TCRLA_Public/090921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, September 21, 2009, Vol. 10, No. 186

                            Headlines

A R G E N T I N A

AGENS SAC: Creditors' Proofs of Debt Due on November 3
ARTE COLOR: Creditors' Proofs of Debt Due on October 26
BANCO DE LA PROVINCIA: Moody's Assigns 'E+' Bank Strength Rating
CONSTRUCTORA PAESE: Creditors to Vote Settlement Plan on Dec. 22
DIANA INTERNACIONAL: Creditors' Proofs of Debt Due on October 29

GENERAL SUPPLIES: Trustee Verifying Proofs of Claim Until Oct. 6
TELECOM ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill
TELEFONICA ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill
* ARGENTINA: Seeks to Pay Off US$6.7BB Paris Club Debt in 5 Years
* ARGENTINA: Receives US$120MM Fund From Inter-American Dev't Bank


B A R B A D O S

CL FINANCIAL: Barbados Gets Offer for CLICO Assets


B E R M U D A

SCHLEGEL IRELAND: Creditors' Proofs of Debt Due on October 2
SCHLEGEL IRELAND: Members to Receive Wind-Up Report on October 21


B R A Z I L

ANHANGUERA EDUCACIONAL: S&P Assigns 'BB-' Corporate Credit Rating
BANCO DO BRASIL: Receives Go-Signal to Issue ADRs
BRACOL HOLDING: S&P Puts 'B-' Corp. Rating on CreditWatch Positive
BANCO NACIONAL: To Hold 22.4% of Bertin-JBS Merger Company
PILGRIM'S PRIDE: Files Chapter 11 Plan to Sell to JBS SA

* BRAZIL: Companies to Step Up Overseas Takeovers, Adviser Says


C A Y M A N  I S L A N D S

ALTRIA FINANCE: Members to Hear Wind-Up Report on September 24
BLUEPRINT TRADING: Members to Hear Wind-Up Report on September 24
BPI GLOBAL: Members to Hear Wind-Up Report on September 24
CASAM ARGENT: Members to Hear Wind-Up Report on September 24
CRANE CORPORATION: Sole Member to Hear Wind-Up Report on Sept. 22

CREF NO. 2: Shareholder to Hear Wind-Up Report on September 24
FAIRFIELD REDSTONE: Shareholders Receive Wind-Up Report
FH EMERGING: Shareholders to Receive Wind-Up Report on Sept. 22
GREAT NECK: Members to Hear Wind-Up Report on September 22
LONGACRE EUROPE: Shareholders to Hear Wind-Up Report on Sept. 22

LONGACRE EUROPEAN: Shareholders to Hear Wind-Up Report on Sept. 22
MACQUARIE INFRASTRUCTURE: Members to Hold Meeting on September 22
MIOF MASTER: Members to Receive Wind-Up Report on September 22
MIDAS FUNDING: Shareholders to Receive Wind-Up Report on Sept. 22
OFTA LIMITED: Members to Receive Wind-Up Report on September 22

OFTA LIMITED: Creditors' Proofs of Debt Due Today
ROBINS FUNDING: Members to Receive Wind-Up Report on September 22
ROCK CAPITAL: Members to Receive Wind-Up Report on September 24
ROCK REAL: Members to Receive Wind-Up Report on September 24
ROCK REAL: Members to Receive Wind-Up Report on September 24

SRL FIRST: Shareholders to Receive Wind-Up Report on September 22
TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22
TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22
WEI – CHUAN: Shareholders to Hear Wind-Up Report on September 24


C U B A

* CUBA: U.S. Embargo Costs US$96 Billion Loss


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: 1H Revenue Falls 8.2% as Crisis Still Looms


E C U A D O R

PERENCO ECUADOR: Ecuador Urges Firm to Resume Production


H A I T I

* HAITI: To Receive US$30 Million From Inter-American Dev't Bank


J A M A I C A

AIR JAMAICA: Union Expects Jobs Cuts Following Privatization
JAMAICAN RAILWAY CORP: Government Recovers JM$2 BB++ in Assets


M E X I C O

GRUPO MEXICO: Unit to Reach Accord With Kansas City Southern
VISTEON CORP: Gets Funds From New GM to Consolidate Mexican Units


P E R U

DOE RUN PERU: Government to Extend Clean Up Deadline Plan


V E N E Z U E L A

* VENEZUELA: Prepares to Nationalize Coffee Companies
* VENEZUELA: Discovers New Oil Reservior in Country's Gulf


X X X X X X X X

* BOND PRICING: For the Week September 14 to September 18, 2009


                         - - - - -


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


AGENS SAC: Creditors' Proofs of Debt Due on November 3
------------------------------------------------------
The court-appointed trustee for Agens S.A.C. y F.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 3, 2009.


ARTE COLOR: Creditors' Proofs of Debt Due on October 26
-------------------------------------------------------
The court-appointed trustee for Arte Color Rm S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 26, 2009.


BANCO DE LA PROVINCIA: Moody's Assigns 'E+' Bank Strength Rating
----------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E+ to Banco de la Provincia de Cordoba S.A.  At the same
time, Moody's assigned long- and short-term global local-currency
deposit ratings of B2 and Not Prime, as well as long- and short-
term foreign-currency deposit ratings of Caa1 and Not Prime.
Moody's has also assigned A2.ar local-currency and Ba1.ar foreign-
currency deposit ratings to Banco de Cordoba on the Argentine
national scale.

The outlook on all the ratings is stable.

Moody's said that Banco de Cordoba's B2 global local currency
deposit rating is based on the bank's E+ BFSR that translates to a
stand-alone baseline credit assessment of B2.  The B2 is then
mapped to the A2.ar National Scale Rating.  At these rating
levels, Banco de Cordoba's deposit ratings do not benefit from any
uplift from either systemic or local government support.

The E+ BFSR reflects Banco de Cordoba's relatively small franchise
within the Argentine market though it is prominent in its region,
with a 35% market share of total deposits.  The bank also benefits
from its relationship with the Province of Cordoba, its 99% owner,
acting as its financial agent and as an originator and manager of
a portfolio of payroll-deductible loans to public employees and
retirees that provide the bank with both a loyal client base and a
relevant source of funding.  The relatively low E+ rating at the
same time reflects the bank's still weak financial fundamentals,
particularly its core earnings and capital generation, which
reflect legacy asset quality and administrative issues.  Moody's
expects to see improvement in these areas in the near term based
on significant efforts by management to improve internal processes
particularly in the area of risk management and business
development processes as well as to leverage its client
relationships.

Moody's indicated that Banco de Cordoba's ratings are also limited
by its non-compliance with minimum capital requirements as a
result of delays in obtaining final Central Bank approval of its
recovery and recapitalization plan, which management expects to
resolve in the near future.

Banco de la Provincia de Cordoba S.A. is a commercial bank,
headquartered in Cordoba, Argentina, with assets of
ARS5.59 billion (US$1.47 billion ), deposits of ARS4.55 billion
(US$1.20 billion) and equity of ARS293.69 million
(US$77.36 million) as of June 2009.

These ratings were assigned to Banco de la Provincia de Cordoba
S.A.:

* Bank Financial Strength Rating: E+, with stable outlook.

* Long- and short-term global local-currency deposit ratings: B2
  and Not Prime, with stable outlook.

* Long- and short-term foreign-currency deposit ratings: Caa1 and
  Not Prime, with stable outlook.

* Long-Term National Scale Local-Currency Deposit Rating: A2.ar,
  with stable outlook.

* Long -Term National Scale Foreign Currency Deposit Rating:
  Ba1.ar, with stable outlook.


CONSTRUCTORA PAESE: Creditors to Vote Settlement Plan on Dec. 22
----------------------------------------------------------------
The creditors of Constructora Paese S.R.L. will vote to ratify the
company's completed settlement plan during the assembly on
December 22, 2009.


DIANA INTERNACIONAL: Creditors' Proofs of Debt Due on October 29
----------------------------------------------------------------
The creditors of Diana Internacional S.A. are required to file
their proofs of debt by October 29, 2009, to be included in the
company's dividend distribution.

Dr. Gabriel M. Ail is the company's new designated receiver.


GENERAL SUPPLIES: Trustee Verifying Proofs of Claim Until Oct. 6
----------------------------------------------------------------
The court-appointed trustee for General Supplies S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 6, 2009.

The trustee will present the validated claims in court as
individual reports on November 18, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 1, 2010.


TELECOM ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill
---------------------------------------------------------------
Seeking to help speed a media overhaul bill through Argentina's
Congress, President Cristina Fernandez said she would exclude
telecom companies from the government's proposal, Matthew Cowley
at Dow Jones Newswires reports.

According to the report, the government move would prevent
Argentina's two major telecom companies -- Telefonica de Argentina
and Telecom Argentina -- from offering television services
alongside their existing voice and Internet access products.  The
report relates that President Fernandez has sent instructions to
eliminate from the bill "that telephone companies can participate
in this sphere and leave it to the telecom cooperatives."

President Fernandez, the report notes, said that the bill should
"remove any doubts" among those legislators who think the original
proposal would give the telecom firms a new monopoly over media
services.  It should also remove the "excuses" that other
politicians used to avoid "dealing with the law democratically in
a debate," President Fernandez added.

                 About Telefonica de Argentina

Buenos Aires-based Telefonica de Argentina SA --
http://www.telefonica.com.ar/-- provides telecommunication
services, which include telephony business both in Spain and Latin
America, mobile communications businesses, directories and guides
businesses, Internet, data and corporate services, audiovisual
production and broadcasting, broadband and Business-to-Business e-
commerce activities.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 11, 2009 Fitch Ratings these rating actions on Telefonica de
Argentina S.A.:

  -- Local currency Issuer Default Rating affirmed at 'BB-';

  -- Foreign currency IDR affirmed at 'B+';

  -- National scale rating affirmed at 'AA+(arg)';

  -- Approximately US$331 million of Obligaciones Negociables
     affirmed at 'BB-/RR3'and 'AA+(arg)';

The Rating Outlook is Stable.


                       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


TELEFONICA ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill
------------------------------------------------------------------
Seeking to help speed a media overhaul bill through Argentina's
Congress, President Cristina Fernandez said she would exclude
telecom companies from the government's proposal, Matthew Cowley
at Dow Jones Newswires reports.

According to the report, the government move would prevent
Argentina's two major telecom companies -- Telefonica de Argentina
and Telecom Argentina -- from offering television services
alongside their existing voice and Internet access products.  The
report relates that President Fernandez has sent instructions to
eliminate from the bill "that telephone companies can participate
in this sphere and leave it to the telecom cooperatives."

President Fernandez, the report notes, said that the bill should
"remove any doubts" among those legislators who think the original
proposal would give the telecom firms a new monopoly over media
services.  It should also remove the "excuses" that other
politicians used to avoid "dealing with the law democratically in
a debate," President Fernandez added.

                       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

                 About Telefonica de Argentina

Buenos Aires-based Telefonica de Argentina SA --
http://www.telefonica.com.ar/-- provides telecommunication
services, which include telephony business both in Spain and Latin
America, mobile communications businesses, directories and guides
businesses, Internet, data and corporate services, audiovisual
production and broadcasting, broadband and Business-to-Business e-
commerce activities.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 11, 2009 Fitch Ratings these rating actions on Telefonica de
Argentina S.A.:

  -- Local currency Issuer Default Rating affirmed at 'BB-';

  -- Foreign currency IDR affirmed at 'B+';

  -- National scale rating affirmed at 'AA+(arg)';

  -- Approximately US$331 million of Obligaciones Negociables
     affirmed at 'BB-/RR3'and 'AA+(arg)';

The Rating Outlook is Stable.


* ARGENTINA: Seeks to Pay Off US$6.7BB Paris Club Debt in 5 Years
-----------------------------------------------------------------
Argentina will seek to pay off its US$6.7 billion in defaulted
Paris Club debt over the next five years, Drew Benson at Bloomberg
News reports, citing La Nacion newspaper.  The report, citing La
Nacion, relates Economy Minister Amado Boudou will meet with
officials from the group of creditor nations in Pittsburgh.

Bloomberg News notes that the newspaper said Argentina will seek
private sector financing as part of the restructuring talks.

According to a company press release, Paris Club creditors held a
meeting on welcomed the announcement by President Cristina
Fernandez de Kirchner that the Argentine government intends to pay
in full its debt to the Paris Club.  The company statement relates
that following the President’s decision, contacts are ongoing
between the Paris Club and the Argentine authorities on the
implementation of this payment, which would represent a very
significant step towards the normalization of Argentina’s
relationship with all its external creditors.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


* ARGENTINA: Receives US$120MM Fund From Inter-American Dev't Bank
------------------------------------------------------------------
The Board of Executive Directors of the Inter-American Development
Bank approved a US$120 million loan to Argentina to finance road
improvements and maintenance works in various provinces including
La Pampa, Entre Rios, Cordoba and Formosa.

In addition, the loan will finance the implementation of a
diagnostic assessment to improve road network management,
including better highway safety, maintenance and weight control.

The loan is the first part of a US$2.5 billion conditional credit
line for Argentina that will support investments to improve,
expand, and rehabilitate the provincial road network throughout
the country.

The new credit line seeks to help South America’s second biggest
nation overcome one of the primary obstacles to economic growth.
Despite the international boom and the growing demand for
agricultural inputs, which benefit the Argentine economy, the poor
condition of the country’s secondary and tertiary road networks
increases costs, making its products more expensive.  About 80% of
the total volume of cargo is transported over the country’s roads.

“The increase in agricultural production in recent years, as well
as the rise in exports, has translated into growing pressure on
the provincial transportation system in Argentina, which has not
been accompanied by the necessary investment in terms of road
infrastructure,’’ said Rafael M. Acevedo-Daunas, the IDB project
team leader.  “The IDB credit line will help the country finance
works to reduce this gap.”

It is estimated that more than US$1.5 billion in annual investment
on Argentina’s road system would be required in the coming years
in order to maintain existing roads and eliminate the backlog of
expansion and improvement projects, Mr. Acevedo-Daunas said.

The IDB’s conditional credit line, known as CCLIP, will finance
projects that will increase road access in the provinces and
reduce vehicle operation costs, including the number of days roads
are closed due to traffic or are placed under severe restrictions.
For instance, at the end of the project, RP 26 in Formosa will be
open to traffic all year round and not subject to closures during
150 days a year.

The conditional credit line is effective for 20 years and its
loans are denominated in U.S. dollars, with interest rates linked
to the London Interbank Offered Rate (LIBOR).  The first loan has
a grace period of 4.5 years and an amortization period of 25
years.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


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


CL FINANCIAL: Barbados Gets Offer for CLICO Assets
--------------------------------------------------
Barbados Oversight Committee -- appointed by Prime Minister and
Minister of Finance David Thompson to oversee the sale and
functioning of Colonial Life Insurance Company's entities in the
country -- has received two offers for the company's regulated
shares, CaribbeanPressreleases reports.  CLICO is a unit CL
Financial Limited.

According to the report, Mr. Thompson said he expected sales would
be completed shortly so that there would be no liability to
Barbadian taxpayers.  The report relates that negotiations were
ongoing with regard to the third asset.

The report notes that Mr. Thompson, with respect to government,
said austerity measures would continue by trimming expenditure,
and "pruning wherever possible".  The recommendation for the
introduction of a medium-term fiscal program was already engaging
government's attention, he added.

The Prime Minister, the report relates, believed that Barbados had
been meeting "reasonable success", from its efforts to deal with
the recession, adding that there had been a level of stability
which the country had been able to recognize.  He stressed,
however, that the world was still going through a major economic
crisis, and pointed out that nothing that had happened in Barbados
was of the country's making, the report adds.

                        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.


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


SCHLEGEL IRELAND: Creditors' Proofs of Debt Due on October 2
------------------------------------------------------------
The creditors of Schlegel Ireland Limited are required to file
their proofs of debt by October 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


SCHLEGEL IRELAND: Members to Receive Wind-Up Report on October 21
-----------------------------------------------------------------
The members of Schlegel Ireland Limited will receive on
October 21, 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 15, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


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


ANHANGUERA EDUCACIONAL: S&P Assigns 'BB-' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
global scale corporate credit rating to Anhanguera Educacional
Participacoes S.A. and affirmed its 'brA' Brazilian national scale
corporate credit and debenture ratings on the company.

The outlooks are stable.

The debentures are to be in the amount of Brazilian reais
(BRL)200 million, in two tranches.  The first tranche will have a
bullet maturity in 2012; the second tranche will have two
amortization periods, one in 2013 and the other in 2014.  The
company plans to use the proceeds to reinforce its cash position,
extend its debt repayment schedule, and finance part of its
expansion.

"The ratings on Anhanguera reflect the integration and execution
risks of its expansion plans using organic growth, greenfield
projects, and acquisitions," said Standard & Poor's credit analyst
Piero Parolin.  "We expect it will finance the expansion primarily
with the proceeds of the debentures issuance and, eventually,
additional debt."

Such an increase in debt will cause more-aggressive credit
measures by the end of 2009.

S&P also incorporates in the ratings the company's challenging
outlook for generating positive free cash flow in the short-to-
medium term.

The positive growth prospects for postsecondary education in
Brazil partially mitigate these risks.  S&P also considers a
higher participation of distance learning centers in the company's
total revenues, the positive track record of the company in
capturing growth opportunities through greenfield projects or
acquisitions, and the benefits of operating a larger scale
business.

Anhanguera faces some integration and execution challenges in
adapting newly acquired campuses to its working model and
educational process.

The stable outlooks reflect S&P's view that Anhanguera has
achieved an adequate scale to finance its expansion strategy, with
room to reduce leverage gradually in the next year or so.
However, S&P will monitor the company's significant capital
expenditures and potential risks involved.


BANCO DO BRASIL: Receives Go-Signal to Issue ADRs
-------------------------------------------------
Banco do Brasil SA said Brazil President Luis Inacio Lula da
Silva, through presidential decree, gave the bank a go signal to
issue American depositary receipts, Rogerio Jelmayer at Dow Jones
Newswires reports.

According to the report, the president also authorized an increase
in the limit of foreign participation in the bank's capital to 20%
from 12.5%.  The report notes that the authorization is a
formality, and the bank still didn't unveil a plan to raise money
from ADR issuance.

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

                           *     *     *

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


BRACOL HOLDING: S&P Puts 'B-' Corp. Rating on CreditWatch Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' corporate
credit rating on Bracol Holding Ltda. on CreditWatch with positive
implications.

"The CreditWatch placement reflects the positive implications of
the announced plans of Bracol's main subsidiary, Bertin S.A., to
associate with Brazil-based meat company JBS S.A. on Bracol's
overall business profile.  S&P believes that the combination of
Bertin and JBS will result in a stronger, diversified meat
producing operation.  The transaction improves Bertin's market
position and product diversity into the beef, pork, chicken, and
dairy sectors, as JBS has also announced it will acquire U.S.-
based Pilgrim's Pride Corp. (not rated).  S&P will monitor the
companies' ability to capture synergies from the integrated
assets, but believe prospects are currently favorable," said
Standard & Poor's credit analyst Flavia Bedran.

"We expect to resolve the CreditWatch within the next few months
after obtaining further details on the transaction's business and
financial implications for Bracol, also taking into account any
developments regarding the company's assets and capital
structure," Ms. Bedran added.


BANCO NACIONAL: To Hold 22.4% of Bertin-JBS Merger Company
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will have
a 22.4% stake in the company formed from the merger of JBS SA and
Bertin SA merger, Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the BNDES stake, held through its equity
arm BNDESPar, results from the bank's current stakes in both
companies and doesn't represent any new investment.  "We see the
merger as positive, including efforts by JBS to expand its
international presence," the report quoted BNDES as saying.

As reported in the Troubled Company Reporter-Latin America on
September 17, 2009, Reuters said JBS SA will buy Brazilian rival
Bertin SA in an all stock-transaction to consolidate its
leadership in the global meat market.  Bloomberg News related that
&F Participacoes SA and ZMF Fundo de Investimento em
Participacoes, which together control JBS, will put all their
shares into the new company, Nova Holding, while Bertin
controlling holders will contribute 73.1% of their stake.  Reuters
noted that JBS SA's said that its shareholders would control 60%
of Nova Holding, while Bertin holders would hold the remaining
40%.

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

                          About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


PILGRIM'S PRIDE: Files Chapter 11 Plan to Sell to JBS SA
---------------------------------------------------------
Pilgrim's Pride Corporation and six debtor-affiliates filed a
joint plan of reorganization and explanatory disclosure statement
with the U.S. Bankruptcy Court for the Northern District of Texas.

Pilgrim's Pride and JBS have agreed to a transaction representing
an enterprise value of approximately US$2.8 billion.  Under the
terms of the plan of reorganization, Pilgrim's Pride has entered
into an agreement to sell 64% of the new common stock of the
reorganized Pilgrim's Pride to JBS S.A., through its JBS USA
Holdings, Inc. subsidiary (JBS U.S.A.), for US$800 million in
cash.

Proceeds from the sale of the new common stock of the reorganized
Pilgrim's Pride to JBS will be used to fund cash distributions to
allowed claims under the plan.  Under the terms of the plan, all
creditors of the Debtors holding allowed claims will be paid in
full.  All existing Pilgrim's Pride common stock will be cancelled
and existing stockholders will receive the same number of new
common stock shares, representing 36% of the reorganized Pilgrim's
Pride in aggregate.  The plan also calls for an exit facility for
senior secured financing in an aggregate principal amount of at
least US$1.65 billion.

The disclosure statement hearing is currently scheduled to take
place on October 20, 2009, at 10:30 a.m. CT before the Bankruptcy
Court.  If the Bankruptcy Court determines that the proposed
disclosure statement provides adequate information to vote on the
plan, then the proposed disclosure statement and plan, along with
the appropriate ballots, will be sent to shareholders to vote on
the plan. Since the proposed plan of reorganization represents a
"100% plan," with creditors being repaid in full, shareholders
represent the only impaired class and will be the only group
entitled to vote on the plan of reorganization.

A copy of the Disclosure Statement is available for free at:

   http://bankrupt.com/misc/Pilgrims_Disc_Statement.pdf

                     About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  The Debtors have also tapped Baker &
McKenzie LLP as special counsel.  Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer.  The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.

A nine-member committee of unsecured creditors has been appointed
in the case.

As of December 27, 2008, the Company had US$3,215,103,000 in total
assets, US$612,682,000 in total current liabilities,
US$225,991,000 in total long-term debt and other liabilities, and
US$2,253,391,000 in liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.


* BRAZIL: Companies to Step Up Overseas Takeovers, Adviser Says
---------------------------------------------------------------
Brazilian companies are prepared to step up international
takeovers as the domestic economy recovers from a recession and
the local currency gains, Telma Marotto and Francisco Marcelino at
Bloomberg News report, citing Rothschild, the country’s top
mergers and acquisitions adviser.

“The mood is for more growth and consolidation,” Luiz O. Muniz,
the head of investment banking in Brazil, told Bloomberg News an
interview.  “Business leaders stopped worrying about economic
problems to think of their own business,” Mr. Muniz added.

As reported in the Troubled Company Reporter-Latin America on
September 15, 2009, Bloomberg News said that the national
statistic agency reported that Brazil emerged from its first
recession since 2003 in the second quarter of this year powered by
domestic demand.  Gross domestic product expanded 1.9% in the
second quarter from the previous three months, after having
contracted in the previous two quarters.

Bloomberg News relates that Economic Policy Secretary Nelson
Barbosa said the government may raise its 2010 economy growth
forecast to 5% from 4.5%.

                           *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


ALTRIA FINANCE: Members to Hear Wind-Up Report on September 24
--------------------------------------------------------------
The members of Altria Finance (Cayman Islands) Ltd. will receive
on September 24, 2009, at 2:20 p.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


BLUEPRINT TRADING: Members to Hear Wind-Up Report on September 24
-----------------------------------------------------------------
The members of Blueprint Trading Ltd. will receive on
September 24, 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


BPI GLOBAL: Members to Hear Wind-Up Report on September 24
----------------------------------------------------------
The members of BPI Global Offshore Fund, Ltd. will receive on
September 24, 2009, at 11:00 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


CASAM ARGENT: Members to Hear Wind-Up Report on September 24
------------------------------------------------------------
The members of Casam Argent Classic Convertible Arbitrage Fund
Limited will receive on September 24, 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


CRANE CORPORATION: Sole Member to Hear Wind-Up Report on Sept. 22
-----------------------------------------------------------------
The sole member of Crane Corporation will receive on September 22,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Bernard Mcgrath
          David Walker
          PO Box 1043, Grand Cayman KY1-1102
          Cayman Islands


CREF NO. 2: Shareholder to Hear Wind-Up Report on September 24
--------------------------------------------------------------
The shareholder of Cref No. 2 Limited will receive on
September 24, 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:

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


FAIRFIELD REDSTONE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On September 17, 2009, the shareholders of Fairfield Redstone
Fund, Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KYI-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


FH EMERGING: Shareholders to Receive Wind-Up Report on Sept. 22
---------------------------------------------------------------
The shareholders of FH Emerging Markets Debt Fund Ltd. will
receive on September 22, 2009, at 11:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


GREAT NECK: Members to Hear Wind-Up Report on September 22
----------------------------------------------------------
The members of Great Neck CLO, Ltd. will receive on September 22,
2009, at 4:20 p.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


LONGACRE EUROPE: Shareholders to Hear Wind-Up Report on Sept. 22
----------------------------------------------------------------
The shareholders of Longacre Europe, Ltd. will receive on
September 22, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


LONGACRE EUROPEAN: Shareholders to Hear Wind-Up Report on Sept. 22
------------------------------------------------------------------
The shareholders of Longacre European Capital (GP), Ltd. will
receive on September 22, 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:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


MACQUARIE INFRASTRUCTURE: Members to Hold Meeting on September 22
-----------------------------------------------------------------
The members of Macquarie Infrastructure Opportunities Fund, Ltd.
will receive on September 22, 2009, at 10:10 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MIOF MASTER: Members to Receive Wind-Up Report on September 22
--------------------------------------------------------------
The members of MIOF Master GP Ltd. will receive on September 22,
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:

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


MIDAS FUNDING: Shareholders to Receive Wind-Up Report on Sept. 22
-----------------------------------------------------------------
The shareholders of Midas Funding Company will receive on
September 22, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OFTA LIMITED: Members to Receive Wind-Up Report on September 22
---------------------------------------------------------------
The members of OFTA Limited will receive on September 22, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands


OFTA LIMITED: Creditors' Proofs of Debt Due Today
-------------------------------------------------
The creditors of OFTA Limited are required to file their proofs of
debt by today, September 21, 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:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


ROBINS FUNDING: Members to Receive Wind-Up Report on September 22
-----------------------------------------------------------------
The members of Robins Funding Company will receive on
September 22, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.


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

The company's liquidator is:

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


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

The company's liquidator is:

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


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

The company's liquidator is:

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


SRL FIRST: Shareholders to Receive Wind-Up Report on September 22
-----------------------------------------------------------------
The shareholders of SRL First Financing Company will receive on
September 22, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22
------------------------------------------------------------------
The shareholders of Tri Liquid Strategies Fund will receive on
September 22, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: 1 345 769-9351


TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22
------------------------------------------------------------------
The shareholders of Tri Liquid Strategies GP Limited will receive
on September 22, 2009, at 2:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: 1 345 769-9351


WEI – CHUAN: Shareholders to Hear Wind-Up Report on September 24
----------------------------------------------------------------
The shareholders of Wei - Chuan International Limited will receive
on September 24, 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:

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


=======
C U B A
=======


* CUBA: U.S. Embargo Costs US$96 Billion Loss
---------------------------------------------
The U.S. Embargo against Cuba has cost the economy about
US$96 billion in the almost half-century it has been in place,
Caribbean360.com reports, citing Cuba Foreign Minister Bruno
Rodriguez.  "It's true that the global economic crisis had an
impact on our economy, it's true that there are other factors, but
I would say that the principal obstacle to Cuba's development is
the economic, trade and financial blockade that has been imposed
upon us," the report quoted Mr. Rodriguez as saying.

The report recalls that the trade embargo was implemented on Cuba
in 1962, with sanctions strengthened in 1992 and 1996, and then
relaxed in 2000 to allow the sale of agricultural products and
medicine, under certain conditions, to the Cuban government.

                          *     *     *

The country continues to carry Moody's Caa1 foreign currency
rating with stable outlook.


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


* DOMINICAN REPUBLIC: 1H Revenue Falls 8.2% as Crisis Still Looms
-----------------------------------------------------------------
Dominican Republic's first half revenue fell 8.2% less than the
RD$122.7 billion expected, which the authorities blame on the
still looming international financial crisis, The Dominican Today
reports.

According to the Dominican Today, the Economy Ministry’s Public
Spending Program reported income for the January-June period of
RD$112.7 billion, or RD$10.0 billion less than the estimate.  Tax
revenues of RD$109.6 billion; RD$2.84 billion in non-tax income
and RD$278.1 million in transferences, it added.

The Dominican Today notes that the Economy Ministry said the
crisis had an impact on collections, affecting production,
consumption and investment in the country.  The report relates the
ministry added that of the total income, the tax on merchandise
and services was the highest, RD$62.3 billion, but less than
estimated RD$11.5 billion.

                           *     *     *

The country continues to carry Moody's B2 currency ratings.


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


PERENCO ECUADOR: Ecuador Urges Firm to Resume Production
--------------------------------------------------------
Ecuador's Mines and Petroleum Minister Germanico Pinto urged the
French oil company Perenco to resume production, Xinhua News
reports.  "We have systematically and insistently told them to
restart activities, which the company stopped on July 16," the
report quoted Mr. Pinto as saying.

According to the report, Petroamazonas, a subsidiary operator of
the state-owned oil company Petroecuador, offered technical and
economic aid to stop a reduction in the production of Perenco
wells.  The report relates that Mr. Pinto said he was expecting a
report from Petroecuador on the company's legal situation before
deciding on the contract with the French oil company.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, Perenco Ecuador and its consortium partner,
Burlington Resources Oriente Limited, disclosed that suspension of
their participation contracts with Ecuador is imminent unless the
Government of Ecuador complies with orders of two international
arbitration tribunals that prohibit the government from seizing
oil produced by the consortium.  Perenco Ecuador is the operator
of Blocks 7 and 21 in Ecuador.  The report related that the
dispute between Perenco and Ecuador stems from the government's
charge that the company owes approximately US$338 million,
excluding late-payment fees, from overdue windfall oil taxes.

                           About Perenco

Perenco -- http://www.perenco.com/-- is an exploration and
production company dedicated to developing oil and natural gas
potential.  Perenco Ecuador Limited is part of a privately held
upstream oil and gas company and is the operator of Blocks 7 and
21 in Ecuador.


=========
H A I T I
=========


* HAITI: To Receive US$30 Million From Inter-American Dev't Bank
----------------------------------------------------------------
Haiti will obtain a US$30 million grant from the Inter-American
Development Bank to finance anti-flooding works in three critical
watersheds and promote sustainable agriculture development.

The IDB-financed project will support public works in an area
equivalent to 6% of the Haitian territory, benefiting 360,000
residents of the Grande Riviere du Nord, Ravine du Sud and
Cavaillon watersheds.  The works seek to limit torrential flows
and protect infrastructure and property exposed to flooding or
landslides.

The project will also offer direct support for sustainable
agriculture in the watersheds.  Haiti will provide grants for
eligible legally recognized producer groups or independent farmers
in the most vulnerable parts of the watersheds, who agree to adopt
erosion control farming practices.  In addition, the grant will
finance technical assistance, training, and materials for eight
municipalities and entities in charge of planning watershed
management, with the goal of diminishing the impact of natural
disasters in the country.

"Works financed by the grant are intended to reduce the intensity
of floods by as much as 20% in the three watersheds and increase
permanent plant covering by 20%," according to Gilles Damais, the
IDB project team leader.

The grant is part of increased efforts by the Haitian government
and the IDB to reduce the impact of recurring natural threats on
the population and key infrastructure in highly vulnerable
watersheds.   With the IDB support, the Haitian government is also
working to implement a national flood early-warning program to
cover the country’s 13 largest watersheds.  Equipment delivery and
training for local communities in flood management are about to
begin in the southeast and south of the country, and the system as
a whole should be up and running in December 2010.

The IDB has allotted US$122 million in grants for Haiti this year
and another US$128 million for 2010 to help the country make
investments in key sectors such as infrastructure, basic services
and disaster prevention.


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


AIR JAMAICA: Union Expects Jobs Cuts Following Privatization
------------------------------------------------------------
The unions representing workers at Air Jamaica are expecting job
cuts at the airline as soon as privatization process begins,
RadioJamaica reports.

According to the report, Vice President of the National Workers
Union, Granville Valentine said the unions have been summoned to a
meeting with the airline's management to discuss the fate of
workers.  "One of the greater possibilities is a lay off if the
company is not privatized or divested in a short time," the report
quoted Mr. Valentine as saying.  "We have been having discussions
with management as it relates to many possibilities and it is our
view that one is better off if there is a temporary lay off for a
short period then for them to lose their job by route of
redundancy.  We are expecting to have the first instance of their
roll out plan for us to peruse and have some discussions,"
Mr. Valentine added.

Mr. Valentine, the report relates, said that workers should not
panic as no hasty decision will be made on the matter.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.  A
TCR-LA report on June 10, citing Jamaica Observer, related that
Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have
both expressed an interest in acquiring Air Jamaica.  Radio
Jamaica said the airline has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill.
Moreover, Radio Jamaica said, Air Jamaica currently has over
US$600 million in loans outstanding.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).


JAMAICAN RAILWAY CORP: Government Recovers JM$2 BB++ in Assets
--------------------------------------------------------------
The Transport Ministry of Jamaica has recovered more than JM$2
billion worth of assets belonging to the defunct Jamaica Railway
Corporation, RadioJamaica News reports, citing Minister Mike
Henry.  The report relates that several assets including parcels
of land belonging to the JRC had remained unidentified due to poor
record keeping over the years.

According to the report, Mr. Henry said that the systems have now
been put in place to identify and reclaim all properties owned by
the railway company.

"After a close assessment of the assets base of the Jamaica
Railway Corporation, we have established ownership of over JM$2
billion in property value owned by the Corporation, up from the
JM$400 million which is what I inherited as being owned by the
railway and everyday it grows in greater magnitude.  16 1/2 acres
of development around Spanish Town (in St. Catherine) is available
(and) the (JRC owns the) land around the railway station in
Montego Bay, (St. James) all the way across the Howard Cooke
Boulevard unto the whole of the beach front," the report quoted
Mr. Henry as saying.

The Jamaica Railway Corporation ceased operations 17 years ago.


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


GRUPO MEXICO: Unit to Reach Accord With Kansas City Southern
------------------------------------------------------------
Grupo Mexico SA de C.V. said that its rail unit, Ferrocaril
Mexicano SA, may reach an agreement within “weeks” to resolve a
12-year dispute on right-of-way fees with the Mexican unit of
Kansas City Southern, Carlos Manuel Rodriguez and Andres R.
Martinez at Bloomberg News report.

“As long as nothing bad happens, there is going to be an
agreement,” Ferrocaril Mexicano SA Chief Executive Officer Rogelio
Velez told Bloomberg News in an interview.  The companies have
agreed on the amount of fees to charge each other for access to 32
different rail points.  They must still decide fees for rail
access in Guadalajara and Monterrey, Mr. Velez added.

According to the report, Kansas City and Ferromex have failed to
reach an agreement on track rights since the government sold its
rail lines to the two companies starting in 1997.  Bloomberg News
says that the agreement would free up millions of dollars in fees
that neither company has paid since the privatization of the
railways.

Bloomberg News recalls that the two have filed complaints against
each other, alleging that right-of-way fees are too costly.
Communications and Transportation Ministry said that an agreement
will reduce shipping distances and increase cargo traffic, the
report adds.

                        About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


VISTEON CORP: Gets Funds From New GM to Consolidate Mexican Units
-----------------------------------------------------------------
Visteon Corporation asks the United States Bankruptcy Court for
the District of Delaware for authority to enter into a customer
accommodation agreement and related access and security agreement
with General Motors Company.  Pursuant to the Accommodation
Agreement, GM has agreed to, among other things:

     -- pay US$8.0 million in cash surcharge payments above the
        parts purchase order price for component parts produced by
        certain of the Company's interior and fuel tank product
        groups;

     -- pay up to US$10 million to fund the consolidation of
        certain of the Company's Mexican facilities;

     -- reimburse the Company for US$4.425 million in up-front
        engineering, design, and development support costs;

     -- accelerate payment terms on outstanding purchase orders
        from the GM standard payment terms;

     -- purchase certain inventory relating to re-sourced
        component parts according to a stated price formula;

     -- reimburse the Company for costs associated the with wind-
        down of operations related to the production of interior
        and fuel tank GM component parts;

     -- pay US$8.2 million in cure payments in connection with the
        assumption and assignment of purchase orders with the
        Company in GM's chapter 11 case;

     -- limit its ability to set-off against accounts receivables
        owing to the Company; and

     -- forbear from re-sourcing certain product lines.

In exchange for these benefits, the Company agreed to continue
producing and delivering component parts to GM during the term of
the Accommodation Agreement as well as provide considerable
assistance to GM in re-sourcing production to other suppliers.
Also, the Company agreed to build an inventory bank for GM,
provided GM pays for such inventory on an accelerated basis and
covers the Company's out-of-pocket expenses in maintaining and
handling the inventory.  In addition, the Accommodation Agreement
grants GM an option to purchase equipment and tooling owned by the
Company that is exclusively used to manufacture GM component
parts, provides GM with a right to access the Company's facilities
if the Company ceases production and grants to GM a security
interest in certain operating assets that would be necessary for
GM component part production.

The effectiveness of the Accommodation Agreement is conditioned
upon the approval of such agreements by the Bankruptcy Court. `

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)


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


DOE RUN PERU: Government to Extend Clean Up Deadline Plan
---------------------------------------------------------
The government of Peru said it plans to follow the recommendation
of a joint commission to give the Doe Run Peru smelter a 20-month
extension on its environmental cleanup deadline, Teresa Cespedes
and Patricia Velez at Reuters reports.  However, the report
relates that Environment Minister Antonio Brack said the extension
would need Congressional approval.

According to the report, the joint commission -- which had members
from the company's union, the polluted town of La Oroya that
surrounds the smelter, and officials from the company and the
government -- asked for a 20-month extension.  The report notes
that Doe Run Peru said that 36 months would be better.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Reuters estimated that more than 3,000 direct
jobs and 16,000 indirect jobs are at stake at the smelter and in
the town of La Oroya.  According to a TCRLA report on August 6,
2009, citing Reuters, Doe Run Peru filed for a government-
monitored financial restructuring because it was worried creditors
might try to freeze its assets or operations.

A TCRLA report on August 5, 2009, citing Reuters, related that Doe
Run Peru owes some US$100 million to its suppliers and needs to
spend another US$150 million to clean up La Oroya.  Bloomberg News
recalled the company shut all its smelter operations after failing
to reach an agreement with banks and mining suppliers.  Bloomberg
News recalled that Doe Run Peru’s zinc and lead smelter received a
three-month extension to complete planned environmental cleanup
projects.

                           About Doe Run

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

                           *     *     *

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


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


* VENEZUELA: Prepares to Nationalize Coffee Companies
-----------------------------------------------------
Fabiola Sanchez at The Associated Press report that Venezuela is
preparing to nationalize the nation's largest coffee producers,
claiming the companies have refused to comply with federal price
controls.

According to the report, Commerce Minister Eduardo Saman said he
is recommending the nationalization of coffee plants belonging to
Caracas-based companies Fama de America and Cafe Madrid.

The AP notes that President Hugo Chavez told journalists that his
government has not made a final decision on the nationalization of
the plants.  "If they give me an excuse, I'll nationalize them,"
the report quoted Mr. Chavez as saying.

Mr. Saman, the report points out, said that the measure had been
encouraged by workers displeased with the companies' management.
"They are determined that the plant should be nationalized," Mr.
Saman added.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, Bloomberg News said Mr. Chavez said he may
nationalize two coffee companies -- Fama de America SA and Marcelo
& Rivero CA -- after taking temporary control of their processing
plants and vowed to keep seizing monopolies as he works to
construct a socialist economy.  “We’ve intervened in these big
companies,” the report quoted President Chavez as saying.  “Now we
are conducting a study to expropriate them.  They will become
property of the nation,” President Chavez added.  The report
relates President Chavez is expanding state control over what he
calls “strategic” industries, including metals, energy and basic
materials.
                           *     *     *

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


* VENEZUELA: Discovers New Oil Reservior in Country's Gulf
----------------------------------------------------------
The discovery of a new gas reservoir in the Gulf of Venezuela
represents a breakthrough in the country's energy plans and
another step forward towards the goal of turning Venezuela into a
world power in this area, said the Head of State Hugo Chavez,
during his Alo, Presidente show No. 339.  The President also
stressed that further gas reserves are likely to be found in this
reservoir.

"It is very hard thinking that there is only one reservoir there.
Normally, there are others.  This is very important news for the
country and the world, from the economic, social, and geopolitical
standpoint," said Commander Chavez, who called for new drillings
to check for other gas deposits.

In this connection, the People's Power Minister of Energy and
Petroleum Rafael Ramirez highlighted that the newly discovered
reservoir is part of the Rafael Urdaneta project that started up
in the Gulf of Venezuela in 2006.  According to Mr. Ramirez, some
27 trillion cubic feet of gas are likely to be found in this area.

Petroleos de Venezuela said that the Venezuelan State, through
licensees Repsol and Eni, discovered a major natural gas reservoir
offshore north Falcon state, with some 10 trillion cubic feet of
original gas in place, which is a milestone in Venezuelan history.

In the event that new offshore gas reserves are proven, Venezuela
may increase gas exports.  "Gas, the petrochemical industry is one
of the strongest strategic principles for attaining economic,
social and technological development in the country during this
century. Our country is a member of the Organization of the Gas
Exporting Countries.  Venezuela is one of the largest energy
giants in the world," said the Head of State.

                          *     *     *

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


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


* BOND PRICING: For the Week September 14 to September 18, 2009
---------------------------------------------------------------

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


ARGENTINA

ALTO PALERMO SA           7.885/11/2017    USD              75
ALTO PALERMO SA           7.885/11/2017    USD           71.59
ARGENT-$DIS               8.2812/31/2033   USD           69.49
ARGENT-$DIS               8.2812/31/2033   USD           61.05
ARGENT-PAR                1.1812/31/2038   ARS           32.35
ARGENT-=DIS               7.8212/31/2033   EUR           58.56
ARGNT-BOCON PR13             23/15/2024    ARS           56.03
ARGNT-BOCON PRE8             21/3/2010     ARS           20.97
AUTOPISTAS DEL S          11.55/23/2017    USD           39.75
BANCO MACRO SA           10.756/7/2012     USD           56.73
BANCO MACRO SA            9.7512/18/2036   USD              71
BODEN 2015                   710/3/2015    USD           72.73
BONAR ARG $ V             10.56/12/2012    ARS           74.54
BONAR X                      74/17/2017    USD           70.68
BUENOS AIRE PROV          9.389/14/2018    USD           56.75
BUENOS AIRE PROV          9.634/18/2028    USD           53.78
BUENOS-$DIS               9.254/15/2017    USD           62.36
CIA LATINO AMER           9.755/10/2012    USD              60
INDUSTRIAS METAL         11.2510/22/2014   USD           72.81
INVERS REP Y SOC           8.52/2/2017     USD            82.5
MENDOZA PROVINCE           5.59/4/2018     USD           62.31
MULTICANAL SA                77/20/2013    USD              73
TRANSENER                 8.8812/15/2016   USD            72.5

BRAZIL

REDE EMPRESAS            11.13#N/A N Ap    USD            50.5
REDE EMPRESAS            11.13#N/A N Ap    USD            69.5

CAYMAN ISLAND

AIG SUNAMERICA            6.3810/5/2020    GBP           82.28
BARION FUNDING             0.112/20/2056   EUR            7.29
BARION FUNDING            0.2512/20/2056   USD            6.95
BARION FUNDING            0.2512/20/2056   USD            6.95
BARION FUNDING            0.2512/20/2056   USD            6.95
BARION FUNDING            0.2512/20/2056   USD            6.95
BARION FUNDING            0.2512/20/2056   USD            6.95
BARION FUNDING            0.2512/20/2056   USD            7.01
BARION FUNDING            0.6312/20/2056   GBP           16.82
BARION FUNDING            1.4412/20/2056   GBP           29.86
BES FINANCE LTD            6.22/7/2035     EUR           62.23
CHINA MED TECH               48/15/2013    USD           62.27
CHINA PROPERTIES          9.135/4/2014     USD           76.32
CHINA SUNERGY             4.756/15/2013    USD           61.81
EGE HAINA FINANC           9.54/26/2017    USD              76
EGE HAINA FINANC           9.54/26/2017    USD           73.75
ESFG INTERNATION          5.75#N/A N Ap    EUR           82.42
FERTINITRO FIN            8.294/1/2020     USD              65
LDK SOLAR CO LTD          4.754/15/2013    USD           71.49
LDK SOLAR CO LTD          4.754/15/2013    USD           70.94
MALACHITE FDG             0.6312/21/2056   EUR           22.55
MAZARIN FDG LTD           1.449/20/2068    GBP           27.41
MAZARIN FDG LTD           0.259/20/2068    USD            5.09
MAZARIN FDG LTD           0.259/20/2068    USD            5.09
MAZARIN FDG LTD           0.259/20/2068    USD            5.09
MAZARIN FDG LTD           0.259/20/2068    USD            5.09
MAZARIN FDG LTD            0.19/20/2068    EUR            4.43
MAZARIN FDG LTD           0.639/20/2068    GBP            13.9
MAZARIN FDG LTD           0.259/20/2068    USD            5.15
MAZARIN FDG LTD           0.259/20/2068    USD            5.09
PUBMASTER FIN             8.446/30/2025    GBP           70.48
PUBMASTER FIN             6.966/30/2028    GBP           63.01
SHINSEI FIN CAYM          6.42#N/A N Ap    USD           49.93
XL CAPITAL LTD             6.5#N/A N Ap    USD              67


DOMINICAN REPUBLIC

CAP CANA SA                 104/30/2016    USD            14.5

ECUADOR

REP OF ECUADOR            9.3812/15/2015   USD              86

JAMAICA

JAMAICA GOVT                 83/15/2039    USD            73.3
JAMAICA GOVT             13.384/27/2032    JMD           60.24
JAMAICA GOVT LRS          14.48/3/2027     JMD           66.74
JAMAICA GOVT LRS          15.53/24/2028    JMD           69.95
JAMAICA GOVT LRS         16.255/22/2027    JMD           73.27
JAMAICA GOVT LRS          16.56/14/2027    JMD           74.36
JAMAICA GOVT LRS         12.756/29/2022    JMD           60.08
JAMAICA GOVT LRS         13.5812/15/2026   JMD           61.24
JAMAICA GOVT LRS            166/13/2022    JMD           74.66
JAMAICA GOVT LRS         12.756/29/2022    JMD           60.07
JAMAICA GOVT LRS         13.3812/15/2021   JMD           63.93
JAMAICA GOVT LRS         12.855/31/2022    JMD           60.67
JAMAICA GOVT LRS            146/30/2021    JMD           67.66
JAMAICA GOVT LRS            1511/15/2021   JMD           71.35
JAMAICA GOVT LRS           7.510/6/2012    JMD           74.96
JAMAICA GOVT LRS            158/30/2032    JMD           69.42
JAMAICA GOVT LRS            159/6/2032     JMD           69.43
JAMAICA GOVT LRS            1612/6/2032    JMD           72.01
JAMAICA GOVT LRS         16.257/26/2032    JMD           73.17
JAMAICA GOVT LRS         16.138/21/2032    JMD           74.62


PUERTO RICO

DORAL FINL CORP           7.154/26/2022    USD           34.13
DORAL FINL CORP            7.14/26/2017    USD           41.75
DORAL FINL CORP              74/26/2012    USD           57.75
DORAL FINL CORP           7.653/26/2016    USD           44.88
PUERTO RICO CONS           6.54/1/2016     USD              45


VENEZUELA

PETROLEOS DE VEN          5.384/12/2027    USD           49.27
PETROLEOS DE VEN           5.54/12/2037    USD           48.56
PETROLEOS DE VEN          5.254/12/2017    USD           62.61
VENEZUELA                 7.654/21/2025    USD           68.18
VENEZUELA                 9.255/7/2028     USD           75.67
VENEZUELA                    612/9/2020    USD           62.58
VENEZUELA                    73/16/2015    EUR           71.49
VENEZUELA                 5.752/26/2016    USD           74.19
VENEZUELA                    712/1/2018    USD           72.74
VENEZUELA                    73/31/2038    USD           61.09
VENZOD - 189000           9.381/13/2034    USD           76.55


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *