TCRLA_Public/090929.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, September 29, 2009, Vol. 10, No. 192

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Seeks Reversal of Two Court Orders


A R G E N T I N A

ARCOS DORADOS: Sells US$450 Million in 10-Year Notes
BAKING SA: Creditors' Proofs of Debt Due on December 15
EL AVESTRUZ: Creditors' Proofs of Debt Due on October 13
FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating on Securities
JUSTO CORRIENTES: Creditors' Proofs of Debt Due on December 2

LISEMAR SA: Creditors' Proofs of Debt Due on October 29
LO COCO: Creditors' Proofs of Debt Due on November 20
PROMOGLAS SA: Asks for Preventive Contest
QUEST SA: Creditors' Proofs of Debt Due on November 26
TECEKA SA: Creditors' Proofs of Debt Due on November 10

TELEFONICA DE ARGENTINA: To Use ARS Exchange Rate for Offering
TELEFONICA DE ARGENTINA: Note Repurchase Won't Move Fitch's Rating


B E R M U D A

AMERICAN INT'L: Some Bermuda Units Rebranded to “Chartis”
BLUPOINT RE: Liquidator Applies for Release
INSTINET INVESTMENTS: Creditors' Proofs of Debt Due on October 9
INSTINET INVESTMENTS: Members' Final Meeting Set for October 30


B R A Z I L

BANCO BRADESCO: US$750M 10-Year Bond Met With Strong Demand
BANCO DO BRASIL: Completes Acquisition Of Votorantim Stake
BANCO VOTORANTIM: Banco do Brasil Completes Acquisition of Stake
BROOKFIELD INCORPORACOES: IFC Studies Housing Joint Venture
JBS SA: R-CALF Urges Justice Dept. to Block Pilgrim's Pride Merger

SANTANDER BRASIL: Parent Moves IPO Date to October 7


C A Y M A N  I S L A N D S

23 WARD FUNDING: Creditors' Proofs of Debt Due on October 1
AETOS CAPITAL: Members to Receive Wind-Up Report on October 1
BLUENOSE CAPITAL: Shareholders Final Meeting Set for October 1
BLUENOSE CAPITAL: Shareholders Final Meeting Set for October 1
BREITENSTEIN LIMITED: Creditors' Proofs of Debt Due on October 1

CIC TECHNOLOGY: Commences Liquidation Proceedings
DILLON READ: Members to Receive Wind-Up Report on October 1
FIDELITY STRUCTURED: Creditors' Proofs of Debt Due on October 1
FORTIS HEDGE: Creditors' Proofs of Debt Due on October 1
FORTIS HEDGE: Creditors' Proofs of Debt Due on October 1

FOUNDER INVESTMENTS: Creditors' Proofs of Debt Due on October 1
FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on October 1
LCC FUNDING: Creditors' Proofs of Debt Due on October 1
MITSUI TRUST: Members to Receive Wind-Up Report on October 1
PO OIL: Creditors' Proofs of Debt Due on October 1

POD HOLDING: Members to Receive Wind-Up Report on October 1
SAKAE YONCHOME: Creditors' Proofs of Debt Due on October 1
STARTS (CAYMAN): Creditors' Proofs of Debt Due on October 1
STARTS (CAYMAN): Creditors' Proofs of Debt Due on October 1
SWCP FUND: Creditors' Proofs of Debt Due on October 1

SWCP MASTER: Creditors' Proofs of Debt Due on October 1
ZEBEDEE EUROPEAN: Creditors' Proofs of Debt Due on October 1


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: to Receive US$20MM Loan From Petrocaribe
* DOMINICAN REPUBLIC: Government to Sign IMF Pact Very Soon


J A M A I C A

DAVON UNIFORMS: Gets No Offers; DBJ Moves to Liquidate Business
DIGICEL GROUP: Unit Taps ZTE Corp as Strategic WIMAX Partner
JPSCO: Private Sector Complains Despite Low Adjustment Increase
NATIONAL COMMERCIAL BANK "No Plan to Sell Shares," Lee Chin Says
SUGAR COMPANY: Gov't Allocates Additional US$553 Million Fund


M E X I C O

CEMEX SAB: Completes Global Offering
CEMEX SAB: Decision on Quarry Expansion at Davenport Postponed
MULTICAT MEXICO: S&P Assigns Credit Ratings on 2009-1 Notes
PILGRIM'S PRIDE: Court OKs Settlements With 431 Contract Growers
PILGRIM'S PRIDE: Terms of JBS-Backed Chapter 11 Plan

PILGRIM'S PRIDE: To Pay Claims in Full From JBS-Backed Ch. 11 Plan
PILGRIM'S PRIDE: Valuation Analysis Under Chapter 11 Plan


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Parent Taps Aurelio Aleman as CEO


V E N E Z U E L A

* VENEZUELA: Petrocaribe Provides US$20MM Fund to Dominican Rep


X X X X X X X X

CABLE & WIRELESS: LIME Taps Gerard Borely as Chief Fin'l Officer
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Owner Seeks Reversal of Two Court Orders
--------------------------------------------------------
The lawyers of Robert Allen Stanford, the financier accused of
orchestrating a multi-billion fraud, filed papers with the federal
court in Dallas signaling their intent to appeal trial court Judge
David Godbey’s August 25 rulings enabling the receiver to sell Mr.
Stanford’s stakes in a Houston luxury hotel development and two
Israeli development funds, Andrew M. Harris at Bloomberg News
reports.

According to the report, Mr. Stanford's lawyers opposed the sale
plans, arguing they weren’t in the best interests of the
receivership estate.  “Liquidating the investments now, while they
remain immature and/or are showing negative returns, is not
financially prudent,” the report quoted Ruth Brewer Schuster,
Stanford’s civil lawyer, as saying.

“We believe the appeal is without merit,” Kristie Blumenschein, a
spokeswoman for Mr. Janvey, said in an e-mailed statement obtained
by the news agency.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2009, Bloomberg News said Stanford Financial Group court-
appointed receiver Ralph Janvey asked for emergency approval to
sell Mr. Stanford's stake in two limited partnerships to avoid
meeting cash calls or diluting the investments.  “The sale of
these investments will allow the receivership estate to avoid
having to choose between injecting millions of dollars worth of
capital into the partnerships or defaulting under the agreements,”
Kevin Sadler, a lawyer for receiver Mr. Janvey, said in court
papers obtained by the news agency.  According to the report, Mr.
Sadler said in the filing that Mr. Stanford’s companies are
already past-due on US$2.5 million in capital calls issued by two
Israeli development funds since the U.S. Securities and Exchange
Commission sued Mr. Stanford and seized his businesses.

                    About Stanford International

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

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

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

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

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


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


ARCOS DORADOS: Sells US$450 Million in 10-Year Notes
----------------------------------------------------
Arcos Dorados sold US$450 million of senior notes in the 144a
private placement market on September 24, 2009, Reuters reports,
citing said IFR, a Thomson Reuters service.

According to the report, Bank of America and Morgan Stanley were
the joint bookrunning managers for the sale.

BORROWER: ARCOS DORADOS BV

AMT us$450 MLN      COUPON 7.50 PCT     MATURITY 10/1/2019
TYPE SNR NOTES    ISS PRICE 99.136    FIRST PAY 4/1/2010
MOODY'S Ba2       YIELD 7.625 PCT     SETTLEMENT 10/1/2009
S&P BBB-MINUS     SPREAD N/A          PAY FREQ SEMI-ANNUAL
FITCH N/A                             NON-CALLABLE 5 YEARS

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Bloomberg News said that that Arcos Dorados’
bond sale is part of a push by Latin American companies to sell
debt in international credit markets as growing demand for higher-
yielding assets lowers borrowing costs.

                       About Arcos Dorados

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Moody's Investors Service has assigned a
provisional (P)Ba2 rating  to Arcos Dorados' proposed US$450
million in senior unsecured global notes due in 2019.  At the same
time, Moody's has assigned a provisional (P)Ba2 Corporate Family
rating to Arcos Dorados.  The ratings outlook is stable.


BAKING SA: Creditors' Proofs of Debt Due on December 15
-------------------------------------------------------
The court-appointed trustee for Baking S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
December 15, 2009.

The trustee will present the validated claims in court as
individual reports on March 15, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 10, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 25, 2010.


EL AVESTRUZ: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------
The court-appointed trustee for El Avestruz de los Caminos S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until October 13, 2009.


FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating on Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of A1.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Aval Rural XI issued by
Banco de Valores S.A. - acting solely in its capacity as Issuer
and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Aval Rural S.G.R., which is a financial
guarantor in Argentina.  Aval Rural has a rating of A1.ar
(Argentine National Scale) and of B2 (Global Scale, Local
Currency).

The rating assigned to this transaction is primarily based on the
rating of Aval Rural.  Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction.

                            Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in US dollars.  The rated securities
will bear a 8.00% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, comprised of a pool of fixed rate bills
of exchange denominated in US dollars, guaranteed by Aval Rural
S.G.R.  The bills of exchange will bear the same interest rate as
the rated securities.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Aval Rural to
make payment under the bills of exchange.  Aval Rural, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the date
on which the funds are initially deposited by either Aval Rural,
the exporter, or the individual producers into the Trust Account.

                          Rating Action

  -- US$8,337,000 in Fixed Rate Debt Securities of "Fideicomiso
     Financiero Aval Rural XI", rated A1.ar (Argentine National
     Scale) and B2 (Global Scale, Local Currency).


JUSTO CORRIENTES: Creditors' Proofs of Debt Due on December 2
-------------------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Justo Corrientes
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 2, 2009.

Ms. Varela 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:

          Ana Maria Varela
          Tal-cahuano 768
          Argentina


LISEMAR SA: Creditors' Proofs of Debt Due on October 29
-------------------------------------------------------
The court-appointed trustee for Lisemar S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
October 29, 2009.

The trustee will present the validated claims in court as
individual reports on December 11, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 25, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 1, 2010.


LO COCO: Creditors' Proofs of Debt Due on November 20
-----------------------------------------------------
Nayla Graciela Perez, the court-appointed trustee for Lo Coco SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 20, 2009.

Ms. Perez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 3 in
Buenos Aires, with the assistance of Clerk No. 6, 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:

          Nayla Graciela Perez
          Cachimayo 130
          Argentina


PROMOGLAS SA: Asks for Preventive Contest
-----------------------------------------
Promoglas SA asked for preventive contest.

The company stopped making payments last April.


QUEST SA: Creditors' Proofs of Debt Due on November 26
------------------------------------------------------
The court-appointed trustee for Quest S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 26, 2009.

The trustee will present the validated claims in court as
individual reports on February 17, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


TECEKA SA: Creditors' Proofs of Debt Due on November 10
-------------------------------------------------------
The court-appointed trustee for Teceka S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 10, 2009.

The trustee will present the validated claims in court as
individual reports on December 30, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 12, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 3, 2010.


TELEFONICA DE ARGENTINA: To Use ARS Exchange Rate for Offering
--------------------------------------------------------------
Telefonica de Argentina S.A. disclosed that in connection with its
cash tender offers for its outstanding 8.850% Conversion Notes due
August 2011, 9.125% Notes due November 2010 and 8.850% Notes due
August 2011 it will use the EMTA ARS Industry Survey Rate, and not
the exchange rate as reported by Argentina's Central Bank, to
determine the Argentine peso/U.S. Dollar exchange rate for
purposes of any payments to be made in Argentine pesos pursuant to
the Offers.  The EMTA Rate will also be used for purposes of
determining whether the foreign exchange rate condition to the
Offers has been satisfied.

The EMTA Rate can be accessed via:
https://mbrservices.net/emtatest/currate.asp.

                   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.


TELEFONICA DE ARGENTINA: Note Repurchase Won't Move Fitch's Rating
------------------------------------------------------------------
Fitch Ratings does not anticipate any change to Telefonica de
Argentina S.A.'s credit ratings following the announcement made by
the company where it intends to repurchase approximately up to
US$102 million in Obligaciones Negociables.  Fitch incorporates in
TASA's ratings that its financial profile should improve over the
medium term as the company continues to use free cash flow to pay
debt, absent of cash distributions to shareholders or any
redefinition of a target capital structure.

TASA's credit metrics are strong for the rating category, but are
limited by Argentina's sovereign risk.  The proposed tender offer,
if successful, should improve the company's financial profile and
will anticipate debt repayments for 2010 and 2011.  On a pro forma
basis, assuming the tender is successful, for the last 12 months
ended June 30, 2009 total debt to EBITDA and funds flow from
operations adjusted leverage should both approximate to 0.6 times
against 0.8x and 0.7x, respectively, registered at the end of June
2009.  Net leverage should remain unchanged assuming a 1.5%
premium paid above par for the bonds in the tender, as the company
is expected to fund the tender with cash balances.  As of June 30,
2009 LTM total net debt to EBITDA was 0.3x.

Fitch currently rates TASA:

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

  -- Foreign currency IDR 'B+';

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

  -- US$195.5 million in ONs due November 2010 'BB-/RR3'and
     'AA+(arg)';

  -- US$30,000 in ONs due August 2011 'BB-/RR3'and 'AA+(arg)';

  -- US$134.6 million in ONs due August 2011 'BB-/RR3'and
     'AA+(arg)'.

The Rating Outlook is Stable.


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


AMERICAN INT'L: Some Bermuda Units Rebranded to “Chartis”
---------------------------------------------------------
Roger Crombie at The Royal Gazette reports that as part of a
rebranding initiative for the domestic and international property/
casualty arm of the American International Group, some of the
Bermuda companies are changing their names.  The report relates
that three of the Bermuda companies have so far been identified:

   * American International Company Ltd. will become
     Chartis Bermuda Limited;

   * American International Underwriters Overseas, Ltd. will
     become Chartis Overseas Limited; and

   * American International Underwriters Overseas Association
     will become Chartis Overseas Association.

According to the report, other Bermuda-based companies will follow
suit in due course once applications to do so have been approved.
The report relates that the American International Building, which
is located Richmond Road, will become The Chartis Building; while
the building next door, put up by AIG, will not change its name.

AIG Bermuda Operations Chief Executive Officer George Cubbon, the
report notes, said that the changes "are part of a program whereby
we are seeking to separate out AIG's property and casualty
operations, both in North America and throughout the world, under
a single banner company."

"The intention will be, at some point, that Chartis will either be
sold or have an initial public offering or some other liquidity
event, with the proceeds ultimately going to pay down the AIG debt
to the US Federal Reserve Bank of New York," the report quoted Mr.
Cubbon as saying.  "We also reinsure many of AIG's life companies.
As part of the process the group is undergoing, some of the AIG
companies are to be sold, so we in Bermuda are in the process of
unwinding some of the relationships between the group companies.
Given AIG's size and worldwide reach, the relationships across
divisional lines are manifold," Mr. Cubbon added.

The Gazette points out that the name changes have begun, although
each can be a lengthy and complicated process.

Meanwhile, the report says, all Bermuda employees of the company
will become employees of Chartis, transferring to the new company
with all their accumulated rights to pensions and so forth moving
with them.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is a
holding company which, through its subsidiaries, is engaged in a
range of insurance and insurance-related activities in the United
States and abroad.  AIG’s primary activities include both General
Insurance and Life Insurance & Retirement Services operations.
Other significant activities include Financial Services and Asset
Management.  The company operates in four segments: General
Insurance, Life Insurance & Retirement Services, Financial
Services and Asset Management. Through these operating segments,
AIG provides insurance, financial and investment products and
services to both businesses and individuals in more than 130
countries and jurisdictions.  In December 2008, AIG’s United
States life insurance companies sold its residential mortgage-
backed securities portfolio to Maiden Lane II LLC. On April 1,
2009, AIG completed the sale of AIG Life of Canada to BMO
Financial Group, and Hartford Steam Boiler to the Munich Re Group.

                         *     *     *

At September 30, 2008, AIG had US$1.022 trillion in total
consolidated assets and US$950.9 billion in total debts.
Shareholders' equity was US$71.18 billion, including the addition
of US$23 billion of consideration received for preferred stock not
yet issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of US$62
billion for the fourth quarter and
$99 billion for the full year of 2008, along with a revised
restructuring plan supported by the U.S. Treasury and the Federal
Reserve.  This concludes a review for possible downgrade that was
initiated on September 15, 2008.


BLUPOINT RE: Liquidator Applies for Release
-------------------------------------------
John C. McKenna made an application before the Court of Bermuda to
be released as liquidator of Blupoint Re Limited.

The Liquidator can be reached at:

          John C. McKenna
          c/o Finance & Risk Services Ltd.
          502 International Centre
          26 Bermudiana Road
          P.O.Box HM 321, Hamilton HM BX
          Bermuda


INSTINET INVESTMENTS: Creditors' Proofs of Debt Due on October 9
----------------------------------------------------------------
The creditors of Instinet Investments (Bermuda) Ltd. 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 September 22, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


INSTINET INVESTMENTS: Members' Final Meeting Set for October 30
---------------------------------------------------------------
The members of Instinet Investments (Bermuda) Ltd. will hold their
final general meeting, on October 30, 2009, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on September 22, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


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


BANCO BRADESCO: US$750M 10-Year Bond Met With Strong Demand
-----------------------------------------------------------
Kejal Vyas and Rogerio Jelmayer at Dow Jones Newswires report that
Banco Bradesco SA sold US$750 million in 10-year bonds on
September 22, as the company took advantage of investors' boosted
confidence in Brazil.  The report, citing a fund manager's term
sheet, relates that the bond was priced at par to yield 6.75%.

According to the report, market participants said that demand for
the paper was also strong with order books around five-times
oversubscribed.  The report notes that the size of the order books
is in line with those seen on other developing-world bonds issued
this year as investors' appetite for risk increases.

"Definitely there's an increasing amount of demand for Brazilian
debt," then report quoted Cathy Hepworth, who co-manages around
US$7 billion in emerging market debt for Prudential, as saying.
The deal was priced attractively and offered a better return than
some of the country's sovereign bonds, Mr. Hepworth added.

Dow Jones Newswires notes that investor interest in Banco
Bradesco's paper also pushed the bank to increase the size of the
issue from US$500 million to US$750 million.  HSBC and Bradesco
BBI were bookrunners on the deal.

                        About Banco Bradesco

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

                          *     *     *

As of May 20, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.


BANCO DO BRASIL: Completes Acquisition Of Votorantim Stake
----------------------------------------------------------
Banco do Brasil SA has concluded the terms of a final accord to
acquire a minority stake in private bank Banco Votorantim, Rogerio
Jelmayer at Dow Jones Newswires reports.  The report relates that
Banco do Brasil acquired 49.99% of Banco Votorantim's voting
stock, for a total of BRL4.2 billion (US$2.35 billion).

As reported in the Troubled Company Reporter-Latin America on
January 13, 2009, Reuters said that Banco do Brasil agreed to pay
BRL4.2 billion (US$1.84 billion) for a stake in Banco
Votorantim, to compete with private-sector firms amid a wave of
consolidation in the Brazilian banking sector.  According to The
Wall Street Journal, BRL3 billion will be allocated for the
acquisition of 33.36 billion common shares of Banco Votorantim,
and the other BRL1.2 billion will be used to increase Banco
Votorantim's capital.  Banco do Brasil, WSJ relates, described the
planned acquisition as "part of an effort to strengthen the bank's
operations in the area of motor-vehicle financing.  This is an
area in which Banco Votorantim is highly specialized and in which
it has shown rapid growth," the same report said.

                        About Banco do Brasil

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

                           *     *     *


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

                       About Banco Votorantim

Banco Votorantim S.A., together with its subsidiaries, operates as
a multiple bank with commercial, credit, financing, and investment
portfolios in Brazil.  It offers commercial and investment banking
services, consumer finance, asset management, and securities
brokerage services.  The company engages in financing for the
infrastructure sector, including projects involving electric power
generation, transmission, and distribution; and providing private
banking services, such as wealth management and estate planning
advisory services with a focus on risk control, investment
performance, and wealth preservation and expansion.  Banco
Votorantim also engages in the negotiation and distribution of
securities for third parties, and administration of investment
funds.  The company was founded in 1988 and is headquartered in
Sao Paulo, Brazil.  Banco Votorantim S.A. is a part of the
Votorantim Group

                              *     *     *

As of September 29, 2009, the bank continues to carry Standard and
Poor's BB+ LT Issuer Credit ratings.  The company also continues
to carry S&P's B ST Issuer Credit ratings.


BANCO VOTORANTIM: Banco do Brasil Completes Acquisition of Stake
----------------------------------------------------------------
Banco do Brasil SA has concluded the terms of a final accord to
acquire a minority stake in private bank Banco Votorantim, Rogerio
Jelmayer at Dow Jones Newswires reports.  The report relates that
Banco do Brasil acquired 49.99% of Banco Votorantim's voting
stock, for a total of BRL4.2 billion (US$2.35 billion).

As reported in the Troubled Company Reporter-Latin America on
January 13, 2009, Reuters said that Banco do Brasil agreed to pay
BRL4.2 billion (US$1.84 billion) for a stake in Banco
Votorantim, to compete with private-sector firms amid a wave of
consolidation in the Brazilian banking sector.  According to The
Wall Street Journal, BRL3 billion will be allocated for the
acquisition of 33.36 billion common shares of Banco Votorantim,
and the other BRL1.2 billion will be used to increase Banco
Votorantim's capital.  Banco do Brasil, WSJ relates, described the
planned acquisition as "part of an effort to strengthen the bank's
operations in the area of motor-vehicle financing.  This is an
area in which Banco Votorantim is highly specialized and in which
it has shown rapid growth," the same report said.

                        About Banco do Brasil

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

                           *     *     *


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

                       About Banco Votorantim

Banco Votorantim S.A., together with its subsidiaries, operates as
a multiple bank with commercial, credit, financing, and investment
portfolios in Brazil.  It offers commercial and investment banking
services, consumer finance, asset management, and securities
brokerage services.  The company engages in financing for the
infrastructure sector, including projects involving electric power
generation, transmission, and distribution; and providing private
banking services, such as wealth management and estate planning
advisory services with a focus on risk control, investment
performance, and wealth preservation and expansion.  Banco
Votorantim also engages in the negotiation and distribution of
securities for third parties, and administration of investment
funds.  The company was founded in 1988 and is headquartered in
Sao Paulo, Brazil.  Banco Votorantim S.A. is a part of the
Votorantim Group

                              *     *     *

As of September 29, 2009, the bank continues to carry Standard and
Poor's BB+ LT Issuer Credit ratings.  The company also continues
to carry S&P's B ST Issuer Credit ratings.


BROOKFIELD INCORPORACOES: IFC Studies Housing Joint Venture
-----------------------------------------------------------
Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) said that International Finance Corp. was studying a housing
joint venture with the company, Jeff Fick at Dow Jones Newswires
reports.  The report relates that Brookfield said the project
would be part of the government's "My House, My Life" housing
initiative to build one million homes in Brazil.

According to the report, if approved, the joint venture would
involve IFC's purchase of up to US$10 million in shares in a new
company to be controlled by Brookfield.  The new company would be
focused on building the low-income housing, the report notes.

In addition, Dow Jones Newswires says, the joint venture would
involve a seven-year loan from the IFC in Brazilian reals
equivalent to up to US$20 million.  The joint venture company
would also seek up to an additional US$30 million in funding, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Bloomberg News said that Brookfield
Incorporacoes plans to sell as much as BRL700 million (US$383
million) of new shares.  The report related that the company said
that the primary offering needs to be approved by its board and
that it will decide on the terms at a later date.  According to
the report, the company would be the latest real estate developer
seeking to benefit from investors' demand for companies in the
sector.

                  About Brookfield Incorporacoes

Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) is a Brazil-based company engaged in real estate sector. The
Company is the developer of high-end and luxury residential
buildings, houses, as well as office buildings in Sao Paulo and
Rio de Janeiro metropolitan regions.  Its operations include land
acquisition, planning, construction, sales, financing, customer
service, design, development and management of real estate
projects targeted at mainstream, luxury homebuyers.  The company's
buildings include Reserva de Itauna, Edificio San Francisco,
Chacara de Pinheiros, Time Square and Saint Tropez, among others.
As of June 22, 2009, the Company had its name changed after the
merger of three companies: Brascan Residential, Company and MB
Engenharia.  The company's major shareholder is Brookfield Asset
Management.  In July 2009, Companhia Energetica de Minas Gerais
95% interest in the company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Fitch Ratings has assigned the national long-
term debt rating of 'A+(bra)' to the proposed first simple
debentures issuance, not convertible into shares, of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount
of BRL100 million, with final maturity on September 1, 2013.  The
proceeds will be used for company general purposes.  Fitch has
already rated Brookfield Incorporacoes' foreign and local currency
Issuer Default Ratings 'BB-', and national long-term rating 'A+
(bra)'.  The Rating Outlook of the corporate ratings is Negative.


JBS SA: R-CALF Urges Justice Dept. to Block Pilgrim's Pride Merger
------------------------------------------------------------------
Robert Pore at The Grand Island Independent reports that R-CALF
USA sent a letter to the U.S. Department of Justice requesting
that it block the proposed merger of JBS S.A. and Pilgrim's Pride
Corporation.

According to the report, R-CALF USA contends that the proposed
acquisition by JBS of Pilgrim's Pride would lessen competition
among packers in their purchase of cattle, as is critical to
ensure competitive prices for the nation's hundreds of thousands
of ranchers.

"The demand and price for cattle is influenced by the supply and
price of competing proteins such as pork and poultry, and prices
received by R-CALF USA members for their cattle are particularly
susceptible to increased poultry supplies," the report quoted R-
CALF USA CEO Bill Bullard, as saying.  "We estimate that JBS'
share of fed cattle packing capacity in the U.S. is now over 25%,
and with the acquisition of the vertically integrated Pilgrim's
Pride -- which controls over 20% of U.S. poultry production -- JBS
could further manipulate the competing protein market in the
United States," Mr. Bullard added.

The Independent notes that concerns expressed about the proposed
acquisition of Pilgrim's Pride include the likelihood that JBS SA
would secure the means to manipulate both live cattle and beef
prices by varying the output of the Pilgrim's Pride poultry
operation and the price of its poultry.

R-CALF USA, the report points out, said that because cattle are
the slowest growing of all meat animals, cattle farmers and
ranchers would be unable to adjust their stocking rates in a
timely fashion to avoid greater financial loss caused by a
decision by JBS SA to lower poultry prices.  As a result, R-CALF
USA, the report relates, believes the merger likely would cause
acceleration in the ongoing liquidation of the U.S. cattle herd,
as well as an increased exodus of U.S. cattle producers from the
industry.

"We urge the U.S. Department of Justice to vigorously investigate
the antitrust and anticompetitive aspects of this proposal and
take all necessary enforcement action to prevent its
consummation," the report quoted Mr. Bullard as saying.

                          About JBS SA

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

                           *     *     *

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


SANTANDER BRASIL: Parent Moves IPO Date to October 7
----------------------------------------------------
Spanish bank Banco Santander SA, the parent firm of Banco
Santander Brasil, moved up the debut date to October 7 from
October 8 to debut its shares under its initial public offering on
the Sao Paulo Stock Exchange (BMFBovespa, Rogerio Jelmayer at Dow
Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, Bloomberg News said that Banco Santander Chief
Executive Officer Alfredo Saenz said that Banco Santander would
offer new shares equivalent to a 15% stake in Banco Santander
(Brasil).  Santander Investment and Credit Suisse Group AG were
hired to manage the share sale.  Dow Jones related that Banco
Santander said that the period for investors to reserve shares is
from September 28 through October 5, through its initial public
offering on BMFBovespa.  Bloomberg News recalled that Banco
Santander on July 31 filed to sell units representing both
ordinary and preferred shares.  The report related that
each unit will be represented by 55 common shares and 50 preferred
shares; and will be listed under the local exchange's Level 2
rubric.

                   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.


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


23 WARD FUNDING: Creditors' Proofs of Debt Due on October 1
-----------------------------------------------------------
The creditors of 23 Ward Funding 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:

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


AETOS CAPITAL: Members to Receive Wind-Up Report on October 1
-------------------------------------------------------------
The members of Aetos Capital Management, Ltd will hold their final
general meeting on October 1, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Harold Schaaff
          875 Third Avenue, New York, NY 10022


BLUENOSE CAPITAL: Shareholders Final Meeting Set for October 1
--------------------------------------------------------------
The shareholders of Bluenose Capital Fund (Offshore), Ltd. will
hold their final meeting on October 1, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is;

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


BLUENOSE CAPITAL: Shareholders Final Meeting Set for October 1
--------------------------------------------------------------
The shareholders of Bluenose Capital Master Fund, Ltd. will hold
their final meeting on October 1, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is;

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


BREITENSTEIN LIMITED: Creditors' Proofs of Debt Due on October 1
----------------------------------------------------------------
The creditors of Breitenstein 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 liquidator is:

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


CIC TECHNOLOGY: Commences Liquidation Proceedings
-------------------------------------------------
On March 18, 2008, CIC Technology Fund commenced liquidation
proceedings.

The company's liquidator is:

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

          Avalon Management Limited
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


DILLON READ: Members to Receive Wind-Up Report on October 1
-----------------------------------------------------------
The members of Dillon Read Financial Products Trading Ltd. will
hold their final general meeting on October 1, 2009, at
9:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


FIDELITY STRUCTURED: Creditors' Proofs of Debt Due on October 1
---------------------------------------------------------------
The creditors of Fidelity Structured Investments SPC 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 12, 2009.

The company's liquidator is:

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


FORTIS HEDGE: Creditors' Proofs of Debt Due on October 1
--------------------------------------------------------
The creditors of Fortis Hedge (Cayman) Emerging Markets Fixed
Income 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 14, 2009.

The company's liquidator is:

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


FORTIS HEDGE: Creditors' Proofs of Debt Due on October 1
--------------------------------------------------------
The creditors of Fortis Hedge Emerging Markets Fixed Income Master
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 14, 2009.

The company's liquidator is:

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


FOUNDER INVESTMENTS: Creditors' Proofs of Debt Due on October 1
---------------------------------------------------------------
The creditors of Founder 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 11, 2009.

The company's liquidator is:

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


FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on October 1
---------------------------------------------------------------
The creditors of Frontpoint Offshore Japan 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:

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


LCC FUNDING: Creditors' Proofs of Debt Due on October 1
-------------------------------------------------------
The creditors of LCC Funding 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 19, 2009.

The company's liquidator is:

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


MITSUI TRUST: Members to Receive Wind-Up Report on October 1
------------------------------------------------------------
The shareholders of Mitsui Trust Multi-Strategy Fund (Cayman) will
hold their final general meeting on October 1, 2009, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


PO OIL: Creditors' Proofs of Debt Due on October 1
--------------------------------------------------
The creditors of Po Oil Financing 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 12, 2009.

The company's liquidator is:

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


POD HOLDING: Members to Receive Wind-Up Report on October 1
-----------------------------------------------------------
The shareholders of Pod Holding Ltd. will hold their final general
meeting on October 1, 2009, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SAKAE YONCHOME: Creditors' Proofs of Debt Due on October 1
----------------------------------------------------------
The creditors of Sakae Yonchome Holdings Co. 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 17, 2009.

The company's liquidator is:

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


STARTS (CAYMAN): Creditors' Proofs of Debt Due on October 1
-----------------------------------------------------------
The creditors of Starts (Cayman) Limited 2004-2 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 19, 2009.

The company's liquidator is:

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


STARTS (CAYMAN): Creditors' Proofs of Debt Due on October 1
-----------------------------------------------------------
The creditors of Starts (Cayman) Limited 2004-3 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 19, 2009.

The company's liquidator is:

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


SWCP FUND: Creditors' Proofs of Debt Due on October 1
-----------------------------------------------------
The creditors of SWCP Fund 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 17, 2009.

The company's liquidator is:

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


SWCP MASTER: Creditors' Proofs of Debt Due on October 1
-------------------------------------------------------
The creditors of SWCP Master Fund 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 17, 2009.

The company's liquidator is:

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


ZEBEDEE EUROPEAN: Creditors' Proofs of Debt Due on October 1
------------------------------------------------------------
The creditors of Zebedee European Fund 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 7, 2009.

The company's liquidator is:

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


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


* DOMINICAN REPUBLIC: to Receive US$20MM Loan From Petrocaribe
--------------------------------------------------------------
The Dominican Republic will receive a US$20 million loan from
Venezuela's Petrocaribe program to ease the ongoing energy crisis,
The Dominican Today reports, citing Hacienda Minister Vicente
Bengoa.  The report relates that Mr. Bengoa stressed that the loan
will help repay what private power companies say is a US$425
million debt.

According to the report, the Dominican government will also
provide US$10 million toward repayment.  The report notes that
Mr. Bengoa said that the companies already received US$274 million
this month.

Venezuela created Petrocaribe in 2005 to sell fuel to member
countries at preferential terms and help finance oil
infrastructure projects.

                         *     *     *

Dominican Republic continues to carry Moody's B2 currency ratings.


* DOMINICAN REPUBLIC: Government to Sign IMF Pact Very Soon
-----------------------------------------------------------
Dominican Republic President Leonel Fernandez said that the
government will sign an agreement with the International Monetary
Fund in less than three weeks, to finance budgetary problems
resulting from the global crisis’ impact on tax revenue, The
Dominican Today reports.  The report relates that Mr. Fernandez
affirmed that the signature of a letter of intent with
international organism doesn’t have the implication of the past,
when the funds were used to finance problems of balance of
payments.

According to the report, Mr. Fernandez said that although the
government still doesn’t have the pact’s details, his economic
team will study to make the correct decision, for his country’s
economy can be invigorated between this year end  and the next.

Mr. Fernandez, the report notes, affirmed that resulting from the
global financial crisis, exports and imports slumped, as well as
local trade, leading to a deficit in tax revenues.  The report
relates that Mr. Fernandez clarified that it’s not a fiscal
deficit, rather a lull due to a fall in collections, for which the
Government’s planned external financing covers the breach.

“In principle we’re with the International Monetary Fund, which
allows us greater credibility in international financial markets
and would allow the Dominican Republic to issue bonds at an
interest rate suited to the country’s intentions," the report
quoted Mr. Fernandez as saying.

                         *     *     *

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


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


DAVON UNIFORMS: Gets No Offers; DBJ Moves to Liquidate Business
---------------------------------------------------------------
Dionne Rose at Jamaica Gleaner reports that state-owned the
Development Bank of Jamaica (DBJ) decided to liquidate the
business of Davon Uniforms International Limited after the bank
failed get an attractive offer for Davon Uniforms' divestment.
DBJ is the majority shareholder of Davon Uniforms, with a 91% of
shares in the company, while the remaining shares being held by
two Davon workers.

"It was advertised for divestment but no bids worthy of
consideration were received," the DBJ said in an email obtained by
the news agency.  "As a result of the unsuccessful effort to find
an investor to take over the business, the shareholders and
creditors voted to liquidate the business as its operations were
no longer viable," DBJ added.

According to the report, Davon Uniforms could have up to 30 local
and overseas creditors.  The report relates that court-appointed
liquidator, Ken Tomlinson, said that creditors have been given
until October to make their claims.

The Gleaner notes that DBJ said Davon Uniforms was a loss-making
company, "a situation which was unsustainable."

Davon Uniforms, the report recalls, was placed in receivership and
taken over by the former National Investment Bank of Jamaica, one
of the forerunners to the DBJ, when the manufacturing concern ran
into financial trouble in 2004.

                     About Davon Uniforms

Davon Uniforms International Limited manufactures uniforms and
other apparel for the local and export markets.  The company The
company has been in operations since the early 1960s and as to
date has 95 workers.  The company was previously owned by Jamaican
David Chin.


DIGICEL GROUP: Unit Taps ZTE Corp as Strategic WIMAX Partner
------------------------------------------------------------
Digicel Jamaica, a unit of Digicel Group, disclosed additional
details about its Digicel Broadband service, which will deliver
easy-to-access wireless broadband internet services at never
before seen speeds to users across the country -- offering Digicel
customers the best value in the wireless broadband market.

Digicel Jamaica has appointed China’s ZTE Corp. as its second
WiMAX vendor to provide a full turn-key solution for phase one of
its 2.5GHz Mobile WiMAX solution.  Under the agreement, ZTE will
install a nationwide, high-speed, high capacity 4G network across
all 14 Parishes of Jamaica, covering 60% of the population at
launch. This is part of an initial investment of US$22.7 million
dollar (J$ 2 billion) investment by Digicel.

ZTE will deploy the network rollout plan which includes the WiMAX
network planning and design; equipment supply; customer premise
devices such as modems, USBs; engineering installation services;
and WiMAX network optimization.

“We are delighted to be building the country’s first nationwide
WiMAX network in partnership with ZTE.  Its leading product
solutions and world-class technology experts will help us ensure
that Digicel Broadband provides the best coverage, the best value
and the best service in the wireless broadband market in Jamaica,”
said Mark Linehan, Digicel Jamaica CEO.

“The launch of the WiMAX network will bring a much needed
nationwide high-speed & high capacity voice, video and data
wireless broadband network built for the 21st century, which will
allow large and small businesses – as well as individuals – to
compete in the global economy,” added Mr. Linehan.

Mr. Wu Zengqi, SVP, ZTE Corporation, said: “Today’s announcement
marks a significant milestone for our WiMAX products.  We are the
market leader in the development and deployment of WiMAX across
the world and we are delighted to be partnering with Digicel to
roll out a state-of-the-art 4G wireless broadband network in
Jamaica.”

Set to launch in 2010, the Digicel Broadband service will be true
‘plug ‘n play’ as users will be able to plug in a simple small
wireless device to their computers (laptops or PCs) or other
internet-ready devices and they will be connected to the world
wide web.

                      About ZTE Corporation

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, Fitch Ratings assigned a Positive Outlook to ZTE
Corporation's Long-term foreign and local currency Issuer Default
Ratings, and affirmed them at 'BB+'.

                      About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


JPSCO: Private Sector Complains Despite Low Adjustment Increase
---------------------------------------------------------------
The members of the private sector are grumbling about the rate
adjustment which has been granted to the Jamaica Public Service
Company despite a smaller than expected increase, RadioJamaica
reports.  The report relates that based on the determination
handed down by the Office of Utilities Regulation, JPSCO customers
will pay from 1% to 5% more for electricity come October 1.

According to the report, business owners said that while the
increase appears small it will have a major impact on their bottom
line especially against the background of a declining economy.

President of the Jamaica Manufacturers Association, Omar Azan, the
report notes, said that electricity rates in Jamaica make it
difficult for members to become competitive.  JPSCO needs to
improve its efficiency, Mr. Azan added.  "We have always heard an
increase, an increase but where's the reductions, where's the
efficiencies, where's the new generating units that are being
installed or the plans to be installed? I don't think it's fair
for the consumers to be adding or putting towards the
installation," the report quoted Mr. Azan as saying.

Meanwhile, RadioJamaica says that the Opposition is relieved that
the JPSCO was not granted an exorbitant tariff adjustment the
increase will still place a burden on the company's customers.

                           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.


NATIONAL COMMERCIAL BANK "No Plan to Sell Shares," Lee Chin Says
----------------------------------------------------------------
Jamaican-Canadian billionaire Michael Lee Chin said that he has no
plans to further dilute his position in National Commercial Bank
Jamaica Limited, and may in fact even rebuild his portfolio,
Jamaica Gleaner reports.  "I have no intention to sell any more
shares," the report quoted Mr. Lee Chin as saying.  "In fact, I
intend to start buying back shares," Mr. Lee Chin added.

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Jamaica Observer said that Mr. Lee Chin sold
another 5% stake in NCB Jamaica this year, reducing his ownership
to just over 62%.  The report related that since the start of
2009, entities owned by Mr. Chin sold 131 million (5.3%) NCB
shares of the total shares in issue.  According to the report,
Mr. Lee Chin bought a 75% stake in NCB back in 2002 for US$127
million (JM$6 billion in 2002), and since acquiring the commercial
bank, his companies sold off close to 360 million -- net of buying
and selling during the period -- or 14.6% of NCB's total shares.

The Gleaner notes that Mr. Lee Chin's declared intention not only
to stay the course in the profitable NCB, but to maintain a robust
ownership position, is likely to be interpreted by financial
markets as a signal of the stabilization of his finances and the
likelihood that he will be able to meet obligations to bond
holders.  The report recalls that Mr. Lee Chin at mid-year coaxed
Jamaican holders of his notes to give him until November to clear
nearly US$37 million in redemptions and interest payments that
were then due.  The debt, owed by Mr. Lee Chin's AIC Barbados, is
secured, in part, by 877 million, or around 36%, of NCB's stocks,
as well as two office towers the entrepreneur owns in Kingston,
the Gleaner says.

As of June 2009, the Gleaner says, NCB had assets of JM$311.5
billion, and reported nine-month profit of JM$7.3 million, an
increase of nine per cent over the corresponding period in 2008.

                        About NCB Jamaica

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

                           *     *     *

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

Fitch said the ratings have a stable rating outlook.


SUGAR COMPANY: Gov't Allocates Additional US$553 Million Fund
-------------------------------------------------------------
The Jamaica government has allocated an additional half a billion
dollars to loss-making Sugar Company Jamaica for the current
fiscal year to finance social-intervention projects in communities
where the positions of thousands of workers have been made
redundant, rather than for running factories still owned by the
company, ahead of their divestment, Jamaica Gleaner reports,
citing Christopher Tufton, agriculture minister.  The report
relates that the additional government fund brings this year's
grant to the SCJ to JM$1.3 billion

"The divestment process involves some amount of social
intervention for the workers at the local level," the report
quoted Mr. Tufton as saying.  "That (additional) money is for the
(sugar transformation) unit that manages that program", Mr. Tufton
added.

The Gleaner recalls that SCJ has sold three sugar factories --
Duckenfield, Long Pond and Hampden -- to Jamaican interests and is
in negotiations with an Swiss-based Italian-owned firm, Eridania
Suiss SA, to sell two others, Barnard Lodge in St Catherine, and
Monymusk in Westmoreland.  "We should know, either way, by
December," the report quoted Mr. Tufton as saying.

However, the report relates that Mr. Tufton explained that the
additional JM$553 million to SCJ, contained in a revised Budget
tabled in Parliament, had nothing to do with that deal.

As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, the Jamaica Observer said that the Jamaica
government has received the US$15-million capital injection from
Italian firm Eridania Eridania Suisse.  Caribbean Net News related
that the government has negotiated an interim funding with
Eridania Suisse to ensure the continued operation of Sugar Company
of Jamaica's three sugar estates -- Frome in Westmoreland,
Monymusk in Clarendon, and Bernard Lodge in St Catherine.  The
report said the money will be used to undertake field maintenance
work on the three estates, as well as preparatory works for the
Frome and Monymusk factories.  According to the report,
Agriculture and Fisheries Minister Christopher Tufton said the
Cabinet has approved the arrangement, which should “effectively
ensure” the factories’ sugar production output for the 2009/10
crop year, while the process of divestment continues.

                            About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


CEMEX SAB: Completes Global Offering
------------------------------------
CEMEX, S.A.B. de C.V. disclosed that a total of 1,495,000,000
Ordinary Participation Certificates, directly or in the form of
American Depositary Shares, were sold in a global offering
completed.  The underwriters fully exercised their options to
purchase additional CPOs and ADSs to cover over-allotments.

Of the 1,495,000,000 CPOs offered, 1,121,250,000 CPOs, directly or
in the form of ADSs, were sold in the United States and elsewhere
outside of Mexico and 373,750,000 CPOs were sold in Mexico.  The
ADSs were offered to the public at a price of US$12.50 per ADS,
and the CPOs were offered to the public at a price of MXN16.65 per
CPO.

The estimated net aggregate proceeds from the global offering,
including proceeds from the exercise of the over-allotment option,
were approximately US$1.782 billion.  The over-allotment option
relating to the Mexican portion of the offering will be completed
tomorrow.  CEMEX intends to use the net proceeds from the global
offering to pay down debt as required by the financing agreement
recently entered into with its creditors.

J.P. Morgan, Citi, Santander Investment and BBVA acted as global
coordinators for the global offering.  J.P. Morgan, Citi,
Santander Investment, BBVA, BNP Paribas, HSBC and RBS acted as
joint bookrunning managers on the international offering.
Acciones y Valores Banamex Casa de Bolsa, J.P. Morgan Casa de
Bolsa, Casa de Bolsa BBVA Bancomer, Santander Casa de Bolsa and
HSBC Casa de Bolsa acted as bookrunning managers for the Mexican
offering.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                           About CEMEX SAB

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


CEMEX SAB: Decision on Quarry Expansion at Davenport Postponed
--------------------------------------------------------------
Kurtis Alexander at Mercury News reports that the decision on
whether CEMEX, S.A.B. de C.V. can extend mining in the hills above
Davenport was punted by county regulators after CEMEX SAB and the
city of Santa Cruz agreed to settle the issue on their own.

According to the report, the county Planning Commission was
scheduled to weigh in on the matter this week but instead gave the
two sides until October 28 to resolve the matter before it imposed
a decision.

As reported in the Troubled Company Reporter-Latin America on
August 28, 2009, Mercury News said that CEMEX SAB received a
recommendation from county planners to go ahead with its lime
stone quarry in the hills above Davenport, as the planned
expansion will have low risk to local water supply.  The
report related that the county's review of the company's plan,
concluded that precautions can be taken to prevent the
contamination of an underground spring, Liddell Spring, used by
Santa Cruz for drinking water.  According to the report, the
company has sought for more than a decade to enlarge its 87-acre
quarry -by 17 acres.  But concerns over Liddell Spring's fate have
slowed that effort, the report said.

Mercury News notes that a letter to the county from the Community
Water Coalition, penned by law firm Wittwer & Parkin, urges the
Planning Commission to deny the expansion bid.  "If the Water
Department is nervous about this (mining plan), I'm nervous about
this," the report quoted coalition member Rick Longinotti, as
saying.

The report notes that a dozen or so plant workers were present at
the Planning Commission meeting to support the expansion.

                         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)'.


MULTICAT MEXICO: S&P Assigns Credit Ratings on 2009-1 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the class A, B, C, and D series 2009-1 notes to
be issued under the principal-at-risk variable-rate note program,
MultiCat Mexico 2009 Ltd.

The Fund for Natural Disasters is sponsoring the transaction and
is entering into an insurance contract with Agroasemex S.A., which
is a state-owned insurer that provides reinsurance to Mexican
insurance institutions, mutual societies, and insurance funds.

Swiss Reinsurance Company Ltd. will be the counterparty to the
risk transfer contract and will reinsure Agroasemex in this
transaction.

This will be the first series of notes issued under this program.
The issued notes will be exposed to major earthquake and Pacific
and Atlantic hurricane risk in selected zones within Mexico
between October 2009 and October 2012.

FONDEN will enter into this transaction to receive a multi-year
parametric protection for certain Mexican earthquake and Mexican
hurricane events.  The notes will provide protection to FONDEN for
three years.

AIR Worldwide Corp., as the event calculation agent, will verify
the trigger event conditions as reported by United States
Geological Society and National Hurricane Center for earthquake
and hurricane events, respectively.

                            Ratings List

                     MultiCat Mexico 2009 Ltd.
                US$250 Million Principal At-Risk
                Variable-Rate Notes Series 2009-1

                                            Prelim.
                             Prelim.        amount
             Class           rating*      (Mil. US$)
             -----           -------        --------
             A               B               100
             B               B                50
             C               B                50
             D               BB-              50


PILGRIM'S PRIDE: Court OKs Settlements With 431 Contract Growers
----------------------------------------------------------------
Pilgrim's Pride Corp. and its affiliates obtained the Court's
approval, pursuant to Rule 9019 of the federal Rules of Bankrupt
Procedure, to enter into a settlement agreement with 431
independent contract growers to resolve the disputes that arose as
a result of the Debtors' proposed rejection of the Grower
contracts.

A list of the names of Contract Growers the Debtors intend to
settle with is available for free at:

          http://bankrupt.com/misc/PPC_growers2settle.pdf

The salient terms of the Settlement Agreement are:

* The Debtors will immediately pay to the Growers an
  aggregate amount of US$3,157,500.

* In exchange, the Growers will immediately take all actions
  necessary to dismiss, with prejudice, their objections to the
  Debtors' proposed rejection of the Grower Contracts.

* The Debtors will be released from and against all claims and
  charges under any municipal, local, state, or federal law,
  common or statutory, including all claims as defined by
  Section 101(5) of the Bankruptcy Code, claims for
  discrimination, fraud, deceit, constructive fraud, breach of
  fiduciary duty, promissory estoppel, violations of the
  Packers and Stockyard Act of 1921, violations of Section
  13-3-44 of the Office of Contract and Grant Administration,
  equitable estoppel, rejection claims, out-time claims, and
  breach of contract claims, except:

      -- those claims currently asserted in Adams et al. v.
         Pilgrim's Pride Corporation, Case No. 4:09-CV-0387;

      -- those claims currently asserted in White et al. v.
         Pilgrim's Pride Corporation et al., Case No.
         2:07-CV-00522-TJW; and

      -- any postpetition claims for fraud or violation of the
         PSA set forth in a motion for leave to amend the Adams
         Case.

* The Releasing Parties agree that they will not file any
  proofs of claim in the Debtors' bankruptcy cases for any of
  the PPC Released Claims.  To the extent that the Releasing
  Parties' Proofs of Claim allege the released claims or
  damages, the PPC Released Claims in those Proofs of Claim are
  deemed satisfied and expunged upon Debtors' making of the
  Payment.

* To the extent permitted by law, the Releasing Parties forever
  waive, release, and covenant not to sue or file or assist
  with suing or filing any complaint or claim against any
  Releasee with any court, governmental agency or other entity
  based on a PPC Released Claim, whether known or unknown at
  the time of execution of this Agreement.  The Releasing
  Parties also waive any right to recover from any Releasee in
  a civil suit or other action brought by any governmental
  agency or any other individual or entity for or on their
  behalf with respect to any PPC Released Claim.  This release
  covers both claims that the Releasing Parties know about and
  claims not known about by the Releasing Parties; and

* The Parties agree that nothing in the Agreement will be an
  acknowledgement or admission of any violation of any
  contract, local, state, or federal law, common or statutory.

Stephen A. Youngman, Esq., at Weil, Gotshal & Manges LLP in
Dallas, Texas, asserts that to avoid protracted litigation on the
issues raised in the Rejection Objections, the Debtors have
determined that it is in the best interests of their estates to
resolve the Objections and the Proofs of Claim on the terms set
forth in the Agreement.

Although the Debtors dispute the merits of the Objections, they
believe the terms of the settlement are fair, Mr. Youngman says.
By consensually resolving the Objections at the current time, the
Debtors are able to avoid burdening their estates with the
further costs of defending against the Growers' Objections, he
points out.

                     About Pilgrim's Pride

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

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

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

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

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

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


PILGRIM'S PRIDE: Terms of JBS-Backed Chapter 11 Plan
----------------------------------------------------
Pilgrim's Pride Corporation and its debtor affiliates delivered
to the U.S. Bankruptcy Court for the Northern District of Texas,
Fort Worth Division, on September 17, 2009, their Joint Plan of
Reorganization and Disclosure Statement explaining the Plan.

According to Richard A. Cogdill, chief financial officer of
Pilgrim's Pride, the Plan contemplates for the Debtors' emergence
from bankruptcy with at least US$1,650,000,000 in available
financing and that JBS USA Holdings, Inc., the Plan Sponsor, will
purchase a majority common stock of the Reorganized PPC to fund
distributions under the Plan.  All holders of Claims will be paid
in full, unless otherwise agreed by the holder.  Holders of
Equity Interests will receive certain amount of common stock of
the Reorganized PPC.  The Plan also contemplates assumption of
the employees' Compensation and Benefit programs.

The Plan is premised on a transaction with the Plan Sponsor
whereby the Plan Sponsor will purchase 64% of the New PPC Common
Stock on the Effective Date in exchange for US$800 million in
Cash, to be used by the Reorganized Debtors to, among other
things, fund distributions to holders of Allowed Claims -- the
"Plan Sponsor Transaction."   The terms of the Plan Sponsor
Transaction are set forth in the Stock Purchase Agreement.

The salient terms of the SPA are:

* Upon the Effective Date, stockholders of PPC will become
   entitled to receive, for each share of PPC Stock held by
   them, one share of New PPC Common Stock.  The former PPC
   stockholders will collectively own an aggregate of 36% of the
   New PPC Common Stock.

* Until the Effective Date, subject to certain exceptions, PPC
   must conduct its business in a reasonable manner consistent
   with past practice and must obtain the consent of the Plan
   Sponsor for certain enumerated actions.

* PPC and the Plan Sponsor will work together to determine the
   contracts to be assumed by the Reorganized Debtors on the
   Effective Date and to resolve objections, if any, to certain
   cure amounts for assumed contracts.

* For a period of six years after the Effective Date,
   Reorganized PPC will indemnify the present and former
   directors and officers of PPC and its subsidiaries from all
   liabilities arising in connection with their service as
   directors and officers.

* The Plan Sponsor will, or will cause Reorganized PPC, after
   the Effective Date to honor certain severance, change in
   control and other employment agreements.

* PPC and the Plan Sponsor will work together to obtain all
   authorizations, consents and approvals of governmental
   authorities, including under antitrust laws, necessary
   to consummate the Plan Sponsor Transaction.

* Prior to the entry of the Plan Sponsor Order, PPC may not
   solicit alternative transaction proposals from third parties
   but may provide information to and engage in discussions with
   third parties and take certain other actions with respect to
   any such unsolicited proposals that PPC's board of directors
   determines are reasonably likely to result in a Superior
   Proposal.  If, prior to the entry of the Plan Sponsor Order,
   PPC decides to enter into negotiations or approve signing an
   agreement with a third party with respect to an alternative
   transaction, it must notify the Plan Sponsor and give the
   Plan Sponsor the opportunity to match the third party offer.

* The SPA contains certain conditions to each of PPC's and the
   Plan Sponsor's obligations to consummate the Plan Sponsor
   Transaction.

* If PPC terminates the SPA due to its receipt of a Superior
   Proposal, then PPC will be required to pay a US$45 million
   termination fee to the Plan Sponsor along with an
   additional US$5 million as reimbursement of expenses -- the
   "Termination Fee."

A full-text copy of the Stock Purchase Agreement is available for
free at http://bankrupt.com/misc/PPC_JBS_SPA.pdf

                       The Plan Sponsor

JBS USA, the Plan Sponsor, is a wholly-owned direct subsidiary of
JBS Hungary Holdings Kft., and a wholly-owned indirect subsidiary
of JBS S.A., a Brazilian-based meat producer with operations
across two major business segments -- beef and pork.   In terms
of slaughtering capacity, JBS USA is among the leading beef and
pork processors in the U.S. and has been the number one processor
of beef in Australia for the past 15 years.  As a standalone
company, JBS USA would be the largest beef processor in the
world.  JBS USA also owns and operates the largest feedlot
business in the U.S.

JBS USA is anticipated to conduct an Initial Public Offering.
Under the Offering, JBS USA would be the issuer and JBS Hungary
would be the selling stockholder of shares of JBS USA common
stock offered internationally in the United States and other
countries outside Brazil, with a concurrent offering in the
form of Brazilian depositary receipts in Brazil.  JBS USA will
not receive any of the proceeds from the shares of common stock
sold by JBS Hungary.  JBS USA expects to apply for listing of its
common stock on the New York Stock Exchange under the symbol
"JBS."

In the event JBS USA completes the Offering, then, at any
time during an Exchange Window falling within the period
commencing on the date of the closing of the Offering and ending
two years and 30 days from the Effective Date, JBS USA will have
the right to deliver written notice of the mandatory exchange of
the New PPC Common Stock  to Reorganized PPC at its principal
place of business.

Upon delivery to Reorganized PPC of the Notice of the Mandatory
Exchange Transaction each share of New PPC Common Stock held by
stockholders other than JBS USA will automatically, without any
further action on behalf of Reorganized PPC or any of the
Exchanged Holders, be transferred to JBS USA in exchange for
fully paid shares of JBS USA Common Stock equal to the Exchange
Offer Ratio.

An "Exchange Window," Mr. Cogdill says, is a period of time
beginning on the 6th trading day after the first day on which
both Reorganized PPC and JBS USA will have made their annual or
quarterly reports or earnings releases relating to the
immediately preceding fiscal quarter or year, as applicable, and
ending on the last day of the fiscal quarter during which the
first day of the Exchange Window fell.

JBS believes that aggregate synergies from cost savings and
revenue enhancement opportunities as a result of PPC's
integration with JBS North American operations could amount to
$200 million or more per year.

                    Stockholders' Agreement

On the Effective Date, the Plan Sponsor and Reorganized PPC will
enter into a Stockholders Agreement, which sets forth certain
rights with respect to the New PPC Common Stock, corporate
governance and other related corporate matters.

The Stockholders Agreement provides, among other terms, that the
initial Board of Directors of Reorganized PPC will consist of
nine directors:

   (i) six directors designated by the Plan Sponsor,
  (ii) two directors designated by the Equity Committee, and
(iii) the Founder Director, Lonnie "Bo" Pilgrim.

                  Issuance of New Common Stock

On the Effective Date, the existing common stock of PPC will be
cancelled and the New PPC Common Stock will be issued to holders
of Allowed Equity Interests and the Plan Sponsor.  The Restated
Certificate of Incorporation will authorize Reorganized PPC to
issue 800,000,000 shares of common stock, par value US$.01 per
share, and 50,000,000 shares of preferred stock, par value US$.01
per share, with Reorganized PPC's Board of Directors being
empowered, without stockholder approval, to cause preferred stock
to be issued with such rights, preferences and limitations as it
may determine.

                         Exit Financing

The Debtors are working with various lenders and financial
institutions to secure an exit facility that would provide
funding for plan distributions and working capital for the
Reorganized Debtors.  The Exit Facility, as currently
contemplated, will provide:

  -- a senior secured financing facility in an aggregate
     principal amount of at least US$1,650,000,000 to include a
     three-year revolving credit facility, in an aggregate
     principal amount of at least US$500,000,000;

  -- a three year Term A loan facility in an aggregate principal
     amount of at least US$375,000,000; and

  -- a five- year term B loan facility in an aggregate principal
     amount of at least US$775,000,000.

As contemplated, a portion of the Exit Revolving Credit Facility,
of at least US$200,000,000, will be available for the issuance of
standby letters of credit and trade letters of credit.

               Financial Projections under Plan

The value of the securities to be issued pursuant to the Plan and
the recoveries by holders of Allowed Claims who receive
securities, depend in part on the ability of the Debtors to
achieve financial results projected on the basis of certain
assumptions, Mr. Richard A. Cogdill, PPC's chief financial
officer, avers.

Additionally, for the Plan to meet the feasibility standards of
the Bankruptcy Code, the Court must conclude that confirmation of
the Plan is not reasonably likely to lead to the liquidation or
further reorganization of the Debtors.

With these considerations in mind, the Debtors prepared their
financial projections, which are based on the Debtors' long-term
business plan and in turn serve as the basis for the Plan.  The
Debtors believe that the assumptions that serve as the basis for
the projections are reasonable under the circumstances and that
pursuit of the business plan will maximize the value of the
businesses of the Debtors.

A full-text copy of the Debtors' five-year Projected Balance
Sheet, Projected Income Statement and Projected Cash Flow is
available for free at:

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

                    Liquidation Analysis

The Debtors have determined that confirmation of the Plan will
provide all Holders of Allowed Claims and Equity Interests a
recovery that is equal to or greater than would be received
pursuant to a Chapter 7 liquidation of each Debtor or
consolidated Debtors.  Under the Base Case Liquidation Analysis
for the consolidated Debtors, the Secured Claims and
Administrative Expense Claims would receive a full recovery;
however, all remaining claims would receive either a partial
recovery or no recovery.

A summary of the Debtors' Liquidation Analysis is available for
free at http://bankrupt.com/misc/PPC_liquidation_ana.pdf

                       Plan Alternatives

If no Chapter 11 plan can be confirmed, the Chapter 11 Cases may
be converted to cases under chapter 7 of the Bankruptcy Code in
which a trustee would be elected or appointed to liquidate the
assets of the Debtors for distribution in accordance with the
priorities established by the Bankruptcy Code.

The Debtors believe that liquidation under Chapter 7 would result
in smaller distributions being made to holders of general
unsecured claims than those provided for in the Plan and no
distributions to equity holders because (a) the likelihood that
other assets of the Debtors would have to be sold or  otherwise
disposed of in a less orderly fashion, (b) additional
administrative expenses attendant to the appointment of a trustee
and the trustee's employment of attorneys and other professionals
and (c) additional expenses and claims, some of which would be
entitled to priority, which would be generated during the
liquidation and from the rejection of leases and other executory
contracts in connection with a cessation of the Debtors'
operations, Mr. Cogdill narrates.

If the Plan is not confirmed, the Debtors or any other party in
interest could attempt to formulate a different plan of
reorganization.  That plan might involve a reorganization and
continuation of the Debtors' business on a standalone basis
without participation of a Plan Sponsor, a sale of the Debtors as
a going concern, or an orderly liquidation of the Debtors' assets
under chapter 11, Mr. Cogdill says.

The Debtors have examined these various alternatives in
connection with the process involved in the formulation and
development of the Plan, and have concluded that the Plan enables
creditors and equity holders to realize the most value under the
circumstances.  In a liquidation under Chapter 11, the Debtors
would still incur the expenses associated with winding down the
estates and selling assets.  The process would be carried out in
a more orderly fashion over a greater period of time than a
chapter 7 liquidation, and if a trustee were not appointed,
because the appointment, if not required in a chapter 11 case,
the expenses for professional fees would most likely be lower
than those incurred in a Chapter 7 case, Mr. Cogdill points out.

A full-text copy of the Joint Chapter 11 Plan is available for
free at http://bankrupt.com/misc/PPC_PlanofReorganization.pdf

A full-text copy of the Disclosure Statement is available for
free at http://bankrupt.com/misc/PPC_DisclosureStmnt.pdf

A full-text copy of PPC's Organizational Chart is available for
free at http://bankrupt.com/misc/PPC_orgchart.pdf

                     About Pilgrim's Pride

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

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

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

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

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

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


PILGRIM'S PRIDE: To Pay Claims in Full From JBS-Backed Ch. 11 Plan
------------------------------------------------------------------
Pursuant to the JBS USA-backed Chapter 11 Plan filed by Pilgrim's
Pride Corp. and its affiliates, the claims against and equity
interests in the Debtors are divided into separate classes.
Accordingly, the Plan provides for the treatment of the
Unclassified and Classified claims and Equity Interests:


Class       Description               Treatment
-----       -----------               ---------
N/A         Administrative Expense    Paid in full, in Cash,
             Claims                    in an amount equal to the
                                       unpaid portion of the
                                       Allowed Administrative
                                       Expense Claim on or as
                                       soon as reasonably
                                       practicable following the
                                       Effective Date.


N/A         Professional Payment      Paid in full, in Cash.
             and Reimbursement
             Claims

N/A         Indenture Trustee Fee     Paid in Cash on the
             Claims                    Effective Date by
                                       Reorganized PPC as
                                       Administrative Expense
                                       Claims.

N/A         DIP Claims                Except to the extent that
                                       a DIP Lender agrees to a
                                       different treatment, DIP
                                       Claims will be paid in
                                       full, in Cash, as soon as
                                       reasonably practicable
                                       following the Effective
                                       Date.

N/A         Priority Tax Claims       Each holder of an Allowed
                                       Priority Tax Claim will
                                       receive, at the sole
                                       option of the Reorganized
                                       Debtors, (a) Cash in an
                                       amount equal to the
                                       Allowed Priority Tax
                                       Claim; (b) equal semi
                                       annual Cash payments in
                                       an aggregate amount equal
                                       to the Allowed Priority
                                       Tax Claim; or other
                                       treatment to be
                                       determined by the Court.

                                       Estimated Amount of
                                       Claims: US$15 million

Class 1     Priority Non-Tax Claims   Paid in full in cash

                                       Estimated Amount of
                                       Claims: US$35 million

Class 2     BMO Secured Claims        Paid in full in cash

                                       Estimated Amount of
                                       Claims: US$261 million

Class 3     CoBank Secured Claims     Either (i) paid in full
                                       in cash, (ii) reinstated
                                       pursuant to amended terms
                                       to be negotiated, or
                                       (iii) reinstated and
                                       rendered unimpaired.

                                       Estimated Amount of
                                       Claims: US$1.145 billion

Class 4     Secured Tax Claims        Either (a) paid in full
                                       in cash on Effective
                                       Date, (b) paid in full in
                                       cash semi-annually over a
                                       period of five years.

Class 5     Other Secured Claims      Will (i) be reinstated,
                                       (ii) receive cash in full
                                       plus interest, (iii)
                                       receive proceeds of the
                                       sale of collateral to the
                                       extent of the value of
                                       the holder's secured
                                       interest in the
                                       collateral, (iv) receive
                                       the collateral plus any
                                       interest, or (v) receive
                                       other distributions as
                                       necessary.

                                       Estimated Amount of
                                       Claims: US$24 million

Class 6     Senior Note Claims,       Paid in full in cash in
             Senior Subordinated       an amount equal to (i)
             Note Claims and           the principal amount of
             Subordinated Note         Allowed Note Claim and
             Claims against PPC        (ii) accrued and unpaid
                                       postpetition interest at
                                       the non-default, contract
                                       rate.

                                       Estimated Amount of
                                       Claims: US$731 million

Class 7     General Unsecured Claims  Paid in full and in cash
                                       with postpetition
                                       interest at the federal
                                       judgment rate as of the
                                       date of entry of the
                                       Confirmation Order.

                                       Estimated Amount of
                                       Claims: US$180 million

Class 8     Intercompany Claims       Will be reinstated.

                                       Estimated Amount of
                                       Claims: US$38,000,000

Class 9     Flow-Through Claims       Will be satisfied in the
                                       ordinary course of
                                       business at a time and
                                       manner as the applicable
                                       Reorganized Debtor is
                                       obligated to satisfy each
                                       Flow-Through Claim.

                                       Estimated Amount of
                                       Claims: US$77 million

Class       Equity Interests in PPC   All existing PPC common
10(a)       (77,141,389 shares of     stock will be cancelled
             common stock              and each holder will
             outstanding)              receive a certain amount
                                       of common stock of
                                       Reorganized PPC.

Class       Equity Interests in       Will be reinstated.
10(b)       PFS Dist. Co.
             (100 shares of common
             stock outstanding,
             100 shares of preferred
             stock outstanding)


Class       Equity Interests in PPC   Will be reinstated
10(c)       Transport Co.
             (100 shares of common
             stock outstanding, 100
             shares of preferred
             stock outstanding)

Class       Equity Interests in       Will be reinstated
10(d)       To-Ricos, Ltd.
             (12,001 shares
             outstanding)

Class       Equity Interests in       Will be reinstated
10(e)       To-Ricos Distribution
             Ltd.
             (12,000 shares
             outstanding)

Class       Equity Interests in PPC   Will be reinstated
10(f)       of West Virginia, Inc.
             (1,000 shares outstanding)

Class       Equity Interests in PPC   Will be reinstated.
10(g)       Marketing, Ltd.

Classes 1 to 9 and Classes 10(b) to 10(g) are Unimpaired classes
and are deemed to accept the Plan and are not entitled to vote.

Class 10(a), the impaired class, is entitled to vote for or
against the Plan.

Holders of Unclassified professional Compensation Claims,
Reimbursement Claims, Indenture Trustee Fee Claims, DIP Claims
and Priority Tax Claims are not entitled to vote to accept or
reject the Plan.

                     About Pilgrim's Pride

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

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

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

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

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

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


PILGRIM'S PRIDE: Valuation Analysis Under Chapter 11 Plan
---------------------------------------------------------
Pilgrim's Pride Corp and its affiliates have been advised by
Lazard Freres & Co., its investment banker, with respect to the
estimated enterprise value of Pilgrim's Pride Corporation, as
reflected by the estimated equity value of the Reorganized PPC
that was agreed upon as part of the transaction with JBS SA, the
Plan Sponsor.  Lazard has undertaken the valuation analysis for
the purpose of determining value available for distribution to
holders of Allowed Claims and Allowed Equity Interests pursuant to
the Plan.

Pursuant to the Stock Purchase Agreement, the Plan Sponsor has
agreed to purchase 64% of the New PPC Common Stock for
US$800 million.  The remaining 36% of the New PPC Common Stock
would be valued at US$450 million, resulting in an aggregate
estimated total equity value of US$1.250 billion, before
contemplation of any potential synergies.  Based on the
anticipated net debt at the Effective Date, of US$1.486 billion,
Lazard's estimate of the enterprise value is US2.736 billion,
excluding approximately US$50 million in estimated restricted
cash.  This estimate was based in part on information provided by
the Debtors, solely for purposes of the Plan, as of November 21,
2009.

For purposes of the valuation, Lazard assumes that no material
changes that would affect value occur between the date of the
Disclosure Statement and the Assumed Effective Date.

Lazard's analysis addresses the estimated enterprise value of
Pilgrim's Pride, as reflected by the estimated equity value of
the Reorganized PPC, assuming the Plan is approved and becomes
effective.  The analysis does not address other aspects of the
proposed reorganization, the Plan or any other transactions and
does not address the Debtors' business decision to effect the
reorganization set forth in the Plan.

                     About Pilgrim's Pride

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

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

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

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

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

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


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


FIRSTBANK PUERTO RICO: Parent Taps Aurelio Aleman as CEO
--------------------------------------------------------
First BanCorp, the parent corporation of FirstBank Puerto Rico,
disclosed the appointment of Aurelio Aleman, currently Senior
Executive Vice-President and Chief Operating Officer, as President
and Chief Executive Officer of the Corporation.  Mr. Aleman
succeeds Luis M. Beauchamp who led the Corporation from 2005 until
now.  The Board of Directors also elected Jose Menendez-Cortada,
currently Lead Independent Director, as Non-Executive Chairman of
the Board of the Corporation.  Both of these appointments will
take effect today.

Mr. Beauchamp informed the Board of Directors of his resignation,
after more than 19 years of service to the Corporation.  The Board
of Directors accepted Mr. Beauchamp’s resignation following a
recent internal review by the Corporation’s Audit Committee into
certain personal transactions that Mr. Beauchamp failed to report
to the Corporation in accordance with the Corporation’s policies
and procedures.  The Board of Directors concluded that these
personal matters would have no impact on the Corporation’s
financial condition, results of operations, cash flow or business.

Mr. Aleman commented on his appointment, "I accept this challenge
and responsibility with great enthusiasm and commitment.  While
much hard work lies ahead, we at First BanCorp have an experienced
and dedicated team of talented and seasoned executives to
successfully achieve our corporate goals.  Our priority and focus
at this time is to continue to enhance shareholder value by
improving asset quality, returning to profitability, maintaining a
strong capital position and continuing to fortify our leadership
position and franchise.  I look forward to working hand-in-hand
with the First BanCorp team as we together continue the FirstBank
journey that commenced over sixty years ago.”

Aurelio Aleman joined First BanCorp in 1998. During his eleven
years at the Corporation, Mr. Aleman has assumed multiple
leadership roles, including most recently, the position of Chief
Operating Officer (COO) since 2005.  Mr. Aleman has served as a
director of the Corporation since 2005.  Mr. Aleman has also
served as a member of the Corporation’s Credit Committee since
1998 and the Corporation’s Asset/Liability Committee since 2005.
Mr. Aleman is also director of the Corporation’s subsidiaries,
including; FirstBank Puerto Rico, First Leasing & Rental
Corporation, First Federal Finance Corporation, FirstBank
Insurance Agency, Inc., First Insurance Agency, Inc.,
FirstExpress, Inc., FirstMortgage, Inc., Grupo Empresas Servicios
Financieros, Inc., FirstBank Overseas Corp., First Management of
Puerto Rico, Inc. and FirstBank Puerto Rico Securities Corp.
Before joining the Corporation, he held positions as officer at
both Citibank, N. A. and Chase Manhattan Bank, NA.

Jose Menendez-Cortada commented, "We welcome Aurelio as the
Corporation’s new President and Chief Executive Officer, with the
full knowledge and confidence that his decade of experience at
First BanCorp, and over twenty-seven years in the banking
industry, have prepared him well to lead the Corporation forward
and solidify its leadership position in the financial industry in
this very challenging time.”

Mr. Menendez-Cortada has been a director of the Corporation since
2004, and Lead Independent Director since 2006.  Mr. Menendez-
Cortada has been an attorney at law since 1973.  Up to April 2009
he was a director and vice-president in charge of the corporate
and tax divisions of Martinez-Alvarez, Menendez-Cortada & Lefranc
Romero, PSC. Now he is of counsel to the law firm. He has been
general counsel to the board of Bermudez, Longo, Diaz Masso S.E.
since 1985.  Mr. Menendez-Cortada currently serves on the boards
of the Luis A. Ferre Foundation (Ponce Art Museum), the
Homebuilders Association of Puerto Rico and the Tasis School in
Dorado, PR.

                       About First BanCorp

First BanCorp -- http://www.firstbankpr.com. -- is the parent
corporation of FirstBank Puerto Rico, a state-chartered commercial
bank with operations in Puerto Rico, the Virgin Islands and
Florida; and of FirstBank Insurance Agency, Inc.  First BanCorp
and FirstBank Puerto Rico both operate within U.S. banking laws
and regulations.  The corporation operates a total of 186
branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida.  Among the subsidiaries of FirstBank Puerto Rico are
Money Express, a finance company; First Leasing and Car Rental, a
car and truck rental leasing company; FirstBank Puerto Rico
Securities Corp., a broker-dealer; and FirstMortgage, a mortgage
origination company. In the U.S. Virgin Islands, FirstBank
operates First Insurance VI, an insurance agency, and First
Express, a small loan company.  First BanCorp’s common and
publicly-held preferred shares trade on the New York Stock
Exchange under the symbols FBP, FBPPrA, FBPPrB, FBPPrC, FBPPrD and
FBPPrE.

                            *     *     *

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


* VENEZUELA: Petrocaribe Provides US$20MM Fund to Dominican Rep
---------------------------------------------------------------
The Dominican Republic will receive a US$20 million loan from
Venezuela's Petrocaribe program to ease the ongoing energy crisis,
The Dominican Today reports, citing Hacienda Minister Vicente
Bengoa.  The report relates that Mr. Bengoa stressed that the loan
will help repay what private power companies say is a US$425
million debt.

According to the report, the Dominican government will also
provide US$10 million toward repayment.  The report notes that
Mr. Bengoa said that the companies already received US$274 million
this month.

Venezuela created Petrocaribe in 2005 to sell fuel to member
countries at preferential terms and help finance oil
infrastructure projects.

                         *     *     *

Dominican Republic continues to carry Moody's B2 currency ratings.


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


CABLE & WIRELESS: LIME Taps Gerard Borely as Chief Fin'l Officer
----------------------------------------------------------------
LIME, Cable & Wireless plc's Caribbean business, has further
strengthened its regional management team with the appointment of
a Chief Financial Officer.

Gerard Borely, a Trinidad national, joins the business as Chief
Financial Officer and will be responsible for strategy, planning
and the effective integration of the financial systems of all LIME
markets.

Mr. Borely brings over 20 years of corporate finance, strategy and
management experience to LIME, having most recently served as
Managing Director -– Corporate Banking and previously,
regional Chief Financial Officer at First Caribbean.  Mr. Borely
will be based in Barbados.
CEO David Shaw commented “I am delighted to be welcoming Mr.
Borely to LIME.  With his appointment we will be in a stronger
position to deliver the quality service that our customers deserve
and continue to be the number one choice for the Caribbean.”

                     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.


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

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

ACO ALTONA         EALT3 BZ          80647079.55     -12603367.15
ACO ALTONA SA      EAAON BZ          80647079.55     -12603367.15
ACO ALTONA-PREF    EALT4 BZ          80647079.55     -12603367.15
ACO ALTONA-PREF    EAAPN BZ          80647079.55     -12603367.15
ALL MALHA PAULIS   GASC3B BZ        881202387.66     -501612577.9
ALL MALHA PAULIS   GASC3 BZ         881202387.66     -501612577.9
ARTHUR LAN-DVD C   ARLA11 BZ         21333792.82     -16295577.05
ARTHUR LAN-DVD P   ARLA12 BZ         21333792.82     -16295577.05
ARTHUR LANG-RC C   ARLA9 BZ          21333792.82     -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ         21333792.82     -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ          21333792.82     -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ          21333792.82     -16295577.05
ARTHUR LANGE       ARLA3 BZ          21333792.82     -16295577.05
ARTHUR LANGE SA    ALICON BZ         21333792.82     -16295577.05
ARTHUR LANGE-PRF   ARLA4 BZ          21333792.82     -16295577.05
ARTHUR LANGE-PRF   ALICPN BZ         21333792.82     -16295577.05
AZEVEDO            AZEV3 BZ          58171856.05      -4288079.64
AZEVEDO E TRA-PR   AZEVPN BZ         58171856.05      -4288079.64
AZEVEDO E TRAVAS   AZEVON BZ         58171856.05      -4288079.64
AZEVEDO-PREF       AZEV4 BZ          58171856.05      -4288079.64
B&D FOOD CORP      BDFCE US             15779763          -588840
B&D FOOD CORP      BDFC US              15779763          -588840
BALADARE           BLDR3 BZ         141215707.17     -12257915.87
BOMBRIL            BMBBF US         239716189.99    -242287717.11
BOMBRIL            BOBR3 BZ         239716189.99    -242287717.11
BOMBRIL CIRIO SA   BOBRON BZ        239716189.99    -242287717.11
BOMBRIL CIRIO-PF   BOBRPN BZ        239716189.99    -242287717.11
BOMBRIL SA-ADR     BMBBY US         239716189.99    -242287717.11
BOMBRIL SA-ADR     BMBPY US         239716189.99    -242287717.11
BOMBRIL-PREF       BOBR4 BZ         239716189.99    -242287717.11
BOMBRIL-RGTS PRE   BOBR2 BZ         239716189.99    -242287717.11
BOMBRIL-RIGHTS     BOBR1 BZ         239716189.99    -242287717.11
BOTUCATU TEXTIL    STRP3 BZ          31385624.73      -9890708.41
BOTUCATU-PREF      STRP4 BZ          31385624.73      -9890708.41
BUETTNER           BUET3 BZ          86940610.88     -37817234.67
BUETTNER SA        BUETON BZ         86940610.88     -37817234.67
BUETTNER SA-PRF    BUETPN BZ         86940610.88     -37817234.67
BUETTNER SA-RT P   BUET2 BZ          86940610.88     -37817234.67
BUETTNER SA-RTS    BUET1 BZ          86940610.88     -37817234.67
BUETTNER-PREF      BUET4 BZ          86940610.88     -37817234.67
CAF BRASILIA       CAFE3 BZ          18218224.29    -631269432.16
CAF BRASILIA-PRF   CAFE4 BZ          18218224.29    -631269432.16
CAFE BRASILIA SA   CSBRON BZ         18218224.29    -631269432.16
CAFE BRASILIA-PR   CSBRPN BZ         18218224.29    -631269432.16
CAMBUCI SA         CAMB3 BZ          87269252.24     -22493566.05
CAMBUCI SA         CAMBON BZ         87269252.24     -22493566.05
CAMBUCI SA-PREF    CAMB4 BZ          87269252.24     -22493566.05
CAMBUCI SA-PREF    CAMBPN BZ         87269252.24     -22493566.05
CAMBUCI SA-PREF    CXDOF US          87269252.24     -22493566.05
CHIARELLI SA       CCHON BZ          22274026.77     -44537138.21
CHIARELLI SA       CCHI3 BZ          22274026.77     -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ          22274026.77     -44537138.21
CHIARELLI SA-PRF   CCHPN BZ          22274026.77     -44537138.21
CHILESAT CO-ADR    TL US            432460542.94     -44559657.55
CHILESAT CO-RTS    CHISATOS CI      432460542.94     -44559657.55
CHILESAT CORP SA   TELEX CI         432460542.94     -44559657.55
CIA PETROLIF-PRF   1CPMPN BZ        377602195.17      -3014291.72
CIA PETROLIF-PRF   MRLM4B BZ        377602195.17      -3014291.72
CIA PETROLIF-PRF   MRLM4 BZ         377602195.17      -3014291.72
CIA PETROLIFERA    MRLM3 BZ         377602195.17      -3014291.72
CIA PETROLIFERA    1CPMON BZ        377602195.17      -3014291.72
CIA PETROLIFERA    MRLM3B BZ        377602195.17      -3014291.72
CIMOB PART-PREF    GAFPN BZ          36817394.78     -33083086.54
CIMOB PART-PREF    GAFP4 BZ          36817394.78     -33083086.54
CIMOB PARTIC SA    GAFP3 BZ          36817394.78     -33083086.54
CIMOB PARTIC SA    GAFON BZ          36817394.78     -33083086.54
COMERCIAL PL-ADR   SCPDS LI         146090772.51     -255079026.8
COMERCIAL PL-C/E   COMEC AR         146090772.51     -255079026.8
COMERCIAL PLA-BL   COMEB AR         146090772.51     -255079026.8
COMERCIAL PLAT-$   COMED AR         146090772.51     -255079026.8
CTM CITRUS SA      CTMON BZ          38740523.05       -671039.81
CTM CITRUS- PR R   CTPC2 BZ          38740523.05       -671039.81
CTM CITRUS-ADR     CTMMY US          38740523.05       -671039.81
CTM CITRUS-COM R   CTPC1 BZ          38740523.05       -671039.81
CTM CITRUS-PREF    CTMPN BZ          38740523.05       -671039.81
CTM CITRUS-RCT C   CTP5 BZ           38740523.05       -671039.81
CTM CITRUS-RCT C   CTPC9 BZ          38740523.05       -671039.81
CTM CITRUS-RCT P   CTP6 BZ           38740523.05       -671039.81
CTM CITRUS-RCT P   CTPC10 BZ         38740523.05       -671039.81
D H B              DHBI3 BZ         108241401.93    -350596880.48
D H B-PREF         DHBI4 BZ         108241401.93    -350596880.48
DHB IND E COM      DHBON BZ         108241401.93    -350596880.48
DHB IND E COM-PR   DHBPN BZ         108241401.93    -350596880.48
DOC IMBITUB-PREF   IMBI4 BZ         105243414.69     -12993146.26
DOC IMBITUBA       IMBI3 BZ         105243414.69     -12993146.26
DOC IMBITUBA-RTC   IMBI1 BZ         105243414.69     -12993146.26
DOC IMBITUBA-RTP   IMBI2 BZ         105243414.69     -12993146.26
DOCA INVESTI-PFD   DOCA4 BZ          88417960.92     -18059127.86
DOCA INVESTIMENT   DOCA3 BZ          88417960.92     -18059127.86
DOCAS IMBITUB-PR   IMBIPN BZ        105243414.69     -12993146.26
DOCAS IMBITUBA     IMBION BZ        105243414.69     -12993146.26
DOCAS SA           DOCAON BZ         88417960.92     -18059127.86
DOCAS SA-PREF      DOCAPN BZ         88417960.92     -18059127.86
DOCAS SA-RTS PRF   DOCA2 BZ          88417960.92     -18059127.86
ESTRELA SA         ESTR3 BZ          61011893.59     -54580283.64
ESTRELA SA         ESTRON BZ         61011893.59     -54580283.64
ESTRELA SA-PREF    ESTR4 BZ          61011893.59     -54580283.64
ESTRELA SA-PREF    ESTRPN BZ         61011893.59     -54580283.64
FABRICA RENAUX     FTRX3 BZ           61543317.9      -41332379.8
FABRICA RENAUX     FRNXON BZ          61543317.9      -41332379.8
FABRICA RENAUX-P   FTRX4 BZ           61543317.9      -41332379.8
FABRICA RENAUX-P   FRNXPN BZ          61543317.9      -41332379.8
FABRICA TECID-RT   FTRX1 BZ           61543317.9      -41332379.8
FER C ATL-RCT CM   VSPT9 BZ        1050516250.26      -47197918.4
FER C ATL-RCT PF   VSPT10 BZ       1050516250.26      -47197918.4
FER C ATLANT       VSPT3 BZ        1050516250.26      -47197918.4
FER C ATLANT-PRF   VSPT4 BZ        1050516250.26      -47197918.4
FER HAGA-PREF      HAGA4 BZ          14321550.12     -58418359.49
FERRAGENS HAGA     HAGAON BZ         14321550.12     -58418359.49
FERRAGENS HAGA-P   HAGAPN BZ         14321550.12     -58418359.49
FERROVIA CEN-DVD   VSPT12 BZ       1050516250.26      -47197918.4
FERROVIA CEN-DVD   VSPT11 BZ       1050516250.26      -47197918.4
GASCOIGNE EMP-PF   GASC4 BZ         881202387.66     -501612577.9
GASCOIGNE EMP-PF   1GASPN BZ        881202387.66     -501612577.9
GASCOIGNE EMP-PF   GASC4B BZ        881202387.66     -501612577.9
GASCOIGNE EMPREE   1GASON BZ        881202387.66     -501612577.9
GAZOLA             GAZO3 BZ          12452143.07     -40298506.25
GAZOLA SA          GAZON BZ          12452143.07     -40298506.25
GAZOLA SA-DVD CM   GAZO11 BZ         12452143.07     -40298506.25
GAZOLA SA-DVD PF   GAZO12 BZ         12452143.07     -40298506.25
GAZOLA SA-PREF     GAZPN BZ          12452143.07     -40298506.25
GAZOLA-PREF        GAZO4 BZ          12452143.07     -40298506.25
GAZOLA-RCPT PREF   GAZO10 BZ         12452143.07     -40298506.25
GAZOLA-RCPTS CMN   GAZO9 BZ          12452143.07     -40298506.25
HAGA               HAGA3 BZ          14321550.12     -58418359.49
HOPI HARI SA       PQTM3 BZ          58692385.42    -188832203.73
HOPI HARI-PREF     PQTM4 BZ          58692385.42    -188832203.73
IMPSAT FIBER NET   XIMPT SM            535007008        -17165000
IMPSAT FIBER NET   IMPTQ US            535007008        -17165000
IMPSAT FIBER NET   330902Q GR          535007008        -17165000
IMPSAT FIBER-$US   IMPTD AR            535007008        -17165000
IMPSAT FIBER-BLK   IMPTB AR            535007008        -17165000
IMPSAT FIBER-C/E   IMPTC AR            535007008        -17165000
IMPSAT FIBER-CED   IMPT AR             535007008        -17165000
MARAMBAIA          CTPC3 BZ          38740523.05       -671039.81
MARAMBAIA-PREF     CTMMF US          38740523.05       -671039.81
MARAMBAIA-PREF     CTPC4 BZ          38740523.05       -671039.81
MINUPAR            MNPR3 BZ          89611489.39     -20702110.72
MINUPAR SA         MNPRON BZ         89611489.39     -20702110.72
MINUPAR SA-PREF    MNPRPN BZ         89611489.39     -20702110.72
MINUPAR-PREF       MNPR4 BZ          89611489.39     -20702110.72
MMX MINERACA-GDR   XMM CN          1060478942.97    -123550800.05
MMX MINERACA-GDR   3M11 GR         1060478942.97    -123550800.05
MMX MINERACA-GDR   MMXMY US        1060478942.97    -123550800.05
MMX MINERACAO      TRES3 BZ        1060478942.97    -123550800.05
MMX MINERACAO      MMXCF US        1060478942.97    -123550800.05
MMX MINERACAO      MMXM3 BZ        1060478942.97    -123550800.05
NORDON MET         NORD3 BZ           14029500.1     -17709728.15
NORDON MET-RTS     NORD1 BZ           14029500.1     -17709728.15
NORDON METAL       NORDON BZ          14029500.1     -17709728.15
NOVA AMERICA SA    NOVA3 BZ             21287489    -183535527.21
NOVA AMERICA SA    NOVAON BZ            21287489    -183535527.21
NOVA AMERICA SA    NOVA3B BZ            21287489    -183535527.21
NOVA AMERICA SA    1NOVON BZ            21287489    -183535527.21
NOVA AMERICA-PRF   NOVAPN BZ            21287489    -183535527.21
NOVA AMERICA-PRF   NOVA4B BZ            21287489    -183535527.21
NOVA AMERICA-PRF   1NOVPN BZ            21287489    -183535527.21
NOVA AMERICA-PRF   NOVA4 BZ             21287489    -183535527.21
PARMALAT           LCSA3 BZ         331179097.84    -108537915.07
PARMALAT BR-RT C   LCSA5 BZ         331179097.84    -108537915.07
PARMALAT BR-RT P   LCSA6 BZ         331179097.84    -108537915.07
PARMALAT BRAS-PF   LCSAPN BZ        331179097.84    -108537915.07
PARMALAT BRASIL    LCSAON BZ        331179097.84    -108537915.07
PARMALAT-PREF      LCSA4 BZ         331179097.84    -108537915.07
PARQUE TEM-DV CM   PQT5 BZ           58692385.42    -188832203.73
PARQUE TEM-DV PF   PQT6 BZ           58692385.42    -188832203.73
PARQUE TEM-RCT C   PQTM9 BZ          58692385.42    -188832203.73
PARQUE TEM-RCT P   PQTM10 BZ         58692385.42    -188832203.73
PARQUE TEM-RT CM   PQTM1 BZ          58692385.42    -188832203.73
PARQUE TEM-RT PF   PQTM2 BZ          58692385.42    -188832203.73
PET MANG-RECEIPT   RPMG9 BZ          76852724.18    -212528966.16
PET MANG-RECEIPT   RPMG10 BZ         76852724.18    -212528966.16
PET MANG-RIGHTS    RPMG1 BZ          76852724.18    -212528966.16
PET MANG-RIGHTS    RPMG2 BZ          76852724.18    -212528966.16
PET MANGUINH-PRF   RPMG4 BZ          76852724.18    -212528966.16
PETRO MANGUIN-PF   MANGPN BZ         76852724.18    -212528966.16
PETRO MANGUINHOS   MANGON BZ         76852724.18    -212528966.16
PETRO MANGUINHOS   RPMG3 BZ          76852724.18    -212528966.16
PROMAN             PRMN3B BZ         12167222.17       -207882.19
PROMAN             PRMN3 BZ          12167222.17       -207882.19
REII INC           REIC US              15779763          -588840
RENAUXVIEW SA      TXRX3 BZ          50909736.38     -79601048.99
RENAUXVIEW SA-PF   TXRX4 BZ          50909736.38     -79601048.99
RIMET              REEMON BZ         80030147.28     -124398873.4
RIMET              REEM3 BZ          80030147.28     -124398873.4
RIMET-PREF         REEM4 BZ          80030147.28     -124398873.4
RIMET-PREF         REEMPN BZ         80030147.28     -124398873.4
RIOSULENSE SA      RSULON BZ         56866478.19      -9053574.99
RIOSULENSE SA      RSUL3 BZ          56866478.19      -9053574.99
RIOSULENSE SA-PR   RSUL4 BZ          56866478.19      -9053574.99
RIOSULENSE SA-PR   RSULPN BZ         56866478.19      -9053574.99
SANESALTO          SNST3 BZ          24569561.13       -754460.51
SANSUY             SNSY3 BZ         100279114.92     -45812488.77
SANSUY SA          SNSYON BZ        100279114.92     -45812488.77
SANSUY SA-PREF A   SNSYAN BZ        100279114.92     -45812488.77
SANSUY SA-PREF B   SNSYBN BZ        100279114.92     -45812488.77
SANSUY-PREF A      SNSY5 BZ         100279114.92     -45812488.77
SANSUY-PREF B      SNSY6 BZ         100279114.92     -45812488.77
SCHLOSSER          SCLO3 BZ          10818026.01     -65846678.92
SCHLOSSER SA       SCHON BZ          10818026.01     -65846678.92
SCHLOSSER SA-PRF   SCHPN BZ          10818026.01     -65846678.92
SCHLOSSER-PREF     SCLO4 BZ          10818026.01     -65846678.92
SNIAFA SA          SNIA AR           11489328.24       -840226.12
SNIAFA SA-B        SDAGF US          11489328.24       -840226.12
SNIAFA SA-B        SNIA5 AR          11489328.24       -840226.12
SOC COMERCIAL PL   CADN EO          146090772.51     -255079026.8
SOC COMERCIAL PL   SCDPF US         146090772.51     -255079026.8
SOC COMERCIAL PL   CADN SW          146090772.51     -255079026.8
SOC COMERCIAL PL   COME AR          146090772.51     -255079026.8
SOC COMERCIAL PL   CVVIF US         146090772.51     -255079026.8
SOC COMERCIAL PL   CAD IX           146090772.51     -255079026.8
STAROUP SA         STARON BZ         31385624.73      -9890708.41
STAROUP SA-PREF    STARPN BZ         31385624.73      -9890708.41
TECEL S JOSE       SJOS3 BZ          17924946.14     -18569451.23
TECEL S JOSE       FTSJON BZ         17924946.14     -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ         17924946.14     -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ          17924946.14     -18569451.23
TEKA               TEKAON BZ        219773260.95    -306726075.74
TEKA               TKTQF US         219773260.95    -306726075.74
TEKA               TEKA3 BZ         219773260.95    -306726075.74
TEKA-ADR           TKTPY US         219773260.95    -306726075.74
TEKA-ADR           TEKAY US         219773260.95    -306726075.74
TEKA-ADR           TKTQY US         219773260.95    -306726075.74
TEKA-PREF          TEKAPN BZ        219773260.95    -306726075.74
TEKA-PREF          TKTPF US         219773260.95    -306726075.74
TEKA-PREF          TEKA4 BZ         219773260.95    -306726075.74
TELEBRAS SA        TLBRON BZ        219200060.46      -3774997.87
TELEBRAS SA        TBASF US         219200060.46      -3774997.87
TELEBRAS SA        TELB3 BZ         219200060.46      -3774997.87
TELEBRAS SA-PREF   TLBRPN BZ        219200060.46      -3774997.87
TELEBRAS SA-PREF   TELB4 BZ         219200060.46      -3774997.87
TELEBRAS SA-RT     TELB9 BZ         219200060.46      -3774997.87
TELEBRAS-ADR       TBRAY GR         219200060.46      -3774997.87
TELEBRAS-ADR       RTB US           219200060.46      -3774997.87
TELEBRAS-ADR       TBX GR           219200060.46      -3774997.87
TELEBRAS-ADR       TBAPY US         219200060.46      -3774997.87
TELEBRAS-ADR       TBASY US         219200060.46      -3774997.87
TELEBRAS-ADR       TBH US           219200060.46      -3774997.87
TELEBRAS-BLOCK     TELB30 BZ        219200060.46      -3774997.87
TELEBRAS-CED C/E   TEL4C AR         219200060.46      -3774997.87
TELEBRAS-CED C/E   RCT4C AR         219200060.46      -3774997.87
TELEBRAS-CEDE BL   RCT4B AR         219200060.46      -3774997.87
TELEBRAS-CEDE PF   TELB4 AR         219200060.46      -3774997.87
TELEBRAS-CEDE PF   RCTB4 AR         219200060.46      -3774997.87
TELEBRAS-CEDEA $   TEL4D AR         219200060.46      -3774997.87
TELEBRAS-CEDEA $   RCT4D AR         219200060.46      -3774997.87
TELEBRAS-CM RCPT   RCTB30 BZ        219200060.46      -3774997.87
TELEBRAS-CM RCPT   TELE31 BZ        219200060.46      -3774997.87
TELEBRAS-CM RCPT   RCTB31 BZ        219200060.46      -3774997.87
TELEBRAS-CM RCPT   RCTB32 BZ        219200060.46      -3774997.87
TELEBRAS-CM RCPT   TBRTF US         219200060.46      -3774997.87
TELEBRAS-COM RT    TELB1 BZ         219200060.46      -3774997.87
TELEBRAS-PF BLCK   TELB40 BZ        219200060.46      -3774997.87
TELEBRAS-PF RCPT   RCTB40 BZ        219200060.46      -3774997.87
TELEBRAS-PF RCPT   CBRZF US         219200060.46      -3774997.87
TELEBRAS-PF RCPT   TLBRUP BZ        219200060.46      -3774997.87
TELEBRAS-PF RCPT   TBAPF US         219200060.46      -3774997.87
TELEBRAS-PF RCPT   RCTB42 BZ        219200060.46      -3774997.87
TELEBRAS-PF RCPT   RCTB41 BZ        219200060.46      -3774997.87
TELEBRAS-PF RCPT   TELE41 BZ        219200060.46      -3774997.87
TELEBRAS-RCT       RCTB33 BZ        219200060.46      -3774997.87
TELEBRAS-RCT PRF   TELB10 BZ        219200060.46      -3774997.87
TELEBRAS-RECEIPT   TLBRUO BZ        219200060.46      -3774997.87
TELEBRAS-RTS CMN   RCTB1 BZ         219200060.46      -3774997.87
TELEBRAS-RTS CMN   TCLP1 BZ         219200060.46      -3774997.87
TELEBRAS-RTS PRF   RCTB2 BZ         219200060.46      -3774997.87
TELEBRAS-RTS PRF   TLCP2 BZ         219200060.46      -3774997.87
TELEBRAS/W-I-ADR   TBH-W US         219200060.46      -3774997.87
TELECOMUNICA-ADR   81370Z BZ        219200060.46      -3774997.87
TELEX-A            TELEXA CI        432460542.94     -44559657.55
TELEX-RTS          TELEXO CI        432460542.94     -44559657.55
TELMEX CORP SA     CHILESAT CI      432460542.94     -44559657.55
TELMEX CORP-ADR    CSAOY US         432460542.94     -44559657.55
TEXTEIS RENA-RCT   TXRX9 BZ          50909736.38     -79601048.99
TEXTEIS RENA-RCT   TXRX10 BZ         50909736.38     -79601048.99
TEXTEIS RENAU-RT   TXRX2 BZ          50909736.38     -79601048.99
TEXTEIS RENAU-RT   TXRX1 BZ          50909736.38     -79601048.99
TEXTEIS RENAUX     RENXON BZ         50909736.38     -79601048.99
TEXTEIS RENAUX     RENXPN BZ         50909736.38     -79601048.99
TRESSEM PART SA    1TSSON BZ       1060478942.97    -123550800.05
VARIG PART EM SE   VPSC3 BZ         101177852.25    -318442006.32
VARIG PART EM TR   VPTA3 BZ          49432124.18    -399290425.77
VARIG PART EM-PR   VPSC4 BZ         101177852.25    -318442006.32
VARIG PART EM-PR   VPTA4 BZ          49432124.18    -399290425.77
VARIG SA           VAGV3 BZ         966298025.55   -4695211316.33
VARIG SA           VARGON BZ        966298025.55   -4695211316.33
VARIG SA-PREF      VAGV4 BZ         966298025.55   -4695211316.33
VARIG SA-PREF      VARGPN BZ        966298025.55   -4695211316.33
WETZEL SA          MWELON BZ         69983432.56      -6279264.91
WETZEL SA          MWET3 BZ          69983432.56      -6279264.91
WETZEL SA-PREF     MWET4 BZ          69983432.56      -6279264.91
WETZEL SA-PREF     MWELPN BZ         69983432.56      -6279264.91
WIEST              WISA3 BZ          39838113.86     -93371563.06
WIEST SA           WISAON BZ         39838113.86     -93371563.06
WIEST SA-PREF      WISAPN BZ         39838113.86     -93371563.06
WIEST-PREF         WISA4 BZ          39838113.86     -93371563.06


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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