TCRLA_Public/090917.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

            Thursday, September 17, 2009, Vol. 10, No. 184

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge Orders Public Defendant to Take Owner's Case


A R G E N T I N A

CHAMPION SA: Asks for Preventive Contest
GLOBALFINCAS SA: Creditors' Proofs of Debt Due on October 26
GVF CONSTRUCCIONES: Asks for Declaration of Bankruptcy
SMART PUMP: Asks for Preventive Contest
TELECOM ARGENTINA: Taps Alcatel-Lucent in JV Project With Antel


B E R M U D A

ANGEL HITECH: Creditors' Proofs of Debt Due on September 25
ANGEL HITECH: Members to Receive Wind-Up Report on October 13
CHEVRON A.D.: Creditors' Proofs of Debt Due on September 25
CHEVRON A.D.: Members to Receive Wind-Up Report on October 16
CHEVRON ABU: Creditors' Proofs of Debt Due on September 25

CHEVRON ABU: Members to Receive Wind-Up Report on October 16
OCELOT INTERNATIONAL: Supreme Court Enters Wind-Up Order
SIRIUS REINSURANCE: Creditors' Proofs of Debt Due on September 23
SIRIUS REINSURANCE: Member to Receive Wind-Up Report on October 14
XL CAPITAL: Chief Financial Officer to Leave Firm by Year's End


B A R B A D O S

* BARBADOS: CEA Chairman Says No Need for Alarm Amid IMF Report


B R A Z I L

BANCO IBI: Moody's Upgrades Bank Financial Strength Rating to 'B-'
JBS SA: Agrees to Acquire Rival Bertin in Stock Deal
JBS SA: Fitch Places B+' Rating on Watch Positive Due to Buyouts
NET SERVICOS: Moody's Upgrades Corporate Family Ratings to 'Ba1'
PERDIGAO SA: Planned Merger May Ease Pressure on Sadia SA Deal

SADIA SA: Marfrig-Cargill May Ease Pressure on Perdigao SA Deal


C A Y M A N  I S L A N D S

ACM ASIA: Members to Receive Wind-Up Report Today
ARTRADIS NAGA: Shareholders to Receive Wind-Up Report Today
ARTRADIS NAGA: Shareholders to Receive Wind-Up Report Today
ARTRADIS NAGA: Shareholders to Receive Wind-Up Report Today
ARTRADIS NAGA: Shareholders to Receive Wind-Up Report Today

CASTLE HOLDCO: Members to Receive Wind-Up Report Today
CASTLE HOLDCO: Members to Receive Wind-Up Report Today
CASTLE HOLDCO: Members to Receive Wind-Up Report Today
CASTLE HOLDCO: Members to Receive Wind-Up Report Today
CL FINANCIAL: CIMA Taps Controllers to Manage BAICO's Cayman Ops.

FININVESTMENTS LIMITED:  Members to Receive Wind-Up Report Today
FORTIS HEDGE: Members to Receive Wind-Up Report Today
FORTIS HEDGE: Members to Receive Wind-Up Report Today
FORTIS HEDGE: Members to Receive Wind-Up Report Today
FROLEY, REVY: Members to Receive Wind-Up Report Today

GLOBOTECH INVESTMENTS: Members to Receive Wind-Up Report Today
JEFFERIES HCS: Members to Receive Wind-Up Report Today
KATANA FUND: Members to Receive Wind-Up Report Today
KATANA FUND: Members to Receive Wind-Up Report Today
MIOF MASTER: Creditors' Proofs of Debt Due Today

NEREUS LIMITED: Members to Receive Wind-Up Report Today
OUTPOST GLOBAL: Members to Receive Wind-Up Report Today
OUTPOST GMF: Members to Receive Wind-Up Report Today
PARMALAT SPA: Bank of America Liable for Fraud, SPVs Say
RAB-NORTHWEST: Members to Receive Wind-Up Report Today

TLC FINANCE: Creditors' Proofs of Debt Due Today
TZU CAPITAL: Members to Receive Wind-Up Report Today
TZU CAPITAL: Members to Receive Wind-Up Report Today
TZU CAPITAL: Members to Receive Wind-Up Report Today
WHITEBEAM CREDIT: Members to Receive Wind-Up Report Today

YURAKUCHO CAYMANSPV: Members to Receive Wind-Up Report Today


C H I L E

AES CORP: Starts Operation of Facilility in Chile


C O L O M B I A

BANCOLOMBIA SA: Bolsa de Valores May Allow Derivatives Trade
ECOPETROL SA:  Bolsa de Valores May Allow Derivatives Trade
ISAGEN SA: 2H Net Profit May Not Be As Good As 1H, CEO Says
ISAGEN SA: Hires Impregilo SpA & 2 Partners for Pwr-Plant Project


J A M A I C A

SUGAR COMPANY: Sugar Factories Will be Sold by Year-End


M E X I C O

CONTROLADORA COMERCIAL: Plans MXN19 Billion in Debt to Creditors


V E N E Z U E L A

PETROLEOS DE VENEZUELA: China to Invest US$16BB in Oil Project


X X X X X X X X

* IATA Predicts Worldwide Airline Losses of US$11 Billion in 2009


                         - - - - -


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


STANFORD INT'L: Judge Orders Public Defendant to Take Owner's Case
------------------------------------------------------------------
U.S. District Judge David Hittner has ordered the Public
Defender's Office to take the case of Robert Allen Stanford, the
financier accused of orchestrating a multi-billion Ponzi scheme,
Anna Driver at Reuters reports.

"The man needs an attorney, he's got an attorney, and now we're
going to proceed to go to trial," the report quoted Judge Hittner
as saying.  The report relates that Judge Hittner's decision was
followed Mr. Stanford's statements that he could not afford to pay
lawyers' fees since his assets still remain frozen.

According to the report, Michael Sokolow from the Federal Public
Defender's Office in Houston will be Mr. Stanford's lead attorney
as he replaces Houston attorney Dick DeGuerin, who asked to
withdraw in July after failing to secure a guarantee of payment.
The report relates that Robert Luskin, Esq., at Patton Boggs in
Washington, DC, said in July that he and a team of lawyers were
prepared to take over Mr. Stanford's defense but that payment was
also an issue.

Reuters notes that Patton Boggs and other law firms have their eye
on a directors and officers insurance policy covering Stanford and
a number of his businesses.  The report points out that if those
funds become available, Patton Boggs would be prepared to take the
Stanford case.  The report notes that proceeds from the policy
have not been paid because Stanford Financial Group court-
appointed receiver, Ralph Janvey, has argued that the insurance
funds assets were meant for investors.

                  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
=================


CHAMPION SA: Asks for Preventive Contest
----------------------------------------
Champion SA asked for preventive contest.

The company stopped making payments on May 24, 2009.


GLOBALFINCAS SA: Creditors' Proofs of Debt Due on October 26
------------------------------------------------------------
Jorge Osvaldo Stanislavsky, the court-appointed trustee for
Globalfincas SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 26, 2009.

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

The Trustee can be reached at:

          Jorge Osvaldo Stanislavsky
          Talcahuano 768
          Argentina


GVF CONSTRUCCIONES: Asks for Declaration of Bankruptcy
------------------------------------------------------
GVF Construcciones SA asked for the declaration of bankruptcy.

The company stopped making payments last May 11.


SMART PUMP: Asks for Preventive Contest
---------------------------------------
Smart Pump Business SA asked for preventive contest.

The company stopped making payments last August 28.


TELECOM ARGENTINA: Taps Alcatel-Lucent in JV Project With Antel
---------------------------------------------------------------
Alcatel-Lucent has signed -- in consortium with IT Telecom, a
Canadian marine service provider with worldwide operations -- a
contract with Antel for a new submarine cable network linking
Maldonado, Uruguay, to Las Toninas, Argentina.

With an ultimate design capacity of 3.84 Terabit, this new 250 km-
long submarine cable system will provide Antel and Telecom
Argentina SA with greater capacity, faster connectivity and
bandwidth availability to support innovative, IP-based services,
while lowering the cost of broadband access in the region.

With completion expected in the fourth quarter of 2010, it also
will provide route diversity for enhanced traffic protection.

'We need to be able to increase the capacity and reliability of
our network if we are going to meet our customers expectations for
advanced broadband services, while controlling our operational
costs and guaranteeing our quality of service,' said Ing Daniel
Fuentes, Antel's Business Manager 'Alcatel-Lucent's and IT
Telecom's field-proven experience will help us enhance the
efficiency and quality of service of our communication
infrastructure so that we will be able to provide more advanced
services to our customers, enabling them to take advantage of the
innovations that are a hallmark of the communications industry.'

'This new submarine cable network will dramatically open up
capacity for our customers, enabling us to provide more cost-
effective services and a new range of applications that can
benefit our country in a variety of ways,' Ing Osvaldo Novoa,
Antel's International Manager added.  "Alcatel-Lucent's advanced
technology and IT Telecom's professional services will offer us
the optimal support to take a new significant step forward in our
communications capabilities.'

Under the terms of the contract, Alcatel-Lucent will design,
manufacture and commission the submarine cable system, based on
its dense wavelength division multiplexing (DWDM) technology and
cables. IT Telecom will design the route and perform marine
surveys and installation of the submarine cable system.

'In some areas, the benefit of being connected to the global
submarine ring has not yet been fully exploited,' said Etienne
Lafougere, President of Alcatel-Lucent's submarine network
activity.  'By meeting the requirements of communications
infrastructures in terms of flexibility and scalability, we help
our customers to enhance their capacity and deliver a more
seamless and reliable service for their customers so that they can
enjoy the best communications experience possible.'

'The cooperation with Alcatel-Lucent for the implementation of
this important telecommunication infrastructure will ensure that
the customer has the most reliable, best quality system
available,' said Jacques Levesques, President of IT Telecom.  'The
extensive experience we gathered in the provision of tailor-made
submarine cable services worldwide, allows us to ensure a smooth
and reliable implementation of the system.'

This new project further strengthens the long-lasting relationship
that Alcatel-Lucent has developed with Antel contributing to the
deployment of its transport infrastructure across Latin America.

                           About Antel

ANTEL – http://www.antel.com.uy–- is a public company, leader in
the Uruguayan telecommunications market.  Provides solutions on
fixed national and international telephony, mobile voice and 3G
network services, and also on the data and Internet services
markets.
                   About IT International Telecom

IT International Telecom -- http://www.ittelecom.com-- is an
innovative company that provide its clients with customized
solutions that meet their telecommunication, power installation
and maintenance requirements.  ISO 9000-2001 certified, IT is
based in Montreal, Canada with offices in Bridgetown, Barbados and
Halifax, Canada.

                       About Alcatel-Lucent

France-based Alcatel-Lucent (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                           *     *     *

As reported in the Troubled Company Europe on September 4, 2009,
Standard & Poor's Ratings Services said it has affirmed its 'B+/B'
long-term and short-term corporate credit ratings on French
telecommunications equipment supplier Alcatel Lucent.  The outlook
is negative.

                        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


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


ANGEL HITECH: Creditors' Proofs of Debt Due on September 25
-----------------------------------------------------------
The creditors of Angel HiTech Limited are required to file their
proofs of debt by September 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street
          Hamilton, Bermuda


ANGEL HITECH: Members to Receive Wind-Up Report on October 13
-------------------------------------------------------------
The members of Angel HiTech Limited will receive on October 13,
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 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street
          Hamilton, Bermuda


CHEVRON A.D.: Creditors' Proofs of Debt Due on September 25
-----------------------------------------------------------
The creditors of Chevron A.D. Holdings Ltd. are required to file
their proofs of debt by September 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 8, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


CHEVRON A.D.: Members to Receive Wind-Up Report on October 16
-------------------------------------------------------------
The members of Chevron A.D. Holdings Ltd. will receive on
October 16, 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 8, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


CHEVRON ABU: Creditors' Proofs of Debt Due on September 25
----------------------------------------------------------
The creditors of Chevron Abu Dhabi Limited are required to file
their proofs of debt by September 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 8, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


CHEVRON ABU: Members to Receive Wind-Up Report on October 16
------------------------------------------------------------
The members of Chevron Abu Dhabi Limited will receive on
October 16, 2009, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 8, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


OCELOT INTERNATIONAL: Supreme Court Enters Wind-Up Order
--------------------------------------------------------
On September 4, 2009, the Supreme Court of Bermuda entered an
order to have Ocelot International Ltd.'s operations wound up.

The official receiver of Bermuda was appointed as the provisional
liquidator of the company.


SIRIUS REINSURANCE: Creditors' Proofs of Debt Due on September 23
-----------------------------------------------------------------
The creditors of Sirius Reinsurance Company Limited are required
to file their proofs of debt by September 23, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

         Barbara L. Pedro
         3 Parkview Lane
         Devonshire, Bermuda


SIRIUS REINSURANCE: Member to Receive Wind-Up Report on October 14
------------------------------------------------------------------
The member of Sirius Reinsurance Company Limited will receive on
October 14, 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 4, 2009.

The company's liquidator is:

         Barbara L. Pedro
         3 Parkview Lane
         Devonshire, Bermuda


XL CAPITAL: Chief Financial Officer to Leave Firm by Year's End
---------------------------------------------------------------
XL Capital Ltd disclosed that the company and its Chief Financial
Officer, Brian Nocco, have agreed that Mr. Nocco will leave XL
effective after year end.  Mr. Nocco, who has served as XL's CFO
since July 2007, has agreed to remain as CFO until year end to
ensure a smooth transition.  The company has initiated a search
for a successor to Mr. Nocco.

"We thank Brian for his many contributions at XL during the last
two years," said Mike McGavick, President and CEO of XL.  "In
particular, Brian helped XL navigate through the extraordinary
challenges that XL has faced over the past year. We wish Brian
well in his new endeavors."

                          About XL Capital

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

                           *     *     *

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


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


* BARBADOS: CEA Chairman Says No Need for Alarm Amid IMF Report
---------------------------------------------------------------
Barbados Chairman of the Council of Economic Advisers, Dr. Frank
Alleyne, gave his assurance that there is no need for alarm amid
International Monetary Fund's report that the country's economy is
in a severe recession, RadioJamaica reports.

"I concur with the findings as well as the policy recommendations.
They call for belt-tightening, better use of the resources.  When
tourism takes a hit like it did last year, it has not recovered
this year in spite of government's best efforts," the report
quoted Dr. Alleyne as saying.  "What government has to do in the
short term is prevent the economy from going into a freefall and
stabilize the thing.  I think government has been trying to do
this, with some success.  They have set up financial assistance
for the tourism industry to tide them over for the period," Dr.
Alleyne added.

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, The Executive Board of the International
Monetary Fund 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.


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


BANCO IBI: Moody's Upgrades Bank Financial Strength Rating to 'B-'
------------------------------------------------------------------
Moody's Investors Service upgraded the financial strength and
deposit ratings of Banco Ibi S.A. -- Banco Multiplo, aligning them
with those of Banco Bradesco S.A. following the announcement of
regulatory authorization for its acquisition by Bradesco issued on
September 11, 2009.

Moody's upgraded Ibi's bank financial strength rating, to B- from
E+; its global long and short term local currency deposit ratings
to A1 and Prime 1 from B1 and Not Prime, respectively; and its
Brazilian national scale ratings to Aaa.br and BR-1 from Baa1.br
and BR-2.  The outlook on these ratings is now stable.  At the
same time, the long-term foreign currency deposit rating was
lifted to Ba2 from B1 and placed on review for possible upgrade,
in line with Moody's ongoing review of the Brazilian foreign
currency deposit ceiling.  These rating actions conclude the
review for possible upgrade initiated on June 5, 2009.

The rating action reflects Bradesco's acquisition of 100% of Ibi's
outstanding shares, as announced June 4, 2009, in an all-stock
transaction of approximately R$1.4 billion, which represented
roughly 1.6% of Bradesco's equity as of December 2008.  Moody's
expects Ibi's franchise to be absorbed into Bradesco's credit card
division following final shareholder approval expected within the
next 40 to 45 days.  Bradesco's ratings were not affected by the
Ibi acquisition, Moody's added.

Moody's last rating action on Ibi was on June 5, 2009, when it
placed all ratings on review for possible upgrade following the
announcement of the bank's acquisition by Bradesco.

Banco Ibi's headquarters are located in Barueri, Sao Paulo,
Brazil.  As of June 30, 2009, the bank reported total assets of
R$4.3 billion (US$2.2 billion) and equity of R$867 million
(US$444 million).

These ratings of Banco Ibi were upgraded:

* Bank Financial Strength Rating: to B- from E+, stable outlook

* Global Local Currency Deposit Ratings: to A1 and Prime-1 from B1
  and Not Prime, stable outlook

* Brazil National Scale Ratings: to Aaa.br and BR-1 from Baa1.br
  and BR-2, stable outlook

* Long-term Foreign Currency Deposit Rating: to Ba2 from B1, on
  review for possible upgrade

This rating was affirmed:

* Short-term Foreign Currency Deposit Rating: Not Prime


JBS SA: Agrees to Acquire Rival Bertin in Stock Deal
----------------------------------------------------
Guillermo Parra-Bernal and Elzio Barreto at Reuters report that
JBS SA said it would buy Brazilian rival Bertin SA in an all
stock-transaction to consolidate its leadership in the global meat
market.

Laura Price at Bloomberg News relates that J&F Participacoes SA
and ZMF Fundo de Investimento em Participacoes, which together
control JBS, will put all their shares into a new company.

According to Reuters, the new company will be named Nova Holding.
Reuters relates that Bertin controlling holders will contribute
73.1% of their stake to Nova Holding.  The report notes JBS SA
said that its shareholders would control 60% of Nova Holding,
while Bertin holders would hold the remaining 40%.

Bloomberg News says Banco JP Morgan SA and Banco Santander Brasil
SA are advising JBS and Bertin on the holding company.

Meanwhile, reportedly, JBS SA agreed to buy control of bankrupt
Pilgrim’s Pride Corp.  According to a separate Reuters report, the
Brazilian real currency strengthened against the dollar in recent
years, JBS went on an international buying spree.  The report
relates the list is JBS's successful and unsuccessful
international purchases in past years and a breakdown of the
biggest companies' market share of the U.S.meats sector:

                   JBS SA' International Expansion

* 2005 - JBS took its first step abroad buying 85% of beef
          producer Swift Armour, Argentina's largest beef
          processor, for US$200 million

* 2007 - It bought U.S.-based Swift Foods for US$225 million
          and assumed its heavy debt load estimated at more
          than US$1 billion, a few months after going public on
          the Sao Paulo Stock Exchange

* 2008 - It bought Australian-based beef producer Tasman
          Group for US$107 million in cash

* 2008 - JBS acquired U.S. processor Smithfield Beef from
          Smithfield Foods for US$565 million

* 2008 - It bought 50% of European beef processor
          Inalca with plants in Italy, Russia and Africa for
          US$328 million

* 2009 - JBS backed off a bid to acquire U.S. National Beef
          Packing Co after an antitrust challenge from the U.S.
          Justice Department and several states

* 2009 - JBS filed with U.S. regulators to hold a US$2
          billion initial public offering

* 2009 - JBS agreed to buy a 64% stake in the restructured
          Pilgrim's Pride for US$800 million

* 2009 - JBS agreed to buy Brazil's No.2 beef producer
          after JBS in an all stock deal

                          About Bertin SA

Headquartered in Lin, Sao Paulo, Brazil, Bertin SA is the world’s
biggest cattle-hides exporter and Brazil’s third-biggest
meatpacker.  The company has 13 beef-processing plants in the
country, one in Paraguay and another in Uruguay.  Reportedly,
Brazil's government, through state development bank BNDES, holds a
27% stake in the company; while Bracol Holding holds a 72% stake,
and Heber Participacoes owns 1.1%.

                           *     *    *

As of September 17, 2009, the company continues to carry Moody's
B1 senior Unsecured Debt rating

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As of June 17, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.


JBS SA: Fitch Places B+' Rating on Watch Positive Due to Buyouts
----------------------------------------------------------------
Fitch Ratings has placed the following ratings of JBS S.A.'s (JBS)
on Rating Watch Positive:

  --Foreign currency Issuer Default Rating (IDR) 'B+';

   --Local currency IDR 'B+';

   --USD275 million outstanding senior notes (due 2011) 'B+/RR4';

   --USD700 million outstanding senior notes (due 2014) 'B+/RR4';

   --USD300 million outstanding senior notes (due 2016) 'B+/RR4';

   --Long-term National Scale rating 'BBB+(bra)'.

The rating action follows the announcement by JBS that it had
reached an agreement to buy 64% of Pilgrim's Pride and also to
merge with Bertin.  These transactions are expected to be entirely
funded with a USD2.5 billion equity issuance in JBS USA and
significantly enhance the competitive position of the company in
the Brazilian market as well as diversify its revenue mix to
different proteins as the acquisition of Pilgrim's Pride provides
JBS with an entry into the poultry business.  These transactions
are expected to close at the end of 2009. Fitch anticipates net
leverage to improve marginally (excluding synergies expected to
exceed USD450 million per year) from its current 2.8 times (x)
(pro forma the Smithfield Beef acquisition) as of June 2009. In
addition, Fitch sees positively JBS planed USD2.0 billion IPO at
its US subsidiary, JBS USA, in the first half of 2010 and it
confirms JBS' strong track record integrating past acquisitions.

For the Pilgrim's Pride transaction JBS plans to pay USD800
million for a 64% stake in the new entity and assume USD1.5
billion of debt.  JBS plans to use USD1.5 billion of its USD2.5
billion equity issuance to make the USD800 million payment and
reduce debt to about USD800 million at Pilgrim's Pride.  This
acquisition to be made through JBS USA increases JBS revenue
generation from its operations in the US and Australia from 70% of
the total to about 75% and adds production capacity in Mexico.
Synergies from this acquisition are expected to be USD200 million.
Pilgrim's Pride is the second largest poultry company in the US
with about 20% market share. This company is expected to generate
more than USD300 million of EBITDA in the latest twelve months
(LTM) ended September 2009 on USD7 billion of revenues. At the end
of 2008, this company filed for Chapter 11 and the JBS acquisition
is part of the reorganization plan of the company that needs to be
approved by the bankruptcy court.

In the merger with Bertin, the Bertin shareholders would receive
JBS stock and debt will be reduced by USD1 billion at Bertin from
the USD2.5 billion JBS equity issuance. Bertin is Brazil's third
largest beef producer with approximately USD400 million of EBITDA
on USD3.5 billion revenues. Synergies of more than USD250 million
per year are expected to be generated primarily from logistics
consolidation and overhead cost reductions. Bertin derives 68% of
revenues from fresh beef production, 13% from leather, 12% from
dairy products and 7% from other businesses. This transaction not
only expands the beef production capacity to Uruguay, Paraguay and
several states in Brazil but also improves the distribution
capacity of the company across Latin America in particular in
Brazil. The merger scrutiny from Brazilian authorities will depend
on the market definition.

As of June 30, 2009, JBS had cash on hand of USD1.18 billion and
USD650 million in credit facilities available at JBS USA compared
with short-term maturities of USD1.24 billion. Total debt was
USD3.19 billion. During October 2008, the company paid USD565
million of cash to acquire Smithfield Beef. For the LTM ended June
2009, JBS' EBITDA was USD607 million. This figure would have been
USD725 million, if Smithfield Beef had been consolidated for all
of the LTM ended June 2009, resulting in a pro forma net leverage
(net debt/EBITDA) ratio of 2.8x compared to 2.0x in 2008 and 3.7x
in 2007.

JBS is one of the world's largest beef producers, with operations
in Brazil, the United States, Argentina, Australia and Italy. The
company is the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australia and the third
largest in the U.S. JBS USA concentrates JBS operations in the
U.S. and Australia, which represent approximately 70% of total
revenues.


NET SERVICOS: Moody's Upgrades Corporate Family Ratings to 'Ba1'
----------------------------------------------------------------
Moody's upgraded Net Servicos de Comunicacao S.A.'s corporate
family ratings to Ba1 from Ba2 on the global scale and to Aa2.br
from Aa3.br on the Brazilian national scale.  The rating outlook
is stable.

"Net's upgrade to Ba1 is based on the company's demonstrated
resilience to Brazil's latest economic downturn thus far, by
showing continued strong growth in its subscriber base with no
material increase in subscriber churn or delinquency, while
maintaining low leverage and improved interest coverage that
compare favorably to global industry peers and similarly rated
Latin American corporates," explained Moody's VP Senior Analyst,
Soummo Mukherjee.  "The upgrade also factors in Net's improved
market position in Brazil's cable industry and its strong and
well-positioned competitive position for future growth, since the
company has consistently captured the highest percentage of net
additions for pay-TV, broadband and telephony and consolidated its
position as the leading pay-TV provider," added Mukherjee.

Net's Ba1 rating reflects its strong competitive position in the
Brazilian pay-TV market with a 51% market share and continued good
growth prospects.  The rating also reflects Net's ability to
consistently generate positive cash flow from operations, its
strategic importance for Telmex International, as well as its low
leverage, improved interest coverage and comfortable liquidity
position.  At the same time, the rating continues to be primarily
constrained by the company's foreign exchange exposure, likely
increased competitive pressures from wire line incumbents and new
entrants, and by the company's relatively low margins and free
cash flow, which may improve as the current low penetration of the
cable TV business in Brazil increases.

Brazil's total pay-TV penetration of around 12% is still very low
compared to developed countries and even many other Latin American
countries such as Argentina, Chile, Mexico and Venezuela.  In
Brazil, the fact that free open-air TV enjoys over 90% share of
viewers in Brazil due to its high quality programming content will
continue to constrain pay-TV penetration.  However, pay-TV
penetration has improved from the 7.4% level in 2004 to the
current 12% due largely to the rising income levels of the general
population and a growing middle-class.  According to Net, only 44%
of households in the A and B income groups (monthly income of
above US$900 dollars per month) in its coverage area are currently
subscribers, which means that the company still has opportunities
to grow in the middle-class and upper class population.

Net, through strategic investments in its network and superior
service quality, as well as through its successful bundling
strategy -- has been able to grow its pay-TV, broadband and fixed-
line telephony subscriber bases more than the overall market, thus
leading the share of net additions for each of its these three
products.  Over the past two years, Net has been able to improve
its market-share in pay-TV from 45% to 51%, while its broadband
share improved from 18% to its current 24%.  Net launched cable
telephony services in 2006, via its partnership with Embratel, but
with a 5% market-share it is the fastest-growing operator as
existing Net cable and broadband users are attracted to the
bundled telephony service.

As of June 30th, 2009, Net reported total cash and cash
equivalents of BRL 537 million, that together with the company's
expected cash generation should allow Net to comfortably address
its working capital and capex needs, interest and tax payments, as
well as it debt maturities that consist of BRL 68 million in the
next 12 months and BRL 250 million in 2010.  Although, 42% of
Net's total debt was denominated in US$Moody's note that the
company fully hedges its next 12 months of debt service
requirements and that the nearest maturity of its dollar
denominated debt is the first of three equal annual amortizations
of its US$200 million Inbursa loan in 2017.  The other dollar
denominated debt instrument is the company's perpetual bonds,
which have no mandatory maturity, but are callable as of
November 27, 2009.

The stable outlook assumes that Net can at least maintain its
market share position, EBITDA margins and maintain a comfortable
liquidity profile at all times.

Although unlikely in the near-term, upward rating pressure on
Net's Ba1 rating could be prompted by reduced foreign exchange
exposure, a material increase in scale and diversity (measured by
consolidated revenues), as well as a meaningful improvement in
operating performance (measured by US$cable revenues / homes
passed and EBITDA margin), leading to sustainable positive free
cash flow of above 10% of total adjusted debt (6.4% as of June
2009).

Net's rating or outlook could see downward pressure if increased
competition, possibly combined with a severe economic downturn,
causes Net to lose market share and experience significant
deterioration in subscriber churn and operating margins.  Negative
pressure would also arise if Net's liquidity were to deteriorate
or if Total Debt / EBITDA increased above 2.5 times (1.7 times as
of June 2009) and/or FCF / Debt remained negative for a prolonged
period of time.  A material increase USD-denominated debt from its
current level of 33% of total adjusted debt without a simultaneous
reduction in total debt outstanding could also cause a negative
rating action.

Moody's last rating action on Net was on January 17, 2008, when
Moody's assigned a Ba2 foreign currency rating to the company's
proposed US$200 senior unsecured notes.

Net Servicos de Comunicacao S.A., based in Sao Paulo, Brazil, is
the largest cable company in Latin America with approximately
3.5 million Pay TV subscribers as of June 30, 2009, and currently
present in 93 cities.  The company also offers bidirectional
broadband internet access through its Virtua franchise and voice
services through Net Fone via Embratel (Baa3/sta).  At the end of
June, 30, 2009, Net had 2.6 million broadband clients and
2.3 million fixed line subscribers.


PERDIGAO SA: Planned Merger May Ease Pressure on Sadia SA Deal
--------------------------------------------------------------
Kenneth Rapoza at the Dow Jones Newswires reports that Marfrig
Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de
Alimentos)'s plan to acquire Cargill Inc.'s Brazilian unit, Seara
Alimentos Ltd., may help ease some antitrust pressure off the
Perdigao SA and Sadia SA merger.  The report relates Brazilian
government's antitrust division CADE, which must approve the
Perdigao-Sadia merger, has been reviewing the deal since May.  The
report notes that CADE hasn't yet decided what divisions or
products the newly created Brasil Foods might have to sell; and no
date has been set to rule on the merger.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction.  After the take
over, the new company will be known as BRF Brasil Foods SA and
incorporate Sadia shares owned by HFF Participacoes SA -– a
holding company formed by investors who have more than 51% of
Sadia’s voting stock.

According to a TCRLA report on September 16, 2009, citing Dow
Jones Newswires, Marfrig Alimentos 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.  The report related that 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 said 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 added.

"The Marfrig acquisition now gives Perdigao and Sadia a stronger
argument against selling off some of its assets," Dow Jones
Newswires quoted Renato Prado, an equity analyst at Banco Fator in
Sao Paulo, as saying.  "They just got a very strong competitor
with this Seara merger, so antitrust pressure on Brasil Foods
could ease," Mr. Prado added.

Dow Jones Newswires relates that Caue Pinheiro, an equity analyst
at SLW Corretora in Sao Paulo, said that, "Marfrig wants to
integrate into other meat markets and Brasil Foods is right there
in that space.  They just got a new rival and antitrust will
definitely have to consider that now."  "Marfrig has added serious
muscle, but it has a long way to go to bring Seara on par with
Brasil Foods' brands," said Mr. Pinheiro added.

                          About Sadia SA

Headquartered in Sao Paulo, Brazil, Sadia S. A. --
http://www.sadia.com-- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                           *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.

                         About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As of June 25, 2009, the company continues to carry Moody's LT
Corp rating at Ba1 and Standard and Poor's LT Issuer Credit
Ratings at BB+

                    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


SADIA SA: Marfrig-Cargill May Ease Pressure on Perdigao SA Deal
---------------------------------------------------------------
Kenneth Rapoza at the Dow Jones Newswires reports that Marfrig
Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de
Alimentos)'s plan to acquire Cargill Inc.'s Brazilian unit, Seara
Alimentos Ltd., may help ease some antitrust pressure off the
Perdigao SA and Sadia SA merger.  The report relates Brazilian
government's antitrust division CADE, which must approve the
Perdigao-Sadia merger, has been reviewing the deal since May.  The
report notes that CADE hasn't yet decided what divisions or
products the newly created Brasil Foods might have to sell; and no
date has been set to rule on the merger.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction.  After the take
over, the new company will be known as BRF Brasil Foods SA and
incorporate Sadia shares owned by HFF Participacoes SA -– a
holding company formed by investors who have more than 51% of
Sadia’s voting stock.

According to a TCRLA report on September 16, 2009, citing Dow
Jones Newswires, Marfrig Alimentos 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.  The report related that 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 said 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 added.

"The Marfrig acquisition now gives Perdigao and Sadia a stronger
argument against selling off some of its assets," Dow Jones
Newswires quoted Renato Prado, an equity analyst at Banco Fator in
Sao Paulo, as saying.  "They just got a very strong competitor
with this Seara merger, so antitrust pressure on Brasil Foods
could ease," Mr. Prado added.

Dow Jones Newswires relates that Caue Pinheiro, an equity analyst
at SLW Corretora in Sao Paulo, said that, "Marfrig wants to
integrate into other meat markets and Brasil Foods is right there
in that space.  They just got a new rival and antitrust will
definitely have to consider that now."  "Marfrig has added serious
muscle, but it has a long way to go to bring Seara on par with
Brasil Foods' brands," said Mr. Pinheiro added.

                          About Sadia SA

Headquartered in Sao Paulo, Brazil, Sadia S. A. --
http://www.sadia.com-- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                           *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.

                         About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As of June 25, 2009, the company continues to carry Moody's LT
Corp rating at Ba1 and Standard and Poor's LT Issuer Credit
Ratings at BB+

                    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


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


ACM ASIA: Members to Receive Wind-Up Report Today
-------------------------------------------------
The members of ACM Asia Real Estate Securities Opportunity Fund,
Ltd will receive today, September 17, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Harold Schaaff
          875 Third Avenue
          New York, NY 10022


ARTRADIS NAGA: Shareholders to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholders of Artradis Naga Short Bias Fund will receive
today, September 17, 2009, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

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: Shareholders to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholders of Artradis Naga Market Neutral (Non-US Feeder)
Fund will receive today, September 17, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholders of Artradis Naga Market Neutral Fund will receive
today, September 17, 2009, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

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: Shareholders to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholders of Artradis Naga Short Bias (Non-US Feeder) Fund
will receive today, September 17, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CASTLE HOLDCO: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Castle Holdco 1, Ltd. will receive today,
September 17, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Michael Salvati
         201 N. Westshore Drive
         Chicago, Illinois 60601
         United States of America


CASTLE HOLDCO: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Castle Holdco 2, Ltd. will receive today,
September 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Michael Salvati
         201 N. Westshore Drive
         Chicago, Illinois 60601
         United States of America


CASTLE HOLDCO: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Castle Holdco 3, Ltd. will receive today,
September 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Michael Salvati
         201 N. Westshore Drive
         Chicago, Illinois 60601
         United States of America


CASTLE HOLDCO: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Castle Holdco 6, Ltd. will receive today,
September 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Michael Salvati
         201 N. Westshore Drive
         Chicago, Illinois 60601
         United States of America


CL FINANCIAL: CIMA Taps Controllers to Manage BAICO's Cayman Ops.
-----------------------------------------------------------------
The Cayman Islands Monetary Authority has appointed Messrs. Simon
Whicker and Kris Beighton at KPMG as controllers to manage and
control the affairs of Bahamas-registered British American
Insurance Company Limited (formerly known as British American
Insurance Company of the Bahamas) (BAICO)'s Cayman Islands
operations, Cayman Net News reports.  The report relates that the
controllers will continue to manage BAICO’s operations, subject to
the cease and desist order previously issued by CIMA on June 29,
2009.  British American Insurance is a CL Financial Limited
affiliate.

According to the report, CIMA's move was prompted by the
increasing financial and operational difficulties of the Cayman
branch, which reflect the grave problems being experienced
throughout the Caribbean by the company and CL Financial Limited.
The report relates that to date, BAICO has not been able to fully
satisfy the requirements that CIMA imposed on it in the cease and
desist order issued, and directives issued to BAICO in subsequent
letters, despite CIMA extending the deadlines.

As reported in the Troubled Company Reporter-Latin America on
July 2, 2009, Caribbean net News said that CIMA  issued a cease
and desist order prohibiting BAICO from issuing new insurance
policies; which significantly expands BAICO's reporting
requirements.  The report related that the order also asked BAICO
to maintain all assets in the Cayman Islands to ensure the
satisfactory coverage of all policy holder liabilities of BAICO
and prohibits the company from transferring any of its assets and
funds to any affiliated company without the Authority's prior
written approval.

Cayman Net News notes that placing the local entity into
controllership will allow CIMA to ensure that there are persons in
charge of the local operations who have legal power to make and
execute decisions to safeguard the interests of BAICO Cayman’s
creditors and policyholders and the public interest.

                        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.


FININVESTMENTS LIMITED:  Members to Receive Wind-Up Report Today
----------------------------------------------------------------
The members of Fininvestments Limited will receive today,
September 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


FORTIS HEDGE: Members to Receive Wind-Up Report Today
-----------------------------------------------------
The members of Fortis Hedge (Cayman) L/S Japan Limited will
receive today, September 17, 2009, at 9:00 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


FORTIS HEDGE: Members to Receive Wind-Up Report Today
-----------------------------------------------------
The members of Fortis Hedge L/S Europe Smallcap Master Limited
will receive today, September 17, 2009, at 9:10 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


FORTIS HEDGE: Members to Receive Wind-Up Report Today
-----------------------------------------------------
The members of Fortis Hedge L/S Japan Master Limited will receive
today, September 17, 2009, at 9:00 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


FROLEY, REVY: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Froley, Revy Alternative Strategies Offshore Fund,
Ltd will receive today, September 17, 2009, at 4:00 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GLOBOTECH INVESTMENTS: Members to Receive Wind-Up Report Today
--------------------------------------------------------------
The members of Globotech Investments Ltd. will receive today,
September 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

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


JEFFERIES HCS: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Jefferies HCS Fund (Cayman), Ltd. will receive
today, September 17, 2009, at 3:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KATANA FUND: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Katana Fund (General Partner) Limited will receive
today, September 17, 2009, at 4:30 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KATANA FUND: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Katana Fund will receive today, September 17, 2009,
at 4:00 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MIOF MASTER: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of MIOF Master GP Ltd. are required to file their
proofs of debt by today, 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


NEREUS LIMITED: Members to Receive Wind-Up Report Today
-------------------------------------------------------
The members of Nereus Limited will receive today, September 17,
2009, at 10:00 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


OUTPOST GLOBAL: Members to Receive Wind-Up Report Today
-------------------------------------------------------
The members of Outpost Global Macro Fund, Ltd will receive today,
September 17, 2009, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OUTPOST GMF: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Outpost GMF Offshore, Ltd will receive today,
September 17, 2009, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PARMALAT SPA: Bank of America Liable for Fraud, SPVs Say
--------------------------------------------------------
U.S. District Judge Lewis Kaplan on September 14 began trial on
the lawsuit commenced by Food Holdings Ltd. and Dairy Holdings
Ltd. against Bank of America Corp.

Food Holdings and Dairy Holdings Ltd. were two special purpose
entities created by BofA.  Their liquidators have sued the bank,
claiming that it knew of the Parmalat fraud and should be forced
to pay hundreds of millions of dollars in notes to Parmalat
investors that the vehicles issued.

Parmalat went bankrupt after revealing that a EUR3.95 billion
account at Bank of America didn't exist.

Bank of America should be held liable for the 2003 collapse of
Parmalat, lawyers for the two Cayman Island entities told U.S.
District Judge Lewis Kaplan September 14, at the start of a $500
million civil trial, Bloomberg News said.

Liquidators for two special purpose vehicles created by Bank of
America -- Food Holdings Ltd. and Dairy Holdings Ltd. -- later
sued the bank, claiming it knew of the Parmalat fraud and should
be forced to pay hundreds of millions of dollars in notes to
Parmalat investors that the vehicles issued.

                     About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


RAB-NORTHWEST: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Rab-Northwest Global Fund Limited will receive
today, September 17, 2009, at 10:00 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


TLC FINANCE: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of TLC Finance Cayman Co., Ltd are required to file
their proofs of debt by today, 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


TZU CAPITAL: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Tzu Capital Management (Cayman) Limited will
receive today, September 17, 2009, at 3:00 p.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TZU CAPITAL: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Tzu Capital Special Situations Fund will receive
today, September 17, 2009, at 3:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TZU CAPITAL: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Tzu Capital Special Situations Master Fund will
receive today, September 17, 2009, at 3:00 p.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


WHITEBEAM CREDIT: Members to Receive Wind-Up Report Today
---------------------------------------------------------
The members of Whitebeam Credit Master Fund will receive today,
September 17, 2009, at 9:20 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


YURAKUCHO CAYMANSPV: Members to Receive Wind-Up Report Today
------------------------------------------------------------
The members of Yurakucho Caymanspv will receive today,
September 17, 2009, at 10:00 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


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


AES CORP: Starts Operation of Facilility in Chile
--------------------------------------------------
The AES Corporation has started its commercial operations of new
facility across its global portfolio -- Guacolda 3, a 152 MW coal
plant in Chile.  The facility builds on AES' diverse portfolio of
generation and distribution businesses across energy source,
technology, and geography.

"We are helping to meet the country's growing demand for power,
using the best energy source and technology for each market," said
Andres Gluski, Executive Vice President and Chief Operating
Officer of AES.  "Achieving operational excellence, as
demonstrated by the performance of our dedicated team of
construction and engineering professionals, enables us to continue
to meet our financial commitments."

The Guacolda 3 facility is the first coal plant to come on-line in
Chile in 12 years, and adds a stable source of energy to the
country's generation portfolio.  It is also the first facility in
Chile equipped with flue gas desulphurization technology.  Through
its subsidiary, AES Gener, the second largest generator in Chile,
AES operates more than 2,800 MW of biomass, coal, hydroelectric,
diesel and natural gas facilities used to supply the Chilean
market.

                       About AES Corporation

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

                          *     *     *

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


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


BANCOLOMBIA SA: Bolsa de Valores May Allow Derivatives Trade
------------------------------------------------------------
Bolsa de Valores de Colombia, Brazil’s main stock exchange, is
considering allowing trading of derivatives tied to shares of
Ecopetrol SA and Bancolombia SA, Alexander Cuadros at Bloomberg
News reports, citing an exchange spokesman.  “It’s an alternative
we’re studying,” said a spokesman for the exchange who declined to
be identified because of company policy.  Trading of futures based
on the Colcap stock index is also being considered, the report
quoted the company spokesman as saying.  “Probably the three
derivatives will come out very soon,” the spokesman added.

According to the report, citing the daily La Republica, Bolsa
plans to allow trading of the derivatives by the end of the year.
The report relates that the newspaper said each derivative
contract would be worth 1,000 shares of either the state-
controlled oil producer or the country’s biggest lender and lock
in a price for an unspecified period of time.

                        About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.

                      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.


ECOPETROL SA:  Bolsa de Valores May Allow Derivatives Trade
-----------------------------------------------------------
Bolsa de Valores de Colombia, Brazil’s main stock exchange, is
considering allowing trading of derivatives tied to shares of
Ecopetrol SA and Bancolombia SA, Alexander Cuadros at Bloomberg
News reports, citing an exchange spokesman.  “It’s an alternative
we’re studying,” said a spokesman for the exchange who declined to
be identified because of company policy.  Trading of futures based
on the Colcap stock index is also being considered, the report
quoted the company spokesman as saying.  “Probably the three
derivatives will come out very soon,” the spokesman added.

According to the report, citing the daily La Republica, Bolsa
plans to allow trading of the derivatives by the end of the year.
The report relates that the newspaper said each derivative
contract would be worth 1,000 shares of either the state-
controlled oil producer or the country’s biggest lender and lock
in a price for an unspecified period of time.

                        About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.

                      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: 2H Net Profit May Not Be As Good As 1H, CEO Says
-----------------------------------------------------------
Inti Landauro at Dow Jones Newswire reports that Isagen SA Chief
Executive Officer, Fernando Rico, said that the company may not
report net profit growth in the second half of the year as steep
as during the first half because of low rainfalls.  "Sales
revenues and net profit may not be as good as in the first half,"
the report quoted Mr. Rico as saying.

According to the report, Mr. Rico said that there was less rain so
the company has less water in its reservoirs and its capacity will
likely be lower than during the first half of the year.  The
report relates that the Mr. Rico said the dry weather is
"moderate" and there will be enough power generation this year to
supply the demand in the country.

Dow Jones Newswires recalls that Isagen SA said in August that its
net income for the first half of the year grew 94% from the same
period in 2008 to COP231 billion (US$117 million).  The report
relates that the company's overall revenues over the period
reached COP714 billion and its operating profit rose 73% on year
to COP323 billion.

                        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.


ISAGEN SA: Hires Impregilo SpA & 2 Partners for Pwr-Plant Project
-----------------------------------------------------------------
Isagen SA has hired Italy's Impregilo SpA and two local partners
for a US$90 million contract related to the construction of the
Sogamoso hydro-power plant, Inti Landauro at Dow Jones Newswires
reports, citing Chief Executive Officer Fernando Rico.  The report
relates that Mr. Rico said Impregilo SpA and its two local
partners will build tunnels to divert the flow of water for the
new power plant to be built on the Sogamoso River in eastern
Colombia.

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, Dow Jones Newswires said Mr. Rico said that
the 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 related 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.  A TCRLA report on August 7, 2009, citing 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 noted 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, Dow Jones
Newswires related, will cost about COP4.5 trillion, will have a
capacity of 820 megawatts and is scheduled to be ready by December
2013.

                          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.


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


SUGAR COMPANY: Sugar Factories Will be Sold by Year-End
-------------------------------------------------------
Agriculture Minister Dr. Christopher Tufton said that a buyer will
definitely be found before the end of the year for the remaining
sugar factories on the auction block, RadioJamaica News reports.

According to the report, in his latest update on the status of the
divestment of the factories, Dr. Tufton said that negotiations
with prospective buyers have been progressing smoothly.  "The
negotiations are proceeding, discussions are taking place and due
diligence is being done.  Information is flowing back and forth
between ourselves and the two prospect and we expect to have some
word certainly during the course of this calendar year," the
report quoted Mr. Tufton as saying.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, citing RadioJamaica, the Jamaican government's plan
to divest SCJ's five sugar factories may face trouble if the
original owners of the Hampden Estate succeed in their legal
battle in the High Court.  The report related that Hampden has
sued the SCJ, the Trelawny Sugar Company which operated the
factory, and the former receiver/manager John Lee in its objection
to the divestment.  The Gleaner noted that SCJ's sugar factories
are now expected to be sold off to what has been described as a
"priority four investors."  The report related that sources said
the government failed to offload the company as a single entity.

According to the report, prospective buyers on the short-list are:

   * a conglomerate -- Hussey family and American
     partners -- who is going after the Long Pond and Hampden
     Estates in Trelawny;

   * U.S.-based Energen Corporation for the Petrojam Ethanol
     facility and Bernard Lodge, Innswood, Monymusk estates in
     Clarendon;

   * Italians Eridania Sadam, who is eyeing the Frome estate in
      Westmoreland; and

   * Fred M. Jones, in partnership with Seprod Limited, has set
     his sights on the Duckenfield estate in St Thomas.

                            About SCJ

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

                           *     *     *

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


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


CONTROLADORA COMERCIAL: Plans MXN19 Billion in Debt to Creditors
----------------------------------------------------------------
Andres R. Martinez at Bloomberg News reports that Controladora
Comercial Mexicana SAB (Comerci) proposed to its creditors the
issuance of more than MXN19 billion (US$1.4 billion) in new
borrowing as part of a restructuring.  The new debt would be
denominated in U.S. dollars and Mexican pesos and include some
convertible bonds and “penny warrants,” the company said in an
e-mailed statement obtained by the news agency.

According to Bloomberg News, the company's terms in the proposal
include:

   -- issuing MXN10 billion of eight yearbonds to yield as
      much as 400 basis points above the interbank TIIE swap
      rate;

   -- MXN5 billion of six-year notes at a fixed rate of 9.25%;
      and

   -- MXN2 billion of two-year notes to yield as much as
      300 basis points above the UDI inflation unit.

The report relates that the company would also issue US$200
million of eight-year bonds priced to yield as much as 400 basis
points above the London interbank offered rate; MXN275 million in
convertible bonds, and two tranches of penny warrants that can be
converted into stock.  The report notes that the convertible bonds
would switch to 6.5% of Comercial’s equity if the company can’t
pay them back within six years.  Each tranche of the “penny
warrants” would represent 5% of equity, the report adds.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Bloomberg News said Comerci said local
bondholders approved a proposal to exchange their bonds for new
debt.  Each of the defaulted bonds can be exchanged for a new
seven year bond, the company said in an e-mailed statement
obtained by the news agency.  The report related that the company
said the new debt will be issued in “as short a time as possible.”
According to a TCRLA report on July 22, 2009, citing Bloomberg
News, Comerci is holding restructuring talks with JPMorgan Chase &
Co.  The report related Comerci expects JPMorgan Chase & Co. to
join five other banks in approving a plan to restructure its debt.
The report related Barclays Plc, Goldman Sachs Group Inc., Bank of
America Corp.'s Merrill Lynch, Banco Santander SA and Citigroup
Inc. agreed in principle to restructure the company's peso
derivative losses.  Reuters recalled that Comerci defaulted in
October after massive derivatives losses sent its debt soaring
above US$2 billion.  On Oct. 9, 2008, Comerci filed for protection
under Mexico's bankruptcy code Ley de Concurso Mercantil.

                         About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


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


PETROLEOS DE VENEZUELA: China to Invest US$16BB in Oil Project
--------------------------------------------------------------
Venezuela President Hugo Chavez said that China agreed to invest
US$16 billion over the next three years in an oil project in the
Orinoco belt, Darcy Crowe at Dow Jones Newswires reports.

According to the report, the joint venture will be participated by
Petroleos de Venezuela SA and would eventually raise output in the
project to 450,000 barrels per day.

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

                           *     *     *

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

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


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


* IATA Predicts Worldwide Airline Losses of US$11 Billion in 2009
-----------------------------------------------------------------
The International Air Transport Association said September 15 a
revised global financial forecast predicting airline losses
totaling US$11 billion in 2009.  This is US$2 billion worse than
the previously projected US$9 billion loss due to rising fuel
prices and exceptionally weak yields. Industry revenues for the
year are expected to fall by US$80 billion (15%) to US$455 billion
compared with 2008 levels.

IATA also revised its loss estimates for 2008 from a loss of
US$10.4 billion to a loss of US$16.8 billion. This revision
reflects restatements and clarification of the accounting
treatment of very large revaluations to goodwill and fuel hedges.
IATA industry profit figures strip-out such extra-ordinary items
which are not realized in cash terms.

"The bottom line of this crisis -- with combined 2008-9 losses at
US$27.8 billion -- is larger than the impact of 9/11," said
Giovanni Bisignani, IATA's Director General and CEO.  Industry
losses for 2001-2002 were US$24.3 billion.  "This is not a short-
term shock.  US$80 billion will disappear from the industry's top
line.  That 15% of lost revenue will take years to recover.
Conserving cash, careful capacity management and cutting costs are
the keys to survival.  The global economic storm may be abating,
but airlines have not yet found safe harbor. The crisis
continues," said Mr. Bisignani.

Three main factors are driving the expected losses:

    * Demand: Passenger traffic is expected to decline by 4.0% and
      cargo by 14% for 2009 (compared to declines of 8.0% and 17%
      respectively in the June forecast).  By July, cargo demand
      was -11.3% and passenger demand was -2.9%. While both are
      improvements over the lows of -23.2% for cargo (January) and
      -11.1% for passenger (March), both markets remain weak.

    * Yield: Yields are expected to fall 12% for passenger and 15%
      for cargo, compared to declines of 7% and 11% respectively
      in the June forecast. The fall in passenger yield is led by
      the 20% drop in demand for premium travel. Cargo utilization
      remains at less than 50% despite the removal of 227
      freighters from the global fleet. There is little hope for
      an early recovery in yields in either the passenger or cargo
      markets.

    * Fuel: Spot oil prices have been driven up sharply in
      anticipation of improved economic conditions. Oil is now
      expected to average US$61 per barrel (Brent) for the year
      (up from US$56 per barrel in the June forecast). This will
      add US$9 billion in cost for a total expected fuel bill of
      US$115 billion.

"The optimism in the global economy has seen passenger and freight
volumes rise, but that is the only bright spot.  Rising costs and
falling yields have squeezed airline cash flows.  The sharp
decline in yields will leave a lasting mark on the industry's
structure.  And revenues are not likely to return to 2008 levels
until 2012 at the earliest," said Mr. Bisignani.

"With cash flows substantially down over the first half of the
year, the situation is critical.  Larger carriers have built-up
cash reserves of US$15 billion - a war chest that is warding off a
major cash crisis.  But the outlook for small and medium sized
carriers - with limited options to raise cash - is much more
severe," said Mr. Bisignani.

The regional picture is varied:

    * North American carriers are expected to post losses of
      US$2.6 billion, more than double the previously forecast
      loss of US$1.0 billion.  Early resizing of capacity matched
      the slump in demand.  But yields remain weak and recovery in
      travel demand is being held back by high levels of debt and
      unemployment.

    * European carriers are expected to post the largest losses,
      US$3.8 billion.  This is also more than double the
      previously forecast US$1.8 billion loss.  Key long-haul
      markets were hit by the world trade collapse and delays in
      relaxing slot regulations prevented a timely reduction in
      capacity.

    * Asia-Pacific carriers will post losses of US$3.6 billion,
      similar to the US$3.3 billion previously forecast. Worst hit
      by the recession and fuel hedging losses at the end of 2008,
      the region's carriers are the first to benefit from reviving
      Asian economic growth and the modest restocking of
      inventories in the West.

    * Latin American carriers are expected to break even, an
      improvement from the previously forecast loss of
      US$0.9 billion and the best performance among the regions.
      Airlines in this region are benefiting from more robust
      economies and less of the consumer debt headwind seen in
      North America.

    * Middle East carriers will also see an improved outlook, from
      a loss of US$1.5 billion to a loss of US$0.5 billion.
      Airlines continue to gain long-haul market share with
      expanded capacity and hub connectivity. The weakness of
      economic recovery, however, could mean continued excess
      capacity and further losses.

    * The outlook for Africa's carriers is unchanged with an
      expected loss of US$0.5 billion.  In spite of many economies
      on the continent continuing to grow during the global
      recession, African airlines were not able to benefit and
      lost market share.  Further losses are expected in this
      region next year.

"This is not an airline-only crisis.  There is less cash coming
into the industry and the entire value chain must be prepared for
change.  All our business partners - including airports, air
navigation service providers, global distribution systems - must
be prepared to cut costs and improve efficiencies.  Some airports
have delivered cost reductions, but not in line with the magnitude
of the changes to the industry cash flow," said Mr. Bisignani.

"Governments need a wake-up call to create a policy framework that
supports a competitive air transport sector capable of driving
economic expansion.  But European governments are fixated on using
environment as an excuse to squeeze more taxes out of the
industry.  And the US is not moving fast enough to deliver the
critical advantages to competitiveness that NextGen air traffic
management will bring," said Mr. Bisignani.  "We don't want
bailouts. But we need governments to look more seriously at this
sector by (1) investing in efficient infrastructure, (2) replacing
the proliferation of environmental taxes with a global solution
for the environment and (3) giving airlines normal commercial
freedoms to merge where it makes sense and to access markets and
global capital like any other business," said Mr. Bisignani.

                              2010

IATA expects losses to continue into 2010 with the industry
expected to report a US$3.8 billion net loss.  This is based on a
limited revival of growth in traffic volumes of 3.2% for passenger
and 5% for cargo; very little increase in yields of 1.1% for
passenger and 0.9% for cargo and oil at US$72 per barrel.

IATA (International Air Transport Association) represents some 230
airlines comprising 93% of scheduled international air traffic.


                            ***********

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.


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