TCRLA_Public/090908.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 8, 2009, Vol. 10, No. 177

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Investors Won't Get Help From SIPC
STANFORD INT'L: Canadian Investors Sue TD Bank for US$17 Million


A R G E N T I N A

BANCO FINANSUR: Moody's Assigns 'B1' Global Currency Debt Rating
CLINICA MACHAGAI: Creditors' Proofs of Debt Due on September 22
FAXTE SA: Proofs of Claim Verification Due on October 1
FONDO DEUDA: Moody's Upgrades Market Risk Rating to 'MR1'
GARANTIZAR SGR: Moody's Cuts Insurance Strength Rating to 'B2'

LOT ISLAND: Creditors' Proofs of Debt Due on October 13
MUNDOAUTO ARGENTINA: Creditors' Proofs of Debt Due on September 30
NACION SEGUROS: Moody's Cuts Insurance Strength Rating to 'B2'
TRANSPORTADORA DE GAS: AEI Energy Buys Option For Stake in Firm
TZE SA: Creditors' Proofs of Debt Due on October 26

XIMUS SA: Creditors' Proofs of Debt Due on November 18
* ARGENTINA: Swaps ARS16.7 Billion of CPI-Linked Debt


B E R M U D A

CONCEPTS GCP: Creditors' Proofs of Debt Due on September 16
CONCEPTS GCP: Members to Receive Wind-Up Report on October 7
ENERGY XXI: Debt Exchange Offer Cues S&P to Junk Corp. Rating
ENERGY XXI: Moody's Affirms Corporate Family Rating at 'Caa3'
LSF2 GLOBAL: Creditors' Proofs of Debt Due on September 16

LSF2 GLOBAL: Members to Receive Wind-Up Report on September 30
SHELL OVERSEAS: Creditors' Proofs of Debt Due on September 16
SHELL OVERSEAS: Members to Receive Wind-Up Report on October 5
TOWN HILL: Creditors' Proofs of Debt Due on September 16
TOWN HILL: Members to Receive Wind-Up Report on October 6


B R A Z I L

USINAS SIDERURGICAS: Orders Supplies for Cubatao Plant


C A Y M A N  I S L A N D S

2100 CAPITAL: Members Receive Wind-Up Report
AIRGLOW IAM: Shareholders to Receive Wind-Up Report on October 13
ART IAM: Shareholders to Receive Wind-Up Report on October 13
BLOSSOM (CAYMAN): Members Receive Wind-Up Report
CONCORD IAM: Shareholders to Receive Wind-Up Report on October 13

DUSK IAM: Shareholders to Receive Wind-Up Report on October 13
ROCK CAPITAL: Members to Receive Wind-Up Report on September 24
ROCK REAL: Members to Receive Wind-Up Report on September 24
ROCK REAL: Members to Receive Wind-Up Report on September 24
STARTS (CAYMAN): Members Receive Wind-Up Report

STARTS (CAYMAN): Members Receive Wind-Up Report
STARTS (CAYMAN): Members Receive Wind-Up Report
STARTS (CAYMAN): Members Receive Wind-Up Report
STARTS (CAYMAN): Members Receive Wind-Up Report


C H I L E

* CHILE: Economy Shrank 2.7% in July, Central Bank Says


D O M I N I C A N  R E P U B L I C

AES CORP: AES Dominican Denied it is Responsible for Blackout


E C U A D O R

* Fitch Upgrades Issuer Default Rating to 'CCC' on Ecuador


J A M A I C A

SUGAR COMPANY: Ministry to Cooperate With OCG in Firm Probes


M E X I C O

CEMEX SAB: ADR Forecast Raised 17% to US$14 at Santander
KRISPY KREME MEXICO: Operating Results Affected by Country's Woes
* MEXICO: Cababie Family Troubled by Loan Guarantees


P A N A M A

* PANAMA: May Sign Tax Accords to Avoid Sanctions, Official Says


V E N E Z U E L A

GENERAL MOTORS: Car Plant Restarts Production in Venezuela
GLOBOVISION: Under Gov't Probe; Broadcasts May Cause Closure
PETROLEOS DE VENEZUELA: ConocoPhillips May Buy Firm's Sweeny Unit
PETROLEOS DE VENEZUELA: Has Defaulted on Deals, Says Conoco
* VENEZUELA: 29 Local Broadcasters May Face Closure, Chief Says

* VENEZUELA: To Export Gasoline to Iran Starting Next Month


X X X X X X X X

AMERICAN INT'L: RSA to Buy Distressed Rivals' Businesses in LatAm
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Investors Won't Get Help From SIPC
--------------------------------------------------
Investors of Robert Allen Stanford, the financier accused of
orchestrating a multi-billion Ponzi scheme, won't receive any help
from the Securities Investor Protection Corp., unlike their Madoff
counterparts, Laurel Brubaker Calkins and Andrew M. Harris at
Bloomberg News report.  SIPC President Stephen Harbeck told
Bloomberg News in an interview that under U.S. law, SIPC repays up
to US$500,000 in custodial losses to investors whose securities
are missing from accounts at member firms, however, the protection
doesn’t extend to investors who’ve got their certificates, even if
the securities have been rendered worthless by fraudulent conduct.

According to the report, Mr. Harbeck said that if the fraudulent
securities were issued by a non-member institution, such as
Stanford International Bank Limited, investors are doubly out of
luck.  Bernard Madoff Investment Securities LLC in Manhattan was a
SIPC member, while SIBL, unlike the related brokerage, wasn’t, Mr.
Harbeck added.

The report notes that Peter Kaltman, a retired accountant, was
reassured by the SIPC logo on the stationery of the brokerage that
sold him US$550,000 in Stanford International Bank certificates of
deposit.  “The CDs were sold by a SIPC-insured organization,’’ Mr.
Kaltman said, referring to Stanford Group Co., the report relates.
“At the bottom of their business cards and stationary, there was
the SIPC logo.  Any correspondence I received with account
information also had it.  I absolutely thought I was covered,”
Mr. Kaltman added.  Bloomberg News relates that Mr. Kaltman was
wrong, unfortunately for him and other investors who lost US$7
billion in the alleged Ponzi scheme involving Stanford CDs.

Bloomberg News notes that Stephen Malouf, a Dallas lawyer who
represents more than 600 Stanford investors, said that he explored
suing SIPC for failing to provide the same coverage for Stanford’s
investors it is for Madoff’s; but found a Supreme Court ruling
bars suits against the agency.  “There is no private remedy to
compel SIPC coverage,” the report quoted Mr. Malouf as saying.
“Congress could do it, and the SEC could do it.  But they’re
getting away with it until somebody raises hell about it,” Mr.
Malouf added.

                    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: Canadian Investors Sue TD Bank for US$17 Million
----------------------------------------------------------------
Five Canadian investors of Robert Allen Stanford, the financier
accused of orchestrating a multi-billion Ponzi scheme, have sued
Toronto-Dominion Bank for US$17 million, claiming “negligence,”
“knowing assistance” and “dishonest assistance” over the bank's
role as correspondent bank to “perpetrators” involved in the
alleged fraud, arguing the bank is responsible for their losses,
Jim Midlemiss at The Financial Post reports.

According to the report, plaintiffs -- Dynasty Furniture
Manufacturing Ltd., Shafiq Hirani, Hanif Asaria and Dinmohamed
Sunderji of Alberta -- invested a total of US$12.3-million in
certificates of deposit based on representations by Faran Kassam,
a financial adviser who worked for the Stanford group of
companies.  The report relates the fifth plaintiff, a Quebec
numbered company, invested approximately US$5-million based on
representations by Alan Lapointe, who headed Stanford’s operations
in Montreal.

The report notes that the plaintiffs have also launched an Alberta
class-action suit against the Stanford group of companies over its
investment loss.

The Posts says that the lawsuit against TD Bank was filed in the
Ontario Superior Court of Justice on Aug. 26 by law firm Bennett
Jones and alleges TD opened and maintained 14 accounts in Ontario
for the perpetrators.

The plaintiffs' claims have yet to be proven in court.

TD Bank spokeswoman Susan Webb, the report relates, said, “We’re
confident that we conducted our business in an appropriate and
lawful manner.  We intend to defend our position vigorously.”

                   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
=================


BANCO FINANSUR: Moody's Assigns 'B1' Global Currency Debt Rating
----------------------------------------------------------------
Moody's Latin America assigned a Aa3.ar National Scale local
currency debt rating to the sixth expected issuance worth up to
ARS30 million, which is due in 240 days.  At the same time,
Moody's Investors Service assigned a B1 global local-currency debt
rating.

The outlook on all ratings is stable.

Banco Finansur is headquartered in Buenos Aires, Argentina, and it
had assets of ARS485.0 million and deposits of ARS343.4 million,
as of June 30, 2009.

These ratings were assigned to Banco Finansur's Ar$ 30 million
debt issuance:

* Global Local-Currency Debt Rating: B1, stable outlook

* National Scale Local-Currency Debt Rating: Aa3.ar, stable
  outlook


CLINICA MACHAGAI: Creditors' Proofs of Debt Due on September 22
---------------------------------------------------------------
The court-appointed trustee for Clinica Machagai S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 22, 2009.

The trustee will present the validated claims in court as
individual reports on December 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 26, 2010.


FAXTE SA: Proofs of Claim Verification Due on October 1
-------------------------------------------------------
Graciela Perez, the court-appointed trustee for Faxte SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 1, 2009.

Ms. Perez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 10
in Buenos Aires, with the assistance of Clerk No. 20, 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:

          Graciela Perez
          Arengreen 678
          Argentina


FONDO DEUDA: Moody's Upgrades Market Risk Rating to 'MR1'
---------------------------------------------------------
Moody's Investors Service has upgraded the market risk rating of
Fondo Deuda Mercado 1, S.A. de C.V. Sociedad de Inversión en
Instrumentos de Deuda (B+Educa) to MR1 from MR2 to reflect its
view that the volatility of the fund's net asset value is likely
to decline given the introduction of more conservative investment
duration guidelines by its investment manager, BBVA Bancomer
Gestión, S.A. de C.V., Sociedad Operadora de Sociedades de
Inversión.  Simultaneously, Moody's de México has upgraded to 1
from 3 the market risk rating under the Comisión Nacional Bancaria
y de Valores or CNBV homogeneous scale.

"The investment manager had originally intended for the Fund to
have a longer duration profile," said Moody's analyst José Angel
Montaño and lead analyst of the fund.  "It now plans to limit
duration to 50 days, which significantly reduces the likely
volatility of the fund NAV." Further limiting NAV volatility is
Moody's expectation that the fund will be managed in a
conservative manner, investing exclusively in securities issued by
the Government of Mexico or in reverse repo collateralized by such
securities.

In addition, the agency affirmed the credit rating of Baa assigned
to B+Educa.  The fund's credit rating reflects the credit quality
of the securities in which it invests, notably securities issued
by the Government of Mexico or reverse repo collateralized by such
securities.  Moody's de México also affirmed the national scale
rating of Aaa.mx and AAA under the CNBV homogeneous scale.

The last rating action was on September 3, 2008, when the Fund's
ratings were assigned for the first time.

Moody's money market and bond fund ratings are opinions of the
investment quality of shares in mutual funds and similar
investment vehicles which principally invest in short- and long-
term fixed-income obligations, respectively.  As such, these
ratings incorporate Moody's analysis of a fund's published
investment objectives and policies, the creditworthiness of the
assets held by the fund, as well as the management characteristics
of the fund.

The national scale ratings are opinions of the relative
creditworthiness of issuers in a particular country and may be
used in specific local capital markets.

Moody's market risk ratings are opinions of the relative degree of
volatility of a rated fund's net asset value.  In forming an
opinion on the fund's future price volatility, Moody's analysts
consider risk elements that may have an effect on a fund's net
asset value, such as interest rate risk, prepayment and extension
risk, liquidity and concentration risks, currency risk, and
derivatives risk.  The ratings are not intended to consider
prospective performance of a fund with respect to price,
appreciation or yield.


GARANTIZAR SGR: Moody's Cuts Insurance Strength Rating to 'B2'
--------------------------------------------------------------
Moody´s Latin America downgraded to B2 from B1 Garantizar SGR's
global local-currency insurance financial strength rating, and it
confirmed its Aa3.ar IFS on Argentina's national scale.  Both
ratings now carry stable outlooks.  This rating action concludes
the review for possible downgrade of Garantizar's GLC and NS
ratings initiated on June 4th 2009.

Garantizar, which is the largest financial guarantor in Argentina,
focuses on serving the small and medium-sized corporates in the
country to facilitate their access to different sources of
funding.  The largest shareholder of Garantizar is the state-owned
Banco de la Nacion Argentina (unrated by Moody's)--the biggest
bank in the country--which owns 24% of the company.

On September 1st 2009, Moody's downgraded the GLC deposit ratings
of 16 Argentine banks in light of its global review of systemic
support for bank ratings, which incorporates the extent to which
Argentine government's ability to provide support to its banking
system -- should such support be needed -- would converge with the
government's own debt capacity as a result of the ongoing global
economic and credit crisis.

The agency explained that the downgrade of Garantizar's GLC IFS
rating reflects the negative impact that Moody's revised view of
systemic support for banks has on Garantizar, given that its
previous rating was uplifted from its stand-alone credit profile.
Although Moody's said that it still sees Banco Nacion's ownership
of and affiliation with Garantizar as a positive consideration,
its revised view of systemic support for Argentine banks weakens
the benefit of that affiliation for Garantizar.

The rating agency also noted that Garantizar's credit profile
benefits from its very strong market position, brand, and
reputation.  Besides Banco Nacion, the company is also integrated
with other important banks including Banco de Inversion y Comercio
Exterior, Banco de la Ciudad de Buenos Aires and the Interamerican
Investment Corporation (part of the Inter-American Development
Bank, IDB).  As a dominant participant in this market, Garantizar
plays a major role in the economy as a developer of these types of
guarantees, promoting them across most of Argentina's provinces.

Offsetting these positive credit considerations, however, are
considerable credit risks in Garantizar's investment portfolio--
which is mostly comprised of non-investment grade instruments--as
well as concerns about the company's operating leverage, which has
only recently stabilized after a growth trend, and the nation's
weak operating environment.

Moody's said that it confirmed the Aa3.ar IFS rating on the
Argentine national scale rating because Garantizar's credit
profile, relative to other firms' within Argentina on a peer
comparison basis, is still appropriate at that national scale
rating level.  Moody's B2 GLC IFS rating in Argentina could be
mapped to a Aa3.ar, A1.ar, or A2.ar; and Garantizar is considered
to be a relatively strong B2 company because of the favorable
impact of the affiliation with and implied support of Banco
Nacion, and also because of its sustained leadership in the
industry.

Based in Buenos Aires, Garantizar SGR reported total assets of
AR$262 million, outstanding guarantees of AR$507 million, and
shareholders' equity of AR$216 million as of March 31.  2009.
During the first quarter of the year, Garantizar reported a net
profit of AR$1 million, up from AR$0.4 million of net profit
during the same period of 2008.


LOT ISLAND: Creditors' Proofs of Debt Due on October 13
-------------------------------------------------------
The court-appointed trustee for Lot Island S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 13, 2009.

The trustee will present the validated claims in court as
individual reports on December 4, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 17, 2010.


MUNDOAUTO ARGENTINA: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------------
The court-appointed trustee for Mundoauto Argentina S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 30, 2009.

The trustee will present the validated claims in court as
individual reports on November 11, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 23, 2009.


NACION SEGUROS: Moody's Cuts Insurance Strength Rating to 'B2'
--------------------------------------------------------------
Moody's Latin America downgraded the global local-currency
insurance financial strength ratings of Nacion Seguros S.A. and
Nacion Seguros de Retiro S.A to B2 from B1.  The rating agency
also confirmed the Aa3.ar national scale IFS rating of Nacion
Retiro and affirmed the the Aa3.ar national scale IFS rating of
Nacion Seguros.  The outlooks of the IFS ratings for both
companies are now stable.  These rating actions conclude the
reviews for possible downgrade for Nacion Retiro's GLC and
national scale IFS ratings and for Nacion Seguros' GLC IFS rating
initiated on April 8, 2009 and June 4, 2009, respectively.

Nacion Seguros and Nacion Retiro are the general/life and annuity
insurance subsidiaries, respectively, of the state-owned Banco de
la Nacion Argentina (not rated by Moody's), the largest bank in
Argentina.  The strong and deepening integration between the two
insurance companies and with the bank patent is seen by the common
management, brand sharing, common members of the Board of
Directors, and the overarching bancassurance distribution strategy
of Banco Nacion.

On September 1, 2009, Moody's downgraded the global local-currency
deposit ratings of sixteen Argentine banks in light of its global
review of systemic support for bank ratings, which incorporates
the extent to which Argentina's ability to provide support to its
banking system, should such support be needed, would converge with
the government's own debt capacity as a result of the ongoing
global economic and credit crisis.

Moody's said that the downgrade of Banco Nacion's insurance
subsidiaries' GLC IFS ratings reflects the negative impact that
Moody's revised view of systemic support for banks has on the
insurers, given that their previous ratings were uplifted from
their stand-alone credit profiles.  Although Moody's said that it
still sees Banco Nacion's ownership of and affiliation with its
insurance subsidiaries as a positive consideration, its revised
view of systemic support for Argentine banks weakens the benefit
of that affiliation for Nacion Seguros and Nacion Retiro.

Concerning the national scale ratings, Moody's said that it
confirmed/affirmed the Aa3.ar IFS ratings because the companies'
credit profile, relative to other firms within Argentina on a peer
comparison basis, is still in line with that national scale rating
level.

Moody's also noted the deterioration in Nacion Retiro's financial
profile over the past year.  For each of the first three quarters
of fiscal year 2008/2009, Nacion Retiro reported significant
losses that caused the company not to comply with local capital
requirements.  This sharp decline in capital was largely due to
weak investment performance, which was not sufficient to offset
the increasing liability obligations due to policyholders during
those periods.  However, Moody's noted that Banco Nacion had
formally approved to inject net assets for Ar$ 28 million into the
company to cover the deficit in local capital requirements, and
that the company complied with local regulation for the financial
statements as of fourth quarter ending June 30, 2009.

The rating agency said that the stand-alone credit profile of
Nacion Retiro--whose core provisional annuity business is now in
run-off--has weakened and is lower than the B2 GLC IFS rating
which reflects the support of the bank parent.  Therefore, a
multi-notch downgrade could result if Nacion Retiro fails to
restore and maintain profitability and capitalization, and if
there is a change in the bank's strategic interest in and
commitment to own and support the insurance company.

Regarding Nacion Seguros, the rating agency said that it has shown
good profitability and capitalization recently, and that its
stand-alone credit profile is in line with the B2 GLC IFS rating.
However, its credit profile is considerably constrained by the
poor quality of its investment portfolio, as well as by the
significant systemic country-specific risk of doing business in
Argentina.  Among other concerns, Moody's noted that Nacion
Seguros will be challenged as it tries to diversify into the
competitive general insurance market, given the significant
decline in business volume from regulatory changes that eliminated
the previsional life segment--formerly the company's core
business.

Based in Buenos Aires, Argentina, during the fiscal year 2008/09
ending June 30, 2009, Nacion Retiro and Nacion Seguros reported a
net loss of Ar$ 19 million and a net gain of Ar$ 38 million,
respectively.  Total assets for Nacion Retiro and Nacion Seguros
rose to Ar$ 1.54 billion and Ar$ 453 million as of that date,
respectively.  Nacion Retiro's shareholders' equity was AR$ 79
million as of June 30, 2009, 12% higher than the Ar$ 70 million
reported as of June 30, 2008, whereas Nacion Seguros'
shareholders' equity grew 29% to AR$ 173 million at fiscal year-
end 2009.

NOTE: Moody's national scale insurance financial strength ratings
rank an enterprise's financial strength on a relative basis in
comparison with other firms' within the same country.  Such
ratings are designed for use at the local (national) level, and
they are not globally comparable.  For Argentine companies,
national scale ratings carry the identifier of ".ar".  In
contrast, global local-currency insurance-financial strength
ratings indicate the relative credit risk of an insurance company
on a globally comparable scale.  In the case of ratings of
insurers domiciled in a country with a speculative grade sovereign
rating, such as Argentina, these ratings are the result of several
factors: the political risk; the risk of a generalized debt
moratorium; the weakness of the legal environment or framework;
and the risk of interference in the functioning of the financial
system.  Taken together, the national scale and global local-
currency ratings provide a more comprehensive opinion about the
credit risk of the company.  Moody's insurance financial strength
ratings are opinions about the ability of insurance companies to
punctually pay senior policyholder claims and obligations.


TRANSPORTADORA DE GAS: AEI Energy Buys Option For Stake in Firm
---------------------------------------------------------------
AEI Energy has acquired an option to buy an indirect 5.53% stake
in Argentine natural gas pipeline company, Transportadora de Gas
del Sur SA, for US$3 million, Taos Turner at Dow Jones Newswires
reports.

According to the report, AEI bought the option to buy 100% of
Enron Pipeline Company Argentina, which holds a 10% stake in TGS's
controlling company, Compania de Inversiones de Energia S.A.
(Ciesa).  The report relates that Ciesa controls just over 55.3%
of TGS's common stock.

Bloomberg News notes that Brazil's Petroleo Brasileiro SA, through
its local unit Petrobras Energia SA and another subsidiary, owns
50% of Ciesa, while a fiduciary trust owns 40% and the former
subsidiary of the now defunct Enron Corp. owns 10%.

AEI was born out of investment funds managed by U.K.-based Ashmore
Investment Management Ltd.

                           About TGS

Headquartered in Buenos Aires, Argentina, Transportadora de Gas
del Sur SA -- http://www.tgs.com.ar-- is a transporter of
natural gas; having a 7,419-kilometer (4,610 miles) pipeline
system with a firm contracted capacity of 62.5 million cubic
meters per day (MMm3/d) with an installed power of 538.220
horsepower.  Substantially all of Transportadora de Gas'
capacity is subscribed for under firm long-term transportation
contracts.  Transportadora de Gas is also a processor of natural
gas and marketer of natural gas liquids in Argentina.  The
company operates the General Cerri gas processing complex and
the associated Galvan loading and storage facility in Bahia
Blanca in the Buenos Aires Province where natural gas liquids
are separated from gas transported through the Company's
pipeline system and stored for delivery.  Transportadora de Gas
is engaged in midstream activities and the provision of
telecommunication services in Argentina.  The company operates
the largest pipeline transmission system in Argentina, which
accounts for roughly 60% of the country's total natural gas
consumption.

                        *     *     *

As reported in the Troubled Company Reporter-latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered
Transportadora de Gas del Sur S.A's currency ratings to BB- from
B+.


TZE SA: Creditors' Proofs of Debt Due on October 26
---------------------------------------------------
The court-appointed trustee for Tze S.A.'s bankruptcy proceedings,
will be verifying creditors' proofs of claim until October 26,
2009.

The trustee will present the validated claims in court as
individual reports on December 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 22, 2009.


XIMUS SA: Creditors' Proofs of Debt Due on November 18
------------------------------------------------------
The court-appointed trustee for Ximus S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 18, 2009.

The trustee will present the validated claims in court as
individual reports on February 4, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 18, 2010.


* ARGENTINA: Swaps ARS16.7 Billion of CPI-Linked Debt
-----------------------------------------------------
Drew Benson and Eliana Raszewski at Bloomberg News report that
Argentina exchanged ARS16.7 billion (US$4.34 billion) worth of
inflation-linked peso bonds as the government seeks to extend
maturities and reduce its financing needs  The report relates that
Economy Minister Amado Boudou said, “This is an important sign of
confidence in our policies with respect to financial markets” that
include extending debt maturities.

According to the report, Finance Secretary Hernan Lorenzino said
that Argentina will issue ARS4.4 billion of bonds due in 2014 and
ARS10.8 billion of notes maturing in 2015 in exchange for the
inflation-linked debt.  The report relates that the 2014 bonds
will pay an interest rate of 2.75 percentage points above the
central bank’s interbank rate (Badlar), while the 2015 bonds will
pay 3 percentage points above the interbank rate.

Mr. Lorenzino, the report notes, said that the bond swap, which
had a participation rate of 76%, led to a nominal debt reduction
of ARS2 billion and saves ARS7.2 billion pesos in debt servicing
over the next three years.

                           *     *     *

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


CONCEPTS GCP: Creditors' Proofs of Debt Due on September 16
-----------------------------------------------------------
The creditors of Concepts GCP Fund Ltd. are required to file their
proofs of debt by September 16, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


CONCEPTS GCP: Members to Receive Wind-Up Report on October 7
------------------------------------------------------------
The members of Concepts GCP Fund Ltd. will receive on October 7,
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 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


ENERGY XXI: Debt Exchange Offer Cues S&P to Junk Corp. Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on oil and gas exploration and
production company Energy XXI (Bermuda) Ltd. to 'CC' from 'B-'.
At the same time, S&P lowered the rating on Energy XXI Gulf Coast
Inc.'s senior notes to 'C' from 'CCC+'.  S&P also placed the
ratings on CreditWatch with negative implications.

"The rating actions follow the company's announcement that it will
conduct a debt exchange offer for at least 50% of its senior
unsecured notes due 2013 at a 20%-25% discount to par," said
Standard & Poor's credit analyst Paul Harvey.

Under its criteria, S&P view a formal cash tender offer or
exchange offer at discount by a company under substantial
financial pressure as a distressed exchange and tantamount to a
default.

The company plans to finance the share repurchase through the
issuance of second-lien junior secured notes due 2014.  The
company plans to finance the share repurchase through the issuance
of second-lien junior secured notes due 2014.  Concurrently, it
also plans to offer an aggregate principal amount of at least
$50 million, but up to a maximum of $89 million in a private
placement of second-lien junior secured notes as well as common
equity.  A portion of the proceeds, $41 million, will be applied
to reduce borrowings under its $240 million borrowing-base first-
lien revolving credit facility due 2011 ($234.5 million is
currently outstanding).  The balance will be used for general
corporate purposes.

S&P's downgrade does not reflect S&P's view of a perceived
increase in Energy XXI's bankruptcy risk.  Rather, S&P base its
downgrade on the financial pressure S&P believes Energy XXI is
under to reduce its debt burden by retiring debt for less than
originally contracted.

The ratings on Energy XXI will remain on CreditWatch with negative
implications until the debt exchange offer is finalized.  When and
if this happens, barring other factors, S&P expects to lower the
corporate credit rating on Energy XXI to 'SD' (selective default)
and lower its rating on the issue repurchased under the tender
offer to 'D' (default).

S&P expects that the auction will end by early October.  Shortly
thereafter, S&P expects to assign new ratings to Energy XXI,
representative of S&P's assessment of its credit risk and capital
structure following the completion of the tender offer and related
transactions.

Energy XXI (Bermuda) Ltd. is an acquisition, exploration,
development, and operation of oil and natural gas properties
onshore in Louisiana and Texas and offshore in the Gulf of Mexico.


ENERGY XXI: Moody's Affirms Corporate Family Rating at 'Caa3'
-------------------------------------------------------------
Moody's Investors Service affirmed Energy XXI Gulf Coast, Inc.'s
Caa3 Corporate Family Rating, downgraded its Probability of
Default Rating to Ca from Caa3, and affirmed the Ca rating on its
senior notes due 2013.  The rating outlook remains negative.

The rating actions reflect Energy XXI's recently announced bond
exchange offer for its senior unsecured notes due 2013.  The
tender would offer all bondholders the opportunity to exchange
their senior unsecured notes due June 15, 2013 for new 2nd lien
notes due June 15, 2014 at a conversion price of $0.80.  The 2nd
lien notes would bear interest at 14% cash with an additional 2%
PIK compared to the 10% cash interest on the existing senior
notes.  The tender would be open for 20 days per the tender rules;
and concurrent with the bond exchange, Energy XXI will execute a
private placement of between $50-89 million in 2nd lien/equity
which would be used to fund the reduction in the borrowing base
revolver from $240 million to $199 million and to enhance
liquidity.  The exchange offer is subject to several conditions,
notably approval by 67% of the company's revolving credit facility
to approve the issuance of the 2nd lien debt.  The company is also
soliciting consents from the note holders for several proposed
amendments to the indenture.  The proposed amendments, permit the
issuance of the 2nd lien notes, but leave the change of control
feature untouched.

Moody's views the successful culmination of the exchange offer as
tantamount to a distressed exchange and would classify this
transaction as a limited default when the exchange offer closes.
At that time, Moody's will also re-evaluate the ratings based on
the post-exchange capital structure.

The last rating action on Energy XXI was on March 27, 2009, at
which time the Corporate Family and Probability of Default ratings
were downgraded to Caa3 and the senior unsecured note rating was
lowered to Ca.

Energy XXI Gulf Coast, Inc., is an independent exploration and
production company based in Houston, Texas.


LSF2 GLOBAL: Creditors' Proofs of Debt Due on September 16
----------------------------------------------------------
The creditors of LSF2 Global Holdings, Ltd. are required to file
their proofs of debt by September 16, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 28, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


LSF2 GLOBAL: Members to Receive Wind-Up Report on September 30
--------------------------------------------------------------
The members of LSF2 Global Holdings, Ltd. will receive on
Sept. 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 28, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SHELL OVERSEAS: Creditors' Proofs of Debt Due on September 16
-------------------------------------------------------------
The creditors of Shell Overseas Trading Limited are required to
file their proofs of debt by September 16, 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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SHELL OVERSEAS: Members to Receive Wind-Up Report on October 5
--------------------------------------------------------------
The members of Shell Overseas Trading Limited will receive on
October 5, 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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TOWN HILL: Creditors' Proofs of Debt Due on September 16
--------------------------------------------------------
The creditors of Town Hill Reinsurance, Ltd. are required to file
their proofs of debt by September 16, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TOWN HILL: Members to Receive Wind-Up Report on October 6
---------------------------------------------------------
The members of Town Hill Reinsurance, Ltd. will receive on
October 6, 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 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda



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


USINAS SIDERURGICAS: Orders Supplies for Cubatao Plant
------------------------------------------------------
Usinas Siderurgicas do Minas Gerais S.A. placed an order for the
supply of a continuous pickling line with acid regeneration for
hot rolled carbon steel for its plant in Cubatao wih Andritz
group, Austria, Steel Grip News reports.

According to the report, the continuous pickling line will have a
capacity of 1.7 million tons per year and will process coils with
strip thicknesses from 1.2 to 6.5 mm, at a maximum strip width of
1,800 mm.  The report relates that the acid regeneration plant,
which will reprocess the hydrochloric acid used in the pickling
process, is based on fluidized-bed-technology and designed to
treat 12,000 liter per hour of waste acid.

Steel Grips News notes that the start of production is scheduled
after 24 months.

                         About Usiminas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                          *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Subordinate Debt rating.


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


2100 CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
On September 4, 2009, the members of 2100 Capital Multi-Strategy
Master Fund Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


AIRGLOW IAM: Shareholders to Receive Wind-Up Report on October 13
-----------------------------------------------------------------
The shareholders of Airglow IAM Limited will receive on Oct. 13,
2009, at 3:45 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920

ART IAM: Shareholders to Receive Wind-Up Report on October 13
-------------------------------------------------------------
The shareholders of Art IAM Limited will receive on October 13,
2009, at 1:15 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


BLOSSOM (CAYMAN): Members Receive Wind-Up Report
------------------------------------------------
On September 3, 2009, the members of Blossom (Cayman) Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CONCORD IAM: Shareholders to Receive Wind-Up Report on October 13
-----------------------------------------------------------------
The shareholders of Concord IAM Limited will receive on Oct. 13,
2009, at 3:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


DUSK IAM: Shareholders to Receive Wind-Up Report on October 13
--------------------------------------------------------------
The shareholders of Dusk IAM Limited will receive on Oct. 13,
2009, at 3:15 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


ROCK CAPITAL: Members to Receive Wind-Up Report on September 24
---------------------------------------------------------------
The members of Rock Capital (GP) Ltd. & Rock Real Estate
Securities Fund L.P. will receive on September 24, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andrew David Law
          Montague Sterling Centre
          P.O. Box N-3924, Nassau, The Bahamas


ROCK REAL: Members to Receive Wind-Up Report on September 24
------------------------------------------------------------
The members of Rock Real Estate Securities Fund will receive on
September 24, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Andrew David Law
          Montague Sterling Centre
          P.O. Box N-3924, Nassau, The Bahamas


ROCK REAL: Members to Receive Wind-Up Report on September 24
------------------------------------------------------------
The members of Rock Real Estate Securities Master Fund will
receive on September 24, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Andrew David Law
          Montague Sterling Centre
          P.O. Box N-3924, Nassau, The Bahamas


STARTS (CAYMAN): Members Receive Wind-Up Report
-----------------------------------------------
On September 3, 2009, the members of Starts (Cayman) Limited 2005-
2 received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STARTS (CAYMAN): Members Receive Wind-Up Report
-----------------------------------------------
On September 3, 2009, the members of Starts (Cayman) Limited 2004-
4 received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STARTS (CAYMAN): Members Receive Wind-Up Report
-----------------------------------------------
On September 3, 2009, the members of Starts (Cayman) Limited 2003-
3 received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STARTS (CAYMAN): Members Receive Wind-Up Report
-----------------------------------------------
On September 3, 2009, the members of Starts (Cayman) Limited 2003-
2 received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STARTS (CAYMAN): Members Receive Wind-Up Report
-----------------------------------------------
On September 3, 2009, the members of Starts (Cayman) Limited 2003-
1 received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


* CHILE: Economy Shrank 2.7% in July, Central Bank Says
--------------------------------------------------------
Chile’s economy shrank 2.7% in the 12 months through July, the
ninth straight year-on-year contraction, Sebastian Boyd at
Bloomberg News reports, citing the central bank.  The report
relates the central bank said that economic output increased 0.4%
from June, the third consecutive month-on-month expansion.

According to the report, President Michelle Bachelet said that
Chile's economy may be starting to recover.  The report recalls
that Chile suffered its deepest economic slump in a decade in the
first half of this year as prices for its exports fell.

In a separate report, Bloomberg News relates that the central bank
said Chile had a trade surplus of US$884 million last month. The
report notes that exports fell 25% in August from a year earlier
to US$4.2 billion -- the smallest annual drop in shipments since
October; while imports totaled US$3.3 billion, down 41% from the
year-ago month.


==================================
D O M I N I C A N  R E P U B L I C
==================================


AES CORP: AES Dominican Denied it is Responsible for Blackout
-------------------------------------------------------------
Power company AES Dominicana said it is not responsible for a
general blackout on September 3, since at 18:03 p.m. it supplied
474 megawatts to the National Interconnected Electric System
(SENI) and its units tried to regulate the frequency to prevent
the total collapse, The Dominican Today reports.

According to the report, the local unit reiterated that its Andres
power plant located in Boca Chica isn’t the cause of the event.
“The operational registries demonstrate that the fault which
originated the general blackout began in the 138,000 volt high
tension cable between Boca Chica and Punta Caucedo; as a result of
this fault the protection systems opened the connection in the
transmission substation, which left the power plant at Andres
isolated, which without disconnecting quickly varied its load to
adjust to the system’s conditions,” the company was quoted by the
report as saying.

The Dominica Today, citing a company statement, notes AES
Dominicana said that during the blackout it continued to supply a
minimum of energy until the system could conduct a reconnection,
“which didn’t happen and the plant finally proceed to a total
pullout for lack of load in the system.”  The Los Mina 6 plant had
entered the system at 8 p.m., with a 100 megawatts and contributed
the SENI’s stability, whereas the gas turbine plant AES Andres was
also already entering at the same hour, it added.

                       About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


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


* Fitch Upgrades Issuer Default Rating to 'CCC' on Ecuador
----------------------------------------------------------
Fitch Ratings has upgraded Ecuador's long-term foreign currency
Issuer Default Rating to 'CCC' from Restricted Default, which it
was rated at the time of Ecuador's announcement that it would stop
servicing a portion of its external bond debt in December 2008.
The short-term foreign currency IDR has been upgraded to 'C' from
'D'.  The country ceiling is affirmed at 'B-'.  In addition, these
individual bond ratings are upgraded:

  -- Global 2015 uncollateralized foreign currency bonds to 'CCC'
     from 'CC';

  -- Collateralized foreign currency Par and Discount Brady bonds
     to 'B-' from 'CCC-'.

The individual ratings for the Global 2012 & 2030 uncollateralized
foreign currency bonds are affirmed at 'D' and simultaneously
withdrawn.

The government bought back 81.3% of the 2012s (US$414.4 million)
and 92.8% of the 2030s (US$2505.3 million) through a reverse Dutch
Auction settled on June 11, 2009.  In aggregate, the buy back had
a 91% participation rate.

In Fitch's view, Ecuador's 'CCC' LT foreign currency IDR reflects
the real possibility of default over the forecast period due to
the sovereign's fragile payment capacity and demonstrated weak
willingness to service debt

'Ecuador's payment capacity has deteriorated further as a result
of its heavy reliance on oil revenues, limited financing sources,
low external liquidity and an inconsistent macroeconomic policy
framework,' said Erich Arispe, Director in Fitch Sovereign Group.

Fitch expects central government oil revenues to drop by 41% in
2009 bringing the year-end deficit to 3.6% of GDP, up from 0.8% in
2008.  While the sovereign is expected to close this year's fiscal
gap through a combination of funds from the Latin America Reserve
Fund (FLAR), the Andean Development Corporation, forward sales to
Petrochina and the public pension system, next year could prove
more challenging in the absence of increased external sources of
financing and expenditure restraint.

Although strong reserve accumulation in 2008 boosted Ecuador's
external liquidity to 111% in 2009, this level remains well below
peers and could decline to 73% by 2010.  External financing needs
(current account deficit plus external amortizations) are high at
63% of international reserves due to an expected current account
deficit of 3% of GDP in 2009.  Hence, a recovery in international
oil prices benefitting export revenues and increased external
financing sources would be necessary to boost external liquidity
and, given the dollarized nature of the economy, to avoid further
deterioration of growth prospects.  Fitch expects real GDP growth
to contract by 2.5% in 2009 and barely reach positive territory
(0.4%) in 2010.

In addition to the deterioration in Ecuador's payment capacity,
'the government's weak willingness to service its debt
obligations, as demonstrated by its preemptive default and
coercive debt buyback operation, remains a key credit weakness,'
added Arispe.

Evidence of enhanced willingness or strengthened capacity to
service outstanding debt according to original terms could benefit
Ecuador's creditworthiness.  On the other hand, greater than
expected deterioration in fiscal and external accounts, and signs
of further erosion in willingness to service debt could put
downward pressure on Ecuador's ratings.


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


SUGAR COMPANY: Ministry to Cooperate With OCG in Firm Probes
------------------------------------------------------------
The Ministry of Agriculture and Fisheries will cooperate fully
with the Office of the Contractor-General in investigating
procurement practices at the Sugar Company of Jamaica, Jamaica
Information Service reports, citing Minister Christopher Tufton.
The report relates that Dr. Tufton's statement came into heels
with OCG's announcement that it launched a special probe into
allegations of fraudulent activities, in the procurement of
equipment by SCJ.

According to the report, the allegations were contained in a
document received by the OCG from the Office of the Prime Minister
and are understood to be related to specific deals allegedly
involving United States companies.  The report relates Dr. Tufton
said that the Ministry was advised by Contractor General, Greg
Christie, of his intent to commence an investigation into alleged
procurement breaches at the SCJ.  "The Ministry subscribes to the
highest ideals of transparency and, as such, supports the
investigation, and will cooperate fully with the OCG in its
execution of this investigation," the report quoted Dr. Tufton as
saying.

                             About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


CEMEX SAB: ADR Forecast Raised 17% to US$14 at Santander
--------------------------------------------------------
Kara Wetzel at Bloomberg News reports that Cemex SAB had the year-
end 2010 forecast for its American depositary receipts increased
17% to US$14 at Banco Santander SA.

According to the report, analyst Gonzalo Fernandez raised his 2010
estimate for Cemex’s Mexico City-traded shares to MXN18.50 from
MXN16.  The company’s refinancing of about US$15 billion of debt
is a “significant positive,” Mr. Fernandez wrote in a note
obtained by the news agency.

Mr. Fernandez, the report notes, maintained his “hold” rating,
citing a recent rally in the stock and plans for an equity
offering.

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)'.


KRISPY KREME MEXICO: Operating Results Affected by Country's Woes
-----------------------------------------------------------------
Krispy Kreme Doughnuts Inc. disclosed in a regulatory filing that
Krispy Kreme Mexico, S. de R.L. de C.V.'s operating results have
been adversely affected by economic weakness in that country.  The
franchisee also has been adversely affected by a significant
decline in the value of Mexico's currency relative to the U.S.
dollar, which has made the cost of goods imported from the U.S.
more expensive, and which has increased the amount of cash
required to service the portion of the franchisee's debt that is
denominated in U.S. dollars.

Krispy Kreme Doughnuts said as of August 2, 2009, management
concluded that the decline in the value of the investment was
other than temporary and, accordingly, the Company recorded a
charge of roughly $500,000 in the quarter then ended to reduce the
carrying value of the investment in KK Mexico to its estimated
fair value of $700,000.

In addition, during the second quarter, Krispy Kreme Doughnuts
increased its bad debt reserve related to KK Mexico by roughly
$525,000, of which roughly $145,000 and $380,000 is included in KK
Supply Chain and International Franchise direct operating
expenses, respectively; such reserve at August 2, 2009 is equal to
the Company's aggregate receivables from this franchisee.

KK Mexico posted a net loss of $630,000 for the three months ended
August 2, 2009, from a net loss of $85,000 for the three months
ended August 3, 2008.  KK Mexico posted a net loss of $119,000 for
the six months ended August 2, 2009, from a net loss of $265,000
for the six months ended August 3, 2008.

KK Mexico recorded unaudited revenues of $2.756 million for the
three months ended August 2, 2009, from revenues of $4.514 million
for the three months ended August 3, 2008.  KK Mexico recorded
unaudited revenues of $5.739 million for the six months ended
August 2, 2009, from revenues of $8.708 million for the six months
ended August 3, 2008.

KK Mexico posted an operating loss of $623,000 for the three
months ended August 2, 2009, from an operating loss of $33,000
for the three months ended August 3, 2008.  KK Mexico posted an
operating loss of $83,000 for the six months ended August 2,
2009, from an operating loss of $146,000 for the six months ended
August 3, 2008.

Krispy Kreme Doughnuts has a 30% interest in Krispy Kreme Mexico,
S. de R.L. de C.V.


* MEXICO: Cababie Family Troubled by Loan Guarantees
----------------------------------------------------
The Cababie brothers of Mexico have hundreds of millions of
dollars in personal guarantees on loans for troubled U.S.
properties, Greg Chang of Bloomberg News reports, citing The Wall
Street Journal.

According to the report, citing WSJ, the brothers, of the Grupo
Gicsa property company, have guarantees on loans tied to
Everglades on the Bay in Miami and a portfolio of 56 office
buildings in Southern California.  The report relates that WSJ
said the Miami project entered Chapter 11 bankruptcy last month
while the Southern California buildings were surrendered last
year.

Bloomberg News, citing WSJ, notes that an unnamed family spokesman
said that while the “unprecedented downturn” in real estate has
caused problems, the family is positioned to “weather the storm.”


===========
P A N A M A
===========


* PANAMA: May Sign Tax Accords to Avoid Sanctions, Official Says
----------------------------------------------------------------
Eric Sabo at Bloomberg News, citing Panama Finance Vice-Minister
Frank De Lima, reports that the country will share tax information
with at least 10 countries to prevent sanctions over banking
secrecy laws.

The Central American nation is close to signing accords with Spain
and Mexico to exchange information, Mr. De Lima told the news
agency in an interview.  Switzerland, Belgium and Canada are also
interested in signing similar treaties, Mr. De Lima added.  The
report relates Mr. De Lima said that the effort is a “clear sign
that Panama will move forward” with other countries.  “This should
be enough to avoid sanctions,” Mr. De Lima was quoted by the
report as saying.

According to the report, the Organization for Economic Cooperation
and Development in April placed Panama on a list of nations that
must share tax data or face sanctions as Group of 20 nations crack
down on banking secrecy.  The report relates Jeffrey Owens, the
director of the OECD’s tax policy, said that the organization will
review Panama’s new agreements before making a decision on whether
the Central American country is making progress against tax
cheats.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency and local currency Issuer Default
Ratings of 'BB+' and simultaneously revised the Rating Outlook
to Positive from Stable.  Fitch also affirmed the short-term
foreign currency IDR of 'B'.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB
long-term sovereign local and foreign currency ratings on Panama.
S&P said the outlook for all the ratings is positive.


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


GENERAL MOTORS: Car Plant Restarts Production in Venezuela
----------------------------------------------------------
General Motors Co.'s Venezuela affiliate said it restarted
assembling passenger cars yesterday, September 7, after keeping
the plant idle for 2 1/2 months, The Associated Press reports.

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, The Associated Press said that General Motors
Co.'s Venezuela affiliate plans to reopen and restart production
at its plant in Carabobo state, which has been closed for almost
three months, because President Hugo Chavez's government has
agreed to sell the company the U.S. dollars it needs to import car
parts.  "We are working with the government for a plan
to continue reducing what's left," the report quoted GM President
in Venezuela Ronaldo Znidarsis as saying.

According to the report, Mr. Znidarsis said GM plans restart the
plant next week with 1,700 of the plant's 2,900 employees.  The AP
recalled that GM halted operations at the plant in June, saying
the company had accumulated some US$1.15 billion in debts to
foreign providers.  Mr. Znidarsis told The AP in an interview
that the company is still struggling with what he called
"significant" debts, but he said GM received assurance from the
government that it would receive enough hard currency in coming
months to reduce them.

According a TCRLA report on June 25, 2009, citing Inside Costa
Rica, the Venezuela government said General Motors plant closures
in the country are more due to the company's insolvency than an
alleged delay by the Commission of Administration of Foreign
Currency to deliver dollars.  The report related that General
Motors communique of June 15 indicated that it would close its
plants claiming lack of foreign currency for the purchase of raw
materials abroad and for paying its debts.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


GLOBOVISION: Under Gov't Probe; Broadcasts May Cause Closure
-------------------------------------------------------------
Venezuela Telecommunications Chief Diosdado Cabello said there is
a new probe into a television station opposed to President Hugo
Chavez's government, and 29 broadcasters will soon face closure,
The Associated Press reports.  The report relates that Mr. Cabello
said the most recent investigation into Globovision, the sixth in
eight months, was opened because the channel allegedly broadcast a
ticker strip of text messages from viewers calling for a coup.

According to the report, Venezuela's government has increasingly
clashed with private media President Hugo Chavez accuses of
conspiring against him.  The report says that the series of
investigations into Globovision, the only fiercely anti-Chavez
channel remaining on the open airwaves, could lead to its closure.

The AP notes Mr. Cabello said that 29 unspecified broadcasters
under investigation by regulators "will soon leave" the airwaves.
Since July, regulators have shut down 32 radio stations and two
small television stations while opening probes of more than 200
others, the report recalls.

Media groups and human rights activists accuse President Chavez's
government of trying to stifle dissent, the report says.  The
government, the report notes, denied that it is targeting media
for political reasons, saying the stations under investigation
have broken broadcasting regulations.

                           *     *     *

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


PETROLEOS DE VENEZUELA: ConocoPhillips May Buy Firm's Sweeny Unit
-----------------------------------------------------------------
Steven Bodzin and Edward Klumpb at Bloomberg News report that
Houston-based ConocoPhillips, which left Venezuela after assets
were seized in 2007, exercised an option to buy Petroleos de
Venezuela SA’s stake in a U.S. coking unit after accusing the
state oil company of defaulting on a supply accord.

ConocoPhillips plans to take full control of the unit at its
Sweeny, Texas, refinery at a price set under the companies’
partnership agreement, ConocoPhillips spokesman Rich Johnson said
in an e-mailed response obtained by the news agency,

“PDVSA has not supplied crude oil meeting contractual
specifications” since the beginning of 2009, the report quoted Mr.
Johnson as saying.  The report relates that ConocoPhillips
declined to say whether the alleged failure to supply adequate oil
was what allowed the takeover of the 70,000 barrel-a-day unit.

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2007, ConocoPhillips Chief Executive James Mulva said
that the company's negotiations with Petroleos de Venezuela on
compensation deal over the seizure of the Orinoco Belt assets
could take several months.  ConocoPhillips opted in June 2007 to
withdraw Orinoco operations and leave Venezuela rather than
agree to Petroleos de Venezuela's taking over the assets.
ConocoPhillips' stake in the Orinoco was estimated between a
book value of US$4.5 billion and a market value of US$7 billion.
Mr. Mulva told Bloomberg News that arbitration may take several
years and ConocoPhillips is seeking to avoid a court fight.  Mr.
Mulva said that that he would like ConocoPhillips to reach a
settlement with Petroleos de Venezuela.

Bloomberg News notes that Venezuelan President Hugo Chavez changed
the terms of ConocoPhillips’s participation in the Orinoco Belt as
part of his bid to reduce dependence on the U.S. and ensure that
his government had full control of the oil industry.

                           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: Has Defaulted on Deals, Says Conoco
-----------------------------------------------------------
Moody's Investors Service said it was notified that that
ConocoPhillips (rated A1 senior unsecured) has exercised a call
option to purchase Petroleos de Venezuela's (rated B1 GLCR) 50%
holding in MSLP.  PDVSA's 50% interest in MSLP is held through two
of its subsidiaries, PDV Texas, Inc., and PDV Sweeny, Inc.

ConocoPhillips asserts that PDVSA and its subsidiary, PDVSA P & G,
have defaulted on certain financial damages owed to COP under
long-term crude oil supply agreements.  The claimed damages arise
from sharply reduced crude deliveries since January 2009 to COP's
Sweeny, Texas refinery.  The buyout option on MSLP exists under
provisions in a Transfer Agreement put in place when MSLP was
originally formed in 1999.  However, PDVSA is likely to dispute
the transfer.  Among other actions, it could call for arbitration
to settle the claim.

As a result, Moody's Investors Service affirmed Merey Sweeny LP's
Baa2 long-term debt rating and changed the outlook to positive.

Moody's notes that the transfer of ownership does not in itself
cause COP to guarantee MSLP's debt obligations, which are non-
recourse to both sponsors.  In addition, the outcome, timing and
resolution of any dispute of COP's claim, if any, are uncertain.
However, pursuant to the transfer, COP has already assumed all of
PDVSA's rights and obligations to MSLP, including important
structural supports such as cash call obligations that provide
complete coverage of debt service.

Moody's will monitor the course of this transaction to resolve the
positive outlook.  If PDVSA disputes the claim and COP prevails,
Moody's would expect to upgrade MSLP's rating closer to COP's A1
senior unsecured rating, reflecting MSLP's status as a wholly-
owned subsidiary with operationally integrated assets at the
Sweeny refinery and COP's full liability for all of the partner
support obligations.  If PDVSA disputes and succeeds in reversing
the ownership transfer to COP, Moody's would expect to affirm
MSLP's Baa2 rating with a stable outlook.

The last rating action affecting MSLP occurred on November 2,
2005, when its rating was raised from Baa3 to Baa2.

ConocoPhillips is headquartered in Houston, Texas.  Petroleos de
Venezuela is located in Caracas, Venezuela.


* VENEZUELA: 29 Local Broadcasters May Face Closure, Chief Says
---------------------------------------------------------------
Venezuela Telecommunications Chief Diosdado Cabello said there is
a new probe into a television station opposed to President Hugo
Chavez's government, and 29 broadcasters will soon face closure,
The Associated Press reports.  The report relates that Mr. Cabello
said the most recent investigation into Globovision, the sixth in
eight months, was opened because the channel allegedly broadcast a
ticker strip of text messages from viewers calling for a coup.

According to the report, Venezuela's government has increasingly
clashed with private media President Hugo Chavez accuses of
conspiring against him.  The report says that the series of
investigations into Globovision, the only fiercely anti-Chavez
channel remaining on the open airwaves, could lead to its closure.

The AP notes Mr. Cabello said that 29 unspecified broadcasters
under investigation by regulators "will soon leave" the airwaves.
Since July, regulators have shut down 32 radio stations and two
small television stations while opening probes of more than 200
others, the report recalls.

Media groups and human rights activists accuse President Chavez's
government of trying to stifle dissent, the report says.  The
government, the report notes, denied that it is targeting media
for political reasons, saying the stations under investigation
have broken broadcasting regulations.

                           *     *     *

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


* VENEZUELA: To Export Gasoline to Iran Starting Next Month
-----------------------------------------------------------
Venezuela had agreed to export 20,000 barrels per day of gasoline
to Iran, which imports a large part of its needs, Reuters reports,
citing Iranian state media.  "Based on a strategic decision, it
has been decided to export 20,000 barrels a day of gasoline from
Venezuela to Iran," Iran's news agency IRNA quoted Venezuelan
President Hugo Chavez as saying, the report relates.

According to the report, Iran is a leading oil exporter but its
refineries lack the capacity to meet domestic fuel demand, so it
imports up to 40% of its gasoline.

The report notes that Tehran, in a face-off with the West over its
nuclear program, may face sanctions on its gasoline imports if a
diplomatic solution is not found.

President Chavez, the report relates, said that gasoline exports
would help pay for Venezuela's imports of machinery and technology
from Iran.  President Chavez said that the gasoline exports would
start in October.

                        *     *     *

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


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


AMERICAN INT'L: RSA to Buy Distressed Rivals' Businesses in LatAm
-----------------------------------------------------------------
Insurer RSA is already looking at U.S. insurance giant AIG's Latin
American business and the insurance operations of Belgian and
Dutch bank Fortis following the rights issue, Amy Wilson at
Telegaph.co.uk reports, citing The Sunday Telegraph.

According to the report, RSA Chief Executive Officer Andy Haste is
keen to expand its international operations.  The report notes
that the company already operates in Canada, Ireland and Italy,
and has a smaller emerging markets business that Mr. Haste wants
to grow.

The report says that RSA has appointed bankers to look at troubled
AIG's Latin American business, which trades under the name of
Chartis and has an extensive network in the region.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
US$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as US$182.5 billion.  AIG has sold a number
of its subsidiaries and other assets to pay down loans received,
and continues to seek buyers of its assets.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group.  AIG's subordinated debt rating has been downgraded to Ba2
from Baa1.  The rating outlook for AIG is negative.  This rating
action follows AIG's announcement of net losses of $62 billion for
the fourth quarter and $99 billion for the full year of 2008,
along with a revised restructuring plan supported by the U.S.
Treasury and the Federal Reserve.  This concludes a review for
possible downgrade that was initiated on September 15, 2008.


* 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   GASC3B BZ         881202387.66    -501612577.9
ALL MALHA PAULIS   GASC3 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   ALICPN BZ          21333792.82    -16295577.05
ARTHUR LANGE-PRF   ARLA4 BZ           21333792.82    -16295577.05
AZEVEDO            AZEV3 BZ           47860887.41      -4389906.4
AZEVEDO E TRA-PR   AZEVPN BZ          47860887.41      -4389906.4
AZEVEDO E TRAVAS   AZEVON BZ          47860887.41      -4389906.4
AZEVEDO-PREF       AZEV4 BZ           47860887.41      -4389906.4
B&D FOOD CORP      BDFCE US              15779763         -588840
B&D FOOD CORP      BDFC US               15779763         -588840
BALADARE           BLDR3 BZ              49015.54        -7494.67
BOMBRIL            BMBBF US          239716189.99   -242287717.11
BOMBRIL            BOBR3 BZ          239716189.99   -242287717.11
BOMBRIL CIRIO SA   BOBRON BZ         239716189.99   -242287717.11
BOMBRIL CIRIO-PF   BOBRPN BZ         239716189.99   -242287717.11
BOMBRIL SA-ADR     BMBPY US          239716189.99   -242287717.11
BOMBRIL SA-ADR     BMBBY 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         CAMB3 BZ           87269252.24    -22493566.05
CAMBUCI SA         CAMBON BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF    CXDOF US           87269252.24    -22493566.05
CAMBUCI SA-PREF    CAMBPN BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF    CAMB4 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    GAFPN BZ           36817394.78    -33083086.54
CIMOB PART-PREF    GAFP4 BZ           36817394.78    -33083086.54
CIMOB PARTIC SA    GAFON BZ           36817394.78    -33083086.54
CIMOB PARTIC SA    GAFP3 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   CTPC9 BZ           38740523.05      -671039.81
CTM CITRUS-RCT C   CTP5 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     FRNXON BZ           61543317.9     -41332379.8
FABRICA RENAUX     FTRX3 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           14321550.12    -58418359.49
FERRAGENS HAGA     HAGAON BZ          14321550.12    -58418359.49
FERRAGENS HAGA-P   HAGAPN BZ          14321550.12    -58418359.49
FERROVIA CEN-DVD   VSPT12 BZ        1050516250.26     -47197918.4
FERROVIA CEN-DVD   VSPT11 BZ        1050516250.26     -47197918.4
GASCOIGNE EMP-PF   GASC4B BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF   1GASPN BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF   GASC4 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           14321550.12    -58418359.49
HOPI HARI SA       PQTM3 BZ           58692385.42   -188832203.73
HOPI HARI-PREF     PQTM4 BZ           58692385.42   -188832203.73
IMPSAT FIBER NET   330902Q GR           535007008       -17165000
IMPSAT FIBER NET   IMPTQ US             535007008       -17165000
IMPSAT FIBER NET   XIMPT SM             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     CTPC4 BZ           38740523.05      -671039.81
MARAMBAIA-PREF     CTMMF US           38740523.05      -671039.81
MINUPAR            MNPR3 BZ           89611489.39    -20702110.72
MINUPAR SA         MNPRON BZ          89611489.39    -20702110.72
MINUPAR SA-PREF    MNPRPN BZ          89611489.39    -20702110.72
MINUPAR-PREF       MNPR4 BZ           89611489.39    -20702110.72
MMX MINERACA-GDR   XMM CN           1060478942.97   -123550800.05
MMX MINERACA-GDR   3M11 GR          1060478942.97   -123550800.05
MMX MINERACA-GDR   MMXMY US         1060478942.97   -123550800.05
MMX MINERACAO      MMXM3 BZ         1060478942.97   -123550800.05
MMX MINERACAO      MMXCF US         1060478942.97   -123550800.05
MMX MINERACAO      TRES3 BZ         1060478942.97   -123550800.05
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    NOVA3B BZ             21287489   -183535527.21
NOVA AMERICA SA    NOVAON BZ             21287489   -183535527.21
NOVA AMERICA SA    NOVA3 BZ              21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4B BZ             21287489   -183535527.21
NOVA AMERICA-PRF   1NOVPN BZ             21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4 BZ              21287489   -183535527.21
NOVA AMERICA-PRF   NOVAPN 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   RPMG3 BZ           76852724.18   -212528966.16
PETRO MANGUINHOS   MANGON 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   RSUL4 BZ           56866478.19     -9053574.99
RIOSULENSE SA-PR   RSULPN BZ          56866478.19     -9053574.99
SANESALTO          SNST3 BZ           24569561.13      -754460.51
SANSUY             SNSY3 BZ          100279114.92    -45812488.77
SANSUY SA          SNSYON BZ         100279114.92    -45812488.77
SANSUY SA-PREF A   SNSYAN BZ         100279114.92    -45812488.77
SANSUY SA-PREF B   SNSYBN BZ         100279114.92    -45812488.77
SANSUY-PREF A      SNSY5 BZ          100279114.92    -45812488.77
SANSUY-PREF B      SNSY6 BZ          100279114.92    -45812488.77
SCHLOSSER          SCLO3 BZ           10007791.94    -53599536.49
SCHLOSSER SA       SCHON BZ           10007791.94    -53599536.49
SCHLOSSER SA-PRF   SCHPN BZ           10007791.94    -53599536.49
SCHLOSSER-PREF     SCLO4 BZ           10007791.94    -53599536.49
SNIAFA SA          SNIA AR            11489328.24      -840226.12
SNIAFA SA-B        SDAGF US           11489328.24      -840226.12
SNIAFA SA-B        SNIA5 AR           11489328.24      -840226.12
SOC COMERCIAL PL   CAD IX            146090772.51    -255079026.8
SOC COMERCIAL PL   CVVIF US          146090772.51    -255079026.8
SOC COMERCIAL PL   CADN SW           146090772.51    -255079026.8
SOC COMERCIAL PL   COME AR           146090772.51    -255079026.8
SOC COMERCIAL PL   SCDPF US          146090772.51    -255079026.8
STAROUP SA         STARON BZ          31385624.73     -9890708.41
STAROUP SA-PREF    STARPN BZ          31385624.73     -9890708.41
TECEL S JOSE       FTSJON BZ          17924946.14    -18569451.23
TECEL S JOSE       SJOS3 BZ           17924946.14    -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ           17924946.14    -18569451.23
TEKA               TEKAON BZ         219773260.95   -306726075.74
TEKA               TKTQF US          219773260.95   -306726075.74
TEKA               TEKA3 BZ          219773260.95   -306726075.74
TEKA-ADR           TKTQY US          219773260.95   -306726075.74
TEKA-ADR           TEKAY US          219773260.95   -306726075.74
TEKA-ADR           TKTPY US          219773260.95   -306726075.74
TEKA-PREF          TEKA4 BZ          219773260.95   -306726075.74
TEKA-PREF          TKTPF US          219773260.95   -306726075.74
TEKA-PREF          TEKAPN BZ         219773260.95   -306726075.74
TELEBRAS SA        TBASF US          219200060.46     -3774997.87
TELEBRAS SA        TELB3 BZ          219200060.46     -3774997.87
TELEBRAS SA        TLBRON BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF   TLBRPN BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF   TELB4 BZ          219200060.46     -3774997.87
TELEBRAS SA-RT     TELB9 BZ          219200060.46     -3774997.87
TELEBRAS-ADR       TBX GR            219200060.46     -3774997.87
TELEBRAS-ADR       RTB US            219200060.46     -3774997.87
TELEBRAS-ADR       TBH US            219200060.46     -3774997.87
TELEBRAS-ADR       TBRAY GR          219200060.46     -3774997.87
TELEBRAS-ADR       TBASY US          219200060.46     -3774997.87
TELEBRAS-ADR       TBAPY US          219200060.46     -3774997.87
TELEBRAS-BLOCK     TELB30 BZ         219200060.46     -3774997.87
TELEBRAS-CED C/E   TEL4C AR          219200060.46     -3774997.87
TELEBRAS-CED C/E   RCT4C AR          219200060.46     -3774997.87
TELEBRAS-CEDE BL   RCT4B AR          219200060.46     -3774997.87
TELEBRAS-CEDE PF   RCTB4 AR          219200060.46     -3774997.87
TELEBRAS-CEDE PF   TELB4 AR          219200060.46     -3774997.87
TELEBRAS-CEDEA $   TEL4D AR          219200060.46     -3774997.87
TELEBRAS-CEDEA $   RCT4D AR          219200060.46     -3774997.87
TELEBRAS-CM RCPT   TELE31 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB31 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT   TBRTF US          219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB30 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB32 BZ         219200060.46     -3774997.87
TELEBRAS-COM RT    TELB1 BZ          219200060.46     -3774997.87
TELEBRAS-PF BLCK   TELB40 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   TBAPF US          219200060.46     -3774997.87
TELEBRAS-PF RCPT   CBRZF US          219200060.46     -3774997.87
TELEBRAS-PF RCPT   TLBRUP BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB42 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   TELE41 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB41 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB40 BZ         219200060.46     -3774997.87
TELEBRAS-RCT       RCTB33 BZ         219200060.46     -3774997.87
TELEBRAS-RCT PRF   TELB10 BZ         219200060.46     -3774997.87
TELEBRAS-RECEIPT   TLBRUO BZ         219200060.46     -3774997.87
TELEBRAS-RTS CMN   TCLP1 BZ          219200060.46     -3774997.87
TELEBRAS-RTS CMN   RCTB1 BZ          219200060.46     -3774997.87
TELEBRAS-RTS PRF   TLCP2 BZ          219200060.46     -3774997.87
TELEBRAS-RTS PRF   RCTB2 BZ          219200060.46     -3774997.87
TELEBRAS/W-I-ADR   TBH-W US          219200060.46     -3774997.87
TELECOMUNICA-ADR   81370Z BZ         219200060.46     -3774997.87
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     RENXPN BZ          50909736.38    -79601048.99
TEXTEIS RENAUX     RENXON 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   VPSC4 BZ          101177852.25   -318442006.32
VARIG PART EM-PR   VPTA4 BZ           49432124.18   -399290425.77
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     MWET4 BZ           69983432.56     -6279264.91
WETZEL SA-PREF     MWELPN BZ          69983432.56     -6279264.91
WIEST              WISA3 BZ           39838113.86    -93371563.06
WIEST SA           WISAON BZ          39838113.86    -93371563.06
WIEST SA-PREF      WISAPN BZ          39838113.86    -93371563.06
WIEST-PREF         WISA4 BZ           39838113.86    -93371563.06


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *