---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 28, 2009, Vol. 10, No. 191

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner in Hospital After Jail Altercation


A R G E N T I N A

AMR ARGENTINA: Asks for Opening of Preventive Contest
CAFE 51: Creditors' Proofs of Debt Due on October 15
FIBRONET ARGENTINA: Creditors' Proofs of Debt Due on November 12
FLAMITEX SA: Creditors' Proofs of Debt Due on October 29
GENERICOS IBERA: Creditors' Proofs of Debt Due on November 17

SENDEROS NORTE: Creditors' Proofs of Debt Due on November 20
TELEFONICA ARGENTINA: Commences Cash Tender Offer for Notes


B E R M U D A

BURNABY CATASTROPHE: Creditors' Proofs of Debt Due on October 7
BURNABY CATASTROPHE: Members to Receive Wind-Up Repor on Oct. 29


B R A Z I L

BANCO SANTANDER: Deutsche Bank Reiterates Firm's "Buy" Rating
EMPRESA BRASILEIRA: To Offer a Series of Notes
EMPRESA BRASILEIRA: Inks Delivery Deal With Lufthansa


C A Y M A N  I S L A N D S

ASTERION FUND: Creditors' Proofs of Debt Due on October 2
AWAIR LTD: Creditors' Proofs of Debt Due on October 1
BANK AUSTRIA: Creditors' Proofs of Debt Due on October 1
BLACKSTONE RH: Placed Under Voluntary Liquidation
BLUENOSE CAPITAL: Creditors' Proofs of Debt Due on October 1

BLUENOSE CAPITAL: Creditors' Proofs of Debt Due on October 1
CIC ALTERNATIVE: Appoints Avalon Management Limited as Liquidator
CIC MICROCAP: Appoints Avalon Management Limited as Liquidator
CRUSADER INTERNATIONAL: Placed Under Voluntary Wind-Up
EVERBRIGHT INVESTMENT: Creditors' Proofs of Debt Due on October 2

FOUNDING PARTNERS: Grand Court Enters Wind-Up Order
HEDGE SELECT: Creditors' Proofs of Debt Due on October 1
INVESTCORP EVENT: Placed Under Voluntary Liquidation
MOTO VELO: Commences Wind-Up Proceedings
MUXAXAS LIMITED: Creditors' Proofs of Debt Due on October 1

RIAN INVESTMENTS: Creditors' Proofs of Debt Due on October 1
SIVIK GLOBAL: Creditors' Proofs of Debt Due on October 9
WESTERN ASSET: Placed Under Voluntary Liquidation


C H I L E

* CHILE: IMF Welcomes Commitment of Add'l Financial Support


C O L O M B I A

BANCOLOMBIA SA: Appoints Regional Manager
ECOPETROL SA: Gets Communication from the Ministry of Finance
* COLOMBIA:  Economy Shrinks for Third Straight Quarter


C O S T A  R I C A

* COSTA RICA: IMF OKs 1st Review Under Country's Stand-By Deal


D O M I N I C A N  R E P U B L I C

CEMEX SAB: Unit Advances Commitments to Environmental Viability


E C U A D O R

* ECUADOR: Moody's Cuts Outstanding Global Bonds Rating to Caa3


E L  S A L V A D O R

* EL SALVADOR: Inks Staff-Level Agreement With IMF


G U A T E M A L A

* GUATEMALA: IMF Completes First Review of Stand-By Arrangement


J A M A I C A

CABLE & WIRELESS: Appointed CMO Won't Take Up Job, Bolts to Diageo
JPSCO: OUR to Disclose Decision on Company's Request for Increase


M E X I C O

CEMEX SAB: Investors Eagerly Buy Company's Shares Offering


P E R U

DOE RUN PERU: Congress Extends Cleanup Deadline


P U E R T O  R I C O

BANCO POPULAR: Moody's Confirms 'D+' Bank Strength Rating
FIRSTBANK PUERTO RICO: Seeks Foreclosure on 116-Acre Project


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Orinoco Belt Investment Surpass Targets
PETROLEOS DE VENEZUELA: Total SA Will Invest US$25BB in Oil Belt
* VENEZUELA: Total SA Will invest US$25BB in Orinoco Oil Belt
* VENEZUELA: StatoilHydro Eyes New Venezuela Ventures
* VENEZUELA: To Sell US$3 Billion in Dollar Bonds


X X X X X X X X

* BOND PRICING: For the Week September 21  to September 25, 2009


                         - - - - -


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


STANFORD INT'L: Owner in Hospital After Jail Altercation
--------------------------------------------------------
Robert Allen Stanford, who is in jail awaiting trial on charges
related to an alleged US$7 billion fraud, was taken to a Texas
hospital after a fight with another inmate, Caribbean Net News
reports, citing deputy US Marshal.

According to the report, the deputy said that Mr. Stanford was
injured in a fight on Thursday morning and needed medical
attention.  The report, citing Houston television station KPRC-TV,
relates that Mr. Stanford was kept in the hospital overnight and
returned to the jail on September 26.

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


AMR ARGENTINA: Asks for Opening of Preventive Contest
-----------------------------------------------------
AMR Argentina S.A. asked for the opening of preventive contest.


CAFE 51: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------
Irma Aguilera, the court-appointed trustee for Cafe 51 SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 15, 2009.

Ms. Aguilera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk No.
38, 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.


FIBRONET ARGENTINA: Creditors' Proofs of Debt Due on November 12
----------------------------------------------------------------
Beatriz del Carmen Muruaga, the court-appointed trustee for
Fibronet Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until November 12, 2009.

Ms. Muruaga will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk No.
2, 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:

          Beatriz del Carmen Muruaga
          Aguero 1290
          Argentina


FLAMITEX SA: Creditors' Proofs of Debt Due on October 29
--------------------------------------------------------
Ruben Viva, the court-appointed trustee for Flamitex S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 29, 2009.

Mr. Viva will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 25, 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.


GENERICOS IBERA: Creditors' Proofs of Debt Due on November 17
-------------------------------------------------------------
Atilio Ruben Mossi, the court-appointed trustee for Genericos
Ibera S.A.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until November 17, 2009.

Mr. Mossi will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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:

          Atilio Ruben Mossi
          Montevideo 527
          Argentina


SENDEROS NORTE: Creditors' Proofs of Debt Due on November 20
------------------------------------------------------------
Luis Ricardo Kralj, the court-appointed trustee for Senderos Norte
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 20, 2009.

Mr. Kralj will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk No. 1, 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.


TELEFONICA ARGENTINA: Commences Cash Tender Offer for Notes
-----------------------------------------------------------
Telefonica de Argentina S.A. is offering to purchase for cash its
outstanding notes listed below for an aggregate purchase price of
up to US$50 million in the U.S. Dollar Offer and up to Argentine
ARS200 million in the Argentine Peso Offer.  The company's cash
tender offers comprise an offer to purchase up to the Maximum U.S.
Dollar Tender Amount and an offer to purchase up to the Maximum
Argentine Peso Tender Amount.  The Offers for each series of Notes
will expire at 11:59 p.m., New York City time, on October 22,
2009, unless extended by the Company with respect to either or
both Offers/  The Offers are governed by the times and dates
referred to herein based on New York City time.  Times and dates
based on Buenos Aires time are provided solely for your
convenience.

                                      Aggregate                  Argentine
                          Acceptance  Principal   .S. Dollar     Peso
    Title of    CUSIP/ISIN Priority   Amount      Tender Offer   Tender Offer
    Security    Numbers    Level      Outstanding Consideration  Consideration
                                                     (1)          (1)(2)
    --------    ---------- ---------  ----------- -------------- -------------
    8.850%
    Conversion   879378AL1
    Notes due   US879378AL14   1     US$28,576     US$1055.00     US$1071.00
    August 2011


    9.125%
    Notes        879378AJ6
    due November US879378AJ67  2   US$195,507,000  US$1045.00     US$1061.00
    2010


    8.850%
    Notes due    879378AK3
    August     US879378AK31    3   US$134,644,000  US$1055.00     US$1071.00
    2011


                                               Total U.S.          Total
    Title of    CUSIP/ISIN      Early Tender     Dollar       Argentine Peso
    Security      Numbers      Premium(1)(3)  Consideration(1) Consideration
                                                                   (1)(2)
    8.850%
    Conversion   879378AL1
    Notes due   US879378AL14     US$15.00       US$1070.00       US$1086.00
    August 2011


    9.125%
    Notes        879378AJ6
    due November US879378AJ67    US$15.00       US$1060.00       US$1076.00
    2010

    8.850%
    Notes due    879378AK3
    August      US879378AK31     US$15.00       US$1070.00       US$1086.00
    2011

    (1) Per US$1,000 principal amount of Notes.

    (2) Will be paid in Argentine pesos. Payment in Argentine
        pesos will be based on the Argentine Peso Tender Offer
        Consideration or Total Argentine Peso Consideration, as
        applicable, expressed in U.S. dollars, converted to
        Argentine pesos at the greater of (a) the applicable U.S.
        dollar-Argentine peso exchange rate prevailing at 12:00
        p.m., New York City time (1:00 p.m. Buenos Aires time),
        on October 20, 2009, and (b) Argentine ARS3.790 per
        US$1.00.

    (3) Will be payable in U.S. dollars and/or Argentine pesos.
        Payment in Argentine pesos will be based on the
        Argentine Peso Tender Offer Consideration or Total
        Argentine Peso Consideration (defined herein), as
        applicable, expressed in U.S. dollars, converted to
        Argentine pesos at the greater of (a) the Exchange Rate
        prevailing on the Exchange Rate Date and (b) Argentine
        ARS3.790 per US$1.00.

If the aggregate purchase price of Notes of all series tendered in
the U.S. Dollar Offer exceeds the Maximum U.S. Dollar Tender
Amount, then the Company will accept for purchase (1) first, all
of the Notes with the First Acceptance Priority Level validly
tendered on a pro rata basis, (2) thereafter the Notes with the
Second Acceptance Priority Level validly tendered on a pro rata
basis and (3) thereafter the Notes with the Third Acceptance
Priority Level validly tendered on a pro rata basis such that the
total purchase price payable for the Notes accepted in the U.S.
Dollar Offer does not exceed US$50 million, provided that in no
event will the aggregate purchase price of the 2011 Notes
purchased by the Company in the U.S. Dollar Offer exceed US$25
million.

Similarly, if the aggregate purchase price of Notes of all series
tendered in the Argentine Peso Offer exceeds the Maximum Argentine
Peso Tender Amount, then the Company will accept for purchase (1)
first, all of the Notes with the First Acceptance Priority Level
validly tendered on a pro rata basis, (2) thereafter the Notes
with the Second Acceptance Priority Level validly tendered on a
pro rata basis and (3) thereafter the Notes with the Third
Acceptance Priority Level validly tendered on a pro rata basis
such that the total purchase price payable for the Notes accepted
in the Argentine Peso Offer does not exceed Argentine ARS200
million, provided that in no event will the aggregate purchase
price of the 2011 Notes purchased by the Company in the Argentine
Peso Offer exceed Argentine ARS100 million.

The "U.S. Dollar Tender Offer Consideration" for each US$1,000
principal amount of the 8.850% Conversion Notes due August 2011,
for each US$1,000 principal amount of the 9.125% Notes due
November 2010 and for each US$1,000 principal amount of the 8.850%
Notes due August 2011 in accordance with the Acceptance Priority
Level, if applicable, validly tendered and accepted for purchase
pursuant to the U.S. Dollar Offer will be the applicable U.S.
dollar tender offer consideration for each series of Notes set
forth in the table.  Holders of Notes that are validly tendered in
the U.S. Dollar Offer before 5:00 p.m., New York City time (6:00
p.m. Buenos Aires time), on October 7, 2009, unless extended or
earlier terminated, and accepted for purchase will receive the
applicable U.S. Dollar Tender Offer Consideration plus the
applicable early tender premium for each series of Notes set forth
in the table.  Holders of Notes that are validly tendered in the
U.S. Dollar Offer after the Early Tender Date and accepted for
purchase will receive only the U.S. Dollar Tender Offer
Consideration.

The "Argentine Peso Tender Offer Consideration" for each US$1,000
principal amount of the 2011 Conversion Notes, for each US$1,000
principal amount of the 2010 Notes and for each US$1,000 principal
amount of the 2011 Notes in accordance with the Acceptance
Priority Level, if applicable, validly tendered and accepted for
purchase pursuant to the Argentine Peso Offer will be the
applicable Argentine peso tender offer consideration for each
series of Notes set forth in the table (in each case, the
"Argentine Peso Tender Offer Consideration", and together with the
U.S. Dollar Tender Offer Consideration, the "Tender Offer
Consideration").  Holders of Notes that are validly tendered in
the Argentine Peso Offer before the Early Tender Date and accepted
for purchase will receive the applicable Argentine Peso Tender
Offer Consideration plus the applicable Early Tender Premium for
each series of Notes set forth in the table.  Holders of Notes
that are validly tendered in the Argentine Peso Offer after the
Early Tender Date and accepted for purchase will receive only the
Argentine Peso Tender Offer Consideration.  Payment in Argentine
pesos will be based on the Total Argentine Peso Consideration or
Argentine Peso Tender Offer Consideration, as applicable,
expressed in U.S. dollars, converted to Argentine pesos at the
greater of (a) the Exchange Rate prevailing on the Exchange Rate
Date and (b) Argentine ARS3.790 to US$1.00.  The Company will
announce the applicable exchange rate upon which payment in
Argentine pesos will be based by press release promptly following
the Exchange Rate Date.

Tenders of Notes in either Offer may be validly withdrawn at any
time up to 5:00 p.m., New York City time (6:00 p.m. Buenos Aires
time), on October 7, 2009 (the "Withdrawal Date") unless the
Company extends such date with regards to either or both Offers
but, except as provided herein or required by law, after such time
may not be validly withdrawn.

The company reserves the right, subject to applicable law, to (a)
accept for purchase and pay for all Notes validly tendered on or
before the Early Tender Date or Expiration Date, as applicable,
and to keep either or both Offers open or extend the Early Tender
Date or Expiration Date to a later date and time with respect to
one or both series of Notes as announced by the Company, (b) waive
any or all conditions to either or both Offers with respect to one
or both series of Notes; (c) terminate either or both Offers with
respect to one or both series of Notes, (d) otherwise amend either
or both Offers in any respect with respect to any or all series of
Notes or (e) delay accepting any or all series of the Notes.

Consummation of the Offers for each series of Notes is subject to
the satisfaction or waiver of certain conditions, including but
not limited to (i) the exchange rate for U.S. dollars to Argentine
pesos as reported by Argentina's Central Bank (tipo de cambio de
referencia), which can be accessed via:

https://mbrservices.net/emtatest/currate.asp, increasing or
decreasing by more than 10% at any point in the period from the
close of business on the date prior to the date of the Offer to
Purchase (as defined below) to the Expiration Date, (ii) any
decline in the Standard & Poor's Index of 500 Industrial Companies
by an amount in excess of 10% at any point in the period from the
close of business on the date prior to the date of the Offer to
Purchase (as defined below) to the Expiration Date, (iii) any
decline in the Buenos Aires Stock Exchange's total market
capitalization by an amount in excess of 10% at any point in the
period from the close of business on the date prior to the date of
the Offer to Purchase to the Expiration Date and the satisfaction
of certain customary conditions.  The company reserves the right,
in its sole discretion, to waive any or all of the conditions to
either or both Offers, in whole or in part at any time, or to
terminate or amend either or both Offers for any reason.

               About Telefonica de Argentina

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

                         *     *     *

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

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

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

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

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

The Rating Outlook is Stable.


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


BURNABY CATASTROPHE: Creditors' Proofs of Debt Due on October 7
---------------------------------------------------------------
The creditors of Burnaby Catastrophe Fund, Ltd. are required to
file their proofs of debt by October 7, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


BURNABY CATASTROPHE: Members to Receive Wind-Up Repor on Oct. 29
----------------------------------------------------------------
The members of Burnaby Catastrophe Fund, Ltd. will receive, on
October 29, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


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


BANCO SANTANDER: Deutsche Bank Reiterates Firm's "Buy" Rating
-------------------------------------------------------------
Analysts at Deutsche Bank reiterate their "buy" rating on Banco
Santander SA, the parent company of Banco Santander Brasil,
Newsratings News reports.  The report relates that the target
price has been raised to EUR12.50 to EUR14.00.

According to the report, the analysts mention that the company is
actively pursuing transformational deals in the US and the UK.
Banco Santander, the report says, expects strong volume growth in
Brazil in the near future and significant cost savings from the
integration of Banco Real, the analysts add.

Deutsche Bank, the report notes, the company’s diversified
operations make it well positioned to benefit form the global
economic recovery.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, Bloomberg News said Banco Santander aims to
raise as much as BRL13.1 billion (US$7.2 billion) by selling
shares in Banco Santander Brasil SA.  According to the report,
Banco Santander (Brasil) SA will sell 525 million units at BRL22
to BRL25.  The report relates that each unit will include 55
common shares and 50 preferred shares.  The offering is equivalent
to 16.2% of the current capital of the Brazilian unit, the report
notes.

                 About Banco Santander (Brasil)

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

                          *     *    *

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


EMPRESA BRASILEIRA: To Offer a Series of Notes
----------------------------------------------
Empresa Brasileira de Aeronautica SA plans to offer in the
global capital markets a series of notes due 2020 through its
wholly owned subsidiary Embraer Overseas.

The net proceeds of this offering will be used for general
corporate purposes, which may include the repayment of short-term
debt.  The notes will be senior unsecured and unsubordinated
obligations of Embraer Overseas, and Embraer will unconditionally
guarantee Embraer Overseas’ payment obligations under the Notes
and the indenture.  The guarantees will constitute direct, senior
unsecured obligations of Embraer.  The Deutsche Bank and Morgan
Stanley are acting as book-running underwriters.  The offering
will be made pursuant to an effective shelf registration
statement.  A preliminary prospectus supplement with further
information about the proposed offering has been filed with the
U.S. Securities and Exchange Commission.  Before investing, the
preliminary prospectus supplement and other documents that Embraer
and Embraer Overseas have filed with the SEC should be read for
more complete information about Embraer, Embraer Overseas, and the
offering.

                          About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com–- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB–Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


EMPRESA BRASILEIRA: Inks Delivery Deal With Lufthansa
-----------------------------------------------------
Empresa Brasileira de Aeronautica SA delivered the first EMBRAER
195 jet to Germany’s Lufthansa CityLine at the company’s
headquarters in Sao Jose dos Campos, Brazil.  The aircraft will be
operated by Lufthansa CityLine, the wholly owned regional partner
of the German carrier and one of the five partners in the
Lufthansa Regional family.  The original deal was announced in
June 2007, with the confirmation of 30 firm orders for the EMBRAER
190 jet, including options to take any model of the E-Jets family.

“It’s a great honor to see our E-Jets sporting the colors of such
a renowned airline as Lufthansa,” said Mauro Kern, Embraer
Executive Vice President, Airline Market.  “We´re
proud to have been selected as the backbone for the renewal of the
Lufthansa regional fleet, and our satisfaction is even greater,
because we have recently achieved the outstanding milestone of 600
E-Jets operating with 49 airlines in 34 countries.”  Lufthansa
CityLine’s EMBRAER 195 is configured for 116 passengers in a dual-
class layout, with a moveable divider.  The new aircraft joins the
modern and efficient regional fleet Lufthansa has come to depend
upon for its European routes and feeder flights to its longhaul
network.  Based at the carrier’s hub in Munich, the E-Jets will
develop new routes and expand Lufthansa’s regional outreach,
offering passengers more comfort and safety, without the
undesirable middle seat.

“We are very happy to receive our first state-of-the-art E-Jet,”
said Klaus Froese, Managing Director of Lufthansa CityLine. “I
believe it will be the ideal aircraft to renew our ageing fleet
and to develop new routes, as we continue to enhance our service
to our valued customers.”

“Lufthansa is very proud to take delivery of the first EMBRAER 195
for CityLine,” said Nico Buchholz, Lufthansa Senior Vice
President, Corporate Fleet.  “With a total of 20 E-Jets for
CityLine and ten already delivered to Air Dolomiti and Augsburg
Airways, Lufthansa will continue its strive to further upgrade its
fleet to offer its customers an unrivalled premium
product on its regional network, with exceptional levels of
comfort.”

                    About Lufthansa CityLine

Lufthansa CityLine is a wholly owned company of Deutsche
Lufthansa AG and one of the five partners in the Lufthansa
Regional concept.  In addition to providing nonstop services
between regional airports, the group offers smooth connections –
via key hubs in Frankfurt and Munich – to Star Alliance, the
world’s largest airline network.

Lufthansa CityLine has 2,444 employees – 711 flight deck crew, 866
cabin crew, and 867 people on the technical and administrative
staff -- and carries 7 million passengers per year.

                          About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com–- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB–Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


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


ASTERION FUND: Creditors' Proofs of Debt Due on October 2
---------------------------------------------------------
The creditors of Asterion Fund I, Ltd. are required to file their
proofs of debt by October 2, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 12, 2009.

The company's liquidator is:

          Richard Finlay
          c/o Noel Webb
          Telephone: (345) 945 3901
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111


AWAIR LTD: Creditors' Proofs of Debt Due on October 1
-----------------------------------------------------
The creditors of Awair Ltd. are required to file their proofs of
debt by October 1, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 31, 2009.

The company's liquidator is:

          Stuart Sybersma
          Trudy-Ann Baines
          Deloitte & Touche, P.O. Box 1787
          Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: tabaines@deloitte.com


BANK AUSTRIA: Creditors' Proofs of Debt Due on October 1
--------------------------------------------------------
The creditors of Bank Austria Nominees (Cayman Islands) Limited
are required to file their proofs of debt by October 1, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 10, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


BLACKSTONE RH: Placed Under Voluntary Liquidation
-------------------------------------------------
On August 20, 2009, the sole shareholder of Blackstone RH Offshore
Fund 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:

          Samuel A.D. Young
          Cayman Corporate Centre
          27 Hospital Road, 5th Floor
          Grand Cayman KY1-1109, Cayman Islands


BLUENOSE CAPITAL: Creditors' Proofs of Debt Due on October 1
------------------------------------------------------------
The creditors of Bluenose Capital Fund (Offshore), Ltd. are
required to file their proofs of debt by October 1, 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:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


BLUENOSE CAPITAL: Creditors' Proofs of Debt Due on October 1
------------------------------------------------------------
The creditors of Bluenose Capital Master Fund, Ltd. are required
to file their proofs of debt by October 1, 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:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


CIC ALTERNATIVE: Appoints Avalon Management Limited as Liquidator
-----------------------------------------------------------------
Avalon Management Limited was appointed as liquidator CIC
Alternative Strategies Fund.

The company commenced liquidation proceedings on March 18, 2008.

The Liquidator can be reached at:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Donald Spence
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Avalon Management Limited
          Gregory Link
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands


CIC MICROCAP: Appoints Avalon Management Limited as Liquidator
--------------------------------------------------------------
Avalon Management Limited was appointed as liquidator CIC Microcap
Securities Fund.

The company commenced liquidation proceedings on March 18, 2008.

The Liquidator can be reached at:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Donald Spence
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Avalon Management Limited
          Gregory Link
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands


CRUSADER INTERNATIONAL: Placed Under Voluntary Wind-Up
------------------------------------------------------
On August 3, 2009, the Board of Directors of Crusader
International Investment First Income Fund Ltd. passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Stuart Jessop
          Regatta Office Park
          5th Floor, Windward 3, West Bay Road
          Grand Cayman KY1-1105, Cayman Islands


EVERBRIGHT INVESTMENT: Creditors' Proofs of Debt Due on October 2
-----------------------------------------------------------------
The creditors of Everbright Investment Fund SPC are required to
file their proofs of debt by October 2, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 12, 2009.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902


FOUNDING PARTNERS: Grand Court Enters Wind-Up Order
---------------------------------------------------
On July 31, 2009, the Grand Court of Cayman Islands entered an
order to have Founding Partners Global Fund Inc's operations wound
up.

The company's liquidators are:

          David Walker
          Ian Stokoe
          PwC Corporate Finance & Recovery (Cayman) Limited
          P.O. Box 258, Strathvale House
          Grand Cayman KY1-1104
          Cayman Islands


HEDGE SELECT: Creditors' Proofs of Debt Due on October 1
--------------------------------------------------------
The creditors of Hedge Select 4 Fund are required to file their
proofs of debt by October 1, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 24, 2009.

The company's liquidator is:

          Wilton Mcdonald
          Telephone: (345) 914 4620
          Facsimile: (345) 815 0570
          c/o Trulaw Corporate Services Ltd.
          Anderson Square Building, 5th Floor
          Shedden Road, Grand Cayman, KY1-1103
          Cayman Islands


INVESTCORP EVENT: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on August 18, 2009, the
members of Investcorp Event Arbitrage Master Fund Limited SPC
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Westport Services Ltd.
          Evania Ebanks
          c/o Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square, P.O. Box 1111
          Grand Cayman KY1-1102, Cayman Islands


MOTO VELO: Commences Wind-Up Proceedings
----------------------------------------
On August 20, 2009, the shareholder of Moto Velo Limited passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


MUXAXAS LIMITED: Creditors' Proofs of Debt Due on October 1
-----------------------------------------------------------
The creditors of Muxaxas Limited are required to file their proofs
of debt by October 1, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 18, 2009.

The company's liquidator is:

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


RIAN INVESTMENTS: Creditors' Proofs of Debt Due on October 1
------------------------------------------------------------
The creditors of Rian Investments Limited are required to file
their proofs of debt by October 1, 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:

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


SIVIK GLOBAL: Creditors' Proofs of Debt Due on October 9
--------------------------------------------------------
The creditors of Sivik Global Healthcare Long Fund Offshore are
required to file their proofs of debt by October 9, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2009.

The company's liquidator is:

          Norman Schleifer
          Telephone: (212) 702 2038
          Facsimile: (212) 702 2001


WESTERN ASSET: Placed Under Voluntary Liquidation
-------------------------------------------------
On August 20, 2009, the sole shareholder of Western Asset
Opportunistic Emerging Markets Portfolio, 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:

          James W. Hirschmann
          385 East Colorado Blvd, Pasadena
          CA 91101, U.S.A.


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


* CHILE: IMF Welcomes Commitment of Add'l Financial Support
-----------------------------------------------------------
The Managing Director of the International Monetary Fund Dominique
Strauss-Kahn, made the following statement regarding Chile's
commitment to increase its contribution to the Fund's New
Arrangements to Borrow by SDR1.02 billion (about US$1.6 billion),
to a total of SDR1.36 billion (about US$2.2 billion).

“I welcome the Chilean authorities’ commitment to increase
fourfold its contribution to the Fund’s New Arrangements to
Borrow.  This will help ensure the IMF’s lending capacity is
sufficient to meet the financing needs of its member countries and
demonstrates Chile’s commitment to multilateral cooperation."


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


BANCOLOMBIA SA: Appoints Regional Manager
-----------------------------------------
Bancolombia S.A. has appointed Luz Maria Velasquez Zapata as
Regional Manager of Retail and Small and Medium Enterprises
Banking for the Antioquia region and as legal representative of
the bank.

Ms. Velasquez holds a degree in Business Administration from EAFIT
University in Medellin, with studies in marketing, product
management and strategic planning.  She has been an employee of
the Bank since 1993.  Ms. Velasquez was formerly the Director of
the Credit and Debit Cards Unit of the Bank and is currently a
member of the Board of Directors of Credibanco.

Ms. Velasquez will become a legal representative of Bancolombia
upon approval of her position by the Colombian Superintendency of
Finance.

                        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: Gets Communication from the Ministry of Finance
-------------------------------------------------------------
Ecopetrol S.A received a communication from the Colombian Ministry
of Finance -- Ministerio de Hacienda y Credito Publico --
regarding the potential sale of Ecopetrol's shares.

On that subject, the Ministry informed Ecopetrol that the
Strategic Road Plan (Programa Estrategico de Autopistas - PROESA,
Etapa 1) was approved by the CONPES (National Council for Economic
and Social Policy) in a meeting that took place on Monday,
September 21, 2009, and includes the following recommendation:

"Delegate the Ministry of Finance to gradually sell up to 10% of
Nation's shares in Ecopetrol S.A., in coordination with the
competent entities, as well as to evaluate the different options
for financing the strategic projects set forth in this document,
taking into account the evolution of the Nation's revenues and
guaranteeing that the development of such projects does not affect
the sustainability of the Nation's medium-term indebtedness as
defined in the Medium-Term Fiscal Debt Plan."

The Ministry also informed Ecopetrol that should the option of
selling Ecopetrol's shares be selected, any sale is conditioned on
the finalization of Ecopetrol's Capitalization Process pursuant to
Law 1118 of 2006.  For these purposes, the required diligence
process relating to the corresponding legal, regulatory and
statutory adjustments which could be required will be conducted.

                       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. Colombia owns 90% of
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.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


* COLOMBIA:  Economy Shrinks for Third Straight Quarter
-------------------------------------------------------
Helen Murphy and Alexander Cuadros at Bloomberg News reports that
Colombia’s economy shrank for a third straight quarter in the
April-June period, the longest slump in a decade, as the global
credit crunch cut exports and domestic demand fell.  The report,
citing the national statistics agency, relates that gross domestic
product fell 0.5% in the second quarter from a year earlier.

“There’s a substantial slowdown in economic activity and it’s
reasonable to say that Colombia is underperforming its economic
potential,” the report quoted David Duarte, a Latin America
analyst at 4Cast Inc. in New York, as saying.

According to the report, Finance Minister Oscar Ivan Zuluaga
forecasts 2009 economic growth at 0.5% to 1.5% while central bank
chief Jose Dario Uribe forecasts zero growth this year and an
expansion between 2% and 3% next year.

Bloomberg News notes that construction revenue grew 16.8% from a
year ago, limiting the economy’s overall contraction in the second
quarter, while the mining sector expanded 10.2% and finance grew
4.3%.  The report, citing the statistics agency, relates that
industrial output fell 10.2% during the quarter and trade slipped
3.9%.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


==================
C O S T A  R I C A
==================


* COSTA RICA: IMF OKs 1st Review Under Country's Stand-By Deal
--------------------------------------------------------------
The Executive Board of the International Monetary Fund completed
the first review of Costa Rica’s economic performance under the
15-month, SDR492.3 million (about US$780 million) Stand-By
Arrangement approved in April 13, 2009.  Completion of the review
makes an additional SDR41.025 million (about US$65 million)
available for disbursement, bringing the total resources available
to Costa Rica under the arrangement to SDR369.2 million (about
US$585 million).  The Costa Rican authorities intend to continue
treating the arrangement as precautionary.

Following the Executive Board discussion on Costa Rica, Mr. Murilo
Portugal, Deputy Managing Director and Acting Chair, made the
following statement:

“The Costa Rican economy has withstood the impact of the global
economic and financial crisis relatively well.  The authorities’
strategy to reduce the impact from external shocks through fiscal
stimulus and the mobilization of contingent external financing,
including the precautionary Stand-By Arrangement with the Fund,
has helped sustain investor confidence and financial stability.
Output, especially in sectors dependent on external conditions,
has declined, but preliminary evidence suggests that the economy
is bottoming out.

“The 15-month Stand-By Arrangement is expected to remain
precautionary and will continue to support confidence through the
availability of a substantial liquidity buffer.  The program has
been revised to partly accommodate lower-than-expected fiscal
revenues through higher deficits in 2009–10.  This will help
protect social spending and support domestic demand, while keeping
the domestic borrowing requirement and the debt-to-GDP ratio
within reasonable margins.

“Inflation has reached historical lows, providing the central bank
with an opportunity to achieve durable price stability.  Monetary
policy will maintain its cautious, gradual easing bias conditional
on a decline in inflation and exchange rate expectations.

“The banking sector remains sound.  While the cyclical downturn of
activity has led to a moderate increase in nonperforming loans and
a decline in bank profitability, liquidity and solvency indicators
remain generally adequate and banks have reduced their net foreign
exposure by repaying external credit lines.  The authorities will
continue to monitor financial sector risks closely, and press
ahead with their well-focused agenda to strengthen bank
supervision, regulation, and the financial sector safety net.

“Overall, the near-term prospects for Costa Rica’s economy have
improved and external vulnerabilities have declined. The incipient
global recovery should boost confidence, help lift export-related
activities, and restore investor risk appetite.  Some downside
risks remain, especially if the global recovery falters or the
fiscal borrowing requirement rises more than expected.  Continued
strong implementation of the policies under the IMF-supported
program will help insulate Costa Rica’s economic recovery from
these downside risks.” Mr. Portugal said.

                           *     *     *

As of July 28, 2009, the country continues to carry Moody's Ba1
foreign currency rating with stable outlook.


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


CEMEX SAB: Unit Advances Commitments to Environmental Viability
---------------------------------------------------------------
CEMEX Dominicana, a local unit of CEMEX, S.A.B. de C.V., continues
its efforts toward important advances in meeting it objectives as
a sustainable company, by adhering to viability goals and to
significantly reduce carbon emissions, Dominican Today reports.

“This company’s commitment to reducing emissions is demonstrated
by the programs Use of Additives, Fossil Fuel Substitution for
Alternative Fuels in cement production, and Adjustment of the
Physical Facilities,” the cement maker said in an emailed
statement obtained by the news agency.

According to the report, Cemex Dominicana said the efforts has
allowed the multinational to obtain positive results, as shown by
the information on environmental compliance drafted by external
consultants and evaluated by technicians  of the Environment and
Natural Resources Ministry.

“CEMEX reaffirms its environmental commitment every day, joining
the collective effort and assuming the role as an active agent for
viable development,” the report quoted CEMEX Dominican Republic
President Carlos Jacks 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)'.


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


* ECUADOR: Moody's Cuts Outstanding Global Bonds Rating to Caa3
---------------------------------------------------------------
Moody's changed the rating on Ecuador's outstanding global bonds
to Caa3 with a stable outlook from Ca with a developing outlook,
while the ratings on its defaulted bonds were moved to C,
reflecting recovery rates of around 35% for investors.  The
foreign currency ceilings on bonds and deposits are at Caa2, with
a stable outlook.

"Ecuador's very poor track record of debt repayment, defaulting on
two of its global bonds while remaining current on the third (the
2015s), and frequent statements about prioritizing social and
other expenditures over debt payment suggest that the risk of
default on the remaining bonds still remains high" said Alessandra
Alecci, a Moody's Vice President and sovereign analyst for
Ecuador.

"Statements expressing uncertainty about treatment of multilateral
and bilateral debt underscore that the Correa administration does
not view debt service as a policy priority, evidencing a low
willingness to pay debt regardless of the ability to meet
obligations."  Nevertheless, the continuation of payment on the
2015 bonds suggests that another default may not occur at this
point in time.

Concerns about Ecuador's ability to pay, related primarily to the
sustainability of dollarization, are also incorporated into the
Caa3 rating, the third-lowest on Moody's scale.  A loose fiscal
policy, the lack of fiscal stabilization funds, limited access to
market financing and deposit flight could easily lead to a
shortage of liquidity.

"Ecuador's contentious approach towards foreign investment in the
oil industry could, in the long term, not only limit capital
inflows but also hinder oil output, a vital contributor to
Ecuador's economic growth", Ms. Alecci added.

Recent bilateral financing from China and increased lending by
multilateral banks have eased liquidity concerns, enabling foreign
exchange reserves to rise significantly, while deposit flight
seems to have stabilized.  However, increased government
intervention in the economy could further damage business
confidence, affecting both domestic and foreign investment.

"A resumption of capital flight could threaten dollarization,
while declining foreign investment in the energy sector could end
up severely affecting medium term prospects for oil production ",
said Ms. Alecci.  Oil exports play a key role in the government's
fiscal account and in the country's exports.

The last change in Ecuador's rating was implemented on
December 16, 2008, when Moody's downgraded the government's bond
ratings to Ca from Caa1.  The developing outlook was assigned at
that time, amidst considerable uncertainty regarding losses
incurred by investors after the country defaulted on two sovereign
global bonds.


====================
E L  S A L V A D O R
====================


* EL SALVADOR: Inks Staff-Level Agreement With IMF
--------------------------------------------------
An International Monetary Fund staff mission and the authorities
of El Salvador have reached preliminary agreement on a new
economic program that could be supported by a three-year,
SDR513.9 million (equivalent to about US$800 million) Stand-By
Arrangement.  The new program will replace the 15-month Stand-By
Arrangement approved on January 16, 2009.

The agreement reached with the authorities is subject to approval
by the IMF management and Executive Board, which could consider
the request for the new Stand-By Arrangement in November.  As with
the current program, the authorities of El Salvador plan to treat
the new arrangement as precautionary and do not intend to draw on
it.

The staff-level agreement was announced in Washington by El
Salvador’s President Mauricio Funes, Technical Secretary of the
Presidency, Alexander Segovia, and Finance Minister Carlos
Caceres, who visited the IMF and met Deputy Managing Director
Takatoshi Kato and the director of the Western Hemisphere
Department, Nicolas Eyzaguirre.

El Salvador has been strongly affected by the global crisis,
particularly through its linkages to the United States economy.
These shocks have affected domestic demand in El Salvador by more
than was anticipated and real GDP is now expected to decline by
2.5% in 2009 and then recover gradually over the coming years.
The arrangement approved in January achieved its key objective of
helping El Salvador weather the financial crisis and maintain
macroeconomic and financial sector stability and investor
confidence during the elections and transition to a new
administration.

The main objectives of the new program are to safeguard fiscal and
financial sustainability under the dollarization regime, catalyze
resources from private investors and multilaterals, provide space
for countercyclical measures aimed at buttressing domestic demand
in 2009 and 2010, and support the administration’s development
plan for 2009-2014.

The new arrangement will help El Salvador to continue protecting
its most vulnerable citizens, through the redirection of non-
priority spending to social areas.  The government is introducing
a Universal Social Protection System, which includes expanding its
conditional cash transfer program, will set up a temporary
employment program, and has started a special public investment
program concentrated on health, education, and infrastructure, In
total, with these initiatives, the authorities are expecting to
redirect as much as 2 percent of GDP towards social spending.

“El Salvador was the first country in Latin America to seek
financial assistance from the IMF to navigate the current global
financial crisis,” said Mr. Eyzaguirre.  “While this first program
achieved its broad objectives, the effects of the crisis have been
severe and challenges still remain.  We are very happy that the
administration of President Mauricio Funes has chosen to continue
to rely on the Fund to support its economic program going
forward.”


=================
G U A T E M A L A
=================


* GUATEMALA: IMF Completes First Review of Stand-By Arrangement
---------------------------------------------------------------
The Executive Board of the International Monetary Fund completed
the first review of Guatemala’s economic performance under the 18-
month Stand-By Arrangement.  The arrangement, in the amount of
SDR630.6 million (about US$1 billion) was approved in April 22,
2009.

With completion of the review, a total of SDR462.4 million (about
US$734 million) will be available for drawing. The Guatemalan
authorities intend to continue treating the arrangement as
precautionary.

The authorities’ economic program for 2009–10, supported by the
current arrangement, aims at mitigating the impact of the global
crisis.  The strategy is centered on four pillars: a moderate
fiscal stimulus to support domestic demand; a monetary policy
focused on meeting the inflation target and a flexible exchange
rate to facilitate economic adjustment; a strengthening of
financial sector policies to increase banking sector resilience
and enhance its safety net and resolution procedures; and a
refocusing of public expenditures toward social spending and
public investment.

Following the Executive Board discussion on Guatemala, Murilo
Portugal, Deputy Managing Director and Acting Chair, issued the
following statement:

“After a solid economic performance in recent years, the
Guatemalan economy is being negatively affected by the global
crisis. Economic growth is slowing owing to lower domestic and
external demand, reflected in lower exports, remittances, tourism
receipts and capital inflows.  The authorities are to be commended
for their strong program implementation in a difficult
environment, and for responding appropriately to the economic
slowdown.

“Fiscal policy is striking a balance between supporting demand and
maintaining fiscal sustainability.  With revenues falling due to
lower imports and weak domestic demand, the fiscal deficit target
in the program has been revised upward in 2009 and 2010 as the
authorities’ aim at protecting spending on social programs.

“Rekindling the fiscal reform agenda is essential to preserve
sustainable debt dynamics.  Revenue-enhancing reforms are at the
core of a strategy to address social and infrastructure needs,
enhance the capacity to adopt countercyclical policies, and boost
confidence in the authorities’ capacity to stabilize the public
debt-to-GDP ratio at moderate levels.  Given the withdrawal of the
indirect tax reform from Congress, the plan to pursue a revenue
reform is welcome.  In addition, curtailing tax exemptions,
including those associated with the law on free trade zones, will
be key to safeguard fiscal revenue and ensure a level playing
field.

“The gradual easing of the monetary policy stance has balanced the
goals of supporting demand and avoiding disorderly exchange rate
movements.  Monetary policy has scope to support domestic demand
as long as inflation remains subdued and there are no external
pressures.  Exchange rate flexibility has facilitated the
adjustment of the economy to the external shock and should be
preserved, while safeguarding international reserves.

“The financial system has weathered the economic slowdown well,
and the authorities are committed to moving ahead with banking
sector reforms.  Congressional approval and a decisive
implementation of the proposed amendments to the banking law will
reduce risks from offshore operations and connected lending,
enhance the enforcement powers of the superintendency of banks,
and improve bank resolution procedures.” Mr. Portugal said.


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


CABLE & WIRELESS: Appointed CMO Won't Take Up Job, Bolts to Diageo
------------------------------------------------------------------
Irishwoman Marguerite Cremin who was appointed by Lime (formerly
Cable & Wireless Jamaica), a unit of Cable and Wireless, to be its
chief marketing officer won't take up the post but instead she
will be heading to UK-based drink company Diageo, as head of
corporate relations for North Latin America and the Caribbean,
Jamaica Observer reports.

"An exciting and irresistible role has opened up with Diageo which
I could not pass up," Ms. Cremin told Sunday Business in an
interview, the report relates.  "I am really looking forward to
this role and the international experience that it can afford me,"
Ms. Cremin added.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, the Jamaica Observer said that Lime has
appointed Ms. Cremin as chief marketing officer at the company, as
it seeks to bolster its presence in the region. According to the
report, Ms. Cremin was educated at Trinity College, Dublin, and
has spent eight years in Jamaica and before accepting her new
position at LIME, worked in private consultancy for the Port
Authority.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                       About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


JPSCO: OUR to Disclose Decision on Company's Request for Increase
-----------------------------------------------------------------
The Jamaica Public Service Company will hear soon if they will
have to pay more on their monthly electricity bills, RadioJamaica
reports.

According to the report, a team of international consultants was
brought in to assess the application while the power company was
asked to provide its financial statements.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2009, as part of the comprehensive review of the non-
fuel portion of electricity rates application filed by JPSCO with
OUR; JPS asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.  The proposed new tariffs will result in an
increase in the total bill of customers, ranging from 4.3% for a
Tier One (100 kWh/month or less) residential customer to 26.8% for
a Tier 4 (more than 2000 kWh/month) business customer, with an
overall average increase of 22.8% for all customer groups.  New
approved rates will be reflected in July bills.  The tariff review
will set base rates for the period 2009-2014. It is being
conducted against the backdrop of JPS’ poor financial results over
the 2004-2009 tariff period, during which the company
made a loss in three of the five years.

                            About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


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


CEMEX SAB: Investors Eagerly Buy Company's Shares Offering
----------------------------------------------------------
Investors eagerly bought into CEMEX, S.A.B. de C.V. in an
oversubscribed share offering that underpins the cement maker's
recovery plans, Reuters reports.  The report relates that the
company sealed a US$1.8 billion share offer on strong demand late
on September 22, and placed the stock as markets in New York and
Mexico City opened on September 23.

According to the report, the equity sale was crucial to the CEMEX
SAB's promise to repay its creditors US$15 billion by early 2014
and raise capital as part of a drawn out restructuring that the
company agreed with banks in August.  "The demand was very high
and was several times greater than what was on offer," the report
quoted Carlos Hermosillo, an analyst at Vector brokerage in Mexico
City, as saying.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, CMEX SAB disclosed that the pricing of its
global offering of 1.3 billion of its Ordinary Participation
Certificates, directly or in the form of American Depositary
Shares, each ADS comprised of 10 CPOs, at a price of US$12.50 per
ADS, or MXP16.64825 per CPO.  The global offering was increased
from the originally announced amount of 1.2 billion CPOs.  Of the
1.3 billion CPOs offered, 975 million CPOs will be sold in the
United States and elsewhere outside of Mexico and 325 million
CPOs will be sold in Mexico.  The estimated net proceeds to the
Company from the global offering, before giving effect to any
exercise of the underwriters' over-allotment option, are expected
to be approximately US$1,549 million.

                           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: Congress Extends Cleanup Deadline
-----------------------------------------------
Peru's congress voted to give the financially troubled Doe Run
Peru smelter a 30-month extension on its environmental cleanup
deadline, possibly paving the way for a restart of operations,
Teresa Cespedes at Reuters reports.  The current deadline had been
set to expire in October.

According to the report, the congress passed the 30-month
extension, which was 10 months more than a joint commission had
recommended, by a vote of 85-to-1.

The report notes that Jose Mogrovejo, the company's vice president
of environmental affairs, said Doe Run would comply with the
congressional extension and that operations at the smelter could
restart within weeks.  The report relates that the company had
previously said it would need 36 months to complete the cleanup.

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.

                           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.


====================
P U E R T O  R I C O
====================


BANCO POPULAR: Moody's Confirms 'D+' Bank Strength Rating
---------------------------------------------------------
Moody's Investors Service confirmed the ratings of Popular, Inc.,
and its subsidiaries, including those of its lead bank subsidiary,
Banco Popular de Puerto Rico.  BPPR's bank financial strength
rating was confirmed at D+, its long-term deposits at Baa2 and its
short-term ratings at Prime-2.  Popular, Inc.'s senior debt rating
was confirmed at Ba1 and its senior subordinated debt rating at
Ba2.  In addition, Popular, Inc's junior subordinated debt rating
was confirmed at (P)B1 and its preferred stock rating affirmed at
Ca.  With the exception of a stable outlook on the Ca preferred
rating, the outlook on the company is negative.  This concludes
Moody's review of the ratings of Popular, Inc and its rated
subsidiaries that was initiated on June 9, 2009.  Popular, Inc.
and its subsidiaries are referred to collectively hereafter as
'Popular'.

Moody's said that the confirmation of Popular's ratings and
negative outlook reflects the successful outcome of the company's
exchange offer that has significantly boosted its Tier 1 common
equity ratio and ratio of tangible common equity to risk-weighted
assets on the one hand, and Moody's expectation of continuing
elevated credit losses in 2009 and into 2010 on the other.

Moody's noted that Popular had exchanged $934 million worth of
trust preferred securities and preferred stock into common stock
which resulted in a boost to the company's common equity of
approximately $918 million.  The company also converted
$935 million of TARP preferred stock issued to the U.S. Treasury
in December 2008 into trust preferred securities.  This conversion
caused Popular to recognize an accounting gain of $485 million
arising from the difference between the fair value of the trust
preferred securities and carrying value of the TARP preferred
stock.  Although this accounting gain is factored into the
computation of Popular's Tier 1 common equity ratio, Moody's does
not consider it to be the equivalent of issuing common stock, and
therefore excludes it from its computation of Popular's ratio of
tangible common equity to risk-weighted assets.

While Popular's capital position has been strengthened, Moody's
expects Popular to continue to experience elevated credit costs.
Popular is facing challenging conditions in its home market of
Puerto Rico, which is in its fourth year of economic recession,
and in its U.S. mainland operations.  These credit losses are
expected to continue during the rest of 2009 and into 2010, and
will likely result in the company's reporting significant losses,
Moody's added.

Moody's reiterated that a one-notch of lift for systemic support
has been incorporated in the company's long-term deposit rating in
view of the company's leading market presence in Puerto Rico.  No
such lift is incorporated in senior unsecured and subordinated
debt ratings of the holding company, which Moody's views as being
structurally subordinated to the bank, and therefore less likely
to receive systemic support.

Outlook Actions:

Issuer: BanPonce Trust I

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Banco Popular de Puerto Rico

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular Capital Trust I

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular Capital Trust II

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular Capital Trust III

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular Capital Trust IV

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular International Bank, Inc.

  -- Outlook, Changed To Negative(m) From Rating Under Review

Issuer: Popular North America Capital Trust I

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular North America Capital Trust II

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular North America Capital Trust III

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Popular North America, Inc.

  -- Outlook, Changed To Negative(m) From Rating Under Review

Issuer: Popular, Inc.

  -- Outlook, Changed To Negative(m) From Rating Under Review

Confirmations:

Issuer: BanPonce Trust I

  -- Preferred Stock Preferred Stock, Confirmed at B1

Issuer: Banco Popular de Puerto Rico

  -- Bank Financial Strength Rating, Confirmed at D+
  -- Issuer Rating, Confirmed at Baa2
  -- OSO Rating, Confirmed at P-2
  -- Deposit Rating, Confirmed at P-2
  -- OSO Senior Unsecured OSO Rating, Confirmed at Baa2
  -- Senior Unsecured Deposit Rating, Confirmed at Baa2

Issuer: Popular Capital Trust I

  -- Preferred Stock Preferred Stock, Confirmed at B1
  -- Preferred Stock Shelf, Confirmed at (P)B1

Issuer: Popular Capital Trust II

  -- Preferred Stock Preferred Stock, Confirmed at B1
  -- Preferred Stock Shelf, Confirmed at (P)B1

Issuer: Popular Capital Trust III

  -- Preferred Stock Shelf, Confirmed at (P)B1

Issuer: Popular Capital Trust IV

  -- Preferred Stock Shelf, Confirmed at (P)B1

Issuer: Popular International Bank, Inc.

  -- Multiple Seniority Shelf, Confirmed at (P)Ba2, (P)Ba1

Issuer: Popular North America Capital Trust I

  -- Preferred Stock Preferred Stock, Confirmed at B1

Issuer: Popular North America Capital Trust II

  -- Preferred Stock Shelf, Confirmed at (P)B1

Issuer: Popular North America Capital Trust III

  -- Preferred Stock Shelf, Confirmed at (P)B1

Issuer: Popular North America, Inc.

  -- Multiple Seniority Medium-Term Note Program, Confirmed at
     Ba2, Ba1

  -- Multiple Seniority Shelf, Confirmed at (P)Ba2, (P)Ba1

  -- Senior Unsecured Medium-Term Note Program, Confirmed at Ba1

  -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

Issuer: Popular, Inc.

  -- Junior Subordinated Shelf, Confirmed at (P)B1

  -- Multiple Seniority Medium-Term Note Program, Confirmed at
     Ba2, Ba1

  -- Multiple Seniority Shelf, Confirmed at (P)B1, (P)Ba1

  -- Senior Unsecured Medium-Term Note Program, Confirmed at Ba1

The last rating action on Popular was taken in June 9, 2009, when
Moody's downgraded BPPR's bank financial strength rating to D+
from C and long-term deposit rating to Baa2 from A3.  Its short-
term ratings were affirmed at Prime-2.  Popular, Inc.'s senior
unsecured debt rating was lowered to Ba1 from Baa1, its senior
subordinated debt rating to Ba2 from Baa2, its junior subordinated
debt rating to B1 from Baa2 and its preferred stock rating to Ca
from Baa3.

Popular, Inc., headquartered in San Juan, Puerto Rico, reported
total assets of $36.5 billion as of June 30, 2009.


FIRSTBANK PUERTO RICO: Seeks Foreclosure on 116-Acre Project
------------------------------------------------------------
FirstBank Puerto Rico wants to seize a 116-acre site in southern
Miami-Dade County from the developer of the Venetian Parc
residential project, South Florida Business Journal reports.

According to the report, citing Miami-Dade County Circuit Court
records, the bank filed a US$39.4 million foreclosure action on
September 16, against Quantum Ventures and managing members
Augustin Herran and Oscar Barbara.  The report relates that
Venetian Parc was approved for 154 single-family homes and 58
townhomes, but there is no record of construction starting on what
once was farmland.  The site is located west of Miami Metrozoo,
along Southwest 176th Street, between Southwest 157th Avenue and
Southwest 149th Avenue.

The report notes that Quantum Ventures bought the property for
US$47.9 million in 2005 and obtained a US$39.4 million mortgage
from FirstBank Puerto Rico.

Fort Lauderdale attorney Avi Benayoun is representing FirstBank
Puerto Rico in the lawsuit.


                           *     *     *

As reported in the Troubled Company Reporter on September 11,
2009, Sep 11, 2009, Standard & Poor's Ratings Services said it
lowered its counterparty credit rating on FirstBank Puerto Rico to
'B' from 'BB+'.  The outlook is negative.


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


PETROLEOS DE VENEZUELA: Orinoco Belt Investment Surpass Targets
---------------------------------------------------------------
Nearly US$25.9 billion will be invested through 2019 by Petroleos
de Venezuela S.A. (PDVSA) and a Russian consortium in the Junin 6
block at the Orinoco Oil Belt, in addition to US$14 billion to
US$16 billion in the projects undertaken along with China, said
Minister of People’s Power of Energy and Petroleum and President
of the state-run oil holding Rafael Ramirez.  This, in his
opinion, goes beyond the initial estimates.

His remarks were made during the opening session of the Heavy Oil
Symposium held on September 22-23 in Caracas.  There, the minister
disclosed that the stage of development has followed the stage of
adjustment of the projects to the Venezuelan laws and Full Oil
Sovereignty.

“We had plans for the certification of reserves as a preliminary
step.  This is done in many areas, as we can show.  We are
proceeding right away to development schemes.  For this reason, we
have the agreements with the Russian consortium, CNPC,
Petrovietnam, ENI and Belarusneft,” among others, said Mr.
Ramirez.  Mr. Ramirez added that the Russian consortium is
composed of Gazprom, Rosneft, THK BP, Lukoil and Surgutneftegas.

With regard to the development of the blocks at the Orinoco Oil
Belt, Mr. Ramirez explained that there are plans for an output of
450,000 bpd in the Junin 6 block; 200,000 bpd in the Junin 4 block
together with China National Petroleum Corporation (CNPC); 1.2
million bpd in the seven blocks of the Carabobo area, and 200,000
bpd in each of blocks Junin 10, Junin 5; Junin 1 and Junin 11.
With these projects, Venezuela will heighten the production
capacity by 3.05 million bpd.  As a result, the output will reach
6.5 bpd in the years to come.

For the expansion of the business at the Orinoco Oil Belt,
Venezuela has proposed two schemes to the Russian consortium and
other partners: either the overall production improvement
involving upstream operations under the oil tax system set forth
in the law, or the development of individual refineries under the
non-oil tax system to yield final products for marketing.
Minister Ramirez referred to the transfer of the Petromonagas area
to a refining scheme in order to get significant volumes of diesel
for the European market.

The minister explained that seven blocks in the area of Carabobo
will be granted to three consortiums, and work is in process in
the Junin 1, 5 10 and 11 blocks.

                10 Years of Investment and Work

Mr. Ramirez explained that in the years to come there will be
continued investment.  “We are meeting a schedule where we are
going to have at least in the next ten years permanent activity in
the development of facilities and upstream operations,” both at
the Orinoco Oil Belt and gas projects.

Mr. Ramirez said that a land layout and planning will be
implemented at the Orinoco Oil Belt to lay the foundations of a
new development.  Indeed, the companies involved in the OOB
projects have acted accordingly within the framework of the
Orinoco Socialist Plan. Most of the funds (bonds) raised there
during the bidding will be used to back the investment in local
facilities.

All the plans follow the best environmental and social practices
and offer a great opportunity for the country territorial
development.  A new region is being laid out under the Orinoco
Socialist Project, which is intended to use oil as an economic
driving force and diversify people’s distribution.  This results
in job creation, infrastructure and oil and non-oil development.

                 Refitting the Refining Network

Mr. Ramirez reported on an aggressive plan to refurbish the
refining compounds by cashing on a year where oil prices started
lower to undertake significant programmed halts for the purposes
of optimization.

The minister noted that El Palito Refinery was technically at a
standstill and now is in the process of re-commissioning.
Therefore, the improvements concerning the expansion of the
complex by 15%, the adjustment of equipments to process the
qualities of Venezuelan oil and operational leveling will be
disclosed soon to the country.  As a result, the troubles in the
FCC plants after the oil sabotage in 2002-2003 have been overcome.

Refitting and maintenance were also conducted at the Paraguana
Refining Complex, where 14 planned downtimes were implemented this
year, said Ramirez, who also remembered the implementation of the
expansion project of the Puerto La Cruz Refinery.

“We are making an adjustment to the Oil Sowing Plan because it did
not include enough refining capacity in the country. We are
introducing important additional refining systems, such as the
Batalla de Santa Ines, aimed at processing 50,000 bpd and
strategically located to process in the region the oil coming from
the Barinas-Apure area and produce diesel for the local
agricultural development.” Works are also being carried out for a
refinery in the Junin area, in addition to the complex in Cabruta.

Finally, Mr. Ramirez ruled out any adjustment to fuel prices and
disclosed a plan to curb gasoline smuggling out to Colombia.  The
plan includes the automation of gas stations, stabilization of the
fuel local consumption and a census of vehicles and carriers,
under the Law on Reorganization of the Domestic Market.

                           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'


PETROLEOS DE VENEZUELA: Total SA Will Invest US$25BB in Oil Belt
----------------------------------------------------------------
Petroleos de Venezuela said France's Total SA will invest US$25
billion in the nation's Orinoco Oil Belt, BusinessWeek reports.

According to the report, Oil Minister Rafael Ramirez said Total SA
will help PDVSA develop its reserves.  The report relates that
PDVSA said Total SA also will help build an upgrader to lighten
Venezuela's heavy crude.

President Hugo Chavez's government, the report recalls
nationalized four major oil projects in the Orinoco region two
years ago.  But, the report relates, it has since been courting
private and state-run investors to accept minority stakes in
projects there.

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 SA 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.

Meanwhile, the report notes Mr. Ramirez announced that the deal he
doesn't anticipate further OPEC production cuts this year to boost
oil prices, which he expects to close the year around US$70 a
barrel.

                            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'

                          *     *     *

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: Total SA Will invest US$25BB in Orinoco Oil Belt
-------------------------------------------------------------
Petroleos de Venezuela said France's Total SA will invest US$25
billion in the nation's Orinoco Oil Belt, BusinessWeek reports.

According to the report, Oil Minister Rafael Ramirez said Total SA
will help PDVSA develop its reserves.  The report relates that
PDVSA said Total SA also will help build an upgrader to lighten
Venezuela's heavy crude.

President Hugo Chavez's government, the report recalls
nationalized four major oil projects in the Orinoco region two
years ago.  But, the report relates, it has since been courting
private and state-run investors to accept minority stakes in
projects there.

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 SA 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.

Meanwhile, the report notes Mr. Ramirez announced that the deal he
doesn't anticipate further OPEC production cuts this year to boost
oil prices, which he expects to close the year around US$70 a
barrel.

                            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'

                          *     *     *

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: StatoilHydro Eyes New Venezuela Ventures
-----------------------------------------------------
StatoilHydro said it was looking for new business in Venezuela
after state oil company Petroleos de Venezuela said the Norwegian
oil and gas producer was a candidate for its Junin 10 oilfield
project, Richard Solem at Reuters reports.

"We have interests in Venezuela, and we have had for a long time,
and we are looking to see if there will be new business
opportunities in Venezuela," the report quoted company spokeswoman
Mari Dotterud as saying.  "We are pre-qualified to take part in
the round that has been announced," Mr. Dotterud added.

                           *     *     *

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: To Sell US$3 Billion in Dollar Bonds
-------------------------------------------------
Venezuela will “immediately” sell US$3 billion in dollar-
denominated bonds with various maturities, Daniel Cancel and
Steven Bodzin at Bloomberg News reports, citing Finance Minister
Ali Rodriguez.  The report relates that Mr. Rodriguez was
misunderstood when he said no bonds would be issued this year
beyond those already approved.

“A dollar bond is coming immediately,” the report quoted Mr.
Rodriguez as saying. “The terms will come out on the Finance
Ministry Web site,” Mr. Rodriguez added.

According to the report, citing Alberto Ramos, an economist with
Goldman Sachs, said that Venezuela needs to offer dollar
securities to offset a 55% tumble in oil, the source of half of
the country’s fiscal revenue, and shore up the bolivar currency in
the unregulated market.

Venezuelans, the report notes, buy bonds with bolivars and sell
them abroad for dollars when they can’t get enough foreign
currency through the government.

                           *     *     *

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


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


* BOND PRICING: For the Week September 21  to September 25, 2009
----------------------------------------------------------------


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


ARGENTINA

ALTO PALERMO SA       7.88      5/11/2017    USD            73.91
ALTO PALERMO SA       7.88      5/11/2017    USD             75.5
ARGENT-$DIS           8.28      12/31/2033   USD            66.86
ARGENT-$DIS           8.28      12/31/2033   USD            57.12
ARGENT-PAR            1.18      12/31/2038   ARS            31.71
ARGENT-=DIS           7.82      12/31/2033   EUR            57.98
ARGNT-BOCON PR13         2      3/15/2024    ARS            58.27
ARGNT-BOCON PRE8         2      1/3/2010     ARS            21.08
AUTOPISTAS DEL S      11.5      5/23/2017    USD            41.75
BANCO MACRO SA        9.75      12/18/2036   USD            72.13
BODEN 2015               7      10/3/2015    USD            73.37
BONAR X                  7      4/17/2017    USD            74.19
BUENOS AIRE PROV      9.38      9/14/2018    USD            57.99
BUENOS AIRE PROV      9.63      4/18/2028    USD            55.01
BUENOS-$DIS           9.25      4/15/2017    USD            66.16
CIA LATINO AMER       9.75      5/10/2012    USD            66.72
INDUSTRIAS METAL     11.25      10/22/2014   USD            73.05
MASTELLONE HERMA         8      6/30/2012    USD            51.87
MENDOZA PROVINCE       5.5      9/4/2018     USD            65.09
TRANSENER             8.88      12/15/2016   USD            75.75


BRAZIL

CESP                  9.75      1/15/2015    BRL            65.92
REDE EMPRESAS        11.13      #N/A N Ap    USD               70
REDE EMPRESAS        11.13      #N/A N Ap    USD             50.5


CAYMAN ISLAND

AIG SUNAMERICA        6.38      10/5/2020    GBP             84.9
BARION FUNDING        0.63      12/20/2056   GBP               17
BARION FUNDING         0.1      12/20/2056   EUR             8.04
BARION FUNDING        0.25      12/20/2056   USD             6.96
BARION FUNDING        0.25      12/20/2056   USD             6.96
BARION FUNDING        0.25      12/20/2056   USD             6.96
BARION FUNDING        0.25      12/20/2056   USD             6.96
BARION FUNDING        1.44      12/20/2056   GBP            30.15
BARION FUNDING        0.25      12/20/2056   USD             7.01
BARION FUNDING        0.25      12/20/2056   USD             6.96
BES FINANCE LTD        6.2      2/7/2035     EUR            62.36
CHINA MED TECH           4      8/15/2013    USD            66.35
CHINA PROPERTIES      9.13      5/4/2014     USD            74.62
CHINA SUNERGY         4.75      6/15/2013    USD            61.81
FERTINITRO FIN        8.29      4/1/2020     USD               65
GOL FINANCE           8.75      #N/A N Ap    USD               80
LDK SOLAR CO LTD      4.75      4/15/2013    USD            72.13
MALACHITE FDG         0.63      12/21/2056   EUR            22.56
MAZARIN FDG LTD       0.25      9/20/2068    USD              5.1
MAZARIN FDG LTD       0.25      9/20/2068    USD              5.1
MAZARIN FDG LTD       0.25      9/20/2068    USD              5.1
MAZARIN FDG LTD       0.25      9/20/2068    USD             5.15
MAZARIN FDG LTD       0.25      9/20/2068    USD              5.1
MAZARIN FDG LTD       0.25      9/20/2068    USD              5.1
MAZARIN FDG LTD       1.44      9/20/2068    GBP            27.68
MAZARIN FDG LTD       0.63      9/20/2068    GBP            14.06
MAZARIN FDG LTD        0.1      9/20/2068    EUR             4.92
PUBMASTER FIN         8.44      6/30/2025    GBP            71.32
PUBMASTER FIN         6.96      6/30/2028    GBP            63.71
SHINSEI FIN CAYM      6.42      #N/A N Ap    USD            52.89
SHINSEI FIN CAYM      6.42      #N/A N Ap    USD            51.93
SHINSEI FINANCE       7.16      #N/A N Ap    USD            51.62
SHINSEI FINANCE       7.16      #N/A N Ap    USD            51.69
XL CAPITAL LTD         6.5      #N/A N Ap    USD               73


ECUADOR

REP OF ECUADOR        9.38      12/15/2015   USD            87.21


JAMAICA

JAMAICA GOVT             8      3/15/2039    USD            73.71
JAMAICA GOVT         13.38      4/27/2032    JMD            60.23
JAMAICA GOVT LRS     16.25      5/22/2027    JMD            73.26
JAMAICA GOVT LRS      16.5      6/14/2027    JMD            74.34
JAMAICA GOVT LRS     12.75      6/29/2022    JMD            60.08
JAMAICA GOVT LRS     13.58      12/15/2026   JMD            61.22
JAMAICA GOVT LRS        16      6/13/2022    JMD            74.67
JAMAICA GOVT LRS     12.75      6/29/2022    JMD            60.07
JAMAICA GOVT LRS     13.38      12/15/2021   JMD            63.93
JAMAICA GOVT LRS     12.85      5/31/2022    JMD            60.68
JAMAICA GOVT LRS        14      6/30/2021    JMD            67.66
JAMAICA GOVT LRS        15      11/15/2021   JMD            71.36
JAMAICA GOVT LRS        15      8/30/2032    JMD             69.4
JAMAICA GOVT LRS        15      9/6/2032     JMD             69.4
JAMAICA GOVT LRS        16      12/6/2032    JMD               72
JAMAICA GOVT LRS      14.4      8/3/2027     JMD            66.72
JAMAICA GOVT LRS      15.5      3/24/2028    JMD            69.87
JAMAICA GOVT LRS     16.13      8/21/2032    JMD             74.6
JAMAICA GOVT LRS     16.25      7/26/2032    JMD            73.15


PUERTO RICO

DORAL FINL CORP       7.15      4/26/2022    USD            36.88
DORAL FINL CORP        7.1      4/26/2017    USD             44.5
DORAL FINL CORP       7.65      3/26/2016    USD            47.63
DORAL FINL CORP          7      4/26/2012    USD            56.88
PUERTO RICO CONS       6.5      4/1/2016     USD               45


VENEZUELA

PETROLEOS DE VEN       5.5      4/12/2037    USD            46.95
PETROLEOS DE VEN      5.38      4/12/2027    USD            47.55
PETROLEOS DE VEN      5.25      4/12/2017    USD            61.96
VENEZUELA             7.65      4/21/2025    USD            66.99
VENEZUELA                7      12/1/2018    USD            71.49
VENEZUELA                7      3/16/2015    EUR            71.48
VENEZUELA             5.75      2/26/2016    USD            73.77
VENEZUELA                6      12/9/2020    USD            62.07
VENEZUELA                7      3/31/2038    USD            59.61


                            ***********

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 * * *