TCRLA_Public/090907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 7, 2009, Vol. 10, No. 176

                            Headlines

A R G E N T I N A

DESARROLLO PESQUERO: Asks for Preventive Contest
DISTRIBUIDORA GLASSY: Creditors' Proofs of Debt Due on October 21
EL CENTRO: Asks for Preventive Contest
ENCAJAS SA: Requests for Preventive Contest
KORSOR SA: Proofs of Claim Verification Deadline is October 6

MI VAL: Requests for Preventive Contest
PANTIN SA: Asks for Opening of Preventive Contest
XYN SHI: Proofs of Claim Verification Deadline is December 1


B E R M U D A

BERNARD L. MADOFF: HSBC Seeks Dismissal of Trustee Claims
XL CAPITAL: May Report Strong Growth in Book Value, Barclays Says
VALIDUS HOLDINGS: Completes Acquisition of IPC Holdings


B R A Z I L

BANCO DO BRASIL: To Cut Lending Rates Further, CEO Says
BANCO DO BRASIL: Buys 98% of Nossa Caixa Common Shares
GOL LINHAS: Sees 6.9% Rise in August Air Traffic Demand From 2008


C A Y M A N  I S L A N D S

AIGAR, LDC: Members Receive Wind-Up Report
CDIB BIOVENTURES: Members Receive Wind-Up Report
DILWORTH CAPITAL: Members Receive Wind-Up Report
FARALLON RP: Shareholders Receive Wind-Up Report
GULF ENERGY: Shareholders Receive Wind-Up Report

JORASSES LDC: Members Receive Wind-Up Report
MARATHON PETROLEUM: Members Receive Wind-Up Report
STANFIELD ARBITRAGE: Shareholder Receives Wind-Up Report
STANFIELD QUATTRO: Shareholder Receives Wind-Up Report
SUNAPEE LDC: Members Receive Wind-Up Report

TMA COMPANY: Shareholder Receives Wind-Up Report
ZUMA COAST: Members Receive Wind-Up Report
ZUMA COAST: Members Receive Wind-Up Report
ZUMA COAST: Members Receive Wind-Up Report
ZUMA COAST: Members Receive Wind-Up Report

ZUMA COAST: Members Receive Wind-Up Report
ZUMA COAST: Members Receive Wind-Up Report


C H I L E

* CHILE: May Cut Investment Barriers to Boost Trading


C O L O M B I A

* COLOMBIA: Banks' Jan-Jul Combined Profit Up 7% to COP3.11 Tril.
* COLOMBIA: Fitch Affirms Issuer Default Rating at 'BB+'


M E X I C O

CEMEX SAB: Shareholders Approve Resolutions at General Meeting
FORD CREDIT: Moody's Reviews 'Caa1' National Scale Debt Ratings
HIPOTECARIA SU: S&P Keeps Global Counterparty Credit Rating at BB-


J A M A I C A

CABLE & WIRELESS: LIME Sues Digicel for Overcharging
DICIGEL LIMITED: Faces US$43.77 Million Lawsuit From LIME Jamaica
JUCT: Low Turnout at Fare Consultations
JAMAICA PUBLIC SERVICE: Tariff Adjustment to be Revealed Soon


P E R U

DOE RUN PERU: Workers to Hold Rally Sept. 15 to Protest Smelter


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Restarts Operations at El Palito Refinery
PETROLEOS DE VENEZUELA: Breach Bargaining Deal, Union Says


X X X X X X X X

* BOND PRICING: For the Week August 31 to September 4, 2009


                         - - - - -


=================
A R G E N T I N A
=================


DESARROLLO PESQUERO: Asks for Preventive Contest
------------------------------------------------
Desarrollo Pesquero Maritimo Atlantico Sur SA asked for preventive
contest.


DISTRIBUIDORA GLASSY: Creditors' Proofs of Debt Due on October 21
-----------------------------------------------------------------
Carlos Daniel Grela, the court-appointed trustee for Distribuidora
Glassy SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 21, 2009.

Mr. Grela will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Carlos Daniel Grela
          Cramer 3113
          Argentina


EL CENTRO: Asks for Preventive Contest
--------------------------------------
El Centro del Cristal SRL asked for preventive contest.

The company stopped making payments on July 22, 2009.


ENCAJAS SA: Requests for Preventive Contest
-------------------------------------------
Encajas SA requested for preventive contest.

The company stopped making payments last May.


KORSOR SA: Proofs of Claim Verification Deadline is October 6
-------------------------------------------------------------
Mauricio Rosemblum, the court-appointed trustee for Korsor SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 6, 2009.

Mr. Rosemblum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Mauricio Rosemblum
          Bartolomes Mitre 2296
          Argentina


MI VAL: Requests for Preventive Contest
---------------------------------------
Mi Val SRL requested for preventive contest.

The company stopped making payments on November 14, 2008.


PANTIN SA: Asks for Opening of Preventive Contest
-------------------------------------------------
Pantin SA asked for the opening of preventive contest by cessation
of payments.


XYN SHI: Proofs of Claim Verification Deadline is December 1
------------------------------------------------------------
Estudio Mendizabal Guerrero Machado y Asociados, the court-
appointed trustee for Xyn Shi Ji SA's reorganization proceedings,
will be verifying creditors' proofs of claim until December 1,
2009.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Estudio Mendizabal Guerrero Machado y Asociados
          Peru 79


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


BERNARD L. MADOFF: HSBC Seeks Dismissal of Trustee Claims
---------------------------------------------------------
Erik Larson at Bloomberg News reports that HSBC Holdings Plc, sued
twice by the Bernard L. Madoff Investment Securities LLC trustee
Irving Picard, told a judge that the lawsuits should be dismissed
because they fail to state claims against the British bank.  HSBC
provided services for two offshore hedge-fund firms named in the
lawsuits, Bermuda-based Alpha Prime Fund Ltd. and Cayman Islands-
based Primeo Fund Ltd.

According to the report, the bank said it had no control over
money transferred from Madoff’s firm to the offshore funds’
HSBC accounts.  “The HSBC defendants at all times acted as mere
conduits for payment transfers between BLMIS and Alpha Prime and
at no time had dominion or control over any of the funds,”
Londonbased HSBC said in a filing obtained by the news agency.
The report relates that the bank made a similar statement in a
filing in the Primeo case.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2009, Bloomberg News said Mr. Picard sued Bermuda-based
Alpha Prime Fund Limited for allegedly receiving almost US$213
million in transfers from the Madoff firm in the past two years.
HSBC Bank Plc and a Luxembourg-based unit were also
included in Mr. Harris' 29-page complaint.  According to the
report, Mr. Picard alleged that HSBS and its unit were conduits
for the shifting of money from Madoff to Alpha Prime.  The report,
citing Mr. Picard's complaint, related that from January 2005 to
December 11, 2008 -- the day Mr. Madoff was arrested and was sued
by the U.S. Securities and Exchange Commission -- Alpha Prime
received transfers via HSBC and beneficial tax payments of almost
US$213 million.  Bloomberg News said that the complaint stated
that HSBC, its subsidiary and other unnamed entities invested
us$227.6 million with a Madoff firm on behalf of Alpha Prime
starting in June 2003 according to the complaint.

                        About Bernard Madoff

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

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

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

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

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


XL CAPITAL: May Report Strong Growth in Book Value, Barclays Says
-----------------------------------------------------------------
XL Capital Limited may report the strongest growth in book value
among property and casualty insurers for the third quarter as
investments gain ground, Jamie McGee at Bloomberg News reports,
citing Barclays Plc said.  Book values "could continue to see
solid linked-quarter growth" from gains in corporate bonds,
municipals, commercial mortgage-backed securities and equities,
Jay Gelb, a Barclay's analyst, wrote in a note obtained by the
news agency.  Book value is a measure of assets minus liabilities.

According to the report, Mr. Gelb said that Bermuda-based XL's
book value advanced 26% to US$18.91 a share, increasing for the
first time since September 2007.

Bloomberg News notes that after suffering substantial investment
losses during the turmoil on financial markets last year, XL
Capital's rebound in 2009 has gone down well with investors, as
the company's share price has climbed 345% this year to date.
"Our book-value estimates could have further upside if there are
no third quarter hurricane losses," the report quoted Mr. Gelb as
saying.

                          About XL Capital

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

                           *     *     *

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


VALIDUS HOLDINGS: Completes Acquisition of IPC Holdings
-------------------------------------------------------
Validus Holdings, Ltd. has completed its acquisition of IPC
Holdings, Ltd.

At a Special General Meeting of Shareholders on September 4, 2009,
Validus shareholders approved the issuance of Validus common
shares in connection with the acquisition of IPC with the support
of approximately 87% of the shares voted at the meeting.  At a
separate meeting held the same day, IPC shareholders adopted the
amalgamation agreement with Validus and approved the resulting
amalgamation of IPC with a wholly owned subsidiary of Validus with
the support of approximately 95% of the shares voted at the
meeting.

Ed Noonan, Validus' Chairman and Chief Executive Officer, stated,
"We are delighted to have completed this compelling strategic
combination, which provides major benefits to customers and
shareholders of both companies.  With significantly increased
capacity, a global platform and leading positions in attractive
insurance and reinsurance markets, Validus is well positioned to
meet the evolving needs of clients and to deliver continued growth
to shareholders.  In addition, Bermuda will benefit from being
home to a larger, stronger business that is committed to its
markets and well positioned for long-term growth.  We will be
working diligently to ensure a seamless integration of IPC that
maximizes the market opportunities offered by this transaction."

Pursuant to the amalgamation agreement, former shareholders of IPC
will receive BM$7.50 in cash and 0.9727 Validus voting common
shares for each IPC common share.  Effective as of the close of
trading September 4, IPC common shares will cease trading.

                About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, A.M. Best Co. has placed the indicative ratings of
"bb+" on subordinated debt and "bb" on the preferred stock of
Validus Holdings, Ltd (Validus Holdings) under review with
negative implications.


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


BANCO DO BRASIL: To Cut Lending Rates Further, CEO Says
-------------------------------------------------------
Banco do Brasil SA Chief Executive Aldemir Bendine said the bank
plans to cut lending rates further even if the central bank keeps
borrowing costs unchanged, Guillermo Parra-Bernal at Reuters
reports, citing newspaper Folha de S. Paulo.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, Doe Jones Newswires said Banco do Brasil will
increase consumer credit funds by BRL13 billion (US$6.43 billion)
this year as the result of changes in risk analysis methodology
that include consideration of clients with favorable credit
records.  The report related that the bank said that with the
additional credit, it will be able to raise credit limits for
10 million clients.

According to the report, Mr. Bendine told Folha newspaper in an
interview that there is additional leeway for lower spreads in
Latin America's largest economy.  "If other banks don't wake up,
Banco do Brasil will bite some of their market share," Mr. Bendine
told Folha, the report relates.  "Lending rates will always be the
greatest differential in competition," Mr. Bendine added.

Reuters notes that the central bank last week left the benchmark
lending rate Selic ABRSELIC stable at a record-low 8.75% after
five straight rate cuts this year.  The report, citing Folha
newspaper, said Banco do Brasil has been aggressively cutting
rates since January, seeking to execute a government policy to
promote credit expansion.

Mr. Bendine, Reuters notes, denied Banco do Brasil's interest-rate
policy embeds serious "long-term problems," as suggested by the
Itau Unibanco CEO Roberto Setubal.

                      About Banco do Brasil

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

                           *     *     *

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


BANCO DO BRASIL: Buys 98% of Nossa Caixa Common Shares
------------------------------------------------------
Fabio Alves at Bloomberg News reports that Banco do Brasil SA will
pay BRL2.3 billion (US$1.3 billion) for about 98% of Banco Nossa
Caixa SA’s remaining outstanding common shares.

According to the report, BM&FBovespa SA, the owner of Brazil’s
securities exchange, said that Banco do Brasil bought 29.2 million
shares for BRL76.82 each, to be paid in monthly installments.  The
report relates that Banco do Brasil acquired 874,637 shares for
BRL73.59 each, to be paid up front.

As reported in the Troubled Company Reporter - Latin America on
November 24, 2008, Bloomberg News said Banco do Brasil will buy a
71.2% stake in Banco Nossa for BRL5.39 billion in cash after 7
months of negotiations.  The bank is paying BRL70.63 a share, an
18th month installment of BRL299.2 million beginning March 2009,
aiming to regain its top rank as Latin America's biggest financial
group, the same report noted.

                       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'.


GOL LINHAS: Sees 6.9% Rise in August Air Traffic Demand From 2008
-----------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
disclosed its preliminary traffic figures for August 2009.

In August 2009, the airline recorded a 6.9% year-on-year increase
in air traffic demand, due to the:

   -- increased supply and improved distribution of seats
      due to the merger of GOL and VRG's operations in 4Q08;

   -- higher number of B737 aircraft in the fleet;

   -- recovery of yields and the reduction in promotions,
      thanks to the renewed predominance of business trips in
      August following the end of the July holiday season; and

   -- continued revitalization of the SMILES program.

In this scenario, domestic market demand moved up by 29.0% over
August 2008, but fell by 19.3% over July 2009 due to the
seasonality mentioned above.  International market demand dropped
by 60.7% year-on-year due to the strategic repositioning of the
company's traffic network at the end of July 2008, with the
elimination of long-haul routes, and reduced by 13.8% in relation
to July 2009, also due to seasonal factors.

In line with its focus on optimizing operating profitability, the
utilization ratio of GOL's operational fleet (measured in block
hours) averaged around 12.0 hours/day, versus 11.3 hours/day in
2Q09.  On the capacity front, seating capacity per kilometer flown
(ASK) climbed by 4.2% over August 2008, mainly due to the higher
fleet, and fell by 1.7% over the month before, due to the lower
number of tourist flights.

As a result of all the above, average net yield remained above the
July figure and higher than the R$19.43 cents (R$) reported in
2Q08, but still below the R$21.93 cents (R$) posted in 1Q08.

                         About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

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

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

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

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



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


AIGAR, LDC: Members Receive Wind-Up Report
------------------------------------------
The members of Aigar, LDC met on Sept. 4, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond Long Sing Tang
          Hang Lung Centre, 22nd Floor
          2-20 Paterson Street, Causeway Bay
          Hong Kong


CDIB BIOVENTURES: Members Receive Wind-Up Report
------------------------------------------------
The members of CDIB Bioventures Inc. met on Sept. 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Chih-Chin Chen
          c/o Citco Trustees (Cayman) Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


DILWORTH CAPITAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Dilworth Capital Multi-Strategy Fund, SPC met on
August 3, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108


FARALLON RP: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Farallon RP Investors Limited met on Sept. 4,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.


GULF ENERGY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Gulf Energy Consortium met on Sept. 4, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


JORASSES LDC: Members Receive Wind-Up Report
--------------------------------------------
The members of Jorasses LDC met on Sept. 4, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond Long Sing Tang
          Hang Lung Centre, 22nd Floor
          2-20 Paterson Street, Causeway Bay
          Hong Kong


MARATHON PETROLEUM: Members Receive Wind-Up Report
--------------------------------------------------
The members of Marathon Petroleum Mars Limited met on Sept. 4,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Y. R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


STANFIELD ARBITRAGE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Stanfield Arbitrage CDO, Ltd. received on
September 1, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Martina de Lima
          Telephone: (345) 815-1790
          Facsimile: (345) 949 1986


STANFIELD QUATTRO: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Stanfield Quattro CLO, Ltd received on
September 1, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Martina de Lima
          Telephone: (345) 815-1790
          Facsimile: (345) 949 1986


SUNAPEE LDC: Members Receive Wind-Up Report
-------------------------------------------
The members of Sunapee LDC met on Sept. 4, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond Long Sing Tang
          Hang Lung Centre, 22nd Floor
          2-20 Paterson Street, Causeway Bay
          Hong Kong


TMA COMPANY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of TMA Company Ltd received on September 3, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ZUMA COAST: Members Receive Wind-Up Report
------------------------------------------
The members of Zuma Coast Capital #1 met on Sept. 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ZUMA COAST: Members Receive Wind-Up Report
------------------------------------------
The members of Zuma Coast Capital #2 met on Sept. 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ZUMA COAST: Members Receive Wind-Up Report
------------------------------------------
The members of Zuma Coast Capital #3 met on Sept. 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ZUMA COAST: Members Receive Wind-Up Report
------------------------------------------
The members of Zuma Coast Capital #3 met on Sept. 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ZUMA COAST: Members Receive Wind-Up Report
------------------------------------------
The members of Zuma Coast Capital #3 met on Sept. 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ZUMA COAST: Members Receive Wind-Up Report
------------------------------------------
The members of Zuma Coast Capital #4 met on Sept. 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


=========
C H I L E
=========


* CHILE: May Cut Investment Barriers to Boost Trading
-----------------------------------------------------
Chile will seek to ease access to capital markets for foreign
investors and authorize new financial instruments such as covered
bonds to increase trading, Sebastian Boyd and James Attwood at
Bloomberg News report, citing Finance Minister Andres Velasco.

According to the report, a bill with the changes will be sent to
Congress soon.  The report relates that the government wants to
broaden tax breaks for foreigners, allow exchange-traded funds and
promote investment in mutual funds and securitized debt.  Rules on
venture capital may also be eased along with help for smaller
companies to access financing, the report notes.

Mr. Velasco, the report points out, wants to position the country
as a regional financial hub where foreign companies will be
encouraged to list stocks and sell bonds in the local market.
Bloomberg News says that foreign investors will be able to buy
stakes in funds with holdings in Chile and abroad, and only pay
tax on dividends from Chilean companies.  The currently pay tax on
all dividend income, the report says.

To ease access to Chile by foreign fund managers and brokers, Mr.
Velasco proposes removing quotas for employees that force finance
companies to hire 85% of their specialist staff locally.

Mr. Velasco, the report notes, said companies will be able to sell
international bonds in pesos -- in the so-called offshore market
-- which they can’t do now.  The goal is to make the Chilean peso
a more widely traded international currency, Mr. Velasco added.

Bloomberg News adds that Mr. Velasco’s proposal would allow banks
to sell covered bonds backed by a pool of mortgages.  The report
relates that Mr. Velasco also plans to force local banks to offer
standardized loans and mortgages to make it easier for consumers
to compare products.


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


* COLOMBIA: Banks' Jan-Jul Combined Profit Up 7% to COP3.11 Tril.
-----------------------------------------------------------------
Colombia's financial institutions posted a combined net profit of
COP3.11 trillion (US$1.51 billion) in the first seven months of
the year, up 7% from COP2.89 trillion in the same period in 2008,
Diana Delgado at Dow Jones Newswires reports, citing the country's
banking regulator.

According to the report, locally owned private-sector banks
reported COP1.96 trillion in profits in the January-July period,
down 1.1% from COP1.97 billion in the same period last year.  The
report relates that the net profits of foreign banks with
operations in Colombia jumped 46% to COP512.1 billion in the first
seven months of the year from the same period last year.

Dow Jones Newswires notes that among the banks that posted results
for the January to July period are:

   -- Bancolombia (CIB)'s net profit fell to COP619 billion
      in the first seven months of the year, down from
      COP670.2 billion in the same period a year ago;

   -- Banco de Bogota posted a net profit of COP403.7 billion
      in the first seven months of the year, up 13% from the
      same period last year when it booked a net profit of
      COP357 billion;

   -- Spain's BBVA (BBV) reported the biggest profit among
      foreign banks, posting a net profit of COP242 billion in
      the first seven months of the year, up 17% from
      COP207.5 billion registered in the same months last year.

   -- the net profit of the Colombian unit of U.S.-based
       Citibank jumped to COP153 billion in the first seven
       months of the year about doubled from the
       COP88.8 billion in the same period of last year; and

   --  local unit of HSBC Holdings PLC (HBC) reported a net
       loss of COP7.7 billion, compared to a net loss of
       COP10.5 billion in the first seven months of last year.

                       *     *     *

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


* COLOMBIA: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Colombia's sovereign ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.

The Rating Outlook for the long-term ratings remains Stable.

Colombia's creditworthiness is underpinned by its record of
macroeconomic stability, deft liability management, an unblemished
debt service record, comparatively conservative fiscal policies
and greater institutional strength in comparison to peers.

Increased credibility of the macroeconomic policy framework, a
strengthened financial system, relatively modest external debt
levels, and a flexible exchange rate regime have helped Colombia
weather the external shocks emanating from the global financial
crisis since the fourth quarter of 2008, and implement counter-
cyclical monetary policy in 2009 to address the flagging domestic
activity.

Furthermore, Colombia's ability to access the International
Monetary Fund's Flexible Credit Line bolsters investor confidence
and the country's relatively robust external liquidity position at
171%.  Resilience in FDI inflows, multilateral disbursements and
the sovereign's access to external markets mitigate concerns
regarding Colombia's high financing needs (56% of international
reserves in 2009) in comparison to peers.

Fitch expects the Colombian economy to contract by 0.5% in 2009
and recover to positive growth at 2.5% in 2010.  While favorable
external factors such a high commodity prices and strong capital
inflows benefitted growth dynamics, security improvements and
institutional strength also played a role in boosting the
economy's performance in recent years.  'The challenge for policy
makers is to ensure that the present cyclical downturn does not
result in a medium-term lower growth trajectory by addressing
structural issues related to labor market flexibility and
infrastructure bottlenecks, especially given the importance of
higher growth for public finances,' said Erich Arispe, Director in
Fitch's Sovereign Group.  Increasing uncertainty surrounding trade
relations with Ecuador and Venezuela could also detract from
Colombia's growth prospects.

Although deft liability management and a favorable economic cycle
have benefitted fiscal accounts in recent years, these continue to
suffer from structural weaknesses such as the absence of automatic
expenditure adjustment mechanisms for low-growth years and high
revenue volatility.  'Further structural reforms designed to
reduce the rigidity of spending or to increase the government's
revenue base will be important to support a sustainable
consolidation of fiscal accounts and a faster reduction in the
sovereign's debt burden,' added Arispe.

Fitch expects the general government fiscal deficit to increase to
2.3% of GDP in 2009 from 0.2% in 2008, while general government
debt could reach 38.3% of GDP by year-end.  In addition, the
sovereign remains a net debtor at 9.8% of current external
receipts, while most 'BB' peers and 'low investment grade'
commodity exporters are net external creditors.  Nevertheless,
Colombia's expected fiscal deterioration appears to be in line
with rating peers, and the government has shown commitment to
fiscal prudence in recent years.

Continued resilience under an unfavorable external environment, a
faster decline in the government debt burden as well as greater
improvement in the sovereign's external position would be positive
for Colombia's creditworthiness.  Further strengthening of the
monetary and exchange rate policy framework and a return to a high
growth trajectory would also be viewed positively.

On the other hand, an inappropriate policy response to fiscal
challenges stemming from a lower than expected growth trajectory
would be viewed negatively.  A sustained fiscal deterioration
leading to a significant rise in general government debt could
undermine creditworthiness.


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


CEMEX SAB: Shareholders Approve Resolutions at General Meeting
--------------------------------------------------------------
CEMEX, S.A.B. de C.V.'s stockholders approved the resolutions
discussed at the Extraordinary General Shareholders Meeting held
September 4, 2009.  The stockholders approved these resolutions:

   -- an increase in the variable portion of the capital stock
      of up to 4.8 billion shares (equivalent to 1.6 billion
      CPOs or 160 million ADSs).  The subscription and payment
      of the new shares represented by CPOs may be done
      indistinctively through a public offer or through the
      issuance of convertible bonds.

   -- under the resolution approved by the shareholders, any
      public offer and/or issuance of convertible bonds would
      be required to be carried out within a period of 24
      months.

   -- appointment of a delegate or delegates to formalize
      the resolutions adopted at the meeting.

The proposals recommended by the Board of Directors and now
approved by the shareholders are designed to give CEMEX the
flexibility to issue additional equity and/or convertible bonds
when market conditions are appropriate and thus strengthen CEMEX’s
balance sheet.

                         About Cemex, S.A.B.

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


FORD CREDIT: Moody's Reviews 'Caa1' National Scale Debt Ratings
---------------------------------------------------------------
Moody's de Mexico placed on review for possible upgrade Ford
Credit de Mexico S.A. de C.V.'s Mexican National Scale debt
ratings of Caa1.mx and MX-4.

The review for possible upgrade is prompted by Moody's action to
review Ford Motor Credit Company LLC's senior unsecured rating for
upgrade.  Ford Credit de Mexico's debt rating is based on an
irrevocable and unconditional guarantee provided by the parent
company Ford Motor Credit Company LLC.

The last rating action taken on Ford Credit de Mexico was on
December 23, 2008, when Moody's de Mexico downgraded Ford Credit
de Mexico's long-term Mexican National Scale debt rating to
Caa1.mx from Ba3.mx, with negative outlook.  At the same time,
Moody's affirmed the short-term Mexican National Scale debt rating
at MX-4.

The long-term Mexican National Scale rating of Caa1.mx indicates
that issuers or issues are speculative and demonstrate very weak
creditworthiness relative to other domestic issuers'.  The short-
term Mexican National Scale rating of MX-4 indicates that issuer
has a below- average ability to repay short-term senior unsecured
debt obligations relative to other domestic issuers.

These ratings were placed on review for possible upgrade:

* Mexican National Scale long-term debt rating: Caa1.mx
* Mexican National Scale short-term debt rating: MX-4


HIPOTECARIA SU: S&P Keeps Global Counterparty Credit Rating at BB-
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term Mexican national scale ratings on Mexico-based mortgage and
construction lender Hipotecaria Su Casita S.A. de C.V. SOFOM
E.N.R., including lowering the counterparty credit rating to
'mxBBB+' from 'mxA-', while affirming the short-term rating at
'mxA-2'.

At the same time, S&P affirmed the global scale long-term
counterparty credit rating at 'BB-'.

S&P also revised outlooks to stable.

"The rating action reflects ongoing deterioration in HSC's asset
quality," said Standard & Poor's credit analyst Arturo Sanchez.
"This is pressuring its core earnings and adjusted
capitalization."

However, the ratings gain support from a debt-substituting
agreement among Mexican government-related entity Sociedad
Hipotecaria Federal S.N.C., commercial banks, underwriters, and
six mortgage companies including HSC.  The ratings also reflect
the company's sound market position and good business profile.

The stable outlooks reflect S&P's expectation that the company's
shareholders are committed to implementing plans that could
improve its asset quality and adjusted capitalization over the
next few quarters.  Its current asset quality deterioration could
start to improve, and its adjusted capitalization could increase
significantly, and these have been of concern to us.

However, S&P could lower the ratings if the company does not go
forward with these plans as S&P expects, consequently showing no
improvement in NPAs, internal capital generation, adjusted
capitalization, and core earnings.


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


CABLE & WIRELESS: LIME Sues Digicel for Overcharging
----------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has filed a US$43.77 million (EUR30.61 million) suit
in the Jamaican Supreme Court alleging overcharging, various
reports say.

Colm Keena of the Irish Times reports that LIME claimed that
Digicel was overpricing the company since 2003 in regard to fixed
to mobile rates.  The Times relates that Lime said that in August
2003, Digicel informed Lime that retail fixed-to-mobile calls were
to be charged to customers on a per minute rather than per second
basis.  Prior to that, the report notes, the parties had been
paying FTM termination rates on a per second basis.

The Times relates LIME said that from November 2003 Lime started
paying for interconnection on a per minute basis instead of the
pre-existing per second regime, which resulted in significantly
higher payments out from Lime due to the fact that part-minute
calls are rounded up to the nearest minute.

On June 4, 2009, the Times recalls, the Jamaican office of
utilities regulation issued a clarification notice regarding FTM
charges in which it stated that LIME was only required to pay to
other mobile carriers the contractually agreed termination rate
for calls.  The report relates that subsequent to the
clarification being issued, Lime wrote to Digicel indicating that
the contracted rates for interconnection as contained in the
interconnection agreement between the parties were on a per second
basis and all payments made by Digicel were also on a per second
basis.  However, the report points out, Digicel has appealed the
clarification finding to the Jamaican Appeals Tribunal, seeking a
stay.

According to RadioJamaica, Richard Fraser, Digicel Jamaica's Legal
and Regulatory Manager, charged that there is no merit whatsoever
in the claim filed by LIME and that the company will be vigorously
defending itself in this action.  RadioJamaica relates that
Mr. Fraser accused LIME of seeking to rewrite history based on
what he described as a dubious reinterpretation of a well
established and understood regime which it subscribed to for many
years.  LIME's claim is both misguided and ill conceived and is a
desperate attempt to deflect attention from several legitimate
court claims which Digicel has pending against it, Mr. Fraser
added.

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

                       About Cable & Wireless

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

                          *     *     *

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

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

                        About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


DICIGEL LIMITED: Faces US$43.77 Million Lawsuit From LIME Jamaica
-----------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has filed a US$43.77 million (EUR30.61 million) suit
in the Jamaican Supreme Court alleging overcharging, various
reports say.

Colm Keena of the Irish Times reports that LIME claimed that
Digicel was overpricing the company since 2003 in regard to fixed
to mobile rates.  The Times relates that Lime said that in August
2003, Digicel informed Lime that retail fixed-to-mobile calls were
to be charged to customers on a per minute rather than per second
basis.  Prior to that, the report notes, the parties had been
paying FTM termination rates on a per second basis.

The Times relates LIME said that from November 2003 Lime started
paying for interconnection on a per minute basis instead of the
pre-existing per second regime, which resulted in significantly
higher payments out from Lime due to the fact that part-minute
calls are rounded up to the nearest minute.

On June 4, 2009, the Times recalls, the Jamaican office of
utilities regulation issued a clarification notice regarding FTM
charges in which it stated that LIME was only required to pay to
other mobile carriers the contractually agreed termination rate
for calls.  The report relates that subsequent to the
clarification being issued, Lime wrote to Digicel indicating that
the contracted rates for interconnection as contained in the
interconnection agreement between the parties were on a per second
basis and all payments made by Digicel were also on a per second
basis.  However, the report points out, Digicel has appealed the
clarification finding to the Jamaican Appeals Tribunal, seeking a
stay.

According to RadioJamaica, Richard Fraser, Digicel Jamaica's Legal
and Regulatory Manager, charged that there is no merit whatsoever
in the claim filed by LIME and that the company will be vigorously
defending itself in this action.  RadioJamaica relates that
Mr. Fraser accused LIME of seeking to rewrite history based on
what he described as a dubious reinterpretation of a well
established and understood regime which it subscribed to for many
years.  LIME's claim is both misguided and ill conceived and is a
desperate attempt to deflect attention from several legitimate
court claims which Digicel has pending against it, Mr. Fraser
added.

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

                       About Cable & Wireless

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

                          *     *     *

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

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

                        About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


JUCT: Low Turnout at Fare Consultations
---------------------------------------
Only a handful of people showed up at the first of three public
consultations by the Office of Utilities Regulation on the Jamaica
Urban Transit Company's request for a fare hike, RadioJamaica
reports.  The report relates that the meeting was addressed by
JUCT spokesman Reginald Allen, who insisted that the state-run bus
company was in urgent need of a fare adjustment to improve revenue
flows.

According to the report, Mr. Allen said that the cash strapped
entity had been operating with the same fare table for four years
while continuing to record substantial financial losses and
struggling with competition from illegal transport operators.  The
report notes that JUTC recorded a JM$1.5 billion loss during the
last financial year, the JUTC recorded a $1.5 billion loss.

RadioJamaica says that JUTC has requested that the general adult
fare be increased from JM$50 to JM$70 and concessionaire fare for
the disabled, children and students increased from JM$15 to JM$20.

A public consultation was held on last Thursday and a third
meeting is slated today, September 7, at the Holy Cross Church
Hall in Half Way Tree, St. Andrew.

                             About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, RadioJamaica said JUTC has defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


JAMAICA PUBLIC SERVICE: Tariff Adjustment to be Revealed Soon
-------------------------------------------------------------
Jamaica Public Service Company's customers could shortly know if
they will be asked to pay more on their electricity bills, Jamaica
Gleaner reports.

According to the report, citing Director of Consumer and Public
Affairs at the OUR, David Geddes, the Office of Utilities
Regulation has completed its review of a tariff application from
the JPSCO and is now awaiting a final decision.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2009, as part of the comprehensive review of the non-
fuel portion of electricity rates application filed by JPSCO with
OUR; JPS asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.  The proposed new tariffs will result in an
increase in the total bill of customers, ranging from 4.3% for a
Tier One (100 kWh/month or less) residential customer to 26.8% for
a Tier 4 (more than 2000 kWh/month) business customer, with an
overall average increase of 22.8% for all customer groups.  New
approved rates will be reflected in July bills.  The tariff review
will set base rates for the period 2009-2014. It is being
conducted against the backdrop of JPS’ poor financial results over
the 2004-2009 tariff period, during which the company
made a loss in three of the five years.

                             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.


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


DOE RUN PERU: Workers to Hold Rally Sept. 15 to Protest Smelter
---------------------------------------------------------------
Doe Run Peru's workers from its closed smelter have decided to
stage their planned protest and blockage on September 15 to let a
joint commission of union and government officials finish its job
before workers take to the streets, Terry Wade at Reuters reports,
citing Local union leader Royberto Guzman.  The protest and
blockage are aimed to pressure the government to reopen the
financially troubled metals plant, Reuters says.

Reuters says the commission is studying whether Doe Run Peru
should be given an extension on its environmental cleanup program.
The commission, however, only has an advisory role and its mandate
runs out on September 14, the report says.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Reuters estimated that more than 3,000 direct
jobs and 16,000 indirect jobs are at stake at the smelter and in
the town of La Oroya, which is one of the most polluted in the
world.

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.


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


PETROLEOS DE VENEZUELA: Restarts Operations at El Palito Refinery
-----------------------------------------------------------------
Petroleos de Venezuela has restarted the gasoline-producing unit
of its aging El Palito refinery, The Associated Press reports.

According to the report, efforts to upgrade the plant had fallen
months behind schedule after it was shut down for maintenance on
March 5.  The report relates that the upgrade aimed to boost
production by 11% to 60,000 barrels per day, and was expected to
take 70 days.

The AP notes that the fluid catalytic cracking unit cracks heavy
oil molecules into lighter structures - producing gasoline, diesel
and other refined products.

Petroleos de Venezuela SA said that it expects the unit to be
fully operational by mid-September, the report adds.

                          About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Breach Bargaining Deal, Union Says
----------------------------------------------------------
Leaders of the unions, which represent Petroleos de Venezuela's
workers, are complaining that the company did not fulfill its part
in a collective bargaining agreement as approved, El Universal
reports.  The report relates that the collective bargaining
agreement, which expired in January, sets forth the provision of
safety equipment, health services and basic supplies such as cold
water to the oil workers in the production areas.

According to the report, Will Rangel, a leader of the new-born
Vanguardia Obrera Socialista (Socialist Working Vanguard union,
VOS), accused PDVSA's management for the delays.  "We want to
fight the managers who are harming the working class," the report
quoted Mr. Rangel as saying.  The report relates that Mr. Rangel
asked PDVSA Minister of Energy and Petroleum and President, Rafael
Ramírez, to request the middle management of the company to comply
with the agreement signed by the oil company.

The report notes that Robert Gonzalez, a union leader of the Oil-
Unitary Classist, Revolutionary and Autonomous Trend (Ccura
Petroleo), which is also running in the elections of the oil
federation on September 30, said that 70% of the terms of the
agreement has been breached, particularly six clauses related to
work safety.  PDVSA is also breaching the health related clauses,
as well as the economic terms concerning the payment of holidays,
guard duties and wages in contractors, Mr. Gonzales added.

                           About PDVSA

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

                           *     *     *

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

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


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


* BOND PRICING: For the Week August 31 to September 4, 2009
-----------------------------------------------------------

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


ARGENTINA

ARGENT-PAR              1.18     12/31/2038  ARS        28.41
ARGNT-BOCON PRE8           2     1/3/2010    ARS        20.85
ARGNT-BOCON PR13           2     3/15/2024   ARS         49.7
MENDOZA PROVINCE         5.5     9/4/2018    USD        57.81
BODEN 2015                 7     10/3/2015   USD        64.15
BONAR VII                  7     9/12/2013   USD        74.18
BONAR X                    7     4/17/2017   USD        64.14
ARGENT-=DIS             7.82     12/31/2033  EUR         49.6
ALTO PALERMO SA         7.88     5/11/2017   USD         70.5
MASTELLONE HERMA           8     6/30/2012   USD        49.87
ARGENT-$DIS             8.28     12/31/2033  USD        50.98
ARGENT-$DIS             8.28     12/31/2033  USD        61.12
INVERS REP Y SOC         8.5     2/2/2017    USD         74.8
TRANSENER               8.88     12/15/2016  USD        71.25
BUENOS-$DIS             9.25     4/15/2017   USD           57
BUENOS AIRE PROV        9.38     9/14/2018   USD        50.05
BUENOS AIRE PROV        9.63     4/18/2028   USD        47.49
BANCO MACRO SA          9.75     12/18/2036  USD         68.7
BONAR ARG $ V           10.5     6/12/2012   ARS        67.91
BANCO MACRO SA         10.75     6/7/2012    USD        55.24
INDUSTRIAS METAL       11.25     10/22/2014  USD        73.48
AUTOPISTAS DEL S        11.5     5/23/2017   USD        37.97


BRAZIL

REDE EMPRESAS          11.13     #N/A N Ap   USD         66.9
REDE EMPRESAS          11.13     #N/A N Ap   USD         50.5


CAYMAN ISLAND

BARION FUNDING           0.1     12/20/2056  EUR         6.67
MAZARIN FDG LTD          0.1     9/20/2068   EUR         4.03
BARION FUNDING          0.25     12/20/2056  USD         6.85
BARION FUNDING          0.25     12/20/2056  USD         6.85
BARION FUNDING          0.25     12/20/2056  USD         6.85
BARION FUNDING          0.25     12/20/2056  USD         6.85
BARION FUNDING          0.25     12/20/2056  USD          6.9
BARION FUNDING          0.25     12/20/2056  USD         6.85
MAZARIN FDG LTD         0.25     9/20/2068   USD         5.03
MAZARIN FDG LTD         0.25     9/20/2068   USD         5.03
MAZARIN FDG LTD         0.25     9/20/2068   USD         5.09
MAZARIN FDG LTD         0.25     9/20/2068   USD         5.03
MAZARIN FDG LTD         0.25     9/20/2068   USD         5.03
MAZARIN FDG LTD         0.25     9/20/2068   USD         5.03
BARION FUNDING          0.63     12/20/2056  GBP        16.57
MALACHITE FDG           0.63     12/21/2056  EUR        21.93
MAZARIN FDG LTD         0.63     9/20/2068   GBP        13.72
BARION FUNDING          1.44     12/20/2056  GBP        29.57
MAZARIN FDG LTD         1.44     9/20/2068   GBP        27.17
CHINA MED TECH             4     8/15/2013   USD        55.63
JA SOLAR HOLD CO         4.5     5/15/2013   USD           72
CHINA SUNERGY           4.75     6/15/2013   USD           58
LDK SOLAR CO LTD        4.75     4/15/2013   USD        67.01
LDK SOLAR CO LTD        4.75     4/15/2013   USD        67.47
BISHOPSGATE ASSE        4.81     8/14/2044   GBP        63.68
REG DIV FUNDING         5.25     1/25/2036   USD        73.49
ESFG INTERNATION        5.75     #N/A N Ap   EUR        78.05
BES FINANCE LTD          6.2     2/7/2035    EUR        62.07
DUBAI HLDNG COMM           6     2/1/2017    GBP        69.59
SUNAMER INST FND        6.15     10/14/2019  EUR        70.12
SMFG PREFERRED          6.16     #N/A N Ap   GBP        77.38
AIG SUNAMERICA          6.38     10/5/2020   GBP         76.3
XL CAPITAL LTD           6.5     #N/A N Ap   USD        60.38
PUBMASTER FIN           6.96     6/30/2028   GBP        64.78
PANAMA CANAL RAI           7     11/1/2026   USD           74
SHINSEI FINANCE         7.16     #N/A N Ap   USD        45.97
FERTINITRO FIN          8.29     4/1/2020    USD           52
PUBMASTER FIN           8.44     6/30/2025   GBP         70.7
GOL FINANCE             8.75     #N/A N Ap   USD         79.7
CHINA PROPERTIES        9.13     5/4/2014    USD         69.7
EGE HAINA FINANC         9.5     4/26/2017   USD         72.5
MINERVA OVERSE           9.5     2/1/2017    USD        78.75


ECUADOR

REP OF ECUADOR          9.38     12/15/2015  USD        81.75


JAMAICA

JAMAICA GOVT LRS         7.5     10/6/2012   JMD        74.69
JAMAICA GOVT               8     3/15/2039   USD         68.5
JAMAICA GOVT               8     6/24/2019   USD        72.75
JAMAICA GOVT             8.5     2/28/2036   USD        68.06
JAMAICA GOVT LRS       12.75     6/29/2022   JMD        60.02
JAMAICA GOVT LRS       12.75     6/29/2022   JMD        60.03
JAMAICA GOVT LRS       12.85     5/31/2022   JMD        60.61
JAMAICA GOVT LRS       13.38     12/15/2021  JMD        63.89
JAMAICA GOVT           13.38     4/27/2032   JMD        60.21
JAMAICA GOVT LRS       13.58     12/15/2026  JMD        61.22
JAMAICA GOVT LRS          14     6/30/2021   JMD        67.64
JAMAICA GOVT LRS        14.4     8/3/2027    JMD        66.72
JAMAICA GOVT LRS          15     9/6/2032    JMD        69.42
JAMAICA GOVT LRS          15     11/15/2021  JMD         71.3
JAMAICA GOVT LRS          15     8/30/2032   JMD        69.42
JAMAICA GOVT LRS        15.5     3/24/2028   JMD         69.9
JAMAICA GOVT LRS          16     6/13/2022   JMD        74.61
JAMAICA GOVT LRS          16     12/6/2032   JMD           72
JAMAICA GOVT LRS       16.13     8/21/2032   JMD        74.62
JAMAICA GOVT LRS       16.25     7/26/2032   JMD        73.17
JAMAICA GOVT LRS       16.25     5/22/2027   JMD        73.24
JAMAICA GOVT LRS        16.5     6/14/2027   JMD        74.34


PANAMA

NEWLAND INT PROP         9.5     11/15/2014  USD        72.75
PUERTO RICO CONS         6.1     5/1/2012    USD         55.5
PUERTO RICO CONS         6.5     4/1/2016    USD           45


PUERTO RICO

DORAL FINL CORP            7     4/26/2012   USD        64.75
DORAL FINL CORP          7.1     4/26/2017   USD        36.88
DORAL FINL CORP         7.15     4/26/2022   USD        29.25
DORAL FINL CORP         7.65     3/26/2016   USD           42


VENEZUELA

PETROLEOS DE VEN        5.25     4/12/2017   USD        57.16
PETROLEOS DE VEN        5.38     4/12/2027   USD        44.83
PETROLEOS DE VEN         5.5     4/12/2037   USD        44.38
VENEZUELA               5.75     2/26/2016   USD        69.49
VENEZUELA                  6     12/9/2020   USD        57.19
VENEZUELA                  7     3/16/2015   EUR        70.52
VENEZUELA                  7     3/16/2015   EUR        70.95
VENEZUELA                  7     12/1/2018   USD        66.61
VENEZUELA                  7     3/31/2038   USD         54.5
VENEZUELA               7.65     4/21/2025   USD        61.75
VENEZUELA                  9     5/7/2023    USD        71.48
VENEZUELA               9.25     5/7/2028    USD        70.14
VENZOD - 189000         9.38     1/13/2034   USD         70.5


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *