TCRLA_Public/090925.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

            Friday, September 25, 2009, Vol. 10, No. 190

                            Headlines



A R G E N T I N A

ALIR METALURGICA: Creditors' Proofs of Debt Due on November 23
CERVECERIA PATAGONIA: Asks for Opening of Preventive Contest
DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30
FALCON E HIJOS: Creditors' Proofs of Debt Due on November 16
FIBRONET ARGENTINA: Creditors' Proofs of Debt Due on November 12

INSUCORT SRL: Creditors' Proofs of Debt Due on November 23
LABORATORIOS WELT: Creditors' Proofs of Debt Due on October 21
ROSELLINI 1950: Creditors' Proofs of Debt Due on October 30
UNIPRES SERVICIOS: Asks for Opening of Preventive Contest


B E R M U D A

CENTRAL EUROPEAN: Plans to Sell Senior Notes


B R A Z I L

BANCO BTG: Fitch Downgrades Issuer Default Rating to 'BB+'
GOL LINHAS: To Sell Up to 51.8 Million Shares
METROPOLITANA ELETRICIDADE: Fitch Upgrades Issuer Rating to 'BB'
MARFRIG ALIMENTOS: Grupo Zenda Deal Won't Affect S&P's 'B+' Rating
PETROLEO BRASILEIRO: Moody's Gives Positive Outlook on Bond Rating


C A Y M A N  I S L A N D S

CDO AMP: Creditors' Proofs of Debt Due on September 30
CROSSLINK PARTNERS: Creditors' Proofs of Debt Due on September 30
DOLOMITE GLOBAL: Placed Under Voluntary Liquidation
EUROPEAN RENAISSANCE: In Liquidation; General Meeting on Oct. 2
FILM FINANCE: Members to Receive Wind-Up Report on September 30

FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30
FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30
G SQUARE: Creditors' Proofs of Debt Due on September 30
GALLEON HEALTH: Creditors' Proofs of Debt Due on September 30
ION US QUANT FEEDER: In Liquidation; Final Meeting in Feb. 2010

ION US QUANT FUND: In Liquidation; Final Meeting in Feb. 2010
LEHMAN BROTHERS: Placed Under Voluntary Liquidation
MS APPAREL: In Liquidation; Final Meeting on September 30
MS APPAREL II: In Liquidation; Final Meeting on September 30
NAISSANCE HEALTHCARE: Shareholder's Meeting Set for September 30

NOVA INSURANCE: Shareholder to Hear Wind-Up Report on September 30
PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30
PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30
PIVOT STRATEGIC: Creditors' Proofs of Debt Due on September 30
POKROVSKY HILLS: Members to Receive Wind-Up Report on September 30

POLAR II: Commences Wind-Up Proceedings
QPM QUORUM: Shareholder to Hear Wind-Up Report on September 30
RAMIUS FUND: Creditors' Proofs of Debt Due on September 30
SANTA BARBARA: Grand Court Enters Wind-Up Order
SCP KOALA: Creditors' Proofs of Debt Due on September 30

SOUTHERN STAR: Placed Under Voluntary Wind-Up
SOUTHERN STARS: Placed Under Voluntary Wind-Up
VR MACRO: Creditors' Proofs of Debt Due on September 30


J A M A I C A

AIR JAMAICA: Has US$38.3-Million Repayment Plan With ILFC
AIR JAMAICA: Plans to Lay Off 200 Positions


M E X I C O

CEMEX SAB: Discloses Exercise of Over-Allotment Options
CEMEX SAB: Opens GBP49 Million Cement Facility in Essex


P E R U

DOE RUN PERU: Police Clear Workers' Roadblocks


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Still to Decide on Junin 10 Partners
* VENEZUELA: No Restart Date Yet for Isla Gasoline Unit
* VENEZUELA: Projects at Orinoco Oil Belt Are "Highly Profitable"




                         - - - - -


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


ALIR METALURGICA: Creditors' Proofs of Debt Due on November 23
--------------------------------------------------------------
Miguel Angel Marchesi, the court-appointed trustee for Alir
Metalurgica SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until November 23, 2009.

Mr. Marchesi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:

          Miguel Angel Marchesi
          Av. Avellaneda 1135
          Argentina


CERVECERIA PATAGONIA: Asks for Opening of Preventive Contest
------------------------------------------------------------
Cerveceria Patagonia Primitiva SA asked for the opening of
preventive contest.

The company stopped making payments on March 25.


DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30
-------------------------------------------------------------
The court-appointed trustee for Domingo Frezzia S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 30, 2009.

The trustee will present the validated claims in court as
individual reports on February 17, 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
April 5, 2010.


FALCON E HIJOS: Creditors' Proofs of Debt Due on November 16
------------------------------------------------------------
The court-appointed trustee for Falcon e Hijos S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until November 16, 2009.

The trustee will present the validated claims in court as
individual reports on February 1, 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 15, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 2, 2010.


FIBRONET ARGENTINA: Creditors' Proofs of Debt Due on November 12
----------------------------------------------------------------
The court-appointed trustee for Fibronet Argentina S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 12, 2009.


INSUCORT SRL: Creditors' Proofs of Debt Due on November 23
----------------------------------------------------------
The court-appointed trustee for Insucort S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 23, 2009.

The trustee will present the validated claims in court as
individual reports on February 10, 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 25, 2010.


LABORATORIOS WELT: Creditors' Proofs of Debt Due on October 21
--------------------------------------------------------------
The court-appointed trustee for Laboratorios Welt S.A.I. y C.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until October 21, 2009.

The trustee will present the validated claims in court as
individual reports on December 2, 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 16, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 11, 2010.


ROSELLINI 1950: Creditors' Proofs of Debt Due on October 30
-----------------------------------------------------------
Luis Alberto Cortes, the court-appointed trustee for Rosellini
1950 SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 30, 2009.

Mr. Cortes 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:

          Luis Alberto Cortes
          Avenida Cordoba 1646
          Argentina


UNIPRES SERVICIOS: Asks for Opening of Preventive Contest
---------------------------------------------------------
Unipres Servicios Graficos SA asked for the opening of preventive
contest.

The company stopped making payments on August 11.


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


CENTRAL EUROPEAN: Plans to Sell Senior Notes
--------------------------------------------
Central European Media Enterprises Ltd. said it plans to make a
private placement of fixed rate senior notes in the aggregate
principal amount of roughly EUR200.0 million (roughly US$295.8
million).  The notes will have the same terms and be of the same
series as the 11.625% senior notes due 2016 that the Company
issued and sold on September 17, 2009.  The company intends to
commence the offer shortly.  The company expects to use the net
proceeds of the offering to redeem all outstanding EUR181.8
million (roughly US$268.9 million) 8.25% Senior Notes due 2012 of
the Company and for general corporate purposes.

These senior notes will not be registered under the U.S.
Securities Act of 1933 and may not be offered or sold in the U.S.
or to U.S. persons absent registration or an applicable exemption
from registration requirements.  In relation to the United
Kingdom, notes may not be offered or sold except in accordance
with all applicable requirements of the Financial Services and
Markets Act 2000 and regulations passed under FSMA, or pursuant to
an applicable exemption.  In addition, the notes may not be
offered in the United Kingdom or any other member state of the
European Economic Area except in circumstances which do not
require the publication by the company of a prospectus pursuant to
Article 3 of the EU Prospectus Directive.

                       About Central European

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- operates TV channels in Central
and Eastern Europe.

                           *     *     *

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.


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


BANCO BTG: Fitch Downgrades Issuer Default Rating to 'BB+'
----------------------------------------------------------
Fitch Ratings has downgraded the ratings of Banco BTG Pactual S.A.
(BTG Pactual, formerly Banco UBS Pactual S.A. or UBS Pactual) and
removed them from Rating Watch Negative.  Fitch downgraded the
bank's ratings following conclusion of its sale by UBS AG, to a
partnership controlled by Andre Esteves, in September 2009.  The
latter is one of the former controlling shareholders of Banco
Pactual S.A., before the latter was sold to UBS in 2006.  Fitch
has also assigned a Stable Outlook to the long-term Issuer Default
Ratings and National ratings.

Fitch's rating actions on BTG Pactual are listed below:

  -- Long-term foreign currency IDRs downgraded to 'BB+', Stable
     Outlook, from 'BBB', Watch Negative;

  -- Short-term foreign currency IDR downgraded to 'B' from 'F2';

  -- Long-term local currency IDR downgraded to 'BB+', Stable
     Outlook, from 'BBB+', Watch Negative;

  -- Short-term local currency IDR downgraded to 'B' from 'F2';

  -- Support Rating downgraded to '5' from '2';

  -- Support Rating Floor assigned: 'No floor';

  -- Individual Rating affirmed at 'C/D';

  -- National long-term rating downgraded to 'AA-(bra)' (AA minus
     (bra)), Stable Outlook, from 'AAA(bra)', Watch Negative;

  -- National short-term rating affirmed at 'F1+(bra)'.

BTG Pactual's IDRs and National Ratings, which before were based
on UBS's support (rated IDR 'A+', Stable Outlook by Fitch), now
are driven by the bank's Individual Rating.  The Individual Rating
is based on its solid franchise as a merchant bank in Brazil, its
good earnings track record, well-defined structure and philosophy,
supported by a group of experienced professionals, and strong risk
controls, tested successfully in various crises.  The Individual
Rating is constrained by the quality of the bank's capital, the
limitations on future capitalization inherent in the partnership
business model, as well as by relatively lower diversification on
its balance sheet and its revenue stream.

Despite believing in the new shareholders' willingness to support
the bank, Fitch cannot assess the support capacity of the owners.
The agency considers the support of the Brazilian authorities
possible, but not certain, due to the bank's size and activity.

The change in control had little effect on the strategy and
operations of the bank, which also did not change when UBS
acquired the bank in 2006.  Despite the challenges of
consolidating the new bank with a smaller distribution capacity in
a more challenging environment, Fitch expects BTG Pactual to
continue to be one of the main merchant banks in Brazil.  This is
due to the maintenance of a large part of its executive team and
its good capacity to generate business, as well as the experience
acquired during the period of UBS control, principally greater
internationalization and understanding of the markets and more
institutionalized processes and methodologies.  While the bank's
well-established local franchise provides some recurring revenues,
Fitch expects that BTG Pactual's future results will likely
reflect the volatility inherent in its business model, where
earnings and, therefore, the capacity to generate capital, can
vary significantly depending on the fortunes of its proprietary
trading and capital-market derived activities.

BTG Pactual's main risks continue to be inherent to its very
active trading operations in a market which has proven quite
volatile.  These operations can contribute substantially to the
bank's results, generally correlated with periods of greater
trading opportunities.  This is partly mitigated by strong and
recurring fee income, mainly derived from the asset management and
brokerage business, which generally cover administrative and
personnel expenses.

While current levels of capital appear adequate, capital adequacy
measures should be expected to exhibit a certain volatility going
forward, as has been the case in the past.  While Fitch recognizes
that the partnership business model ensures a strong commitment of
the partners in the bank's success, such a model can place limits
on the bank's capacity to raise significant capital, should it be
required.  In addition, Fitch notes a significant level of
intangible assets relative to equity, but also expects that these
should diminish to more moderate levels over the medium term.

Large losses or constant mismatches in treasury could strongly
impact its ratings on the downside.  The Individual Rating would
benefit from a consistent improvement in the quality of the bank's
capital, and the maintenance of strong levels of capitalization
while maintaining its historically consistent strategy, with
moderate treasury limits.

Despite legally being a multiple bank, BTG Pactual is one of the
largest investment banks in Brazil.  Founded in 1983, it is
controlled by Andre Esteves, UBS Pactual's main executive until
mid-2008 and one of the owners of the former Pactual.

Fitch's national ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(bra)' for national ratings in Brazil.


GOL LINHAS: To Sell Up to 51.8 Million Shares
---------------------------------------------
Francisco Marcelino at Bloomberg News reports that GOL Intelligent
Airlines aka GOL Linhas Areas Inteligentes S.A., and its
controlling shareholder, called Fundo de Investimento em
Participacoes Asas, plan to sell 51.8 million new and existing
shares to tap a rally in the equity market, various reports say.
Fundo de Investimento has a 76.18% stake in Gol Linhas.

According to Bloomberg New, the offering includes 34.6 million new
and existing preferred shares worth BRL643.6 million (US$359
million), according to September 23 closing price of BRL18.60.
The report relates that the airline also plans to sell new voting
shares.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Reuters said that GOL Linhas plans to raise
capital through a public share subscription.  According to the
report, the company said that it would issue 17.275 million common
shares and the same number of preferred shares; and could add
preferred shares up to an equivalent of 20% of the main offer.

Dow Jones Newswires notes that the company said it will use the
proceeds from the offer to reinforce its net asset position.  The
report relates that Itau BBA, Morgan Stanley, Bradesco BBI, BB
Investimentos and Bank of America Merrill Lynch were hired to
coordinate the operation.

                          About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$200 million perpetual notes at 'B/RR5';

  -- US$200 million senior notes due 2017 at 'B/RR5'.


METROPOLITANA ELETRICIDADE: Fitch Upgrades Issuer Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Eletropaulo
Metropolitana Eletricidade de Sao Paulo S.A.:

  -- Foreign currency Issuer Default Rating to 'BB' from 'BB-';

  -- Local currency IDR to 'BB' from 'BB-';

  -- Long-term national scale rating to 'A+(bra)' from 'A(bra)';

  -- Senior unsecured notes due 2010 to 'BB' from 'BB-';

  -- Ninth issuance of debentures due 2018 to 'A+(bra)' from
     'A(bra)';

  -- 10th issuance of debentures due 2013 to 'A+(bra)' from
     'A(bra)';

  -- 11th issuance of debentures due 2018 to 'A+(bra)' from
     'A(bra)';

  -- Bank credit certificate (cedula de credito bancario - CCB)
     due 2015 to 'A+(bra)' from 'A(bra)'.

The Rating Outlook is Stable for the corporate ratings.

The upgrade reflects Eletropaulo's conservative financial profile,
low business risk and an increasingly stable regulatory framework
in Brazil that has matured over the last few years.  Since 2005,
Eletropaulo's credit metrics have strengthened mainly as a result
of debt reduction.  Going forward, the company's credit metrics
are expected to remain in line with the newly assigned rating
category, although they are expected to marginally deteriorate as
a result of possible settlement of tax disputes with the Brazilian
government, which will likely be financed with government debt
through Refis up to 15 years, which can lead to a discount in
interest and penalties.  The rating action also incorporates
Eletropaulo's resilient financial performance despite adverse
macroeconomic conditions in the country during the last three
quarters.  During the first half of 2009, electricity demand
within Eletropaulo's concession area suffered a modest decline
compared to of the same period of the previous year as a result of
the economic slowdown in Brazil during the past nine months.
Eletropaulo benefited from increases in residential and commercial
consumption, which partially mitigated the sharp decline in
consumption from the industrial sector.

Low Business Risk Profile:

Eletropaulo's ratings incorporate the company's low business risk
profile, which stems from its exclusive concession to operate
within its service area, the monopoly nature of distribution
companies as well as the company's favorable concession area.
Eletropaulo holds an exclusive concession to distribute
electricity in the metropolitan region of Greater Sao Paulo.  This
bodes well for the company's credit profile as this area has one
of the highest per capita incomes in the country.  Eletropaulo's
low business risk profile and stable revenues and cash flow
generations are evidenced by the company's financial resilient on
the backdrop of negative economic growth in the country during
recent months.  While Brazilian GDP declined by approximately
-1.2% during the second quarter of 2009 in comparison with second
quarter 2008, electricity consumption within Eletropaulo's
concession area remained relatively unchanged with a -0.4% decline
in electricity demand.

Conservative Financial Profile, Strong Credit Metrics:

The company's current credit metrics are considered strong for the
rating category, which are expected to remain in line with the
assigned rating despite a likely unfavorable tax ruling with the
federal government, which should result in additional debt in
2010.  Eletropaulo's total debt has been steadily decreasing
during the past three years to approximately BRL4.1 billion as of
June 2009 from BRL4.7 billion in 2006.  For the last 12 months
(LTM) ended June 30, 2009, the company reported a low leverage
ratio, as measured by total debt-to-EBITDA, of 2.6 times.
Although leverage is expected to increase as a result of the
funding of up to BRL853 million Cofins tax contingent liability,
which would increase leverage as high as 3.2x, it is still solid
for the 'BB' rating category.

Eletropaulo's current liquidity position is considered strong and
interest coverage very healthy.  As of June 2009, the company
reported total cash and marketable securities of approximately
BRL1.0 billion, which compares favorable with its BRL1.1 billion
of upcoming maturities.  The larger volume of short-term debt
maturities is in part driven by BRL474 million of BRL Eurobond
that matures during the second quarter of 2010.  Over the past few
years, Eletropaulo interest coverage, as measured by EBITDA-to-
interest expenses has been very strong, being most of time greater
than 10x.  Going forward, interest coverage and liquidity are
expected to moderate as the company increases debt to finance the
Cofins payments and continue with more aggressive investment and
dividends practices.

Eletropaulo's benefited from an 8.0% favorable tariff adjustment
in July 2008, which resulted into an increase in revenues of
approximately 1.8% to BRL7.7 billion as of the LTM ended June 30,
2009, when compared with 2008 revenues.  Despite the increase in
revenues, EBITDA generation deteriorated to BRL1.5 billion from
BRL1.6 billion in 2008 and BRL1.7 billion in 2007 as a result of
labor settlements and legal costs, as well as larger private
pension fund costs and the negative impact of the tariff
revision's final result.  EBITDA generation decline lowered EBITDA
margin to 20.1%, which is below other private electricity
distribution companies in Brazil.  Lower EBITDA generation,
coupled with an unfavorable variation in working capital led
Eletropaulo to report a significant reduction in cash flow from
operations, which declined to BRL802 million as of the LTM ended
June 2009.

Marginal Deterioration in Free Cash Flow:

Although Eletropaulo has reported a positive free cash flow,
defined as cash flow from operations minus capital expenditures
and dividends, during recent years, as of the LTM ended June 2009,
the company reported negative free cash flow as a result of lower
cash flow from operations, large investments and growing dividend
distributions.  As of the LTM ended June 2009, Eletropaulo's free
cash flow was a negative BRL516 million, with the company's
dividend distribution practice of close to 100% of net income.
Investments were higher and totaled BRL585 million, compared with
an annual average of BRL440 million from 2005 to 2008.  Fitch
expects Eletropaulo's cash flow from operations to increase over
the next few years due to demand growth, positive annual rate
adjustments and greater control over costs and operational
expenses.

Change of Control, Hydrology Risks:

Eletropaulo's ratings are based on the current shareholder
structure, as there is a possible change of control.  Banco
Nacional de Desenvolvimento Economico e Social has announced its
intention to sell its participation in Companhia Brasiliana de
Energia, which in turn, controls indirectly the company.
Currently, BNDES, together with AES Corporation (IDR rated 'B+' by
Fitch) owns an indirect 35.8% controlling economic interest in the
company.  Clause in the shareholders agreement gives AES
Corporation the right of first refusal over BNDES stake on
Brasiliana.  Should AES Corporation opt out of this right, it will
be forced to sell its interest along with that of BNDES.  Change
of control risk for noteholders is mitigated by covenants that
will force the acquirer to obtain a waiver from debt-holders or
refinance its debt, should an owner different than BNDES or AES
Corporation take control of the company.

Eletropaulo's ratings also incorporate the Brazilian electricity
sector's exposure to hydrology risk, as the country's generation
matrix is highly dependent on hydro electric generation plants.
Given that approximately 74% of Brazil's electricity generation
installed capacity comes from hydroelectric generation plants,
severe droughts can expose distribution companies to rationings,
which lower electricity consumption, negatively impacting
distribution companies' revenues.  Given the current favorable
reservoirs' levels, the country is not expected to suffer
rationings in the short term.


MARFRIG ALIMENTOS: Grupo Zenda Deal Won't Affect S&P's 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the transactions
announced by Brazil-based meat processor Marfrig Alimentos S.A.
(B+/Negative/--) on Sept. 22, 2009, will not affect the ratings
assigned to the company.  Marfrig announced the acquisition of 51%
of Uruguayan leather company Grupo Zenda, the leasing agreement of
12 industrial plants that should increase its slaughtering
capacity by 8,800 cattle per day, and the partnership agreement
with Brazilian retailer Grupo Martins.

The announcements are consistent with the company's strategy to
integrate its production chain into leather, to gain scale to
better negotiate cattle sourcing and prices and improve logistics
and distribution capabilities.  The only immediate cash
implication of these transactions is a $49.5-million payment for
Zenda and monthly payments under the lease agreement, which S&P
believes can be met with internal cash generation and the
company's cash reserves (Brazilian reais 1.28 billion as of
June 30, 2009).


PETROLEO BRASILEIRO: Moody's Gives Positive Outlook on Bond Rating
------------------------------------------------------------------
Moody's Investors Service changed the outlook for the Baa1 foreign
currency bond rating of Petroleo Brasileiro S.A. and its
guaranteed subsidiaries to positive from stable.  The change in
rating outlook is in response to the upgrade of the government of
Brazil's long-term foreign currency rating to Baa3 from Ba1, with
a positive outlook.  In conjunction with that action, Moody's also
raised Brazil's foreign currency bond ceiling to Baa2 from Baa3
with a positive outlook.

The positive outlook considers that Petrobras's Baa1 foreign
currency rating is likely to be upgraded and equalized with its A3
local currency rating in the event that the government bond rating
is upgraded to Baa2.  Moody's think that Petrobras's foreign
currency rating is appropriately positioned at two notches above
Brazil's foreign currency bond rating, based on Moody's assessment
of the low likelihood that Petrobras would be affected in the
event of a general moratorium in Brazil on foreign currency debt
payments.

Petrobras's A3 local currency rating is not affected by these
actions.  It reflects application of joint-default analysis under
Moody's government-related issuers methodology, which considers a
baseline credit assessment for Petrobras of 8 (comparable to Baa1)
and factors in a high level of implied support by the government
and a medium level of default correlation between Petrobras and
the government.

The last rating action affecting Petrobras occurred on June 18,
2009, when Moody's affirmed the company's foreign currency bond
rating and downgraded its global local currency rating to A3,
reflecting an increased level of dependence between Petrobras and
the government of Brazil.

Petroleo Brasileiro S.A., based in Rio de Janeiro, is an
integrated petroleum company and the largest corporation in
Brazil.  The government owns 55.7% of Petrobras's common stock,
and directly and indirectly owns about 43% of Petrobras's common
and preferred shares outstanding.


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


CDO AMP: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------
The creditors of CDO AMP 30MM2-4 2007-1, 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 14, 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


CROSSLINK PARTNERS: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------------
The creditors of Crosslink Partners Offshore Fund 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 July 22, 2009.

The company's liquidator is:

          G Robinson
          c/o Graham Robinson
          P.O. Box 897, One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


DOLOMITE GLOBAL: Placed Under Voluntary Liquidation
---------------------------------------------------
On August 18, 2009, the sole shareholder of Dolomite Global
Emerging Markets Fund Non-U.S. Dollar, Ltd. resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Raj M. Keswani
          122 East 42nd Street
          Suite 735, New York, NY 10168, U.S.A.


EUROPEAN RENAISSANCE: In Liquidation; General Meeting on Oct. 2
---------------------------------------------------------------
European Renaissance Fund Limited has been placed into Voluntary
Liquidation pursuant to The Companies Law (As Amended).  Pursuant
to Section 127 of the Companies Law (As Amended), the final
general meeting of the Company will be held at the registered
office of the Company on October 2, 2009, at 10:00 a.m. for the
purpose of considering and, if thought fit, passing these
resolutions:

     -- That the Joint Voluntary Liquidators? report and account
        of his acts and dealings and the conduct of the winding up
        during the period July 21, 2009, to October 2, 2009, be
        approved.

     -- That the Joint Voluntary Liquidators retain the books and
        records of the Company for a period of three years from
        the dissolution of the Company after which they may be
        destroyed.

Ian D. Stokoe serves as Joint Voluntary Liquidator.

Contact for inquiries:

     Jodi Jones
     Tel: (345) 914-8694
     Fax: (345) 945-4237
     PO Box 258, Grand Cayman KY1-1104
     Cayman Islands


FILM FINANCE: Members to Receive Wind-Up Report on September 30
---------------------------------------------------------------
The members of Film Finance Alternative Fund, Ltd. will receive,
on September 30, 2009, at 3:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is;

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


FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------------
The creditors of FRM Multi-Strategy Opportunity Fund SPC 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 Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands
          Telephone: (345) 914-6314


FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------------
The creditors of FRM Multi-Strategy Opportunity Master Fund SPC
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 Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands
          Telephone: (345) 914-6314


G SQUARE: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------
The creditors of G Square Finance 2006-2 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 12, 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


GALLEON HEALTH: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------------
The creditors of Galleon Health Sciences Offshore, 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 July 29, 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


ION US QUANT FEEDER: In Liquidation; Final Meeting in Feb. 2010
---------------------------------------------------------------
ION US Quant Feeder Fund Ltd. has been placed into Voluntary
Liquidation.  Pursuant to Section 127 of the Companies (Amendment)
Law 2007, the final meeting of the company will be held at the
registered office of the company on February 8, 2010, at 11:30
a.m.

The agenda at the meeting are:

     1. To lay accounts before the meeting showing how the winding
        up has been conducted and how the property has been
        disposed of to the date of final winding up on February 8,
        2009.

     2. To authorize the Liquidators to retain the records of the
        company for a period of six years from the dissolution of
        the company after which they may be destroyed.

Any person who is entitled to attend and vote at this meeting may
appoint a proxy to attend and vote in his stead.  A proxy need not
be a member or creditor.

Russell Smith serves as Voluntary Liquidator.


ION US QUANT FUND: In Liquidation; Final Meeting in Feb. 2010
-------------------------------------------------------------
ION US Quant Fund Ltd. has been placed into Voluntary Liquidation.
Pursuant to Section 127 of the Companies (Amendment) Law 2007, the
final meeting of the company will be held at the registered office
of the company on February 8, 2010, at 11:00 a.m.

The agenda at the meeting are:

     1. To lay accounts before the meeting showing how the winding
        up has been conducted and how the property has been
        disposed of to the date of final winding up on February 8,
        2009.

     2. To authorize the Liquidators to retain the records of the
        company for a period of six years from the dissolution of
        the company after which they may be destroyed.

Any person who is entitled to attend and vote at this meeting may
appoint a proxy to attend and vote in his stead.  A proxy need not
be a member or creditor.

Russell Smith serves as Voluntary Liquidator.


LEHMAN BROTHERS: Placed Under Voluntary Liquidation
---------------------------------------------------
On July 6, 2009, a unanimous written resolution was passed that
placed Lehman Brothers Equity Finance (Cayman) Ltd. under
voluntary liquidation.

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

The company's liquidator is:

          Simon Whicker
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Lauren Christie
          Telephone: 345-815-2663
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


MS APPAREL: In Liquidation; Final Meeting on September 30
---------------------------------------------------------
MS Apparel Limited has been placed into Voluntary Liquidation.
Pursuant to Section 127 of the Companies Law (2007 Revision) (as
amended), the final general meeting of the Company will be held at
Citco Trustees (Cayman) Limited, Regatta Office Park, West Bay
Road, Windward One, Grand Cayman, Cayman Islands, on September 30,
2009, for the purpose of presenting to the members an account of
the winding up of the Company and giving an explanation thereof.

CDL Company Ltd. serves as Voluntary Liquidator.

Address for service:

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


MS APPAREL II: In Liquidation; Final Meeting on September 30
------------------------------------------------------------
MS Apparel II Limited has been placed into Voluntary Liquidation.
Pursuant to Section 127 of the Companies Law (2007 Revision) (as
amended), the final general meeting of the Company will be held at
Citco Trustees (Cayman) Limited, Regatta Office Park, West Bay
Road, Windward One, Grand Cayman, Cayman Islands, on September 30,
2009, for the purpose of presenting to the members an account of
the winding up of the Company and giving an explanation thereof.

CDL Company Ltd. serves as Voluntary Liquidator.

Address for service:

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


NAISSANCE HEALTHCARE: Shareholder's Meeting Set for September 30
----------------------------------------------------------------
The sole shareholder of Naissance Healthcare Fund Limited will
receive, on September 30, 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:

          Ogier
          c/o Khatidja McLean
          Telephone: 815 1760
          Facsimile: (345) 949 1986


NOVA INSURANCE: Shareholder to Hear Wind-Up Report on September 30
------------------------------------------------------------------
The shareholder of Nova Insurance Company will receive, on
September 30, 2009, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Katherine Chiazza
          Dena Thompson
          Telephone: 949-7755
          Facsimile: 949-6021
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-6021


PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------------
The creditors of Pequot Utility Offshore Fund, Ltd. are required
to file their proofs of debt by September 30, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 20, 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


PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------------
The creditors of Pequot Utility Master Fund, Ltd. are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 20, 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


PIVOT STRATEGIC: Creditors' Proofs of Debt Due on September 30
--------------------------------------------------------------
The creditors of Pivot Strategic 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


POKROVSKY HILLS: Members to Receive Wind-Up Report on September 30
------------------------------------------------------------------
The members of Pokrovsky Hills JV Holdings Ltd. will receive, on
September 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


POLAR II: Commences Wind-Up Proceedings
---------------------------------------
On August 13, 2009, the sole shareholder of Polar II
International, Inc. passed a resolution that voluntarily winds up
the company's operations.

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

The company's liquidator is:

          Ogier
          Jonathan Bernstein
          Telephone: (345) 815-1897
          Facsimile: (345) 949 1986
          c/o Ogier
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


QPM QUORUM: Shareholder to Hear Wind-Up Report on September 30
--------------------------------------------------------------
The shareholder of QPM Quorum Quantitative Fund Ltd. will receive,
on September 30, 2009, at 10:00 a.m., the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Bunn
          Telephone: (345) 815 1848
          Facsimile: (345) 949 1986


RAMIUS FUND: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Ramius Fund V, 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 14, 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


SANTA BARBARA: Grand Court Enters Wind-Up Order
-----------------------------------------------
On August 7, 2009, the Grand Court of Cayman Islands entered an
order to have Santa Barbara Holdings Limited's operations wound
up.

The company's liquidators are:

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


SCP KOALA: Creditors' Proofs of Debt Due on September 30
--------------------------------------------------------
The creditors of SCP Koala Holdings 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 10, 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


SOUTHERN STAR: Placed Under Voluntary Wind-Up
---------------------------------------------
On August 13, 2009, the shareholders of Southern Star 881 Co. Ltd
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
August 13, 2009, were included in the company's dividend
distribution.

The company's liquidator is:

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


SOUTHERN STARS: Placed Under Voluntary Wind-Up
----------------------------------------------
On August 13, 2009, the shareholders of Southern Stars 895-900 Co.
Ltd passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
August 13, 2009, were included in the company's dividend
distribution.

The company's liquidator is:

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


VR MACRO: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------
The creditors of VR Macro Strategies 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 12, 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


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


AIR JAMAICA: Has US$38.3-Million Repayment Plan With ILFC
---------------------------------------------------------
Air Jamaica Limited made its first payment on a US$38.3-million,
five-year agreement with US-based International Lease Finance
Corporation for the return of six aircraft from its fleet, Jamaica
Observer reports, citing Air Jamaica Chief Executive Officer Bruce
Nobles.  The report relates that the airline reduced its fleet by
six planes between 2008 and 2009 as it pursued 'right-sizing'
efforts in accordance with its new business plan aimed at
preparing the national carrier for divestment.

According to the report, Mr. Nobles said Air Jamaica negotiated a
government-guaranteed payment arrangement, with ILFC that took
into account past rent owed to the leasing company, early return
penalties, as well as obligations to return the aircraft in the
same conditions in which they were received.  The arrangement was
approved in Parliament on June 9, he noted.

"We had some planes that were due to come off lease, so the return
was accelerated by a couple months," the report quoted Mr. Nobles
as saying.  The other four planes were at various stages of their
respective lease arrangements," Mr. Nobles added.  The report
relates that Mr. Nobles said, "We agreed with them on a number, we
put all of that into US$38.3 million" he said.

The Observer notes recalls that Air Jamaica returned the planes in
February as it cut eight routes as part of its new business model.
The report relates that the business plan projected that these
measures would lead to US$63 million in operating losses this year
but allow the airline to break even by summer.

A TCRLA report on June 29, 2009, citing RadioJamaica News, related
that the Jamaican government indicated it will name a buyer for
cash-strapped Air Jamaica.  Radio Jamaica said the airline has
been hemorrhaging over US$150 million per annum and the government
has had to foot the massive bill.  In addition, Radio Jamaica
said, Air Jamaica currently has over US$600 million in loans
outstanding.

                        About Air Jamaica

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

                           *     *     *

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


AIR JAMAICA: Plans to Lay Off 200 Positions
-------------------------------------------
Trade unions representing Air Jamaica Limited's workers are
unsatisfied with the Steering Committee's answers regarding the
airline's plan to lay off 200 positions, RadioJamaica reports.
The Steering Committee comprises Air Jamaica officials and trade
union representatives.

According to the report, Kavon Gayle, President-General of the
Bustamante Industrial Trade Union, said that there are still
unanswered questions regarding the need to reduce the work force
at Air Jamaica and as a result, further meetings will take place
with the airline's management over the next few days.  "We have
asked some questions in relation to what are the requisite savings
that they would want to derive from this (and) we have not gotten
a wholesome answer on that.  We also have concerns about how some
aspects of the layoffs are going to be treated as suggested by the
company.  We're going to continue to have discussions with the
management of Air Jamaica in the next couple of days, to get a
clear understanding and likewise, we will be interfacing with our
members," the report quoted Mr. Gayle as saying.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, RadioJamaica said that Air Jamaica will start
to lay off several categories of workers by September 30, which
will affect various groups of employees the airline, but the exact
number of persons to be affected has not been finalized.  The
report relates that the lay-offs will be carried out as part of
cost cutting measures as efforts continue to find a buyer for Air
Jamaica.

                       About Air Jamaica

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

                           *     *     *

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



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


CEMEX SAB: Discloses Exercise of Over-Allotment Options
-------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that underwriters of its
previously announced global offering have notified it that they
intend to exercise their over-allotment options in full and will
purchase an additional 195,000,000 Ordinary Participation
Certificates.  Of the total, 146,250,000 CPOs will be purchased in
the form of American Depositary Shares, with each ADS comprised of
10 CPOs, for resale in the United States and elsewhere outside of
Mexico, and 48,750,000 CPOs will be purchased for resale in
Mexico.

The additional CPOs will be sold at the same public offering
prices as the global public offering of US$12.50 per ADS and
MXP16.65 per CPO.

The estimated aggregate net proceeds from the global offering,
including proceeds from the exercise of the over-allotment
options, are expected to be roughly US$1.782 billion.  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.

J.P. Morgan, Citi, Santander Investment and BBVA are acting as
global coordinators for the global offering. J.P. Morgan, Citi,
Santander Investment, BBVA, BNP Paribas, HSBC and RBS are acting
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 are acting as bookrunning managers for the
Mexican offering.

A registration statement relating to the securities has been filed
with the U.S. Securities and Exchange Commission and is effective.
A Spanish language prospectus related to the Mexican offering has
been filed with, and approved for use by, the Comision Nacional
Bancaria y de Valores (Mexican securities authority).

Copies of the final international prospectus may be obtained from
the prospectus departments of:

   J.P. Morgan Securities Inc.,
   4 Chase Metrotech Center,
   CS Level, Brooklyn, NY 11245,
   Prospectus Library,
   (718) 242-8002

   Citigroup Global Markets Inc.,
   Brooklyn Army Terminal,
   140 58th Street, 8th floor,
   Brooklyn, NY 11220,
   (718) 765-6732

   Santander Investment,
   Equity Capital Markets,
   45 East 53rd Street,
   12th floor, New York,
   NY10022,
   Elias Ehrlich
   (212) 407-0963, Elias Ehrlich

   Banco Bilbao Vizcaya Argentaria, S.A,
   Via de los Poblados s/n,
   28033 Madrid,
   ECM Department,
   (34 91) 537-9337

   BNP Paribas Equity Syndicate,
   16 avenue de Matignon,
   75008, Paris, France

   HSBC,
   Prospectus Dept.,
   452 Fifth Avenue,
   New York, NY 10018,
   (866) 811-8049

   RBS Securities Inc.,
   600 Washington Blvd.,
   Stamford,
   CT 06901,
   Prospectus Library,
   (203) 897-9874

Copies of the final Mexican prospectus may be obtained from the
prospectus departments of:

   Acciones y Valores Banamex Casa de Bolsa
   Paseo de la Reforma 398 ? 4° piso,
   Col. Juarez,
   06600 D.F.,
   Mexico,
   J Antonio Espindola/Santiago Guzman,
   Equity Capital Markets

   J.P. Morgan Casa de Bolsa,
   Av Paseo de las Palmas 405,
   Col Lomas de Chapultepec,
   piso 16, 11000, D.F.,
   Mexico,
   Ricardo Carvallo,
   52 (55) 5540-9361

   Casa de Bolsa BBVA Bancomer,
   Montes Urales 620 2ž floor,
   Col. Lomas de Chapultepec 11000,
   D.F., Mexico,
   Banca de Inversion/ECM Mexico,
   52 (55) 5201-2069

   Santander Casa de Bolsa,
   Equity Capital Markets,
   Prol. Paseo de la Reforma,
   #500 Modulo 109,
   Col. Lomas de Santa Fe, Alvaro Obregon,
   01219, DF, Mexico,
   Roberto Baena
   52 (55) 5269-1819

   HSBC Casa de Bolsa,
   Luis A Hernandez,
   Tesoreria  HSBC,
   Av Paseo de la Reforma
   347, Piso 15,
   Col Cuauhtemoc 06500,
   D.F, Mexico,

                           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: Opens GBP49 Million Cement Facility in Essex
-------------------------------------------------------
CEMEX, S.A.B. de C.V. has invested GBP49 million for a cement
grinding and blending facility in Thames Gateway, Essex, Building
News reports.  The report relates that the plant, which has been
under construction for the past two years, will increase Cemex
UK?s cement capacity by 20%.

According to the report, the basis for the products made at
Tilbury is cement clinker, which is ground to a powder and blended
with by-products from other industries to make cements for use in
buildings and infrastructure projects.

?I am immensely proud of this plant, which truly demonstrates our
commitment to the construction industry and confidence that the UK
economy will bounce back,? the report quoted Cemex UK President
Gonzalo Galindo as saying.

                           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)'.


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


DOE RUN PERU: Police Clear Workers' Roadblocks
----------------------------------------------
Alex Emery at Bloomberg News reports that Peruvian police cleared
roadblocks in the central Andes after protests by Doe Run Peru
smelter workers turned deadly.  Police battled company's 3,700
workers to reopen the Central Andean Highway, which links key
mining and farming regions to Lima, union spokesman Roberto Guzman
told the news agency in a telephone interview.

According to the report, some 1,200 police were deployed, with one
killed and another wounded.  Cabinet Chief Javier Velasquez, the
report relates, said that the protests are aimed to pressure the
government to help the company reopen the smelter.  ?We hope the
workers understand the government is working on this issue,? the
report quoted Deputy Mining Minister Fernando Gala as saying.
?The executive has sent an urgent bill of law to Congress and we
trust it will be passed as quickly as possible,? Mr. Gala added.

Bloomberg News notes that Congress may vote this week on a plan to
grant Doe Run Peru an extension of an environmental clean-up
deadline that will give the company access to financing.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Reuters estimated that more than 3,000 direct
jobs and 16,000 indirect jobs are at stake at the smelter and in
the town of La Oroya.  According to a TCRLA report on August 6,
2009, citing Reuters, Doe Run Peru filed for a government-
monitored financial restructuring because it was worried creditors
might try to freeze its assets or operations.  A TCRLA report on
August 5, 2009, citing Reuters, related that Doe Run Peru owes
some US$100 million to its suppliers and needs to spend another
US$150 million to clean up La Oroya.  Bloomberg News recalled the
company shut all its smelter operations after failing to reach an
agreement with banks and mining suppliers.  Bloomberg News related
that Doe Run Peru?s zinc and lead smelter received a three-month
extension to complete planned environmental cleanup projects.

Meanwhile, Bloomberg News notes that Justice Minister Aurelio
Pastor said a state prosecutor may press charges against the
company?s general manager Juan Carlos Huyhua for his alleged
responsibility for the deadly protests.  ?It?s clear that there?s
direct manipulation by the company management,? the report quoted
Mr. Pastor as saying.  ?We?re not going to allow this to happen in
a state of law,? Mr. Pastor added.

                          About Doe Run

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

                           *     *     *

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


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


PETROLEOS DE VENEZUELA: Still to Decide on Junin 10 Partners
------------------------------------------------------------
Petroleos de Venezuela is still choosing partners for its Junin 10
oil field, Fabian Cambero at Reuters reports, citing PDVSA Vice
President Eulogio Del Pino.  The report relates that Mr. Pino said
he hoped to see a final decision later this year.  "The idea is to
evaluate which option is the best from the two companies, to see
if we combine them or just go with one," the report quoted Mr.
Pino as saying.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Bloomberg News said tht PDVSA will review
proposals from StatoilHydro ASA and Total SA to develop a block in
Venezuela?s Orinoco Belt that will require investments of US$25
billion over 25 years.  According to the report, Venezuela is
seeking to develop the Orinoco Belt aiming to increase output to
4.7 million barrels a day by 2015.

Bloomberg News noted that France?s Total and Norway?s
StatoilHydro, already minority partners in the Petrocedeno heavy-
oil project in the Orinoco Belt, are each submitting proposals to
develop the Junin 10 block, where Venezuela aims to produce
600,000 barrels a day.

                            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'


* VENEZUELA: No Restart Date Yet for Isla Gasoline Unit
-------------------------------------------------------
Fabian Cambero at Reuters reports that Venezuela said it had no
restart date for the gasoline unit of its Isla refinery, closed
since the end of August, but vowed to bring the cracker at its
Cardon refinery back online in less than a month.

According to the report, Petroleos de Venezuela frequently misses
deadlines on refinery work, with units often idled for months
longer than originally intended.  The report relates Jesus Luongo,
head of the Paraguana complex, said he did not know when the
company's 320,000 bpd Isla oil refinery would restart after being
closed since the end of August.  PDVSA leases the Isla refinery,
which is located on the nearby island of Curacao.

Reuters notes that the Cardon cracker was closed to expand output
by 15% to 89,000 barrels of gasoline and diesel per day in a
US$650 million upgrade over a year ago.

"It should be in service next month, after Oct. 15," the report
quoted Jesus Luongo as saying.

                           *     *     *

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


* VENEZUELA: Projects at Orinoco Oil Belt Are "Highly Profitable"
-----------------------------------------------------------------
Eulogio Del Pino, Exploration and Production Vice-President,
Petroleos de Venezuela, S.A., reported that the Ministry of
People?s Power for Energy and Petroleum will issue a new schedule
based on three major development projects in the Carabobo block at
the Orinoco Oil Belt, together with Russian and Chinese companies,
for an individual output of more than 400,000 bpd.

During the opening session of the Heavy Oil Symposium held on
September 22-23 in Caracas, Mr. Del Pino explained that the
findings of the certification of this significant area go beyond
the expectations in terms of reserves.

With regard to oil prices, Mr. Del Pino clarified that the
projects profitability at the OOB is sustainable, considering a
ceiling of US$40 per barrel.  Nevertheless, US$60-70 per barrel is
also a highly profitable business with very attractive investment
results.

Mr. Del Pino also talked about an investment together with French
company Total of around US$25 billion in the Junín 10 block.  The
project includes the establishment of a refinery or high hydro-
cracking upgrade to get upgraded oil of up to 42 degrees API.

?The highest quality currently upgraded at the Belt is of 31
degrees API.  With this project, we will produce a larger amount
of oil, because we will be able to use better-quality solvents
resulting in a higher output potential,? Mr. Del Pino noted.

                              Rigs

?We presently have in Venezuela 150 active rigs, including 66
private rigs and 35 property of PDVSA which are drilling,? said
the PDVSA Exploration and Production Vice-President.  Early this
year, some rigs were used for well shooting and maintenance, as a
result of falling oil prices.  Now, as oil prices recovered,
equipments have been added to drilling.

Mr. Del Pino commented on the first two rigs in the process of
assembly in Venezuela.  Next year, eight rigs are expected to be
completed.  Manufacturing will take longer, because the production
lines of these equipments are being refitted in order to ensure
manufacturing of up to four rigs annually.

                           *     *     *

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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