TCRLA_Public/090901.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, September 1, 2009, Vol. 10, No. 172

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Investors Sue Lawyer & Law Firm in Aiding Fraud
STANFORD INT'L: SFG Receiver May Get Entire Estate, Examiner Says
STANFORD INT'L: Owner Involved in “Blood Oath” W/ Local Regulator


A R G E N T I N A

HSBC BANK: Moody's Withdraws All Rating on Business Reasons
METROGAS SA: Moody's Downgrades Corporate Family Rating to 'Caa3'
* ARGENTINA: Barclays Plc Recommends Selling Country's 2011 Bonds


B A H A M A S

ULTRAPETROL LTD: S&P Gives Negative Outlook; Affirms 'B' Rating
ULTRAPETROL LTD: S&P Gives Negative Outlook; Affirms 'B' Rating


B A R B A D O S

CABLE & WIRELESS: LIME Workers Hope To Keep Job After Negotiations


B E R M U D A

CAMERON CAPITAL: Creditors' Proofs of Debt Due on September 9
CAMERON CAPITAL: Member to Receive Wind-Up Report on September 30
CAMERON CAPITAL: Creditors' Proofs of Debt Due on September 9
CAMERON CAPITAL: Member to Receive Wind-Up Report on September 30
DELTA LIMITED: Creditors' Proofs of Debt Due on September 9

DELTA LIMITED: Member to Receive Wind-Up Report on September 30


B R A Z I L

BANCO DO BRASIL: Mulls Acquisitions to Expand in United States
BROOKFIELD INCORPORACOES: Fitch Assigns National Debt Rating
GERDAU AMERISTEEL: Completes Redemption of 10-3/8% Senior Notes
JBS SA: Board Approves Creation of Leather Unit


C A Y M A N  I S L A N D S

MAIA HOLDINGS: Creditors' Proofs of Debt Due on September 3
NAI ASIA: Creditors' Proofs of Debt Due on September 3
NEW SOUTH: Creditors' Proofs of Debt Due on September 3
PILO HOLDINGS: Creditors' Proofs of Debt Due on September 3
PINNACLE PEAK: Creditors' Proofs of Debt Due on September 3

SIXTINA 15: Creditors' Proofs of Debt Due on September 3
SIXTINA 20: Creditors' Proofs of Debt Due on September 3
SIXTINA 21: Creditors' Proofs of Debt Due on September 3
SIXTINA 22: Creditors' Proofs of Debt Due on September 3
SIXTINA 23: Creditors' Proofs of Debt Due on September 3

SIXTINA 24: Creditors' Proofs of Debt Due on September 3
SIXTINA 25: Creditors' Proofs of Debt Due on September 3
SIXTINA 26: Creditors' Proofs of Debt Due on September 3
SIXTINA 28: Creditors' Proofs of Debt Due on September 3


H A I T I

* HAITI: IDB Approves US$25 Million Grant for Fiscal Support


J A M A I C A

DIGICEL LIMITED: Cyber Scammer Rips Off JM$10MM in Call Credit
IBEROSTAR HOTEL: Employees to Get Details of Pending Closure
JPSCO: To Invest US$9.5 Million in New Generating Capacity
NATIONAL COMMERCIAL BANK: Bank Clerk Charged With Fraud


M E X I C O

CEMEX SAB: S&P Changes CreditWatch on Two SF Deals to Positive
COMERCI: Local Bondholders Agree to Debt Exchange
CORPORACION DURANGO: U.S. Units Plan Effective August 27
SATELITES MEXICANOS: To Discuss Restructuring With Debtholders


P E R U

DOE RUN PERU: Union Delays Protests Over Smelter


T R I N I D A D  &  T O B A G O

CL FINANCIAL: LIAT Limited Wants Money Back From CLICO
CL FINANCIAL: Names New Chairman for Lascelles de Mercado


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Investors Sue Lawyer & Law Firm in Aiding Fraud
---------------------------------------------------------------
Investors of Robert Allen Stanford, the financier accused of
orchestrating a multi-billion fraud, sued New York-based law firm,
Proskauer Rose LLP, and attorney Thomas Sjoblom, accusing them of
aiding the Ponzi scheme, Andrew Harris at Bloomberg News reports.

According to the report, citing a complaint in federal court in
Dallas, the investors claim that the firm and Mr. Sjoblom, listed
on the Proskauer Web site as a partner, worked for Mr. Stanford
knowing he was engaged in illegal and improper conduct.

“Defendants aided and abetted and participated” with Stanford
Financial Group Co. and Antigua-based Stanford International Bank
Ltd. “in a fraudulent scheme, making defendants directly liable
for fraud,” the complaint filed on August 27 disclosed, the report
notes.

“This suit is legally flawed and factually erroneous,” Josh
Epstein, a firm spokesman, said in an e-mail obtained by the news
agency.  “There is no basis whatsoever for any claim that
Proskauer, which functioned as defense counsel in a regulatory
investigation, bears any responsibility for the fraud allegedly
inflicted upon investors,” Mr. Epstein added.

The case is Troice v. Proskauer Rose LLP, 09cv1600, U.S. District
Court, Northern District of Texas (Dallas).

                    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: SFG Receiver May Get Entire Estate, Examiner Says
-----------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
has been accused of spending so much money to recover so few
Stanford assets that nothing may be left for defrauded customers,
Laurel Brubaker Calkins at Bloomberg News reports, citing John J.
Little, with Little Pedersen Fankauser LLP in Dallas.  Mr. Little
is the court-appointed examiner representing investors’ interests.
The report relates Mr. Little said that Mr. Janvey claims to have
recovered US$81.1 million during 23 weeks of recovering assets to
repay investors allegedly victims in a scheme involving Stanford
International Bank Limited.

According to the report, citing papers filed Aug. 27 in federal
court in Dallas, Mr. Little said Mr. Janvey has asked the court
for US$27.5 million for his first 14 weeks of work for an average
“burn rate” of about US$1.1 million a week for fees and expenses,
Little said in papers filed Aug. 27 in federal court in Dallas.
“At this rate of consumption, simple math suggests the substantial
possibility that the whole of the receivership estate could end
up, not in the hands of the victimized investors, but in the
pockets of the receiver and the firms [Mr. Janvey] has retained,”
the report quoted Mr. Little as saying.

Mr. Little, the report notes, said it was “troublesome” that Mr.
Janvey submitted fees for work performed through May 31 while
claiming credit for Stanford assets his team collected through
July 30.  The report relates Mr. Little extrapolated the
receiver’s burn rate over the additional weeks and said it is
“likely” that Mr. Janvey spent US$800,000 more than he found
during the time period.

Bloomberg News notes that the U.S. Securities and Exchange
Commission objected to Mr. Janvey’s fee request and asked the
judge overseeing the case to bar reimbursement for any of the
receiver’s work on so-called clawback lawsuits against Stanford’s
investors.

Mr. Little and the SEC, the report relates, asked U.S. District
Judge David Godbey in Dallas to reduce Mr. Janvey’s fees by an
additional 20%, even though Mr. Janvey said the firms working with
him already have discounted their billings by 20% out of concerns
for how little money Stanford’s investors will get back.  The
report adds that Mr. Little and the SEC criticized Mr. Janvey for
using too many high-priced lawyers and accountants and for not
providing sufficiently detailed billing records and receipts to
back up invoices.

                  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: Owner Involved in “Blood Oath” W/ Local Regulator
-----------------------------------------------------------------
Former Stanford Financial Group Co. Chief Financial Officer, James
M. Davis, who pleaded guilty of helping Robert Allen Stanford in a
US$7 billion Ponzi scheme, testified that a brotherhood ceremony
took place involving Chief Executive Officer and Administrator of
Antigua and Barbuda's Financial Services Regulatory Commission
Leroy King, Robert Allen Stanford, and an unnamed FSRC employee to
keep the fraud that was ongoing at the Stanford International Bank
Limited under wraps, Caribbean360.com reports.

"Sometime in 2003, Mr. Stanford performed a 'blood oath'
brotherhood ceremony with King and another employee of the FSRC.
This brotherhood oath was undertaken in order to extract an
agreement from both King and the other FSRC employee that they, in
exchange for regular cash bribe payments, would ensure that the
Antiguan bank regulators would not 'kill the business' of the
bank," a court document signed by Mr. Davis stated, the report
relates.

According to the report, citing court papers, Mr. King received
more than US$200,000 in bribes, including SuperBowl tickets and
flights on the investor's private jets and that the bribe money
was taken by Mr. Davis, on Mr. Stanford's instructions, from a
secret Swiss bank account.  The report relates that the document
stated that Mr. King also forwarded confidential correspondence he
received from the SEC to Mr. Stanford and another bank executive.
Mr. Stanford, the report notes, would then help Mr. King draft
misleading responses from his regulatory agency.



Caribbean360.com, citing the plea document, notes that Mr. King
also helped mislead regulators of the Eastern Caribbean Central
Bank when they began raising questions about SIBL.

As reported in the Troubled Company Reporter-Latin America on
June 25, 2009, The Associated Press said Antigua and Barbuda fired
Mr. King  four days after U.S. prosecutors charged that he
accepted more than $100,000 in bribes to help Mr. Stanford with an
alleged multi-billion swindle.  According to the report, Attorney
General Justin Simon said the government accepted the
recommendation of the country's Financial Services Regulatory
Commission that Mr. King "be dismissed from the commission with
immediate effect."  AP noted prosecutors said Mr. King, who was
the Caribbean islands' top regulator, should have caught the fraud
but instead took bribes to let it continue.

                   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
=================


HSBC BANK: Moody's Withdraws All Rating on Business Reasons
-----------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
HSBC Bank Argentina S.A. for business reasons.

HSBC Argentina has no debt outstanding.

HSBC Bank Argentina S.A., based in Buenos Aires, Argentina, had
ARS16.0 billion in assets and ARS1.8 billion in equity as of June
30, 2009.

These ratings of HSBC Bank Argentina S.A. were withdrawn:

* Bank Financial Strength Rating: D+, with stable outlook.

* Long- and short-term global local-currency deposit rating: Ba1
  and Not Prime, stable outlook.

* Long- and short-term foreign currency deposit rating: Caa1and
  Not -Prime.

* Long-Term National Scale Local-Currency Deposit Rating: Aaa.ar

* Long -Term National Scale Foreign Currency Deposit Rating:
  Ba1.ar

* ARS1.000 million Global Medium-Term Note Program:

* Long-term foreign-currency debt rating: B2, stable outlook

* National Scale Rating foreign-currency debt rating: Aa3.ar

* Ar$150 million senior notes

* Provisional global local-currency debt rating: (P) Ba1, stable
  outlook

* Provisional National Scale Rating for local currency debt:
  (P)Aaa.ar


METROGAS SA: Moody's Downgrades Corporate Family Rating to 'Caa3'
-----------------------------------------------------------------
Moody's Latin America has downgraded the ratings of Metrogas,
S.A., including the senior unsecured foreign currency rating to
Caa3 from Caa1, the corporate family rating to Caa3 from Caa2, and
the national scale rating to Caa3.ar from Ba1.ar.  This rating
action concludes the review for possible downgrade which was
initiated on May 28, 2009.  Metrogas' rating outlook is negative.

The downgrade considers Metrogas' continued weak liquidity
relative to its debt maturity profile.  Metrogas' tariffs have
remained frozen and inflation continues to erode margins and cash
flow generation.  In addition, the peso devaluation has increased
the size of its interest payments and upcoming principal payments
associated with Metrogas' dollar denominated debt as the company's
revenues and cash flow are in pesos.

Late last year, the government announced a provisional tariff
increase that to date has not been implemented.  While the
announced provisional tariff increase, if implemented, would help
to alleviate Metrogas' tight liquidity position, cash flow
generation for required debt service is still expected to remain
weak.  Metrogas' maturity profile, with debt repayments commencing
in 2010, is burdensome relative to internal sources of cash and
any alternative external sources of financing appear questionable.

Metrogas' Caa3 foreign currency rating reflects its global default
and loss expectation, while the Caa3.ar is a National Scale Rating
(NSR) and it is intended to measure the relative creditworthiness
among debt issues and issuers within a country, enabling market
participants to better differentiate between relative risks.  NSRs
in Argentina are designated by the ".ar" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but can only be
compared with other rated entities within the same country.

The negative outlook reflects the increased likelihood that
Metrogas will need to restructure its debt obligations given the
company's weak liquidity profile, poor internal cash generation
relative to internal funding requirements and the lack of a clear
strategy to address the debt maturities which begin in 2010.

If license renegotiations with the government continue to be
delayed and the company is unable to execute a strategy to improve
its cash generation in relation to its current debt burden in
anticipation of the scheduled debt payments in 2010, the ratings
could be further downgraded.

Although unlikely in the short term, a rating upgrade would
require real progress in license renegotiation with the government
and a tariff framework that would allow Metrogas to regain
profitability and to materially improve its cash flow coverage
metrics from current levels.  Quantitatively, an up-grade would
require consistently positive levels of FCF in relation to debt
and adjusted total debt to EBITDA of below 3.5x times.

In conjunction with this rating action, Moody's has also withdrawn
the ratings on two shelf registrations for medium-term notes which
are no longer active.

Metrogas is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS 780 million.
Metrogas is controlled by GASA, a holding company that is
controlled by BG Energy Holdings (54.7%; A2, Stable) and YPF S.
A. (45.3%; Ba1, Stable).


* ARGENTINA: Barclays Plc Recommends Selling Country's 2011 Bonds
-----------------------------------------------------------------
Barclays Plc said that investors should sell Argentina’s dollar
bonds maturing in 2011 as a new farmers strike may spark losses,
Drew Benson at Bloomberg News reports.  The report relates that
Barclays’s recommendation comes a day after Deutsche Bank AG cut
Argentine debt to “neutral” from “overweight,” citing concern a
rally that has made the country’s bonds the fourth- best performer
in emerging markets this year may falter.

According to the report, Argentine farmers began halting grain and
cattle exports to protest a government veto of a law that would
have given tax breaks to growers affected by a drought.  The
report relates the strike is slated to continue until September 4.

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Bloomberg News said that Argentine President
Cristina Fernandez de Kirchner vetoed portions of an emergency
agricultural bill that cut export taxes for farmers affected by
the worst drought in decades, angering growers.  The report
related the government said it vetoed parts of the bill, passed
unanimously by Congress this month, to prevent farmers from
evading taxes by claiming goods came from drought-affected areas
of Buenos Aires province.  According to the report, a four-month
strike last year against President Fernandez’s efforts to raise
tariffs on grains and oilseeds halted exports, prompted food
shortages in Argentina.

The farmers strike adds “uncertainty to a credit that has
outperformed remarkably,” Barclays analysts Donato Guarino,
Rogerio Oliveira and Guillermo Mondino wrote in a report obtained
by the news agency.

Bloomberg News notes that JPMorgan Chase & Co. said Argentine
bonds have gained 80% this year after sinking 58% in 2008 as the
financial crisis curbed demand for the country’s commodity exports
and fueled concern it may default.  The report relates that debt
swaps aimed at pushing out maturities, rising investor demand for
higher- yielding assets as the global recession eases and plans to
renew talks with the International Monetary Fund have buoyed the
bonds this year.

The South American country’s bonds carry a “high risk of
disappointment,” Deutsche Bank analysts Marc Balston in London and
Hongtao Jiang in New York wrote in a strategy note obtained by
Bloomberg.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


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


ULTRAPETROL LTD: S&P Gives Negative Outlook; Affirms 'B' Rating
---------------------------------------------------------------
On Aug. 28, 2009, Standard & Poor's Rating Services revised its
outlook on Bahamas-based transportation company Ultrapetrol
(Bahamas) Ltd. to negative from stable.  At the same time, S&P
affirmed the ratings, including the corporate credit rating on the
company, at 'B'.

The ratings on Ultrapetrol reflect its vulnerable business
profile, as demonstrated by its weak position in the maritime
shipping industry and its highly leveraged financial profile,
including substantial debt and sizable investments that often
cause free cash flow generation to go negative.  These weaknesses
are partially mitigated by Ultrapetrol's leading market position
in barges in the Hidrovía on the Paraná River, growing presence in
offshore markets, adequate liquidity position, and favorable debt
maturity profile.  Ultrapetrol's hedging strategy will likely keep
contributing to its maritime division's enhanced cash flows
through first-half 2010.

During fourth-quarter 2008 and first-half 2009, a severe drought
affected soybean production in South America, Ultrapetrol's main
cargo, and caused the northern Hidrovía system to remain
unnavigable.  The offshore division also suffered as some prices
declined and the delivery of an additional vessel was delayed.
These effects, combined with the already-expected decline in ocean
profits, resulted in EBITDA of $35 million for the first six
months of fiscal 2009, compared with $55 million a year earlier.

The deterioration in the company's operating performance will
probably revert beginning in fourth-quarter 2009 if, as expected,
river economics normalize.  S&P also believe the offshore business
unit will increase its capacity by up to 100% in the next six
quarters.  However, S&P estimate that Ultrapetrol's main credit
indicators will deteriorate materially in 2009 and probably into
2010 as the company's bold investment program pushes down free
cash flow generation and boosts leverage.  S&P expects funds from
operations to total debt, EBITDA interest coverage, and total debt
to EBITDA to be about 10%, 2.5x, and 6x, respectively, in fiscal
2009, with a slight improvement in 2010.

Ultrapetrol's favorable maturity schedule partially mitigates its
high leverage.  Annual payments are $20 million to $30 million
through 2013.  In 2014, the company's $180 million bullet bonds, a
source of refinancing risk, are scheduled to mature.  The scale of
operations S&P expects the company to achieve and its historically
good access to credit and equity markets offset this somewhat.

Incorporated in 1997, Bahamas-based Ultrapetrol is a holding
company ultimately majority owned by the Menendez Ross family
through its Chile-based company, SIPSA S.A., and the AIG-GE
Capital Latin American Infrastructure Fund.  Together they control
Ultrapetrol, with 27.1% of economic and about 70% of voting
rights, respectively.  The remaining capital stock is traded on
the NASDAQ.  The company's main business units include its
transportation division in the Paraná-Paraguay river system--the
Hidrovía.  This division transports mainly soybean and iron ore in
southern Brazil, Paraguay, Bolivia, and Argentina.  Its maritime
shipping division offers dry bulk transportation and runs a small
tanker operation in South America.  And its offshore business
division employs platform supply vessels to provide support for
oil rigs located mainly off the coast of Brazil and in the North
Sea.  Ultrapetrol's liquidity is adequate.  As of June 2009, the
company's cash balance amounted to $57 million, while short-term
debt totaled $22 million.  However, S&P expects Ultrapetrol's cash
to decrease steadily, to levels close to $30 million to
$40 million, by the end of 2009.  Although significantly less than
levels of the past three years, these amounts are, S&P believe,
more than adequate for the company's operating needs.

S&P does not expect Ultrapetrol to suffer from cash shortfalls in
the medium term.  The company has already provided for the bulk of
its financing needs over the next two years.  It has good access
to the credit markets, as evidenced by its various long-term
financings with entities including multilateral credit
organizations and development banks.  And it can easily access
potential funding alternatives, for instance, pledging some of the
vessels it expects to take delivery on in 2010.  Nevertheless, its
$180 million of bonds maturing in 2014 remains a source of
refinancing risk, especially if the company doesn't reduce its
nominal debt burden in the next three years.

The negative outlook reflects S&P's expectation that credit
measures will weaken in 2009 and 2010, following operating
performance deterioration in 2009.  S&P could be revise the
outlook to stable if free cash flow generation becomes positive
again, reducing the company's refinancing risk for 2014, and if it
lowers its debt, achieving debt-to-EBITDA ratios of less than 4x
over the cycle--all while maintaining adequate liquidity.  In
contrast, S&P could lower the ratings if Ultrapetrol's operating
performance does not recover as expected in 2010 and its financial
profile deteriorates further.

                 Ratings Affirmed; Outlook Revised

                    Ultrapetrol (Bahamas) Ltd

                                   To                 From
                                   --                 ----
Corporate Credit Rating           B/Negative/--      B/Stable/--
Senior Secured                    B


ULTRAPETROL LTD: S&P Gives Negative Outlook; Affirms 'B' Rating
---------------------------------------------------------------
Standard & Poor's Rating Services said that it revised its outlook
on Bahamas-based transportation company Ultrapetrol (Bahamas) Ltd.
to negative from stable.  At the same time, S&P affirmed the
ratings, including the corporate credit rating on the company, at
'B'.

"The ratings on Ultrapetrol reflect its vulnerable business
profile, as demonstrated by its weak position in the maritime
shipping industry and its highly leveraged financial profile,"
said Standard & Poor's credit analyst Diego Ocampo.  "It has
substantial debt, and its sizable investments often cause free
cash flow generation to go negative."

These weaknesses are partially mitigated by Ultrapetrol's leading
market position in barges in the Hidrovía on the Paraná River,
growing presence in offshore markets, adequate liquidity position,
and favorable debt maturity profile.  Ultrapetrol's hedging
strategy will likely keep contributing to its maritime division's
enhanced cash flows through first-half 2010.

During fourth-quarter 2008 and first-half 2009, a severe drought
affected soybean production in South America, Ultrapetrol's main
cargo, and caused the northern Hidrovía system to remain
unnavigable.  The offshore division also suffered as some prices
declined and the delivery of an additional vessel was delayed.
These developments hurt Ultrapetrol's revenues and EBITDA
generation.

The deterioration in the company's operating performance will
probably revert beginning in fourth-quarter 2009 if, as expected,
river economics normalize.  S&P also believes the offshore
business unit will increase its capacity by up to 100% in the next
six quarters.

However, S&P estimates that Ultrapetrol's main credit indicators
will deteriorate materially in 2009 and probably into 2010 as the
company's bold investment program pushes down free cash flow
generation and boosts leverage.


===============
B A R B A D O S
===============


CABLE & WIRELESS: LIME Workers Hope To Keep Job After Negotiations
------------------------------------------------------------------
The workers of Lime Barbados, formerly Cable & Wireless Barbados,
are hoping that the latest round of negotiations will end in their
favor following a major attempt to bring a resolution to the
industrial dispute between the company and the Barbados Workers
Union got underway, when Prime Minister David Thompson sat down
with the two sides, CBC.bb News reports.

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, CBC.bb News said that Lime Barbados will be
having another round of discussions with the Barbados Workers
Union team led by General Secretary Sir Roy in the office of the
Minister of Labor.  The report related that the meeting,
under the chairmanship of Senator Arni Walters, is an attempt to
broker an arrangement that could avoid further lay offs at the
telecoms company.  According to the report, LIME said some 140
workers are to be laid off as the company seeks to right-size its
operations.  The workers representative, however, is seeking an
alternative to the dismissals against the background of a BB$90
million declared last year, the report said.

Cable & Wireless Barbados, established in April 2002, is an
amalgamation of four Cable & Wireless companies operating in
Barbados.  In 2008 it was rebranded as Lime (Landline, Internet,
Mobile, Entertainment).  It provides voice, data and IP services
to business and residential customers, including products from
basic telephone service and internet access, to managed data
network solutions, ISDN and cellular services via an enhanced
network.

                      About Cable & Wireless

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

                          *     *     *

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

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


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


CAMERON CAPITAL: Creditors' Proofs of Debt Due on September 9
-------------------------------------------------------------
The creditors of Cameron Capital Ltd. are required to file their
proofs of debt by September 9, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 25, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


CAMERON CAPITAL: Member to Receive Wind-Up Report on September 30
-----------------------------------------------------------------
The member of Cameron Capital Ltd. will receive on September 30,
2009, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on August 25, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


CAMERON CAPITAL: Creditors' Proofs of Debt Due on September 9
-------------------------------------------------------------
The creditors of Cameron Capital Management Ltd. are required to
file their proofs of debt by September 9, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 25, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


CAMERON CAPITAL: Member to Receive Wind-Up Report on September 30
-----------------------------------------------------------------
The member of Cameron Capital Management Ltd. will receive on
September 30, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 25, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


DELTA LIMITED: Creditors' Proofs of Debt Due on September 9
-----------------------------------------------------------
The creditors of Delta Limited are required to file their proofs
of debt by September 9, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 25, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


DELTA LIMITED: Member to Receive Wind-Up Report on September 30
---------------------------------------------------------------
The member of Delta Limited will receive on September 30, 2009, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on August 25, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


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


BANCO DO BRASIL: Mulls Acquisitions to Expand in United States
--------------------------------------------------------------
Telma Marotto at Bloomberg News reports that Banco do Brasil SA
plans to open new branches and may consider acquisitions to expand
in the U.S.  “Banco do Brasil is interested in being where
Brazilian communities are,” the report quoted Allan Simoes Toledo,
bank vice president for international business, as saying.  “If
there’s any institution with such a profile, we’re interested,”
Mr. Toledo added.

According to the report, Leandro Martins, the coordinator for
North American operations, said Banco do Brasil will invest US$40
million over five years to build branches in the U.S.  The report
relates Mr. Toledo said that the collapse of Lehman Brothers
Holdings Inc. last year and subsequent financial crisis reduced
the price of some potential acquisitions.

Banco do Brasil, the report notes, plans to open five to 10 retail
branches in the U.S. In 2010, and expects U.S. regulatory approval
this year.  Mr. Toledo, the report relates, said the bank already
started offering online money transfers for Brazilians in the U.S.
Banco do Brasil invested US$1.2 million in the service, the report
adds.

                       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'.


BROOKFIELD INCORPORACOES: Fitch Assigns National Debt Rating
------------------------------------------------------------
Fitch Ratings has assigned the national long-term debt rating of
'A+(bra)' to the proposed first simple debentures issuance, not
convertible into shares, of Brookfield Incorporacoes S.A.
(Brookfield Incorporacoes), in the total amount of BRL100 million,
with final maturity on Sept. 1, 2013.  The proceeds will be used
for company general purposes.  Fitch has already rated Brookfield
Incorporacoes' foreign and local currency Issuer Default Ratings
'BB-', and national long-term rating 'A+(bra)'.  The Rating
Outlook of the corporate ratings is Negative.

Brookfield Incorporacoes' ratings reflect the integration of the
company's operations, which include a solid and geographically
diversified land bank (Potential Sales Value of BRL14.4 billion in
June 2009); the strong shareholders structure and the capital
support of the controlling group; and its operating scale
expansion through strategic acquisitions carried out in 2008,
which led the company to rank among the country's four largest
real estate developers.  The ratings also consider Brookfield
Incorporacoes' satisfactory liquidity position and financial
flexibility, resulting from the robust reserve of receivables of
completed units not linked to debt, among other factors.  The
ratings further factor in the fact that Brookfield Incorporacoes
should gradually return to more conservative credit measures,
compatible with its ratings, after the significant impact on these
measures from the merger of the formerly Company S.A. in October
2008, which had its name changed to Brookfield Sao Paulo
Empreendimentos Imobiliarios S.A.  The company also has as a major
challenge the management of its consolidated operations in a
scenario of weaker operating margins as a result of its greater
focus on residential projects for the medium-low income segment,
with lower margins.

Brookfield Incorporacoes' Negative Outlook is consistent with the
rating action taken by Fitch for the overall homebuilding sector
on Jan. 21, 2009, reflecting the expectation that homebuilders in
Brazil will face a challenging operating environment as well as
significant financial pressures in 2009 and 2010.

The ratings incorporate the negative impact that the merger of the
formerly Company S.A.  had on the Brookfield Incorporacoes'
financial profile.  For the last 12 months ending June 30, 2009,
adjusted consolidated EBITDA margin was 20.3%, well below
Brookfield Incorporacoes' 39.1% stand-alone margin in LTM ending
Sept. 30, 2008, before the incorporation of the formerly Company
S.A.  This result, however, remains compatible with the sector
average.  Despite the uncertainties created by a weaker
macroeconomic environment and the retracted demand for residential
properties in the last quarter of 2008, the volume of pre sales
remained high.  The consolidated results also reflect the negative
accounting effects deriving from Law 11.638.  The expectation is
that the expansion of operations of Brookfield Incorporacoes in
the medium-low and economic income segments, with higher growth
potential and demand stimulated by the federal government
measures, should increase EBITDA in 2009 and 2010, with operating
margins remaining, however, at lower levels.

The merger with the formerly Company S.A. and expansion of project
launches increased Brookfield Incorporacoes' leverage.  As of June
30, 2009, total consolidated debt reached
BRL1,148 million, compared to BRL473 million of Brookfield
Incorporacoes, on a stand-alone basis, at end-September 2008.
This increase resulted from Brookfield Incorporacoes' strategy to
maintain its project launching goals, notwithstanding the global
crisis, in the fourth quarter of 2008, raising BRL549 million of
working capital lines in the period.  Leverage, measured by total
debt/adjusted EBITDA and net debt/adjusted EBITDA ratios,
increased to 4.6 times (x) and 3.7x at end-June 2009,
respectively, from 1.8x and 1.0x in September 2008, considering
only Brookfield Incorporacoes.  Such ratios are weak for the
rating category, and Fitch's expectation is that the EBITDA
increase expected for 2009 and 2010 and the future transfer of
receivables contribute to reduce leverage ratios to levels more
compatible with the ratings.  The BRL251 million EBITDA in LTM
ending in June 2009 considers BRL25 million of interest allocated
to costs.

Higher working capital requirements and the BRL200 million
dividend payment to Company S.A.'s former controllers resulted in
a strong cash disbursement in the last quarter of 2008.  In
January 2009, cash was reinforced through the issuance of new
shares, in the amount of BRL200 million, subscribed by the
Brookfield group, by Company S.A.'s former shareholders and by
minority shareholders.  As of June 30, 2009, cash and marketable
securities were at BRL230 million, close to the BRL248 million
balance reported at year-end 2008, however, lower than the
combined balance of the two companies in September 2008, of
BRL336 million.  Brookfield Incorporacoes also relies on a robust
liquidity reserve from the receivables of concluded units not
linked to debt, in the amount of BRL837 million at end-June 2009.
With the company's strong liquidity reserve, combined with the
ongoing debentures issuance and the expectation of a gradual
replacement of corporate debt by financings from the Housing
Financial System (SFH), Fitch understands that the high debt
amortizations in 2009 and 2010, of BRL381 million and
BRL389 million, respectively, is manageable.

Brookfield Incorporacoes includes three traditional brands of the
Brazilian real estate sector: Brascan Residential Properties,
Company S.A. and MB Engenharia S.A.  It is specialized in
residential projects for the various income segments, from the
economic to high income levels and office buildings.  Brookfield
Incorporacoes is indirectly controlled (51.1%) by Brookfield Asset
Management, an international asset manager of US$80 billion,
including US$L35 billion in real estate assets.  BAM is rated
'BBB+' by Fitch, with a Stable Outlook.


GERDAU AMERISTEEL: Completes Redemption of 10-3/8% Senior Notes
---------------------------------------------------------------
Gerdau Ameristeel Corporation has completed the redemption of its
US$405 million 10-3/8% Senior Notes due 2011 at a redemption price
in the amount of US$417,626,662, representing 101.792% of the
outstanding principal amount plus accrued interest to the
redemption date .

The Redemption Price was paid entirely with cash and the Notes
were paid in full and are no longer outstanding.

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.


JBS SA: Board Approves Creation of Leather Unit
-----------------------------------------------
JBS SA's boad has approved the company's plan to create a a
leather unit, Rogerio Jelmayer at Dow Jones Newswires reports.

"The company's board approved the foundation of JBS Couros and
this constitutes the entry of the company into the
industrialization, purchase, sale, import and export of bovine
hides and leather," the report quoted JBS SA as saying.

According to the report, JBS' board approved the capitalization of
JBS Couros for up to BRL50 million Brazilian (US$26.8 million) to
finance initial investments of JBS Couros.

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


MAIA HOLDINGS: Creditors' Proofs of Debt Due on September 3
-----------------------------------------------------------
The creditors of Maia 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


NAI ASIA: Creditors' Proofs of Debt Due on September 3
------------------------------------------------------
The creditors of Nai Asia Alpha Advisors 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


NEW SOUTH: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------
The creditors of New South America Capital 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:

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


PILO HOLDINGS: Creditors' Proofs of Debt Due on September 3
-----------------------------------------------------------
The creditors of Pilo 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


PINNACLE PEAK: Creditors' Proofs of Debt Due on September 3
-----------------------------------------------------------
The creditors of Pinnacle Peak CDO 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 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


SIXTINA 15: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 15 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 20: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 20 Baring 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 21: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 21 Diamond Head 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 22: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 22 Platypus Australia 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 23: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 23 Nezu Japan-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 24: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 24 Hachiman 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 25: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 25 MM&E Australia 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 26: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 26 Nezu 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 28: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Sixtina 28 Ginger 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


=========
H A I T I
=========


* HAITI: IDB Approves US$25 Million Grant for Fiscal Support
------------------------------------------------------------
The Inter-American Development Bank recently approved a
US$25 million policy-based grant to Haiti to support priority
public expenditures and fiscal reforms.

The grant, which will be disbursed in a single tranche, will
support the Haitian government’s reforms to increase tax and
customs revenues, improve the efficiency of public spending and
strengthen the management of public debt.

The IDB assistance will also contribute to Haiti’s efforts to
reinforce its Public Works Ministry’s capacity to plan, develop
and maintain the national road network as well as to the
government’s efforts to increase the efficiency of the EDH power
utility.

The goals of these reforms are shared by other international
agencies and donor countries.  In connection with this new
operation, the Caribbean Development Bank recently approved a
US$10 million policy-based grant to provide Haiti additional
budgetary support.

The IDB, the leading multilateral source of grants for Haiti, may
follow this operation next year with a US$30 million policy-based
grant.  Earlier this year, it approved a US$20.5 million grant for
a program to rebuild and repair schools damaged by hurricanes.

In addition, the IDB is taking part in a multilateral debt relief
initiative that enables Haiti to free up to US$50 million annually
for investments in poverty reduction programs.


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


DIGICEL LIMITED: Cyber Scammer Rips Off JM$10MM in Call Credit
--------------------------------------------------------------
Digicel Limited was said to have lost JM$10 million worth of call
credits after Philpott Martin, a 26-year-old computer specialist
and computer programmer, identified the company in court as one of
his victims, Jamaica Observer reports.

According to the report, in outlining its case against Ms. Martin
in the Corporate Area Resident Magistrate's Court, it was revealed
that the suspect had gained access to Digicel Limited's system by
way of another company to which he was employed.  The report
relates that Ms. Martin is said to have transferred the calling
credit to other sim cards.

The Observer notes that Ms. Martin is facing three counts of
simple larceny and one count of conspiracy to defraud.

                      About Digicel Ltd.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.

                          *     *     *

As of July 9, the company continues to carry these low ratings
from Moody's Investors Service:

   -- B2 LT Corp Family rating
   -- Caa1 senior unsecured debt
   -- Ba2 probability of default


IBEROSTAR HOTEL: Employees to Get Details of Pending Closure
------------------------------------------------------------
The 300 workers affected by Iberostar Rose Hall Beach Hotel's
closure will have more details on the planned closure soon,
RadioJamaica reports.  The report relates that during a meeting at
the Ministry of Labour, the University and Allied Workers Union
(UAWU), which represents the workers and the hotel's management
agreed to resume discussions at the local level.

According to the report, the Hotel, which was opened in 2007, one
of three hotels on the Spanish chain's property in Montego Bay,
will be closed today, September 1, due to low occupancy.  The
report notes that the union was also told that the last guest will
leave the hotel on August 31 and no further bookings have been
made in preparation for the closure.

First Vice President of the UAWU, Clifton Grant, RadioJamaica
adds, said that the hotel's management also stated that the
closure is not specific to Jamaica as scaling down operations are
being carried out at other Iberostar properties across the globe.

                  About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance to
ensure full guest satisfaction.  With a star as its symbol, the
chain has managed to win over customers with its philosophy and
values, and its efficient, professional staff.


JPSCO: To Invest US$9.5 Million in New Generating Capacity
----------------------------------------------------------
Jamaica Public Service Company Limited said it will invest US$9.5
million (or more than JM$845 million), to add approximately 11
Megawatts (MW) of new generating capacity to the national grid,
Jamaica Observer reports.  The report relates that the investment
is aimed to add 10 MW at its Bogue Power Station in Montego Bay as
part of its generation expansion program.

According to the report, the investment will see JPSCO maximizing
its output from its combined cycle plant, through the installation
of an Air Inlet Cooling System.  The report relates the inlet
cooling project will help to reduce temperatures on the combined
cycle units to a level that can facilitate the optimal production
of electricity, which will result in additional power being made
available to the national grid.

JPSCO President and CEO, Damian Obiglio, the report relates,
indicated that this was just one of several projects being
undertaken by the company to expand generation capacity.  JPSCO is
also spending another US$1 million to rehabilitate its Constant
Spring hydro station in St Andrew, to add another one megawatt of
capacity to the grid, Mr. Obigloi added.  The report notes that
the company is working in tandem with the National Water
Commission for the re-commissioning of this hydro plant later this
year.

Moreover, the Observer says, JPSCO received conditional approval
from the Office of Utilities Regulation for two renewable projects
in St Elizabeth.  In light of this, the report relates that the
company is currently exploring the option of adding 9 MW of
renewable power, with the construction of a new hydroelectricity
plant in Magotty, and a wind plaza project in Munroe.

                            About JPSCO

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

                           *     *     *

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


NATIONAL COMMERCIAL BANK: Bank Clerk Charged With Fraud
-------------------------------------------------------
An employee of National Commercial Bank's Christiana branch is out
on station bail on fraud charges, RadioJamaica reports.

According to the report, Shelly Ann Miller, a bank clerk of
Chudleigh in Manchester, was picked up by fraud squad detectives
probing allegations of fraud at the bank.  RadioJamaica relates
that it is reported that over an unspecified period, Ms. Miller
stole more than JM$700,000 from customers' accounts.

Ms. Miller, the report notes, is out on JM$200,000 bail and is to
appear in court on September 4.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.


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


CEMEX SAB: S&P Changes CreditWatch on Two SF Deals to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on two emerging markets synthetic structured
financing securitizations to positive from developing, where they
were placed Aug. 12, 2009.

The rating actions follow the Aug. 27, 2009, revision of S&P's
CreditWatch implications on S&P's 'B-' long-term corporate credit
rating on Cemex S.A.B. de C.V. to positive from developing.

Emblem Finance Co. No. 2 Ltd.'s series 3 notes and UDICX Bonos'
series 2008-1 certificates are synthetic structured financings
with a first-to-default structure that is credit-linked to Cemex.
The series 3 notes are collateralized by Chilean peso-denominated
and inflation–adjusted Republic of Chile (foreign currency rating
A+/Stable/A-1; local currency rating AA/Stable/A-1+) sovereign
bonds and have exposure to JPMorgan Chase Bank N.A. (AA-/Negative/
A-1+), the swap counterparty.  The series 2008-1 certificates have
exposure to Merrill Lynch & Co. Inc.(A/Stable/A-1), the issuer of
the underlying collateral and the swap guarantor.

If a credit event occurs regarding Cemex, the series 3 noteholders
and the series 2008-1 certificateholders will receive a cash
settlement amount that is calculated according to the market value
of the reference obligation and the swap, and the amount of
liquidation proceeds realized from the collateral.

S&P will continue to surveil the ratings on these asset-backed
transactions and revise the ratings as necessary to reflect any
changes in the transactions' underlying credit quality.

   Creditwatch Implications Revised To Developing From Negative

                    Emblem Finance Co.  No.  2

                            Rating
                            ------
           Series     To                 From
           ------     --                 ----
           3          B-/Watch Pos       B-/Watch Dev

                           UDICX Bonos

                            Rating
                            ------
           Series     To                 From
           ------     --                 ----
           2008-1     mxBB/Watch Pos     mxBB/Watch Dev


COMERCI: Local Bondholders Agree to Debt Exchange
-------------------------------------------------
Hugh Collins at Bloomberg News reports that Controladora Comercial
Mexicana SAB, said local bondholders approved a proposal to
exchange their bonds for new debt.  Each of the defaulted bonds
can be exchanged for a new seven year bond, the company said in an
e-mailed statement obtained by the news agency.

According to the report, the company said the new debt will be
issued in “as short a time as possible.”

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: U.S. Units Plan Effective August 27
--------------------------------------------------------
Paper International, inc., et al., said in a filing with the U.S.
Bankruptcy Court for the Southern District of New York that their
First Amended Joint Chapter 11 Plan of Reorganization co-proposed
by Corporacion Durango, became effective August 27, 2009.

All applications for payment of a fee claim are due within 45 days
after the Effective Date.

As reported by the TCR on June 24, 2009, the Hon. Robert R. Drain
of the U.S. Bankruptcy Court for the Southern District of New York
confirmed a first amended joint Chapter 11 plan of reorganization
for Paper International Inc. and Fiber Management of Texas Inc.
proposed by their parent company Corporacion Durango on May 15,
2009.

Under the plan, the Debtors' businesses will continue to be
operated in substantially their current form, with Paper
International continuing to own its equity in McKinley and
FMT, and FMT continuing the wind down of its fiber procurement
business, which began when FMT ceased its operations in August
2008.  Furthermore, the plan treats the estates of Paper
International and FMT as comprising a single estate solely for
purposes of voting on the plan, confirmation of the plan and
making plan distributions in respect of claims against and
equity interests in such Debtors under the plan.

The plan relates that holders of allowed priority claims and
general unsecured claims will be paid in full in accordance with
the reinstated right, as and when the payment is due.  Holders of
allowed noteholder claims are expected to get new senior notes,
new senior notes guarantees, restructuring fee or Durango new
equity under the noteholder settlement of the Mexican
reorganizational plan.  Moreover, equity interests holders will
keep 100% of their legal and equitable ownership rights.

General unsecured holders, totaling $700,000, are expected to
recover 100% while noteholders will get 70.4% of their allowed
claim under the plan.

A full-text copy of the Corporacion Durango's disclosure statement
is available for free at http://ResearchArchives.com/t/s?3e1b

A full-text copy of the Corporacion Durango's amended plan is
available for free at http://ResearchArchives.com/t/s?3e1c

Attorneys at Morrison & Foerster LLP, in New York, represented
Paper International.  Attorneys at White & Case LlP represented
Corporacion Durango.

                  About Corporacion Durango

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.


SATELITES MEXICANOS: To Discuss Restructuring With Debtholders
--------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. expects to discuss restructuring
and strategic alternatives with its debtholders.

Patricio Northland, Chief Executive Officer of Satmex, stated that
“Satmex has made significant operational and financial
improvements in the last year and continues to deliver world-class
service to our customers.  We are very much looking forward to
working constructively with all of our investors to take this next
step in positioning the company for sustainable growth.”

Satmex has entered into an agreement pursuant to which Satmex will
reimburse Jefferies & Company, Inc. for fees and expenses related
to advice Jefferies provides to holders of the company’s First
Priority Secured Notes due November 30, 2011 and Second Priority
Secured Notes due November 30, 2013 in connection with a potential
restructuring transaction or other strategic transaction.

The company is in the process of evaluating its options and has
retained Perella Weinberg Partners to assist it in this regard.

While the company is considering its available options, no
decision to pursue a specific alternative has been made, nor has
any timetable been set in connection with this process.  There can
be no assurance that the Company will pursue or consummate any
restructuring or strategic transaction.

The company does not expect to make any further announcement or
disclosure of any further developments with respect to its
evaluation of strategic alternatives unless and until its board of
directors has approved a definitive transaction, if and when that
occurs.

Satmex has said consolidated net loss applicable to common
shareholders narrowed to US$9,083,000 for the six months ended
June 30, 2009, from consolidated net loss of US$18,423,000 for the
same period a year ago.  Satmex said consolidated net loss
applicable to common shareholders was US$3,751,000 for the three
months ended June 30, 2009, from consolidated net loss of
US$6,866,000 for the same period a year ago.

As of June 30, 2009, Satmex had US$442,895,000 in total assets and
US$504,173,000 in total liabilities, resulting in $64,153,000
shareholders' deficit.

                         About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America. Our fleet offers hemispheric
and regional coverage throughout the Americas.

                        *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


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


DOE RUN PERU: Union Delays Protests Over Smelter
------------------------------------------------
Patricia Velez at Reuters reports that workers from Doe Run Peru
smelter said they will postponed roadblocks and protests planned
for to pressure the government to reopen the financially-troubled
metals plan.

Local union leader Royberto Guzman told Reuters that low turnout
at an assembly ahead of the protests made the union decide to put
off the planned action.  "But that does not mean the workers are
content, no way. On the contrary we are more worried because the
commission is delayed," Mr. Guzman said referring to a joint
commission of government and union representatives that is
studying whether to grant an environmental cleanup extension to
Doe Run Peru, the report relates.

According to Reuters, estimates show more than 3,000 direct jobs
and 16,000 indirect jobs are at stake at the smelter and in the
town, La Oroya, which is one of the most polluted in the world.

As reported in the Troubled Company Reporter-Latin America on
August 20, 2009, Reuters said workers at Doe Run Peru's La Oroya
smelter said they will block area roads starting August 31 to
demand that the government give the company more time to complete
an environmental cleanup, which could clear the way for a restart
of operations.  According to the report, the workers said the
protests will include a blockade of the area's east-west highway,
the main road that connects the central part of Peru to its
capital city, Lima.  "We want an extension of PAMA (the mandatory
cleanup) because it is key to the restart of jobs.  The banks are
not going to lend money without it," union leader Royberto Guzman
told Reuters in am interview.  The current cleanup deadline is
October.

According to a TCRLA report on August 6, 2009, citing Reuters,
Doe Run Peru filed for a government-monitored financial
restructuring because it was worried creditors might try to freeze
its assets or operations.  The report related during the process,
creditors will meet to decide whether to restructure or liquidate
the company's operations.  According to Reuters, among the
company's creditors are: precious petals producer Buenaventura, El
Brocal, and zinc and silver miner Volcan.

A TCRLA report on August 5, 2009, citing Reuters, related that Doe
Run Peru owes some US$100 million to its suppliers and needs to
spend another US$150 million to clean up La Oroya, which often
ranks as one of the world's most polluted sites.  Bloomberg News
recalled the company shut all its smelter operations after failing
to reach an agreement with banks and mining suppliers.  The report
related Mining Federation General Secretary Luis Castillo said the
company, a unit of New York Renco Group Inc., is unable to pay its
3,700 workers and has no cash for metal supplies for its La Oroya
zinc and lead smelter.  Bloomberg News related that Doe Run Peru’s
zinc and lead smelter received a three-month extension to complete
planned environmental cleanup projects.  The report said Doe
Run Peru committed 100% of its shares as a guarantee it
will complete the clean-up after a government- brokered deal to
lend the company US$75 million and provide US$100 million of
concentrates after banks halted funding.

                           About Doe Run

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

                           *     *     *

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


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


CL FINANCIAL: LIAT Limited Wants Money Back From CLICO
------------------------------------------------------
Regional airline LIAT Limited wants the immediate return of all
its investment in CLICO International Life Insurance Limited, to
its 900 employees' Pension Fund over the past two years,
Caribbean360.com reports.  CLICO is a unit of CL Financial
Limited.

According to the report, LIAT workers and management had been in
disagreement over whether the money should be withdrawn from the
Barbados branch where the funds are held, following the financial
trouble CL Financial.  The report relates LIAT said last month
that it would keep the money there and seek to safeguard the
funds, even though employees said they were afraid they might lose
their savings.

However, the report notes, that acting Chief Executive Officer
(CEO) Brian Challenger informed that LIAT's management has decided
it was time to get the money back.  "LIAT's management has secured
the services of regional experts on matters relating to Pension
Funds.  Acting on the advice of these experts LIAT has now written
to CLICO informing the company of LIAT's request that all funds
paid over to CLICO be immediately returned to the Pension Fund,"
Mr. Challenger said in a note obtained by the news agency.

The report notes that President of CLICO Barbados Terrence
Thornhill said he was disappointed with LIAT's decision.

LIAT Limited, Caribbean360.com recalls, began making deposits to
the Pension Fund in March 2006.  However, the report relates
following media reports and increasing public concern over the
financial health of CLICO, the company suspended payments in
February this year, with funds instead being paid into an interest
bearing escrow account at a bank in Antigua.

Headquartered in Antigua and Barbuda, LIAT Limited --
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft.  The carrier transports passengers
to more than 20 destinations in the Caribbean.  The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. has downgraded the financial
strength rating to C (Weak) from B (Fair) and issuer credit rating
to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


CL FINANCIAL: Names New Chairman for Lascelles de Mercado
---------------------------------------------------------
Lascelles de Mercado Limited's board has named Shafeek Gregory as
chairman of the company, RadioJamaica reports.  The report relates
three other Directors -- Amrall Sultan-Khan, Alison Lewis and
Steve Bideshi -- were also appointed during a meeting of the Board
of Lascelles.

According to the report, the official's appointments were
effective immediately.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, RadioJamaica said two officials of Lascelles de
Mercado Limited -– Chairman Lawrence Duprey and Board member
Godfrey Leid -– have resigned from their posts with immediate
effect.

CL Financial Limited which is the majority shareholder in
Lascelles.  CL Financial Limited controls CL Spirits Limited,
Calla Lilly Holdings, Angostura Limited and Colonial Life
Insurance which own a combined 81 million Lascelles shares.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Tobago
President George Maxwell Richards signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.


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


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

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


ACO ALTONA          EALT3 BZ           80647079.55    -12603367.15
ACO ALTONA SA       EAAON BZ           80647079.55    -12603367.15
ACO ALTONA-PREF     EAAPN BZ           80647079.55    -12603367.15
ACO ALTONA-PREF     EALT4 BZ           80647079.55    -12603367.15
ALL MALHA PAULIS    GASC3 BZ          881202387.66    -501612577.9
ALL MALHA PAULIS    GASC3B BZ         881202387.66    -501612577.9
ARTHUR LAN-DVD C    ARLA11 BZ          21333792.82    -16295577.05
ARTHUR LAN-DVD P    ARLA12 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC C    ARLA9 BZ           21333792.82    -16295577.05
ARTHUR LANG-RC P    ARLA10 BZ          21333792.82    -16295577.05
ARTHUR LANG-RT C    ARLA1 BZ           21333792.82    -16295577.05
ARTHUR LANG-RT P    ARLA2 BZ           21333792.82    -16295577.05
ARTHUR LANGE        ARLA3 BZ           21333792.82    -16295577.05
ARTHUR LANGE SA     ALICON BZ          21333792.82    -16295577.05
ARTHUR LANGE-PRF    ARLA4 BZ           21333792.82    -16295577.05
ARTHUR LANGE-PRF    ALICPN BZ          21333792.82    -16295577.05
AZEVEDO             AZEV3 BZ           47860887.41      -4389906.4
AZEVEDO E TRA-PR    AZEVPN BZ          47860887.41      -4389906.4
AZEVEDO E TRAVAS    AZEVON BZ          47860887.41      -4389906.4
AZEVEDO-PREF        AZEV4 BZ           47860887.41      -4389906.4
B&D FOOD CORP       BDFC US               15779763         -588840
B&D FOOD CORP       BDFCE US              15779763         -588840
BALADARE            BLDR3 BZ              49015.54        -7494.67
BOMBRIL             BOBR3 BZ          239716189.99   -242287717.11
BOMBRIL             BMBBF US          239716189.99   -242287717.11
BOMBRIL CIRIO SA    BOBRON BZ         239716189.99   -242287717.11
BOMBRIL CIRIO-PF    BOBRPN BZ         239716189.99   -242287717.11
BOMBRIL SA-ADR      BMBBY US          239716189.99   -242287717.11
BOMBRIL SA-ADR      BMBPY US          239716189.99   -242287717.11
BOMBRIL-PREF        BOBR4 BZ          239716189.99   -242287717.11
BOMBRIL-RGTS PRE    BOBR2 BZ          239716189.99   -242287717.11
BOMBRIL-RIGHTS      BOBR1 BZ          239716189.99   -242287717.11
BOTUCATU TEXTIL     STRP3 BZ           31385624.73     -9890708.41
BOTUCATU-PREF       STRP4 BZ           31385624.73     -9890708.41
BUETTNER            BUET3 BZ           86940610.88    -37817234.67
BUETTNER SA         BUETON BZ          86940610.88    -37817234.67
BUETTNER SA-PRF     BUETPN BZ          86940610.88    -37817234.67
BUETTNER SA-RT P    BUET2 BZ           86940610.88    -37817234.67
BUETTNER SA-RTS     BUET1 BZ           86940610.88    -37817234.67
BUETTNER-PREF       BUET4 BZ           86940610.88    -37817234.67
CAF BRASILIA        CAFE3 BZ           15788426.91   -516549819.64
CAF BRASILIA-PRF    CAFE4 BZ           15788426.91   -516549819.64
CAFE BRASILIA SA    CSBRON BZ          15788426.91   -516549819.64
CAFE BRASILIA-PR    CSBRPN BZ          15788426.91   -516549819.64
CAMBUCI SA          CAMBON BZ          87269252.24    -22493566.05
CAMBUCI SA          CAMB3 BZ           87269252.24    -22493566.05
CAMBUCI SA-PREF     CAMB4 BZ           87269252.24    -22493566.05
CAMBUCI SA-PREF     CXDOF US           87269252.24    -22493566.05
CAMBUCI SA-PREF     CAMBPN BZ          87269252.24    -22493566.05
CHIARELLI SA        CCHON BZ           22274026.77    -44537138.21
CHIARELLI SA        CCHI3 BZ           22274026.77    -44537138.21
CHIARELLI SA-PRF    CCHPN BZ           22274026.77    -44537138.21
CHIARELLI SA-PRF    CCHI4 BZ           22274026.77    -44537138.21
CHILESAT CO-ADR     TL US             432460542.94    -44559657.55
CHILESAT CO-RTS     CHISATOS CI       432460542.94    -44559657.55
CHILESAT CORP SA    TELEX CI          432460542.94    -44559657.55
CIMOB PART-PREF     GAFP4 BZ           36817394.78    -33083086.54
CIMOB PART-PREF     GAFPN BZ           36817394.78    -33083086.54
CIMOB PARTIC SA     GAFP3 BZ           36817394.78    -33083086.54
CIMOB PARTIC SA     GAFON BZ           36817394.78    -33083086.54
COMERCIAL PL-ADR    SCPDS LI          146090772.51    -255079026.8
COMERCIAL PL-C/E    COMEC AR          146090772.51    -255079026.8
COMERCIAL PLA-BL    COMEB AR          146090772.51    -255079026.8
COMERCIAL PLAT-$    COMED AR          146090772.51    -255079026.8
CTM CITRUS SA       CTMON BZ           38740523.05      -671039.81
CTM CITRUS- PR R    CTPC2 BZ           38740523.05      -671039.81
CTM CITRUS-ADR      CTMMY US           38740523.05      -671039.81
CTM CITRUS-COM R    CTPC1 BZ           38740523.05      -671039.81
CTM CITRUS-PREF     CTMPN BZ           38740523.05      -671039.81
CTM CITRUS-RCT C    CTP5 BZ            38740523.05      -671039.81
CTM CITRUS-RCT C    CTPC9 BZ           38740523.05      -671039.81
CTM CITRUS-RCT P    CTPC10 BZ          38740523.05      -671039.81
CTM CITRUS-RCT P    CTP6 BZ            38740523.05      -671039.81
D H B               DHBI3 BZ          108241401.93   -350596880.48
D H B-PREF          DHBI4 BZ          108241401.93   -350596880.48
DHB IND E COM       DHBON BZ          108241401.93   -350596880.48
DHB IND E COM-PR    DHBPN BZ          108241401.93   -350596880.48
DOC IMBITUB-PREF    IMBI4 BZ          105243414.69    -12993146.26
DOC IMBITUBA        IMBI3 BZ          105243414.69    -12993146.26
DOC IMBITUBA-RTC    IMBI1 BZ          105243414.69    -12993146.26
DOC IMBITUBA-RTP    IMBI2 BZ          105243414.69    -12993146.26
DOCA INVESTI-PFD    DOCA4 BZ           88417960.92    -18059127.86
DOCA INVESTIMENT    DOCA3 BZ           88417960.92    -18059127.86
DOCAS IMBITUB-PR    IMBIPN BZ         105243414.69    -12993146.26
DOCAS IMBITUBA      IMBION BZ         105243414.69    -12993146.26
DOCAS SA            DOCAON BZ          88417960.92    -18059127.86
DOCAS SA-PREF       DOCAPN BZ          88417960.92    -18059127.86
DOCAS SA-RTS PRF    DOCA2 BZ           88417960.92    -18059127.86
ESTRELA SA          ESTRON BZ          61011893.59    -54580283.64
ESTRELA SA          ESTR3 BZ           61011893.59    -54580283.64
ESTRELA SA-PREF     ESTRPN BZ          61011893.59    -54580283.64
ESTRELA SA-PREF     ESTR4 BZ           61011893.59    -54580283.64
FABRICA RENAUX      FTRX3 BZ            61543317.9     -41332379.8
FABRICA RENAUX      FRNXON BZ           61543317.9     -41332379.8
FABRICA RENAUX-P    FTRX4 BZ            61543317.9     -41332379.8
FABRICA RENAUX-P    FRNXPN BZ           61543317.9     -41332379.8
FABRICA TECID-RT    FTRX1 BZ            61543317.9     -41332379.8
FER C ATL-RCT CM    VSPT9 BZ         1050516250.26     -47197918.4
FER C ATL-RCT PF    VSPT10 BZ        1050516250.26     -47197918.4
FER C ATLANT        VSPT3 BZ         1050516250.26     -47197918.4
FER C ATLANT-PRF    VSPT4 BZ         1050516250.26     -47197918.4
FER HAGA-PREF       HAGA4 BZ           11324601.97    -49777521.75
FERRAGENS HAGA      HAGAON BZ          11324601.97    -49777521.75
FERRAGENS HAGA-P    HAGAPN BZ          11324601.97    -49777521.75
FERROVIA CEN-DVD    VSPT11 BZ        1050516250.26     -47197918.4
FERROVIA CEN-DVD    VSPT12 BZ        1050516250.26     -47197918.4
GASCOIGNE EMP-PF    1GASPN BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF    GASC4 BZ          881202387.66    -501612577.9
GASCOIGNE EMP-PF    GASC4B BZ         881202387.66    -501612577.9
GASCOIGNE EMPREE    1GASON BZ         881202387.66    -501612577.9
GAZOLA              GAZO3 BZ           15610576.83    -42175190.26
GAZOLA SA           GAZON BZ           15610576.83    -42175190.26
GAZOLA SA-DVD CM    GAZO11 BZ          15610576.83    -42175190.26
GAZOLA SA-DVD PF    GAZO12 BZ          15610576.83    -42175190.26
GAZOLA SA-PREF      GAZPN BZ           15610576.83    -42175190.26
GAZOLA-PREF         GAZO4 BZ           15610576.83    -42175190.26
GAZOLA-RCPT PREF    GAZO10 BZ          15610576.83    -42175190.26
GAZOLA-RCPTS CMN    GAZO9 BZ           15610576.83    -42175190.26
HAGA                HAGA3 BZ           11324601.97    -49777521.75
HOPI HARI SA        PQTM3 BZ           58692385.42   -188832203.73
HOPI HARI-PREF      PQTM4 BZ           58692385.42   -188832203.73
IMPSAT FIBER NET    XIMPT SM             535007008       -17165000
IMPSAT FIBER NET    IMPTQ US             535007008       -17165000
IMPSAT FIBER NET    330902Q GR           535007008       -17165000
IMPSAT FIBER-$US    IMPTD AR             535007008       -17165000
IMPSAT FIBER-BLK    IMPTB AR             535007008       -17165000
IMPSAT FIBER-C/E    IMPTC AR             535007008       -17165000
IMPSAT FIBER-CED    IMPT AR              535007008       -17165000
MARAMBAIA           CTPC3 BZ           38740523.05      -671039.81
MARAMBAIA-PREF      CTMMF US           38740523.05      -671039.81
MARAMBAIA-PREF      CTPC4 BZ           38740523.05      -671039.81
MINUPAR             MNPR3 BZ           89611489.39    -20702110.72
MINUPAR SA          MNPRON BZ          89611489.39    -20702110.72
MINUPAR SA-PREF     MNPRPN BZ          89611489.39    -20702110.72
MINUPAR-PREF        MNPR4 BZ           89611489.39    -20702110.72
MMX MINERACA-GDR    XMM CN           1060478942.97   -123550800.05
MMX MINERACA-GDR    MMXMY US         1060478942.97   -123550800.05
MMX MINERACA-GDR    3M11 GR          1060478942.97   -123550800.05
MMX MINERACAO       MMXCF US         1060478942.97   -123550800.05
MMX MINERACAO       TRES3 BZ         1060478942.97   -123550800.05
MMX MINERACAO       MMXM3 BZ         1060478942.97   -123550800.05
N.A.                TOYB1 BZ           20577415.71     -7950050.37
NORDON MET          NORD3 BZ            14029500.1    -17709728.15
NORDON MET-RTS      NORD1 BZ            14029500.1    -17709728.15
NORDON METAL        NORDON BZ           14029500.1    -17709728.15
NOVA AMERICA SA     1NOVON BZ             21287489   -183535527.21
NOVA AMERICA SA     NOVAON BZ             21287489   -183535527.21
NOVA AMERICA SA     NOVA3B BZ             21287489   -183535527.21
NOVA AMERICA SA     NOVA3 BZ              21287489   -183535527.21
NOVA AMERICA-PRF    NOVAPN BZ             21287489   -183535527.21
NOVA AMERICA-PRF    1NOVPN BZ             21287489   -183535527.21
NOVA AMERICA-PRF    NOVA4 BZ              21287489   -183535527.21
NOVA AMERICA-PRF    NOVA4B BZ             21287489   -183535527.21
PARQUE TEM-DV CM    PQT5 BZ            58692385.42   -188832203.73
PARQUE TEM-DV PF    PQT6 BZ            58692385.42   -188832203.73
PARQUE TEM-RCT C    PQTM9 BZ           58692385.42   -188832203.73
PARQUE TEM-RCT P    PQTM10 BZ          58692385.42   -188832203.73
PARQUE TEM-RT CM    PQTM1 BZ           58692385.42   -188832203.73
PARQUE TEM-RT PF    PQTM2 BZ           58692385.42   -188832203.73
PET MANG-RECEIPT    RPMG9 BZ           76852724.18   -212528966.16
PET MANG-RECEIPT    RPMG10 BZ          76852724.18   -212528966.16
PET MANG-RIGHTS     RPMG2 BZ           76852724.18   -212528966.16
PET MANG-RIGHTS     RPMG1 BZ           76852724.18   -212528966.16
PET MANGUINH-PRF    RPMG4 BZ           76852724.18   -212528966.16
PETRO MANGUIN-PF    MANGPN BZ          76852724.18   -212528966.16
PETRO MANGUINHOS    MANGON BZ          76852724.18   -212528966.16
PETRO MANGUINHOS    RPMG3 BZ           76852724.18   -212528966.16
PROMAN              PRMN3B BZ          12167222.17      -207882.19
PROMAN              PRMN3 BZ           12167222.17      -207882.19
REII INC            REIC US               15779763         -588840
RENAUXVIEW SA       TXRX3 BZ           50909736.38    -79601048.99
RENAUXVIEW SA-PF    TXRX4 BZ           50909736.38    -79601048.99
RIMET               REEMON BZ          80030147.28    -124398873.4
RIMET               REEM3 BZ           80030147.28    -124398873.4
RIMET-PREF          REEMPN BZ          80030147.28    -124398873.4
RIMET-PREF          REEM4 BZ           80030147.28    -124398873.4
RIOSULENSE SA       RSULON BZ          56866478.19     -9053574.99
RIOSULENSE SA       RSUL3 BZ           56866478.19     -9053574.99
RIOSULENSE SA-PR    RSULPN BZ          56866478.19     -9053574.99
RIOSULENSE SA-PR    RSUL4 BZ           56866478.19     -9053574.99
SANESALTO           SNST3 BZ        20705801887.08   -466044305.79
SANSUY              SNSY3 BZ          100279114.92    -45812488.77
SANSUY SA           SNSYON BZ         100279114.92    -45812488.77
SANSUY SA-PREF A    SNSYAN BZ         100279114.92    -45812488.77
SANSUY SA-PREF B    SNSYBN BZ         100279114.92    -45812488.77
SANSUY-PREF A       SNSY5 BZ          100279114.92    -45812488.77
SANSUY-PREF B       SNSY6 BZ          100279114.92    -45812488.77
SCHLOSSER           SCLO3 BZ           10007791.94    -53599536.49
SCHLOSSER SA        SCHON BZ           10007791.94    -53599536.49
SCHLOSSER SA-PRF    SCHPN BZ           10007791.94    -53599536.49
SCHLOSSER-PREF      SCLO4 BZ           10007791.94    -53599536.49
SNIAFA SA           SNIA AR            11489328.24      -840226.12
SNIAFA SA-B         SDAGF US           11489328.24      -840226.12
SNIAFA SA-B         SNIA5 AR           11489328.24      -840226.12
SOC COMERCIAL PL    CADN SW           146090772.51    -255079026.8
SOC COMERCIAL PL    CVVIF US          146090772.51    -255079026.8
SOC COMERCIAL PL    COME AR           146090772.51    -255079026.8
SOC COMERCIAL PL    SCDPF US          146090772.51    -255079026.8
SOC COMERCIAL PL    CAD IX            146090772.51    -255079026.8
STAROUP SA          STARON BZ          31385624.73     -9890708.41
STAROUP SA-PREF     STARPN BZ          31385624.73     -9890708.41
TEC TOY SA-PF B     TOYB6 BZ           20577415.71     -7950050.37
TEC TOY SA-PREF     TOYDF US           20577415.71     -7950050.37
TEC TOY SA-PREF     TOYB5 BZ           20577415.71     -7950050.37
TECEL S JOSE        FTSJON BZ          17924946.14    -18569451.23
TECEL S JOSE        SJOS3 BZ           17924946.14    -18569451.23
TECEL S JOSE-PRF    SJOS4 BZ           17924946.14    -18569451.23
TECEL S JOSE-PRF    FTSJPN BZ          17924946.14    -18569451.23
TECTOY              TOYB13 BZ          20577415.71     -7950050.37
TECTOY              TOYB3 BZ           20577415.71     -7950050.37
TECTOY SA           TOYBON BZ          20577415.71     -7950050.37
TECTOY SA-PREF      TOYBPN BZ          20577415.71     -7950050.37
TECTOY-PF-RTS5/6    TOYB11 BZ          20577415.71     -7950050.37
TECTOY-PREF         TOYB4 BZ           20577415.71     -7950050.37
TECTOY-RCPT PF B    TOYB12 BZ          20577415.71     -7950050.37
TECTOY-RCT ORD      TOYB9 BZ           20577415.71     -7950050.37
TECTOY-RCT PREF     TOYB10 BZ          20577415.71     -7950050.37
TECTOY-RT           TOYB2 BZ           20577415.71     -7950050.37
TEKA                TEKAON BZ         219773260.95   -306726075.74
TEKA                TKTQF US          219773260.95   -306726075.74
TEKA                TEKA3 BZ          219773260.95   -306726075.74
TEKA-ADR            TEKAY US          219773260.95   -306726075.74
TEKA-ADR            TKTQY US          219773260.95   -306726075.74
TEKA-ADR            TKTPY US          219773260.95   -306726075.74
TEKA-PREF           TEKA4 BZ          219773260.95   -306726075.74
TEKA-PREF           TKTPF US          219773260.95   -306726075.74
TEKA-PREF           TEKAPN BZ         219773260.95   -306726075.74
TELEBRAS SA         TLBRON BZ         185536520.68     -1054841.44
TELEBRAS SA         TBASF US          185536520.68     -1054841.44
TELEBRAS SA         TELB3 BZ          185536520.68     -1054841.44
TELEBRAS SA-PREF    TELB4 BZ          185536520.68     -1054841.44
TELEBRAS SA-PREF    TLBRPN BZ         185536520.68     -1054841.44
TELEBRAS SA-RT      TELB9 BZ          185536520.68     -1054841.44
TELEBRAS-ADR        TBRAY GR          185536520.68     -1054841.44
TELEBRAS-ADR        TBASY US          185536520.68     -1054841.44
TELEBRAS-ADR        TBH US            185536520.68     -1054841.44
TELEBRAS-ADR        RTB US            185536520.68     -1054841.44
TELEBRAS-ADR        TBX GR            185536520.68     -1054841.44
TELEBRAS-ADR        TBAPY US          185536520.68     -1054841.44
TELEBRAS-BLOCK      TELB30 BZ         185536520.68     -1054841.44
TELEBRAS-CED C/E    TEL4C AR          185536520.68     -1054841.44
TELEBRAS-CED C/E    RCT4C AR          185536520.68     -1054841.44
TELEBRAS-CEDE BL    RCT4B AR          185536520.68     -1054841.44
TELEBRAS-CEDE PF    RCTB4 AR          185536520.68     -1054841.44
TELEBRAS-CEDE PF    TELB4 AR          185536520.68     -1054841.44
TELEBRAS-CEDEA $    TEL4D AR          185536520.68     -1054841.44
TELEBRAS-CEDEA $    RCT4D AR          185536520.68     -1054841.44
TELEBRAS-CM RCPT    TELE31 BZ         185536520.68     -1054841.44
TELEBRAS-CM RCPT    RCTB32 BZ         185536520.68     -1054841.44
TELEBRAS-CM RCPT    RCTB30 BZ         185536520.68     -1054841.44
TELEBRAS-CM RCPT    RCTB31 BZ         185536520.68     -1054841.44
TELEBRAS-CM RCPT    TBRTF US          185536520.68     -1054841.44
TELEBRAS-COM RT     TELB1 BZ          185536520.68     -1054841.44
TELEBRAS-PF BLCK    TELB40 BZ         185536520.68     -1054841.44
TELEBRAS-PF RCPT    RCTB42 BZ         185536520.68     -1054841.44
TELEBRAS-PF RCPT    TELE41 BZ         185536520.68     -1054841.44
TELEBRAS-PF RCPT    RCTB40 BZ         185536520.68     -1054841.44
TELEBRAS-PF RCPT    CBRZF US          185536520.68     -1054841.44
TELEBRAS-PF RCPT    TBAPF US          185536520.68     -1054841.44
TELEBRAS-PF RCPT    TLBRUP BZ         185536520.68     -1054841.44
TELEBRAS-PF RCPT    RCTB41 BZ         185536520.68     -1054841.44
TELEBRAS-RCT        RCTB33 BZ         185536520.68     -1054841.44
TELEBRAS-RCT PRF    TELB10 BZ         185536520.68     -1054841.44
TELEBRAS-RECEIPT    TLBRUO BZ         185536520.68     -1054841.44
TELEBRAS-RTS CMN    TCLP1 BZ          185536520.68     -1054841.44
TELEBRAS-RTS CMN    RCTB1 BZ          185536520.68     -1054841.44
TELEBRAS-RTS PRF    RCTB2 BZ          185536520.68     -1054841.44
TELEBRAS-RTS PRF    TLCP2 BZ          185536520.68     -1054841.44
TELEBRAS/W-I-ADR    TBH-W US          185536520.68     -1054841.44
TELECOMUNICA-ADR    81370Z BZ         185536520.68     -1054841.44
TELEX-A             TELEXA CI         432460542.94    -44559657.55
TELEX-RTS           TELEXO CI         432460542.94    -44559657.55
TELMEX CORP SA      CHILESAT CI       432460542.94    -44559657.55
TELMEX CORP-ADR     CSAOY US          432460542.94    -44559657.55
TEXTEIS RENA-RCT    TXRX9 BZ           50909736.38    -79601048.99
TEXTEIS RENA-RCT    TXRX10 BZ          50909736.38    -79601048.99
TEXTEIS RENAU-RT    TXRX2 BZ           50909736.38    -79601048.99
TEXTEIS RENAU-RT    TXRX1 BZ           50909736.38    -79601048.99
TEXTEIS RENAUX      RENXON BZ          50909736.38    -79601048.99
TEXTEIS RENAUX      RENXPN BZ          50909736.38    -79601048.99
TRESSEM PART SA     1TSSON BZ        1060478942.97   -123550800.05
VARIG PART EM SE    VPSC3 BZ          101177852.25   -318442006.32
VARIG PART EM TR    VPTA3 BZ           49432124.18   -399290425.77
VARIG PART EM-PR    VPTA4 BZ           49432124.18   -399290425.77
VARIG PART EM-PR    VPSC4 BZ          101177852.25   -318442006.32
VARIG SA            VARGON BZ         966298025.55  -4695211316.33
VARIG SA            VAGV3 BZ          966298025.55  -4695211316.33
VARIG SA-PREF       VARGPN BZ         966298025.55  -4695211316.33
VARIG SA-PREF       VAGV4 BZ          966298025.55  -4695211316.33
WETZEL SA           MWELON BZ          69983432.56     -6279264.91
WETZEL SA           MWET3 BZ           69983432.56     -6279264.91
WETZEL SA-PREF      MWELPN BZ          69983432.56     -6279264.91
WETZEL SA-PREF      MWET4 BZ           69983432.56     -6279264.91
WIEST               WISA3 BZ           39838113.86    -93371563.06
WIEST SA            WISAON BZ          39838113.86    -93371563.06
WIEST SA-PREF       WISAPN BZ          39838113.86    -93371563.06
WIEST-PREF          WISA4 BZ           39838113.86    -93371563.06


                            ***********

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

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

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

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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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