TCRLA_Public/090914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 14, 2009, Vol. 10, No. 181

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Former SFG Global Director of Security Indicted
STANFORD INT'L: SFG Receiver Gets Most of Fees He Sought


A R G E N T I N A

GC IMPSAT: 96% of Noteholders Agree to Relax Covenants
GLOBAL CROSSING: Impsat Noteholders Agree to Relax Covenants
GARANTIZAR SGR: Moody's Downgrades Global Currency Rating to 'B2'
KONY SA: Requests for Own Bankruptcy
NINJA POSTAL: Creditors' Proofs of Debt Due on October 23

OBRA SOCIAL: Creditors' Proofs of Debt Due on October 12
UNION GEOFISICA: Creditors' Proofs of Debt Due on November 11
SIPER AVIACION: Stops Making Payments
TELECOM ARGENTINA: Telecom Italia Gets 2 More Bids for Firm
UNION GEOFISICA: Trustee Verifying Proofs of Claim Until Nov. 11

VITAL SOJA: To Submit General Report on February 4


B E R M U D A

ALLSTATE REINSURANCE: Creditors' Proofs of Debt Due on Sept. 18
ALLSTATE REINSURANCE: Members to Recive Wind-Up Report on Oct. 12
AURUM EAGLE: Creditors' Proofs of Debt Due on September 30
AURUM EAGLE: Member to Receive Wind-Up Report on October 12
AURUM EUROPA: Creditors' Proofs of Debt Due on September 30

AURUM EUROPA: Members to Receive Wind-Up Report on October 12
AURUM EUROPA: Creditors' Proofs of Debt Due on September 30
AURUM EUROPA: Members to Receive Wind-Up Report on October 12
QUALITY ASSURANCE: Creditors' Proofs of Debt Due on September 15
QUALITY ASSURANCE: Members to Recive Wind-Up Report on October 12


B R A Z I L

BROOKFIELD INCORPORACOES: Plans US$383 Million Stock Sale
COMPANHIA SIDERURGICA: Names Alberto Monteiro as Finance Officer
COMPANHIA SIDERURGICA: Sets Initial Guidance For Overseas Bond


C A Y M A N  I S L A N D S

ARTIO TOTAL: Commences Liquidation Proceedings
ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15
ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15
ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15
ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15

BRAZVEST FUND: Members Receive Wind-Up Report
CCC CARBON: Creditors' Proofs of Debt Due on September 15
CCC CARBON: Creditors' Proofs of Debt Due on September 15
CCC CARBON: Creditors' Proofs of Debt Due on September 15
CCC CARBON: Shareholders to Receive Wind-Up Report on September 15

CCC CARBON: Shareholders to Receive Wind-Up Report on September 15
CCC CARBON: Shareholders to Receive Wind-Up Report on September 15
FININVESTMENTS LIMITED: Commences Liquidation Proceedings
GLOBOTECH INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 15
ION US: Creditors' Proofs of Debt Due Today

ION US: Creditors' Proofs of Debt Due Today
MIDAS FUNDING: Creditors' Proofs of Debt Due Today
SRL FIRST: Creditors' Proofs of Debt Due Today
ZAZOVE CONVERTIBLE: Creditors' Proofs of Debt Due Today
ZAZOVE CONVERTIBLE: Shareholders to Receive Wind-Up Report Today


C O L O M B I A

ECOPETROL SA: BNY Mellon Corporate Appointed as Trustee
BOGOTA DISTRITO: S&P Raises Foreign Currency Rating From 'BB+'
* COLOMBIA: Venezuela Cuts Cargo, Passenger Flight Routes


C O S T A  R I C A

INSTITUTO NACIONAL: Fitch Assigns 'BB+' Insurer Strength Rating


D O M I N I C A

DIGICEL GROUP: Acquires Orange Dominica's Operations


M E X I C O

CORPORACION GEO: S&P Assigns 'BB-' Senior Unsecured Debt Rating
MTI GLOBAL: Has US$7.4 Million Sub Debt Facility From Wellington
* MEXICO: July Industrial Output Declined 6.5% From Year Earlier
* Moody's Withdraws 'Ba1' Global Rating on State of Morelos


T R I N I D A D  &  T O B A G O

CL FINANCIAL: British American Falls Into BS$38MM Insolvency
* TRINIDAD & TOBAGO: Economy Seen Recovering in 2010


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Call Option Won't Affect Fitch's Ratings
PETROLEOS DE VENEZUELA: To Operate Sacha Field With Petroecuador
PETROLEOS DE VENEZUELA: Refinery Enlargement Ensures Fuel Supply
* VENEZUELA: Cuts Cargo, Passenger Flight Routes From Colombia


X X X X X X X X

LATAM: OPEC to Revise Again Market Performance in December
* BOND PRICING: For the Week September 7 to September 11, 2009


                         - - - - -


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


STANFORD INT'L: Former SFG Global Director of Security Indicted
---------------------------------------------------------------
Thomas Raffanello, a former global director of security at the
Fort Lauderdale, Florida, office of Stanford Financial Group, has
been charged in a three-count superseding indictment with
conspiracy to obstruct a U.S. Securities and Exchange Commission
proceeding and to destroy documents in a federal investigation;
obstruction of a proceeding before the SEC; and destruction of
records in a federal investigation, announced Assistant Attorney
General of the Criminal Division Lanny A. Breuer and Acting U.S.
Attorney Jeffrey H. Sloman of the Southern District of Florida.

The initial indictment in the case was unsealed by the U.S.
District Court for the Southern District of Florida on June 19,
2009, and charged Bruce Perraud of Weston, Fla., a former global
security specialist at the Fort Lauderdale SFG office, with one
count of destruction of records in a federal investigation.  In
addition to charging Mr. Raffanello of Coral Gables, Fla., the
superseding indictment charges Mr. Perraud with an additional
count of conspiracy as well as one count of obstruction of a
proceeding before the SEC.

Messrs. Raffanello and Perraud were scheduled to make their
initial appearances at the U.S. District Court in Fort Lauderdale
last September 11.

According to court documents, SFG, headquartered in Houston, was
the parent company of numerous affiliated financial services
entities, including the Stanford International Bank Ltd.
According to the superseding indictment, SIBL, an offshore SFG
bank affiliate located in St. John's, Antigua, allegedly lured
U.S. investors to buy into its certificates of deposit by touting
high investment returns not available through domestic banks.

SIBL is alleged to have misrepresented that it held $8 billion in
client funds that had been invested primarily in its CDs.  The SEC
filed a complaint in the U.S. District Court for the Northern
District of Texas against SIBL and its affiliated entities on Feb.
16, 2009, in which it alleged that the SIBL CD program was the
mechanism by which the principals of SIBL orchestrated a
"massive, ongoing fraud."  Also on Feb. 16, 2009, a receiver was
appointed to assume exclusive control of all SFG-related entities
in order to protect SIBL assets from potential waste and depletion
by SIBL's principals.

The U.S. District Court for the Northern District of Texas
additionally issued an order instructing that all SFG and SIBL
employees preserve all company documents and records, protecting
them from destruction.

The indictment alleges that the receiver sent an e-mail on
February 17, 2009, to all SFG employees describing the contents of
the court order mandating document and record preservation.  It is
alleged that the e-mail further instructed SFG employees that they
had been ordered to preserve "any and all documents, notes and
records," and that they may not "hide, destroy or alter any
document or electronic record relating to the company."

According to the allegations in the superseding indictment, Mr.
Perraud placed a telephone call to Mr. Raffanello on Feb. 17,
2009, in which he discussed the court order mandating the
preservation of documents.  Six days later, on February 23,
2009, the indictment alleges Raffanello directed that the
documents housed at SFG's Fort Lauderdale office be shredded.
Mr. Perraud allegedly contacted a commercial shredding company on
that same day and requested that it destroy a large quantity of
SFG documents at the Fort Lauderdale office, in violation of the
February 16 court order.

The indictment alleges that a representative of the commercial
shredding company arrived at SFG's Fort Lauderdale offices on
February 25, 2009, where he was met by Mr. Perraud.  Mr. Perraud
then allegedly supervised as a 95-gallon bin was packed with
documents and was hauled to the shredder's vehicle, where its
contents were shredded.   The indictment also alleges that many
more documents and records were brought to the shredding truck for
destruction.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: SFG Receiver Gets Most of Fees He Sought
--------------------------------------------------------
Laurel Brubaker Calkins and Tom Korosec at Bloomberg News report
that U.S. District Judge David Godbey in Dallas approved most of
the payment sought by Stanford Financial Group court-appointed
receiver, Ralph Janvey.  The report relates that Mr. Janvey will
get paid most of the US$27.5 million he requested for his first 14
weeks of work managing Robert Allen Stanford's estate.

According to the report, Judge Godbey rejected at least for now,
about US$2 million in fees and expenses for accounting firms and
consultants.  The report relates that Judge Godbey would also
impose what he called a 20% holdback on the remaining US$25.5
million in reimbursement “to see how everything works out.”

Bloomberg News notes that Kevin Sadler, Mr. Janvey’s attorney,
told Judge Godbey during the hearing that the receiver expects to
seek $17.7 million more in fees this year.  “We now know from our
investigations this was not an overnight Ponzi scheme,” the report
quoted Mr. Sadler as saying.  “Had it been, it would have been far
less difficult to dismantle,” Mr. Sadler added.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Bloomberg News noted that court-appointed
examiner John J. Little, who is representing investors’ interests,
said that Mr. Janvey is spending so much money to recover so few
Stanford assets that nothing may be left for defrauded customers.

“ At this rate of consumption, simple math suggests the
substantial possibility that the whole of the receivership estate
could end up, not in the hands of the victimized investors, but in
the pockets of the receiver and the firms [Mr. Janvey] has
retained,” the report quoted Mr. Little, with Little Pedersen
Fankauser LLP in Dallas, as saying.

Bloomberg News related that the U.S. Securities and Exchange
Commission objected to Mr. Janvey’s fee request and asked the
judge overseeing the case to bar reimbursement for any of the
receiver’s work on so-called clawback lawsuits against Stanford’s
investors.  According to the report, Mr. Little and the SEC asked
U.S. District Judge David Godbey in Dallas to reduce Mr. Janvey’s
fees by an additional 20%, even though Mr. Janvey said the firms
working with him already have discounted their billings by 20% out
of concerns for how little money Stanford’s investors will get
back.  The report added that Mr. Little and the SEC criticized Mr.
Janvey for using too many high-priced lawyers and accountants and
for not providing sufficiently detailed billing records and
receipts to back up invoices.  Bloomberg News noted that Mr.
Sadler said Mr. Janvey is obligated to pursue the clawback suits
and probably will continue to seek about US$60 million in interest
paid to Stanford clients on the Antiguan CDs, even if the U.S.
Court of Appeals in New Orleans blocks his attempt to recover the
investors’ principal.

Meanwhile, Bloomberg News relates that Judge Godbey has requested
Mr. Janvey to prepare a budget.  “Judge Godbey also made it clear
that the receiver needs to prepare a budget and review that budget
with the SEC and the examiner,” the report quoted Mr. Little as
saying.  “The receiver needs to be cognizant of the amounts he has
recovered as they relate to the amounts he is spending.’’ Mr.
Little 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).


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


GC IMPSAT: 96% of Noteholders Agree to Relax Covenants
------------------------------------------------------
GC Impsat Holdings I Plc said it had received, as of 5:00 p.m. New
York City time, on September 10, 2009, tenders and consents from
holders of approximately $215.8 million in aggregate principal
amount of its 9.875% Senior Notes due 2017 (CUSIP Nos. U0390YAA8
and 362241AA9), representing 95.9% of the total outstanding
principal amount of the Notes, in connection with the previously
announced cash tender offer and consent solicitation for the
Notes.  The consents received exceed the number needed to approve
the proposed amendment to the indenture under which the Notes were
issued.  Because the Consent Deadline has passed, Notes tendered
and consents given may not be validly withdrawn or revoked whether
tendered or given prior to or after the Consent Deadline.

As a result of the receipt of the requisite consents, GC Impsat
and the trustee under the indenture expect to enter into a
supplemental indenture effecting the proposed amendments,
substantially as described in the Offer to Purchase and Consent
Solicitation Statement dated August 24, 2009.  The proposed
amendments, which will eliminate most of the restrictive covenants
and certain events of default, will become operative when GC
Impsat accepts for purchase the Notes validly tendered and not
withdrawn pursuant to the terms of the Statement. If the tender
offer is terminated or withdrawn, or Notes that were validly
tendered and not withdrawn are not accepted for purchase for any
reason, the proposed amendments to the indenture will not become
operative and the covenants, events of default and other
provisions in the indenture will remain in their present form.

The tender offer remains open for the tender of Notes not
previously tendered and is scheduled to expire at 12:00 midnight,
New York City time, on September 21, 2009, unless extended.
Holders tendering Notes after the Consent Deadline are not
eligible for the consent payment.

Consummation of the tender offer, including the payment of the
total consideration or tender offer consideration, as applicable,
is subject to the conditions set forth in the Statement including,
among other things, the consummation by affiliates of GC Impsat of
debt financing on terms and conditions satisfactory to such
affiliates of GC Impsat, of which an amount sufficient to pay the
amounts payable pursuant to the tender offer and consent
solicitation will be contributed, advanced or loaned to GC Impsat
in accordance with the terms described in detail in the Statement.

GC Impsat has retained Goldman, Sachs & Co., Credit Suisse
Securities (USA) LLC and J.P. Morgan Securities Inc. to serve as
dealer managers for the tender offer and solicitation agents for
the consent solicitation. GC Impsat has retained Global Bondholder
Services Corporation to serve as the depositary and information
agent for the tender offer and consent solicitation.

Requests for documents, including the Statement, may be directed
to Global Bondholder Services Corporation by telephone at (866)
544-1500 or (212) 430-3774 or in writing at 65 Broadway - Suite
723, New York, NY, 10006. Questions regarding the tender offer or
consent solicitation may be directed to Goldman, Sachs & Co. at
(800) 828-3182 (toll free) or (212) 357-4692 (collect).

                    About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- is a leading
global IP solutions provider with the world's first integrated
global IP-based network. The company offers a full range of secure
data, voice, and video products to approximately 40 percent of the
Fortune 500, as well as to 700 carriers, mobile operators and
ISPs. It delivers services to more than 690 cities in more than 60
countries and six continents around the globe.

In Latin America, Global Crossing´s business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru, Mexico,
Venezuela, the United States (Florida) and the Caribbean region.
In addition to its IP-based, fiber-optic network, Global
Crossing's regional infrastructure includes 15 metropolitan
networks and 15 world-class data centers located in the main
business centers of Latin America.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 23, 2009, Moody's Investors Service assigned a Caa1 corporate
family rating to Global Crossing Limited and a B2 rating to the
company's US$350 million senior secured term loan.  The
preferential access to realization proceeds provided by the
security package allows the term loan credit facility's rating to
be B2, two notches above the Caa1 CFR. GCL was also assigned a
speculative grade liquidity rating of SGL-3 (indicating adequate
liquidity).  The ratings outlook is stable.

                          About GC Impsat

GC Impsat is a Latin American communications company that offers a
full range of IP and managed data and voice products and services
which support a migration path to a fully converged IP
environment.  GC Impsat is an indirect, wholly-owned subsidiary of
Global Crossing Limited (NASDAQ: GLBC), which is a global IP
solutions provider with the world's first integrated global IP-
based network.  Global Crossing offers a full range of secure
data, voice, and video products to approximately 40 percent of the
Fortune 500, as well as to 700 carriers, mobile operators and
ISPs.  It delivers services to nearly 700 cities in more than 60
countries and six continents around the globe.  GC Impsat and its
subsidiaries comprise part of Global Crossing's business, with a
principal focus on operations in Central and South America.


GLOBAL CROSSING: Impsat Noteholders Agree to Relax Covenants
------------------------------------------------------------
GC Impsat Holdings I Plc said it had received, as of 5:00 p.m. New
York City time, on September 10, 2009, tenders and consents from
holders of approximately $215.8 million in aggregate principal
amount of its 9.875% Senior Notes due 2017 (CUSIP Nos. U0390YAA8
and 362241AA9), representing 95.9% of the total outstanding
principal amount of the Notes, in connection with the previously
announced cash tender offer and consent solicitation for the
Notes.  The consents received exceed the number needed to approve
the proposed amendment to the indenture under which the Notes were
issued.  Because the Consent Deadline has passed, Notes tendered
and consents given may not be validly withdrawn or revoked whether
tendered or given prior to or after the Consent Deadline.

As a result of the receipt of the requisite consents, GC Impsat
and the trustee under the indenture expect to enter into a
supplemental indenture effecting the proposed amendments,
substantially as described in the Offer to Purchase and Consent
Solicitation Statement dated August 24, 2009.  The proposed
amendments, which will eliminate most of the restrictive covenants
and certain events of default, will become operative when GC
Impsat accepts for purchase the Notes validly tendered and not
withdrawn pursuant to the terms of the Statement. If the tender
offer is terminated or withdrawn, or Notes that were validly
tendered and not withdrawn are not accepted for purchase for any
reason, the proposed amendments to the indenture will not become
operative and the covenants, events of default and other
provisions in the indenture will remain in their present form.

The tender offer remains open for the tender of Notes not
previously tendered and is scheduled to expire at 12:00 midnight,
New York City time, on September 21, 2009, unless extended.
Holders tendering Notes after the Consent Deadline are not
eligible for the consent payment.

Consummation of the tender offer, including the payment of the
total consideration or tender offer consideration, as applicable,
is subject to the conditions set forth in the Statement including,
among other things, the consummation by affiliates of GC Impsat of
debt financing on terms and conditions satisfactory to such
affiliates of GC Impsat, of which an amount sufficient to pay the
amounts payable pursuant to the tender offer and consent
solicitation will be contributed, advanced or loaned to GC Impsat
in accordance with the terms described in detail in the Statement.

GC Impsat has retained Goldman, Sachs & Co., Credit Suisse
Securities (USA) LLC and J.P. Morgan Securities Inc. to serve as
dealer managers for the tender offer and solicitation agents for
the consent solicitation. GC Impsat has retained Global Bondholder
Services Corporation to serve as the depositary and information
agent for the tender offer and consent solicitation.

Requests for documents, including the Statement, may be directed
to Global Bondholder Services Corporation by telephone at (866)
544-1500 or (212) 430-3774 or in writing at 65 Broadway - Suite
723, New York, NY, 10006. Questions regarding the tender offer or
consent solicitation may be directed to Goldman, Sachs & Co. at
(800) 828-3182 (toll free) or (212) 357-4692 (collect).

                          About GC Impsat

GC Impsat is a Latin American communications company that offers a
full range of IP and managed data and voice products and services
which support a migration path to a fully converged IP
environment.  GC Impsat is an indirect, wholly-owned subsidiary of
Global Crossing Limited (NASDAQ: GLBC), which is a global IP
solutions provider with the world's first integrated global IP-
based network.  Global Crossing offers a full range of secure
data, voice, and video products to approximately 40 percent of the
Fortune 500, as well as to 700 carriers, mobile operators and
ISPs.  It delivers services to nearly 700 cities in more than 60
countries and six continents around the globe.  GC Impsat and its
subsidiaries comprise part of Global Crossing's business, with a
principal focus on operations in Central and South America.

                       About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- is a leading
global IP solutions provider with the world's first integrated
global IP-based network. The company offers a full range of secure
data, voice, and video products to approximately 40 percent of the
Fortune 500, as well as to 700 carriers, mobile operators and
ISPs. It delivers services to more than 690 cities in more than 60
countries and six continents around the globe.

In Latin America, Global Crossing´s business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru, Mexico,
Venezuela, the United States (Florida) and the Caribbean region.
In addition to its IP-based, fiber-optic network, Global
Crossing's regional infrastructure includes 15 metropolitan
networks and 15 world-class data centers located in the main
business centers of Latin America.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 23, 2009, Moody's Investors Service assigned a Caa1 corporate
family rating to Global Crossing Limited and a B2 rating to the
company's US$350 million senior secured term loan.  The
preferential access to realization proceeds provided by the
security package allows the term loan credit facility's rating to
be B2, two notches above the Caa1 CFR. GCL was also assigned a
speculative grade liquidity rating of SGL-3 (indicating adequate
liquidity).  The ratings outlook is stable.


GARANTIZAR SGR: Moody's Downgrades Global Currency Rating to 'B2'
-----------------------------------------------------------------
Moody's Latin America has downgraded to B2 from B1 the global
local currency rating of two Argentine securitizations linked to
Garantizar S.G.R.  Moody's also confirmed the national scale
rating of Aa3.ar.

This rating action concludes the review for possible downgrade
process initiated on June 10, 2009, and follows a similar rating
action on Garantizar S.G.R., the guarantor of the underlying
assets.  On September 4, 2009 Moody's downgraded to B2 from B1 the
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.

The rated securities are backed by a pool of bills of exchange
signed by small and medium size companies and guaranteed by
Garantizar S.G.R., a financial guarantor in Argentina.

The ratings assigned to these transactions are primarily based on
the rating of Garantizar.  Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to these transactions.

The complete rating action is:

Issuer: Fideicomiso Financiero Multipyme VII

* VRD, Confirmed at Aa3.ar; previously on Jun 10, 2009, Aa3.ar
  Placed Under Review for Possible Downgrade

* VRD, Downgraded to B2; previously on Jun 10, 2009, B1 Placed
  Under Review for Possible Downgrade

Issuer: Fideicomiso Financiero Multipyme VIII

* VRD, Confirmed at Aa3.ar; previously on Jun 10, 2009, Aa3.ar
  Placed Under Review for Possible Downgrade

* VRD, Downgraded to B2; previously on Jun 10, 2009, B1 Placed
  Under Review for Possible Downgrade


KONY SA: Requests for Own Bankruptcy
------------------------------------
Kony SA requested for its own bankruptcy.

The company stopped making payments on July 16, 2009.


NINJA POSTAL: Creditors' Proofs of Debt Due on October 23
---------------------------------------------------------
The court-appointed trustee for Ninja Postal S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 23, 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 19, 2010.


OBRA SOCIAL: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------
Hugo Dogliani, the court-appointed trustee for Obra Social del
Personal de los Cementerios de la Republica Argentina's
reorganization proceedings, will be verifying creditors' proofs of
claim until October 12, 2009.

Mr. Dogliani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 4, 2010.


UNION GEOFISICA: Creditors' Proofs of Debt Due on November 11
-------------------------------------------------------------
The court-appointed trustee for Union Geofisica Argentina S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until November 11, 2009.


SIPER AVIACION: Stops Making Payments
-------------------------------------
Siper Aviacion SA stopped making payments on October 2008, before
the National Commercial Court of First Instance No. 21 in Buenos
Aires, with the assistance of Clerk No. 41.


TELECOM ARGENTINA: Telecom Italia Gets 2 More Bids for Firm
-----------------------------------------------------------
Telecom Italia SpA has received two more bids for its 50% stake in
the controlling company of Telecom Argentina SA, Sofora,
Telegeography News reports, citing La Nacion newspaper.  The
report relates that the two bidders are private equity outfit
Pegasus Group and triple-play operator TeleCentro.

According to the report, a number of bids for the stake -- valued
in the region of US$500 million -- have previously been lodged,
including one from Mexican billionaire Carlos Slim.

As reported in the Troubled Company Reporter-Latin America on
August 28, 2009, Dow Jones Newswires said that Argentina's
National Antitrust Commission has given Telecom Italia one year to
divest its stakes in local unit Telecom Argentina, due to a
conflict of interest.  CNDC Vice President Humberto Guarda Mendoza
told Dow Jones Newswires on August 27, in an interview
that Telecom Italia must present a plan for the sale within 60
days.  According to the report, CNDC said that Spain's Telefonica
SA's minority stake in Telecom Italia creates a conflict between
the two companies' Argentine operations.  The report relates
Telefonica owns Telefonica Argentina, which shares an effective
duopoly over the Argentine telecommunications sector with Telecom.

Dow Jones Newswires noted that the antitrust investigation is
based on Telefonica SA's involvement in a consortium that bought a
24.7% stake in Telecom Italia, which gave Telefonica two seats on
the Telecom Italia's board.  The report related that Telecom
Italia argued that Telefonica SA's indirect 10% holding translates
into a mere 1.8% stake in the Argentine unit and that its
directors are barred from making decisions in the two markets
where the providers overlap -- Argentina and Brazil.  Mr. Mendoza,
the report added, said that while Telecom Italia is expected to
appeal the CNDC decision, almost all decisions of the commission
have been upheld.

                        About Telecom Argentina

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

                           *     *     *

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


UNION GEOFISICA: Trustee Verifying Proofs of Claim Until Nov. 11
----------------------------------------------------------------
Estudio de Ciencias Economicas Bruzzo y Uruena, the court-
appointed trustee for Union Geofisica Argentina SA's
reorganization proceedings will be verifying creditors' proofs of
claim until November 11.


VITAL SOJA: To Submit General Report on February 4
--------------------------------------------------
Vital Soja S.A.'s general report will be submitted before the High
Court on February 4, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 13, 2010.


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


ALLSTATE REINSURANCE: Creditors' Proofs of Debt Due on Sept. 18
----------------------------------------------------------------
The creditors of Allstate Reinsurance Ltd. are required to file
their proofs of debt by September 18, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 1, 2009.

The company's liquidator is:

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


ALLSTATE REINSURANCE: Members to Recive Wind-Up Report on Oct. 12
-----------------------------------------------------------------
The members of Allstate Reinsurance Ltd. will receive on
October 12, 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 September 1, 2009.

The company's liquidator is:

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


AURUM EAGLE: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Aurum Eagle Fund Ltd. are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

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


AURUM EAGLE: Member to Receive Wind-Up Report on October 12
-----------------------------------------------------------
The members of Aurum Eagle Fund Ltd. will receive on Oct. 12,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

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


AURUM EUROPA: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------
The creditors of Aurum Europa Fund Ltd. are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

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


AURUM EUROPA: Members to Receive Wind-Up Report on October 12
-------------------------------------------------------------
The members of Aurum Europa Fund Ltd. will receive on October 12,
2009, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

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


AURUM EUROPA: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------
The creditors of Aurum Europa Euro Fund Ltd. are required to file
their proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

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


AURUM EUROPA: Members to Receive Wind-Up Report on October 12
-------------------------------------------------------------
The members of Aurum Europa Euro Fund Ltd. will receive on
October 12, 2009, at 10:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

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


QUALITY ASSURANCE: Creditors' Proofs of Debt Due on September 15
----------------------------------------------------------------
The creditors of Quality Assurance Ltd. are required to file their
proofs of debt by September 15, 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:

          Steven J. Trumper
          Sofia House, 1st Floor
          48 Church Street
          Hamilton Bermuda


QUALITY ASSURANCE: Members to Recive Wind-Up Report on October 12
-----------------------------------------------------------------
The members of Quality Assurance Ltd. will receive on October 12,
2009, at 3:00 p.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:

          Steven J. Trumper
          Sofia House, 1st Floor
          48 Church Street
          Hamilton Bermuda


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


BROOKFIELD INCORPORACOES: Plans US$383 Million Stock Sale
---------------------------------------------------------
Brookfield Incorporacoes SA (formerly known as Brascan Residential
Properties) plans to sell as much as BRL700 million (US$383
million) of new shares, Elzio Barreto at Bloomberg News reports.
The report relates that the company said that the primary offering
needs to be approved by its board and that it will decide on the
terms at a later date.

According to the report, the company would be the latest real
estate developer seeking to benefit from investors' demand for
companies in the sector.  The report relates that Brazil's housing
market has benefited from record-low interest rates and an US$18
billion government program for low-income homes that has helped
lift Brazil's economy out of recession.

Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) is a Brazil-based company engaged in real estate sector. The
Company is the developer of high-end and luxury residential
buildings, houses, as well as office buildings in Sao Paulo and
Rio de Janeiro metropolitan regions.  Its operations include land
acquisition, planning, construction, sales, financing, customer
service, design, development and management of real estate
projects targeted at mainstream, luxury homebuyers.  The company's
buildings include Reserva de Itauna, Edificio San Francisco,
Chacara de Pinheiros, Time Square and Saint Tropez, among others.
As of June 22, 2009, the Company had its name changed after the
merger of three companies: Brascan Residential, Company and MB
Engenharia.  The company's major shareholder is Brookfield Asset
Management.  In July 2009, Companhia Energetica de Minas Gerais
95% interest in the company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Fitch Ratings has assigned the national long-
term debt rating of 'A+(bra)' to the proposed first simple
debentures issuance, not convertible into shares, of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount
of BRL100 million, with final maturity on September 1, 2013.  The
proceeds will be used for company general purposes.  Fitch has
already rated Brookfield Incorporacoes' foreign and local currency
Issuer Default Ratings 'BB-', and national long-term rating 'A+
(bra)'.  The Rating Outlook of the corporate ratings is Negative.


COMPANHIA SIDERURGICA: Names Alberto Monteiro as Finance Officer
----------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has named Alberto Monteiro de
Queiroz Netto as its new executive finance director, John
Kolodziejski at Dow Jones Newswires reports.  The report relates
that Mr. Monteiro will be responsible for the company's domestic
and international finance, foreign exchange and credit operations;
and his mandate will run through to April 30 2011.

According to the report, Mr. Monteiro is a company administrator
by profession.  The report relates that Mr. Monteiro shares the
finance portfolio with Paulo Penido Pinto Marques, who will
specialize in investor relations.

Dow Jones Newswires notes that previously, Octavio Lazcano was
responsible for both areas.  The report recalls that Mr. Lazcano
left CSN at the beginning of August to become president and head
of investor relations at Brazilian logistics company LLX Logistica
SA.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


COMPANHIA SIDERURGICA: Sets Initial Guidance For Overseas Bond
--------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has set initial price guidance
for its 10-year overseas bond issue at 7.0% to 7.25%, Rogerio
Jelmayer and Claudia Assis at Dow Jones Newswires report, citing a
person close to the operation.

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, Bloomberg News said that CSN tapped Morgan
Stanley and Banco Itau to arrange a benchmark dollar bond sale
amid growing demand for Latin American corporate debt.  The report
related that the source said CSN will pitch the bond offering to
investors next week, said the person.  According to the report, a
benchmark-size sale typically means at least US$500 million.  The
report, citing Fitch ratings, noted that CSN, which will use
proceeds to refinance debt, may raise as much as $750 million in
10-year notes.  The report said that CSN’s debt sale is part of a
push by Latin America companies to tap overseas credit markets as
borrowing costs decline amid speculation the global economic
recession is easing.

Dow Jones Newswires says that the bonds will mature on
September 30, 2019; and were rated Ba1 by Moody's Investors
Service, BBB- by Fitch Ratings and BB+ by Standard & Poor's.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


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


ARTIO TOTAL: Commences Liquidation Proceedings
----------------------------------------------
On July 27, 2009, the sole shareholder of Artio Total Return Bond
(Cayman) Fund Limited passed a resolution that voluntarily winds
up the company's operations.

Only creditors who were able to file their proofs of debt by
September 8, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ian D. Stokoe
          c/o Elizabeth Osborne
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8686/(345) 945 4237


ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15
------------------------------------------------------------
The creditors of Artradis Naga Short Bias Fund are required to
file their proofs of debt by September 15, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

         Richard Magides
         c/o Artradis Fund Management Pte Ltd.
         2 Battery Road, #26-01 Maybank Tower
         049907 Singapore
         Tel: 65381998
         Fax: 65388331


ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15
------------------------------------------------------------
The creditors of Artradis Naga Market Neutral (Non-US Feeder) Fund
are required to file their proofs of debt by September 15, 2009,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 1, 2009.

The company's liquidator is:

         Richard Magides
         c/o Artradis Fund Management Pte Ltd.
         2 Battery Road, #26-01 Maybank Tower
         049907 Singapore
         Tel: 65381998
         Fax: 65388331


ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15
------------------------------------------------------------
The creditors of Artradis Naga Market Neutral Fund are required to
file their proofs of debt by September 15, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 22, 2009.

The company's liquidator is:

         Richard Magides
         c/o Artradis Fund Management Pte Ltd.
         2 Battery Road, #26-01 Maybank Tower
         049907 Singapore
         Tel: 65381998
         Fax: 65388331


ARTRADIS NAGA: Creditors' Proofs of Debt Due on September 15
------------------------------------------------------------
The creditors of Artradis Naga Short Bias (Non-US Feeder) Fund are
required to file their proofs of debt by September 15, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 22, 2009.

The company's liquidator is:

         Richard Magides
         c/o Artradis Fund Management Pte Ltd.
         2 Battery Road, #26-01 Maybank Tower
         049907 Singapore
         Tel: 65381998
         Fax: 65388331


BRAZVEST FUND: Members Receive Wind-Up Report
---------------------------------------------
On September 8, 2009, the members of Brazvest Fund, Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Carolyn Wilson
          Telephone: (345) 914 8623
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


CCC CARBON: Creditors' Proofs of Debt Due on September 15
---------------------------------------------------------
The creditors of CCC Carbon General Partner Limited are required
to file their proofs of debt by September 15, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 7, 2009.

The company's liquidator is:

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


CCC CARBON: Creditors' Proofs of Debt Due on September 15
---------------------------------------------------------
The creditors of The CCC Carbon Fund are required to file their
proofs of debt by September 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

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


CCC CARBON: Creditors' Proofs of Debt Due on September 15
---------------------------------------------------------
The creditors of The CCC Carbon Fund II are required to file their
proofs of debt by September 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

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


CCC CARBON: Shareholders to Receive Wind-Up Report on September 15
------------------------------------------------------------------
The shareholders of CCC Carbon General Partner Limited will
receive on September 15, 2009, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CCC CARBON: Shareholders to Receive Wind-Up Report on September 15
------------------------------------------------------------------
The shareholders of The CCC Carbon Fund will receive on
September 15, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CCC CARBON: Shareholders to Receive Wind-Up Report on September 15
------------------------------------------------------------------
The shareholders of The CCC Carbon II Fund will receive on
September 15, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FININVESTMENTS LIMITED: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on July 17, 2009, the
members of Fininvestments Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
September 11, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alain Andrey
          IRR SA, 4 Quai de la Poste
          1204 Genevea, Switzerland
          Telephone: +41 22 592 92 92
          e-mail: aa@irr.ch


GLOBOTECH INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 15
----------------------------------------------------------------
The creditors of Globotech Investments Ltd. are required to file
their proofs of debt by September 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 21, 2009.

The company's liquidator is:

         Benjamin Greenspan
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


ION US: Creditors' Proofs of Debt Due Today
-------------------------------------------
The creditors of ION US Quant Feeder Fund Ltd. are required to
file their proofs of debt by today, September 14, 2009, to be
included in the company's dividend distribution.

Russell Smith is the company's liquidator.


ION US: Creditors' Proofs of Debt Due Today
-------------------------------------------
The creditors of ION US Quant Fund Ltd. are required to file their
proofs of debt by today, September 14, 2009, to be included in the
company's dividend distribution.

Russell Smith is the company's liquidator.


MIDAS FUNDING: Creditors' Proofs of Debt Due Today
--------------------------------------------------
The creditors of Midas Funding Company are required to file their
proofs of debt by today, September 14, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy's Drive, P.O. Box 1043
          George Town, Grand Cayman KY1-1102


SRL FIRST: Creditors' Proofs of Debt Due Today
----------------------------------------------
The creditors of SRL First Financing Company are required to file
their proofs of debt by today, September 14, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy's Drive, P.O. Box 1043
          George Town, Grand Cayman KY1-1102


ZAZOVE CONVERTIBLE: Creditors' Proofs of Debt Due Today
-------------------------------------------------------
The creditors of Zazove Convertible Arbitrage Fund, Ltd. are
required to file their proofs of debt by today, September 14,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Lisa Clarke
          Jane Fleming
          PO Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187/ (345) 945-2197


ZAZOVE CONVERTIBLE: Shareholders to Receive Wind-Up Report Today
----------------------------------------------------------------
The shareholders of Zazove Convertible Arbitrage Fund, Ltd will
receive today, September 14, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lisa Clarke
          c/o Jane Fleming
          PO Box 30464, Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187/(345) 945-2197


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


ECOPETROL SA: BNY Mellon Corporate Appointed as Trustee
-------------------------------------------------------
BNY Mellon Corporate Trust has been appointed trustee, registrar,
paying agent, transfer agent and exchange agent for Ecopetrol SA's
US$1.5 billion bond issue, the proceeds of which will be used for
general corporate purposes, including working capital and capital
expenditures.

In its role, BNY Mellon Corporate Trust will provide a variety of
services for the debt issue, including processing principal and
interest payments and maintaining bondholder records.

"As the world's leading corporate trust provider, we are well
positioned to support Ecopetrol in this issuance, the success of
which is a sign of investor confidence in the Colombian economy,"
said James Maitland, managing director and head of BNY Mellon
Corporate Trust's international business.  "We are committed to
servicing the growing needs of issuers across Latin America, and
this mandate by one of the largest companies in the region
illustrates the market's trust in our global capabilities and
expertise."

BNY Mellon has been conducting business in Latin America for over
100 years.   The company has representative offices in Brazil,
Mexico, Chile and Argentina, as well as significant local
operations in Brazil, and holds a banking license in Mexico.  It
offers a full range of securities servicing, global payments,
asset management and trade finance products.

BNY Mellon Corporate Trust services nearly US$12 trillion in
outstanding debt from 58 locations in 20 countries.  Its clients
include governments and their agencies, multinational
corporations, financial institutions and other entities that
access the global debt capital markets.  The corporate trust
business utilizes its global footprint and expertise to deliver a
full range of issuer and related investor services and develop
customized and market-driven solutions.  Its range of core
services includes debt trustee, paying agency, escrow and other
fiduciary offerings.

Corporate trust providers are appointed by debt issuers as well as
fund and collateral management institutions to perform a variety
of services related to debt and collateral administration,
safekeeping, direct cash and investment management, portfolio and
transparency analytics, reporting, and final asset disposition and
distribution activities.

                        About BNY Mellon

BNY Mellon -- http://www.bnymellon.com/-- is a global financial
services company focused on helping clients manage and service
their financial assets, operating in 34 countries and serving more
than 100 markets. The company is a leading provider of financial
services for institutions, corporations and high-net-worth
individuals, providing superior asset management and wealth
management, asset servicing, issuer services, clearing services
and treasury services through a worldwide client-focused team.  It
has US$20.7 trillion in assets under custody and administration,
US$926 billion in assets under management, services US$11.8
trillion in outstanding debt and processes global payments
averaging $1.8 trillion per day.

                      About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


BOGOTA DISTRITO: S&P Raises Foreign Currency Rating From 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BBB-' long-term issuer LCR and raised its long-term FCR to 'BBB-'
from 'BB+' on Bogota Distrito Capital (the Capital District of
Bogota).  The outlook on both ratings remains stable.  At the same
time, S&P raised Bogota's senior unsecured debt rating to 'BBB-'
from 'BB+' on its Colombian peso (COP)-denominated notes (about
$300 million), payable in foreign currency and maturing in 2028,
issued under Rule 144A.

S&P raised the foreign currency rating on Bogota to 'BBB-'--the
same level as its local currency rating—reflecting S&P's
assessment of the Republic of Colombia's transfer and
convertibility risk ('BBB').  At the same time, S&P affirmed the
district's 'BBB-' local currency rating, which is one notch above
the foreign currency rating on Colombia (foreign currency:
BB+/Stable/B; local currency: BBB+/Stable/A-2)--in line with S&P's
refined methodology, which is detailed in the article
"Methodology: Rating A Regional Or Local Government Higher Than
Its Sovereign," published Sept. 9, 2009, on RatingsDirect.

In order to assign an LRG a local currency rating above the
sovereign's foreign currency rating, Standard & Poor's assesses
whether it believes there is a measurable likelihood that the
LRG's credit characteristics will remain stronger than those of
the sovereign in a scenario of economic or political stress.  In
other words, Standard & Poor's considers whether the structural
differences and the institutional features allowing the LRG to be
rated above the sovereign are resilient to a major economic or
political disruption, and whether the LRG would have sufficient
flexibility to mitigate negative intervention from the government.

This concept translates into three fundamental conditions.  For
Standard & Poor's to rate an LRG higher than its sovereign, the
LRG is expected to exhibit these:

  -- The ability to maintain stronger credit characteristics than
     the sovereign in a stress scenario;

  -- An institutional framework that is predictable and that
     limits the risk of negative sovereign intervention; and

  -- The ability to mitigate negative intervention from the
     sovereign thanks to high financial flexibility and
     independent treasury management.

"We believe the district could maintain its sufficient operational
and financial flexibility in dealing with sovereign and country
risks.  S&P have applied a stress scenario to Bogota considering a
severe economic downturn, high inflation, decreased central
transfers, and a haircut on liquidity, among other factors.  Under
such scenario, Bogota would still have enough liquidity to service
its debt obligations.  Although S&P recognizes its economy is
correlated to the national one, Bogota's high levels of fiscal
autonomy, robust operating margins, strong liquidity position
(despite the haircut), significant spending flexibility, low debt
levels, smooth amortization profile, and stable and predictable
institutional framework enable the district to weather potential
economic or political stress.  S&P therefore believes that there
is little likelihood that Bogota would default on its local or
foreign currency obligations if Colombia were to default on its
foreign currency debt.  The district's foreign currency debt as a
percentage of total debt is quite small (less than 13%), and its
total debt is still below international peers in the same rating
category, with net debt close to zero as of June 30, 2009," said
Standard & Poor's credit analyst Daniela Brandazza.

The stable outlook reflects S&P's expectation that Bogota will
continue to perform solidly, sustaining its strong liquidity
position and prudent financial policies.  "We believe the district
will maintain significant revenue flexibility through active tax
collection and adequate controls on operating spending, and that
its Metro project will not result in significant debt thanks to
Bogata's significant flexibility on other capital expenditure
programs and its good infrastructure.  Any increasing debt
reaching significant levels, a deteriorating liquidity position,
and/or a drastic change in the district's financial policies could
pressure the ratings," Ms. Brandazza added.


* COLOMBIA: Venezuela Cuts Cargo, Passenger Flight Routes
---------------------------------------------------------
Venezuela has barred Colombian cargo planes from entering the
country and has cut the number of commercial flights connecting
the South American neighbors, Daniel Cancel at Bloomberg News
reports, citing a Colombian Civil Aeronautic Institute statement.

According to the report, Colombian cargo companies including
Aerosucre, Lineas Aereas Suramericanas and Tampa have been unable
to fly to Venezuela; while Colombian passenger airlines Avianca,
Aerorepublica, Sam and Aires have also had to reduce their flights
to Venezuela.  The report relates that the only cargo company
flying routes between the two countries at the moment is Vensecar
Internacional CA, Venezuela’s only cargo flight operator. No
Venezuelan commercial airlines fly to Colombia.  Bloomberg News
relates that the affected Colombian cargo companies each operated
an average of 4 to 5 flights a week to Venezuela before the
permits were denied.

“Due to the global crisis, the operations of cargo transport has
suffered an 80 percent drop in activity,” Civil Aeronautic
Institute said in a statement obtained by the news agency. “With
this decision, you could say another 5 percent of activity has
been lost,” Civil Aeronautic Institute added.

As reported in the Troubled Company Reporter-Latin America on
August 14, 2009, Xinhua News said that Venezuelan Energy and Oil
Minister Rafael Ramirez said that the government is considering
halting the import of Colombian gas on account of the recent
political impasse between the two neighboring countries.  "We can
have a balance in gas production and we can stop buying gas from
Colombia without any problem," the report quoted Mr. Ramirez as
saying.  Xinhua News recalled that Venezuelan President Hugo
Chavez announced the freezing of the country's diplomatic ties
with Colombia on July 28, after Colombia intended to allow U.S.
military presence in Colombian bases, and accused Venezuela of
aiding Colombian rebels.

                         *     *     *

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

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


==================
C O S T A  R I C A
==================


INSTITUTO NACIONAL: Fitch Assigns 'BB+' Insurer Strength Rating
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' local currency Insurer
Financial Strength Rating and a national scale long-term rating of
'AAA(cri)' to The Instituto Nacional de Seguros in Costa Rica.
The Rating Outlook is Stable.

INS' ratings reflect the company's very strong capital position,
strong profitability, highly dominant market position, adequate
reinsurance protection, liquidity and the explicit support the
company receives from the government of Costa Rica (local currency
Issuer Default Rating rated 'BB+' by Fitch).  On the other hand,
the need to enhance its operating platform, a more diversified
investment portfolio, dynamic underwriting techniques and
effective cost control policies are key to preserving its
financial profile going forward, while a less benign operating
environment could challenge its business plan.

The Rating Outlook is Stable.  INS' rating is highly tied to the
rating of its shareholder, the Costa Rican government.  Changes in
the rating of the former could result in changes to INS' ratings.

INS was founded in 1924 and has been in full control of the
insurance monopoly in Costa Rica since that date.  According to
the Insurance Law of 2008, the company's insurance operations in
Costa Rica are guaranteed by the full faith of the government but
not its financial debt or insurance operations held abroad.
Despite the fact that the current regulatory framework (reformed
on 2008) is constructive and promotes a free market, it is new and
untested, and some specific regulatory pieces are still in the
process of being approved.

INS is the largest insurance company in Central America and among
the largest insurance companies in Latin America.  Despite the
relatively low penetration of the insurance business in Costa
Rica, INS' market dominance and relative size is explained by the
benefits of the insurance monopoly created in Costa Rica in 1924
and the substantial size of the Costa Rican economy.  The opening
of the insurance market in the country since mid-2008 allows new
players to participate, which may result in some competition for
INS, but its market dominance is expected to persist in the medium
term while new players start their operations.

Operating performance has been improving thanks to a more
controlled claims ratio, good acquisition costs and high financial
income despite rigidities in terms of operating costs and some
mandatory expenses outlined by the previous and current regulatory
framework.  With this, the ROAA ratio has averaged almost 7% in
the last five years.  Despite the expected increase in
competition, a less benign operating environment and lower
interest rates, INS' profitability should remain strong in the
short to medium term.

Capital is ample and not encumbered, although it is expected to
remain as one of INS' main strengths in the future.  Conservative
profit retention and high profitability have allowed INS to
enhance its already strong capital ratios.  At the end of fiscal
2008, the liabilities-to-equity ratio stood at 2.0 times (x), and
the net-earned-premium-to-equity ratio averaged less than 1.0x in
the last five years.  Total leverage is adequate at 2.9x.


===============
D O M I N I C A
===============


DIGICEL GROUP: Acquires Orange Dominica's Operations
----------------------------------------------------
Digicel Group has acquired Orange Dominica Ltd.'s operation the
country, Dominica News Online reports, citing reliable sources .

According to the report, 15 months ago, Orange Dominica said it
may have no choice but to close shop because of inadequate
revenue.  The report relates that Digicel officials plan to
publicly announce the acquisition early this week.

Dominica News Online notes that Orange is the key brand of France
Telecom.  The report relates that Orange Dominica began operations
in Dominica several years ago, providing mobile services, and
competing against Cable & Wireless (now LIME).

                      About Digicel Group

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

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

                           *     *     *

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

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


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


CORPORACION GEO: S&P Assigns 'BB-' Senior Unsecured Debt Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
senior unsecured long-term debt rating to Corporacion Geo S.A.B.
de C.V.'s proposed $200 million fixed-rate notes.  S&P assigned a
recovery rating of '4' to the notes, indicating S&P's expectation
of average (30%-50%) recovery in the event of a payment default.
Geo will use proceeds mainly to refinance short-term obligations,
and for working capital and other expenses.  At the same time, S&P
affirmed its 'BB-' long-term corporate credit rating and its
'mxBBB+' national scale rating on Geo.  The outlook is negative.

"The ratings on Geo are limited by the intense working capital
requirements to sustain the company's growth targets, as well as
its greater use of external financing -- specifically short-term
debt -- to fund a longer operating cycle and capital
expenditures," said Standard & Poor's credit analyst Laura
Martinez.

The ratings also reflect Geo's aggressive financial policy and
accounting practices, such as changes in its interim and audited
financial statements in the past, and its use of financing
strategies that have required restricted cash balances.  Geo's
position as one of the leading homebuilders in Mexico, its
geographic diversification and scale, and its diverse product line
are positives for the rating.

Geo is targeting nominal growth of 7% to 10% for 2009, and the
company expects to keep posting similar growth over the next three
years while focusing on affordable, entry-level housing, where
current mortgage availability is concentrated.  These growth
levels are above S&P's industry expectations, and will continue to
demand significant working capital requirements, in particular if
collections do not perform according to the company's
expectations.  Also, Geo has significant capital expenditures in
the short term.  It is investing in the industrialization of its
building process through its fully automated prefabricated
components factory.  S&P believes these factors will lead to a
negative cash flow generation of about Mexican peso 650 million
($49 million) and could continue to require additional external
financing.


MTI GLOBAL: Has US$7.4 Million Sub Debt Facility From Wellington
----------------------------------------------------------------
MTI Global Inc. has entered into a new US$7.4 million subordinated
debt financing agreement with Wellington Financial LP, which
complements the forbearance agreement entered into with its
principal Canadian bank.

"This represents a significant step forward in our recovery to
profitability" said Bill Neill, MTI President and CEO.  "Following
our earlier agreement with our principal Canadian bank, we have
successfully secured support and flexibility from our largest
lender to set the corporation back on track."

The financing amends the existing Series A Secured Debenture in
the principal amount of US$7 million.  Under the terms of the
agreement:

     -- All existing defaults have been waived and there are no
        financial ratio covenants in the new arrangement.

     -- Additional principal in the amount of US$418,824 has been
        added to the principal balance of the Debenture as
        consideration for default interest.

     -- The debenture will continue bear interest at an annual
        rate of 12.75%.

     -- The Company will issue 2.6 million common shares and
        cancel 3,230,769 special warrants previously issued to
        Wellington Financial LP.

     -- The maturity date is June 3, 2011, or otherwise on demand
        or immediately prior to a change of control.

The issuance of the common shares to Wellington constitutes a
shares-for-debt private placement under the rules of the Toronto
Stock Exchange.  Wellington is an unrelated arm's-length party to
the Company and the issuance of the common shares will not
materially affect control of the Company.  The number of common
shares issuable pursuant to the Private Placement will represent
in aggregate approximately 9.3% of the 27,808,334 currently issued
and outstanding common shares of the Company on a non-diluted
basis.  Wellington, upon issuance of the common shares, will own
approximately 8.5% of the issued and outstanding common shares of
the Company.

The Private Placement is subject to the approval of the TSX and
since the Private Placement will provide for the issuance of
additional common shares to Wellington rather than warrants
pursuant to the Private Placement, the rules of the TSX require
that the Company obtain approval of the Private Placement from the
holders of a majority of the voting shares of the Company.
However the rules of the TSX also provide that such approval may
be obtained in writing from shareholders without the requirement
to convene a shareholders' meeting for such purposes, and the
Company intends to rely on this exemption in connection with the
Private Placement.  The closing of the Private Placement is
anticipated to occur on or as soon as possible after September 16,
2009.

                       Forbearance Agreement

The Company signed a forbearance agreement with its bank on July
10, 2009, with an expiry date of September 30, 2009.  Under the
terms of the forbearance agreement, additional general covenants
have been placed on the Company.  However, the agreement did not
waive the financial and general covenants and the Company
continued to be in breach with its principal Canadian Bank and
with its subordinated debt holder, a privately held specialty
finance firm.

The Company did not achieve its December 31, 2008 earnings before
interest, taxes and depreciation, fixed charge coverage and funded
debt to earnings before interest, taxes and depreciation covenants
or its March 31, 2009, and June 30, 2009 fix charge coverage
covenant.  Furthermore, the Company is in breach of certain
general covenants it was obligated to satisfy pursuant to waiver
agreements entered into by the Company with its Bank and Lender
based on its June 30, 2008, and subsequent interim monthly
results.  The covenant violation provides the Bank and the Lender
with the right to demand repayment of their indebtedness.

Subsequent to June 30, 2009, the Company continued discussions
with the Lender seeking to obtain a waiver of the breaches
including amended covenants.

                          About MTI Global

MTI Global Inc. (CA:MTI) -- http://www.mtiglobalinc.com/--
designs, develops and manufactures custom-engineered products
using silicone and other cellular materials.  The Company serves a
variety of specialty markets focused on two main areas: Silicone
and MTI Polyfab, comprising, Aerospace and Fabricated Products.
MTI Global's primary markets are aerospace and mass transit.
Secondary markets include sporting goods, automotive, industrial,
institutional, electronics, and the medical market through a 51%
interest in MTI Sterne SARL of Cavaillon, France.  MTI Global's
head office and Canadian manufacturing operations are located in
Mississauga, Ontario, with international manufacturing operations
located in Bremen, Germany, Milton, Florida and a contract
manufacturer venture in Ensenada, Mexico.  The Company also
maintains engineering support centres in Brazil and Toulouse,
France.


* MEXICO: July Industrial Output Declined 6.5% From Year Earlier
----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that the national
statistics institute said Mexico’s industrial production fell 6.5%
in July from a year earlier.  The decline was less than the 9.1%
drop forecast in a survey of 14 economists by Bloomberg.


* Moody's Withdraws 'Ba1' Global Rating on State of Morelos
-----------------------------------------------------------
Moody's de México has withdrawn the A1.mx (Mexico National Scale)
and Ba1 (Global Scale, local currency) ratings assigned to two
bank loans of the State of Morelos with Santander (original face
values of approximately MXN 326 million and MXN 191 million),
which were paid through a trust using the state's participation
revenues.  Moody's has withdrawn these ratings to reflect the
state's payment of the loans in full at maturity.

The last rating action concerning these loans was taken in May of
2006 when the ratings were assigned.


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


CL FINANCIAL: British American Falls Into BS$38MM Insolvency
------------------------------------------------------------
Neil Hartnell at The Tribune reports that Bahamian insurance
regulators has placed Bahamas-registered British American
Insurance Company Limited (formerly known as British American
Insurance Company of the Bahamas), into the care of a judicial
manager after its 2008 year-end accounts revealed it was insolvent
to the tune of BS$38 million.  British American Insurance Company
is a CL Financial Limited affiliate that is not related in any way
to British American Financial.

According to the report, the Insurance Commission has successfully
petitioned that Juan Lopez, of KPMG Restructuring, be appointed as
the judicial manager for British American Insurance.  The report
relates that British American Insurance has no business in the
Bahamas, and has no Bahamian policyholders or clients.  The
company instead operated across much of the remainder of the
Caribbean, the report notes.

The Tribune relates that Insurance Commissioner Lennox McCartney,
citing an affidavit to support the petition, said that the
company's unaudited statements for the financial year ended
December 31, 2008, showed it had total assets of almost BS$910
million and liabilities of around BS$948 million, producing a
BS$38 million solvency deficiency.  The Insurance Commission
confirmed that as at June 25, 2009, British American Insurance
Company Ltd had unpaid claims in 10 eastern Caribbean states
totalling BS$91.65 million, "which it has to the present been
unable to raise the necessary liquidity to pay," Mr. McCartney
added.

Mr. McCartney, the report relates, said British American also had
"management-related problems", with all its directors having
resigned as of June 30, 2009, and no replacements appointed since
then; and a number of restrictions had also been imposed on its
operations as of December 23, 2008, due to the company's
"financial difficulties".

The report points out that Mr. McCartney successfully argued for
the judicial manager's appointment to safeguard the company's
assets.  "The regional regulators and governments in the region
would like an opportunity to maybe recapitalize the company and
continue as a going concern in the region," Mr. McCartney told the
news agency in an interview.

                        About CL Financial

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

                           *     *     *

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

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


* TRINIDAD & TOBAGO: Economy Seen Recovering in 2010
----------------------------------------------------
Trinidad and Tobago's economy will recover next year and is
forecast to grow 2% in 2010 after a projected contraction of 0.9%v
this year, Linda Hutchinson-Jafar at Reuters reports, citing
Finance Minister Karen Nunez-Tesheira.  The report relates that
Ms. Nunez-Tesheira said that economic growth in the Caribbean oil
and gas producer was expected to strengthen further to 4% in 2011
and to 5-6% in 2012, "We see these growth projections as easily
achievable based on the global outlook and the economic policies
that the Government intends to implement over the next few years,"
the report quoted Ms. Nunez-Tesheira as saying.

According to the report, the Government said that this year's
projected contraction will be the first annual decline in GDP in
16 years for Trinidad and Tobago.  Last year, the country recorded
economic growth of 2.3%, the government added.

Reuters says Caribbean economies have been reeling from the impact
of the global economic downturn, and oil and gas producer Trinidad
has also felt the squeeze of lower energy prices over the last
year.  "In 2010 we will once again be challenged by reduced energy
revenues.  According to the experts, while oil prices are expected
to continue to strengthen, gas prices are projected to remain
depressed in 2010 because of excess supply conditions in
international markets," the report quoted Ms. Nunez-Tesheira as
saying.

Reuters notes that the country's 2010 budget was based on a price
of US$55 per barrel for oil and a gas price of US$2.75 per million
cubic feet.  Based on these assumptions, the report relates, total
revenue for the country, heavily dependent on gas exports, was
forecast at US$6 billion.  Reuters adds that at the end of 2009,
the fiscal deficit was expected to be the equivalent of 6.3% of
GDP, but the government expected this to fall in 2010 to 5% of
GDP, followed by a progressive improvement of the fiscal balance
through to 2012.


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


PETROLEOS DE VENEZUELA: Call Option Won't Affect Fitch's Ratings
----------------------------------------------------------------
Fitch Ratings believes the exercise of the call option by
ConocoPhillips to acquire Petroleos de Venezuela S.A.'s interest
through its subsidiaries PDV Texas and PDV Sweeny in the project
Merey Sweeny Limited Partnership has no rating implication on the
project.

The call option was exercised after PDVSA failed to pay its
damages to COP under the crude oil supply agreement and
supplemental crude oil supply agreement.  The damages were
incurred as PDVSA has not been supplying Merey heavy crude as per
the contract specifications to the refinery from January 2009
onwards.

COP (Issuer Default Rating 'A' with a Stable Outlook by Fitch) and
PDVSA (IDR 'B+' with a Stable Outlook) formed MSLP (rated 'BBB'
with a Negative Outlook) in 1998 to build, own, operate, and
maintain certain facilities and improvements located at the Sweeny
Refinery.  MSLP consists of a delayed coker, vacuum tower and
associated facilities.  The refinery has capacity to process
66,700 barrels per day of light sweet crude oil as well as 180,000
barrels per day of heavy sour crude.  COP is the operator and
offtaker of MSLP.


PETROLEOS DE VENEZUELA: To Operate Sacha Field With Petroecuador
----------------------------------------------------------------
Operaciones Rio Napo, a joint venture company between Petroeduador
(70% stake) and PDVSA Ecuador S.A. (30% stake), entered into a
service agreement with Petroproduccion, a subsidiary of
Petroecuador, for management, increased output, development,
upgrade, comprehensive improvement and drilling of the Sacha
field, in the Ecuadorian Amazonian region, Oil Voice News reports.
PDVSA Ecuador S.A. is a unit of Petroleos de Venezuela.

According to the report, the technical teams of Petroecuador and
PDVSA Ecuador are to combine efforts in order to exploit and
develop the best oilfield in the southern country.  The report
relates that to date, a total of 225 wells have been drilled.

Oil Voice News says that the Sacha field -- contains around 3.45
billion barrels of oil originally in place and produces
approximately 50,000 bpd of 28o API crude oil -- was discovered in
1969 and production started in 1972.

                           About PDVSA

Petroleos d Venezuela -- http://www.pdvsa.com/-- is Venezuela's
estate 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: Refinery Enlargement Ensures Fuel Supply
----------------------------------------------------------------
In order to ensure timely, safe and reliable fuel supply to the
nation and keep the corporate high profile in the world, Petroleos
de Venezuela, S.A. has made the most substantial investment over
the past decades for more than US$17 billion to overhaul and
adjust the refining network to the market changing demands.

PDVSA Refining Managing Director Jesus Luongo talked about the
pressing need in the refining estate of projects aimed at
enlarging the processing capacity at some plants and making others
more versatile to receive a wider variety of crude oil and
increase the supply of final products.  All of this to cash in on
the enormous potential of the Orinoco Oil Belt, with huge deposits
of heavy and extra-heavy oil placing Venezuela as the country with
the largest oil reserves in the world.

With a view to building a new, fairer and sustainable model of
economic development to fight poverty and social exclusion, the
Bolivarian Government –having rescued and recovered PDVSA from the
oil sabotage in 2002- introduced the Oil Sowing Plan (PSP) in
2005.  The plan outlines the domestic policy on hydrocarbons until
2030, and sets strategies for integration and expansion of the
national and international refining system.

               Upgrading medium and deep conversion

Among the initiatives envisaged in the Oil Sowing Plan for the
refining area, Mr. Luongo, also the managing director of the
Paraguana Refining Center, briefed on the major works, namely: the
enlargement of the Fluid Catalytic Cracking units at the
refineries of El Cardon, located in Falcon state, and El Palito,
in Carabobo state.

“The FCC processing capacity will grow by 15% to 89,000 bpd, with
funding surpassing USD650 million and a physical progress of 97%
in the works.  Of course, the benefit goes beyond a higher input;
we are also improving the operational reliability of the plant and
enhancing its operation standards from the environmental view. As
for FCC El Palito, the capacity at this plant will grow over 13%,
that is, from 54,000 to 70,000 bpd, following an investment of
more than US$100 million.  It is presently in the process of
commissioning upon completion of the project.”

In Amuay -- another refinery which forms part of the CRP -- the
refitting of medium and deep conversion will raise the processing
level at 100,000 bpd.  In other words, the utilization of the
installed capacity -- currently at 480,000 bpd -- will climb to
580,000 bpd, thus enlarging the output of high-quality diesel and
gasoline.  The project includes improvements at the delayed
cocking unit and the deployment of new facilities; it is in the
stage of conceptualization, and will be materialized in 2015, upon
the investment of US$1.96 billion in 2015.

Projects such as the construction of the naphtha hydro-treating
plant in Amuay will be implemented soon.  The plant is set to
process 35,000 bpd and help find a niche in the market of
reformulated gasoline with a sulfur content lower than 30
particles per million.  This project entails an investment of more
than US$313 million; progress has been made at 52.2%.
Commissioning is scheduled for the first half of 2011.

The Puerto La Cruz refinery has been included in the refurbishment
strategy to widen up both processing of heavy and extra-heavy
crude oil and the output of gasoline and jet fuel by 63%.  The
deep conversion project budgeted at US$6.50 billion is moving on;
the stage of basic engineering was successfully completed.  It
should be ready by the first half of 2013.

At the El Palito Refinery, the expansion project will turn 22° API
oil into products with a high marketing value.  The project is in
the stage of layout; investment is estimated at US$6.50 billion.
Commissioning is scheduled by the end of 2014.

                         Reliable supply

Gasoline supply across the nation is fully ensured, no matter the
work in process, because PDVSA has enough fuel stocks to fulfill
its commitments both in the domestic and export markets, Mr.
Luongo said.  “Remember that this is a network; therefore, it
works as a whole and in total synchrony; what a refinery stops
producing during the halt is provided by another refinery.”

Mr. Luongo said, for instance, that there are in the country more
than five million and a half vehicles as a result of the domestic
economic growth over the past few years, thanks to the endeavors
of the Bolivarian government.  “Such an increase in the fleet of
vehicles boosted gasoline consumption, presently around 285,000
bpd, and our priority is to meet this demand,” Mr. Luongo said.

                           About PDVSA

Petroleos d Venezuela -- http://www.pdvsa.com/-- is Venezuela's
estate 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'


* VENEZUELA: Cuts Cargo, Passenger Flight Routes From Colombia
--------------------------------------------------------------
Venezuela has barred Colombian cargo planes from entering the
country and has cut the number of commercial flights connecting
the South American neighbors, Daniel Cancel at Bloomberg News
reports, citing a Colombian Civil Aeronautic Institute statement.

According to the report, Colombian cargo companies including
Aerosucre, Lineas Aereas Suramericanas and Tampa have been unable
to fly to Venezuela; while Colombian passenger airlines Avianca,
Aerorepublica, Sam and Aires have also had to reduce their flights
to Venezuela.  The report relates that the only cargo company
flying routes between the two countries at the moment is Vensecar
Internacional CA, Venezuela’s only cargo flight operator. No
Venezuelan commercial airlines fly to Colombia.  Bloomberg News
relates that the affected Colombian cargo companies each operated
an average of 4 to 5 flights a week to Venezuela before the
permits were denied.

“Due to the global crisis, the operations of cargo transport has
suffered an 80 percent drop in activity,” Civil Aeronautic
Institute said in a statement obtained by the news agency. “With
this decision, you could say another 5 percent of activity has
been lost,” Civil Aeronautic Institute added.

As reported in the Troubled Company Reporter-Latin America on
August 14, 2009, Xinhua News said that Venezuelan Energy and Oil
Minister Rafael Ramirez said that the government is considering
halting the import of Colombian gas on account of the recent
political impasse between the two neighboring countries.  "We can
have a balance in gas production and we can stop buying gas from
Colombia without any problem," the report quoted Mr. Ramirez as
saying.  Xinhua News recalled that Venezuelan President Hugo
Chavez announced the freezing of the country's diplomatic ties
with Colombia on July 28, after Colombia intended to allow U.S.
military presence in Colombian bases, and accused Venezuela of
aiding Colombian rebels.

                         *     *     *

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

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


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


LATAM: OPEC to Revise Again Market Performance in December
----------------------------------------------------------
The Organization of Petroleum Exporting Countries resolved to keep
its output unchanged during the 154th Extraordinary Meeting held
at the headquarters in the Austrian capital city.  Last year, the
organization curtailed 4.2 million bpd in an attempt at
stabilizing weakened oil prices after smashing a record in July.
The parties made a call to observe the decision to increase the
prices.

In the official communique, member states are set to observe the
supply-demand fundamentals.  The market performance will be
reviewed again in the 155th Extraordinary Meeting to be held next
December 22, in Luanda, Angola.

On January 1, 2010, Ecuadorian Minister of Mines and Petroleum
Germanico Pinto will take office as president of the OPEC
Conference.  The next regular meeting will be held in Vienna, on
March 17, 2010.


* BOND PRICING: For the Week September 7 to September 11, 2009
--------------------------------------------------------------

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


ARGENTINA

ARGENT-PAR              1.18         12/31/2038  ARS         28.88
ARGNT-BOCON PR13           2         3/15/2024   ARS         47.91
ARGNT-BOCON PRE8           2         1/3/2010    ARS          20.9
MENDOZA PROVINCE         5.5         9/4/2018    USD         60.32
BONAR VII                  7         9/12/2013   USD         73.93
BODEN 2015                 7         10/3/2015   USD         69.04
BONAR X                    7         4/17/2017   USD         67.58
ARGENT-=DIS             7.82         12/31/2033  EUR         52.53
ALTO PALERMO SA         7.88         5/11/2017   USD            67
ARGENT-$DIS             8.28         12/31/2033  USD         65.98
ARGENT-$DIS             8.28         12/31/2033  USD         56.06
INVERS REP Y SOC         8.5         2/2/2017    USD          78.8
TRANSENER               8.88         12/15/2016  USD         72.75
BUENOS-$DIS             9.25         4/15/2017   USD         57.41
BUENOS AIRE PROV        9.38         9/14/2018   USD         51.55
BUENOS AIRE PROV        9.63         4/18/2028   USD         48.36
BANCO MACRO SA          9.75         12/18/2036  USD         68.95
BONAR ARG $ V           10.5         6/12/2012   ARS         69.83
INDUSTRIAS METAL       11.25         10/22/2014  USD         72.98
AUTOPISTAS DEL S        11.5         5/23/2017   USD          41.5


BRAZIL

REDE EMPRESAS          11.13         #N/A N Ap   USD         67.75
REDE EMPRESAS          11.13         #N/A N Ap   USD          50.5


CAYMAN ISLAND

BARION FUNDING           0.1         12/20/2056  EUR          7.06
MAZARIN FDG LTD          0.1         9/20/2068   EUR          4.29
BARION FUNDING          0.25         12/20/2056  USD          7.03
BARION FUNDING          0.25         12/20/2056  USD          7.03
BARION FUNDING          0.25         12/20/2056  USD          7.03
BARION FUNDING          0.25         12/20/2056  USD          7.03
BARION FUNDING          0.25         12/20/2056  USD          7.08
BARION FUNDING          0.25         12/20/2056  USD          7.03
MAZARIN FDG LTD         0.25         9/20/2068   USD          5.16
MAZARIN FDG LTD         0.25         9/20/2068   USD          5.21
MAZARIN FDG LTD         0.25         9/20/2068   USD          5.16
MAZARIN FDG LTD         0.25         9/20/2068   USD          5.16
MAZARIN FDG LTD         0.25         9/20/2068   USD          5.16
MAZARIN FDG LTD         0.25         9/20/2068   USD          5.16
BARION FUNDING          0.63         12/20/2056  GBP         16.98
MALACHITE FDG           0.63         12/21/2056  EUR         21.94
MAZARIN FDG LTD         0.63         9/20/2068   GBP         14.04
BARION FUNDING          1.44         12/20/2056  GBP          30.1
MAZARIN FDG LTD         1.44         9/20/2068   GBP         27.62
CHINA MED TECH             4         8/15/2013   USD         61.25
CHINA SUNERGY           4.75         6/15/2013   USD         61.81
LDK SOLAR CO LTD        4.75         4/15/2013   USD          69.8
BES FINANCE LTD          6.2         2/7/2035    EUR         61.67
DUBAI HLDNG COMM           6         2/1/2017    GBP         72.62
AIG SUNAMERICA          6.38         10/5/2020   GBP         75.01
SHINSEI FIN CAYM        6.42         #N/A N Ap   USD         51.91
XL CAPITAL LTD           6.5         #N/A N Ap   USD            63
PUBMASTER FIN           6.96         6/30/2028   GBP         63.29
PANAMA CANAL RAI           7         11/1/2026   USD            74
FERTINITRO FIN          8.29         4/1/2020    USD         58.03
PUBMASTER FIN           8.44         6/30/2025   GBP         70.81
GOL FINANCE             8.75         #N/A N Ap   USD          79.1
CHINA PROPERTIES        9.13         5/4/2014    USD         72.42
EGE HAINA FINANC         9.5         4/26/2017   USD          72.5
HONG LONG               12.5         10/3/2012   USD         49.88


ECUADOR

REP OF ECUADOR          9.38         12/15/2015  USD         82.41


JAMAICA

JAMAICA GOVT LRS         7.5         10/6/2012   JMD         74.59
JAMAICA GOVT               8         3/15/2039   USD         68.42
JAMAICA GOVT             8.5         2/28/2036   USD         68.44
JAMAICA GOVT LRS       12.75         6/29/2022   JMD         59.25
JAMAICA GOVT LRS       12.75         6/29/2022   JMD         59.24
JAMAICA GOVT LRS       12.85         5/31/2022   JMD         59.83
JAMAICA GOVT LRS       13.38         12/15/2021  JMD         63.06
JAMAICA GOVT           13.38         4/27/2032   JMD         59.52
JAMAICA GOVT LRS       13.58         12/15/2026  JMD         60.49
JAMAICA GOVT LRS          14         6/30/2021   JMD         66.76
JAMAICA GOVT LRS        14.4         8/3/2027    JMD         65.96
JAMAICA GOVT LRS          15         11/15/2021  JMD          70.4
JAMAICA GOVT LRS          15         9/6/2032    JMD         64.87
JAMAICA GOVT LRS          15         8/30/2032   JMD         68.64
JAMAICA GOVT LRS        15.5         3/24/2028   JMD          69.1
JAMAICA GOVT LRS          16         12/6/2032   JMD         71.17
JAMAICA GOVT LRS          16         6/13/2022   JMD         73.69
JAMAICA GOVT LRS       16.13         8/21/2032   JMD         73.78
JAMAICA GOVT LRS       16.15         6/12/2022   JMD         74.36
JAMAICA GOVT LRS       16.25         7/26/2032   JMD         72.32
JAMAICA GOVT LRS       16.25         8/26/2032   JMD         74.35
JAMAICA GOVT LRS       16.25         5/22/2027   JMD         72.39
JAMAICA GOVT LRS       16.25         6/18/2027   JMD         72.33
JAMAICA GOVT LRS        16.5         6/14/2027   JMD         73.47


PANAMA

NEWLAND INT PROP         9.5         11/15/2014  USD          74.3


PUERTO RICO

PUERTO RICO CONS         6.5         4/1/2016    USD            45
DORAL FINL CORP          7.1         4/26/2017   USD          60.5
DORAL FINL CORP         7.15         4/26/2022   USD         50.75
DORAL FINL CORP         7.65         3/26/2016   USD         64.13


VENEZUELA

VENEZUELA               5.75         2/26/2016   USD         70.63
VENEZUELA                  6         12/9/2020   USD         59.62
VENEZUELA                  7         12/1/2018   USD         68.48
VENEZUELA                  7         3/16/2015   EUR         71.29
VENEZUELA                  7         3/31/2038   USD         56.99
VENEZUELA               7.65         4/21/2025   USD         63.53
VENEZUELA                  9         5/7/2023    USD         72.81
VENEZUELA               9.25         5/7/2028    USD         71.56
VENZOD - 189000         9.38         1/13/2034   USD         71.95

                            ***********

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 * * *