TCRLA_Public/090923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, September 23, 2009, Vol. 10, No. 188

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver Seeks Court Permission to Sell Yacht
STANFORD INT'L: Antigua Delays Extradition in Firm's Fraud Case
* ANTIGUA & BARBUDA: Delays Extradition in Stanford's Fraud Case


A R G E N T I N A

ARCOS DORADOS: Moody's Assigns 'Ba2' Rating on Senior Notes
CAFE 51: Trustee Verifying Proofs of Claim Until October 15
COLINAS DEL SUR: Asks for Preventive Contest
FIAMMA SA: Trustee Verifying Proofs of Claim Until October 16
IGLA CORP: Creditors' Proofs of Debt Due on October 22

LO COCO: Trustee Verifying Proofs of Claim Until November 20
NUEVOS LOCALES: Creditors' Proofs of Debt Due on December 2
TRANSPORTADORA DE GAS: Reaches Restructuring Deal W/ 5 Creditors
UNION CEL: Creditors' Proofs of Debt Due on October 15


B E R M U D A

CENTRAL EUROPEAN: Posts Result of Tender Offer
CENTRAL EUROPEAN: Has Deal to Acquire 55% Stake in bTV
KINGATE EURO: Supreme Court Enters Wind-Up Order
KINGATE GLOBAL: Supreme Court Enters Wind-Up Order
MILACRON ASSURANCE: Contributories Meeting Set for October 9

VALIDUS HOLDINGS: To Release 3Q Financial Results on November 5


B R A Z I L

BANCO NACIONAL: May Support Steel Mergers in Brazil
BRF-BRASIL FOODS: Cut to "Hold" at Citigroup on Valuation
GERDAU AMERISTEEL: To Adopt Int'l Financial Reporting Standards
JBS SA: To Delay U.S. Unit Initial Public Offering to January
LUPATECH SA: Moody's Downgrades Corporate Family Rating to 'B1'

SANEPAR: Controlling Shareholder Seeks to Increase Stake


C A Y M A N  I S L A N D S

AI-LONG/SHORT: Shareholders' Final Meeting Set for September 25
BGI ALPHA: Creditors' Proofs of Debt Due on September 30
BROOKLINE AVENUE: Claims Bar Date Expired September 16
BWGLOBAL GLOBAL: Claims Bar Date Expired September 16
CASAM CFM: Members to Receive Wind-Up Report on September 24

CASAM CONTEXT: Members to Receive Wind-Up Report on September 24
CASAM LUCERNE: Members to Receive Wind-Up Report on September 24
CASAM METROPOLITAN: Members to Receive Wind-Up Report on Sept. 24
CASAM MPC: Members to Receive Wind-Up Report on September 24
CASAM PEQUOT: Members to Receive Wind-Up Report on September 24

CASAM STONEBROOK: Members to Receive Wind-Up Report on Sept. 24
CASTLE HOLDCO 1: Placed Into Voluntary Liquidation
CASTLE HOLDCO 2: Placed Into Voluntary Liquidation
CASTLE HOLDCO 3: Placed Into Voluntary Liquidation
CASTLE HOLDCO 6: Placed Into Voluntary Liquidation

CAYMAN ISLANDS CREMONA: Claims Bar Date Expired Sept. 16
CDG HOLDINGS: Members to Receive Wind-Up Report on September 24
CHINA FORTUNE: Commences Liquidation Proceedings
CITADEL AC: Members to Receive Wind-Up Report on September 24
CMH INSURANCE: Claims Bar Date Expired September 16

EFP (CAYMAN) 2006-1: Placed Into Voluntary Liquidation
EFP (CAYMAN) 2006-2: Placed Into Voluntary Liquidation
EFP (CAYMAN) 2006-3: Placed Into Voluntary Liquidation
ESPIRITO SANTO: Members to Receive Wind-Up Report on September 24
FININVESTMENTS LIMITED: Placed Into Voluntary Liquidation

HERSCHEL ABSOLUTE: Claims Bar Date Expired September 16
HERSCHEL MASTER: Claims Bar Date Expired September 16
INVESTCORP ENERGY: Proofs of Claim Due October 9
JPMORGAN FOCUSED: Claims Bar Date Expired September 16
J.P. MORGAN PARTNERS: Creditors' Proofs of Debt Due on Sept. 30

MS APPAREL: Creditors' Proofs of Debt Due on September 30
MS APPAREL II: Creditors' Proofs of Debt Due on September 30
PACTUAL MULTI: Shareholders' Final Meeting Set for September 24
PARAMOUNT INVESTMENT: Creditors' Proofs of Debt Due on Sept. 30
PLAZA NAKANOSHIMA: Claims Bar Date Expired September 16

SCL DELIGHT: Claims Bar Date Expired September 16
TLC FINANCE: Members to Receive Wind-Up Report on September 24
TRIAN SPV I: Creditors' Proofs of Debt Due on September 30
TRI LIQUID STRATEGIES GP: Claims Bar Date Expired Sept. 16
UBS CAYMAN: Claims Bar Date Expired September 16

VIETNAM EQUITY: Placed Into Voluntary Liquidation


C H I L E

EMPRESA ELECTRICA: Inks US$3BB Electricity Supply Deal With Emel


C O L O M B I A

BANCOLOMBIA SA: Cut to "Neutral" at HSBC on Valuation
ECOPETROL SA: Discloses Progress Report at Quifa Block


J A M A I C A

CIBONEY LIMITED: Continues to Struggle With Huge Liabilities
NATIONAL COMMERCIAL BANK: Lee Chin Sells Another 5% in Firm


M E X I C O

CEMEX SAB: Share Sale May Need 10% Discount
CEMEX SAB: Antitrust Authorities Search Spanish Unit
CORPORACION INTERAMERICANA: S&P Junks Corporate Credit Rating
GRUMA SAB: Finishes Negotiations on US$738.3 Million in Debt


P E R U

BANCO DE CREDITO: Fitch Lifts Subordinated Debt Rating From 'BB+'


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Organize Firm to Develop Block Junin 6


X X X X X X X X

* LATAM: And Caribbean FDI Inflows Overall by 13% in 2008


                         - - - - -


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


STANFORD INT'L: Receiver Seeks Court Permission to Sell Yacht
-------------------------------------------------------------
According to Bloomberg News, Ralph Janvey, the court appointed
receiver of Stanford Financial Group has asked the Texas Court to
approve the sale of Robert Allen Stanford's yacht, the Sea Eagle,
which the financier purchased in 1998 for $3.9 million.  Mr.
Janvey said the boat costs $25,000 per month just to keep at
dockside.  Mr. Janvey has a deal to sell the yacht for $2.5
million, absent higher and better bids.

                  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: Antigua Delays Extradition in Firm's Fraud Case
---------------------------------------------------------------
The hearing on a U.S. extradition request for Leroy King -- former
administrator and Chief Executive Officer of the Financial
Services Regulatory Commission -- has been postponed until
December following a request from the defense attorney's office,
The Associated Press reports, citing Director of Public
Prosecutions Anthony Armstrong.  The defense attorney's office
said more time is needed for preparation, AP relates.

As reported in the Troubled Company Reporter-Latin America on
Jun 30, 2009, CaribWorldNews said Mr. King under house arrest
after being fired from his post in his alleged involvement in a
multi-billion Ponzi scheme orcheastrated by Robert Allen Stanford.
The Caribbean360.com related that Mr. King is facing charges of
conspiracy to commit wire and mail fraud, conspiracy to launder
illegal proceeds, and conspiracy to obstruct the U.S. Securities
and Exchange Commission investigations into Mr. Stanford and the
Stanford International Bank Limited.

                 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).


* ANTIGUA & BARBUDA: Delays Extradition in Stanford's Fraud Case
----------------------------------------------------------------
The hearing on a U.S. extradition request for Leroy King -- former
administrator and Chief Executive Officer of the Financial
Services Regulatory Commission -- has been postponed until
December following a request from the defense attorney's office,
The Associated Press reports, citing Director of Public
Prosecutions Anthony Armstrong.  The defense attorney's office
said more time is needed for preparation, AP relates.

As reported in the Troubled Company Reporter-Latin America on
Jun 30, 2009, CaribWorldNews said Mr. King under house arrest
after being fired from his post in his alleged involvement in a
multi-billion Ponzi scheme orcheastrated by Robert Allen Stanford.
The Caribbean360.com related that Mr. King is facing charges of
conspiracy to commit wire and mail fraud, conspiracy to launder
illegal proceeds, and conspiracy to obstruct the U.S. Securities
and Exchange Commission investigations into Mr. Stanford and the
Stanford International Bank Limited.

                 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
=================


ARCOS DORADOS: Moody's Assigns 'Ba2' Rating on Senior Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2 rating
to Arcos Dorados B.V.'s proposed US$450 million in senior
unsecured global notes due in 2019.  At the same time, Moody's has
assigned a provisional (P)Ba2 Corporate Family rating to Arcos
Dorados.  The ratings outlook is stable.  The provisional ratings
are subject to the successful completion of the proposed debt
issuance and review of the final documentation.  This is the first
time that Moody's has rated this company.

Net issuance proceeds will be used for refinancing existing debt,
including certain short term debt and US$350 million in long term
debt that Arcos Dorados used to partially fund its acquisition of
McDonald's Corporation's (McDonald's, rated A3) operations in
Latin America and the Caribbean in August 2007.  The acquisition
gave the company exclusive McDonald's master franchising rights
for 19 countries and territories in the region.  As of June 30,
2009, Arcos Dorados owned and operated or franchised 1,660
McDonald's-branded restaurants, of which 1,203 or 72% were company
operated and 457 (28%) sub-franchised.

Arcos Dorados' (P)Ba2 ratings are underpinned by the company's
status as McDonald's master franchisee in Latin America, which
affords it with a leading position and broad geographic footprint
in the region's under-penetrated and growing quick service
restaurant segment of the informal eating out market.  Moody's
believes that the company's rights to use McDonald's strong brand
name and proven operating procedures as a master franchisee, an
expected close strategic alignment with McDonald's, and the
industry experience of the company's management provide a solid
basis to pursue growth opportunities and expand its earnings base
across the region.  Furthermore, the company owns the land of 31%
of its restaurants and most of its restaurants' buildings, which
provides hard asset protection for bondholders.

Credit negatives partly offsetting these strengths include Arcos
Dorados's relatively high lease-adjusted leverage, concentration
of cash flows in a limited number of markets (including Brazil,
its largest market), performance challenges in Mexico, the
presence of currency controls in Venezuela, and currency exposures
in the debt structure after the proposed notes issuance and
hedges.  Moody's also notes that Arcos Dorados faces some exposure
to Argentine country risk and that the company is subject to
certain minimum investment requirements and financial covenants
under its master franchise agreements (MFAs).

The MFAs give Arcos Dorados the exclusive right to operate and
sub-franchise McDonald's-branded restaurants in numerous important
markets in the region and generally have 20-year terms, after
which McDonald's may grant an extension for another ten-year term.
Key markets besides Brazil and Mexico include Argentina, Venezuela
and Puerto Rico.  As of June 30, 2009, on a combined basis the
five markets accounted for 1,386, or 83%, of its 1,660 stores and
most of consolidated revenues and earnings.

Arcos Dorados' revenues and earnings have overall trended
positively since the 2007 buyout from McDonald's, with double
digit same store sales growth in Brazil and other South American
markets more than offsetting weaker performance in Mexico and the
Caribbean.  For the twelve months ended June 30, 2009 (LTM),
revenues reached US$2.51 billion, up 23.2% from pro forma 2007,
while reported EBITDA margin was 9.8%, a 190bp improvement over
2007.  Despite improvements, however, the company's margins
currently remain modest relative to other rated (primarily U.S.-
based) restaurant operators, mapping to a borderline B/Ba under
Moody's Global Restaurant Rating Methodology.

Moody's expects Arcos Dorados to continue to drive organic growth
through new store openings and various strategic initiatives
evolving around product innovation, brand extension and restaurant
re-imaging.  Over the coming years, Moody's expects the company to
maintain a sizeable investment budget driven by store openings and
store remodeling, which however should largely be covered by
internal cash generation.  The company is currently ahead of the
mandatory requirements that initial three-year store opening and
remodeling plans prescribe under the McDonald's MFAs.

While Arcos Dorados has modest leverage on a reported basis, its
rent-adjusted credit metrics are relatively weak for the Ba2
rating category.  Assuming a US$450 million notes issuance, for
year-end 2009 Moody's currently expects Debt/EBITDA and
EBIT/Interest of about 4.1 times and 2.1 times.  These metrics map
to Ba and borderline Ba/B scores under the restaurant rating
methodology.  However, Moody's notes that metrics could weaken if
local currencies depreciate because over half of total debt will
likely be dollar-denominated after giving effect to hedges, while
most revenues and earnings are generated in local currencies.
Credit metrics could also effectively weaken if currency controls
tighten further in Venezuela or are instituted in Argentina, which
is also subject to weak sovereign credit quality.

If executed as planned, the notes issuance will significantly
improve Arcos Dorados' liquidity as proceeds will pay down all
current debt except for US$62 million in derivative-related
liabilities (due in 2013) and certain short term debt, eliminating
long term debt maturities for the next several years.  Moody's
expects the company to occasionally draw under short term working
capital credit facilities but does not anticipate material long
term financing needs.  Post-notes issuance, Moody's expects freely
available cash (after working cash) of around US$100 million.  As
a policy, the company plans to keep US$85 million in minimum
liquidity reserves at all times, including US$50 million for
general purposes at the holding level and US$35 million for
working capital at subsidiaries.  In addition, the company
maintains US$26 million of (currently unused) committed short-term
credit facilities as an alternate source of liquidity.

The proposed senior unsecured notes are rated at the same level as
the (P)Ba2 corporate family rating because of their expected
preponderance in Arcos Dorados' debt structure.  The notes will be
fully and unconditionally, jointly and severally, guaranteed by
operating subsidiaries which in 2008 accounted for over 94% of the
company's consolidated revenues, EBITDA and assets.  The notes'
indenture contains a mandatory prepayment clause that requires
reimbursement of bondholders within five business days in case
McDonald's exercises its option to purchase the master franchisee
subsidiaries if certain conditions outlined in the MFAs are met.

The stable ratings outlook reflects Moody's expectation that
revenue growth and operating margins will recover from weaker
trends in recent quarters and will strengthen going into 2010 as
economic conditions recover.  It is also based on the expectation
that the company will maintain close to breakeven or positive free
cash flow generation, with long-term investment spend generally
covered by internal cash flow generation.

Ratings could come under upward pressure if better than
anticipated cash flow generation and prudent financial policies
cause a material and sustainable strengthening of credit metrics,
with lease-adjusted Debt/EBITDA dropping to close to 3.0 times and
EBIT/Interest rising towards 3.0 times.  An upgrade would likely
also require solid progress in turning around the Mexican
operation, a reduction of debt structure currency exposures and
acceptable levels of country risk in relevant markets subject to
weak sovereign credit quality.

Downward pressure on ratings could occur if free cash flow becomes
negative, for example because of a combination of margin pressures
and aggressive investment spending, and if as a result credit
metrics weaken substantially such that Debt/EBITDA exceeds 4.5
times or EBIT/Interest falls well below 2.0 times.  A significant
weakening of local currencies and further tightening of currency
controls in Venezuela, or their implementation in Argentina, could
also place pressure on the ratings if dollar cash flow available
to bondholders is significantly reduced.

To further discuss this rating, Moody's will hold a teleconference
on Wednesday, September 23 beginning at 9:30 AM EDT/10:30 AM
BRT/14:30 BST.

Arcos Dorados B.V., headquartered in Buenos Aires, Argentina and
with legal domicile in the Netherlands, is the leading quick
service restaurant operator in Latin America and the Caribbean and
McDonald's largest franchisee globally in terms of systemwide
sales and restaurant count.  As of June 30, 2009, the company
indirectly owned and operated or franchised 1,660 McDonald's-
branded restaurants.  For the 12 months ended June 30, 2009, the
company's revenues reached US$2.51 billion.


CAFE 51: Trustee Verifying Proofs of Claim Until October 15
-----------------------------------------------------------
The court-appointed trustee for Cafe 51 S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 15, 2009.

The trustee will present the validated claims in court as
individual reports on November 26, 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 11, 2010.


COLINAS DEL SUR: Asks for Preventive Contest
--------------------------------------------
Colinas del Sur SA asked for preventive contest.


FIAMMA SA: Trustee Verifying Proofs of Claim Until October 16
-------------------------------------------------------------
The court-appointed trustee for Fiamma S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 16, 2009.

The trustee will present the validated claims in court as
individual reports on November 27, 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 10, 2010.


IGLA CORP: Creditors' Proofs of Debt Due on October 22
------------------------------------------------------
Graciela Cristina Perez, the court-appointed trustee for IGLA Corp
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 22, 2009.

Ms. Perez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 10
in Buenos Aires, with the assistance of Clerk No. 20, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Graciela Cristina Perez
          Arengreen 678
          Argentina


LO COCO: Trustee Verifying Proofs of Claim Until November 20
------------------------------------------------------------
The court-appointed trustee for Lo Coco S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 20, 2009.

The trustee will present the validated claims in court as
individual reports on February 4, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 18, 2010.


NUEVOS LOCALES: Creditors' Proofs of Debt Due on December 2
-----------------------------------------------------------
Mirta H. Addario, the court-appointed trustee for Nuevos Locales
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 2, 2009.

Ms. Addario will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Mirta H. Addario
          Lavalle 1454
          Argentina


TRANSPORTADORA DE GAS: Reaches Restructuring Deal W/ 5 Creditors
----------------------------------------------------------------
James Attwood at Bloomberg News reports that Transportadora de
Gas del Norte SA reached restructuring agreements with five
institutional bondholders.

According to the report, the creditors represent 45% of bonds that
TGN is attempting to restructure.

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Bloomberg News said that TGN is offering
investors a larger cash payout and shorter duration bonds in a
second attempt to restructure US$347 million in debt following a
default.  The report related the company said that the new offer
replaces the one announced on April 23.  According to the report,
as with the earlier offer, the restructuring involves swap and
cash payout options.  The report related that the company is now
offering new par bonds that will mature in 2016 as well as a cash
payout of 40 cents on the dollar for up to US$40 million from the
previous par bonds due in 2021 and a payout of 25 cents on the
dollar for up to US$30 million.

                            About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                           *     *     *

As of June 8, 2009, the company continues to carry Fitch Ratings'
D long-term local and foreign currency Issuer Default Ratings.  It
also continues to carry Fitch Ratings' National Long term and
National Sr Unsecured rating at D


UNION CEL: Creditors' Proofs of Debt Due on October 15
------------------------------------------------------
Federico Miro, the court-appointed trustee for Union Cel SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 15, 2009.

Mr. Miro will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 16
in Buenos Aires, with the assistance of Clerk No. 31, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Federico Miro
          Uruguay 390


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


CENTRAL EUROPEAN: Posts Result of Tender Offer
----------------------------------------------
Central European Media Enterprises Ltd. disclosed the results of
its tender offer launched on September 7, 2009, to purchase for
cash a portion of its 8.25% Senior Notes due 2012.  The tender
offer was open to non-U.S. holders only and expired at 4:00 p.m.
London time on September 10, 2009.

The company has accepted for repurchase valid tenders of its Notes
totaling EUR63.2 million in aggregate principal amount at a
purchase price of EUR970 per euro 1,000 principal amount.  The
settlement of the tender was expected to take place on
September 21, 2009.  On the settlement date, note holders whose
Notes have been accepted for repurchase will receive the purchase
price and accrued but unpaid interest on these Notes from the last
interest payment date to September 21, 2009.  The Notes
repurchased in the offer will be canceled.

                      About Central European

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- is a broadcasting company operating
leading networks in seven Central and Eastern European countries
with an aggregate population of approximately 97 million people.
The company's television stations are located in Bulgaria (PRO.BG
and RING.BG), Croatia (Nova TV), Czech Republic (TV Nova, Nova
Cinema and Nova Sport), Romania (PRO TV, PRO TV International,
Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV
Markiza, Doma and Nova Sport), Slovenia (POP TV and Kanal A) and
Ukraine (Studio 1+1, Studio 1+1 International and Kino).  CME is
traded on the NASDAQ and the Prague Stock Exchange under the
ticker symbol "CETV".


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Standard and Poor's Ratings Services said that
it affirmed its 'B' long-term corporate credit rating on Bermuda-
based emerging markets TV broadcaster Central European Media
Enterprises Ltd The outlook is negative.  S&P also affirmed at 'B'
the debt ratings on CME's US$475 million senior convertible notes
due 2013, EUR245 million notes due 2012, and EUR150 million notes
due 2014.  In addition, S&P assigned a 'B' issue rating to the
EUR150 million bond issue due 2016 announced by CME, in line with
the corporate credit rating.


CENTRAL EUROPEAN: Has Deal to Acquire 55% Stake in bTV
------------------------------------------------------
Bulgaria's first national private television bTV, wholly owned by
Rupert Murdoch's News Corp, is considering the sale of its 55%
stake to Central European Media Enterprises Limited for EUR500
million, Austrian Times reports, citing an unofficial information.
The report relates that the media tycoon is reported to have
nearly sealed the deal, whose price is believed to be about EUR500
million.

According to the report, the future acquisition of the remaining
45% stake in the station has not been ruled out.

Rupert Murdoch's News Corp., the report recalls, hired Lehman
Brothers to ascertain the value and strategic options for three
Eastern European television stations -- wholly owned properties in
Latvia, Serbia and Bulgaria - after being approached by multiple
suitors.  The report relates that the properties were not doing
poorly, but the company had decided to hire Lehman after the
suitors' approaches.

The Times notes that at least seven big suitors, including the
Cologne-based German-Luxembourgian TV group RTL, said they were
considering buying the TV station's portfolio.  The report recalls
that the price was initially set at EUR1.1 billion, but eventually
shrank to EUR750 million.  The offers, however, dried up with the
onset of the global financial crisis, the Times says.

                    About Central European

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- is a broadcasting company operating
leading networks in seven Central and Eastern European countries
with an aggregate population of approximately 97 million people.
The company's television stations are located in Bulgaria (PRO.BG
and RING.BG), Croatia (Nova TV), Czech Republic (TV Nova, Nova
Cinema and Nova Sport), Romania (PRO TV, PRO TV International,
Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV
Markiza, Doma and Nova Sport), Slovenia (POP TV and Kanal A) and
Ukraine (Studio 1+1, Studio 1+1 International and Kino).  CME is
traded on the NASDAQ and the Prague Stock Exchange under the
ticker symbol "CETV".

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Standard and Poor's Ratings Services said that
it affirmed its 'B' long-term corporate credit rating on Bermuda-
based emerging markets TV broadcaster Central European Media
Enterprises Ltd The outlook is negative.  S&P also affirmed at 'B'
the debt ratings on CME's US$475 million senior convertible notes
due 2013, EUR245 million notes due 2012, and EUR150 million notes
due 2014.  In addition, S&P assigned a 'B' issue rating to the
EUR150 million bond issue due 2016 announced by CME, in line with
the corporate credit rating.


KINGATE EURO: Supreme Court Enters Wind-Up Order
------------------------------------------------
On September 4, 2009, the Supreme Court of Bermuda entered an
order to have Kingate Euro Fund, Ltd's operations wound up.

William Tacon, David Griffin and John McKenna were appointed as
the company's provisional liquidators.


KINGATE GLOBAL: Supreme Court Enters Wind-Up Order
--------------------------------------------------
On September 4, 2009, the Supreme Court of Bermuda entered an
order to have Kingate Global Fund, Ltd's operations wound up.

William Tacon, David Griffin and John McKenna were appointed as
the company's provisional liquidators.


MILACRON ASSURANCE: Contributories Meeting Set for October 9
------------------------------------------------------------
The contributories of Milacron Assurance Ltd. will hold their
first meeting on October 9, 2009, at 9:45 a.m., at the offices of
Appleby, Canon's Court, 22 Victoria Street, in Hamilton, Bermuda.

At the meeting, the contributories 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.


VALIDUS HOLDINGS: To Release 3Q Financial Results on November 5
---------------------------------------------------------------
Validus Holdings, Ltd. plans to release its financial results for
the third quarter ended September 30, 2009, after the close of
trading on the New York Stock Exchange on Thursday, November 5,
2009.  The company will hold a conference call for analysts and
investors at 9:00 a.m. (Eastern) on Friday, November 6, 2009 to
discuss these results.

The conference call may be accessed by dialing 1-866-713-8566
(U.S. callers) or 1-617-597-5325 (International callers) and
entering the passcode 31062383. Those who intend to participate in
the call should dial in at least 10 minutes in advance.  A live
webcast of the call will be available online at the "Investor
Relations" section of the Company's website located at
http://www.validusre.bm. A replay of the call will be available
through November 20, 2009 by dialing 1-888-286-8010 (U.S. callers)
or 1-617-801-6888 (International callers) and entering the
passcode 45321761#.  A replay of the webcast will be available at
the "Investor Relations" section of the company's website through
November 20, 2009.

                 About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


BANCO NACIONAL: May Support Steel Mergers in Brazil
---------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA)
President, Luciano Coutinho, said that the bank may support
consolidation in the country's steel industry as the government
looks to create "global champions," Elzio Barreto at Reuters
reports, citing Valor Economico newspaper.

According to the report, BNDES has helped fund a series of major
deals in Brazil the past year, including the merger of food
processors Sadia and Perdigao that created Brasil Foods and the
Aracruz -Votorantim Celulose transaction that formed pulp and
paper giant Fibria.  The report relates that the bank has also
been key in funding overseas takeovers carried out by JBS SA.

"Brazilian steelmakers owe the country a more assertive stance,"
Mr. Coutinho told Valor newspaper in an interview, the Reuters
notes.  "The steel sector is a large exporter, but it hasn't
produced, until now, companies on an international scale," Mr.
Coutinho added.

                           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.


BRF-BRASIL FOODS: Cut to "Hold" at Citigroup on Valuation
---------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Citigroup Inc.
has cut BRF Brasil Foods SA to “hold” from “buy”, on September 21,
2009, citing “rich valuation.”

“Although BRF should have a superior growth due to the synergy
gains, at this level we see very limited upside for multiple
expansion,” Sao Paulo-based analyst Carlos Albano wrote in a note
obtained by the news agency.

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 their 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.


GERDAU AMERISTEEL: To Adopt Int'l Financial Reporting Standards
---------------------------------------------------------------
Gerdau Ameristeel Corporation disclosed that on September 15,
2009, the Ontario Securities Commission granted approval for the
company to adopt International Financial Reporting Standards with
an adoption date of January 1, 2009 and a transition date of
January 1, 2008.

The company believes that the adoption of IFRS is in the best
interests of the company and the users of its financial
information because the adoption of IFRS will align the bases of
accounting under which the company and its majority shareholder,
Gerdau S.A., prepare their financial statements and increase the
comparability of the company's financial statements to those of a
number of global issuers, including competitors within the steel
industry, who already prepare, or will soon be required to
prepare, financial statements in accordance with IFRS. The
following discussion provides further information about the
Company's conversion to IFRS.

                     IFRS Conversion Process

The company has substantially completed the process to transition
from US GAAP to IFRS.  The company's comprehensive IFRS conversion
plan addresses changes in accounting policies, restatement of
comparative periods, internal controls and any required changes to
business processes.  The Plan generally consists of three primary
phases, which in certain cases will be in process concurrently as
IFRS is applied to specific areas:

   -- Assessment: To establish project governance, develop
      a detailed project plan and timeline and identify key
      areas that will be impacted by the transition to IFRS.

   -- Conversion: To identify specific changes required to
      existing accounting policies, information systems and
      business processes, together with an analysis of policy
      alternatives allowed under IFRS and development of IFRS
      compliant financial statements.

   -- Sustainability: To execute the changes to information
      systems and business processes, completing formal
      authorization processes to approve recommended accounting
      policy changes and training programs across the
      company's finance and other staff, as necessary.  This
      phase will culminate in the collection of financial
      information necessary to compile IFRS compliant financial
      statements, embedding IFRS principles in business
      processes, and Audit Committee approval of IFRS
      financial statements.

The company said it has met the objectives of the Plan and is
currently on schedule with the detailed timetable prepared in the
assessment phase discussed above.  As part of the Plan, the
company is providing in-depth training to its accounting
personnel, Board of Directors and Audit Committee to ensure they
have a thorough understanding of IFRS. The company's analysis of
IFRS and comparison with currently applied US GAAP accounting
principles has identified a number of differences as discussed
under the heading "Impact of IFRS on Financial Reporting" below.

                     Initial Adoption of IFRS

IFRS 1 "First-time Adoption of International Financial Reporting
Standards" sets forth guidance for the initial adoption of IFRS.
Commencing with the first interim period in which the Company
reports under IFRS in 2009, the company will adjust its
comparative fiscal 2008 financial statements for annual and
interim periods to comply with IFRS.  In addition, the company
will reconcile equity and net earnings from the previously
reported fiscal 2008 US GAAP amounts to the restated 2008 IFRS
amounts.

Under IFRS 1, the standards are applied retrospectively at the
transitional balance sheet date with all adjustments to assets and
liabilities taken to retained earnings unless certain exemptions
are applied.  IFRS 1 provides for certain optional exemptions and
elections as well as certain mandatory exceptions to this general
principle.  The company will be applying the following exemptions
and elections to its opening balance sheet dated January 1, 2008:

   * Optional exemptions

   * Business combinations

IFRS 1 indicates that a first-time adopter may elect not to apply
IFRS 3 "Business Combinations" retrospectively to business
combinations that occurred before the date of transition to IFRS.
The company will take advantage of this election and apply IFRS 3
only to business combinations that occurred on or after January 1,
2008.

                 Cumulative translation differences

IFRS 1 allows a first-time adopter to not comply with the
requirements of IAS 21 "The Effects of Changes in Foreign Exchange
Rates" for cumulative translation differences that existed at the
date of transition to IFRS.  The company has chosen to apply this
election and will deem its cumulative translation differences for
all foreign operations to be zero at the date of transition to
IFRS.  If, subsequent to adoption, a foreign operation is disposed
of, the translation differences that arose before the date of
transition to IFRS shall be excluded from the gain or loss on
disposal.

As of January 1, 2008, included within the company's Accumulated
Other Comprehensive Income balance of US$64 million was
approximately US$111 million of cumulative foreign currency
translation adjustments which will be reclassified to Retained
Earnings under IFRS 1, resulting in no change in total
Shareholders' Equity.

                 Share-based payment transactions

IFRS 1 encourages, but does not require, first-time adopters to
apply IFRS 2 "Share-based Payment" to equity instruments that were
granted on or before November 7, 2002, or equity instruments that
were granted subsequent to November 7, 2002 and vested before the
later of the date of transition to IFRS or January 1, 2005.  The
company has elected to apply IFRS 2 only to equity instruments
that were unvested as of its transition date, January 1, 2008.

            Carrying value of assets and liabilities

The company is adopting IFRS subsequent to the date from which its
parent, Gerdau S.A., adopted IFRS.  In accordance with IFRS 1, if
a subsidiary company adopts IFRS subsequent to its parent adopting
IFRS, the subsidiary shall measure its assets and liabilities at
either:

    (i)  the same carrying amounts as in the financial
         statements of the parent based on the parent's date
         of transition to IFRS; or

    (ii) the carrying amounts required by the rest of IFRS 1,
         based on the subsidiary's date of transition to IFRS.

The Company has elected to record the carrying amounts required by
IFRS 1 based on its date of transition (January 1, 2008) to IFRS
as described.

    Mandatory exceptions

    Estimates

In accordance with IFRS 1, an entity's estimates under IFRS at the
date of transition to IFRS must be consistent with estimates made
for the same date under previous US GAAP, unless there is
objective evidence that those estimates were in error.  The
company's IFRS estimates as of January 1, 2008 will be consistent
with its US GAAP estimates for the same date unless evidence is
obtained that indicates that the estimates were in error.  As of
the date of this release, no errors have been identified.

               Impact of IFRS on Financial Reporting

IFRS employs a conceptual framework that is similar to US GAAP.
However, significant differences exist in certain matters of
recognition, measurement and disclosure.  While adoption of IFRS
will not change the Company's actual cash flows, it will result in
changes to the company's reported financial position and results
of operations.  To assist the users of the Company's financial
statements in understanding these changes, the following
discussion describes the differences between US GAAP and IFRS for
the company's accounting policies and financial statement accounts
which could be significantly affected by the conversion to IFRS.

    (a) Impairment of goodwill

US GAAP - US GAAP requires an impairment analysis based on a two-
step process of first determining the estimated fair value of the
reporting unit and then comparing it to the carrying value of the
net assets allocated to the reporting unit.  If the estimated fair
value exceeds the carrying value, no further analysis or goodwill
write-down is required. If the estimated fair value of the
reporting unit is less than the carrying value of the net assets,
the implied fair value of the reporting unit is allocated to all
the underlying assets and liabilities, including both recognized
and unrecognized tangible and intangible assets, based on their
estimated fair value at the date of the impairment test. If
necessary, goodwill would then be written down to its implied fair
value.

IFRS - IAS 36 "Impairment of Assets" requires an impairment
analysis based on a one-step process.  A write-down is recognized
if the recoverable amount of the cash generating unit, determined
as the higher of the estimated fair value less costs to sell or
value in use, is less than the carrying value.

In addition, in accordance with IFRS 1, the company will have to
perform a goodwill impairment test as of the transition date and
consider whether an impairment charge would be recognized under
IFRS on the transition date.  For reporting periods subsequent to
January 1, 2008, the company will perform a goodwill impairment
test on an annual basis, at a minimum, and when impairment
indicators exist.

    (b) Impairment of long-lived assets (primarily includes
        property, plant and equipment and intangibles for the
        company)

US GAAP - A write-down to estimated fair value is recognized if
the estimated undiscounted future cash flows from an asset or
group of assets are less than their carrying value.
Recoverability is determined based on an estimate of undiscounted
future cash flows resulting from the use of the long-lived asset
or group of assets and the eventual disposition.

IFRS - IAS 36 requires a write-down to be recognized if the
recoverable amount, determined as the higher of the estimated fair
value less costs to sell or value in use is less than carrying
value.

In addition, in accordance with IFRS 1, the Company will have to
perform a long-lived assets impairment test as of the transition
date and consider whether an impairment charge would be recognized
under IFRS on the transition date. For reporting periods
subsequent to January 1, 2008, the Company will perform a long-
lived assets impairment test if deemed necessary under IAS 36.

    (c) Stock-based compensation

US GAAP - The fair value of stock-based awards with graded vesting
and service-only conditions are treated as one grant by the
Company, accordingly, the resulting fair value is recognized on a
straight-line basis over the vesting period.

IFRS - Each tranche of stock-based awards with graded vesting is
considered a separate grant for the calculation of fair value, and
the related expense is attributed to the vesting period of each
tranche of the award.

    (d) Business combinations - redeemable
        noncontrolling interest

IFRS - IAS 32 "Financial Instruments: Disclosure and
Presentation", requires that a liability be recognized for
management's best estimate of the present value of the redemption
amount of the put option that was entered into in connection with
the Pacific Coast Steel 55% acquisition in 2006.  The put
liability is recognized by reclassification from parent equity.
The accretion of the discount on the put liability is recognized
as a finance charge in the income statement.  The put liability is
re-measured to the final redemption amount and any adjustments to
the estimated amount of the liability are recognized in the income
statement.

    (e) Business combinations - PCS step acquisition

On April 1, 2008, the company increased its investment in PCS from
55% to approximately 84%.

US GAAP - Under US GAAP in place in 2008, acquisitions of a
noncontrolling interest were accounted for using the purchase
method.  As such, when the company acquired an additional
approximate 29% interest in PCS in April 2008, the acquisition was
treated as a step acquisition, with additional goodwill and
incremental fair value of assets recorded.

IFRS - Under IFRS, the purchase of a noncontrolling interest is
not considered a business combination, as control of the entity
already exists.  However, prior to the issuance of IAS 27(R)
"Consolidated and Separate Financial Statements" which the company
will adopt on January 1, 2010, no specific IFRS guidance was given
with respect to the acquisition of a noncontrolling interest.  As
such, multiple accounting models were accepted in practice. The
company has elected to treat this transaction as an equity
transaction, which is the same treatment that would result under
IAS 27(R) guidance. Under this accounting model, no additional
goodwill or incremental fair value of assets is recorded.

    (f) Embedded derivative - callable debt

On June 27, 2003, the company refinanced its debt by issuing
US$405.0 million aggregate principal 10 3/8% Senior Notes.  The
notes had a maturity date of July 15, 2011 and were issued at 98%
of face value.  The terms of the Senior Notes allowed the company
to call them at any time at a redemption price ranging from 105
3/8% to 100%, depending on when the call was made.  On August 31,
2009, the company redeemed all of the outstanding Senior Notes at
a price of 101.792%.

US GAAP - Because the right to exercise the call option is solely
within the Company's control, US GAAP does not require the call
option to be bifurcated and valued separately from the debt.

IFRS - IFRS does not require bifurcation if the exercise price of
a call or put is approximately equal to the amortized cost of the
host debt instrument on each exercise date.  The company has
concluded that the exercise price of the call does not
approximately equal the amortized cost of the notes; therefore,
the call option is bifurcated under IFRS and measured at fair
value with changes in fair value recognized in the income
statement.

    (g) Provisions

US GAAP - US GAAP requires the use of a discount rate that
produces an amount at which the liability theoretically could be
settled in an arm's-length transaction with a third party.
Additionally, the discount rate should not exceed the interest
rate on monetary assets that are essentially risk-free and have
maturities comparable to that of the liability.

IFRS - IAS 37 "Provisions, Contingent Liabilities and Contingent
Assets" requires a provision or contingent liability to be
discounted using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the liability.  Risk adjustments should be made to the
discount rate if such risks are not inherent in the estimated cash
outflows.

    (h) Postretirement benefits

US GAAP - The excess of any actuarial gain or loss exceeding 10%
of the greater of the benefit obligation or the fair value of plan
assets is included as a component of the net actuarial gain or
loss recognized in accumulated other comprehensive income or loss
and is amortized to net periodic pension cost in future periods
over the average remaining service period of the active employees.

IFRS - The company elected to adopt paragraph 93A of IAS 19
"Employee Benefits", which allows an entity to recognize actuarial
gains and losses directly in equity or retained earnings in the
period in which they occur (without the need to amortize those
deferred gains and losses in the statement of income in future
periods).

    (i) Facility closure costs

During June 2009, as a result of the significant downturn in the
economy and declining demand for its products, the company
announced its intent to close or idle certain facilities (the
"Facility Plan").  The company recorded a US$36.5 million pre-tax
charge for the three and six months ended June 30, 2009 relating
to the Facility Plan.

US GAAP - US GAAP requires the recognition of certain obligations
arising from facility closures when the facility ceases operation
or when the cost is incurred.

IFRS - IFRS requires the recognition of certain obligations
arising from facility closures when the obligations are
unavoidable and are not related to the ongoing activities of the
facility.  As such, under IFRS, the company will recognize certain
obligations related to the Facility Plan in a different reporting
period than what US GAAP would have required.

    (j) Income taxes

Deferred income tax assets as well as income tax expense are
generally calculated in the same manner in accordance with US GAAP
and IFRS.  However, certain of the pre-tax adjustments described
above are expected to generate additional temporary differences
between book and tax basis and, accordingly, will give rise to
adjustments to the Company's recorded deferred tax assets and
liabilities as well as deferred income tax expense.

In addition, US GAAP requires that deferred tax benefits are
recorded for share-based payment awards based on the compensation
expense recorded for the award.  On exercise of the award, the
difference between the actual deduction realized on the tax return
and the cumulative tax benefit recognized for book purposes is
generally recorded directly to equity.  Under IFRS, deferred tax
benefits are recorded for share-based payment awards based on the
intrinsic value of the award at each balance sheet date.  Deferred
tax benefits that exceed the amount of cumulative compensation
recognized for book purposes are recorded directly to equity.

Additionally, IFRS requires all deferred tax assets and
liabilities to be classified as noncurrent for balance sheet
presentation, as compared to US GAAP which requires classification
between current and noncurrent based on the balance sheet
classification of the related asset or liability.

    (k) Interim periods - pension valuation

US GAAP - Under US GAAP, the remeasurement of plan assets and
defined benefit obligations is only an annual requirement unless a
significant event, such as a curtailment, settlement or
significant plan amendment occurs.

IFRS - Under IFRS, an entity is required to determine the present
value of the defined benefit obligation and the fair value of the
plan assets with sufficient regularity that the amounts recognized
in the financial statements do not differ materially from the
amounts that would be determined at the balance sheet date.  Due
to the volatile economic environment in 2008 and the first half of
2009, the company determined that the fair value of certain plan
assets should be adjusted for certain interim periods.

    (l) Deferred financing costs

US GAAP - Under US GAAP, the Ccmpany presents deferred financing
costs as an asset on its balance sheet.

IFRS - IFRS requires deferred financing costs related to the
issuance of debt to be presented on the balance sheet as a
reduction of the carrying value of the debt.

    (m) Accumulated other comprehensive income or loss

As discussed above under the heading "Optional exemptions", the
Company has chosen to deem its cumulative translation differences
for all foreign operations to be zero at the date of transition to
IFRS which results in an adjustment to accumulated other
comprehensive income or loss.  Also, discussed above under the
heading "Impact of IFRS on Financial Reporting", the Company has
chosen to recognize all actuarial gains and losses related to its
defined benefit plans directly into retained earnings.

    (n) Presentation and disclosure

The conversion to IFRS will impact the way the company presents
its financial results.  The first financial statements prepared
using IFRS will be required to include numerous notes disclosing
extensive transitional information and full disclosure of all new
IFRS accounting policies.

The company will restate and refile its 2009 interim financial
statements originally prepared in accordance with US GAAP in
accordance with IFRS together with the related restated
management's discussion and analysis as well as the certificates
required by National Instrument 52-109 - Certification of
Disclosure in Issuers' Annual and Interim Filings.

    Other Organizational Impacts of IFRS

The company has evaluated the impact of the conversion on its
accounting systems.  Based on the differences identified to date,
the company believes its existing systems can accommodate the
required changes.

In addition, the company's internal and disclosure control
processes, as currently designed, will not need significant
modifications as a result of its conversion to IFRS.

The company has assessed the impacts of adopting IFRS on its
contractual arrangements including material debt covenants, and
has not identified any material compliance issues.

                     About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


JBS SA: To Delay U.S. Unit Initial Public Offering to January
-------------------------------------------------------------
JBS SA will delay the initial public offering of its U.S. unit to
January from September as it wants first to consolidate its new
acquisitions before taking its U.S. subsidiary public, Inae
Riveras at Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
September 17, 2009, Reuters said that JBS SA said it would buy
Brazilian rival Bertin SA in an all stock-transaction to
consolidate its leadership in the global meat market.  The report
related that JBS SA also agreed to buy control of bankrupt
Pilgrim’s Pride Corp.

"With these takeovers, we will delay it to January as we put
together all the numbers, do the pro formas," the report quoted
Mr. Batista as saying.

According to the company also expects to complete a private
placement by its JBS USA Holdings unit ahead of the IPO in
January.

A TCRLA report on July 23, 2009, citing Reuters, related that JBS
USA Holdings Incfiled for an initial public offering of up to US$2
billion on the New York Stock Exchange, with plans to sell
Brazilian depositary receipts.  According to Reuters, JBS USA said
it plans to use the IPO's proceeds for "substantial investments in
order to significantly expand our direct distribution."

Mr. Batista, Reuters notes, said that with the private placement,
the company expects to reduce its debt after the takeovers to less
than 3 times EBITDA.  Reuters points out that the company's debt
now stands at 2.6 times EBITDA, without counting the US$2.5
billion of Pilgrim's debt and US$2 billion of debt owed by Bertin.

                            About JBS SA

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.


LUPATECH SA: Moody's Downgrades Corporate Family Rating to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded Lupatech S.A.'s corporate
family ratings to B1 from Ba3 on the global scale and to Baa2.br
from A3.br on the Brazilian national scale.  Simultaneously,
Moody's has downgraded to B2 from Ba3 the foreign currency rating
of the US$275 million senior unsecured perpetual notes issued by
Lupatech Finance Ltd. (Cayman Islands) and jointly and severally
guaranteed by Lupatech and its operating subsidiaries.  The two-
notch downgrade of the senior unsecured notes takes into
consideration the increased level of secured debt in Lupatech's
debt structure pro-forma for the new loans granted and debentures
acquired by the Brazilian Development Bank -- BNDES, which are
senior to the rated perpetual notes and will represent a
substantial portion of the company's total debt.  The outlook for
all ratings is stable.  This rating action concludes the review
process initiated on May 28, 2009.

Ratings downgraded are:

Lupatech S.A.:

  -- Corporate Family Rating: to B1 from Ba3 (Global Scale); to
     Baa2.br from A3.br (Brazilian National Scale)

Lupatech Finance Ltd. (Cayman Islands):

  -- US$275 million Senior Unsecured Guaranteed Perpetual Notes:
     to B2 from Ba3 (Foreign Currency Rating)

  -- Outlook: stable for all ratings

The downgrade of Lupatech's corporate family rating reflects
Moody's expectation of the company's limited ability to reduce
leverage over the near term, as a result of the weakened operating
margins which Moody's expect will remain constrained by high-cost
inventories and operational inefficiencies from current low
capacity utilization in all three divisions.  Additionally, free
cash flow should continue to be impacted by working capital needs
and by a high fixed interest expense, expected to be approximately
BRL125 million in the next 12 months, compared with EBITDA of
BRL175 million.  While Net Debt to EBITDA and Debt to
Capitalization reached 5.5x and 83%, respectively, as of June 30,
2009, Moody's expect leverage to peak at 2009 year-end as 2008
quarters roll off, with Net Debt to EBITDA at around 7x.  Total
Debt as calculated by Moody's includes the full amount of the
US$275 million in perpetual bonds outstanding.

The perpetual bonds were not given any equity credit because
interest payments are made in cash on a quarterly basis and there
is no deferral option; there is no loss absorption since the bonds
are pari passu with senior unsecured debt; and although the bonds
have no maturity, they are callable at any time on or after
July 10, 2012.  Also, Lupatech's convertible debentures were not
given any equity credit due to the non-existence of coupon
deferral options and interest payments are made in cash, and the
conversion into shares is not mandatory, but discretionary to the
debentures holder at any time from the beginning of the third
year.

The financial support provided by BNDES to Lupatech by means of a
BRL121 million up to five years loan (disbursement expected during
the fourth quarter of 2009) and 90% subscription of Lupatech's BRL
320 million convertible debentures due 2018 (already fully
disbursed), will lead to improved liquidity.  The proceeds of the
new loan and of the debentures will be used to replace existing
senior unsecured short term debt, thus addressing the company's
more immediate refinancing needs and allowing the maintenance of a
cash position covering 2010 debt service.  Although the
transactions will not result in an increase in the company's
leverage, the guarantees provided for the BNDES loan and the new
convertible debentures will result in some 43% of Lupatech's total
adjusted debt being senior to the company's rated perpetual notes,
which led to the two-notch downgrade of the perpetual notes and
their rating below that of the corporate family rating.

The softer financial covenants under the new BNDES loans, when
compared with those of the working capital loans being prepaid,
support Lupatech's healthy liquidity position.  The financial
covenants of the new BNDES loans include Net Debt (excluding the
perpetual notes) to EBITDA below 3.5x (2.1x reported as of
June 30, 2009), minimum last-twelve-months EBITDA margin of 20%
(26% reported) and Current Assets to Current Liabilities above
1.5x (3.1x reported), thereof Lupatech must be in compliance with
at least two financial covenants.

While the operating performance of the flow control division has
been affected by the weak Argentinean market and by Lupatech's
strategy to reduce prices, the slowdown in exports and in demand
from local manufacturers of agricultural equipment and diesel
engines for export has resulted in negative operating margins in
the metallurgy segment.  The most relevant division -- energy
products representing 76% of net revenues and 82% of EBITDA in the
second quarter of 2009 -- has been affected by delays in new bids
for services and postponed orders by the clients.  Moody's believe
that these factors will continue to negatively impact Lupatech's
performance during the second half of 2009, preventing a
significant improvement in the company's current capacity
utilization of around 50%.

While the current leverage is fairly high even for the B1 rating
category, the stable outlook reflects Moody's expectation of a
recovery in Lupatech's performance from 2010 as it converts into
revenues its large backlog order in the energy products division
benefiting from Petrobras's large investment program over the next
years, and demand for industrial valves and cast parts recovers
gradually in line with the global economy.  However, free cash
flow available for debt reduction should remain constrained by
additional working capital needs as revenues grow and by high
interest expenses, thus preventing a faster balance-sheet de-
leveraging.  After peaking at around 7x at 2009 year-end, Moody's
anticipate that Total Adjusted Net Debt (including the perpetual
notes) to EBITDA will converge to 6x during 2010, and will
continue to decline thereafter as a result of growing EBITDA
rather than debt reduction.  The stable outlook also considers
that Lupatech will not pursue new sizeable acquisitions in the
near term, but focus on the optimization of its existing operating
assets.  New acquisitions are expected to be funded with equity.

The ratings or outlook could be downgraded if the company is not
able to reduce leverage as measured by Total Adjusted Net Debt to
EBITDA below 6x and improve interest coverage as measured by EBITA
to Gross Interest Expenses above 2x over the near term, while
simultaneously managing working capital in order to generate
positive free cash flow and maintaining a strong liquidity
position.

The ratings could come under upward pressure if Lupatech succeeds
in reducing its leverage as measured by Total Adjusted Net Debt to
EBITDA of below 5x and Free Cash Flow to Total Adjusted Net Debt
consistently above 10%.  Also a strong liquidity position would be
required for a positive rating action.

Headquartered in Caxias do Sul, Brazil, Lupatech S.A. is a leading
equipment manufacturer and service provider to the oil & gas
industry in Brazil, besides producing industrial valves and
casting parts.  Lupatech reported net revenues of BRL719 million
(US$344 million using the average exchange rate) in the last
twelve months ended June 30, 2009.


SANEPAR: Controlling Shareholder Seeks to Increase Stake
--------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Cia de
Saneamento do Parana’s controlling shareholder, Brazil’s southern
state of Parana, is seeking to increase its stake in the water
utility after an agreement to settle BRL744 million (US$410
million) of debt.

Sanepar will give Parana assets such as dams, water distribution
systems and water treatment units to pay the debt, Investor
Relations Director Valter Aparecido Pegorer told the news agency
in a telephone interview.

According to the report, Mr. Pegorer said that Parana may boost
its stake in the utility after shareholders approve a plan to sell
shares.

                         About Sanepar

Headquartered in Curitiba-based, Cia de Saneamento do Parana
supplies water to the state of Parana in Brazil, including the
city of Curitiba, and several other towns.

                        *     *     *

As of September 22, 2209, the company continues to carru Mooody's
Ba3 Local Currency LT Debt rting with negative outlook.


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


AI-LONG/SHORT: Shareholders' Final Meeting Set for September 25
---------------------------------------------------------------
The shareholders of AI-Long/Short Strategies Fund, Ltd. will hold
their final meeting on September 25, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BGI ALPHA: Creditors' Proofs of Debt Due on September 30
--------------------------------------------------------
The creditors of BGI Alpha Leveraged Loan Fund are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 13, 2009.

The company's liquidator is:

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


BROOKLINE AVENUE: Claims Bar Date Expired September 16
------------------------------------------------------
Brookline Avenue Event Driven Equity Fund, Ltd., has been placed
into Voluntary Liquidation pursuant to The Companies Law (2004
Revision), following resolution by the sole shareholder of the
Company dated August 3, 2009.

Walkers Corporate Services Limited has been appointed as
Liquidator.

Creditors of the Company had until September 16, 2009, to file
proofs of claim against the firm.  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

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


BWGLOBAL GLOBAL: Claims Bar Date Expired September 16
-----------------------------------------------------
Creditors of BWGlobal - Global Macro Strategy Fund, Ltd., had
until September 16, 2009, to file proofs of claim against the
firm.

BWGlobal - Global Macro Strategy Fund has been placed into
Voluntary Liquidation pursuant to The Companies Law (2004
Revision), following resolution by the sole shareholder of the
Company dated July 16, 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 KY1-9005, Cayman Islands
     Tel: (345) 914-6314

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


CASAM CFM: Members to Receive Wind-Up Report on September 24
------------------------------------------------------------
The members of Casam CFM Discus Fund Limited will receive on
September 24, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CASAM CONTEXT: Members to Receive Wind-Up Report on September 24
----------------------------------------------------------------
The members of Casam Context Offshore Advantage Fund Limited will
receive on September 24, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CASAM LUCERNE: Members to Receive Wind-Up Report on September 24
----------------------------------------------------------------
The members of Casam Lucerne Mid-Cap Fund Limited will receive on
September 24, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CASAM METROPOLITAN: Members to Receive Wind-Up Report on Sept. 24
-----------------------------------------------------------------
The members of Casam Metropolitan Capital Advisors Fund Limited
will receive the liquidator's report on the company's wind-up
proceedings and property disposal on September 24, 2009, at
10:00 a.m.

The company's liquidator is:

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


CASAM MPC: Members to Receive Wind-Up Report on September 24
------------------------------------------------------------
The members of Casam MPC Pilgrim Fund Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on September 24, 2009, at 10:00 a.m.

The company's liquidator is:

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


CASAM PEQUOT: Members to Receive Wind-Up Report on September 24
---------------------------------------------------------------
The members of Casam Pequot Core Global Fund Limited will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on September 24, 2009, at 10:00 a.m.

The company's liquidator is:

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


CASAM STONEBROOK: Members to Receive Wind-Up Report on Sept. 24
---------------------------------------------------------------
The members of Casam Stonebrook Offshore Partners Fund Limited
will receive the liquidator's report on the company's wind-up
proceedings and property disposal on September 24, 2009, at
10:00 a.m.

The company's liquidator is:

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


CASTLE HOLDCO 1: Placed Into Voluntary Liquidation
--------------------------------------------------
Castle Holdco 1, Ltd., has been placed into Voluntary Liquidation
pursuant to The Companies Law (as amended), following resolution
by the sole shareholder dated August 5, 2009.

Michael Salvati has been appointed liquidator.

Creditors had until September 7 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:

     MICHAEL SALVATI
     Voluntary Liquidator
     201 N. Westshore Drive
     Chicago, Illinois 60601
     United States of America

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


CASTLE HOLDCO 2: Placed Into Voluntary Liquidation
--------------------------------------------------
Castle Holdco 2, Ltd., has been placed into Voluntary Liquidation
pursuant to The Companies Law (as amended), following resolution
by the sole shareholder dated August 5, 2009.

Michael Salvati has been appointed liquidator.

Creditors had until September 7 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:

     MICHAEL SALVATI
     Voluntary Liquidator
     201 N. Westshore Drive
     Chicago, Illinois 60601
     United States of America

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


CASTLE HOLDCO 3: Placed Into Voluntary Liquidation
--------------------------------------------------
Castle Holdco 3, Ltd., has been placed into Voluntary Liquidation
pursuant to The Companies Law (as amended), following resolution
by the sole shareholder dated August 5, 2009.

Michael Salvati has been appointed liquidator.

Creditors had until September 7 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:

     MICHAEL SALVATI
     Voluntary Liquidator
     201 N. Westshore Drive
     Chicago, Illinois 60601
     United States of America

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


CASTLE HOLDCO 6: Placed Into Voluntary Liquidation
--------------------------------------------------
Castle Holdco 6, Ltd., has been placed into Voluntary Liquidation
pursuant to The Companies Law (as amended), following resolution
by the sole shareholder dated August 5, 2009.

Michael Salvati has been appointed liquidator.

Creditors had until September 7 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:

     MICHAEL SALVATI
     Voluntary Liquidator
     201 N. Westshore Drive
     Chicago, Illinois 60601
     United States of America

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


CAYMAN ISLANDS CREMONA: Claims Bar Date Expired Sept. 16
--------------------------------------------------------
Cayman Islands Cremona Corporation was placed into Voluntary
Liquidation pursuant to The Companies Law (2007 Revision) by a
special resolution passed by way of unanimous written resolution
dated July 23, 2009.

Graham Robinson and Peter Anderson of RHSW (Cayman) Limited, PO
Box 897, Third Floor, One Capital Place, George Town, Grand Cayman
KY1-1103, Cayman Islands, have been appointed Joint Voluntary
Liquidators.

Creditors of the company were "to prove their debts or claims
. . . to establish any title they may have under the Companies Law
(2007 Revision), or to be excluded from the benefit of any
distribution made before the debts are proved or from objecting to
the distribution."  That deadline expired September 16.

To contact:

     Graham Robinson
     Tel: (345) 949-7576
     Fax: (345) 949-8295
     P.O. Box 897, One Capital Place, George Town,
     Grand Cayman KY1-1103, Cayman Islands.


CDG HOLDINGS: Members to Receive Wind-Up Report on September 24
---------------------------------------------------------------
The members of CDG Holdings Ltd. will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on September 24, 2009, at 9:10 a.m.

The company's liquidator is:

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


CHINA FORTUNE: Commences Liquidation Proceedings
------------------------------------------------
On July 23, 2009, China Fortune Acquisition Corp. commenced
liquidation proceedings.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Yu Bo
         c/o Cathay Fortune Corp.
         Jinmao Tower, Room 4403
         88 Century Blvd. Pudong
         Shanghai 200121, China


CITADEL AC: Members to Receive Wind-Up Report on September 24
-------------------------------------------------------------
The members of Citadel AC Investments Ltd. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on September 24, 2009, at 9:10 a.m.

The company's liquidator is:

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


CMH INSURANCE: Claims Bar Date Expired September 16
---------------------------------------------------
CMH Insurance Company, Ltd., has been placed into Voluntary
Liquidation pursuant to The Companies Law (2007 Revision),
following special resolution by the sole shareholder of the
Company on July 29, 2009.

Joseph Galeazzi and Laurisa Jackson have been appointed as joint
liquidators.

Creditors of the Company had until September 16, 2009, to file
proofs of claim against the firm.

Creditors were required to send in their names and addresses and
the particulars of their debts or claims and the names and
addresses of their attorneys at law (if any) to the liquidators,
and "if so required by notice in writing from the liquidators
either by their attorneys at law or personally to come in and
provide the said debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.:

To contact:

     JOSEPH GALEAZZI
     LAURISA JACKSON
     c/o The Children’s Mercy Hospital
     2401 Gillham Road, Kansas City, MO, 64108


EFP (CAYMAN) 2006-1: Placed Into Voluntary Liquidation
------------------------------------------------------
EFP (Cayman) Funding 2006-1 Limited has been placed into Voluntary
Liquidation pursuant to The Companies Law (as amended), following
resolution by the sole shareholder of the firm on July 17, 2009.

Brett Sibley of 250 Vesey Street, 5th Floor, New York 10080, has
been appointed liquidator.

Creditors of the company had until September 7 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:

     BRETT SIBLEY
     Voluntary Liquidator
     250 Vesey Street, 5th Floor, New York
     NY 10080, United States of America

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


EFP (CAYMAN) 2006-2: Placed Into Voluntary Liquidation
------------------------------------------------------
EFP (Cayman) Funding 2006-2 Limited has been placed into Voluntary
Liquidation pursuant to The Companies Law (as amended), following
resolution by the sole shareholder of the firm on July 17, 2009.

Brett Sibley of 250 Vesey Street, 5th Floor, New York 10080, has
been appointed liquidator.

Creditors of the company had until September 7 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:

     BRETT SIBLEY
     Voluntary Liquidator
     250 Vesey Street, 5th Floor, New York
     NY 10080, United States of America

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


EFP (CAYMAN) 2006-3: Placed Into Voluntary Liquidation
------------------------------------------------------
EFP (Cayman) Funding 2006-3 Limited has been placed into Voluntary
Liquidation pursuant to The Companies Law (as amended), following
resolution by the sole shareholder of the firm on July 17, 2009.

Brett Sibley of 250 Vesey Street, 5th Floor, New York 10080, has
been appointed liquidator.

Creditors of the company had until September 7 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:

     BRETT SIBLEY
     Voluntary Liquidator
     250 Vesey Street, 5th Floor, New York
     NY 10080, United States of America

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


ESPIRITO SANTO: Members to Receive Wind-Up Report on September 24
-----------------------------------------------------------------
The members of Espirito Santo Telecoms Argentina will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on September 24, 2009, at 9:00 a.m.

The company's liquidator is:

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


FININVESTMENTS LIMITED: Placed Into Voluntary Liquidation
---------------------------------------------------------
Fininvestments Limited has been placed into Voluntary Liquidation
pursuant to The Companies Law.

The Company was put into liquidation on July 17, 2009, by a
special resolution passed at an extraordinary meeting of the
Company held that day.

Alain Andrey at Fininvestments Ltd. has been appointed voluntary
liquidator of the Company.  To contact:

     ALAIN ANDREY
     Voluntary Liquidator
     Tel: +41 22 592 92 92
     Email: aa@irr.ch


HERSCHEL ABSOLUTE: Claims Bar Date Expired September 16
-------------------------------------------------------
Creditors of Herschel Absolute Return (Cayman) Fund had until
September 16, 2009, to file proofs of claim against the firm.

Herschel Absolute Return (Cayman) Fund has been placed into
Voluntary Liquidation pursuant to the The Companies Law (2004
Revision), following resolution by the sole shareholder of the
Company dated July 29, 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 KY1-9005, Cayman Islands
     Tel: (345) 914-6314

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


HERSCHEL MASTER: Claims Bar Date Expired September 16
-----------------------------------------------------
Creditors of Herschel Absolute Return Master (Cayman) Fund had
until September 16, 2009, to file proofs of claim against the
firm.

Herschel Absolute Return Master (Cayman) Fund has been placed into
Voluntary Liquidation pursuant to The Companies Law (2004
Revision, following resolution by the sole shareholder of the
Company dated July 29, 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 KY1-9005, Cayman Islands
     Tel: (345) 914-6314

Late claims "will be excluded from the benefit of any distribution
made before such debts are proved."


INVESTCORP ENERGY: Proofs of Claim Due October 9
------------------------------------------------
Investcorp Energy And Shipping Fund Limited has been placed into
Voluntary Liquidation pursuant to The Companies Law (2007
Revision, following special resolution by the shareholders of the
company at an extraordinary general meeting held August 4, 2009.

Mufeed Rajab and Harin Wijeyeratne of Box 5340, Manama, Bahrain,
have been appointed Joint Liquidators.

Creditors are to prove their debts or claims by October 9, 2009,
and to establish any title they may have under the Companies Law
(2007 Revision), or be excluded from the benefit of any
distribution made before such debts are proved or from objecting
to the distribution.

To contact:

     PAGET-BROWN TRUST COMPANY LTD.
     On behalf of the
     Joint Voluntary Liquidators
     Officer for enquiries:
     Bonnie Willkom
     P.O. Box 1111, Grand Cayman KY1-1102
     Cayman Islands
     Tel: (345) 949-5122
     Fax: (345) 949-7920


JPMORGAN FOCUSED: Claims Bar Date Expired September 16
------------------------------------------------------
Creditors of JPMorgan Focused Equity Fund SPV Ltd. had until
September 16, 2009, to file proofs of claim against the firm.

JPMorgan Focused Equity Fund SPV Ltd. has been placed into
Voluntary Liquidation pursuant to The Companies Law (2004
Revision), following resolution by the sole shareholder of the
Company dated July 29, 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 KY1-9005, Cayman Islands
     Tel: (345) 914-6314

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


J.P. MORGAN PARTNERS: Creditors' Proofs of Debt Due on Sept. 30
---------------------------------------------------------------
The creditors of J.P. Morgan Partners (BHCA) Safetykleen, Inc. are
required to file their proofs of debt by September 30, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


MS APPAREL: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------
The creditors of MS Apparel Limited are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


MS APPAREL II: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------
The creditors of MS Apparel II Limited are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


PACTUAL MULTI: Shareholders' Final Meeting Set for September 24
---------------------------------------------------------------
The shareholders of Pactual Multi Strategies Fund Ltd. will hold
their final meeting on September 24, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Bryant Terry
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1987


PARAMOUNT INVESTMENT: Creditors' Proofs of Debt Due on Sept. 30
---------------------------------------------------------------
The creditors of Paramount Investment Corporation are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 11, 2009.

The company's liquidator is:

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


PLAZA NAKANOSHIMA: Claims Bar Date Expired September 16
-------------------------------------------------------
Creditors of Plaza Nakanoshima Holding Co., Ltd., had until
September 16, 2009, to file proofs of claim against the firm.

Plaza Nakanoshima Holding has been placed into Voluntary
Liquidation pursuant to The Companies Law (2004 Revision),
following resolution by the sole shareholder of the Company dated
July 30, 2009.

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

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


SCL DELIGHT: Claims Bar Date Expired September 16
-------------------------------------------------
Creditors of SCL Delight Limited had until September 16, 2009, to
file proofs of claim against the firm.

SCL Delight 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 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

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


TLC FINANCE: Members to Receive Wind-Up Report on September 24
--------------------------------------------------------------
The members of TLC Finance Cayman Co., Ltd will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on September 24, 2009, at 10:00 a.m.

The company's liquidator is:

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


TRIAN SPV I: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Trian SPV I, Ltd. are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 11, 2009.

The company's liquidator is:

          Walkers Fund Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9004, Cayman Islands
          Telephone: (345) 914-6314


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

TRI Liquid Strategies GP Limited 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 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

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved.


UBS CAYMAN: Claims Bar Date Expired September 16
------------------------------------------------
UBS Cayman Ltd. has been placed into Voluntary Liquidation
pursuant to The Companies Law (2004 Revision), following
resolution by the sole shareholder of the Company dated July 14,
2009.

Walkers Corporate Services Limited has been appointed as
Liquidator.

Creditors of the Company had until September 16, 2009, to file
proofs of claim against the firm.

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

Late claims will be "excluded from the benefit of any distribution
made before such debts are proved."


VIETNAM EQUITY: Placed Into Voluntary Liquidation
-------------------------------------------------
The Vietnam Equity Fund has been placed into Voluntary Liquidation
pursuant to The Companies Law.

The Company was put into liquidation on July 10, 2009, by a
special resolution passed at an extraordinary meeting of the
Company held that day.

James Marshall -- at Tisco Tower, 16th Floor, 48 North Sathorn
Road, Bangkok 10500, Thailand -- has been appointed voluntary
liquidator of the Company.

Creditors are invited to send in their names, addresses and the
particulars of their debts or claims and the names and addresses
of their attorneys-at-law (if any) to the liquidator, care of:

     James Marshall
     Voluntary Liquidator
     c/o Maples and Calder, Attorneys-at-law
     P.O. Box 309, Ugland House
     Grand Cayman KY1-1104, Cayman Islands


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


EMPRESA ELECTRICA: Inks US$3BB Electricity Supply Deal With Emel
----------------------------------------------------------------
Julian Dowling at Dow Jones Newswires reports that Chilean
electricity distributor Empresas Emel SA has awarded power
generator Empresa Electrica del Norte Grande SA a 14-year contract
worth about US$3 billion to supply its distribution subsidiaries
in northern Chile from 2012 to 2026.

According to the report, Edelnor will supply Emel's subsidiaries
-- Empresa Electrica de Arica SA (Emelari); Empresa Electrica de
Iquique SA (Eliqsa); and Empresa Electrica de Antofagasta SA
(Elecda), with a total 1,800 gigawatt hours of energy annually
from 2012, gradually increasing to 2,300GWh by 2016 and remaining
at that level until 2026.

Dow Jones Newswires notes that Edelnor submitted the lowest
economic bid -- US$89.99 per megawatt hour indexed 60% to the
monthly average Henry Hub liquefied-natural-gas price and 40% to
the U.S. consumer price index -- for all 23 sub-blocks of energy
supplies on offer.

Edelnor's bid, the report notes, came in well below the maximum
price set by Emel for the tender, which was US$138.22/MWh, and
below those of its rival generators.  The report relates that AES
Gener bid $105/MWh for one sub-block indexed 65% to the U.S. CPI
and 35% to the monthly average coal price; while GasAtacama Chile
SA bid between US$105 and US$138 for four sub-blocks indexed 90%
to the monthly average diesel price and 10% to the U.S. CPI.

The report says that as a result of the contract, LarrainVial
changed its recommendation for Edelnor's shares to attractive from
not attractive.
                           About Edelnor

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                         *     *     *

As of June 18, 2009, the company continues to carry Moody's Ba3
rating.  The company also continues to carry Standard and Poor's
LT Issuer Credit ratings at BB-.


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


BANCOLOMBIA SA: Cut to "Neutral" at HSBC on Valuation
-----------------------------------------------------
Tian Huang at Bloomberg News reports that Bancolombia SA was
downgraded to “neutral” from “overweight” at HSBC Holdings Plc,
yesterday, September 22, 2009.

Medellin-based Bancolombia trades for 15.3 times estimated 2009
earnings, Victor Galliano, a New York-based analyst with HSBC,
wrote in a research report obtained by the news agency.  The
company fetches 12.3 times reported profit for the past 12 months,
compared with 16.7 times for the benchmark IGBC index, according
to Bloomberg data.

“Much of the solid potential is, we believe, currently discounted
by the share price,” the report quoted Mr. Galliano as saying.

According to the report, Mr. Galliano said that Bancolombia’s
asset quality has deteriorated as its non- performing loan ratio
rose to 3.95% at the end of August from 3.6% in June.

HSBC, the report relates, has a price estimate of US$41 for
Bancolombia’s American depositary receipts. The ADRs have climbed
72% this year, the report adds.

                       About Bancolombia S.A.

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.


ECOPETROL SA: Discloses Progress Report at Quifa Block
------------------------------------------------------
Ecopetrol S.A. reported that Meta Petroleum LTD has completed
drilling the exploratory well Quifa-9 in Prospect D, which forms
part of the Quifa Partnership Contract, in the Llanos Orientales
basin, located in the Meta province in Colombia.  Pursuant to the
Quifa Partnership Contract, Ecopetrol shares 30% of the costs and
investments, and receives 40% of the hydrocarbons produced.

The Quifa-9 well is the fourth type A-3 exploratory well drilled
in the Quifa block during 2009.  Information gathered from
electronic records indicates the presence of the Formacion Arenas
Basales de Carbonera at an actual vertical depth of 2,304 feet, as
well as water-oil contact at 2,333 feet.  In the coming days,
operator Meta Petroleum LTD and Ecopetrol SA will define the
technical aspects of the tests to be performed and move on to the
eventual completion of the Quifa-9 well as a hydrocarbon producer.

With respect to the previously drilled wells in the Quifa block,
the Quifa-7 and Quifa-8 wells are currently in the initial testing
stage while the Quifa-5 well has completed extensive testing. The
results were :

    Well      Test duration    Average daily oil production
                                     (barrels a day)
    Quifa-5     5 months                  169
    Quifa-7       7 days                  154
    Quifa-8      16 days                  178

Pursuant to the Quifa Partnership Contract, operator Meta
Petroleum LTD is preparing the documentation required to request a
declaration from Ecopetrol of commercial viability of the
discoveries.

                      About Ecopetrol S.A.

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

                           *     *     *

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


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


CIBONEY LIMITED: Continues to Struggle With Huge Liabilities
------------------------------------------------------------
Ciboney Limited is continuing to struggle with huge liabilities,
RadioJamaica reports.

According to the report, at the end of its 2008/2009 financial
year in May, the company had net current liabilities of US$112
million.  The report relates that this was a US$7 million decline
over the figure reported in the previous year.

However, the report notes that despite its weak asset base,
Ciboney Limited was able to realize a US$6.8 million profit
compared to a US$4.4 million loss in 2008.  The improvement was
due to gains from foreign exchange fluctuations, the report says.

Ciboney Group Limited -- http://www.ciboney.com/-- is a Jamaica-
based company primarily engaged in the hospitality industry.
Through its subsidiaries the Company is engaged in the business of
acquiring, developing and letting resort properties.  The
company's wholly owned subsidiaries include Ciboney Hotels
Limited, Leisure Operators Limited, and Luxury Resorts Enterprises
Limited and its wholly owned subsidiary, Number Sixty Limited.
Ciboney Group Limited is a subsidiary of Crown Eagle Life
Insurance Company Limited and its ultimate parent is Finsac
Limited.


NATIONAL COMMERCIAL BANK: Lee Chin Sells Another 5% in Firm
-----------------------------------------------------------
Camilo Thame at Jamaica Observer reports that Canadian investor
Michael Lee Chin sold another 5% stake in National Commercial Bank
Jamaica Limited this year, reducing his ownership to just over
62%.  The report relates that since the start of 2009, entities
owned by Mr. Chin sold 131 million (5.3%) NCB shares of the total
shares in issue.

According to the report, most of the shares were taken up through
five institutions -- Stocks and Securities Limited, Capital and
Credit Merchant Bank, GraceKennedy Pension Scheme, VMBS
Contributory Pension Scheme and the National Insurance Fund --
with the bulk, or 89 million shares, being grabbed up through SSL.

The Observer recalls that Lee Chin bought a 75% stake in NCB back
in 2002 for US$127 million (JM$6 billion in 2002), of which US$56
million (JM$2.65 billion in 2002) was made as a downpayment.
NCB Atrium.  The report notes that since acquiring the commercial
bank, his companies sold off close to 360 million -- net of buying
and selling during the period -- or 14.6% of NCB's total shares.

Of those shares, the report says, 49.4 million NCB (or 2%) of the
commercial bank's shares was transferred to Advantage General
Insurance Company, which was purchased under a deal in 2006 that
had Mr. Chin pumping nearly JM$750 million into UGI for an 80%
stake in the general insurer.

Now AIC Barbados and AIC Global Holdings Limited collectively hold
1.49 billion shares (60%), the Observer adds.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.


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


CEMEX SAB: Share Sale May Need 10% Discount
-------------------------------------------
CEMEX, S.A.B. de C.V. may have to sell shares at a discount of as
much as 10% to market price as it competes for investor funds,
Thomas Black and Hugh Collins at Bloomberg News report, citing
Actinver SA.

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, Reuters said that Cemex SAB hold its US$1.8
billion share offer on September 23.  A TCRLA report on
September 9, related that Cemex SAB commenced a global public
offering of 1,200 million of its Ordinary Participation
Certificates, directly or in the form of American Depositary
Shares, plus up to an additional 180 million CPOs, directly or in
the form of ADSs, to cover over-allotments.

According to Bloomberg News, Cemex SAB's stock sale is set on the
same day HeidelbergCement AG will offer 62.5 million shares.  Then
report relates that Brazilian real estate companies Rossi
Residencial SA, PDG Realty SA Empreendimentos e Participacoes and
Multiplan Empreendimentos Imobiliarios SA also plan stock sales in
the next coming weeks.  “There’s a lot of paper trying to come
through,” the report quoted William Landers, who oversees about
US$6 billion in Latin American stocks at BlackRock Inc. in
Plainsboro, New Jersey, as saying.   “They are definitely going to
have to compete for investors’ attention and capital.”  Mr.
Landers added.

Bloomberg News notes that Rogelio Gallegos, who oversees $255
million in Mexico City at Actinver, Mexico’s largest independent
money manager, said Cemex’s planned 1.2 billion-share offering,
will require a discount as “candy” to lure investors.  The report
relates that David Riedel, the president of Riedel Research Group
Inc. in New York, predicts Cemex will offer 5% less than current
prices

J.P. Morgan, Citi, Santander Investment, and BBVA will act as
global coordinators for the global offering. J.P. Morgan, Citi,
Santander Investment, BBVA, BNP Paribas, HSBC, and RBS will act as
joint bookrunning managers on the international offering.
Acciones y Valores Banamex Casa de Bolsa, J.P. Morgan
Casa de Bolsa, Casa de Bolsa BBVA Bancomer, Santander Casa de
Bolsa, and HSBC Casa de Bolsa will act as bookrunning managers for
the Mexican offering.  CEMEX intends to use the net proceeds from
the global offering to pay down debt as required by the financing
agreement recently entered into with its creditors.

                           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)'.


CEMEX SAB: Antitrust Authorities Search Spanish Unit
----------------------------------------------------
Thomas Black at Bloomberg News report that Officers of the Spanish
National Antitrust Commission searched the premises of Cemex
Espana SA as part of a probe into possible price-fixing and
market-sharing agreements.

According to the report, the antitrust commission that it may
decide to initiate a formal proceeding alleging violations of
antitrust regulations and that the preliminary probe doesn’t “pre-
judge” the companies being inspected.  If unlawful practices are
proven, authorities may impose penalties of as much as 10% of
total sales volume, the commission added.

Anthony Harrup at Dow Jones Newswires relates that an unnamed
Cemex spokesman said the company is cooperating with Spanish
authorities in the matter.

Dow Jones Newswires notes that Spain accounted for US$419 million
of Cemex SAB's US$7.83 billion in sales in the first six months of
2009.

In November, the Bloomberg News recalls, Cemex SAB’s offices in
the U.K. and Germany were searched by European Union competition
authorities seeking information related to an antitrust
investigation; while in Colombia, Cemex, Holcim and local producer
Cementos Argos SA were fined US$1.3 million in December for fixing
prices in 2005.  Bloomberg News adds that tn Mexico, antitrust
authorities are also investigating possible collusion involving
Cemex and other cement makers.  However, the Bloomberg News
relates, Cemex said that the investigation is groundless.

                         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)'.


CORPORACION INTERAMERICANA: S&P Junks Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings, including the corporate credit rating, on Corporacion
Interamericana de Entretenimiento S.A.B. de C.V. to 'CCC+' from
'B+'.

The ratings were removed from CreditWatch, where they were placed
with negative implications on May 7, 2009.  The outlook is
negative.

"The downgrade reflects tightened liquidity as a consequence of
the company's high leverage," said Standard & Poor's credit
analyst Monica Ponce.  "It also reflects continued weakness in
operating results and key credit measures during second-quarter
2009."

The ratings on CIE also reflect the company's exposure to economic
cycles, the need to constantly add more attractions and events to
its catalog, the uncertain availability of international talent,
and the ongoing need to renew venues' concessions (though not
necessarily in the medium term) and sponsorship contracts.  CIE
has been successful in these renewals, however.

The ratings further reflect CIE's highly leveraged financial
profile and weak cash flow generation.

Offsetting factors include the favorable competitive position of
its CIE Las Americas division, which operates an entertainment
complex in Mexico City -- its only horse racing track and the
country's largest convention center -- in addition to a growing
network of off-track betting and numbers-based gaming venues
(Sports Books & Yaks) across Mexico.

The negative outlook reflects S&P's concern regarding the
company's ability to pay its short-term debt maturities,
especially on its issues in the domestic capital market.  It also
reflects S&P's expectation that the company's key credit measures
and highly leveraged financial profile could keep deteriorating if
difficult economic conditions persist.


GRUMA SAB: Finishes Negotiations on US$738.3 Million in Debt
------------------------------------------------------------
Carlos Manuel Rodriguez and Hugh Collins at Bloomberg News report
that Gruma, S.A.B. de C.V. concluded its negotiations to convert
US$738.3 million of derivatives losses into medium-and long-term
debt.  The report relates the company said that the loans, which
would be 10% larger that previously stated, will keep the “terms
and conditions announced.”  A September 30 deadline to finish
paperwork includes a “definitive approval process” from the banks,
Gruma SAB added.

As reported in the Troubled Company Reporter-Latin America on
July 29, 2009, Bloomberg News noted that Gruma SAB said it has
extended to August 24 the deadline for completing debt
negotiations with counterparties of US$727 million in derivatives
trades.  The report related that the company had previously asked
banks for the same extension talks dated July 24.  Anthony Harrup
at Dow Jones Newswires reported that the agreements seek to swap
the derivatives debts into a series of medium-and long-term loans,
which include accords to exchange:

   -- US$13.9 million in derivatives liabilities with
      the Royal Bank of Scotland Group PLC,

   -- US$22.9 million with Standard Chartered Bank
      PLC (SCZ.ZM),

   -- US$21.5 million with Barclays PLC for three-year
      loans, and

   -- another to swap US$668.3 million in currency losses
      with Credit Suisse Group, Deutsche Bank AG and
      JPMorgan Chase & Co. for a 7.5-year loan.

Reuters added that the company, citing a statement to the Mexico
Stock Exchange, said Gruma SAB needs to successfully refinance a
5-year revolving credit line with Bancomer and a 3.4 billion-peso
loan from government export bank Bancomext in order to sign on to
a long-term payment plan.

Gruma SAB incurred a net loss of Ps.12,339,758 in fiscal year
ended December 31, 2008, and had obligations to its derivative
counterparties as of December 31, 2008 in the amount of
Ps.11,230,170.  In addition, the company had long-term debt in the
amount of Ps.11,728,068 as of December 31, 2008, some of which it
will be required to renegotiate in order to be able to finance its
obligations to its derivative counterparties on a long-term basis.
"These facts raise substantial doubt about the Company's ability
to continue as a going concern," PricewaterhouseCoopers LLP, in
Monterrey, Mexico, auditor of the Company, said.

                       About Gruma, S.A.B.

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Standard & Poor's Ratings Services said that its
ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate
credit rating, remain on CreditWatch with negative implications,
where they were placed on Oct. 13, 2008.  S&P based that action on
its perception of GRUMA's more aggressive financial policy,
including the use of derivative instruments.


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


BANCO DE CREDITO: Fitch Lifts Subordinated Debt Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Banco de Credito del Peru's ratings:

  -- Foreign currency long-term Issuer Default Rating to 'BBB'
     from 'BBB-';

  -- Foreign currency short-term IDR to 'F2' from 'F3';

  -- Local currency long-term IDR to 'BBB' from 'BBB-';

  -- Local currency short-term IDR to 'F2' from 'F3';

  -- Subordinated debt to 'BBB-' from 'BB+'.

At the same time, Fitch has affirmed these ratings:

  -- Individual rating at 'C';
  -- Support rating at '3';
  -- Support Floor at 'BB+'.

The Rating Outlook is revised to Stable from Positive.

BCP ratings were upgraded in view of the bank's strong performance
through the crisis.  Despite a slowing economy, the bank's
performance has been much less affected than that of regional
peers, and Fitch expects that the bank's capital levels, which
have strengthened as growth slows, should remain at levels
somewhat higher than its historical levels during periods of
growth.  In spite of a deteriorating economic backdrop, BCP
managed to maintain a very good - albeit declining - asset quality
and sustain adequate reserve coverage while achieving high
profitability and strengthening its capital.  As the global
recession touches bottom, BCP boasts one of the lowest level of
Past Due Loans of its regional peers and improved capital ratios
within a more stringent regulation.  Fitch expects that BCP's
asset quality will continue to deteriorate within reasonable
levels but is confident that the bank's sound capital base, ample
reserves and proven earnings generation capacity provide it a
sufficient cushion to face incremental loan loss provision
requirements and underpin capital levels as it resumes a moderate
growth.  The ratings also consider expectations that the Peruvian
economy will show a return to moderate growth in 2010.

BCP's ratings reflect its dominant franchise, important market
share across all segments, sound performance, diversified balance
sheet and revenue stream, broad, low cost deposit base, still good
asset quality, adequate reserve coverage and improved capital.
The ratings highlight BCP's systemic importance and the depth and
breadth of its management; they also factor in its somewhat high
obligor concentration and expected asset quality deterioration.

Given BCP's systemic importance, it would likely receive support
from the government, should it be required.  Peru's ability to
provide such support is considered moderate given its economic
performance and challenges; Peru's sovereign rating is rated
'BBB-/BBB' by Fitch.

BCP's IDRs are driven by the bank's Individual rating which, in
Fitch's view, is stable over the near and medium term; the banks'
foreign currency IDR is at the country ceiling.  The Individual
rating could suffer if the operating environment were to turn down
significantly, affecting the bank's asset quality to the point
that it could weaken the credit fundamental outlined earlier;
given Peru's resilience through the global crisis, this does not
appear likely at this time.  Downside for the IDRs is limited by
the Support Floor of 'BB+'; the latter is driven by the bank's
systemic importance, alone among rated Peruvian institutions.

BCP's performance was driven by sustained portfolio growth in 2008
and resilient margins coupled with profitable investments in 2009.
Non-interest revenues continued to contribute about 45% of total
operating revenues while costs grew reflecting the bank's
expansion; nevertheless, efficiency improved.  Loan loss
provisions have increased significantly in anticipation of asset
quality deterioration but net income and profitability remain
flattering.  At June 2009, BCP achieves a ROAE of 26% and a ROAA
of 2.0%.

Portfolio quality declined but remained healthy with PDLs below
the industry average and its regional peers.  Loan loss reserves
cover PDLs comfortably and the bank boasts substantial earnings
generation that should underpin adequate reserve coverage.
Funding is broadly based and has a relatively low cost while
liquidity is ample.  BCP's capital ratios improved in spite of
more stringent capital rules thanks to a more moderate growth and
to substantial capitalization of earnings.  BCP's regulatory
capital ratio stood at 14.2% at July 2009.

As the recession seems to have touched bottom, loan growth is
expected to accelerate in the next months but should remain below
the recent highs.  Margins should remain fairly stable while costs
are expected to decline in relative terms.  Asset quality should
continue declining within reasonable levels and pressuring LLPs;
accordingly, BCP's net income could see some deterioration but
should remain positive at still flattering levels when compared to
its peers.  Capital ratios and loan loss reserves -- should be
underpinned by BCPs still strong profitability.

BCP is Peru's largest bank, with a dominating market share of
about 37% of the system's assets.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 97.4% of BCP; Credicorp is widely held.


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


PETROLEOS DE VENEZUELA: To Organize Firm to Develop Block Junin 6
------------------------------------------------------------------
Petroleos de Venezuela S.A. and the National Oil Consortium, a
joint venture comprising Russian companies Rosneft, Lukoil,
Gazprom, TNK-BP and Surgutneftegaz signed agreements aimed at
organizing a Mixed Company intended to develop the Junín 6 heavy
crude oil block in the Orinoco Oil Belt.

During implementation, the production of the project is estimated
at 400,000-500,000 bpd of extra heavy crude oil with cutting-edge
technology. The crude will be processed in a crude upgrader unit
down to 42 API degrees.  Additionally, the mixed company will
develop the basic engineering of a refining compound intended to
manufacture products from the extra heavy crude oil.

PDVSA is to own a 60% stake in the mixed company, with NNK owning
a 40% stake.  The mixed company will have a duration of 25 years,
in accordance with the guidelines of the People's Ministry of
Energy and Petroleum.

This new strategic alliance between Venezuela and Russian is part
of the new pluripolar approach the Bolivarian Government has
devised in its investment plans to optimize Venezuela's energy
resources.

                            About PDVSA

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

                           *     *     *

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

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


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


* LATAM: And Caribbean FDI Inflows Overall by 13% in 2008
---------------------------------------------------------
Foreign direct investment inflows to the Latin America and
Caribbean region rose overall by 13% in 2008, to US$144 billion,
the World Investment Report 2009 revealed.

But there were wide variations within the region.  In 2008, while
FDI inflows grew by 29% in South America, they were negative (-6%)
in Central America and the Caribbean.  This divergence reveals the
differing impacts of the global financial crisis on the two
subregions' economies.  The downturn of FDI to Central America and
the Caribbean was largely due to the strong decrease in inflows to
Mexico (-20%), which was hit hard by the slowdown of the United
States economy. South America, on the other hand, was affected by
the crisis much later, so that inflows continued to increase for
much of the year.  There was robust growth of inward FDI to
Argentina (up 37%), Chile (33%) and Brazil (30%), and, to a lesser
extent, Colombia (17%).  Together, these four countries accounted
for 89% of the subregion's total inflows.

Activities related to natural resources continued to be the main
attraction for FDI in South America, and natural resources are
increasingly becoming a significant FDI target in Central America
and the Caribbean.  In particular, FDI in the metal extractive
industry boomed in 2008: cross-border mergers and acquisitions
(M&As) targeting this industry amounted to US$9 billion - an
eightfold increase from the previous year.  In contrast, the value
of cross-border M&A sales in the oil and gas industry turned
negative, indicating divestments by foreign firms.  The
manufacturing sector as a whole saw a decline in FDI due to a
sharp drop in flows to Central America and the Caribbean, where
foreign-owned export-oriented manufacturing activities are closely
tied to the United States economic cycle.  In South America, on
the other hand, FDI in manufacturing was more or less stable. This
is because the sector is highly concentrated in natural-resources-
related activities and is more oriented to the internal market and
to export destinations other than the United States.

FDI outflows from Latin America and the Caribbean increased in
2008 by 22% to US$63 billion.  Soaring outflows from South
America, which grew by 131%, more than compensated for a 22%
decline of outflows from Central America and the Caribbean.
Brazil registered the strongest increase, with outflows amounting
to US$20 billion - 189% higher than the previous year. By
contrast, outflows from Mexico plummeted to US$700 million from
their previous level of US$8 billion.  Cross-border acquisitions
by Mexican firms declined in 2008 (down $358 million from 2007)
because sales of existing foreign affiliates of Mexican-based TNCs
were higher than the purchases of firms abroad by Mexican-based
TNCs.  The global financial crisis and the fall in commodity
prices have revealed the vulnerabilities of Brazilian and Mexican
TNCs, which are exposed to volatile exchange rates and commodity
prices.

Declines are expected in 2009 in both FDI inflows and outflows, as
the impact of the global economic and financial crisis on
international trade and credit markets for investment begins to
spread to the whole region.  However, in the medium term, higher
commodity prices could attract more natural-resource-related
inward FDI.  Prospects for FDI outflows will depend on world
economic growth trends, and on the capacity of Latin American TNCs
to overcome financial problems deriving from the global crisis.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *