TCRLA_Public/090922.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, September 22, 2009, Vol. 10, No. 187

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Kent Schaffer Joins Owner's Defense Team
STANFORD INT'L: SFG Director Pleads "Not Guily" in Allegations


A R G E N T I N A

BACONZ SA: Creditors' Proofs of Debt Due on November 2
COOPERATIVA DE PROVISION: Creditors' Proofs of Debt Due on Oct. 27
FOODEXPORT SRL: Creditors' Proofs of Debt Due on October 8
NUEVO LIDER: Creditors' Proofs of Debt Due on November 24


A R U B A

VALERO ENERGY: Aruba PM Expects Sale Deal With PetroChina Soon


B E R M U D A

HIGHLAND STAR: Creditors' Proofs of Debt Due on October 2
HIGHLAND STAR: Members to Receive Wind-Up Report on October 23
MILACRON ASSURANCE: Creditors' Proofs of Debt Due on October 9
NEW STAR: Creditors' Proofs of Debt Due on October 2
NEW STAR: Members to Receive Wind-Up Report on October 23

PROTOSTAR LTD: Agrees to Return Erroneous Wire Transfer
PROTOSTAR LTD: PLDT Looking for US$27.5MM Deposit, Wants Probe


B R A Z I L

ANHANGUERA EDUCATIONAL: To Raise BRL50 Mil. From Debenture Issue
BANCO BRADESCO: Billionaire Showed "Interest" in Vale Stake
BANCO DO BRASIL: To Expand Pension, Insurance & Overseas Ops.
BANCO DO BRASIL: To Pay BRL475.9 Million in Dividends
BANCO NACIONAL: To Provide BRL21-Bil. Fund for Train Construction

BANCO SANTANDER: Parent to Raise Up to US$7.2BB in Firm Sale
BRF-BRASIL FOODS: Discloses Expiration of Sadia Withdrawal Rights
COMPANHIA SIDERURGICA: Sees Unit IPO Raising Over US$2 Billion
COMPANHIA SIDERURGICA: Rejects Calls For Steel Tariff Cut
JBS SA: Moody's Changes Outlook to Positive; Affirms 'B1' Rating

JBS USA: Moody's Gives Positive Outlook; Affirms 'B1' Rating
SADIA SA: Exercise of Withdrawal Rights Period Ends


C A Y M A N  I S L A N D S

AI-LONG/SHORT: Commences Wind-Up Proceedings
ARIEL FUND: Kinetic, Guidepost Named Joint Voluntary Liquidators
BLUE OAR: Members to Receive Wind-Up Report on September 23
BLUE OAR: Members to Receive Wind-Up Report on September 23
BROAD MARKET XL: Zolfo Cooper Confirmed as Official Liquidator

CC28523 LIMITED: Creditors' Proofs of Debt Due Today
CREATIVO: Members to Receive Wind-Up Report on September 23
CT MEZZANINE: Placed Under Voluntary Liquidation
INVESTCORP EVENT: Creditors' Proofs of Debt Due Today
K CAPITAL: Creditors' Proofs of Debt Due Today

MERRILL LYNCH: Creditors' Proofs of Debt Due Today
MONDRIAAN LIMITED: Claims Bar Date Expired September 16
NAISSANCE HEALTHCARE: Commences Wind-Up Proceedings
OTTIMO FUNDING: Members to Receive Wind-Up Report on September 23
PETROPROD LTD: Claims Bar Date Expired September 16

PRESTON CAPITAL: Commences Liquidation Proceedings
PRESTON CAPITAL: Commences Liquidation Proceedings
QPM QUORUM: Creditors' Proofs of Debt Due Today
RIM GLOBAL FUND: Placed Into Voluntary Liquidation
ROBECO WPG: Creditors' Proofs of Debt Due on September 23

SB SCHONFELD: Commences Wind-Up Proceedings
SB SCHONFELD: Commences Wind-Up Proceedings
SB SCHONFELD: Commences Wind-Up Proceedings
SCL PIONEER: Claims Bar Date Expired September 16
SCL PROCYON: Claims Bar Date Expired September 16

SELECTIUM OPPORTUNITIES: Placed Under Voluntary Liquidation
SOUTHERN STAR: Shareholders Receive Wind-Up Report
SOUTHERN STARS: Shareholders Receive Wind-Up Report
SUMPU FUNDING: Shareholders Receive Wind-Up Report
TRI LIQUID STRATEGIES: Claims Bar Date Expired September 16


C O L O M B I A

BANCOLOMBIA SA: Antioquia Region Manager Resigns From Post


G U Y A N A

CL FINANCIAL: CLICO Guayana Gets US$15 Million Fund From CARICOM


J A M A I C A

AIR JAMAICA: Gov't Condemns Attempts to Block Divestment Process
AIR JAMAICA: Plans to Start Lay Off by Month's End


M E X I C O

AXTEL SAB: 79% of Holders Tenders Notes & Delivered Consents
CASA DE BOLSA: Moody's Assigns 'B2' Currency Issuer Ratings
CEMEX SAB: Agrees to Pay Fine for Failing to Report Diesel Spill


U R U G U A Y

* URUGUAY: Sells US$500MM of 16-Year Bonds in Overseas Markets


V E N E Z U E L A

* VENEZUELA: Plans to Pay Off US$4 Billion in Oil Debts


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Kent Schaffer Joins Owner's Defense Team
--------------------------------------------------------
Stanford International Bank Limited owner, Robert Allen Stanford,
the financier accused of orchestrating a multi-billion fraud case,
will be defended by "talented" lawyers at taxpayer expense, Laurel
Brubaker Calkins and Andrew M. Harris at Bloomberg News report.

As reported in the Troubled Company Reporter-Latin America on
September 17, 2009, Reuters said U.S. District Judge David Hittner
has ordered the Public Defender's Office to take the case of Mr.
Stanford, following the financier'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 related that Robert Luskin, Esq., at Patton Boggs in
Washington, DC, said he and a team of lawyers were prepared to
take over Mr. Stanford's defense but that payment was also an
issue.

Bloomberg News relates that Judge Hittner also approved the
addition of private practitioner Kent Schaffer, whose clients have
included a congressman, a rap entrepreneur, professional athletes
and a Hollywood star.  “Stanford is the luckiest guy in the
criminal justice system,” the report quoted Brian Wice, a Houston
lawyer who has tried cases with [Mr.] Schaffer, as saying.
“Getting [Mr.] Schaffer through the public defender’s office is a
great stroke of luck.  [Mr.] Stanford’s hit the Powerball,” Mr.
Wice added.

Mr. Schaffer, the report relates, said he took the case because he
thinks it will be “intellectually stimulating, maybe a once-in-a-
lifetime opportunity,” even if it doesn’t earn him a dime.  “I’m
not complaining [with the low rate] because I agreed to do it, and
I’ll work my ass off for him,” Mr. Schaffer told Bloomberg News in
an interview.

Bloomberg News notes that Mr. Schaffer will join forces with
investigators and forensic accountants provided by the Houston
Federal Public Defender’s office, led by Marjorie A. Meyers and
her top deputy, Michael Sokolow.

                 About Stanford International

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

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

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

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

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


STANFORD INT'L: SFG Director Pleads "Not Guily" in Allegations
--------------------------------------------------------------
Former Stanford Financial Group global security director, Thomas
Raffanello, entered a “not guilty” plea to shredding documents in
violation of a court order to preserve them for a federal
investigation, Laurence Viele Davidson and Laurel Brubaker Calkins
at Bloomberg News reports.  The defendant pleaded before US
Magistrate Robin Rosenbaum in federal court in Fort Lauderdale,
Florida.

“The case is a slap in the face to his otherwise stellar career,”
Richard Sharpstein, Mr. Raffanello’s lawyer, told Bloomberg in an
interview.  “It’s no secret [Mr. Raffanello] went voluntarily to
the FBI without a lawyer to explain the circumstances of shredding
documents,” Mr. Raffanello added.

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Mr. Raffanello has been charged in a three-
count superseding indictment with conspiracy to obstruct a U.S.
Securities and Exchange Commission proceeding and to destroy
documents in a federal investigation; obstruction of a proceeding
before the SEC; and destruction of records in a federal
investigation, announced Assistant Attorney General of the
Criminal Division Lanny A. Breuer and Acting U.S. Attorney Jeffrey
H. Sloman of the Southern District of Florida.  The initial
indictment in the case was unsealed by the U.S. District Court for
the Southern District of Florida on June 19, 2009, and charged
Bruce Perraud of Weston, Fla., a former global security specialist
at the Fort Lauderdale SFG office, with one count of destruction
of records in a federal investigation.  In addition to charging
Mr. Raffanello of Coral Gables, Fla., the superseding indictment
charges Mr. Perraud with an additional count of conspiracy as well
as one count of obstruction of a proceeding before the SEC.

                   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
=================


BACONZ SA: Creditors' Proofs of Debt Due on November 2
------------------------------------------------------
The court-appointed trustee for Baconz S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 2, 2009.


COOPERATIVA DE PROVISION: Creditors' Proofs of Debt Due on Oct. 27
------------------------------------------------------------------
The court-appointed trustee for Cooperativa de Provision
Transformacion y Comercializacion Para Productores Alimenticios
Las Violetas Ltda.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 27, 2009.

The trustee will present the validated claims in court as
individual reports on December 10, 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 23, 2010.

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


FOODEXPORT SRL: Creditors' Proofs of Debt Due on October 8
----------------------------------------------------------
The court-appointed trustee for Foodexport S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 8, 2009.


NUEVO LIDER: Creditors' Proofs of Debt Due on November 24
---------------------------------------------------------
The court-appointed trustee for Nuevo Lider S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 24, 2009.


=========
A R U B A
=========


VALERO ENERGY: Aruba PM Expects Sale Deal With PetroChina Soon
--------------------------------------------------------------
Aruban Prime Minister Nelson Oduber expects to be able to agree
soon with PetroChina Co. about the sale of a Valero Energy Corp.
refinery on the island, Joost Akkermans at Bloomberg News reports,
citing Dutch news agency ANP.

According to the report, ANP News said that the local refinery is
strategically placed “well in the market” given the US$16 billion
oil exploration agreement between China and Venezuela earlier this
month.  ANP, the report relates, said that talks are under way.

As reported in the Troubled Company Reporter-Latin America on
August 28, 2009, Reuters said Valero Energy Corp would keep its
235,000-barrel-per-day refinery in Aruba shut indefinitely as
economic conditions have not improved to the point where the plant
can operate profitably.  The report related that Valero spokesman
Bill Day said the pace of maintenance underway at the refinery
will be slowed down and most of the contractors working on
overhauling refinery units will be let go.

A TCRLA report on June 26, 2009, citing The Associated Press,
related that Valero Energy had temporarily close its Aruba
refinery for at least two months this summer, as falling prices
for its refined products make the plant less profitable.  AP noted
that Valero bought the Aruba plant in 2004 but has been looking to
sell it since last year.

                      About Valero Energy

Valero Energy Corporation -- http://www.valero.com/--
incorporated in 1981, owns and operates 16 refineries located in
the United States, Canada, and Aruba that produce conventional
gasolines, distillates, jet fuel, asphalt, petrochemicals,
lubricants, and other refined products, as well as a slate of
premium products, including conventional blendstock for oxygenate
blending (CBOB) and reformulated gasoline blendstock for oxygenate
blending (RBOB).  The Company markets refined products on a
wholesale basis in the United States and Canada through bulk and
rack marketing network.  It also sells refined products through a
network of about 5,800 retail and wholesale branded outlets in the
United States, Canada, and Aruba.  The Company operates through
two segments: refining and retail.

                           *     *     *

As of June 25, 2009, the company continues to carry Moody's "Ba1"
Preferred Stock rating.


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


HIGHLAND STAR: Creditors' Proofs of Debt Due on October 2
---------------------------------------------------------
The creditors of Highland Star Services 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 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street
          Hamilton, Bermuda


HIGHLAND STAR: Members to Receive Wind-Up Report on October 23
--------------------------------------------------------------
The members of Highland Star Services Limited will receive on
October 23, 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 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street
          Hamilton, Bermuda


MILACRON ASSURANCE: Creditors' Proofs of Debt Due on October 9
--------------------------------------------------------------
The creditors of Milacron Assurance Ltd. will hold their first
meeting on October 9, 2009, at 10:00 a.m., at the offices of
Appleby, Canon's Court, 22 Victoria Street, in Hamilton, Bermuda.

At the meeting, the creditors will be asked to:

   -- appoint a liquidator other than the Official Receiver; and

   -- appoint a committee of inspection to act with the liquidator
      and who are to be members of the committee, if appointed.


NEW STAR: Creditors' Proofs of Debt Due on October 2
----------------------------------------------------
The creditors of New Star Capital Guaranteed Asian Hedge Fund
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:

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


NEW STAR: Members to Receive Wind-Up Report on October 23
---------------------------------------------------------
The members of New Star Capital Guaranteed Asian Hedge Fund
Limited will receive on October 23, 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 15, 2009.

The company's liquidator is:

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


PROTOSTAR LTD: Agrees to Return Erroneous Wire Transfer
-------------------------------------------------------
ProtoStar Ltd. has agreed to return an erroneous transfer made by
a former customer just days after ProtoStar's bankruptcy filing.

On July 28, ProtoStar notified Antrix Corporation Ltd. that it was
terminating an agreement effective July 31, 2009, and consequently
it would not be providing any services for July.  On Aug. 4,
Antrix wire transferred US$262,500 to ProtoStar under the contract
for services ProtoStar would have provided in August.  Saying that
it is not entitled to the payment, ProtoStar has submitted to the
Court a stipulation providing for its return of the money to
Antrix.  The stipulation is scheduled for hearing on October 22.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: PLDT Looking for US$27.5MM Deposit, Wants Probe
--------------------------------------------------------------
ProtoStar Ltd. is contesting a motion by Philippine Long Distance
Telephone Company to conduct a probe under F.R.B.P. Rule 2004.

The Debtor says that PLDT's proposal would only delay its ongoing
sale process.  ProtoStar will hold an Oct. 14 auction for the sale
of its two satellites and other assets.

On August 28, 2009, PLDT filed a motion, seeking discovery
relating to "facts and circumstances" relating to PLDT's deals
with ProtoStar and the transfer of US$27.5 million from PLDT to
the Debtors on Sept. 17, 2008.  PLDT says it requires information
to determine whether it possesses certain causes of action or
claims against the Debtors and third parties, including the
Debtors' officers and directors as well as alleged secured
lenders.

The Debtors operate satellites that provide direct-to-home
satellite television and broadband Internet access across the
Asia-Pacific region.  PLDT is a leading telecommunications
provider in the Philippines.  In September 2008, the parties
entered into an agreement where ProtoStar was to provide PLDT with
access to certain transponders on the ProtoStar I Satellite,
thereby providing satellite coverage in specific areas, for a
seven-year term beginning in 2011.  As part of the deal, PLDT gave
a US$27.5 million deposit in September 2008.

ProtoStar in response said that that the PLDT's request for
expedited discovery is overbroad and abusive.  It did not say
whether the Priority Deposit is intact.  It said PLDT is an
unsecured creditor.  Unsecured creditors would have to wait in
line with other equally ranked creditors before receiving pro rata
distributions of their claims pursuant to a Chapter 11 plan.
Secured creditors would have to be paid first before unsecured
creditors are paid.

The Bankruptcy Court has set October 14, 2010, as the general
claims bar date.  Proofs of claim by governmental units are due
January 25, 2010.

Meanwhile the Bankruptcy Court entered an order authorizing the
debtors to hire UBS Securities LLC as investment banker and
financial advisor.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.

ProtoStar is contesting a motion by Philippine Long Distance
Telephone Company for a probe under FRBP Rule 2004.  The Debtor
says that PLDT's claims are merely unsecured claims and any probe
would delay its ongoing sale process.  On August 28, 2009, PLDT
filed a motion, seeking discovery relating solely to money it is
owed, including "facts and circumstances" relating to PLDT's deals
with ProtoStar and the transfer of US$27.5 million from PLDT to
the Debtors on Sept. 17, 2009.

The Bankruptcy Court has set October 14, 2010, as the general
claims bar date.  Proofs of claim by governmental units are due
January 25, 2010.

Meanwhile the Bankruptcy Court entered an order authorizing the
debtors to hire UBS Securities LLC as investment banker and
financial advisor.


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


ANHANGUERA EDUCATIONAL: To Raise BRL50 Mil. From Debenture Issue
----------------------------------------------------------------
Anhanguera Educacional Participacoes SA is planning to raise
BRL50 million (US$27 million) from the issue of non-convertible
debentures, Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the debentures will mature in 24 months
and the company is proposing to pay an annual interest rate of up
to 2.5 percentage points.  The report relates that Anhanguera
Educational said that it will use the proceeds to finance its
expansion plans.

Banco Itau BBA was hired to coordinate the operation.

                    About Anhanguera Educacional

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/ -- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.


                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 21, 2009, 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.


BANCO BRADESCO: Billionaire Showed "Interest" in Vale Stake
-----------------------------------------------------------
Heloiza Canassa at Bloomberg News reports that Banco Bradesco
S.A.'s investment arm, Bradespar, said that Eike Batista showed
“interest” in acquiring the company’s indirect stake in Vale SA.

According to the report, citing a regulatory filing, Bradespar
didn’t “consider or accept” the offer.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO DO BRASIL: To Expand Pension, Insurance & Overseas Ops.
-------------------------------------------------------------
Banco do Brasil SA plans to expand its pension, insurance and
overseas operations and may grow internationally through
acquisitions or a new share offer, Rogerio Jelmayer at Bloomberg
News reports, citing Bank President Aldemir Bendine.  Banco do
Brasil has hired Swiss bank UBS AG to study the restructuring of
its pension and insurance divisions, Mr. Bendine told Dow Jones
Newswires in an interview.  "Currently, our insurance division is
responsible for 12% of earnings; I believe that, in three or four
years, it will be responsible for 25%," the report quoted Mr.
Bendine as saying.

According to the report, Mr. Bendine said the bank is also
planning to expand its international operations.  "We have already
announced a plan to expand in the U.S. and we are now eyeing other
regions, such as Asia and the rest of Latin America," the report
quoted Mr. Bendine as saying.  The report recall that in August,
Banco do Brasil announced a US$40 million expansion program for
its operations in the U.S. Under the plan, the bank will open as
many as 10 new branches in the United States over five years.

Mr. Bendine, the report relates, also commented on the bank's need
to expand its free-float of shares, saying he didn't rule out a
new share offer as one mechanism for achieving that goal.

As reported in the Troubled Company Reporter-Latin America on
September 21, 2009, Dow Jones Newswires said that Brazil President
Luis Inacio Lula da Silva, through presidential decree, gave the
bank a go signal to issue American depositary receipts.  The
report related the president also authorized an increase
in the limit of foreign participation in the bank's capital to 20%
from 12.5%.  The report noted that the authorization is a
formality, and the bank still didn't unveil a plan to raise money
from ADR issuance.

Dow Jones Newswires notes that Mr. Bendine said the bank will
focus, for now, only on issuance of Level 1 ADRs.  "We are not
planning to raise money from a full-fledged ADR issue at this
time," Mr. Bendine added.

                       About Banco do Brasil

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'.


BANCO DO BRASIL: To Pay BRL475.9 Million in Dividends
-----------------------------------------------------
Banco do Brasil SA's board has approved the payment of BRL475.9
million (US$263 million) in dividends in the form of interest on
its own capital, Rogerio Jelmayer at Dow Jones Newswires, citing a
bank statement.

According to the report, the bank said that the total amount
represents a payment of BRL0.18 per share.  The report relates the
dividend will be paid on November 24 and will be based on
shareholders' position as of Sept. 21.

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'.


BANCO NACIONAL: To Provide BRL21-Bil. Fund for Train Construction
-----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA President
Luciano Coutinho suggested that the bank should finance BRL21
billion (US$11 billion) of the BRL34.6 billion (US$18.5 billion)
necessary for construction of the High Speed Train (TAV)
connecting Sao Paulo to Rio de Janeiro, Flavia Albuquerque at
BrazzilMagazine News reports.

According to the report, Mr. Coutinho said that the government
should invest BRL2.2 billion (US$1.2 billion) in claiming land and
BRL1 billion (US$535 million) for the creation of the High Speed
Train Company (ETAV).  The report relates Mr. Coutinho said that
the government should also repeal BRL6 billion (US$3.2 billion) in
taxes, which still depends on negotiation.

According to the director general at the National Agency for
Overland Transport (ANTT), Bernardo Figueiredo, the deadline for
completion of the TAV (from Campinas to Rio de Janeiro), with all
its elements, is six years, but investors will be free to make
proposals to anticipate the completion of stretches.

The report notes that the company that wins the tender, in
October, should have the TAV concession for 40 years, with the
right to tariffs throughout operation.  The tendering process
should be completed in early 2010 and the signing of the contract
is forecasted for May 2010, with works scheduled to begin in the
second half of 2010, the report adds.

                            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.


BANCO SANTANDER: Parent to Raise Up to US$7.2BB in Firm Sale
------------------------------------------------------------
Paul Tobin and Charles Penty at Bloomberg News report that Banco
Santander SA aims to raise as much as BRL13.1 billion (US$7.2
billion) by selling shares in Banco Santander Brasil SA.

According to the report, Banco Santander (Brasil) SA will sell 525
million units at BRL22 to BRL25.  The report relates that each
unit will include 55 common shares and 50 preferred shares.  The
offering is equivalent to 16.2% of the current capital of the
Brazilian unit, the report notes.

Bloomberg News says that the offering will be priced on October 6,
and the units will begin trading on the New York Stock Exchange as
American depositary receipts on October 7 and a day later in
Brazil.

Meanwhile, Bloomberg News relates that the underwriters, have a
so-called green shoe option to sell additional shares depending on
investor demand.

                 About Banco Santander (Brasil)

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

                          *     *    *

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


BRF-BRASIL FOODS: Discloses Expiration of Sadia Withdrawal Rights
-----------------------------------------------------------------
BRF-Brasil Foods SA's management of BRF Brasiln disclosed that on
September 18, 2009, the period has expired for the exercise of
withdrawal rights regarding SADIA's common shares as a consequence
of the shareholder's resolution that approved the merger of
SADIA's shares by BRF, according to the 1st paragraph of
Article 137 of Law No. 6.404/76.

The company announced that withdrawal rights regarding SADIA's
common shareholders were not exercised during the relevant period.
The approved exchange ratio provides that SADIA's shareholders
will receive, in exchange for each common and preferred share,
0.132998 common, book entry, without par value share, issued by
BRF.

BRF's shares that are not allocated in whole to each of SADIA's
shareholders will be sold on the BM&FBOVESPA S.A. -- Bolsa de
Valores, Mercadorias e Futuros in an auction, dividing the
proceeds, proportionally, between the owners of fractions of
shares.  SADIA's shareholders who own positions resulting in
fractions and who have already indicated bank accounts for the
deposit of dividends will have the proceeds of the sale of such
fractions immediately credited to the same bank accounts within 30
business days from the receipt of funds arising from the
disposal of shares corresponding to these fractions on the BM&F
BOVESPA.  For those that have not indicated a bank account or have
an outdated record, the amount corresponding to the sale shall
remain available on the Itau Corretora de Valores S.A., as of the
same date, which will make payment upon presentation of the
relevant identification or ownership documentation, as the
case may be.  SADIA's shareholders who own positions resulting in
fractions of shares and whose positions are deposited on
BM&FBOVESPA shall receive the proceeds from the sale of such
shares through their custodial agents.

Considering that the period for the exercise of withdrawal rights
has expired, the management of the Companies hereby announces that
they will not exercise the rights provided in the 3rd paragraph of
Article 137 of Law No. 6.404/76, thereby confirming the Merger of
Shares and causing the shareholders' resolutions on the Merger of
Shares to take definite effect.

The last trading day of Sadia shares on the Bovespa and Sadia ADSs
on the NYSE is on September 21, 2009.  September 22, 2009 will be
the first trading day of Brasil Foods' newly issued shares on the
Bovespa and BRF ADSs, (representing newly issued shares of BRF) on
the the NYSE under the ticker symbol PDA.

Also, as of September 22, 2009, SADIA will delist from Nivel 1, a
special corporate governance level of BMF&BOVESPA S.A. SADIA's
shares will also delist from the NYSE (SDA) and Madrid Stock
Exchange.

                      About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and thier derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.

                         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.


COMPANHIA SIDERURGICA: Sees Unit IPO Raising Over US$2 Billion
--------------------------------------------------------------
Companhia Siderurgica Nacional S.A. expects an initial public
offering of its Casa de Pedra iron mine is likely to raise more
than US$2 billion, Alberto Alerigi at Reuters reports, citing
Company Chief Executive Officer Benjamin Steinbruch.  The report
relates Mr. Steinbruch said that an eventual IPO of Casa de Pedra
would amount to "much more" than US$2 billion.

According to the report, Mr. Steinbruch did not specify when the
IPO would take place.

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

                         *     *     *

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


COMPANHIA SIDERURGICA: Rejects Calls For Steel Tariff Cut
---------------------------------------------------------
Companhia Siderurgica Nacional SA Chief Executive Officer
Benjamin Steinbruch said the company rejected calls for Brazil to
cut steel import duties, John Kolodziejski at Dow Jones Newswires
reports, citing Estado news agency.  "It would affect investments
that the sector needs," the report quoted Mr. Steinbruch as
saying.

According to the report, Brazil Finance Minister Guido Mantega
threatened to cut steel import tariffs to zero if domestic steel
prices rise.  The report relates Mr. Mantega said that a 15%
tariff on steel imports, reintroduced in June after three years at
zero, may be scrapped if prices continue to increase.

Dow Jones Newswirwes notes Mr. Steinbruch said steel imports
hadn't diminished despite the reintroduction of the 15% tariff.
Steel prices also hadn't risen for industrial clients in Brazil,
and CSN had only raised steel prices to distributors by 10% since
September, Mr. Steinbruch added.

                            About CSN

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

                         *     *     *

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


JBS SA: Moody's Changes Outlook to Positive; Affirms 'B1' Rating
----------------------------------------------------------------
Moody's changed the rating outlook for JBS S.A. to positive from
stable based on the expected receipt of US$2.5 billion in new
common equity to fund the acquisition of 64% of Pilgrim's Pride
Corporation's (not rated) and to reduce debt in the global
consolidated JBS enterprise.  JBS also announced an association
with Bertin S.A. (not rated) in a share-swap transaction involving
no initial cash disbursement.  Both transactions are subject to
closing and regulatory and other approvals that are expected to be
concluded by the end of 2009.

JBS, through its U.S. subsidiary, JBS USA Holdings, Inc., has
agreed to purchase 64% of Pilgrim's Pride, currently in
bankruptcy, for US$800 million in cash.  The US$800 million will
be funded with a portion of the US$2.5 billion from the sale of up
to 26.3% common equity interest in JBS USA Holdings, the immediate
parent of JBS USA, LLC, to a private investor.  Moody's expects
that Pilgrim's Pride planned US$1.75 billion senior secured exit
facility will be standalone, with no guarantees or other support
from any JBS USA entity.  In the quarter ending June 27, 2009,
Pilgrim's Pride reported approximately US$108.6 million in
operating profit, a significant improvement over the two prior
quarters.  Stronger chicken prices following industry capacity
reductions, and lower feed-grain costs, have boosted the margins
of domestic chicken producers in 2009.

JBS has also entered into an association agreement with Bertin
where both controlling shareholders will contribute the totality
of its shares to a new holding company that will become the new
controlling shareholder of JBS with an estimated stake of 60%.
Although Moody's do not rate Bertin, Moody's rate its parent
company, Bracol Holdings Ltda. that holds 73.1% of Bertin.
Bracol's rating is currently a B1 but under review for possible
downgrade and Moody's expect to conclude the review process
shortly.

"The change in outlook to positive is based on the expectation
that part of the excess proceeds from the US$2.5 billion equity
issue will be applied to debt reduction within the consolidated
company," said Moody's VP Senior Analyst, Soummo Mukherjee.  "The
outlook change also recognizes the benefits of further size, scale
and diversification as well as the significant synergy
opportunities that both transactions bring to JBS," added
Mukherjee.

JBS management estimates that synergies with both companies could
exceed US$450 million, primarily from distribution and logistics,
as well as reduction in commercial and selling, general and
administrative costs.  JBS has a solid track record for executing
on its past acquisitions, including the Swift and Smithfield's
beef division incorporations.  Finally, Moody's further
anticipates that JBS USA Holdings will execute its plan for an
initial public offering in the near term.

With these transactions, JBS will become the world's largest
animal protein company.  The Pilgrim's acquisition will allow JBS
to become the 2nd largest poultry processor in the U.S. market and
have a presence in the Mexican market.  The association with
Bertin will make JBS the largest leather processor in Brazil and
further consolidate its position as the leading beef processing
company in the world.

The Pilgrim's Pride transaction introduces new operational and
integration risks to JBS, as this is the first time JBS is
entering the poultry business and the company is emerging out of
bankruptcy.  Moody's views JBS's rapid growth strategy as a factor
that increases its risk profile as a result of the added
integration risks and the challenges associated with such rapid
growth.  Since Moody's initiated Moody's rating coverage of JBS SA
in 2005, consolidated annual revenues have grown almost 17 times
from around BRL3.6 billion to around BRL60.7 billion pro-forma
after the recent transactions.  However, JBS has not yet posted a
full year with positive free cash flow, although cash flow from
operations improved considerably in the last twelve months ending
on June 30, 2009, at BRL1.26 billion, up from BRL584 million in
2008 and BRL-431 million in 2007.

The ratings could be upgraded if JBS SA reports stronger and less
volatile consolidated cash flow, both before and after working
capital changes.  Given the positive outlook, a downgrade to the
ratings is unlikely in the near term, but could be caused by
weaker liquidity or a large debt-financed acquisition.

Ratings affirmed with a positive outlook:

  -- Corporate family rating: B1
  -- US$275 million 9.375% senior unsecured notes due 2011: B1
  -- US$300 million 10.5% senior unsecured notes due 2016: B1

Moody's last rating action on JBS was on March 25, 2009, when
Moody's changed JBS's B1 rating outlook to stable from negative.

Headquartered in Sao Paulo, Brazil, JBS is the world's largest
beef producer in terms of slaughter capacity, the leading beef
player in Brazil, Australia and Argentina and the third largest
pork producer in the USA.  With net revenues of US$17.5 billion in
the last twelve months ended in June 2009, JBS currently has a
slaughter capacity of 73,900 heads per day for cattle and 48,500
heads per day for hogs.


JBS USA: Moody's Gives Positive Outlook; Affirms 'B1' Rating
------------------------------------------------------------
Moody's Investors Service changed the rating outlook of JBS USA,
LLC, to positive from stable based on the expected receipt of up
to US$2.5 billion in new common equity to fund the acquisition of
Pilgrim's Pride Corporation and to reduce debt in the global
consolidated JBS enterprise.  Moody's affirmed the company's B1
senior unsecured debt rating.  The corporate family rating of
ultimate parent JBS S.A. is B1 and its outlook is positive.

Rating affirmed:

  -- US$700 million senior unsecured Notes due 2014, and
     guaranteed by JBS S.A., at B1

JBS S.A., through subsidiary JBS USA Holdings, Inc., has agreed to
purchase 64% of Pilgrim's Pride Corporation, currently in
bankruptcy, for US$800 million in cash.  The US$800 million will
be funded with a portion of the US$2.5 billion from the sale of up
to 26.3% common equity interest in JBS USA Holdings, the immediate
parent of JBS USA, LLC, to a private investor.  Moody's expects
that Pilgrim's Pride planned US$1.75 billion senior secured exit
facility will be standalone, with no guarantees or other support
from any JBS entity.  In the quarter ending June 27, 2009,
Pilgrim's Pride reported approximately US$108.6 million in
operating profit, a significant improvement over the two prior
quarters.  Stronger chicken prices following industry capacity
reductions, and lower feed-grain costs, have boosted the margins
of domestic chicken producers in 2009.

The change in outlook to positive at ultimate parent JBS S.A. is
based on the expectation that part of the excess proceeds from the
US$2.5 billion equity issue will be applied to debt reduction
within the consolidated company.  The outlook change also
recognizes the benefits of further size, scale and diversification
as well as the significant synergy opportunities that transactions
with Pilgrim's Pride and also Bertin bring to JBS S.A.  Finally,
Moody's further anticipates that JBS USA Holdings will execute its
plan for an initial public offering in the near term.

With these transactions, ultimate parent JBS S.A. will become the
world's largest animal protein company.  JBS S.A. currently has
total management and ownership control of issuer JBS USA, LLC, and
its immediate holding company JBS USA Holdings, Inc. -- including
the ability to formulate strategy.  JBS S.A.'s ownership stake in
JBS USA Holdings will fall upon the issuance of US$2.5 billion
equity to a private investor, and will drop further upon the
proposed IPO; but JBS S.A. is likely to remain the controlling
shareholder, and the Batista family is expected to be the
controlling shareholder of JBS S.A.  JBS S.A. guarantees LLC's
US$400 million unrated 'ABL' expiring in November 2011 and the
rated Notes.  There is some intercompany debt owed by JBS USA
Holdings to the Brazilian parent JBS S.A.  LLC's ABL and its Notes
allow for the payment of dividends up to 50% of consolidated net
income as defined, and do not limit the amount of loans that
Holdings or LLC can make to JBS S.A.  The US businesses currently
account for the majority of JBS S.A.'s global consolidated
operations.  For these reasons, the B1 corporate family rating of
JBS S.A. is the basis for the rating for LLC's Notes.  The rating
of the Notes is also at the same level as JBS S.A.'s US$300
million 10.5% senior unsecured notes due 2016, which are
guaranteed by JBS USA Holdings, by LLC and by Swift Beef.

Moody's most recent rating action for JBS USA, LLC, on April 14,
2009, assigned a B1 rating to this issuer's Notes, with a stable
outlook.  On April 27, 2009, Moody's commented that the outbreaks
of influenza A (H1N1) had not at that time had an impact on the
rating of the issuer.

JBS USA, LLC, is one of the world's leading beef and pork
processing companies.  Its largest business segments are domestic
beef processing (70.1% of fiscal 2008 sales, pro forma for a full
year of Smithfield beef), domestic pork processing (16.1%) and
beef operations in Australia (13.8%).  Reported sales for the
twelve months ended June 30, 2009, were approximately
US$13.4 billion.  JBS USA, LLC, is ultimately wholly owned by JBS
S.A., the world's largest beef producer in terms of slaughter
capacity.


SADIA SA: Exercise of Withdrawal Rights Period Ends
---------------------------------------------------
BRF-Brasil Foods SA's management of BRF Brasiln disclosed that on
September 18, 2009, the period has expired for the exercise of
withdrawal rights regarding SADIA's common shares as a consequence
of the shareholder's resolution that approved the merger of
SADIA's shares by BRF, according to the 1st paragraph of
Article 137 of Law No. 6.404/76.

The company announced that withdrawal rights regarding SADIA's
common shareholders were not exercised during the relevant period.
The approved exchange ratio provides that SADIA's shareholders
will receive, in exchange for each common and preferred share,
0.132998 common, book entry, without par value share, issued by
BRF.

BRF's shares that are not allocated in whole to each of SADIA's
shareholders will be sold on the BM&FBOVESPA S.A. -- Bolsa de
Valores, Mercadorias e Futuros in an auction, dividing the
proceeds, proportionally, between the owners of fractions of
shares.  SADIA's shareholders who own positions resulting in
fractions and who have already indicated bank accounts for the
deposit of dividends will have the proceeds of the sale of such
fractions immediately credited to the same bank accounts within 30
business days from the receipt of funds arising from the
disposal of shares corresponding to these fractions on the BM&F
BOVESPA.  For those that have not indicated a bank account or have
an outdated record, the amount corresponding to the sale shall
remain available on the Itau Corretora de Valores S.A., as of the
same date, which will make payment upon presentation of the
relevant identification or ownership documentation, as the
case may be.  SADIA's shareholders who own positions resulting in
fractions of shares and whose positions are deposited on
BM&FBOVESPA shall receive the proceeds from the sale of such
shares through their custodial agents.

Considering that the period for the exercise of withdrawal rights
has expired, the management of the Companies hereby announces that
they will not exercise the rights provided in the 3rd paragraph of
Article 137 of Law No. 6.404/76, thereby confirming the Merger of
Shares and causing the shareholders' resolutions on the Merger of
Shares to take definite effect.

The last trading day of Sadia shares on the Bovespa and Sadia ADSs
on the NYSE is on September 21, 2009.  September 22, 2009 will be
the first trading day of Brasil Foods' newly issued shares on the
Bovespa and BRF ADSs, (representing newly issued shares of BRF) on
the the NYSE under the ticker symbol PDA.

Also, as of September 22, 2009, SADIA will delist from Nivel 1, a
special corporate governance level of BMF&BOVESPA S.A. SADIA's
shares will also delist from the NYSE (SDA) and Madrid Stock
Exchange.

                      About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and thier derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.

                         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.


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


AI-LONG/SHORT: Commences Wind-Up Proceedings
--------------------------------------------
On July 16, 2009, the sole shareholder of AI-Long/Short Strategies
Fund, Ltd. passed a resolution that voluntarily winds up the
company's operations.

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

The company's liquidator is:

         Tromino Financial Services Ltd.
         c/o Fabian Schonenberg
         Telephone: (441) 295 5588
         Facsimile: (441) 295 5578
         Tromino Financial Services Ltd.
         2 Reid Street, Hamilton HM 11, Bermuda


ARIEL FUND: Kinetic, Guidepost Named Joint Voluntary Liquidators
----------------------------------------------------------------
Ariel Fund Limited has been placed into Voluntary Liquidation
pursuant to The Companies Law on July 21, 2009, by a special
resolution passed at an extraordinary meeting of the Company held
that day.

The Joint Voluntary Liquidators of the Company are:

     -- Geoffrey Varga
        Kinetic Partners (Cayman) Limited
        The Harbour Centre, 42 North Church Street
        P.O. Box 10387
        Grand Cayman KY1-1004, Cayman Islands, and

     -- Bart M. Schwartz
        Guidepost Partners LLC
        1185 Avenue of the Americas, Suite 1750
        New York, NY 1036, United States

Contact for inquiries:

        David Walker
        Kinetic Partners (Cayman) Limited
        The Harbour Centre, 42 North Church Street
        P.O. Box 10387, Grand Cayman KY1-1004
        Cayman Islands
        Tel: (345) 623-9905
        Fax: (345) 943-9900


BLUE OAR: Members to Receive Wind-Up Report on September 23
-----------------------------------------------------------
The members of The Blue Oar Long Short UK Equity Master Fund will
receive on September 23, 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:

         Stuart Sybersma
         c/o Jessica Turnbull
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


BLUE OAR: Members to Receive Wind-Up Report on September 23
-----------------------------------------------------------
The members of The Blue Oar Long Short UK Equity Fund Limited will
receive on September 23, 2009, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jessica Turnbull
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


BROAD MARKET XL: Zolfo Cooper Confirmed as Official Liquidator
--------------------------------------------------------------
The Grand Court of the Cayman Islands has confirmed Richard E.L.
Fogerty and G. James Cleaver at Zolfo Cooper as official
liquidators of Broad Market XL Holdings Limited.

Broad Market XL Holdings is in winding up proceedings pursuant to
The Companies Law.  Broad Market XL Holdings' registered office is
situated at:

     Walkers SPV Limited
     Walker House, Mary Street, George Town
     Grand Cayman KY1-9002, Cayman Islands

On August 17, 2009, the Court held that pursuant to Section 131 of
the Companies (Amendment) Law 2007, the voluntary liquidation be
continued subject to the supervision of the Court.

To contact the Official Voluntary Liquidator:

     Matthew Wright
     Zolfo Cooper
     PO Box 1102, 4th Floor, Bermuda House
     George Town, Grand Cayman
     Cayman Islands
     Tel: 345 946 0081
     Fax: 345 946 0082


CC28523 LIMITED: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of CC28523 Limited SPC are required to file their
proofs of debt by today, September 22, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ogier
          c/o Michael Alberga
          International Corporation Services Ltd.
          Harbour Place, 2nd Floor, North Wing
          103 South Church Street
          P.O. Box 472, George Town
          Grand Cayman, Cayman Islands
          Telephone: 345 949 0699
          Facsimile: 345 949 8171


CREATIVO: Members to Receive Wind-Up Report on September 23
-----------------------------------------------------------
The members of Creativo will receive on September 23, 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:

         Stuart Sybersma
         c/o Jessica Turnbull
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


CT MEZZANINE: Placed Under Voluntary Liquidation
------------------------------------------------
On July 31, 2009, the sole shareholder of CT Mezzanine Off-Shore
Feeder Fund passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
September 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Khaled Al-Mudhaf
         c/o PO Box 1043, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 949-8062


INVESTCORP EVENT: Creditors' Proofs of Debt Due Today
-----------------------------------------------------
The creditors of Investcorp Event Arbitrage Master Fund Limited
SPC are required to file their proofs of debt by today,
September 22, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Boundary Hall, Cricket Square, P.O. Box 1111
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          Grand Cayman KY1-1102, Cayman Islands


K CAPITAL: Creditors' Proofs of Debt Due Today
----------------------------------------------
The creditors of K Capital (U.S. Dollar) Ltd. are required to file
their proofs of debt by today, September 22, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 17, 2009.

The company's liquidator is:

          Ogier
          Jonathan McLean
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815-1705
          Facsimile: (345) 949 1986


MERRILL LYNCH: Creditors' Proofs of Debt Due Today
--------------------------------------------------
The creditors of Merrill Lynch Taurus 2000 Singapore Fund Limited
are required to file their proofs of debt by today, September 22,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

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


MONDRIAAN LIMITED: Claims Bar Date Expired September 16
-------------------------------------------------------
Creditors of Mondriaan Limited had until September 16, 2009, to
file proofs of claim against the Company.

Mondriaan has been placed into voluntarily winding up proceedings
pursuant to The Companies Law (2007 Revision).  Walkers SPV
Limited has been appointed as liquidator.

Creditors were required to send in their names and addresses and
the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to:

     Anthony Johnson
     Walkers SPV Limited
     Walker House, 87 Mary Street, George Town
     Grand Cayman KY1-9002, Cayman Islands
     Tel: (345) 914-6314


NAISSANCE HEALTHCARE: Commences Wind-Up Proceedings
---------------------------------------------------
On August 11, 2009, the sole shareholder of Naissance Healthcare
Fund Limited passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
September 21, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Khatidja McLean
         Queensgate House, South Church Street
         PO Box 1234, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 815 1760
         Facsimile: (345) 949 1986


OTTIMO FUNDING: Members to Receive Wind-Up Report on September 23
-----------------------------------------------------------------
The members of Ottimo Funding Ltd. will receive on September 23,
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:

         Stuart Sybersma
         c/o Jessica Turnbull
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


PETROPROD LTD: Claims Bar Date Expired September 16
---------------------------------------------------
Creditors of PetroProd Ltd. had until September 16, 2009, to file
proofs of claim against the Company.

PetroProd Ltd. has been placed in official winding up proceedings
pursuant to The Companies Law (As Amended) by order of the Grand
Court of the Cayman Islands on July 17, 2009.

PetroProd Ltd.'s registered office is situated at:

     Maples Corporate Services Limited
     PO Box 309, Ugland House, George Town
     Grand Cayman KY1-1104, Cayman Islands

Simon Lovell Clayton Whicker and Kris Beighton at KPMG have been
appointed as Joint Official Liquidators of the Company.

Creditors who failed to file a proof of claim by the Bar Date
"will be excluded from the benefit of any distribution made before
such debts are proved."

Creditors were required to send in their names and addresses and
the particulars of their debts and claims and the names and
addresses of their attorneys at law (if any) to:

     Gerhard Albertyn
     SIMON WHICKER
     Joint Official Liquidator
     PO Box 493, Century Yard, Cricket Square
     Grand Cayman KY1-1106
     Cayman Islands
     Tel: (345) 914 4395
     Fax: (345) 949 7164
     Email: gerhardalbertyn@kpmg.ky


PRESTON CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On August 5, 2009, the shareholders of Preston Capital Limited
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
September 14, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Patrick Brazzill
          Elizabeth Bingham
          Ernst & Young LLP
          1 More London Place
          London SE1, 2AF, United Kingdom


PRESTON CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On August 5, 2009, the shareholders of Preston Capital (GP)
Limited passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
September 14, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Patrick Brazzill
          Elizabeth Bingham
          Ernst & Young LLP
          1 More London Place
          London SE1, 2AF, United Kingdom


QPM QUORUM: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of QPM Quorum Quantitative Fund Ltd. are required to
file their proofs of debt by today, September 22, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Ogier
          c/o Michael Bunn
          Telephone: (345) 815 1848
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


RIM GLOBAL FUND: Placed Into Voluntary Liquidation
--------------------------------------------------
RIM Global Fund SPC has been placed into Voluntary Liquidation
pursuant to The Companies Law (2007 Revision) following a written
resolution by the sole voting shareholder of the Company on
July 23, 2009.

Peadar De Barra and Claire Cawley of Fleming Court, Fleming’s
Place, Mespil Road, Dublin 4, Ireland, were appointed joint
liquidators.


ROBECO WPG: Creditors' Proofs of Debt Due on September 23
---------------------------------------------------------
The creditors of Robeco WPG Event-Driven Multistrategy Overseas
Fund, Ltd. 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 August 20, 2009.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Queensgate House, South Church Street
         PO Box 1234, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 949 9876
         Facsimile: (345) 949 9877


SB SCHONFELD: Commences Wind-Up Proceedings
-------------------------------------------
On August 11, 2009, the sole shareholder of SB Schonfeld Active
Managers Master Fund, Ltd. passed a resolution that voluntarily
winds up the company's operations.

Only creditors who were able to file their proofs of debt by
September 21, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Hayden Isbister
         Telephone: (345) 815 1815
         Facsimile: (345) 949 1986
         Queensgate House, South Church Street
         PO Box 1234, Grand Cayman KY1-1108
         Cayman Islands


SB SCHONFELD: Commences Wind-Up Proceedings
-------------------------------------------
On August 11, 2009, the sole shareholder of SB Schonfeld Active
Managers Fund, Ltd. passed a resolution that voluntarily winds up
the company's operations.

Only creditors who were able to file their proofs of debt by
September 21, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Hayden Isbister
         Telephone: (345) 815 1815
         Facsimile: (345) 949 1986
         Queensgate House, South Church Street
         PO Box 1234, Grand Cayman KY1-1108
         Cayman Islands


SB SCHONFELD: Commences Wind-Up Proceedings
-------------------------------------------
On August 11, 2009, the sole shareholder of SB Schonfeld Capital
Feeder Fund Ltd. passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
September 21, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Hayden Isbister
         Telephone: (345) 815 1815
         Facsimile: (345) 949 1986
         Queensgate House, South Church Street
         PO Box 1234, Grand Cayman KY1-1108
         Cayman Islands


SCL PIONEER: Claims Bar Date Expired September 16
-------------------------------------------------
Creditors of SCL Pioneer Limited had until September 16, 2009, to
file proofs of claim against the Company.

SCL Pioneer Limited has been placed into Voluntary Liquidation
pursuant to The Companies Law (2004 Revision) following resolution
by the sole shareholder of the Company dated July 23, 2009.

Walkers Corporate Services Limited has been appointed as
Liquidator.

Creditors who failed to file a proof of claim by the deadline
"will be excluded from the benefit of any distribution made before
such debts are proved."

Creditors were required to send in their names and addresses and
the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to:

     Anthony Johnson
     Walkers Corporate Services Limited
     Walker House, 87 Mary Street, George Town
     Grand Cayman KY1-9005, Cayman Islands
     Tel: (345) 914-6314


SCL PROCYON: Claims Bar Date Expired September 16
-------------------------------------------------
Creditors of SCL Procyon Limited had until September 16, 2009, to
file proofs of claim against the Company.

SCL Procyon has been placed into Voluntary Liquidation pursuant to
The Companies Law (As Amended) following a resolution by the sole
shareholder of the Company dated July 23, 2009.

Walkers Corporate Services Limited has been appointed as
liquidator.

Creditors were required to send in their names and addresses and
the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to:

     Anthony Johnson
     WALKERS CORPORATE SERVICES LIMITED
     Walker House, 87 Mary Street, George Town
     Grand Cayman KY1-9002 Cayman Islands
     Tel: (345) 914-6314


SELECTIUM OPPORTUNITIES: Placed Under Voluntary Liquidation
-----------------------------------------------------------
On August 20, 2009, the sole shareholder of Selectium
Opportunities Fund Limited passed a resolution that voluntarily
winds up the company's operations.

Only creditors who were able to file their proofs of debt by
September 16, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; and

         Mourant Cayman Liquidators, Ltd.
         Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         c/o Mourant du Feu & Jeune
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


SOUTHERN STAR: Shareholders Receive Wind-Up Report
--------------------------------------------------
On September 1, 2009, the shareholders of Southern Star 881 Co.
Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          c/o Piccadilly Cayman Limited
          Telephone: 345 945 9208
          Facsimile: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


SOUTHERN STARS: Shareholders Receive Wind-Up Report
---------------------------------------------------
On September 1, 2009, the shareholders of Southern Stars 895-900
CO. Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          c/o Piccadilly Cayman Limited
          Telephone: 345 945 9208
          Facsimile: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


SUMPU FUNDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
On September 21, 2009, the shareholders of Sumpu Funding
Corporation received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


TRI LIQUID STRATEGIES: Claims Bar Date Expired September 16
-----------------------------------------------------------
Creditors of Tri Liquid Strategies Fund had until September 16,
2009, to file proofs of claim against the Company.

Tri Liquid Strategies Fund has been placed into Voluntary
Liquidation pursuant to The Companies Law (As Amended) following
resolution by the sole shareholder of the Company dated July 29,
2009.

Avalon Management Limited has been appointed as liquidator.

Creditors who failed to file a proof of claim by the deadline
"will be excluded from the benefit of any distribution made before
such debts are proved."

Creditors were required to send in their names and addresses and
the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to:

     Avalon Management Limited
     Landmark Square
     1st Floor, 64 Earth Close
     West Bay Beach, PO Box 715, George Town
     Grand Cayman KY1-1107, Cayman Islands
     Tel: (+1) 345 769 4422
     Fax: (+1) 345 769 9351


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


BANCOLOMBIA SA: Antioquia Region Manager Resigns From Post
----------------------------------------------------------
Bancolombia S.A.'s Board of Directors accepted the resignation of
Maria Cristina Arrastia Uribe as the Manager of Retail and Small
and Medium Enterprises banking for the Antioquia region, and as a
legal representative of Bancolombia SA.

The Board of Directors expresses its gratitude to Ms. Arrastia and
wishes her success in her new position as President of
Sufinanciamiento S.A. Compania de Financiamiento Comercial, a
subsidiary of 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.


===========
G U Y A N A
===========


CL FINANCIAL: CLICO Guayana Gets US$15 Million Fund From CARICOM
----------------------------------------------------------------
The Guyana government has received US$15 million from the CARICOM
petroleum fund, which will be used to reduce the gap between
assets and liabilities relative CLICO Life and General Insurance
Company South America Limited (CLICO Guyana)'s investment in CLICO
Bahamas Limited, The Nassau Guardian reports, citing Guyana
President Bharrat Jagdeo.  CLICO Guyana is a unit of CL Financial
Limited.

"This is a regional problem and requires a regional solution . . .
argued for an additional US$15 million to come from that fund
(for) Guyana to assist with CLICO," President Jagdeo said in an
interview with the Stabroek News, teh report relates.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2009, Trinidad and Tobago Newsday said CLICO Guyana's
operations was placed under judicial management prior to winding
up of the company following the liquidation of Clico (Bahamas)
Limited, has a 51% stake in CLICO Guyana.  According to TCRLA
report on Feb. 27, citing CaribWorldNews, the Bahamian Supreme
Court granted a request from the islands government to liquidate
Clico Bahamas for the protection of company shareholders.
Caribbean Net News related Guyana's president, Bharrat Jagdeo,
said Clico Guyana has US$6.9 billion (US$34 million) invested in
CLICO Bahamas, which represents 53% of the Guyana company’s total
assets.

According to the report, citing Stabroek News, President Jagdeo
said that the Guyanese government is monitoring the court case in
The Bahamas via its legal team, and is waiting on the chief
justice to rule on the liquidation of the Guyanese subsidiary.

Meanwhile, the report relates that Bahamas attorney John Wilson,
who represents CLICO Guyana, indicated that his clients had yet to
receive any determination with regards to their claim, and that he
had not been served documents in relation to the winding up
request.  Mr. Wilson further noted that he has yet to receive any
response from the liquidator relative to the status of the claim
filed by CLICO Guyana.

                         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.


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


AIR JAMAICA: Gov't Condemns Attempts to Block Divestment Process
----------------------------------------------------------------
Jamaica Prime Minister Bruce Golding has involved himself in the
divestment of Air Jamaica Limited to protect the process from
being harmed by unnecessary delays, Jamaica Observer reports.  The
report, citing an unnamed source, relates that Mr. Golding's
actions followed reports that divestment is being undermined by
some people within the administration who fear the sale will
deprive them of personal benefits.

According to the report, a government official close to the
negotiations blasted the people in the administration who had
sought to block the sale.  "They haven't grasped the importance of
the divestment," the report quoted the unnamed official as saying.
"If the airline is not sold by October the government will most
likely have to lock it down," he added.  The report points out
that the unnamed official said that people opposed to the sale
would delay giving information to the potential investors and
engaged in a campaign of bad-mouthing the divestment.

The Observer notes that officials involved in the process said
that the airline could not sustain another period of losses.  The
report relates that the delay in the sale has aggravated a number
of factors that could make the prospect of buying the carrier a
bit unattractive.   Among them are that fuel prices trended up
since the time Air Jamaica was put up for divestment; High lease
agreements, a large staff compliment, and the route cuts made
earlier by Air Jamaica.  "Right now [the divestment] has a 50-50
chance.  It's not a done deal," the unnamed official said, the
report adds.

                          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).


AIR JAMAICA: Plans to Start Lay Off by Month's End
--------------------------------------------------
Air Jamaica Limited said will start to lay off several categories
of workers by September 30, RadioJamaica reports.  The report
relates that an unnamed source said the exercise will affect
various groups of employees the airline, but the exact number of
persons to be affected has not been finalized.

According to the report, Air Jamaica's management and trade unions
are still engaged in talks on the matter.

The report notes that the lay-offs will be carried out as part of
cost cutting measures as efforts continue to find a buyer for Air
Jamaica.

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).


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


AXTEL SAB: 79% of Holders Tenders Notes & Delivered Consents
------------------------------------------------------------
Axtel, S.A.B. de C.V. said that -- as of 5:00 PM, New York City
Time, on September 16, 2009, pursuant to a tender offer and
consent solicitation -- it had received the requisite consents
from holders of its 11% Senior Notes due 2013 to certain proposed
amendments to the indenture governing the Notes and promptly
thereafter executed a supplemental indenture giving effect to the
proposed amendments.

As of the Consent Expiration Date, holders of approximately
US$128.5 million principal amount of Notes, representing
approximately 79% of the approximately US$162.5 million principal
amount of Notes current outstanding, had tendered their Notes and
delivered consents.

Pursuant to the supplemental indenture, the Indenture has been
amended to eliminate substantially all of the restrictive
covenants, several affirmative covenants and events of default
contained in the Indenture and to modify the covenant regarding
mergers, consolidations and transfers of the Company's properties
and assets substantially as an entirety.  Although certain
restrictive covenants have been eliminated from the Indenture, the
Company will continue to comply with the restrictive covenants
contained in its other debt instruments, including the indenture
governing the company's 7-5/8% Senior Unsecured Notes due 2017.
Additionally, the company will continue to comply with the
reporting requirements under securities laws applicable to
publicly listed companies in Mexico and the 2017 Indenture.

The supplemental indenture became effective when it was executed,
and, as a result, tendered Notes and delivered consents may no
longer be withdrawn or revoked.  The amendments became operative
concurrently with the execution of the supplemental indenture,
provided all Notes in respect of such requisite consents validly
tendered and not withdrawn are accepted for purchase pursuant to
the tender offer.

Each holder of Notes who validly consented to the proposed
amendments on or prior to the Consent Expiration Date, and did not
validly withdraw such consent, will be entitled to 105.75% of the
principal amount of such Notes.  The Total Consideration includes
a consent payment equal to 3.0% of the principal amount of Notes
validly tendered and not withdrawn and as to which consents to the
proposed amendments were delivered on or prior to the Consent
Expiration Date.

The tender offer is scheduled to expire at 12:00 midnight, New
York City time, on September 30, 2009, unless extended or earlier
terminated by the Company.  Holders who validly tender their Notes
after the Consent Expiration Date and on or prior to the Offer
Expiration Date will be eligible to receive an amount, paid in
cash, equal to the Total Consideration less the Consent Payment.
Holders whose Notes are accepted for payment will also receive
accrued and unpaid interest in respect of such purchased Notes
from the last interest payment date to, but not including, the
applicable settlement date.

The tender offer is subject to the conditions set forth in the
Offer to Purchase and Consent Solicitation Statement, including,
among other things, the receipt by the Company of financing in an
amount and on terms and conditions satisfactory to the Company in
its sole discretion.

                        About Axel SAB

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

                         *     *     *

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

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

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

         * Local currency Issuer Default Ratings at 'BB';

         * Foreign currency IDR at 'BB';

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


CASA DE BOLSA: Moody's Assigns 'B2' Currency Issuer Ratings
-----------------------------------------------------------
Moody's Investors Service assigned its long and short-term B2/Not
Prime global local currency issuer ratings to Casa de Bolsa Arka,
S.A. de C.V.  On its Mexican National Scale, Moody's de Mexico
assigned a Baa3.mx long term and MX-3 short term issuer ratings.
All these ratings have stable outlooks.

Moody's indicated that CB Arka's ratings reflect the broker's
essentially monoline and still developing franchise under its
current management and ownership as well as the challenges
presented by a highly competitive industry particularly in light
of the modest array of products and services it offers relative to
larger and more diversified peers in Mexico.  The ratings also
incorporate CB Arka's modest profitability overall as a result of
still weak core earnings generation and high operating costs -- a
factor which raises concerns about the company's ability to absorb
potential losses and generate capital over time.  Moreover,
Moody's expressed that although capitalization exceeds Mexican
regulatory requirement the existence of uncovered contingencies
related to unresolved legal claims could pose a challenge to
capital.

The ratings at the same time take into account the company's low-
risk business mix, which derives mostly from customer-driven
agency business that represents a recurring source of fees and a
increasing stream of FX-related revenues.

The rating agency noted that CB Arka's B2 global local currency
issuer rating is consistent with its baseline credit assessment of
B2, and as such does not incorporate parental support.  Moody's,
however considers as a positive rating factor CB Arka's shared
ownership structure with that of Mexican financial group Grupo
Financiero Ve por Mas (GFBX+).  This relationship provides for
developing business links and synergies with the entities of
GFBX+, including Banco Ve por Mas and Arrendadora Ve por Mas.  The
interconnections among these entities include sharing of
infrastructure, distribution capacity, client base and, most
importantly, risk management practices.  On the other hand, CB
Arka's closely held ownership and management structure presents
potential corporate governance-related risks that serve to limit
CB Arka's ratings.

The long-term Mexican National Scale rating of Baa3.mx indicates
issuers or issues with average creditworthiness relative to other
domestic issuers.  The short-term Mexican National Scale rating of
MX-3 indicates that the issuer has an average ability to repay
short-term senior unsecured debt obligations relative to other
domestic issuers.

CB Arka is headquartered in Mexico City.  As of March 2009, CB
Arka had around Mx$13.7 billion in assets under management.

These issuer ratings were assigned to Casa de Bolsa Arka, S.A. de
C.V.:

* Global local currency, long term: B2, stable outlook
* Global local currency, short term: Not-Prime
* Mexican National Scale, long term: Baa3.mx, stable outlook
* Mexican National Scale, short term: MX-3


CEMEX SAB: Agrees to Pay Fine for Failing to Report Diesel Spill
----------------------------------------------------------------
CEMEX, S.A.B. de C.V.  has agreed to pay US$25,000 for failing to
report a 900-gallon fuel spill at the company's Davenport plant,
which was discovered by an inspector from the county Environmental
Health Services, Jennifer Squires at Mercury News reports, citing
the District Attorney's Office.

According to the report, the D.A.'s office said that the company
worked with the county to clean up the site and take the
appropriate steps to mitigate the environmental damage of the
spill, but still faced punitive actions because the company did
not report the unauthorized release of a hazardous material.

Mercury News notes that the fine is the latest in a string of
difficulties for the currently-shuttered cement plant.

A year ago, the report recalls, Cemex came under scrutiny by the
Monterey Bay Unified Air Pollution Control District for emitting
the cancer-causing chromium 6 in cement dust blown from the plant,
which led to the halting of the company's operations while
officials corrected the problem.  The report relates that in
March, the company shutdown its plant, citing the drop in demand
for cement during the economic downturn, that led to the laid off
of more than 100 employees.

Mercury News says the plant, scheduled to be closed for at least
six months, has not reopened and the company did not have a date
to reopen the facility.

                         About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


=============
U R U G U A Y
=============


* URUGUAY: Sells US$500MM of 16-Year Bonds in Overseas Markets
--------------------------------------------------------------
John Detrixhe and Lester Pimentel at Bloomberg News report that
Uruguay sold US$500 million of bonds maturing in 2025 in its first
international debt issue in three years.  Uruguay issued the
16-year bonds to yield 340.3 basis points above U.S. Treasuries,
according to Bloomberg data.  The report relates that the issue is
the first since October 2006, when the government sold US$500
million in a re-opening of its 7.625 percent bonds due in 2036

According to the report, Uruguay tapped overseas debt markets amid
a rally in emerging-market debt sparked by a recovering global
economy.

“This is the seasonal period of pre-funding with Mexico first out
of the gate and Uruguay also a likely candidate especially as it
can source funds before the October elections,” the report quoted
Siobhan Morden, an analyst with RBS Securities Inc. in Stamford,
Connecticut, as saying.

Bloomberg News, citing JPMorgan Chase & Co, notes that the yield
on Uruguay’s 2036 notes has tumbled 2.14 percentage points to 7.22
percent this year.  The bond’s price has climbed to 104.75 cents
on the dollar from 83 cents during that period, the report says.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings revised the Outlook for Uruguay's
ratings to Positive from Stable.  In addition, Fitch affirmed
Uruguay's foreign currency Issuer Default Rating at 'BB-' and its
local currency IDR at 'BB'.  Fitch also affirmed Uruguay's country
ceiling at 'BB+' and the short-term IDR at 'B'.


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


* VENEZUELA: Plans to Pay Off US$4 Billion in Oil Debts
-------------------------------------------------------
The Associated Press reports that Venezuela President Hugo Chavez
says the country will pay off US$4.6 billion in oil debts and
provide credits to businesses to stimulate Venezuela's slowing
economy.  The report relates President Chavez said that Petroleos
de Venezuela will pay off the debts it has accumulated with oil
contractors before the end of the year.

According to the report, President Chavez said Venezuela plans to
increase credits given to businesses in manufacturing,
construction, trade and services.

The AP notes that Venezuela's economy contracted 2.4% in the
second quarter due to a decline in oil prices.

President Chavez, the report relates, said that Venezuela is
aiming to close the year with positive economic growth.

                           *     *     *

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                        Total
                                        Total        Shareholders
                                        Assets         Equity
Company           Ticker              (US$MM)         (US$MM)
-------           ------            ------------     -------

ACO ALTONA         EALT3 BZ           80647079.55     -12603367.15
ACO ALTONA SA      EAAON BZ           80647079.55     -12603367.15
ACO ALTONA-PREF    EALT4 BZ           80647079.55     -12603367.15
ACO ALTONA-PREF    EAAPN BZ           80647079.55     -12603367.15
ALL MALHA PAULIS   GASC3 BZ          881202387.66     -501612577.9
ALL MALHA PAULIS   GASC3B BZ         881202387.66     -501612577.9
ARTHUR LAN-DVD C   ARLA11 BZ          21333792.82     -16295577.05
ARTHUR LAN-DVD P   ARLA12 BZ          21333792.82     -16295577.05
ARTHUR LANG-RC C   ARLA9 BZ           21333792.82     -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ          21333792.82     -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ           21333792.82     -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ           21333792.82     -16295577.05
ARTHUR LANGE       ARLA3 BZ           21333792.82     -16295577.05
ARTHUR LANGE SA    ALICON BZ          21333792.82     -16295577.05
ARTHUR LANGE-PRF   ARLA4 BZ           21333792.82     -16295577.05
ARTHUR LANGE-PRF   ALICPN BZ          21333792.82     -16295577.05
AZEVEDO            AZEV3 BZ           58171856.05      -4288079.64
AZEVEDO E TRA-PR   AZEVPN BZ          58171856.05      -4288079.64
AZEVEDO E TRAVAS   AZEVON BZ          58171856.05      -4288079.64
AZEVEDO-PREF       AZEV4 BZ           58171856.05      -4288079.64
B&D FOOD CORP      BDFC US               15779763          -588840
B&D FOOD CORP      BDFCE US              15779763          -588840
BOMBRIL            BMBBF US          239716189.99    -242287717.11
BOMBRIL            BOBR3 BZ          239716189.99    -242287717.11
BOMBRIL CIRIO SA   BOBRON BZ         239716189.99    -242287717.11
BOMBRIL CIRIO-PF   BOBRPN BZ         239716189.99    -242287717.11
BOMBRIL SA-ADR     BMBPY US          239716189.99    -242287717.11
BOMBRIL SA-ADR     BMBBY US          239716189.99    -242287717.11
BOMBRIL-PREF       BOBR4 BZ          239716189.99    -242287717.11
BOMBRIL-RGTS PRE   BOBR2 BZ          239716189.99    -242287717.11
BOMBRIL-RIGHTS     BOBR1 BZ          239716189.99    -242287717.11
BOTUCATU TEXTIL    STRP3 BZ           31385624.73      -9890708.41
BOTUCATU-PREF      STRP4 BZ           31385624.73      -9890708.41
BUETTNER           BUET3 BZ           86940610.88     -37817234.67
BUETTNER SA        BUETON BZ          86940610.88     -37817234.67
BUETTNER SA-PRF    BUETPN BZ          86940610.88     -37817234.67
BUETTNER SA-RT P   BUET2 BZ           86940610.88     -37817234.67
BUETTNER SA-RTS    BUET1 BZ           86940610.88     -37817234.67
BUETTNER-PREF      BUET4 BZ           86940610.88     -37817234.67
CAF BRASILIA       CAFE3 BZ           15788426.91    -516549819.64
CAF BRASILIA-PRF   CAFE4 BZ           15788426.91    -516549819.64
CAFE BRASILIA SA   CSBRON BZ          15788426.91    -516549819.64
CAFE BRASILIA-PR   CSBRPN BZ          15788426.91    -516549819.64
CAMBUCI SA         CAMB3 BZ           87269252.24     -22493566.05
CAMBUCI SA         CAMBON BZ          87269252.24     -22493566.05
CAMBUCI SA-PREF    CXDOF US           87269252.24     -22493566.05
CAMBUCI SA-PREF    CAMBPN BZ          87269252.24     -22493566.05
CAMBUCI SA-PREF    CAMB4 BZ           87269252.24     -22493566.05
CHIARELLI SA       CCHON BZ           22274026.77     -44537138.21
CHIARELLI SA       CCHI3 BZ           22274026.77     -44537138.21
CHIARELLI SA-PRF   CCHPN BZ           22274026.77     -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ           22274026.77     -44537138.21
CHILESAT CO-ADR    TL US             432460542.94     -44559657.55
CHILESAT CO-RTS    CHISATOS CI       432460542.94     -44559657.55
CHILESAT CORP SA   TELEX CI          432460542.94     -44559657.55
CIA PETROLIF-PRF   1CPMPN BZ         377602195.17      -3014291.72
CIA PETROLIF-PRF   MRLM4 BZ          377602195.17      -3014291.72
CIA PETROLIF-PRF   MRLM4B BZ         377602195.17      -3014291.72
CIA PETROLIFERA    MRLM3B BZ         377602195.17      -3014291.72
CIA PETROLIFERA    MRLM3 BZ          377602195.17      -3014291.72
CIA PETROLIFERA    1CPMON BZ         377602195.17      -3014291.72
CIMOB PART-PREF    GAFP4 BZ           36817394.78     -33083086.54
CIMOB PART-PREF    GAFPN BZ           36817394.78     -33083086.54
CIMOB PARTIC SA    GAFON BZ           36817394.78     -33083086.54
CIMOB PARTIC SA    GAFP3 BZ           36817394.78     -33083086.54
COMERCIAL PL-ADR   SCPDS LI          146090772.51     -255079026.8
COMERCIAL PL-C/E   COMEC AR          146090772.51     -255079026.8
COMERCIAL PLA-BL   COMEB AR          146090772.51     -255079026.8
COMERCIAL PLAT-$   COMED AR          146090772.51     -255079026.8
CTM CITRUS SA      CTMON BZ           38740523.05       -671039.81
CTM CITRUS- PR R   CTPC2 BZ           38740523.05       -671039.81
CTM CITRUS-ADR     CTMMY US           38740523.05       -671039.81
CTM CITRUS-COM R   CTPC1 BZ           38740523.05       -671039.81
CTM CITRUS-PREF    CTMPN BZ           38740523.05       -671039.81
CTM CITRUS-RCT C   CTP5 BZ            38740523.05       -671039.81
CTM CITRUS-RCT C   CTPC9 BZ           38740523.05       -671039.81
CTM CITRUS-RCT P   CTPC10 BZ          38740523.05       -671039.81
CTM CITRUS-RCT P   CTP6 BZ            38740523.05       -671039.81
D H B              DHBI3 BZ          108241401.93    -350596880.48
D H B-PREF         DHBI4 BZ          108241401.93    -350596880.48
DHB IND E COM      DHBON BZ          108241401.93    -350596880.48
DHB IND E COM-PR   DHBPN BZ          108241401.93    -350596880.48
DOC IMBITUB-PREF   IMBI4 BZ          105243414.69     -12993146.26
DOC IMBITUBA       IMBI3 BZ          105243414.69     -12993146.26
DOC IMBITUBA-RTC   IMBI1 BZ          105243414.69     -12993146.26
DOC IMBITUBA-RTP   IMBI2 BZ          105243414.69     -12993146.26
DOCA INVESTI-PFD   DOCA4 BZ           88417960.92     -18059127.86
DOCA INVESTIMENT   DOCA3 BZ           88417960.92     -18059127.86
DOCAS IMBITUB-PR   IMBIPN BZ         105243414.69     -12993146.26
DOCAS IMBITUBA     IMBION BZ         105243414.69     -12993146.26
DOCAS SA           DOCAON BZ          88417960.92     -18059127.86
DOCAS SA-PREF      DOCAPN BZ          88417960.92     -18059127.86
DOCAS SA-RTS PRF   DOCA2 BZ           88417960.92     -18059127.86
ESTRELA SA         ESTRON BZ          61011893.59     -54580283.64
ESTRELA SA         ESTR3 BZ           61011893.59     -54580283.64
ESTRELA SA-PREF    ESTR4 BZ           61011893.59     -54580283.64
ESTRELA SA-PREF    ESTRPN BZ          61011893.59     -54580283.64
FABRICA RENAUX     FTRX3 BZ            61543317.9      -41332379.8
FABRICA RENAUX     FRNXON BZ           61543317.9      -41332379.8
FABRICA RENAUX-P   FRNXPN BZ           61543317.9      -41332379.8
FABRICA RENAUX-P   FTRX4 BZ            61543317.9      -41332379.8
FABRICA TECID-RT   FTRX1 BZ            61543317.9      -41332379.8
FER C ATL-RCT CM   VSPT9 BZ         1050516250.26      -47197918.4
FER C ATL-RCT PF   VSPT10 BZ        1050516250.26      -47197918.4
FER C ATLANT       VSPT3 BZ         1050516250.26      -47197918.4
FER C ATLANT-PRF   VSPT4 BZ         1050516250.26      -47197918.4
FER HAGA-PREF      HAGA4 BZ           14321550.12     -58418359.49
FERRAGENS HAGA     HAGAON BZ          14321550.12     -58418359.49
FERRAGENS HAGA-P   HAGAPN BZ          14321550.12     -58418359.49
FERROVIA CEN-DVD   VSPT11 BZ        1050516250.26      -47197918.4
FERROVIA CEN-DVD   VSPT12 BZ        1050516250.26      -47197918.4
GASCOIGNE EMP-PF   1GASPN BZ         881202387.66     -501612577.9
GASCOIGNE EMP-PF   GASC4B BZ         881202387.66     -501612577.9
GASCOIGNE EMP-PF   GASC4 BZ          881202387.66     -501612577.9
GASCOIGNE EMPREE   1GASON BZ         881202387.66     -501612577.9
GAZOLA             GAZO3 BZ           12452143.07     -40298506.25
GAZOLA SA          GAZON BZ           12452143.07     -40298506.25
GAZOLA SA-DVD CM   GAZO11 BZ          12452143.07     -40298506.25
GAZOLA SA-DVD PF   GAZO12 BZ          12452143.07     -40298506.25
GAZOLA SA-PREF     GAZPN BZ           12452143.07     -40298506.25
GAZOLA-PREF        GAZO4 BZ           12452143.07     -40298506.25
GAZOLA-RCPT PREF   GAZO10 BZ          12452143.07     -40298506.25
GAZOLA-RCPTS CMN   GAZO9 BZ           12452143.07     -40298506.25
HAGA               HAGA3 BZ           14321550.12     -58418359.49
HOPI HARI SA       PQTM3 BZ           58692385.42    -188832203.73
HOPI HARI-PREF     PQTM4 BZ           58692385.42    -188832203.73
IMPSAT FIBER NET   330902Q GR           535007008        -17165000
IMPSAT FIBER NET   IMPTQ US             535007008        -17165000
IMPSAT FIBER NET   XIMPT SM             535007008        -17165000
IMPSAT FIBER-$US   IMPTD AR             535007008        -17165000
IMPSAT FIBER-BLK   IMPTB AR             535007008        -17165000
IMPSAT FIBER-C/E   IMPTC AR             535007008        -17165000
IMPSAT FIBER-CED   IMPT AR              535007008        -17165000
MARAMBAIA          CTPC3 BZ           38740523.05       -671039.81
MARAMBAIA-PREF     CTMMF US           38740523.05       -671039.81
MARAMBAIA-PREF     CTPC4 BZ           38740523.05       -671039.81
MINUPAR            MNPR3 BZ           89611489.39     -20702110.72
MINUPAR SA         MNPRON BZ          89611489.39     -20702110.72
MINUPAR SA-PREF    MNPRPN BZ          89611489.39     -20702110.72
MINUPAR-PREF       MNPR4 BZ           89611489.39     -20702110.72
MMX MINERACA-GDR   MMXMY US         1060478942.97    -123550800.05
MMX MINERACA-GDR   XMM CN           1060478942.97    -123550800.05
MMX MINERACA-GDR   3M11 GR          1060478942.97    -123550800.05
MMX MINERACAO      MMXCF US         1060478942.97    -123550800.05
MMX MINERACAO      TRES3 BZ         1060478942.97    -123550800.05
MMX MINERACAO      MMXM3 BZ         1060478942.97    -123550800.05
NORDON MET         NORD3 BZ            14029500.1     -17709728.15
NORDON MET-RTS     NORD1 BZ            14029500.1     -17709728.15
NORDON METAL       NORDON BZ           14029500.1     -17709728.15
NOVA AMERICA SA    NOVA3 BZ              21287489    -183535527.21
NOVA AMERICA SA    NOVAON BZ             21287489    -183535527.21
NOVA AMERICA SA    1NOVON BZ             21287489    -183535527.21
NOVA AMERICA SA    NOVA3B BZ             21287489    -183535527.21
NOVA AMERICA-PRF   1NOVPN BZ             21287489    -183535527.21
NOVA AMERICA-PRF   NOVA4B BZ             21287489    -183535527.21
NOVA AMERICA-PRF   NOVA4 BZ              21287489    -183535527.21
NOVA AMERICA-PRF   NOVAPN BZ             21287489    -183535527.21
PARMALAT           LCSA3 BZ          331179097.84    -108537915.07
PARMALAT BR-RT C   LCSA5 BZ          331179097.84    -108537915.07
PARMALAT BR-RT P   LCSA6 BZ          331179097.84    -108537915.07
PARMALAT BRAS-PF   LCSAPN BZ         331179097.84    -108537915.07
PARMALAT BRASIL    LCSAON BZ         331179097.84    -108537915.07
PARMALAT-PREF      LCSA4 BZ          331179097.84    -108537915.07
PARQUE TEM-DV CM   PQT5 BZ            58692385.42    -188832203.73
PARQUE TEM-DV PF   PQT6 BZ            58692385.42    -188832203.73
PARQUE TEM-RCT C   PQTM9 BZ           58692385.42    -188832203.73
PARQUE TEM-RCT P   PQTM10 BZ          58692385.42    -188832203.73
PARQUE TEM-RT CM   PQTM1 BZ           58692385.42    -188832203.73
PARQUE TEM-RT PF   PQTM2 BZ           58692385.42    -188832203.73
PET MANG-RECEIPT   RPMG9 BZ           76852724.18    -212528966.16
PET MANG-RECEIPT   RPMG10 BZ          76852724.18    -212528966.16
PET MANG-RIGHTS    RPMG1 BZ           76852724.18    -212528966.16
PET MANG-RIGHTS    RPMG2 BZ           76852724.18    -212528966.16
PET MANGUINH-PRF   RPMG4 BZ           76852724.18    -212528966.16
PETRO MANGUIN-PF   MANGPN BZ          76852724.18    -212528966.16
PETRO MANGUINHOS   RPMG3 BZ           76852724.18    -212528966.16
PETRO MANGUINHOS   MANGON BZ          76852724.18    -212528966.16
PROMAN             PRMN3B BZ          12167222.17       -207882.19
PROMAN             PRMN3 BZ           12167222.17       -207882.19
REII INC           REIC US               15779763          -588840
RENAUXVIEW SA      TXRX3 BZ           50909736.38     -79601048.99
RENAUXVIEW SA-PF   TXRX4 BZ           50909736.38     -79601048.99
RIMET              REEMON BZ          80030147.28     -124398873.4
RIMET              REEM3 BZ           80030147.28     -124398873.4
RIMET-PREF         REEM4 BZ           80030147.28     -124398873.4
RIMET-PREF         REEMPN BZ          80030147.28     -124398873.4
RIOSULENSE SA      RSULON BZ          56866478.19      -9053574.99
RIOSULENSE SA      RSUL3 BZ           56866478.19      -9053574.99
RIOSULENSE SA-PR   RSULPN BZ          56866478.19      -9053574.99
RIOSULENSE SA-PR   RSUL4 BZ           56866478.19      -9053574.99
SANESALTO          SNST3 BZ           24569561.13       -754460.51
SANSUY             SNSY3 BZ          100279114.92     -45812488.77
SANSUY SA          SNSYON BZ         100279114.92     -45812488.77
SANSUY SA-PREF A   SNSYAN BZ         100279114.92     -45812488.77
SANSUY SA-PREF B   SNSYBN BZ         100279114.92     -45812488.77
SANSUY-PREF A      SNSY5 BZ          100279114.92     -45812488.77
SANSUY-PREF B      SNSY6 BZ          100279114.92     -45812488.77
SCHLOSSER          SCLO3 BZ           10007791.94     -53599536.49
SCHLOSSER SA       SCHON BZ           10007791.94     -53599536.49
SCHLOSSER SA-PRF   SCHPN BZ           10007791.94     -53599536.49
SCHLOSSER-PREF     SCLO4 BZ           10007791.94     -53599536.49
SNIAFA SA          SNIA AR            11489328.24       -840226.12
SNIAFA SA-B        SNIA5 AR           11489328.24       -840226.12
SNIAFA SA-B        SDAGF US           11489328.24       -840226.12
SOC COMERCIAL PL   CADN SW           146090772.51     -255079026.8
SOC COMERCIAL PL   CVVIF US          146090772.51     -255079026.8
SOC COMERCIAL PL   CAD IX            146090772.51     -255079026.8
SOC COMERCIAL PL   COME AR           146090772.51     -255079026.8
SOC COMERCIAL PL   SCDPF US          146090772.51     -255079026.8
STAROUP SA         STARON BZ          31385624.73      -9890708.41
STAROUP SA-PREF    STARPN BZ          31385624.73      -9890708.41
TECEL S JOSE       FTSJON BZ          17924946.14     -18569451.23
TECEL S JOSE       SJOS3 BZ           17924946.14     -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ           17924946.14     -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ          17924946.14     -18569451.23
TEKA               TEKAON BZ         219773260.95    -306726075.74
TEKA               TEKA3 BZ          219773260.95    -306726075.74
TEKA               TKTQF US          219773260.95    -306726075.74
TEKA-ADR           TKTQY US          219773260.95    -306726075.74
TEKA-ADR           TKTPY US          219773260.95    -306726075.74
TEKA-ADR           TEKAY US          219773260.95    -306726075.74
TEKA-PREF          TEKA4 BZ          219773260.95    -306726075.74
TEKA-PREF          TKTPF US          219773260.95    -306726075.74
TEKA-PREF          TEKAPN BZ         219773260.95    -306726075.74
TELEBRAS SA        TELB3 BZ          219200060.46      -3774997.87
TELEBRAS SA        TBASF US          219200060.46      -3774997.87
TELEBRAS SA        TLBRON BZ         219200060.46      -3774997.87
TELEBRAS SA-PREF   TLBRPN BZ         219200060.46      -3774997.87
TELEBRAS SA-PREF   TELB4 BZ          219200060.46      -3774997.87
TELEBRAS SA-RT     TELB9 BZ          219200060.46      -3774997.87
TELEBRAS-ADR       RTB US            219200060.46      -3774997.87
TELEBRAS-ADR       TBRAY GR          219200060.46      -3774997.87
TELEBRAS-ADR       TBAPY US          219200060.46      -3774997.87
TELEBRAS-ADR       TBASY US          219200060.46      -3774997.87
TELEBRAS-ADR       TBX GR            219200060.46      -3774997.87
TELEBRAS-ADR       TBH US            219200060.46      -3774997.87
TELEBRAS-BLOCK     TELB30 BZ         219200060.46      -3774997.87
TELEBRAS-CED C/E   TEL4C AR          219200060.46      -3774997.87
TELEBRAS-CED C/E   RCT4C AR          219200060.46      -3774997.87
TELEBRAS-CEDE BL   RCT4B AR          219200060.46      -3774997.87
TELEBRAS-CEDE PF   TELB4 AR          219200060.46      -3774997.87
TELEBRAS-CEDE PF   RCTB4 AR          219200060.46      -3774997.87
TELEBRAS-CEDEA $   TEL4D AR          219200060.46      -3774997.87
TELEBRAS-CEDEA $   RCT4D AR          219200060.46      -3774997.87
TELEBRAS-CM RCPT   RCTB32 BZ         219200060.46      -3774997.87
TELEBRAS-CM RCPT   RCTB30 BZ         219200060.46      -3774997.87
TELEBRAS-CM RCPT   RCTB31 BZ         219200060.46      -3774997.87
TELEBRAS-CM RCPT   TBRTF US          219200060.46      -3774997.87
TELEBRAS-CM RCPT   TELE31 BZ         219200060.46      -3774997.87
TELEBRAS-COM RT    TELB1 BZ          219200060.46      -3774997.87
TELEBRAS-PF BLCK   TELB40 BZ         219200060.46      -3774997.87
TELEBRAS-PF RCPT   RCTB41 BZ         219200060.46      -3774997.87
TELEBRAS-PF RCPT   CBRZF US          219200060.46      -3774997.87
TELEBRAS-PF RCPT   RCTB42 BZ         219200060.46      -3774997.87
TELEBRAS-PF RCPT   TBAPF US          219200060.46      -3774997.87
TELEBRAS-PF RCPT   RCTB40 BZ         219200060.46      -3774997.87
TELEBRAS-PF RCPT   TLBRUP BZ         219200060.46      -3774997.87
TELEBRAS-PF RCPT   TELE41 BZ         219200060.46      -3774997.87
TELEBRAS-RCT       RCTB33 BZ         219200060.46      -3774997.87
TELEBRAS-RCT PRF   TELB10 BZ         219200060.46      -3774997.87
TELEBRAS-RECEIPT   TLBRUO BZ         219200060.46      -3774997.87
TELEBRAS-RTS CMN   TCLP1 BZ          219200060.46      -3774997.87
TELEBRAS-RTS CMN   RCTB1 BZ          219200060.46      -3774997.87
TELEBRAS-RTS PRF   TLCP2 BZ          219200060.46      -3774997.87
TELEBRAS-RTS PRF   RCTB2 BZ          219200060.46      -3774997.87
TELEBRAS/W-I-ADR   TBH-W US          219200060.46      -3774997.87
TELECOMUNICA-ADR   81370Z BZ         219200060.46      -3774997.87
TELEX-A            TELEXA CI         432460542.94     -44559657.55
TELEX-RTS          TELEXO CI         432460542.94     -44559657.55
TELMEX CORP SA     CHILESAT CI       432460542.94     -44559657.55
TELMEX CORP-ADR    CSAOY US          432460542.94     -44559657.55
TEXTEIS RENA-RCT   TXRX9 BZ           50909736.38     -79601048.99
TEXTEIS RENA-RCT   TXRX10 BZ          50909736.38     -79601048.99
TEXTEIS RENAU-RT   TXRX1 BZ           50909736.38     -79601048.99
TEXTEIS RENAU-RT   TXRX2 BZ           50909736.38     -79601048.99
TEXTEIS RENAUX     RENXON BZ          50909736.38     -79601048.99
TEXTEIS RENAUX     RENXPN BZ          50909736.38     -79601048.99
TRESSEM PART SA    1TSSON BZ        1060478942.97    -123550800.05
VARIG PART EM SE   VPSC3 BZ          101177852.25    -318442006.32
VARIG PART EM TR   VPTA3 BZ           49432124.18    -399290425.77
VARIG PART EM-PR   VPSC4 BZ          101177852.25    -318442006.32
VARIG PART EM-PR   VPTA4 BZ           49432124.18    -399290425.77
VARIG SA           VARGON BZ         966298025.55   -4695211316.33
VARIG SA           VAGV3 BZ          966298025.55   -4695211316.33
VARIG SA-PREF      VAGV4 BZ          966298025.55   -4695211316.33
VARIG SA-PREF      VARGPN BZ         966298025.55   -4695211316.33
WETZEL SA          MWET3 BZ           69983432.56      -6279264.91
WETZEL SA          MWELON BZ          69983432.56      -6279264.91
WETZEL SA-PREF     MWELPN BZ          69983432.56      -6279264.91
WETZEL SA-PREF     MWET4 BZ           69983432.56      -6279264.91
WIEST              WISA3 BZ           39838113.86     -93371563.06
WIEST SA           WISAON BZ          39838113.86     -93371563.06
WIEST SA-PREF      WISAPN BZ          39838113.86     -93371563.06
WIEST-PREF         WISA4 BZ           39838113.86     -93371563.06


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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