the deepwater fields off Brazil where Brufau said last year Repsol
would spend at least US$1.5 billion developing deposits.  Repsol,
the report noted, delayed a public offering of a stake in YPF in
November after paying US$15.5 billion for more than 80 percent of
YPF in 1999.  Last year Repsol sold a 15% stake in YPF SA for
US$2.2 billion to Argentine investor Enrique Eskenazi, the report
noted.

                          About YPF S.A.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008.  (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.


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


XL CAPITAL: Unit Appoints Regional Energy Underwriting Manager
--------------------------------------------------------------
XL Insurance, a unit of XL Capital Ltd., appointed Peter Bitterlin
as Regional Underwriting Manager for Energy.  Mr. Bitterlin will
be heading XL Insurance's onshore energy team for Europe and Asia
Pacific and will be based in London.

Mr. Bitterlin has more than 25 years' of underwriting experience.
In his last position, as Senior Underwriter Energy with Partner Re
in Zurich, Mr. Bitterlin focused on refineries and petrochemical
risks as well as power generation plants and mining operations on
a worldwide basis.  Prior to this Mr. Bitterlin worked for Rhine
Re and Baloise Insurance Company in Switzerland.

Commenting on the appointment, Gerald Kanis, Chief Property
Underwriter - Europe & Asia Pacific for XL Insurance, said: "At XL
Insurance we have built up a reputation for high-quality
underwriting, loss prevention expertise and providing capacity to
the energy market, especially for complex risks. This expertise
and focus on service are proving to be real differentiators in the
current market.  Mr. Bitterlin's skills as an experienced energy
underwriter will be of great benefit to our global client base and
positions him well to further grow our energy operations across
Europe and Asia Pacific."

XL Insurance's global energy team has underwriters in London, New
York and Bermuda.

                        About XL Insurance

XL Insurance -- http://www.xlinsurance.com/-- is the global brand
used by member insurers of the XL Capital Ltd.


                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


BRASIL FOOD: Foreigners Acquires 31.5% Firm's Share Offered
-----------------------------------------------------------
Foreign investors purchased 31.5% of the shares sold by BRF-Brasil
Foods SA through a primary offer on the Brazilian Stock Exchange
(BMFBovespa), Rogerio Jelmayer at Dow Jones Newswires reports.
The report relates that foreign investors acquired 41.67 million
of the 132.25 million shares that BRF sold.

The report notes that the company raised BRL5.29 billion (US$2.84
billion) from the operation.  UBS Pactual was the lead coordinator
for the sale.

According to a company press release, Brasil Foods completed its
previously announced public global offering of 115,000,000 common
shares, including common shares in the form of American depositary
shares (the "ADSs"), each of which represents two common shares,
at a price of R$40.00 per share.  The global offering consisted of
an international offering in the United States and other countries
outside Brazil and a concurrent offering of common shares in
Brazil.  The option to purchase up to 17,250,000 additional common
shares to cover over-allotments, granted in the Brazilian offering
to the Brazilian underwriters, was exercised in full and settled
on August 25, 2009.  Accordingly, the total number of common
shares issued, including common shares in the form of ADSs, was
132,250,000, and the share capital of the Company was increased by
R$5,290,000,000.00 as a result of the global offering.

                     About BRF-Brasil Foods

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

                         *     *     *

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


COMPANHIA SIDERURGICA: Unit Says Iron-Ore Demand May Be Restocking
------------------------------------------------------------------
Namisa S.A., a unit of Companhia Siderurgica Nacional S.A.,
believes current iron-ore demand may just be restocking, John
Kolodziejski at Dow Jones Newswires reports, citing the Estado
news agency.  The report relates that Namisa President Charles
Lagana Putz said that the current resumption in iron-ore demand
may be "artificial" because of restocking and may last two months.

According to the report, Mr. Putz said that after this period, the
recovery will be slower, but first-half sales in 2010 should be
above 2009 levels.  Companies are looking at hybrid contracts to
replace the current benchmark price mechanism for iron ore, Mr.
Putz added.

Dow Jones Newswires notes that Mr. Putz said there is now talk of
the possibility of adopting a benchmark price for 50% to 70% of
orders with the remainder traded on the spot market.

Mr. Putz, the report relates, added that Namisa is studying
investing in the shipping market in order to have more competitive
transport costs when selling iron ore on the Chinese market.

As reported in the Troubled company Reporter-Latin America on
August 25, 2009, Dow Joned Newswires said that Namisa S.A. 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 Mr. Putz as saying.
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+.


CITIGROUP INC: To Issue US$6.1MM in Brazilian Real-Linked Notes
---------------------------------------------------------------
Citigroup Inc. filed with the Securities and Exchange Commission a
pricing supplement and free writing prospectus in connection with
Citigroup Funding Inc.'s issuance of 606,500 Principal Protected
Notes Based Upon the Brazilian Real Due February 27, 2012, at
US$10 per Note.

Citigroup Funding will not make any payments on the notes prior to
maturity.  The notes are based upon the value of the Brazilian
real relative to the U.S. dollar, as measured by the BRL/USD
exchange rate.  The notes will mature on February 27, 2012.

The currency return amount will be based on the percentage change
in the BRL/USD exchange rate during the term of the notes.

The Company will not apply to list the notes on any exchange.

The notes are not deposits or savings accounts but are unsecured
debt obligations of Citigroup Funding.  The notes are not insured
by the Federal Deposit Insurance Corporation or by any other
governmental agency or instrumentality, and are not guaranteed by
the FDIC under the Temporary Liquidity Guarantee Program.

The total Public Offering Price is US$6,065,000.00.  The total
Underwriting Discount total US$136,462.50.  The total Proceeds to
Citigroup Funding is US$5,928,537.50.

Citigroup Global Markets Inc., an affiliate of Citigroup Funding
and the underwriter of the sale of the notes, will receive an
underwriting fee of US$0.225 for each US$10.000 note sold in this
offering.  Certain dealers, including Citi International Financial
Services, Citigroup Global Markets Singapore Pte. Ltd., and
Citigroup Global Markets Asia Limited, broker-dealers affiliated
with Citigroup Global Markets, will receive from Citigroup Global
Markets US$0.200 from this underwriting fee for each note they
sell. Citigroup Global Markets will pay the Financial Advisors
employed by Citigroup Global Markets and Morgan Stanley Smith
Barney LLC, an affiliate of Citigroup Global Markets, a fixed
sales commission of US$0.200 for each note they sell.
Additionally, it is possible that Citigroup Global Markets and its
affiliates may profit from expected hedging activity related to
this offering, even if the value of the notes declines.

A full-text copy of the pricing supplement is available at no
charge at http://ResearchArchives.com/t/s?4366

A full-text copy of the free writing prospectus is available at no
charge at http://ResearchArchives.com/t/s?4365

                       About Citigroup Inc.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  At June 30, 2009, Citigroup had
total assets of $1.84 trillion and total liabilities of
US$1.69 trillion.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
roughly US$306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup issued preferred shares to the Treasury and
FDIC.  The Federal Reserve agreed to backstop residual risk in the
asset pool through a non-recourse loan.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


GERDAU AMERISTEEL: Reaches Idling Deal With United Steel Workers
----------------------------------------------------------------
Gerdau Ameristeel Corporation has reached agreement with the
United Steel Workers regarding the suspension of production at the
company's steel mill located in Sand Springs, Oklahoma.  Members
of USW Local 2741 voted to accept the terms and conditions of the
agreement on August 27, 2009.  In connection with this action, the
Company expects to incur an accounting charge within the range it
announced on August 6, 2009.

An orderly wind-down of production at the mill is anticipated over
the next several weeks.  The company is working with local, state
and federal agencies to offer assistance to impacted employees
through this transition period.  Impacted employees will have the
choice of extended recall rights or severance as outlined in the
collective bargaining agreement.  Service to Gerdau Ameristeel
customers will be uninterrupted and will be provided by the
company's extensive network of mills in North America.

On June 8, 2009 the company announced that it would enter into
discussions with the USW regarding the potential closure of the
mill.  The company continues to investigate alternatives for
modernization of the Sand Springs Mill and the resumption of
production to meet future market demand.  Discussions with State
and local government officials regarding potential economic
incentives are ongoing.  It is estimated that even if an agreement
is reached regarding these economic incentives, the mill will be
idled for at least 24 months while required capital improvements
are completed.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


GOL LINHAS: Fitch Affirms Issuer Default Ratings at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed Gol Linhas Aereas Inteligentes S.A.'s
ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$200 million perpetual notes at 'B/RR5';

  -- US$200 million senior notes due 2017 at 'B/RR5'.

Fitch has removed all of GOL's ratings from Rating Watch Negative
and subsequently assigned a Negative Rating Outlook.

Fitch's decision to remove the company from Rating Watch Negative
is due to the company's successful efforts in improving its
liquidity, which has dramatically reduced the very high
refinancing risk it faced at the beginning of the year.  Steps
taken by GOL included a capital increase of BRL203.5 million and
the issuance of BRL400 million debenture due in 2011.  The company
also raised BRL255 million, of which it had received
BRL104 million as of June 30, 2009, through the advance sale of
miles to Bradesco and Banco do Brasil.  GOL continues to pursue a
strong capital structure.  On Aug. 25, 2009 the company announced
its intention to sell BRL500 million of preferred shares through a
global offering.  This is part of an effort to increase its cash
balance to BRL800 million at the end of 2009 from BRL415 as of
Dec. 31, 2008.

The Negative Outlook reflects GOL's cash flow levels which
continue to be low relative to total lease-adjusted debt.  The
potential for cash flow to fall quickly if the H1N1 virus becomes
more prevalent in Brazil is also considered in the Negative
Outlook.  In order to revise the Outlook to Stable from Negative,
Fitch would like to see a sustained favorable business environment
for GOL, allowing the company to generate positive free cash flow,
plus additional deleveraging.

During the latest-twelve-months ended June 30, 2009, GOL generated
BRL1.1 billion of EBITDAR, an improvement from BRL682 million
during 2008.  The company's cash flow from operations during the
LTM was negative BRL302 million, while its free cash flow was
negative BRL582 million.  GOL's debt adjusted for operating leases
was BRL8.3 billion at the end of June 2009, while its cash and
marketable securities balance was BRL600 million.  These figures
result in an adjusted net debt-to-EBITDAR ration of 7.1 times (x)
for the LTM.

GOL's on-balance sheet debt totals BRL3.2 billion.  It primarily
consists of BRL1.5 billion of secured debt and financial leases,
BRL489 million in PDP loans, BRL750 million in public unsecured
debt and BRL394 million in a privately placed debenture.  Leases
expense for the LTM were BRL728 million, resulting in an off-
balance-sheet debt adjustment made by Fitch of BRL5.1 billion.

Fitch estimates that GOL's EBITDAR for 2009 will be approximately
BRL 1.3 billion, resulting in a net leverage ratio of 6.75x.  The
improvements in EBITDAR versus 2008 levels are due to lower fuel
prices and the depreciation of the U.S. dollar versus the
Brazilian real.  GOL's aircraft fuel costs for the first half of
2009 were BRL876 million, a decline from BRL1.4 billion during the
similar time period in 2008.  The company also reduced its
capacity, as measured by Available Seats per Kilometer (ASK),
during the first and second quarters by 13.7% and 9.8%,
respectively.  The reduction in capacity led to higher load
factors which positively impacted the company's Cost per Available
Seat Kilometer.  Combined the aforementioned factors have more
than offset declines in Revenues per Available Seat Kilometer as
reflected in an increase in the RASK - CASK spread to BRL1.02
cents during the first semester of 2009 versus a negative spread
of BRL1.13 cents during the first half of 2008.


* BRAZIL: Economy Set to Grow 5%, Goldman Sachs Says
----------------------------------------------------
Brazil went through the global economic crisis “extremely well”
and is set to grow at a 5 percent pace the next few years, Fabiola
Moura at Bloomberg News reports, citing Goldman Sachs Group Inc.
Chief Economist Jim O’Neill.

According to the report, citing O Estado de Sao Paulo newspaper,
Brazil’s economic environment was positive when the crisis
started.  The report relates Mr. O’Neill said that this, combined
with the country’s market regulations and low level of debt,
helped it avoid a banking crisis.

                           *     *     *

The country continues to carry Moody's Rating Agency's "Ba1" local
and foreign currency ratings.


* BRAZIL: July Budget Deficit Widens to High for 2009
-----------------------------------------------------
Iuri Dantas at Bloomberg News reports that Brazil’s nominal budget
deficit widened to the highest this year as the government’s
economic stimulus measures and tax cuts reduced federal revenue.
The report relates that the central bank said Brazil posted a
budget deficit of BRL13 billion (US$6.97 billion) in July, wider
than June’s BRL10.13 billion deficit.

According to the report, the central bank said that Brazil’s net
debt-to-GDP ratio rose to 44.1% in July from 43.1% in June.

The report notes that the central bank said the surplus before
interest payments fell to BRL3.18 billion from BRL3.38 billion in
June.

                           *     *     *

The country continues to carry Moody's Rating Agency's "Ba1" local
and foreign currency ratings.


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


POD HOLDING: Creditors' Proofs of Debt Due on September 3
---------------------------------------------------------
The creditors of Pod Holding 2,0 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 20, 2009.

The company's liquidator is:

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


SAISEI KAISYU: Creditors' Proofs of Debt Due on September 3
-----------------------------------------------------------
The creditors of Saisei Kaisyu Planning 4 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 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


SAISEI KAISYU: Creditors' Proofs of Debt Due on September 3
-----------------------------------------------------------
The creditors of Saisei Kaisyu Planning 3 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 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


SILVER LAKE: Creditors' Proofs of Debt Due on September 3
---------------------------------------------------------
The creditors of Silver Lake Credit Fund SPC 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:

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


SIXTINA 2: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 2 Invicta Japan Master Fund 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 23, 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


SIXTINA 2: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 2 Invicta Japan Fund 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 23, 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


SIXTINA 5: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 5 MQ Asia Fund 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 23, 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


SIXTINA 5: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 5 MQ Asia Master Fund 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 23, 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


SIXTINA 6: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 6 Fortitude Pacific Fund 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 23, 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


SIXTINA 7: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 7 Monterrey Pacific Master Fund 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 23, 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


SIXTINA 7: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 7 Monterrey Pacific Fund 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 23, 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


SIXTINA 8: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 8 JLC Asia Fund 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 23, 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


SIXTINA 9: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of Sixtina 9 Hindsight Asia Fund 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 23, 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


SIXTINA 10: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 10 Sparx Japan Fund 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 23, 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


SIXTINA 14: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 14 Oojoo Asia Fund 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 23, 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


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


TELEAMAZONAS: May Be Closed After Airing Correa Conversation
------------------------------------------------------------
Ecuador President Rafael Correa is threatening to close a major
television network, Teleamazonas, for airing a tape of a
conversation between him and a member of the assembly that drafted
a new constitution last year, The Associated Press reports.  The
report relates that President Correa said Teleamazonas violated
regulations against taping private conversations.

According to the report, President Correa warned that spying on
the president "is a crime against state security."

Teleamazonas, the report notes, has been cited three times for
broadcast violations and risks suspension if cited again by the
government.


* ECUADOR: President Threatens to Close Major Television Network
----------------------------------------------------------------
Ecuador President Rafael Correa is threatening to close a major
television network, Teleamazonas, for airing a tape of a
conversation between him and a member of the assembly that drafted
a new constitution last year, The Associated Press reports.  The
report relates that President Correa said Teleamazonas violated
regulations against taping private conversations.

According to the report, President Correa warned that spying on
the president "is a crime against state security."

Teleamazonas, the report notes, has been cited three times for
broadcast violations and risks suspension if cited again by the
government.

                           *     *     *

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: Economic Measures Unlikely To Raise Production
---------------------------------------------------------
Mercedes Alvaro at Dow Jones Newswires reports that Ecuador's
government is taking steps to boost declining revenue and cover
rising expenses, but experts see the new measures affecting output
and leading to a deterioration of the country's already scarce
competitiveness.  The report relates President Rafael Correa said
the government will repatriate in the short term US$1.6 billion of
liquid reserves invested abroad, raise the tax on capital outflows
to 2% from 1%, establish a 12% value-added tax on imports of
newsprint, raise taxes on cigarettes and alcohol, and establish a
minimum income tax on companies' total sales.

According to the report, experts said that with the economy
contracting, fiscal accounts in precarious health and sources of
external financing limited, the measures are an effort to fund the
substantial expansion in government spending.  The report notes
that most recent official data show Ecuador's central government
posted a deficit of US$777 million between January and April from
a surplus of US$428 million in the same period of 2008.

Dow Jones Newswires says Roberto Aspiazu, director of the business
umbrella organization Comite Empresarial Ecuatoriano, said the
measures announced by President Correa could collect US$500
million per year, but that it won't keep the country from
recession given structural weaknesses, low private investment and
declining oil production.  The repatriated funds will be used to
grant loans to productive sectors through the state development
bank Corporacion Financiera Nacional in order to bolster the
economy, President Correa added.

However, the report points out that local business people see it
differently.  The report relates Carlos Ribadeniera, a local
businessmen, said the measures will push inflation up, and won't
increase production because the cost of goods will rise.

The report notes that while the International Monetary Found
expects that the Ecuadorian economy will contract 2% in 2009, the
central bank, controlled by the government, said the economy will
grow 1%, and Correa predicted a 2% expansion.  "One thing is what
the government said, and another thing is the reality.  The
measures will affect production, local demand and mainly the
middle class," the report quoted Cesar Robalino, a former Finance
Minister, as saying.

                         *     *     *

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-'.


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


CEMEX SAB: Inks Data Back Up & Protection Deal With EMC
-------------------------------------------------------
EMC Corporation disclosed that CEMEX, S.A.B. de C.V. has turned to
EMC to improve its backup and data protection operations in Latin
American countries by leveraging EMC(R) Global Services and EMC
Avamar(R) deduplication backup software.  As a result, CEMEX has
been able to consolidate and centralize the backup of its VMware
and physical environments in multiple countries back to its Global
Data Center in Monterey, Mexico.

As a leading, global provider of cement, ready-mix concrete and
related building materials in more than 50 countries, CEMEX
required a backup infrastructure that complemented its innovative
building industry solutions and efficiency initiatives that
promote a sustainable future.  With VMware as a critical component
within its infrastructure, the company first looked to EMC to
better manage and control its virtual backup environment.

Fulgencio Garza, CEMEX's Global Shared Service Manager, said, "Our
VMware farm is composed of 15 ESX servers, running more than 200
virtual machines.  While we have definitely achieved a number of
benefits by consolidating our servers into a virtual environment
-- like saving space, cooling and energy and licensing -- we found
that we were having challenges meeting backup windows due to the
limitations of LAN and SAN bandwidth, as well as the performance
impact on other applications."

CEMEX's Global Shared Services Team staff and the EMC Global
Services team worked together to assess the environment, design
the appropriate solution based on the unique use case and generate
guidance on how to perform backups.  In addition to reviewing
CEMEX backup processes in its VMware and remote office
environment, EMC was able to point out that the company could
optimize all the processes in its entire backup infrastructure --
both virtual and physical in its data center and remote offices.

Mr. Garza added, "The trio of people, process and technology was
becoming an ever increasing challenge to meet our data protection
requirements. We have a lot of remote locations that need to have
a dedicated person perform backups, and by doing an analysis, we
found that we invest a lot of time to manage the backups --
between managing the backups themselves and the tapes in every
remote location -- totaling more than 4,000 cartridges a year."

Working with EMC Global Services, CEMEX deployed Avamar to
deduplicate and backup data in both its virtual and physical
environments across 59 sites in 9 different countries. Now, CEMEX
has a consolidated backup solution leveraging its own wide area
network without additional bandwidth investments, giving it the
ability to perform deduplication of flat files and Microsoft SQL
Server files in locations in Mexico, Central and South America and
then backing up directly to Monterey, Mexico.

With Avamar, CEMEX was able to centralize and consolidate the
backup process from a single location, reducing the amount of data
by up to 100 to 1 in some locations. In the company's Global Data
Center, CEMEX has been able to dramatically cut the amount of time
it has taken to back up data in their virtual environments --
going from tens of hours to literally minutes.

Today, CEMEX no longer has the need to invest in more tapes,
devices, backup servers and the time and consumption to administer
backup in remote locations. Due to consolidating its
infrastructure and centrally managing the process via Avamar,
CEMEX has shifted a number of dedicated storage administrators off
remote backup operations to concentrate on other IT projects.

"At the end of the day, EMC has been able to help us with people,
process and, finally, technology, ultimately reducing our total
cost of ownership," Mr. Garza said. "With people, we've been able
to reduce the headcount of the people facilitating backups in our
data center and multiple remote offices. With process, we now have
a standardized architecture that allows us to grow while keeping
the same process to centrally manage and backup our data. Finally,
we've been able to leverage EMC Avamar's deduplicated backup
software to reduce our storage footprint and significantly reduce
our reliance on tape backup. If you have a requirement to reduce
your current backup TCO, Avamar is a great option."

In addition to Avamar, CEMEX also leverages other EMC backup and
recovery solutions, including EMC NetWorker(R) to backup and
protect its SAP environment and EMC Data Protection Advisor to
gather information about both the Avamar and NetWorker backup
processes from a single point of control.

                            About EMC

EMC Corporation -- http://www.EMC.com/-- is the world's leading
developer and provider of information infrastructure technology
and solutions that enable organizations of all sizes to transform
the way they compete and create value from their information.
EMC, Avamar and NetWorker are registered trademarks of EMC
Corporation.  VMware is a registered trademark of VMware, Inc. All
other trademarks are the property of their respective owners.

                         About Cemex, S.A.B.

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


CEMEX SAB: S&P Changes CreditWatch on 'B-' Rating to Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
CreditWatch listing on its ratings on Cemex S.A.B. de C.V.,
including the 'B-' long-term corporate credit rating, to positive
from developing, reflecting the company's refinancing of its bank
debt.  The ratings were originally placed on CreditWatch on
Aug. 10, 2009.

"The revision of the CreditWatch status follows Cemex's
announcement that it has reached a final refinancing agreement
with all of its banks," said Standard & Poor's credit analyst Juan
Pablo Becerra.  "It also incorporates S&P's expectation of
potential benefits from completing the Australian asset sale and
the proposed equity issue."

These developments are currently in the regulatory and shareholder
approval stages, respectively.

Nevertheless, S&P now sees potential upside, limited to one notch,
to 'B', given S&P's belief that the completion of Australian asset
sale and equity issuance are required to cover Cemex's maturities
during the next two years.

S&P expects to resolve the CreditWatch listing once the company
concludes the pending asset sale and proposed equity issuance.  If
it completes both transactions, S&P anticipates raising the
corporate credit rating by one notch, to 'B'.


CORPORACION DURANGO: Fitch Upgrades Issuer Default Rating to 'CCC'
------------------------------------------------------------------
Fitch Ratings has upgraded the foreign and local currency Issuer
Default Ratings of Corporacion Durango S.A.B. de C.V. to 'CCC'
from 'D'.  In conjunction with this rating action, Fitch has rated
the company's notes due in 2016 'CCC/RR4'.  Simultaneously, Fitch
has affirmed and withdrawn the 'CC/RR4' rating of the company's
2017 notes.

                   Debt Restructuring Concluded

Fitch's rating actions follow the announcement by Durango that its
debt restructuring proposal has formally been concluded.  As a
result of this process, holders of US$357 million of the company's
US$508.5 million outstanding 2017 notes have exchanged their notes
for US$250 million of senior notes due 2016.  These investors also
received a one-time payment of US$ 10 million and have received a
6% equity stake in the company.  A company related to Durango's
controlling shareholders, exchanged its ownership of
US$151 million of the 2017 notes for 35% of the company's common
shares.  On a pro forma basis, these two transactions will reduce
Durango's total debt to US$263 million from US$522 million.

                     Leverage Will Remain High

The 'CCC' rating of Durango continues to reflect substantial
credit risk due to high leverage, weak domestic demand for the
company's packaging products and intense competition.  Durango
generated US$21 million of EBITDA during 2008, a sharp decline
from US$95 million in 2007 and US$ 114 million in 2006.  The
decline was primarily driven by higher costs for energy and
recycled fiber, while prices remained relatively stagnant.  As a
result, the margin between Durango's per ton revenues and unit
cost decreased to US$38 per ton during 2008 from US$83 per ton in
2007 and US$93 per ton in 2006.

      Medium and Long-Term Credit Concerns Include Volatile
      Cost Structure, Need to Supply Financing to Customers,
                    and Global Competitiveness

The ratings of Durango reflect its inability to control its cost
structure as of result of volatile energy and recycled fiber
prices.  A catalyst for rising recycled paper prices in Mexico and
the U.S. was strong demand from China.  Until Durango collects
more recycled fiber through its collection networks in the U.S.
and Mexico, it will remain vulnerable to Chinese purchases in
these markets.  The weakness in the U.S. market has increased
exports to Mexico and heightened competition for Durango.  Many of
these competitors have greater financial resources than Durango;
this will present challenges to Durango as it seeks to improve
financing terms with its clients.  The company's tight liquidity
will also limit capital expenditures, thereby diminishing
Durango's ability to improve its global competitiveness.


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


* PERU: IMF Allocates US$740 Million in Drawing Rights
------------------------------------------------------
Alex Emery at Bloomberg News reports that Peru will get about
US$740 million in special drawing rights from the International
Monetary Fund, helping increase the country’s international
reserves.  The transfer, part of the US$250 billion of special
drawing rights the IMF is distributing to its members, was based
on Peru’s weight in the world economy, the central bank said in an
e-mailed statement obtained by the news agency.

According to the report, the funds are part of a plan designed at
the G-20 meeting in April to help boost liquidity amid an
international financial crisis.  The report relates that the IMF
said the SDRs can be converted into hard currencies through
“voluntary trading arrangements” with other members.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2009, LatinFrance said JPMorgan has knocked Peru down to
marketweight from overweight on deteriorating growth.

The country also continues to carry Moody's Ba1 foreign currency
rating with stable outlook.


====================
P U E R T O  R I C O
====================


CARIBBEAN RESTAURANTS: Moody's Affirms 'Caa1' Corporate Rating
--------------------------------------------------------------
Moody's Investors Service affirmed all ratings of Caribbean
Restaurants, LLC, including its Corporate Family Rating of Caa1
and senior secured notes due 2012 rating of B3.  Concurrently, the
rating outlook was revised to negative from stable.

The outlook revision reflects Moody's expectation that Caribbean's
operating and credit metrics will remain weak for the coming year,
primarily driven by the persistently negative guest traffic at its
175 Burger King franchised restaurants in Puerto Rico, and the
resultant margin pressure due to lower sales.  Moody's believes
that the key contributing factors to the company's weak guest
traffic, such as the protracted recession and high unemployment
rate in Puerto Rico, would likely remain while competitions among
quick service restaurants focusing on promotional activities are
likely to intensify over the intermediate term.  These factors
will likely keep the company from improving its performance and
weak credit metrics within the rating horizon.  As a result,
Moody's now expects its free cash flow will be negative for the
next 12-18 months.  Further, the higher capital expenditure budget
in FY2010 which Moody's views somewhat aggressive, and higher
operating cost due to minimum wage increase, could exacerbate the
company's negative cash flow.

"Our previous stable outlook anticipated at least break-even free
cash flow," explained Moody's analyst John Zhao.  "The affirmation
of the CFR, however, reflects Caribbean's operating performance
will likely be within Moody's expectation, though at the lower
end."  The company was able to generate positive revenue growth
for its FY 2009 (ended April 30, 2009).  However, Moody's is
somewhat concerned on the health of the growth since it was
achieved through price increases to offset worsening traffic
trend.

The Caa1 CFR continues to incorporate Caribbean's geographic
concentration and limited scale and revenue base, as well as the
challenges the company is facing in reversing the negative traffic
trend in light of high unemployment rate and weak consumer
spending on the island.  The ratings positively consider strong
name recognition and leading position of Burger King brand in the
Puerto Rico QSR segment, a seasoned management team and the
company's exclusive development agreement within Puerto Rico.  The
ratings also anticipate the company will maintain an adequate
liquidity position, supported by unencumbered access to its
$30 million revolving credit facility and ample cushion above the
financial covenant compliance.

The rating action is:

Caribbean Restaurants, LLC

Rating affirmed:

* Corporate Family Rating at Caa1

* Probability of Default Rating at Caa1

* $146 million senior secured second lien notes due 2012 -- B3
  (LGD3, 39%)

* Outlook: changed to Negative from Stable

The last rating action on Caribbean occurred on August 5, 2008
when Moody's affirmed Caa1 CFR and assigned B3 rating to the new
senior secured notes.

Caribbean Restaurants, LLC, through an exclusive territorial
development agreement with Burger King Corporation, is the sole
franchisee of Burger King restaurants in Puerto Rico with
approximately 175 units as of fiscal year-end April 30, 2009.


* PUERTO RICO: July Unemployment Rate Reaches 16.5%
---------------------------------------------------
Labor officials said Puerto Rico's July jobless claims reached
19,000 and pushed the unemployment rate to 16.5%, Jamaica Observer
reports.  The report relates that Puerto Rico's Department of
Labour said total unemployment benefit rolls stand at 219,000 for
the tropical island of nearly four million residents.

"This rate of unemployment is a reflection of the economic
situation that is being experienced at a worldwide level," labor
secretary Miguel Romero said in a statement obtained by the news
agency.

According to the report, authorities said the U.S. territory is in
its third consecutive year of recession.  The report relates that
Puerto Rico's economy contracted 5.5% in the fiscal year ending
June 30.  Gov. Luis Fortuno, the report notes, has announced cuts
of 30,000 public sector jobs as he tries to close a budget deficit
and right the economy.



============================
S T  K I T T S  &  N E V I S
============================


FOUR SEASONS: Reopening of Nevis Resort Delayed a Fourth Time
-------------------------------------------------------------
The reopening of Four Seasons Resorts Nevis has been delayed again
for the fourth time due to damage assessments and change in
ownership Caribbean360.com reports.  The report relates the resort
is now set to open its doors on February 5, 2010, three months
later than the last November 1, 2009 date set.

According to the report, the resort has been closed since last
October due to extensive damage caused by Hurricane Omar and
construction setbacks.  "Construction did not begin until June,
but now we have two shifts working seven days a week," the
resort's Director of Marketing Vo Tomulich said, the report
relates.

As reported in the Troubled Company Reporter-Latin America on
August 14, 2009, Caribbean Net News said the total severance pay
benefits to former workers of Four Seasons Resort Nevis totaled
around EC$7 million.  The report related that the Labour
Departments on both St Kitts and Nevis handed out disbursements on
August 13, with more than three quarters of the 564 resort's
qualified workers got their benefits.

                       About Four Seasons

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


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


* VENEZUELA: Bonds Raised to “Overweight” at Deutsche Bank AG
-------------------------------------------------------------
Laura Cochrane at Bloomberg News reports that Venezuelan bonds
were raised to “overweight” from “neutral” on August 28, at
Deutsche Bank AG because returns have become more attractive.
Investors should buy Venezuela’s dollar-denominated bonds due in
2020, 2025 and 2039 because they offer better value than Argentine
debt, Deutsche Bank analysts Marc Balston in London and Hongtao
Jiang in New York wrote in a strategy note obtained by the news
agency.

According to the report, citing JPMorgan Chase & Co.’s EMBI+
indexes, signs that the global economy is recovering have cut the
extra yield investors demand to own emerging-market government
bonds instead of U.S. Treasuries by half this year, reaching an
11- month low of 3.37 percentage points on August.  The report
relates that the analysts said the rally will probably continue in
September as governments take advantage of lower borrowing costs
to sell bonds and reduce debt burdens.

                          *     *     *

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


* VENEZUELA: Repsol YPF to Use US$173.5MM Credit as Field Payment
-----------------------------------------------------------------
Repsol YPF SA will be able to use a US$173.5 million credit from
the Venezuelan government as payment to explore and develop an
oilfield, Steven Bodzin at Bloomberg News reports, citing Angel
Rodriguez, head of the legislature’s Energy and Mines Commission.

The credit will cover part of US$207 million in fees that Repsol
will have to pay to gain access to the Barua-Motatan area, Mr.
Rodriguez said in a statement obtained by the news agency.

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Bloomberg News said that Repsol received the
credit in 2006 after the government turned the Repsol’s operating
contracts into joint ventures with Petroleos de Venezuela SA.  The
report recalled foreign companies such as Repsol were left with
minority stakes in the projects.  The report said that lawmakers
approved the plan to let Repsol and PDVSA’s joint venture, known
as Petroquiriquire, develop the 432 square- kilometer (167 square-
mile) area in the western state of Zulia.

                         *     *     *

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


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


* BOND PRICING: For the Week August 24 to August 28, 2009
---------------------------------------------------------

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


ARGENTINA

ALTO PALERMO SA         7.88      5/11/2017   USD        71.1
ARGENT-$DIS             8.28      12/31/2033  USD       59.48
ARGENT-$DIS             8.28      12/31/2033  USD       49.08
ARGENT-PAR              1.18      12/31/2038  ARS       28.83
ARGENT-=DIS             7.82      12/31/2033  EUR       48.38
ARGNT-BOCON PR13           2      3/15/2024   ARS       48.33
ARGNT-BOCON PRE8           2      1/3/2010    ARS        25.9
AUTOPISTAS DEL S        11.5      5/23/2017   USD          41
BANCO MACRO SA          9.75      12/18/2036  USD        70.5
BODEN 2015                 7      10/3/2015   USD       62.59
BONAR ARG $ V           10.5      6/12/2012   ARS       65.44
BONAR VII                  7      9/12/2013   USD       72.52
BONAR X                    7      4/17/2017   USD       62.76
BUENOS AIRE PROV        9.63      4/18/2028   USD       47.91
BUENOS AIRE PROV        9.38      9/14/2018   USD       50.89
BUENOS-$DIS             9.25      4/15/2017   USD       57.13
INDUSTRIAS METAL       11.25      10/22/2014  USD       72.15
INVERS REP Y SOC         8.5      2/2/2017    USD          78
INVERSORA ELEC           6.5      12/26/2017  USD       27.61
MASTELLONE HERMA           8      6/30/2012   USD       50.12
MENDOZA PROVINCE         5.5      9/4/2018    USD       57.74
TRANSENER               8.88      12/15/2016  USD        72.5


BRAZIL

REDE EMPRESAS          11.13      #N/A N Ap   USD        50.5
REDE EMPRESAS          11.13      #N/A N Ap   USD       66.25


CAYMAN ISLAND

AIG SUNAMERICA          6.38      10/5/2020   GBP          77
BARION FUNDING           0.1      12/20/2056  EUR        6.53
BARION FUNDING          0.25      12/20/2056  USD        7.03
BARION FUNDING          0.25      12/20/2056  USD        7.03
BARION FUNDING          0.25      12/20/2056  USD        7.03
BARION FUNDING          0.25      12/20/2056  USD        7.03
BARION FUNDING          0.25      12/20/2056  USD        7.08
BARION FUNDING          0.25      12/20/2056  USD        7.03
BARION FUNDING          1.44      12/20/2056  GBP       29.38
BARION FUNDING          0.63      12/20/2056  GBP       16.37
BES FINANCE LTD          6.2      2/7/2035    EUR       62.22
CHINA MED TECH             4      8/15/2013   USD          62
CHINA PROPERTIES        9.13      5/4/2014    USD        69.7
DUBAI HLDNG COMM           6      2/1/2017    GBP       69.93
EGE HAINA FINANC         9.5      4/26/2017   USD       71.55
ESFG INTERNATION        5.75      #N/A N Ap   EUR       77.25
FERTINITRO FIN          8.29      4/1/2020    USD          52
GOL FINANCE             8.75      #N/A N Ap   USD          74
LDK SOLAR CO LTD        4.75      4/15/2013   USD          69
MALACHITE FDG           0.63      12/21/2056  EUR       23.29
MAZARIN FDG LTD         1.44      9/20/2068   GBP       27.03
MAZARIN FDG LTD         0.63      9/20/2068   GBP       13.59
MAZARIN FDG LTD         0.25      9/20/2068   USD        5.14
MAZARIN FDG LTD         0.25      9/20/2068   USD        5.14
MAZARIN FDG LTD         0.25      9/20/2068   USD        5.14
MAZARIN FDG LTD         0.25      9/20/2068   USD        5.14
MAZARIN FDG LTD          0.1      9/20/2068   EUR        3.94
MAZARIN FDG LTD         0.25      9/20/2068   USD         5.2
MAZARIN FDG LTD         0.25      9/20/2068   USD        5.14
MINERVA OVERSE           9.5      2/1/2017    USD       78.25
PANAMA CANAL RAI           7      11/1/2026   USD          71
PUBMASTER FIN           6.96      6/30/2028   GBP       65.12
PUBMASTER FIN           8.44      6/30/2025   GBP          69
REG DIV FUNDING         5.25      1/25/2036   USD       74.64
SHINSEI FIN CAYM        6.42      #N/A N Ap   USD       48.81
SHINSEI FINANCE         7.16      #N/A N Ap   USD        47.1
SMFG PREFERRED          6.16      #N/A N Ap   GBP       74.51
SUNAMER INST FND        6.15      10/14/2019  EUR       73.39
XL CAPITAL LTD           6.5      #N/A N Ap   USD        60.1


ECUADOR

REP OF ECUADOR          9.38      12/15/2015  USD        81.8


JAMAICA

JAMAICA GOVT             8.5      2/28/2036   USD          69
JAMAICA GOVT               8      3/15/2039   USD       68.79
JAMAICA GOVT           13.38      4/27/2032   JMD       59.31
JAMAICA GOVT LRS       12.75      6/29/2022   JMD       59.58
JAMAICA GOVT LRS       12.85      5/31/2022   JMD       60.16
JAMAICA GOVT LRS       16.15      6/12/2022   JMD       74.63
JAMAICA GOVT LRS          15      11/15/2021  JMD       70.61
JAMAICA GOVT LRS       13.38      12/15/2021  JMD       63.32
JAMAICA GOVT LRS         7.5      10/6/2012   JMD       73.36
JAMAICA GOVT LRS       16.25      6/18/2027   JMD        72.4
JAMAICA GOVT LRS        14.4      8/3/2027    JMD       65.74
JAMAICA GOVT LRS        15.5      3/24/2028   JMD       68.84
JAMAICA GOVT LRS       16.13      8/21/2032   JMD       73.55
JAMAICA GOVT LRS       16.25      7/26/2032   JMD        72.1
JAMAICA GOVT LRS          15      8/30/2032   JMD       68.43
JAMAICA GOVT LRS       16.25      8/26/2032   JMD       74.13
JAMAICA GOVT LRS          16      12/6/2032   JMD       70.93
JAMAICA GOVT LRS          15      9/6/2032    JMD       64.95
JAMAICA GOVT LRS       12.75      6/29/2022   JMD        59.6
JAMAICA GOVT LRS       13.58      12/15/2026  JMD       60.28
JAMAICA GOVT LRS          16      6/13/2022   JMD       73.96
JAMAICA GOVT LRS          14      6/30/2021   JMD       66.96
JAMAICA GOVT LRS       16.25      5/22/2027   JMD       72.14
JAMAICA GOVT LRS        16.5      6/14/2027   JMD       73.22


PANAMA

NEWLAND INT PROP         9.5      11/15/2014  USD          74


PUERTO RICO

DORAL FINL CORP         7.15      4/26/2022   USD       23.88
DORAL FINL CORP          7.1      4/26/2017   USD       30.88
DORAL FINL CORP            7      4/26/2012   USD       41.25
DORAL FINL CORP         7.65      3/26/2016   USD       32.88
PUERTO RICO CONS         6.1      5/1/2012    USD        55.5
PUERTO RICO CONS         6.5      4/1/2016    USD          45


VENEZUELA

PETROLEOS DE VEN         5.5      4/12/2037   USD       43.39
PETROLEOS DE VEN        5.25      4/12/2017   USD       55.26
PETROLEOS DE VEN        5.38      4/12/2027   USD       43.52
VENEZUELA               7.65      4/21/2025   USD       60.55
VENEZUELA               9.25      9/15/2027   USD       74.02
VENEZUELA               9.25      5/7/2028    USD       68.87
VENEZUELA                  6      12/9/2020   USD       56.52
VENEZUELA                  7      3/16/2015   EUR       70.49
VENEZUELA                  7      3/16/2015   EUR       69.77
VENEZUELA               5.75      2/26/2016   USD       68.82
VENEZUELA                  7      12/1/2018   USD       65.42
VENEZUELA                  9      5/7/2023    USD       70.52
VENEZUELA                  7      3/31/2038   USD       53.53
VENZOD - 189000         9.38      1/13/2034   USD       69.16


                            ***********

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

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delivered via e-mail.  Additional e-mail subscriptions for members
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           * * * End of Transmission * * *