TCRLA_Public/090916.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

            Wednesday, September 16, 2009, Vol. 10, No. 183

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Pulman Cappuccio Files US$80-Million Lawsuit
STANFORD GROUP: Fraud Victims Want to File Involuntary Chapter 11
STANFORD INT'L: SFG Receiver Gets OK to Control Canadian Assets


A R G E N T I N A

ARGENS SACYF: Proofs of Claim Verification Deadline is November 3
DARIO AYALA: Proofs of Claim Verification Deadline is November 13
MERCURY MOBILE: Proofs of Claim Verification Deadline is Nov. 6
NUEVO CLUB: Asks for Opening of Preventive Contest
NUTRIPAC SA: Proofs of Claim Verification Deadline is November 25

ORGANIZACION SUINDA: Creditors' Proofs of Debt Due on November 10
UNION CEL: Proofs of Claim Verification Deadline is October 15


B A R B A D O S

* BARBADOS: IMF Board Concludes 2009 Article IV Consultation


B E R M U D A

AURUM SPECTRA: Creditors' Proofs of Debt Due on September 30
AURUM SPECTRA: Members to Receive Wind-Up Report on October 12
AURUM SPECTRA: Creditors' Proofs of Debt Due on September 30
AURUM SPECTRA: Members to Receive Wind-Up Report on October 12
AURUM SPECTRA: Creditors' Proofs of Debt Due on September 30

AURUM SPECTRA: Members to Receive Wind-Up Report on October 12


B R A Z I L

BANCO CRUZEIRO: Raises US$175 Million on Bond Issue
BANCO SANTANDER: Parent Posts Dates for Shares Reservervation
COMPANHIA SIDERURGICA: Cut to 'Hold' at SLW Corretora
COSAN SA: To Gain From India Sugar Exports, Citigroup Says
MARFRIG SA: To Acquire Seara Alimento for US$900 Million Cash

TAM SA: Records 89.4% International Market Share in August
USINAS SIDERURGICAS: SLW Corretora Cuts Firm to ‘Hold’ From ‘Buy’


C A Y M A N  I S L A N D S

ALTRIA FINANCE: Creditors' Proofs of Debt Due on September 17
BLUEPRINT TRADING: Creditors' Proofs of Debt Due on September 17
BPI GLOBAL: Creditors' Proofs of Debt Due on September 17
CASAM ARGENT: Creditors' Proofs of Debt Due on September 17
CASAM CFM: Creditors' Proofs of Debt Due on September 17

CASAM CONTEXT: Creditors' Proofs of Debt Due on September 17
CASAM LUCERNE: Creditors' Proofs of Debt Due on September 17
CASAM METROPOLITAN: Creditors' Proofs of Debt Due on September 17
CASAM MPC: Creditors' Proofs of Debt Due on September 17
CASAM PEQUOT: Creditors' Proofs of Debt Due on September 17

CASAM STONEBROOK: Creditors' Proofs of Debt Due on September 17
CDG HOLDINGS: Creditors' Proofs of Debt Due on September 17
CITADEL AC: Creditors' Proofs of Debt Due on September 17
CREF NO. 2: Creditors' Proofs of Debt Due on September 17
ESPIRITO SANTO: Creditors' Proofs of Debt Due on September 17

GLOBAL DESIGN: Creditors' Proofs of Debt Due on September 17
GREAT NECK: Creditors' Proofs of Debt Due on September 17
J.R. SMITH: Creditors' Proofs of Debt Due on September 17
JEFFERIES HCS: Creditors' Proofs of Debt Due on September 17
KATANA FUND: Creditors' Proofs of Debt Due on September 17

MACQUARIE: Creditors Proofs of Debt Due on September 17


C O L O M B I A

ECOPETROL SA: Colombia Oil Output to End 2009 at 700,000 B/D
ISAGEN SA: Needs Total COP2.7 Trillion Debt For Hydro Power Plant


C H I L E

SOCIEDAD CONCESIONARIA: Moody's Downgrades Rating to 'Ba1'
* CHILE: To Post Deflation in This Year as Economy Contracts


J A M A I C A

CABLE & WIRELESS: Taps New Officers for Senior Management Team
* JAMAICA: Jamaica Cricket World Cup Debt Unpaid & Grows Larger


M E X I C O

ASARCO LLC: Judge Schmidt to Make 2nd Ruling on Plans Sept. 21
AXTEL SAB: Gets Approval to Provide Direct-to-Home Video Services
INMOBILIARIA FUMISA: Moody's Continues Rating Reviews on Bonds


P E R U

DOE RUN PERU: Joint Commission Backs 20-Month Cleanup Extension


V E N E Z U E L A

* VENEZUELA: Russia Pays US$1 Billion For Oil Participation


                         - - - - -


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


STANFORD INT'L: Pulman Cappuccio Files US$80-Million Lawsuit
------------------------------------------------------------
Pulman, Cappuccio, Pullen & Benson, LLP filed a lawsuit in a San
Antonio, Texas, state court on behalf of 97 former investors at
Stanford International Bank.  The lawsuit, styled Rupert, et al.
v. Winter, et al., seeks almost US$80 million in damages from
insurance brokers Willis Group Holdings, Ltd., and Bowen, Miclette
& Britt, Inc. and from a trust company, Aleman, Cordero, Galindo &
Lee, affiliated with a Panamanian law firm.

"Allen Stanford didn't build this bank all by himself," said lead
attorney and firm managing partner Randy Pulman.  "He had help.
Companies like Willis, Bowen Miclette, and the Aleman firm and
trust company were too close to the action at Stanford
International Bank to avoid responsibility for this debacle."

Stanford International Bank took in US$7.2 billion in deposits
from all over the United States and Latin America until it was
shut down this February by the Securities and Exchange Commission.
The SEC claims that the bank was a "massive Ponzi scheme" whose
founder, Allen Stanford, is in jail outside of Houston, Texas
awaiting trial.

The lawsuit against the insurance brokers seeks to hold them
responsible for "Safety and Security" letters they sent to the
plaintiffs saying that deposits at Stanford International Bank
were protected by insurance and that the bank was made up of
"first class business people."  "Allen Stanford counted on these
insurance companies to help him separate our clients from their
money -- now, we're counting on them to put it back.  It is
against the law in Texas for an insurance broker to tell someone
something is insured when it's not," explained Mr. Pulman.

Many of the plaintiffs' Stanford deposits were held in trust
accounts served by Stanford Trust Company Limited and Aleman,
Cordero, Galindo & Lee Trust (BVI) Limited as trustees.  The
lawsuit alleges that the trust company, the firm, and its
principals breached fiduciary duties to the trusts.

The lawsuit also seeks damages from several individual employees
of those companies, and several former employees at Stanford
Fiduciary Investor Services and Stanford Trust Company.  The suit
alleges that all the defendants are also liable for securities
fraud.

Randy Pulman has already filed suit on behalf of five Stanford
depositors against Lloyd's of London and the Stanford Receiver in
a Dallas, Texas federal court.  The lawsuit, styled De Leon v.
Lloyd's of London, seeks damages and a declaration from the court
that the proceeds of Stanford International Bank's "Bankers
Blanket Bond" insurance policies should be held for the
depositors.

Pulman, Cappuccio, Pullen & Benson, LLP --
http://www.pulmanlaw.com/-- is a 15-lawyer firm in San Antonio,
Texas that specializes in representing investors and businesses in
litigation and transactions.  The firm is also home to San
Antonio's second largest bankruptcy practice.

                  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 GROUP: Fraud Victims Want to File Involuntary Chapter 11
-----------------------------------------------------------------
Victims of Stanford International Bank Ltd.'s alleged US$7 billion
Ponzi scheme have urged the court to let them file an involuntary
bankruptcy petition that would take the administration of
Stanford's estate out of the receiver's hands, according to
Law360.  On Sept. 10, 2009, investors urged U.S. District Judge
David C. Godbey of the Northern District of Texas to lift the stay
preventing an involuntary bankruptcy petition.

                       About Stanford Group

Stanford companies operated by selling certificates of deposit in
more than 100 discrete locations spanning 15 states in the United
States and 13 countries in Europe, the Caribbean, Canada and Latin
America. Stanford claimed to have more than 30,000 clients located
in 133 countries.

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 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).  See:

               http://www.usdoj.gov/criminal/vns


STANFORD INT'L: SFG Receiver Gets OK to Control Canadian Assets
---------------------------------------------------------------
The Joint Liquidators of Stanford International Bank Limited,
Nigel Hamilton-Smith and Peter Wastell, said a verbal judgment
from the Montreal Superior Court, Canada, issued on September 11,
2009, concluded that Ralph Janvey, the Receiver appointed by the
United States Securities and Exchange Commission, be formally
recognized as the party to whom control of the Canadian assets
should be passed.

The Joint Liquidators confirmed that, contrary to allegations
made, all copies taken of the data were to international forensic
standards and their actions have at all times been in accordance
with the terms of the order of the High Court of Antigua and
Barbuda under which they were appointed, including taking steps to
ensure that client data is kept confidential.

Commenting on the judgment, Nigel Hamilton-Smith, Client Partner
at Vantis Business Recovery Services and Joint Liquidator of SIBL,
says:  "We fully anticipate appealing this decision and will be
closely studying the judgment with our legal counsel. It is hoped
that the Court of Appeal in Canada will have an opportunity to
fully consider all the relevant legal issues."

“Despite this recent judgment, legal proceedings issued by the
Attorney General in Ontario, Canada, are continuing for control of
the same assets located in Canada.  This follows a request from
the US Department of Justice (DOJ) that the assets be passed to
the DOJ as proceeds of crime.”

The Joint Liquidators are already recognized in United Kingdom as
the party to whom control of the assets of SIB should be passed.
Legal proceedings continue in the US and Switzerland for the
control of the assets of SIBL, and the Joint Liquidators remain
committed to communicating accurate and timely information for the
benefit of all SIBL investors located in a number of jurisdictions
across the world.

The recently developed Online Claims Management System provides
investors with a cost efficient and secure method of registering
their claims against SIB online.  Since the site went live in July
2009, 17,000 SIB investors have accessed the service. Once
registered, investors are able to monitor the status of their
claim and receive updates directly from the Joint Liquidators on
the progress of the liquidation.

Stanford Trust Company Limited remains in receivership and is not
currently in a position to formally agree claims with its clients
and creditors.  The liquidators of SIB are, however, aware of the
position of STC, and its clients and creditors, and know that
STC’s clients’ claims will be formally registered with SIB in due
course.

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


ARGENS SACYF: Proofs of Claim Verification Deadline is November 3
-----------------------------------------------------------------
Ilma Vaello, the court-appointed trustee for Argens SACyF's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 3, 2009.

Ms. Vaello will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ilma Vaello
         Tucuman 1555
         Argentina


DARIO AYALA: Proofs of Claim Verification Deadline is November 13
-----------------------------------------------------------------
The court-appointed trustee for Dario Ayala Peluqueria S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 13, 2009.

The trustee will present the validated claims in court as
individual reports on December 30, 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
March 12, 2010.


MERCURY MOBILE: Proofs of Claim Verification Deadline is Nov. 6
---------------------------------------------------------------
Silvia Isabel Gomez Meana, the court-appointed trustee for Mercury
Mobile SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until November 6, 2009.

Ms. Meana will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 7, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Silvia Isabel Gomez Meana
          avenida Condarco 1319
          Argentina


NUEVO CLUB: Asks for Opening of Preventive Contest
--------------------------------------------------
Nuevo Club Buenos Aires SRL asked for the opening of preventive
contest.

The company stopped making payments last August 24.


NUTRIPAC SA: Proofs of Claim Verification Deadline is November 25
-----------------------------------------------------------------
The court-appointed trustee for Nutripac S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 25, 2009.

The trustee will present the validated claims in court as
individual reports on February 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


ORGANIZACION SUINDA: Creditors' Proofs of Debt Due on November 10
-----------------------------------------------------------------
Ariel Martin Marsili, the court-appointed trustee for Organizacion
Suinda SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until November 10, 2009.

Mr. Marsili will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ariel Martin Marsili
         Sarmiento 1582
         Argentina


UNION CEL: Proofs of Claim Verification Deadline is October 15
--------------------------------------------------------------
The court-appointed trustee for Union Cel S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 15, 2009.


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


* BARBADOS: IMF Board Concludes 2009 Article IV Consultation
------------------------------------------------------------
On September 10, 2009, the Executive Board of the International
Monetary Fund concluded the Article IV consultation with Barbados.

                          Background

Barbados benefits from well-functioning institutions and social
and political stability.  The country has some of the highest
social and competitiveness indicators in the region and enjoys
investment-grade rating on its sovereign debt.  Its low crime
rate, well-educated work force, and attractive natural setting
have helped make it a top destination for high-end tourism and a
prime location for offshore financial services and real estate
investment.  While the long-standing peg to the U.S. dollar has
provided a positive effect on investment and growth, some
vulnerabilities arise from the high level of public debt and
continued fiscal imbalances.

The global recession is severely affecting the Barbadian economy.
After barely growing in 2008, real GDP is expected to contract by
3% in 2009 and to remain virtually flat next year, on account of
weak performances in the tourism and construction sectors.  After
peaking at 11.2% in September 2008, twelve-month inflation is
projected to decline to 3–4% by end-2009.  The external current
account deficit would narrow from 10 1/2% of GDP in 2008 to 5 1/4
percent in 2009, and remain below 6 percent in 2010. International
reserves, which declined by almost US$100 million in 2008, are
likely to broadly stabilize during 2009, boosted by the recent
placement abroad of a US$120 million government bond and by SDR
allocations of around US$90 million.  Reflecting a steady
relaxation of fiscal policies, the nonfinancial public sector
balance shifted from a small surplus in FY 2004/05 (April to
March) to a deficit of 7 1/2% of GDP in FY 2008/09.  Based on
current policies, it is likely to widen to 8½ percent of GDP this
fiscal year, raising the public debt ratio to 115 percent of GDP
by year-end.

                     Executive Board Assessment

Executive Directors noted that Barbados is facing a severe
economic recession.  Output is contracting, as the global
financial crisis has depressed tourism, brought Foreign Direct
Investment (FDI) to a sudden stop, and weakened public finances.
Consequently, unemployment has risen to double-digit level.  While
the underlying balance of payments is expected to remain weak,
international reserves are expected to increase marginally in
2009, on account of the SDR allocations and the large government
bond issue abroad.

Directors took note of the authorities’ commitment to maintaining
the fixed exchange-rate peg.  The longstanding peg to the U.S.
dollar has been an effective nominal anchor, providing price
stability with a positive effect on investment and growth.  While
various indicators suggest that the actual exchange rate is close
to its equilibrium level, Directors observed that the current
global shocks have put strains on the country’s economy.  In
addition, possible changes in tax regulations abroad could
adversely affect Barbados’s offshore financial sector, which is an
important source of foreign exchange.

Directors encouraged the authorities to develop a credible medium-
term fiscal adjustment plan and start with its implementation, as
soon as possible.  They were of the view that, if left unchecked,
the large fiscal deficits, combined with an uncertain foreign
financing outlook, could result in a deterioration in investor
confidence.  A concerted adjustment effort was, therefore, crucial
to countering such a risk, by reducing fiscal financing needs,
supporting the balance of payments, and placing public debt on a
firm downward path. This would also enhance growth, including by
strengthening confidence and attracting higher investment. To this
end, Directors encouraged the authorities to commit early on to
decisive fiscal measures, particularly in the area of expenditure
restraint.  They considered that it would also be important to
develop contingency plans, in the event that the economic recovery
was delayed and fiscal pressures persisted.  Directors, however,
underscored that Barbados was well placed to take such bold
action, given its established social partnership with a proven
track record of reaching social consensus, particularly at
difficult times.

Directors noted that monetary policy should be geared to ensuring
price stability and protecting foreign reserves.  They observed
that existing capital controls gave the country some protection
against disruptive and volatile capital movements, thereby
providing the authorities some room to independently set interest
rates.  Given the recent decline in foreign reserves, Directors
encouraged the authorities, in the context of their strong
commitment to the peg, to monitor developments closely before
easing monetary policy further.

Directors considered that Barbados’s banks appeared to be well
capitalized.  Prudential indicators remained favorable, and
Directors advised the authorities to carefully monitor the
incipient rise in nonperforming loans, although they were still at
a relatively low level.  On banking supervision, Directors
recommended that the authorities review the implementation of
certain Basel II standards, particularly regarding the self
regulation by commercial banks.  They commended the authorities
for moving ahead with implementing the recommendations of the 2008
Financial Sector Assessment Program Update, adding that quick and
decisive action should be taken to resolve the problems of CLICO-
Barbados.  Directors also noted that there was a need to develop
contingency plans, should the current approach of selling the
subsidiaries of CLICO-Barbados to private investors prove
unsuccessful.  This would be important in order to mitigate any
impact on the public finances, and protect the financial system
and investor confidence.


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


AURUM SPECTRA: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------
The creditors of Aurum Spectra Sterling 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 SPECTRA: Members to Receive Wind-Up Report on October 12
--------------------------------------------------------------
The members of Aurum Spectra Sterling Fund Ltd. will receive on
October 12, 2009, at 12:00 noon 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 SPECTRA: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------
The creditors of Aurum Spectra 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 SPECTRA: Members to Receive Wind-Up Report on October 12
--------------------------------------------------------------
The members of Aurum Spectra Euro Fund Ltd. will receive on
October 12, 2009, at 11:45 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


AURUM SPECTRA: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------
The creditors of Aurum Spectra Dollar 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 SPECTRA: Members to Receive Wind-Up Report on October 12
--------------------------------------------------------------
The members of Aurum Spectra Dollar Fund Ltd. will receive on
October 12, 2009, at 11:30 a.m. the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


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


BANCO CRUZEIRO: Raises US$175 Million on Bond Issue
---------------------------------------------------
Banco Cruzeiro do Sul SA has raised US$175 million from an issue
of overseas bonds, Rogerio Jelmayer at Dow Jones Newswires
reports, citing a person involved in the operation.  The report
relates that the bank was expecting to raise about US$150 million
from the operation, but it increased the offer to meet strong
demand by investors.

According to the report, the bonds will carry a three-year
maturity with an annual yield of 8.5%.  BCP Securities coordinated
the operation.

Dow Jones Newswires says that the issue was part of a short-term
notes program by the bank worth US$1 billion.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As of June June 15, 2008, the company continues to carry Moody's
Foreign Currency LT Debt Ratings at Ba2 and LT Bank Deposits
Ratings at Ba3.


BANCO SANTANDER: Parent Posts Dates for Shares Reservervation
-------------------------------------------------------------
Banco Santander SA, the parent company of Banco Santander (Brasil)
SA, said that the period for investors to reserve shares is from
September 28 through October 5, through its initial public
offering on the Sao Paulo Stock Exchange, the BMFBovespa,
Rogerio Jelmayer at Dow Jones Newswires reports, citing the
preliminary prospectus of the operation.  The report relates that
the bank, however, didn't unveil the amount of shares to be
offered.

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, Bloomberg News said that Banco Santander on
July 31 filed to sell units representing both ordinary and
preferred shares.  The report related Chief Executive Officer
Alfredo Saenz said that Santander would offer new shares
equivalent to a 15% stake in Banco Santander (Brasil).  Santander
Investment and Credit Suisse Group AG were hired to manage the
share sale, the report noted.

According to Dow Jones Newswires, Banco Santander said it will
offer its shares in the form of units.  The report relates that
each unit will be represented by 55 common shares and 50 preferred
shares; and will be listed under the local exchange's Level 2
rubric.  Under Level 2 rules, Banco Santander will be obliged to
gradually increase its free float of shares to 25% of total stock,
the report says.

Banco Santander, the report relates, said it will negotiate with
the Brazilian Stock Exchange regarding the timetable for reaching
the 25% free float.  It will offer its shares in Brazil and to
foreign investors in the U.S. in the form of American Depositary
Shares, the report adds.  The bank's shares will trade under the
ticker symbol "SANB11.BR."

                About Banco Santander (Brasil)

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                          *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


COMPANHIA SIDERURGICA: Cut to 'Hold' at SLW Corretora
-----------------------------------------------------
Diana Kinch at Bloomberg News reports that Companhia Siderurgica
Nacional S.A. was cut to “hold” from “buy” at SLW Corretora Ltda.,
on Monday, September 14.  The report relates SLW Corretora said
that an improving outlook for the metal is already reflected in
the shares.

According to the report, Pedro Galdi, a Sao Paulo-based SLW
analyst, said that increases in crude-steel production at the
company and other steelmakers may lead to a build-up of steel
inventories and price cuts.

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.


COSAN SA: To Gain From India Sugar Exports, Citigroup Says
----------------------------------------------------------
Tian Huang at Bloomberg News reports that Citigroup Inc. said
Cosan SA Industria e Comercio will benefit from a positive outlook
for the sugar market as exports to India remain high.  “We expect
significant earnings growth in 2009, mostly driven by high sugar
prices, given lower than expected global production,” Tereza
Mello, a Sao Paulo-based analyst with Citigroup, wrote in a
research report obtained by the news agency.

According to the report, Citigroup said Brazilian sugar exports
increased 12% in August from a year-earlier period.  The report
relates that exports to India, which account for 15% of Brazilian
total sugar exports, were steady at 292 thousand tons.

“India has been one of the main destinations of Brazil sugar
exports due to supply issues in India that should continue until
the end of the current harvest” in early 2010, the report quoted
Ms. Mello as saying.

As reported in the Troubled Company Reporter-Latin America on
August 21, 2009, Reuters said Cosan SA expects world sugar prices
to remain firm for at least another cane crop.  According to the
report, Finance Director Marcelo Martins said smaller-than-
expected cane crops in India and Brazil were important price-
forming factors.  The report related that raw sugar futures have
rallied to a 28-year high, mainly due to prospects for huge
imports by India after a weak monsoon hurt the country's cane crop
development; while excess rains in the center-south in June and
July reduced Brazil's pace of crushing and the content of sucrose
in cane.   Tight sugar stocks in the United States and the
possibility of Mexico raising imports have also contributed to the
rise in prices, which was bigger than forecast, Mr. Martins said,
the report added.

                          About Cosan SA

Headquartered in Brazil, Cosan SA Industria e Comercio --
http://www.cosan.com.br/-- is a Brazil-based company active in
the research and production of sugar, ethanol and derivatives.
The company cultivates harvests and processes sugarcane - the main
raw material used to produce sugar and ethanol.  In addition, it
is engaged in the production of sustained energy from renewable
sources.  It operates 18 production units located in the state of
Sao Paulo.  The Company also operates port terminals.  As of
March 31, 2009, Cosan was the parent company of a number of
controlled entities, such as TEAS - Terminal Exportador de Alcool
de Santos SA, Cosan SA Bioenergia, Radar Propriedades Agricolas SA
and Cosanpar Participacoes SA, among others.   Cosan SA is a
subsidiary of Bermuda-based Cosan Limited.

                           *     *     *

As reported in the Troubled Company July 27, 2009, Fitch Ratings
has assigned 'BB-' local and foreign currency Issuer Default
Ratings and a 'A-(bra)' National Scale Rating to Cosan S.A.
Industria e Comercio and its subsidiary Cosan Combustiveis e
Lubrificantes Ltda.  Fitch has also assigned a 'BB-' rating to
CCL's proposed US$300 million senior unsecured notes due 2014
issued through its wholly owned subsidiary, CCL Finance Ltd.  The
notes will be unconditionally and irrevocably guaranteed by CCL.
The Rating Outlook for Cosan and CCL is Stable.


MARFRIG SA: To Acquire Seara Alimento for US$900 Million Cash
-------------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) has agreed to acquire Cargill Inc.'s
Brazilian business, for US$900 million in cash and assumed debt, a
move to bolster the company's poultry and pork businesses while
opening up better access to markets such as the U.K. and Japan,
John Lyons at Dow Jones News reports.

According to the report, citing a company statement, Marfrig said
it will buy the unit, called Seara Alimentos Ltd., for US$706.2
million in cash and US$193.8 million in assumed debt.  The report
relates that Mafrig Alimentos said that it may sell new shares in
order to finance the acquisition, which it expects to complete by
year's end.  The company has secured a credit line from a
Brazilian bank in order to complete the deal, Dow Jones Newswires
says.

The report points out that Marfrig Alimentos is adding heft to its
growing pork and poultry business in a bid for the scale the
company said will make it a better competitor in international
markets.  The report relates that acquiring the US$1.7 billion per
year business will make the company Brazil's second largest
poultry firm.  Marfrig Alimentos will also get Seara's brand and
its domestic trading and distribution operations in the U.K.,
Japan and Singapore -– operations which hold rights to export-
import quotas between Brazil and nine markets in Europe and Asia,
the report adds.

                       About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


TAM SA: Records 89.4% International Market Share in August
----------------------------------------------------------
TAM S.A. reports operating data for August 2009, as disclosed by
the Brazilian National Civil Aviation Agency.

According to ANAC, in the domestic market, the airline has
observed the return of business passengers due to the end of
vacations as well as the absence of holidays in the month of
August.  However, TAM SA has seen this return in a modest way, an
indication that the industry is still impacted by the global
economic crisis.  The airline's load factor was 62.8%, a 4.9 p.p.
reduction when compared to August last year, mainly composed of an
increase in offered capacity of 5.9% and a decrease of 1.7% in
demand.

Nonetheless, TAM SA's load factor was above the 62.6% market
average.  The industry demand and supply grew 21.5% and 20.1%,
respectively.  The airline's market share (RPK) was 43.8%.

The domestic yield in August presented a recovery when compared to
July, however, TAM SA believes the third quarter's average will
remain stable or slightly below second quarter results, mainly
because of the dynamic observed in September.

In the international market, the airline has obtained a 16.8%
growth in RPK when compared to the same period last year, while
the ASK grew 24.5%.  TAM's market share in August reached 89.4%
and the load factor was 73.7%, 4.8 p.p. above the market average
of 68.9%.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As of June 17, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.
The company also continues to carry Moody's B1 LT Corp Family
Rating and Senior Unsecured Debt Ratings.


USINAS SIDERURGICAS: SLW Corretora Cuts Firm to ‘Hold’ From ‘Buy’
-----------------------------------------------------------------
Diana Kinch at Bloomberg News reports that Usinas Siderurgicas do
Minas Gerais S.A. was cut to “hold” from “buy” at SLW Corretora
Ltda., on Monday, September 14.  The report relates SLW Corretora
said that an improving outlook for the metal is already reflected
in the shares.

According to the report, Pedro Galdi, a Sao Paulo-based SLW
analyst, said that increases in crude-steel production at the
company and other steelmakers may lead to a build-up of steel
inventories and price cuts.

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

                           *     *     *

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


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


ALTRIA FINANCE: Creditors' Proofs of Debt Due on September 17
-------------------------------------------------------------
The creditors of Altria Finance (Cayman Islands) Ltd. are required
to file their proofs of debt by September 17, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 5, 2009.

The company's liquidator is:

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


BLUEPRINT TRADING: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------------
The creditors of Blueprint Trading are required to file their
proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 5, 2009.

The company's liquidator is:

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


BPI GLOBAL: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------
The creditors of BPI Global Offshore Fund, Ltd are required to
file their proofs of debt by September 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 5, 2009.

The company's liquidator is:

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


CASAM ARGENT: Creditors' Proofs of Debt Due on September 17
-----------------------------------------------------------
The creditors of Casam Argent Classic Convertible Arbitrage Fund
Limited are required to file their proofs of debt by September 17,
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:

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


CASAM CFM: Creditors' Proofs of Debt Due on September 17
--------------------------------------------------------
The creditors of Casam CFM Discus Fund Limited are required to
file their proofs of debt by September 17, 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:

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


CASAM CONTEXT: Creditors' Proofs of Debt Due on September 17
------------------------------------------------------------
The creditors of Casam Context Offshore Advantage Fund Limited are
required to file their proofs of debt by September 17, 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:

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


CASAM LUCERNE: Creditors' Proofs of Debt Due on September 17
------------------------------------------------------------
The creditors of Casam Lucerne Mid-Cap Fund Limited are required
to file their proofs of debt by September 17, 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:

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


CASAM METROPOLITAN: Creditors' Proofs of Debt Due on September 17
-----------------------------------------------------------------
The creditors of Casam Metropolitan Capital Advisors Fund Limited
are required to file their proofs of debt by September 17, 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:

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


CASAM MPC: Creditors' Proofs of Debt Due on September 17
--------------------------------------------------------
The creditors of Casam MPC Pilgrim Fund Limited are required to
file their proofs of debt by September 17, 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:

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


CASAM PEQUOT: Creditors' Proofs of Debt Due on September 17
-----------------------------------------------------------
The creditors of Casam Pequot Core Global Fund Limited are
required to file their proofs of debt by September 17, 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:

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


CASAM STONEBROOK: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------------
The creditors of Casam Stonebrook Offshore Partners Fund Limited
are required to file their proofs of debt by September 17, 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:

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


CDG HOLDINGS: Creditors' Proofs of Debt Due on September 17
-----------------------------------------------------------
The creditors of CDG Holdings Ltd. are required to file their
proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


CITADEL AC: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------
The creditors of Citadel AC Investments Ltd. are required to file
their proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


CREF NO. 2: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------
The creditors of Cref No. 2 Limited are required to file their
proofs of debt by September 17, 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:

          Linburgh Martin
          c/o Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


ESPIRITO SANTO: Creditors' Proofs of Debt Due on September 17
-------------------------------------------------------------
The creditors of Espirito Santo Telecoms Argentina are required to
file their proofs of debt by September 17, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


GLOBAL DESIGN: Creditors' Proofs of Debt Due on September 17
------------------------------------------------------------
The creditors of Global Design CDO Limited are required to file
their proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 6, 2009.

The company's liquidator is:

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


GREAT NECK: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------
The creditors of Great Neck CLO, Ltd. are required to file their
proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


J.R. SMITH: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------
The creditors of J.R. Smith Ltd. are required to file their proofs
of debt by September 17, 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:

          Philip Mosely
          PO Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Tel: (345) 949 4018
          Fax: (345) 949 7891
          email: general@caymanmanagement.ky


JEFFERIES HCS: Creditors' Proofs of Debt Due on September 17
------------------------------------------------------------
The creditors of Jefferies HCS Fund (Cayman), Ltd. are required to
file their proofs of debt by September 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 6, 2009.

The company's liquidator is:

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


KATANA FUND: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Katana Fund are required to file their proofs of
debt by September 17, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Claire Cawley
          Fleming Court, Fleming’s Place, Dublin 4
          Ireland


MACQUARIE: Creditors Proofs of Debt Due on September 17
-------------------------------------------------------
The creditors of Macquarie Infrastructure Opportunities Fund Ltd.
are required to file their proofs of debt by September 17, 2009,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 30, 2009.

The company's liquidator is:

          Steven O'Connor
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


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


ECOPETROL SA: Colombia Oil Output to End 2009 at 700,000 B/D
------------------------------------------------------------
Colombia's crude oil production will likely rise to 700,000
barrels per day by the end of the year, Dow Jones Newswires
reports, citing Ecopetrol SA Chief Excecutive Officer Javier
Gutierrez.

According to the report, as of July, crude oil output rose to an
average 657,000 barrels a day from 588,000 barrels a day in the
same month last year.  Additionally, the report relates that Mr.
Gutierrez said the country's natural-gas production will likely be
the equivalent of 150,000 barrels per day of oil at the end of the
year.

Dow Jones Newswires recalls that in 2008, average crude oil output
totaled 588,000 barrels a day, the highest since 2001 when output
for the year hit an average of 604,000 barrels a day; while in
2000, the country's output reached an average of 688,000 barrels a
day.

Colombia President Alvaro Uribe, the report relates, said that if
local consumption and production trends continue and no
significant oil discoveries are made, Colombia will become a net
oil importer by 2016.  The Colombian government has been actively
trying to attract companies to explore for oil, the report adds.

                       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.


ISAGEN SA: Needs Total COP2.7 Trillion Debt For Hydro Power Plant
-----------------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that Isagen SA Chief
Executive Officer Luis Fernando Rico said that state-controlled
power generation company plans to borrow a total of COP2.7
trillion (US$1.37 billion) to finance the construction of the
Sogamoso hydropower plant.  The report relates that Mr. Rico said
the company has already secured COP450 billion in bonds sold on
the local market; and it will sell an additional COP400 billion
before the end of this year.

As reported in the Troubled Company Reporter Latin America on
August 7, 2009, Bloomberg News said that Isagen SA will sell as
much as COP850 billion (US$427 million) of bonds in the local
market in the first week of September.  The report related that an
unnamed source said Isagen SA plans to issue fixed-rate bonds as
well as securities linked to Colombia’s inflation rate and the
interbank rate (DTF).  The securities will have maturities of
seven, 10 and 15 years, the source added.

According to Dow Jones Newswires, Mr. Rico said that Isagen will
then borrow COP900 billion from local banks, COP300 billion from
the multilateral lenders Andean Development Corp., and COP300
billion from foreign state development banks that help financing
the purchase of machinery manufactured by companies from the
respective countries.  The remaining COP350 billion would come
from bonds to be sold within the next couple of years, Mr. Rico
added.

Isagen's Sogamoso power plant, the report relates, will cost about
COP4.5 trillion, will have a capacity of 820 megawatts and is
scheduled to be ready by December 2013.  The company will invest
COP1.8 trillion from its own cash and will finance COP2.7 trillion
with debt from different sources, the report adds.

                          About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency
Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the
company's foreign currency IDR at 'BB+'.  The Rating Outlook is
Stable.


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


SOCIEDAD CONCESIONARIA: Moody's Downgrades Rating to 'Ba1'
----------------------------------------------------------
Moody's Investors Service has downgraded, to Ba1 from Baa3, the
rating on Sociedad Concesionaria Vespucio Norte Express S.A. and
placed it on review for further downgrade.

The rating change is primarily due on the company's lower than
anticipated financial results, a situation that is prompted first
by traffic figures that continue to be below original projections.
The slower than expected ramp up is in part due to delays in the
construction and opening of the San Cristobal Tunnel, as well as
various other delays in construction, which coupled with even
relatively moderate reduction in traffic brought about by the
global economic crisis is resulting in cash flows that are
insufficient -- on their own -- to meet scheduled debt service
requirements.  In June, the company used cash on hand derived from
surpluses in prior periods to ensure the full and timely payment
of scheduled debt service.

The San Cristobal Tunnel opened in March of this year after almost
an 18 month delay.  The opening of the connector, along with
increased tolls and additional efforts for the collection of
delinquencies contribute to a double digit increase in toll
revenues through June of this year relative to the same period
last year.

The review period will focus on assessing the company's
projections for traffic and revenue and whether these are at
levels which will adequately support its operating and debt
service costs going forward.  Moody's note that the project has
strong liquidity protections, including a 12-month debt service
reserve fund (LOC funded) and a commitment for contingent equity
from the project sponsors.


* CHILE: To Post Deflation in This Year as Economy Contracts
------------------------------------------------------------
Sebastian Boyd at Bloomberg News reports that Chile's central bank
said in a monetary policy report that the country's economy may
shrink as much as 2% this year as demand declines and prices fall.
Consumer prices in Chile this year may drop for the first time
since the 1930s, falling 0.8% for 2009 as gross domestic product
declines 1.5% to 2%, the central bank added.

According to Bloomberg News, the central bank report said that the
lack of inflationary pressure may allow the bank to keep its
overnight rate at the current record low of 0.5% until the second
quarter of 2010.  Bloomberg News relates that the report said
Chile's economy will probably start expanding quarter-on-quarter
in the second half of 2009 before growing 4.5% to 5.5% in 2010.

“The economy has regained dynamism in the current half, leading to
positive quarter-on-quarter changes in activity, although with
annual variations that will remain negative for a few more
months,” Bloomberg News quoted the central bank as saying.
Bloomberg News relates that the bank said the cost of living may
rise 2.8% next year.

The monetary policy report reflects the opinion of the bank’s
five-member rate-setting committee; which is led by central bank
President Jose De Gregorio.

“The potent monetary stimulus and the reduction in financial risk
premiums worldwide have allowed the cost of funding for the
banking system, in Chile and overseas, to decline significantly,”
the bank said, Bloomberg News relates.  Even so, credit conditions
remain restrictive, the bank added.


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


CABLE & WIRELESS: Taps New Officers for Senior Management Team
--------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of  Cable &
Wireless plc, has appointed Milton Brady as Chief Commercial
Officer and David Crawford as Chief Operating Officer.

Mr. Brady, a Jamaican national, joins LIME as Chief Commercial
Officer and will be responsible for strengthening the businesses
competitive position and driving future growth across all the
islands in which LIME operates.  Mr. Brady has strong experience
turning around businesses within the region, as well as in Europe
and the US. Mr. Brady brings 37 years of commercial experience to
LIME, having been Managing Director, Corporate Investment Banking
at First Caribbean International Bank.

Mr. Crawford, a British national, joins LIME as Chief Operating
Officer and is responsible for providing the necessary operating
infrastructure across all of LIME’s markets and improving customer
service to an unparalleled level in the region.  Mr. Crawford has
an established track record in process and service re-engineering
having been part of the senior management teams that transformed
UK telecoms operator Energis and then Cable & Wireless Worldwide
(the UK-based arm of Cable & Wireless Group).

CEO David Shaw commented “I am delighted to welcome Milton and
David to LIME at this exciting time.  They both have impeccable
track records in building great businesses.  As we enter the next
phase of our One Caribbean journey I am fine tuning the way we run
the business, by blending the best of Caribbean leadership with
expertise from other markets.  The team will not only strengthen
our existing management capability but free up our market-facing
leaders to transform the way we do business in our markets.  The
senior management team’s priority will be to put the customer at
the centre of everything we do. By delivering a great service to
our customers we aim to become the number 1 choice for the
Caribbean.”

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

                       About Cable & Wireless

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

                          *     *     *

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

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


* JAMAICA: Jamaica Cricket World Cup Debt Unpaid & Grows Larger
---------------------------------------------------------------
Jamaica's bill from the 2007 Cricket World Cup, still not yet
completely paid, has now got even bigger, Caribbean360.com
reports.  The report relates that Minister of Finance and Planning
Audley Shaw said that the outstanding cost has risen by an
additional JM$1.4 billion (US$15.9 million), being claimed by
Israeli-owned construction firm, Ashtrom Building Systems, for
refurbishing Sabina Park.

"That is what I discovered this week," he said, adding that the
matter is being arbitrated, but that Ashtrom has already won the
first round of the arbitration.  "And since we have to be engaged
in zero based budgeting, we have to assume the possibility that
they could win the entire arbitration process," the report quoted
Mr. Shaw as saying.  "If they do, not only do we have to pay
US$7.5 million for the remainder of that contract, it will attract
an interest cost of two percent per month, from May of 2007. When
you finish totting that up in Jamaican Dollars, the total cost of
the legacy of Sabina Park will be an additional JM$1.4 billion
(US$15.9 million) that we are going to have to find to pay that
bill," Mr. Shaw added.

According to the report, Mr. Shaw said that the government had
been advised that the cost of refurbishing Sabina Park for the
event in 2007 by Ashtrom was US$17 million, but that Ashtrom has
since made additional claims almost doubling the total cost to
US$32 million.  The report relates that of this amount, US$24.5
million has been paid, leaving a balance of US$7.5 million.
However, the report points out Mr. Shaw said that a monthly
interest of some two per cent per month has since doubled the
figure.

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, RadioJamaica said that during a PAC's meeting, an
ex-senior manager of Jamaica Cricket 2007 Limited revealed that
Jamaica has incurred a US$375 million debt from hosting the ICC
Cricket World Cup in 2007.  The report related the debt will have
to be written off.  According to the report, PAC was told that
Jamaica Cricket 2007 cannot honour its obligations to pay off its
loans and efforts are being made to wind it up.  The report
recalled Jamaica Cricket, which was set up five years ago
to steer Jamaica's involvement in the world cup games, is saddled
with debts totalling US$4.2 million.  The figure, RadioJamaica
disclosed, comprises commercial loans that were sought to build a
new cricket stadium and other facilities to host the games.

                           *     *     *

According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.


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


ASARCO LLC: Judge Schmidt to Make 2nd Ruling on Plans Sept. 21
--------------------------------------------------------------
Bankruptcy Judge Richard Schmidt ordered ASARCO LLC, its parent
Grupo Mexico and other parties to prepare by Monday, September 21,
2009, noon-time, a 10-page brief as to which Chapter 11 plan is
the best.

ASARCO LLC has filed a plan built upon a sale to Sterlite
Industries (Indiana) Ltd.  Its parent, Grupo Mexico has filed its
own Chapter 11 plan for ASARCO LLC under which it will buy ASARCO
for US$2.5 billion.

The Parent's Plan, valued at US$3.6 billion, complies with all of
the requirements of the Bankruptcy Code and should be confirmed,"
Judge Schmidt said in his 137-page report and recommendation dated
August 31, 2009.  "Confirmation of the Debtors' Plan should be
denied," he added.  Both Plans are confirmable, Judge Schmidt said
in his ruling, but decided that the Parent Plan is superior.
Judge Schmidt recommended to District Court Judge Andrew S. Hanen
to confirm the Plan of Reorganization proposed by Grupo Mexico's
affiliates Asarco Inc. and Americas Mining Corporation.

However, as reported by the TCR on September 14, 2009, Sterlite
Industries (India) Ltd. recently increased its offer, to top rival
Grupo Mexico's offer for ASARCO LLC by almost 3%.  Grupo Mexico
had offered US$2.5 billion last month.  Sterlite has further
increased the total cash consideration it commits to pay for the
ASARCO LLC assets by US$435 million, thus raising its bid from
US$2.135 billion to US$2.565 billion.  In July 2008, Sterlite
originally offered US$2.6 billion for ASARCO's operating assets.
Sterlite withdrew that offer in October 2008, citing reduced
copper prices, among others.

Steven Church at Bloomberg reports that lawyers for Grupo Mexico
SAB said Sterlite Industries (India) Ltd. shouldn't be allowed to
increase its bid for Asarco LLC following the auction and
confirmation hearings before the Bankruptcy Court.

District Judge Hanen is expected to rule on the Plan in November
2009.  The Debtors are expected to emerge from bankruptcy by the
end of 2009 should Judge Hanen accept the Bankruptcy Court's
recommendation, Grupo Mexico SAB de C.V., AMC's ultimate parent,
said in a press release.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Paul M.
Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq.,
at Reed Smith LLP give legal advice to the Official Committee of
Unsecured Creditors and David J. Beckman at FTI Consulting, Inc.,
gives financial advisory services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

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


AXTEL SAB: Gets Approval to Provide Direct-to-Home Video Services
-----------------------------------------------------------------
Axtel S.A.B. de C.V. has been granted by the Ministry of
Communications and Transport a concession to provide direct-to-
home, or satellite-TV, video services in Mexico.  AXTEL expects to
offer data, voice and video packages in early 2010.  The Company
does not anticipate significant incremental capital expenditures
from this project.

"This new initiative to provide video services to AXTEL'S
residential customers is consistent with the Company's strategy to
become a fully integrated telecom services provider," stated Tomas
Milmo Santos, AXTEL'S Chairman and Chief Executive Officer. Mr.
Santos added, "The data and voice services provided with WiMAX
technology will now be enhanced with video, strengthening AXTEL's
competitive position in the residential market segment."

                       About Axel SAB

Axtel is the second-largest, and one of the fastest growing,
fixed-line, integrated telecommunications companies in Mexico,
measured in revenues, EBITDA and lines in service.  The company
offers a wide array of services, including local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 39 cities and long distance telephone
in over 200 cities to more than 828,000 business and residential
customers.  The company provides local, long distance, data,
internet, integrated solutions and value-added communications
services in 39 of the largest metropolitan areas in the country,
including Mexico City, Monterrey, Guadalajara, Puebla, Toluca,
Leon, Queretaro, San Luis Potosi, Saltillo, Aguascalientes, Ciudad
Juarez, Tijuana, Torreon (Laguna Region), Veracruz, Chihuahua,
Celaya, Irapuato, Cd. Victoria, Reynosa, Tampico, Cuernavaca,
Merida, Morelia, Pachuca, Hermosillo, San Juan del Rio, Xalapa,
Durango, Villahermosa, Acapulco, Mexicali, Cancun, Zacatecas,
Matamoros, Nuevo Laredo, Culiacan, Mazatlan, Coatzacoalcos and
Minatitlan.  These 39 cities represent more than 47% of the total
population of Mexico according to Mexico's Instituto Nacional de
Estadistica Geografia e Informatica, INEGI.  The company estimates
that Axtel lines represent approximately 9.3% of the lines in
service of the total addressable market in the 39 cities in which
it provides local services.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 10, 2009, top rating agencies has rated the company:

   -- Moody's Investors Service assigned a Ba2 rating to
      Axtel, S.A.B. de C.V.'s proposed up to US$300 million
      in senior unsecured notes due 2019;
   -- Standard & Poor's Ratings Services said that it affirmed
      its ratings, including the 'BB-' corporate credit rating,
      on Axtel S.A.B de C.V.; and

   -- Fitch Ratings has assigned these ratings for Axtel,
      S.A.B. De C.V.:

         * Local currency Issuer Default Ratings at 'BB';

         * Foreign currency IDR at 'BB';

         * Proposed senior notes due 2019 for up to
           US$300 million at 'BB';


INMOBILIARIA FUMISA: Moody's Continues Rating Reviews on Bonds
--------------------------------------------------------------
Moody's Investors Service continues to review the ratings on the
Inmobiliaria Fumisa, S.A. DE C.V.'s Mexico City Airport Trust
US$121 million and 119 million UDI lease receivable bonds.  The
last rating action occurred on May 12, 2009, when the rating was
changed to Ba2 from Baa3 and placed on review for further
downgrade.

Moody's notes that in June Fumisa and bondholders successfully
negotiated various changes to the passenger deficiency and debt
service coverage triggers, which was one of the key factors being
reviewed since the rating action.

The current decision to continue the period of review is to allow
for Moody's to receive additional information regarding the
outcome of the sponsor's efforts to secure leases on currently
vacant space in Terminal 1, an important feature given that debt
service on the bonds is paid primarily from lease revenues.

The lease receivable bond ratings were assigned by evaluating
factors believed to be relevant to the credit profile of the
Project such as i) the business risk and competitive position of
the project versus others within its industry or sector, ii) the
capital structure and financial risk of the project, iii) the
projected performance of the project over the near to intermediate
term, and iv) the project's history of achieving consistent
operating performance and meeting budget or financial plan goals.
These attributes were compared against other projects both within
and outside of the Airport's core peer group and the lease
receivable bond ratings are believed to be comparable to ratings
assigned to other projects of similar credit risk.


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


DOE RUN PERU: Joint Commission Backs 20-Month Cleanup Extension
---------------------------------------------------------------
A joint commission will recommend that Peru's government extend a
deadline for the environmental cleanup of the closed Doe Run Peru
smelter by 20 months, Patricia Velez and Marco Aquino at Reuters
reports, citing a member of the body.  The report relates that
Royberto Guzman, a union leader, said that members of the
committee -- which includes representatives from Doe Run Peru and
the government -- think that giving the company more time to
finish a controversial cleanup would help restart operations and
guarantee jobs for workers.

According to the report, the committee only has an advisory role
and a final decision will be made by President Alan Garcia.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Reuters estimated that more than 3,000 direct
jobs and 16,000 indirect jobs are at stake at the smelter and in
the town of La Oroya, which is one of the most polluted in the
world.  According to a TCRLA report on August 6, 2009, citing
Reuters, Doe Run Peru filed for a government-monitored financial
restructuring because it was worried creditors might try to freeze
its assets or operations.  The report related during the process,
creditors will meet to decide whether to restructure or liquidate
the company's operations.  According to Reuters, among the
company's creditors are: precious petals producer Buenaventura, El
Brocal, and zinc and silver miner Volcan.

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

                           About Doe Run

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

                           *     *     *

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


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


* VENEZUELA: Russia Pays US$1 Billion For Oil Participation
-----------------------------------------------------------
A consortium of Russian oil companies has paid Venezuela a US$1
billion bonus for the right to develop the Junin block of heavy
crude reserves at the Orinoco Oil Belt, Deisy Buitrago at El
Universal News reports, citing Rafael Ramirez, Minister of Energy
and Petroleum.

According to the report, state-run oil company Petroleos de
Venezuela and the consortium -- which includes the Russian oil
companies Rosneft, Lukoil, Gazprom, TNK-BP and Surgutneftegaz --
established a joint venture in which PDVSA will hold a majority
stake of 60%.  The report relates that the agreement will last 25
years.  However, the report notes that the holding company had not
reported on the bonus payment.

"They (the Russian consortium) have paid a USD 1 billion bonus for
their participation (in the mixed company).  The bonus will give
them access to the joint development of reserves," the Mr. Ramirez
said in the weekly show Alo Presidente, the report says.

EL Universal says that PDVSA will submit to the National Assembly
the document establishing the mixed company.  The legislative body
will authorize the approval, as required by law, the report adds.

                           *     *     *

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-'.


                            ***********

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 * * *