TCRLA_Public/091006.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, October 6, 2009, Vol. 10, No. 197


                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Director Asks Court to Reject Indictment
STANFORD INT'L: Receiver Seeks US$8.8MM More for Fees, Expenses


A R G E N T I N A

DEL PLATA: Trustee Verifying Proofs of Claim Until December 3
DIGSER SA: Proofs of Claim Verification Deadline is December 1
ESTABLECIMIENTO: Creditors' Proofs of Debt Due on December 9
KONFLUENCIA SA: Trustee Verifying Proofs of Claim Until Nov. 18
LOUCEN INTERNATIONAL: Creditors' Proofs of Debt Due on November 9

QUEST SA: Proofs of Claim Verification Deadline is November 26
SOLO EMPANADAS: Trustee Verifying Proofs of Claim Until Nov. 20
TECNOTEST SA: Trustee Verifying Proofs of Claim Until Nov. 17
TELEFONICA DE ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating
TELEFONICA DE ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating

TEXPART SRL: Proofs of Claim Verification Deadline is December 1


B A H A M A S

IFH PERU: S&P Assigns 'B+' Long-Term Corporate Credit Rating
IFH PERU: S&P Assigns Corporate Credit Rating at 'B+'


B E R M U D A

VALIDUS HOLDINGS: Cuts 30 Jobs at IPCRe Limited (Bermuda)


B R A Z I L

AES CORP: Won't Bid for Belo Monte Dam in Brazil
BANOC CACIQUE: Fitch Corrects Ratings
BANCO INTERNACIONAL: Moody's Downgrades Deposit Ratings to 'Ba3'
BANCO PECUNIA: Fitch Corrects Ratings
BRASIL FOODS: Moody's Confirms 'Ba1' Corporate Family Rating

EMPRESA BRASILEIRA: Concludes Series of Notes Offering in U.S.
JBS SA: Local Judge Freezes Assets Amid Bribery Probe
MINERVA SA: S&P Gives Stable Outlook; Affirms 'CCC+' Rating
SOCIETE GENERALE: Fitch Corrects Ratings


C A Y M A N  I S L A N D S

ACM ACTIVE: Creditors' Proofs of Debt Due on October 14
ACM ACTIVE: Creditors' Proofs of Debt Due on October 14
ACM US: Creditors' Proofs of Debt Due on October 14
ACM YEN: Creditors' Proofs of Debt Due on October 14
ALTERRA LUTON: Creditors' Proofs of Debt Due on October 15

ANGLIAN SELECT: Creditors' Proofs of Debt Due on October 15
AUSTRALIS LTD: Shareholder to Receive Wind-Up Report on Oct. 15
BLACK TOWER: Creditors' Proofs of Debt Due on October 15
BLACK TOWER: Creditors' Proofs of Debt Due on October 15
BLUE RIDGE: Creditors' Proofs of Debt Due on October 14

BLUEHAVEN MASTER: In Liquidation; Final Meeting on October 30
BLUEHAVEN LIMITED: In Liquidation; Final Meeting on October 30
CHAMPLAIN LIMITED: Shareholder to Hear Wind-Up Report on Oct. 15
DB JASMINE NO. 2: Creditors' Proofs of Debt Due on October 15
DKR NEUTRINO: Creditors' Proofs of Debt Due on October 12

DKR NEUTRINO: Creditors' Proofs of Debt Due on October 12
DKR OVERLAY: Creditors' Proofs of Debt Due on October 12
DKR RELATIVE: Creditors' Proofs of Debt Due on October 12
DKR SOLSTICE: Creditors' Proofs of Debt Due on October 12
DKR SOLSTICE: Creditors' Proofs of Debt Due on October 12

EURUS LTD: Shareholder to Hear Wind-Up Report on October 15
GMFF CASTOR: Creditors' Proofs of Debt Due on October 14
INQUAM BROADBAND: Creditors' Proofs of Debt Due on October 15
IRONBOUND ASIA: Members' Final Meeting Set for October 14
LEEWARD OFFSHORE: Creditors' Proofs of Debt Due on October 14

MISATO ASSET: Creditors' Proofs of Debt Due on October 14
MUXAXAS LIMITED: In Liquidation; Final Meeting Held October 2
NINTH WAVE: Shareholders' Final Meeting Set for October 16
PAGIA INVESTMENTS: Creditors' Proofs of Debt Due on October 14
PB CAPITAL: Creditors' Proofs of Debt Due on October 15

PB CAPITAL: Creditors' Proofs of Debt Due on October 15
PHOENIX JAPAN: Creditors' Proofs of Debt Due on October 15
PHOENIX JAPAN: Creditors' Proofs of Debt Due on October 15
PULSAR RESOURCE: Creditors' Proofs of Debt Due on October 14
REDWOOD CAPITAL: Creditors' Proofs of Debt Due on October 15

SCIELE PHARMA: Creditors' Proofs of Debt Due on October 15
SICHUAN AIRBUS: Creditors' Proofs of Debt Due on October 14
SP CAYMAN: Creditors' Proofs of Debt Due on October 15
ST LTD: Creditors' Proofs of Debt Due on October 15
STERLING STAMOS: Members' Final Meeting Set for October 14

THAMES RIVER: Creditors' Proofs of Debt Due on October 15
VANDERBILT CDO: Creditors' Proofs of Debt Due on October 14
VANDERBILT SPECIAL: Creditors' Proofs of Debt Due on October 14
* CAYMAN ISLAND: Gets OK From UK to Obtain CI$50MM Bailout Loan


C O L O M B I A

ECOPETROL SA: Discloses Exchange Offer Results
ECOPETROL SA: To Invest US$2.5 Billion in Peru With KNOC


J A M A I C A

AIR JAMAICA: Retains Board of Directors
AIR JAMAICA: Talks With Trade Unions Hit Rough "Patch"
CABLE & WIRELESS: LIME Pumps JM$670 Million Into Cell Sites
JAMAICA PUBLIC SERVICE: Appoints Christopher Berry as New Director
JAMAICA PUBLIC SERVICE: Promises Cheaper Energy Rates

JAMAICA PUBLIC SERVICE: Increases Generating Capacity
* JAMAICA: Government Revenues Drops by JM$10 Million


M E X I C O

STATE OF GUERRERO: Moody's Withdraws Issuer Ratings


P E R U

BANCO INTERNACIONAL: S&P Assigns 'BB+' Counterparty Credit Rating
BANCO INTERNACIONAL: S&P Assigns 'BB+' Counterparty Credit Rating
IFH PERU: Moody's Assigns 'Ba3' Global Currency Bond Rating


U R U G U A Y

ADMINISTRACION NACIONAL: S&P Cuts Corporate Credit Rating to 'B+'


V E N E Z U E L A

CITGO PETROLEUM: Plans to Restart Corpus Christi Unit This Month
PETROLEOS DE VENEZUELA: Buys Asset From ConocoPhillips
PETROLEOS DE VENEZUELA: Refinery Complied W/ Safety Measures
* VENEZUELA: Sees Stagnant Growth for 2010, President Chavez Says


X X X X X X X X

* ECLAC & ILO See 8.5% Unemployment for LatAM & Caribbean in 2009
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: SFG Director Asks Court to Reject Indictment
------------------------------------------------------------
Former Stanford Financial Group global security director, Thomas
Raffanello, has asked U.S. District Judge William Zloch to throw
out an indictment accusing him of destroying records sought for a
Securities and Exchange Commission probe, Bloomberg News reports.

According to the report, citing papers by Mr. Raffanello's
lawyers, stated that restraining orders obtained from a Dallas
federal court judge by the SEC and a court-appointed receiver
forbidding destruction of Stanford business records did not apply
to Mr. Raffanello or the company for which he worked.
"Unfortunately for the government, the underlying orders upon
which it relies are fatally flawed," the defense attorneys said in
their 22-page filing obtained by the news agency.

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

              About Stanford International Bank

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

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

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

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

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


STANFORD INT'L: Receiver Seeks US$8.8MM More for Fees, Expenses
---------------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports Stanford
Financial Group court-appointed receiver, Ralph Janvey, is
requesting for an additional $8.8 million in fees and expenses for
his work and for the 13 accounting and legal firms assisting him
from June through August.

According to the report, Mr. Janvey in September won court
approval of about US$20 million in fees and expenses for work he
did from February through May.

Mr. Janvey, the report notes, said the latest request reflects the
20% discount his team has applied to their standard billing rates
throughout the Stanford Financial Group receivership assignment.
The report relates that of the US$8.8 million, US$2.2 million will
be held back in accordance with a court ruling that he defer 20%
of his billings until the ultimate success of his efforts can be
assessed.

“Despite many unanticipated additional activities required of the
professionals, these fees and expenses are less than what the
receiver projected in the first and second interim fee
applications,” the report quoted Kevin Sadler, Mr. Janvey’s lead
attorney, as saying.

Several persons involved in the case were not pleased with Mr.
Janvey's announcement.

Bloomberg News notes Kent Schaffer, Mr. Stanford’s court-appointed
criminal-defense attorney, said that Mr. Janvey’s fee request was
“not surprising” in light of his earlier billings.  The report
relates Dan Cogdell, who represents Stanford’s Chief Investment
Officer and co-defendant Laura Pendergest-Holt, said it isn’t fair
that Janvey has been paid millions in fees and expenses while the
defendants’ lawyers haven’t been paid anything.  The report adds
that the sentiment was also echoed by David Finn, the attorney
representing Stanford’s finance chief, James M. Davis.

                About Stanford International Bank

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


DEL PLATA: Trustee Verifying Proofs of Claim Until December 3
-------------------------------------------------------------
The court-appointed trustee for Del Plata Salud S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until December 3, 2009.

The trustee will present the validated claims in court as
individual reports on February 18, 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 6, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 20 2010.


DIGSER SA: Proofs of Claim Verification Deadline is December 1
--------------------------------------------------------------
Ines Etelvina Clos, the court-appointed trustee for Digser SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 1, 2009.

Ms. Clos will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, 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:

          Ines Etelvina Clos
          Sarmiento 944
          Argentina


ESTABLECIMIENTO: Creditors' Proofs of Debt Due on December 9
------------------------------------------------------------
Veronica Isabel Segovia, the court-appointed trustee for
Establecimiento Metalurgico Normetal SA's bankruptcy proceedings,
will be verifying creditors' proofs of claim until December 9,
2009.

Ms. Segovia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:

          Veronica Isabel Segovia
          San Martin 662
          Argentina


KONFLUENCIA SA: Trustee Verifying Proofs of Claim Until Nov. 18
---------------------------------------------------------------
The court-appointed trustee for Konfluencia S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
November 18, 2009.

The trustee will present the validated claims in court as
individual reports on February 1, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 15, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 18, 2010.


LOUCEN INTERNATIONAL: Creditors' Proofs of Debt Due on November 9
-----------------------------------------------------------------
The court-appointed trustee for Loucen International Argentina
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until November 9, 2009.


QUEST SA: Proofs of Claim Verification Deadline is November 26
--------------------------------------------------------------
Francisco Jose Salto, the court-appointed trustee for Quest SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 26, 2009.

Mr. Salto will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 19
in Buenos Aires, with the assistance of Clerk No. 37, 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:

          Francisco Jose Salto
          Av. Cordoba 1351
          Argentina


SOLO EMPANADAS: Trustee Verifying Proofs of Claim Until Nov. 20
---------------------------------------------------------------
The court-appointed trustee for Solo Empanadas S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until November 20, 2009.

The trustee will present the validated claims in court as
individual reports on February 3, 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
January 17, 2010.

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


TECNOTEST SA: Trustee Verifying Proofs of Claim Until Nov. 17
-------------------------------------------------------------
The court-appointed trustee for Tecnotest S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 17, 2009.

The trustee will present the validated claims in court as
individual reports on February 3, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 17, 2010.


TELEFONICA DE ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating
--------------------------------------------------------------
On Oct. 2, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign currency issuer credit and the outstanding
bonds ratings on Telefonica de Argentina S.A.  The affirmation
follows the company's announcement of a tender offer to repurchase
a portion (up to about $100 million) of its outstanding bonds
(about $330 million) at nominal value plus a premium.  The outlook
on the long-term foreign currency issuer credit rating is stable.

TASA's ratings reflect the high political and regulatory risk and
volatile economic environment in Argentina, and the company's
relatively high exposure to currency mismatch risks.  These
factors are partially mitigated by the company's solid market
position, efficient operations, and sound financial metrics.

The telecommunication industry in Argentina continues to face high
political and regulatory risk.  In February 2006, TASA signed a
memorandum of understanding with the government regarding the
renegotiation of its license contract.  Although the
implementation of the agreement is still pending, it is not
expected to significantly impact the company's credit quality.

During 2008 and the first half of 2009, relatively stable
conditions in the fixed-line segment and the growth of non-
regulated services, such as broadband Internet, and product
packages allowed the company to offset its lower operating margins
and to maintain relatively stable cash flow generation.  The
EBITDA margins dropped to 41.9% in 2008 and 40.1% in the first
half of 2009, compared with 45.3% in 2007, due to higher
operational costs, limited pricing flexibility, because of the
January 2002 freeze on fixed tariffs, and high competitive
pressures in the broadband segment.  S&P expects EBITDA decline to
persist during 2009 as a result of continued cost pressures in
Argentina caused by inflation.  However, this should be partially
mitigated by the attractive growth rates in non-regulated services
and product packages, and by cost-cutting initiatives.

Despite the high-risk business environment, TASA enjoys healthy
cash generation, which allowed it to reduce debt levels by about
38% in pesos between June 30, 2007, and June 30, 2009, and
resulted in a significant improvement in its debt service coverage
ratios.  For the 12 months ended June 30, 2009, TASA's
consolidated EBITDA interest coverage and funds from operations to
debt were 11.5x and 127.4%, respectively, compared with 9.4x and
94.5% in 2007.  The debt-to-EBITDA ratio was 0.7x, compared with
0.9x as of Dec. 31, 2007.  S&P expects TASA to continue generating
about $500 million in cash annually depending on changes in the
exchange rate, which should allow it to internally finance its
capital expenditures, to potentially distribute dividends, and
improve its liquidity or continue to prepay debt.

TASA, one of two incumbent telephone companies in Argentina, was
formed in 1990 after the privatization of state
telecommunications.  Holding about 50% of the 9 million lines in
service in Argentina, TASA currently provides basic
telecommunications services for local, national, and international
long-distance, and broadband Internet throughout the country.
panish telecommunications operator Telefonica S.A. (A-/Stable/A-2)
directly and indirectly owns 98% of TASA's shares.

S&P considers TASA's liquidity position adequate, given the
company's relatively high cash reserves, good cash flow
generation, and manageable maturity schedule, with no significant
maturities until 2010.  This mitigates its relatively high
exposure to a devaluation of the Argentine peso resulting from its
mostly dollar-denominated debt and its peso-denominated cash flow
generation, which worsen when considering the current tariff
freeze and pesification.  As of June 30, 2009, TASA had a large
cash holding of about $212 million, compared with short-term debt
of $21 million and a total debt of $351 million.  Part of these
cash reserves will be devoted to the fund the recently announced
tender offer on outstanding bonds.

The stable outlook reflects the company's solid competitive
position and strong cash flow generation.  Ratings upside is
limited by the high economic, political, and regulatory risk in
Argentina.  The ratings could be revised if Argentina's business
environment further deteriorates and nationalization risk
significantly increases.

                         Ratings Affirmed

                    Telefonica de Argentina S.A.

                      Corporate Credit Rating

       Foreign Currency                      B-/Stable/--
       National Scale Currency               raAA/Stable/--

                   Telefonica de Argentina S.A.

            Senior Unsecured                       B-
            Senior Unsecured                       raAA


TELEFONICA DE ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
foreign currency issuer credit and the outstanding bonds ratings
on Telefonica de Argentina S.A.  The affirmation follows the
company's announcement of a tender offer to repurchase a portion
(up to about $100 million) of its outstanding bonds (about
$330 million) at nominal value plus a premium.  The outlook on the
long-term foreign currency issuer credit rating is stable.

The stable outlook reflects the company's solid competitive
position and strong cash flow generation.  Ratings upside is
limited by the high economic, political, and regulatory risk in
Argentina.  The ratings could be revised if Argentina's business
environment further deteriorates and nationalization risk
significantly increases.


TEXPART SRL: Proofs of Claim Verification Deadline is December 1
----------------------------------------------------------------
Claudio Walter Caracciolo, the court-appointed trustee for Texpart
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 1, 2009.

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

The Trustee can be reached at:

          Claudio Walter Caracciolo
          Viamonte 1592
          Argentina


=============
B A H A M A S
=============


IFH PERU: S&P Assigns 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------
On Oct. 2, 2009, Standard & Poor's Ratings Services assigned its
'B+' long-term corporate credit rating to Bahamas-incorporated
holding company IFH Peru Ltd.  At the same time, S&P assigned a
'B+' rating to IFH's proposed $100 million adjustable-rate, 10-
year, Regulation S bullet notes due 2019.  The Series A notes will
be denominated and payable in U.S. dollars; the Series B notes
will also be denominated and payable in U.S. dollars, but they are
also linked to the Chilean currency unit, Unidad de Fomento.
Proceeds from the issuance will be primarily used by IFH's retail
subsidiaries to finance the expansion of their retail stores and
provide funding to its retail-related credit card business.

The ratings reflect IFH's heavy reliance on dividends coming from
a small number of subsidiaries, a certain level of currency
mismatch resulting from the proposed notes U.S.-dollar
denomination, and the group's relatively aggressive expansion
strategy.  These factors are partially mitigated by the group's
good position in Peru's financial system (arising from its stake
in Interbank, the fourth-largest Peruvian bank in terms of
deposits and by far IFH's largest subsidiary and cash
contributor).

Through subsidiaries, IFH is involved in several sectors of the
Peruvian economy, including: financial services, insurance,
supermarkets, retail, and real estate, among others.  Through
Supermercados Peruanos S.A., the group has about a 30% share
(ranking second) in Peru's still-underdeveloped, but growing,
supermarket industry.  IFH is also entering into the department
store business.  S&P expects these two segments to receive the
bulk of the group's investments and expansion strategy in coming
years.

As a holding company, IFH's repayment capacity depends largely on
dividends received from its operating subsidiaries, particularly
from Intergroup Financial Services, which in turn owns Interbank
and the insurance company, Interseguro.

S&P thinks IFH's current portfolio composition is unlikely to
change significantly in the foreseeable future, since the
company's strategy is to maintain its current stakes in its
subsidiaries.  S&P expects increased diversification as the retail
business grows, but both the supermarket and retail segments are
expanding (though at different stages).  In addition, dividend
contribution from those segments is, at this point, more uncertain
than that from the more-mature banking business.

S&P considers the inherent volatility of dividend flows as the
main risk factor in a holding company's debt repayment capacity,
particularly those relying on just a couple primary assets, with
relatively low liquidity derived from a majority of nonlisted
subsidiaries.  In addition, other factors, like mandatory reserve
increases, could impair Interbank's ability to pay dividends
consistently.

Short-term credit factorsIFH will have about Peruvian nuevos soles
(PEN) 30 million in annual interest expenses from the upcoming
issuance (assuming a 10% interest rate).  In addition, the company
will have to service existing debt of about PEN55 million annually
over the next two years.  Thus, IFH would have to cover fixed
payments for about PEN90 million in the next two years (including
about PEN5 million in overhead costs).  Assuming a more-
conservative dividend income scenario from IFS of around
PEN60 million (compared with PEN80 million in 2008 and
PEN86 million expected in 2009) and PEN20 million-24 million in
projected intercompany loan collections, IFH would have to rely on
its cash reserves to cover its fixes charges.  As of June 30,
2009, IFH had about PEN24 million in cash equivalents.
Nevertheless, S&P expects IFH to keep prudent liquidity levels (in
excess of PEN20 million).

The terms and conditions of the upcoming notes include a minimum
unconsolidated net worth ratio (nonconsolidated indebtedness
divided by net worth) of 0.65x.  Pro forma after the notes
issuance, this ratio should be at 0.25, leaving significant room
for additional debt.  Nevertheless, the current rating does not
incorporate additional debt at the holding company level.  Thus,
S&P does not expect this ratio to deteriorate.  In addition,
dividends are only allowed if the next coupon is deposited in a
special payment account.

The stable outlook reflects S&P's expectation that IFH will
maintain prudent liquidity levels varying according to the
expected dividend flow from its subsidiaries.  The outlook also
assumes that IFH will not take on any significant additional debt
at the holding company level.  The ratings and/or outlook could
benefit from further cash flow diversification.  On the other
hand, the ratings could come under pressure from significant
deterioration in Interbank's profitability and ability to pay
dividends, or if IFH assumes a more-aggressive financial policy as
a result of its expansion strategy.

               New Rating; CreditWatch/Outlook Action

                           IFH Peru Ltd.

        Corporate Credit Rating                B+/Stable/--

                            New Rating

                           IFH Peru Ltd.

            Senior Secured                         B+


IFH PERU: S&P Assigns Corporate Credit Rating at 'B+'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B+' long-term corporate credit rating to Bahamas-incorporated
holding company IFH Peru Ltd.  At the same time, S&P assigned a
'B+' rating to IFH's proposed $100 million adjustable-rate, 10-
year, Regulation S bullet notes due 2019.  The Series A notes will
be denominated and payable in U.S. dollars; the Series B notes
will also be denominated and payable in U.S. dollars, but they are
also linked to the Chilean currency unit, Unidad de Fomento.
Proceeds from the issuance will be primarily used by IFH's retail
subsidiaries to finance the expansion of their retail stores and
provide funding to its retail-related credit card business.

"The ratings reflect IFH's heavy reliance on dividends coming from
a small number of subsidiaries, a certain level of currency
mismatch resulting from the proposed notes U.S.-dollar
denomination, and the group's relatively aggressive expansion
strategy.  These factors are partially mitigated by the group's
good position in Peru's financial system, which arises from its
stake in Interbank, the fourth-largest Peruvian bank in terms of
deposits and by far IFH's largest subsidiary and cash
contributor," said Standard & Poor's credit analyst Luciano
Gremone.

Through subsidiaries, IFH is involved in several sectors of the
Peruvian economy, including: financial services, insurance,
supermarkets, retail, and real estate, among others.  Through
Supermercados Peruanos S.A., the group has about a 30% share
(ranking second) in Peru's still-underdeveloped, but growing,
supermarket industry.  IFH is also entering into the department
store business.  S&P expects these two segments to receive the
bulk of the group's investments and expansion strategy in coming
years.

S&P considers the inherent volatility of dividend flows as the
main risk factor in a holding company's debt repayment capacity,
particularly those relying on just a couple primary assets, with
relatively low liquidity derived from a majority of nonlisted
subsidiaries.  In addition, other factors like mandatory reserve
increases could impair Interbank's ability to pay dividends
consistently.

The terms and conditions of the upcoming notes include a minimum
unconsolidated net worth ratio (nonconsolidated indebtedness
divided by net worth) of 0.65x.  Pro forma after the notes
issuance, this ratio should be at 0.25, leaving significant room
for additional debt.  Nevertheless, the current rating does not
incorporate additional debt at the holding company level.  Thus,
S&P does not expect this ratio to deteriorate.  In addition,
dividends are only allowed if the next coupon is deposited in a
special payment account.

The stable outlook reflects S&P's expectation that IFH will
maintain prudent liquidity levels varying according to the
expected dividend flow from its subsidiaries.  The outlook also
assumes that IFH will not take on any significant additional debt
at the holding company level.  "The ratings and/or outlook could
benefit from further cash flow diversification.  On the other
hand, the ratings could come under pressure from significant
deterioration in Interbank's profitability and ability to pay
dividends, or if IFH assumes a more-aggressive financial policy as
a result of its expansion strategy," Mr. Gremone added.


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


VALIDUS HOLDINGS: Cuts 30 Jobs at IPCRe Limited (Bermuda)
---------------------------------------------------------
Jonathan Kent at the Royal Gazette reports that 30 members of the
staff of IPCRe Limited (Bermuda), a unit of IPC Holdings, will
leave the company at the end of the year following Validus
Holdings Ltd.'s takeover.  The report relates that all of IPC Re's
top management staff and underwriters are to go, while Validus
Holding's management met separately with each of the remaining 22
underwriting support staff to tell them who would stay and who
would go.

Validus Holdings Chairman and Chief Executive Officer Ed Noonan
told the news agency that all of the 30 IPC Re staff will remain
on the payroll until December 31, giving them the chance to earn a
year-end bonus.  The report relates that the severance package
includes a payment that is at least 50% of salary and departing
staff will also receive retention bonuses for having stayed on
during the transitional period.

According to the report, Mr. Noonan said that from an operational
standpoint, the merger of the two companies was going smoothly;
and the transfer of data from IPC Re into Validus's systems had
also gone well.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Validus Holdings completed its acquisition of
IPC Holdings, Ltd.  At a Special General Meeting of Shareholders
on September 4, 2009, Validus shareholders approved the issuance
of Validus common shares in connection with the acquisition of IPC
with the support of approximately 87% of the shares voted at the
meeting.

                  About Validus Holdings, Ltd.

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

                           *     *     *

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


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


AES CORP: Won't Bid for Belo Monte Dam in Brazil
------------------------------------------------
The AES Corporation won't join forces with other Brazilian energy
firms any time soon in a bid for the massive  US$8-billion Belo
Monte hydroelectric power station project, set to occur later this
month,  Kenneth Rapoza at Dow Jones Newswires reports, citing
Britaldo Soares, AES Eletropaulo CEO.

"At this time, we are not interested in Belo Monte; we are more
focused on expanding in Sao Paulo," the report quoted Mr. Soares
as saying.  AES Eletropaulo is a unit of AES Corp, which operates
Sao Paulo.

According to the report, Mr. Soares said that AES CORP, which
receives around 33% of global revenues from Brazil, is looking to
expand one of its hydroelectric power stations in Sao Paulo.  The
report relates that under the government's regulatory rules, AES
is committed to expanding its AES Tiete hydroelectric power
station by another 400 megawatts in the near term.

Dow Jones Newswires says the Belo Monte power station will have
the capacity to generate around 11,000 megawatts of electric
power.

                       About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


BANOC CACIQUE: Fitch Corrects Ratings
-------------------------------------
This announcement corrects the version issued on 29 September
2009.  The Short-term foreign currency Issuer Default Rating
assigned to Societe Generale Brasil S.A., Banco Cacique S.A. and
Banco Pecunia S.A.is 'F2' and not 'F3' as previously stated.

Fitch Ratings has assigned ratings to SGBr, Cacique and Pecunia
and affirmed others:

SGBr

  -- Long-term Foreign Currency Issuer Default rating (IDR)
     assigned at 'BBB' with Stable Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+' with Stable \
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'C/D'

  -- Support Rating assigned at '2'

  -- National Long-term Rating assigned at 'AAA(bra)' with Stable
     Outlook

  -- National Short-term Rating assigned at 'F1+(bra)'

Cacique

  -- Long-term Foreign Currency IDR assigned at 'BBB' with Stable
     Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+ with Stable
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'C/D'

  -- Support Rating affirmed at '2'

  -- National Long-term Rating affirmed at 'AAA(bra)', Stable
     Outlook

  -- National Short-term Rating affirmed at 'F1+(bra)'

Pecunia

  -- Long-term Foreign Currency IDR assigned at 'BBB' with Stable
     Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+' with Stable
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'D'

  -- Support Rating affirmed at '2'

  -- National Long-term Rating affirmed at 'AAA(bra)', Stable
     Outlook

  -- National Short-term Rating affirmed at 'F1+(bra)'

The Foreign Currency and Local Currency IDRs of SGBr and its
National Ratings reflect the high probability of support from its
parent bank, Societe Generale (IDR 'A+'/Stable), and the
importance to SG of the Brazilian operation, which has been
growing in recent years.  SGBr's Individual Rating considers its
good asset-quality track record, attributable to prudent
management, SG supervision and diversified activities.  However,
it also takes into account the bank's modest size, the high
proportion of intangible assets in its capital structure and the
challenge of improving its profitability in an environment under
pressure from the growth in delinquency and expenses generated by
goodwill amortization.  The Individual Rating would benefit from a
consistent improvement in profitability, coupled with a capital
structure that is no longer burdened by intangible assets.
However, deterioration in asset quality, together with the impact
of growing provisioning on profitability, could negatively affect
its rating.

The Foreign Currency and Local Currency IDRs of both Cacique and
Pecunia and their National Ratings reflect the support of its
parent bank, SGBr, and the importance to SG of the Brazilian
retail operation.  The ratings also consider their ample access to
funding lines primarily from the parent, which maintains a close
supervision on both banks as shown by their centralised treasury.
The Individual Rating of Cacique reflects its modest size, high
delinquency ratios, and the challenge to reverse its weak results
in a recessionary environment, while provisioning should continue
to weaken results.  While Fitch considers that these factors also
impact Pecunia, the bank has a lower Individual Rating as it is
more exposed to financial upheavals than Cacique considering its
small size.

SGBr has entered the retail market, notably in consumer lending
and financing durable goods.  It acquired 70% of Pecunia in March
2007 and 100% of Cacique in November 2007.  As a result, SGBr
significantly increased its local balance sheet, with assets
growing to BRL6.5bn at FYE08 (BRL1.1bn at FYE06).  Although each
unit is administered independently, the three banks are
consolidated into SGBr.

SGBr began to report an increase in the impaired loan categories
after the acquisitions of Cacique and Pecunia, but it has adequate
coverage (estimated around 79% at H109 and 81% at FYE08 and 64.3%
FYE07).  Fitch believes that the growing delinquency pressure will
be an additional obstacle to the bank improving profitability,
despite its positive asset diversification.  SGBr's funding comes
mainly from SG lines at competitive prices.  This policy gave the
bank ample liquidity at the most acute times of the global
financial crisis.  The growing importance of the Brazilian
operations to SG contrasts with the drastic reduction in
activities of other foreign banks in Brazil, and has enabled SGBr
to gain market share in the wholesale and retail segments.  The
acquisitions of Cacique and Pecunia, however, have increased the
proportion of intangible assets in its capital structure.  Their
reduction will be gradual and will affect the bank's earnings in
the medium- to long-term.

SGBr has operated in Brazil since 1967, focusing on wholesale
business.  It entered retail lending through the acquisitions of
Cacique, which conducts consignment lending, consumer finance,
and, on a minor scale, personal lending, and Pecunia which
finances the purchase of used automobiles and provides consumer
credit through stores.


BANCO INTERNACIONAL: Moody's Downgrades Deposit Ratings to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba3, from Ba2, the global
local- and foreign-currency deposit ratings of Banif - Banco
Internacional do Funchal (Brasil), S.A.'s (Banif Brazil) and of
Banif Banco de Investimento (Brasil) S.A.'s (Banif Investimento).
Moody's also lowered both banks' long-term Brazilian national
scale ratings to A2.br, from Aa3.br.  The D- bank financial
strength ratings of Banif Brazil and of Banif Investimento were
affirmed, as well as the local- and foreign-currency short-term
deposits ratings of Not Prime, and the short-term national scale
ratings of BR-1.  The outlooks on all ratings were changed to
negative.

These rating actions conclude the review for possible downgrade on
the deposit ratings of the two banks, which was initiated in
April 23, 2009.  They follow Moody's downgrade of Banif - Banco
Internacional do Funchal, SA's (Banif Portugal) BFSR to D-.  The
ratings of Banif Portugal also carry negative outlooks.

Both Banif Brazil and Banif Investimento are not direct
subsidiaries of Banif Portugal; in Moody's view, however, parental
support, if required, would be provided through Banif Portugal
because this entity is the main originator of earnings within the
Portuguese group.  Moreover, there are no ratings for Banif's
investment banking operation in Portugal at the present.

In assigning the negative outlook on Banif Brazil's D- BFSR,
Moody's pointed to the bank's weakened asset quality and
profitability, which was mostly driven by losses from trading
activities and from higher provisioning costs.  The rating agency
also noted that the bank's expansion strategy in Brazil -- which
is expected to support future loan growth and earnings -- could be
challenged by Banif Brazil's modest capital generation.  The
capital-constrained bank in Portugal may encounter limits in
providing funding to the Brazilian operation -- a possibility that
Moody's also considered challenging to Banif Brazil's franchise.

The negative outlook on Banif Investimento's D- BFSR derives
largely from the bank's substantial reliance on its commercial
bank operations in both Brazil and Portugal as sources of funding.
Banif Investimento's stand-alone financial strength could be hurt
by both the weakened financial performance and diminished funding
availability from Banif Brazil and Banif Portugal.

Moody's last rating action on both Banif Brazil and Banif
Investimento took place on April 23, 2009, when it downgraded the
bank's long-term GLC deposit rating to Ba2 from Ba1 and lowered
the long-term Brazilian NSR to Aa3.br from Aa2.br.  These actions
were the result of the reduction of Banif - Banco Internacional do
Funchal S.A.'s (Banif Portugal) BFSR and deposit and senior debt
ratings on April 6, 2009.  These ratings were also placed on
review for downgrade.  In the same action, Banif Brazil's and
Banif Investimento's BFSRs were affirmed at D-.

Banif - Banco Internacional do Funchal (Brasil) S.A. is
headquartered in Sao Paulo, Brazil.  As of June 2009, the bank had
total assets of approximately BRL.8 billion (US$937 million) and
equity of BRL32 million (US$68 million).

Banif Banco de Investimento (Brasil) S.A. is headquartered in Sao
Paulo, Brazil.  As of June 2009, the bank had total assets of
approximately R$865 million (US$443 million) and equity of
BRL04 million (US$53 million).

The specific ratings changes are:

Banif - Banco Internacional do Funchal (Brasil) S.A.:

* Long-term global local-currency deposit rating: downgraded to
  Ba3 from Ba2, with negative outlook

* Long-term foreign-currency deposit rating: downgraded to Ba3
  from Ba2, with negative outlook

* Long-term Brazilian national scale deposit rating: downgraded to
  A2.br from Aa3.br, with negative outlook

* Bank financial strength rating at D-: outlook changed to
  negative from stable

Banif Banco de Investimento (Brasil) S.A.:

* Long-term global local-currency deposit rating: downgraded to
  Ba3 from Ba2, with negative outlook

* Long-term foreign-currency deposit rating: downgraded to Ba3
  from Ba2, with negative outlook

* Long-term Brazilian national scale deposit rating: downgraded to
  A2.br from Aa3.br, with negative outlook

* Bank financial strength rating at D-: outlook changed to
  negative from stable


BANCO PECUNIA: Fitch Corrects Ratings
-------------------------------------
This announcement corrects the version issued on 29 September
2009.  The Short-term foreign currency Issuer Default Rating
assigned to Societe Generale Brasil S.A., Banco Cacique S.A. and
Banco Pecunia S.A.is 'F2' and not 'F3' as previously stated.

Fitch Ratings has assigned ratings to SGBr, Cacique and Pecunia
and affirmed others:

SGBr

  -- Long-term Foreign Currency Issuer Default rating (IDR)
     assigned at 'BBB' with Stable Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+' with Stable \
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'C/D'

  -- Support Rating assigned at '2'

  -- National Long-term Rating assigned at 'AAA(bra)' with Stable
     Outlook

  -- National Short-term Rating assigned at 'F1+(bra)'

Cacique

  -- Long-term Foreign Currency IDR assigned at 'BBB' with Stable
     Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+ with Stable
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'C/D'

  -- Support Rating affirmed at '2'

  -- National Long-term Rating affirmed at 'AAA(bra)', Stable
     Outlook

  -- National Short-term Rating affirmed at 'F1+(bra)'

Pecunia

  -- Long-term Foreign Currency IDR assigned at 'BBB' with Stable
     Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+' with Stable
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'D'

  -- Support Rating affirmed at '2'

  -- National Long-term Rating affirmed at 'AAA(bra)', Stable
     Outlook

  -- National Short-term Rating affirmed at 'F1+(bra)'

The Foreign Currency and Local Currency IDRs of SGBr and its
National Ratings reflect the high probability of support from its
parent bank, Societe Generale (IDR 'A+'/Stable), and the
importance to SG of the Brazilian operation, which has been
growing in recent years.  SGBr's Individual Rating considers its
good asset-quality track record, attributable to prudent
management, SG supervision and diversified activities.  However,
it also takes into account the bank's modest size, the high
proportion of intangible assets in its capital structure and the
challenge of improving its profitability in an environment under
pressure from the growth in delinquency and expenses generated by
goodwill amortization.  The Individual Rating would benefit from a
consistent improvement in profitability, coupled with a capital
structure that is no longer burdened by intangible assets.
However, deterioration in asset quality, together with the impact
of growing provisioning on profitability, could negatively affect
its rating.

The Foreign Currency and Local Currency IDRs of both Cacique and
Pecunia and their National Ratings reflect the support of its
parent bank, SGBr, and the importance to SG of the Brazilian
retail operation.  The ratings also consider their ample access to
funding lines primarily from the parent, which maintains a close
supervision on both banks as shown by their centralised treasury.
The Individual Rating of Cacique reflects its modest size, high
delinquency ratios, and the challenge to reverse its weak results
in a recessionary environment, while provisioning should continue
to weaken results.  While Fitch considers that these factors also
impact Pecunia, the bank has a lower Individual Rating as it is
more exposed to financial upheavals than Cacique considering its
small size.

SGBr has entered the retail market, notably in consumer lending
and financing durable goods.  It acquired 70% of Pecunia in March
2007 and 100% of Cacique in November 2007.  As a result, SGBr
significantly increased its local balance sheet, with assets
growing to BRL6.5bn at FYE08 (BRL1.1bn at FYE06).  Although each
unit is administered independently, the three banks are
consolidated into SGBr.

SGBr began to report an increase in the impaired loan categories
after the acquisitions of Cacique and Pecunia, but it has adequate
coverage (estimated around 79% at H109 and 81% at FYE08 and 64.3%
FYE07).  Fitch believes that the growing delinquency pressure will
be an additional obstacle to the bank improving profitability,
despite its positive asset diversification.  SGBr's funding comes
mainly from SG lines at competitive prices.  This policy gave the
bank ample liquidity at the most acute times of the global
financial crisis.  The growing importance of the Brazilian
operations to SG contrasts with the drastic reduction in
activities of other foreign banks in Brazil, and has enabled SGBr
to gain market share in the wholesale and retail segments.  The
acquisitions of Cacique and Pecunia, however, have increased the
proportion of intangible assets in its capital structure.  Their
reduction will be gradual and will affect the bank's earnings in
the medium- to long-term.

SGBr has operated in Brazil since 1967, focusing on wholesale
business.  It entered retail lending through the acquisitions of
Cacique, which conducts consignment lending, consumer finance,
and, on a minor scale, personal lending, and Pecunia which
finances the purchase of used automobiles and provides consumer
credit through stores.


BRASIL FOODS: Moody's Confirms 'Ba1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service confirmed Brasil Foods S.A.'s (formerly
named Perdigao) Ba1 corporate family rating, following the
company's successful public offering of common shares raising
approximately BRL5.2 billion of net proceeds to be used for debt
reduction following the company's merger with Sadia S.A.  At the
same time, Sadia's senior unsecured notes due 2017 were upgraded
to Ba1 from B2 since Brasil Foods was added as a joint and several
guarantor of the notes in August, when the merger of the companies
was approved by their shareholders.  In addition, Sadia's B2
corporate family rating was withdrawn since the company will
likely cease to exist as a separate legal entity.  This rating
action concludes the review for possible downgrade at Brasil Foods
and review for possible upgrade at Sadia, both initiated on
May 21, 2009.  The outlook is stable.

Rating confirmed:

Brasil Foods's Corporate Family Rating: Ba1

Rating upgraded:

-- US$250 million 6.875% in guaranteed senior unsecured notes due
    2017 issued by Sadia Overseas Ltd. with an unconditional and
    irrevocable guarantee from Sadia and Brasil Foods: from B2 to
    Ba1

Rating withdrawn:

-- Sadia's Corporate Family Rating

"In addition to the successful equity issuance with proceeds to be
used for debt reduction, the confirmation of the Ba1 rating for
Brasil Foods also reflects the considerable synergy opportunities
likely to result from the merger between Sadia and Brasil Foods,
with solid growth prospects in its domestic and export markets, as
well as the combined company's increased scale and attractive
brand portfolio, with leading market positions in most of its
product categories," explained Moody's VP Senior Analyst, Soummo
Mukherjee.

"We expect that Brasil Foods will delever as a result of debt
amortization with cash and a normalization of margins in 2010
resulting from an improvement of volumes and prices as export
markets gradually normalize.  Pro-forma combined leverage without
considering debt reduction with the equity issuance proceeds, as
measured by Total Debt to EBITDA, was 6.0 times for the last
twelve months ended June 30, 2009, and is expected to decrease to
below 3.0 times by year-end 2010 without any significant benefits
from synergies, which Moody's believe will have an increasing
impact from 2011 onwards," added Mukherjee.

Brasil Food's Ba1 rating is supported by its position as one of
the largest food processors in the Brazilian market with leading
market positions and close to 50% of sales derived from processed
products with good diversification in at least six different
segments (fresh poultry meat, specialty meats, milk, frozen foods,
pork and beef fresh meats and processed dairy products).

The Ba1 rating, however, is primarily constrained by the
susceptibility of the company's revenues, earnings and cash flow
to foreign exchange variation, export market disruptions, as well
as to the volatility of dairy and grain commodity costs.  In the
near- to medium-term, the rating is also constrained by the
integration challenges and the actual realization of the potential
synergies with Sadia, which is largely dependent on final approval
of the deal without any significant required asset disposals by
Brazilian anti-trust authorities.

According to Moody's estimates, even if CADE were to impose some
restrictions to the merger, the losses in sales, and consequently
in operational results would be far lower than the estimated more
than BRL 2 billion in net present value of synergies due to
significant overlap in the administrative, commercial and
distribution costs of the two companies.

The stable outlook is based on the company's successful equity
offering which significantly improved its liquidity and will allow
the company to continue to reduce debt and improve credit metrics
to a level more commensurate with its Ba1 rating category.

Although unlikely in the near-term, upward rating pressure on the
ratings or outlook would require evidence that the company is able
to capture the expected synergies with Sadia, leading to
sustainable improvement in EBITDA margins, which have averaged
12.5% for the last five years.  The company's ability to increase
the revenue share of packaged products (currently 48.5%) and show
more stable and sustainable margins would also be an important
consideration for positive rating momentum.  Quantitatively, an
improvement in the outlook or rating would require sustainable
Total Debt to EBITDA of approximately 3.0 times (as of the last
twelve months ending June 30, 2009, pro-forma for expected debt
reduction, total debt to EBITDA was 4.4 times) and CFO / Net Debt
be maintained above 30% on a 3 year average (18% as of as of the
last twelve months ending June 30, 2009, considering proceeds from
the equity issuance in cash).  All metrics are based on Moody's
definitions and standard analytic adjustments.

On the other hand, the ratings or outlook could see downward
pressure if the company's EBITDA margin fail to approach its long
term average of approximately 12% by the end of 2010 or if Total
Debt to EBITDA leverage remains above 3.5 times at the end of
2010.  Downward pressure could also be caused by a worse than
expected decision by CADE that leads the company to incur
substantial financial losses and impacts its ability to reduce
leverage from current levels.  In addition, the US$250 million
guaranteed unsecured notes could be downgraded independent of a
change in the Ba1 corporate family rating if the company
substantially increases its reliance on secured debt or other debt
likely to receive priority treatment in a debt restructuring, such
as short-term trade finance lines (ACC/ACE).

Moody's last rating action on Brasil Foods was on May 21, 2009,
when Moody's placed Brasil Foods' Ba1 rating on review for
possible downgrade.

Moody's last rating action on Sadia was on May 21, 2009, when
Moody's placed Sadia's B2 rating on review for possible upgrade.

Headquartered in Santa Catarina, Brazil, Brasil Foods is one of
the largest food processors in Latin America, with a focus on
poultry, pork, beef, milk and processed products, including dairy.
With net revenues of BRL 11.4 billion for the last twelve months
ending on June 30, 2009, Perdigao is one of the leaders in the
domestic market and exports around 31% of its sales to over 100
countries and 850 customers around the world.

Sadia, headquartered in Sao Paulo, Brazil, is the largest
slaughterer and distributor of poultry and pork products in
Brazil, as well as the leading refrigerated and frozen protein
products company.  For the last twelve months ending on June 30,
2009, Sadia had net revenues of BRL 10.9 billion with 43% of
revenues derived from exports to over 100 countries.


EMPRESA BRASILEIRA: Concludes Series of Notes Offering in U.S.
--------------------------------------------------------------
Empresa Brasileira de Aeronautica SA concluded the offering of a
series of notes with the Securities and Exchange Commission, in
the United States, as announced in a communique released
September 24.

The offering was coordinated by Deutsche Bank and Morgan Stanley
and more than 200 investors participated, totaling a demand five
times greater than the amount available.

The operation fully achieved Embraer’s objectives.  The company
took in US$ 500 million at an annual interest rate of 6.375%,
maturing on January 15, 2020.  The issue price was US$ 99.081,
resulting in a return of 6.5% for investors (yield).  The interest
on the Notes will be paid on April 8 and October 8, every year,
starting in 2010.  The net proceeds of this offering will be used
for general corporate purposes, which could include the payment
of short-term indebtedness.

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

                          *     *     *

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


JBS SA: Local Judge Freezes Assets Amid Bribery Probe
-----------------------------------------------------
Lucia Kassai at Bloomberg News reports that a Brazilian federal
judge froze some assets of JBS SA in the state of Rondonia as part
of a probe into alleged bribery in the industry.

According to the report, the federal prosecutor’s office said that
assets of other meatpackers were also frozen as part of the
yearlong investigation known as Operation Slaughter.

JBS SA spokeswoman Vanessa Esteves, the report relates, said that
the company hasn’t been notified of the decision.

“The plant is very small in relation to their whole Brazilian
operations,” Max Bueno, an analyst at brokerage Spinelli
Corretora, said told the news agency in a telephone interview.
"It’s unlikely to affect output.  The downside is the negative
publicity,” Mr. Bueno added.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2009, Bloomberg News said that public prosecutor
Reginaldo Trindade, who is leading the probe, said that JBS SA's
Brazil unit in the Rondonia state is under federal police and
prosecutors investigation for arranging for inspectors to
turn a blind eye to their allegedly adding water to meats to boost
weights.  According to Reuters, the widespread corruption case has
targeted several companies in Brazil's beef industry.  Other
meatpackers and leather companies including Bihl, Margen and
Curtume Nossa Senhora Aparecida are also part of the investigation
into the bribing of public officials, racketeering, corruption,
fraud and collusion, an unnamed representative at the federal
prosecutor's office told Reuters in an interview.

                           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.


MINERVA SA: S&P Gives Stable Outlook; Affirms 'CCC+' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Brazilian meat exporter Minerva S.A. to stable from
negative.  At the same time, S&P affirmed its 'CCC+' corporate
credit rating on the company.

"The outlook revision reflects S&P's expectation that Minerva will
use the resources from its current equity offering, already
partially completed, to reduce refinancing risks in the next
couple of years," said Standard & Poor's credit analyst Piero
Parolin.  "It also reflects improved market conditions for the
Brazilian meat industry and the benefits of these on Minerva's
profits and credit measures."

However, the low-speculative-grade ratings on Minerva reflect the
company's large exposure to debt maturities this year and next,
leveraged financial profile, and heavy interest burden--though
this burden will likely improve if the company's debt management
initiatives are successful.

The ratings also incorporate Minerva's dependence on the
successful ramp-up of expansion and greenfield meat projects and
of Minerva Dawn Farms, Minerva's joint venture in food services
with Dawn Farms Food (not rated), to strengthen its cash flows.
S&P still view these cash flows as low compared with the company's
debt burden.  S&P also consider Minerva's exposure to the
volatile, working-capital-intensive, and competitive global meat
industry.

These negative rating factors are partially mitigated by Minerva's
increasing geographic diversification, its move into higher-margin
businesses through MDF, and some operating flexibility to produce
"made-to-order" products due to its higher capacity for deboning
than for slaughtering.

S&P also acknowledges that the company has already concluded its
investments in expansion projects, allowing it to report lower
capital expenditures in the medium term.


SOCIETE GENERALE: Fitch Corrects Ratings
-----------------------------------------
This announcement corrects the version issued on 29 September
2009.  The Short-term foreign currency Issuer Default Rating
assigned to Societe Generale Brasil S.A., Banco Cacique S.A. and
Banco Pecunia S.A.is 'F2' and not 'F3' as previously stated.

Fitch Ratings has assigned ratings to SGBr, Cacique and Pecunia
and affirmed others:

SGBr

  -- Long-term Foreign Currency Issuer Default rating (IDR)
     assigned at 'BBB' with Stable Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+' with Stable \
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'C/D'

  -- Support Rating assigned at '2'

  -- National Long-term Rating assigned at 'AAA(bra)' with Stable
     Outlook

  -- National Short-term Rating assigned at 'F1+(bra)'

Cacique

  -- Long-term Foreign Currency IDR assigned at 'BBB' with Stable
     Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+ with Stable
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'C/D'

  -- Support Rating affirmed at '2'

  -- National Long-term Rating affirmed at 'AAA(bra)', Stable
     Outlook

  -- National Short-term Rating affirmed at 'F1+(bra)'

Pecunia

  -- Long-term Foreign Currency IDR assigned at 'BBB' with Stable
     Outlook

  -- Short-term Foreign Currency IDR assigned at 'F2'

  -- Long-term Local Currency IDR assigned at 'BBB+' with Stable
     Outlook

  -- Short-term Local Currency IDR assigned at 'F2'

  -- Individual Rating assigned at 'D'

  -- Support Rating affirmed at '2'

  -- National Long-term Rating affirmed at 'AAA(bra)', Stable
     Outlook

  -- National Short-term Rating affirmed at 'F1+(bra)'

The Foreign Currency and Local Currency IDRs of SGBr and its
National Ratings reflect the high probability of support from its
parent bank, Societe Generale (IDR 'A+'/Stable), and the
importance to SG of the Brazilian operation, which has been
growing in recent years.  SGBr's Individual Rating considers its
good asset-quality track record, attributable to prudent
management, SG supervision and diversified activities.  However,
it also takes into account the bank's modest size, the high
proportion of intangible assets in its capital structure and the
challenge of improving its profitability in an environment under
pressure from the growth in delinquency and expenses generated by
goodwill amortization.  The Individual Rating would benefit from a
consistent improvement in profitability, coupled with a capital
structure that is no longer burdened by intangible assets.
However, deterioration in asset quality, together with the impact
of growing provisioning on profitability, could negatively affect
its rating.

The Foreign Currency and Local Currency IDRs of both Cacique and
Pecunia and their National Ratings reflect the support of its
parent bank, SGBr, and the importance to SG of the Brazilian
retail operation.  The ratings also consider their ample access to
funding lines primarily from the parent, which maintains a close
supervision on both banks as shown by their centralised treasury.
The Individual Rating of Cacique reflects its modest size, high
delinquency ratios, and the challenge to reverse its weak results
in a recessionary environment, while provisioning should continue
to weaken results.  While Fitch considers that these factors also
impact Pecunia, the bank has a lower Individual Rating as it is
more exposed to financial upheavals than Cacique considering its
small size.

SGBr has entered the retail market, notably in consumer lending
and financing durable goods.  It acquired 70% of Pecunia in March
2007 and 100% of Cacique in November 2007.  As a result, SGBr
significantly increased its local balance sheet, with assets
growing to BRL6.5bn at FYE08 (BRL1.1bn at FYE06).  Although each
unit is administered independently, the three banks are
consolidated into SGBr.

SGBr began to report an increase in the impaired loan categories
after the acquisitions of Cacique and Pecunia, but it has adequate
coverage (estimated around 79% at H109 and 81% at FYE08 and 64.3%
FYE07).  Fitch believes that the growing delinquency pressure will
be an additional obstacle to the bank improving profitability,
despite its positive asset diversification.  SGBr's funding comes
mainly from SG lines at competitive prices.  This policy gave the
bank ample liquidity at the most acute times of the global
financial crisis.  The growing importance of the Brazilian
operations to SG contrasts with the drastic reduction in
activities of other foreign banks in Brazil, and has enabled SGBr
to gain market share in the wholesale and retail segments.  The
acquisitions of Cacique and Pecunia, however, have increased the
proportion of intangible assets in its capital structure.  Their
reduction will be gradual and will affect the bank's earnings in
the medium- to long-term.

SGBr has operated in Brazil since 1967, focusing on wholesale
business.  It entered retail lending through the acquisitions of
Cacique, which conducts consignment lending, consumer finance,
and, on a minor scale, personal lending, and Pecunia which
finances the purchase of used automobiles and provides consumer
credit through stores.


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


ACM ACTIVE: Creditors' Proofs of Debt Due on October 14
-------------------------------------------------------
The creditors of ACM Active Corporate – Class C Sub-Fund are
required to file their proofs of debt by October 14, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


ACM ACTIVE: Creditors' Proofs of Debt Due on October 14
-------------------------------------------------------
The creditors of ACM Active Corporate Fund are required to file
their proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


ACM US: Creditors' Proofs of Debt Due on October 14
---------------------------------------------------
The creditors of ACM US Credit Total Return Subfund are required
to file their proofs of debt by October 14, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


ACM YEN: Creditors' Proofs of Debt Due on October 14
----------------------------------------------------
The creditors of ACM Yen Sub-Fund are required to file their
proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


ALTERRA LUTON: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------
The creditors of Alterra Luton Holdings, Ltd. are required to file
their proofs of debt by October 15, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 28, 2009.

The company's liquidator is:

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


ANGLIAN SELECT: Creditors' Proofs of Debt Due on October 15
-----------------------------------------------------------
The creditors of Anglian Select Commodities Fund Limited are
required to file their proofs of debt by October 15, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 27, 2009.

The company's liquidator is:

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


AUSTRALIS LTD: Shareholder to Receive Wind-Up Report on Oct. 15
---------------------------------------------------------------
The shareholder of Australis Ltd. will receive, on October 15,
2009, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Scott Aitken
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


BLACK TOWER: Creditors' Proofs of Debt Due on October 15
--------------------------------------------------------
The creditors of Black Tower Capital Feeder Fund Limited are
required to file their proofs of debt by October 15, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 27, 2009.

The company's liquidator is:

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


BLACK TOWER: Creditors' Proofs of Debt Due on October 15
--------------------------------------------------------
The creditors of Black Tower Capital Fund Limited are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 27, 2009.

The company's liquidator is:

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


BLUE RIDGE: Creditors' Proofs of Debt Due on October 14
-------------------------------------------------------
The creditors of Blue Ridge Holdings Limited are required to file
their proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 3,
2009.

The company's liquidator is:

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


BLUEHAVEN MASTER: In Liquidation; Final Meeting on October 30
-------------------------------------------------------------
Bluehaven Master Fund Limited has been placed in Voluntary
Liquidation under The Companies (Amendment) Law, 2007.  The final
meeting of the shareholders of the company will be held at the
offices of Close Brothers (Cayman) Limited, 4th Floor Harbour
Place, George Town, Grand Cayman, on October 30, 2009, at 9:30
a.m.

The agenda at the meeting are:

     1. To consider and if thought fit, approve the voluntary
        liquidators’ final report and accounts, including the
        conduct of the liquidation and the remuneration of the
        liquidators.

     2. To authorize the retention of the records of the company,
        for a period of five years from the dissolution of the
        company, after which they may be destroyed.

John Sutlic has been appointed as Joint Voluntary Liquidator.
Contact for inquiries:

     Kim Charaman
     Tel: (345) 949 8455
     Fax: (345) 949 8499
     Address for service:
     Close Brothers (Cayman) Limited
     Fourth Floor, Harbour Place
     P.O. Box 1034, Grand Cayman KYI-1102


BLUEHAVEN LIMITED: In Liquidation; Final Meeting on October 30
--------------------------------------------------------------
Bluehaven Limited has been placed in Voluntary Liquidation under
The Companies (Amendment) Law, 2007.  The final meeting of the
shareholders of the company will be held at the offices of Close
Brothers (Cayman) Limited, 4th Floor Harbour Place, George Town,
Grand Cayman, on October 30, 2009, at 10:30 a.m.

The agenda at the meeting are:

     1. To consider and if thought fit, approve the voluntary
        liquidators’ final report and accounts, including the
        conduct of the liquidation and the remuneration of the
        liquidators.

     2. To authorize the retention of the records of the company,
        for a period of five years from the dissolution of the
        company, after which they may be destroyed.

John Sutlic has been appointed as Joint Voluntary Liquidator.
Contact for inquiries:

     Kim Charaman
     Tel: (345) 949-8455
     Fax: (345) 949-8499
     Address for service:
     Close Brothers (Cayman) Limited
     Fourth Floor, Harbour Place
     P.O. Box 1034, Grand Cayman KYI-1102


CHAMPLAIN LIMITED: Shareholder to Hear Wind-Up Report on Oct. 15
----------------------------------------------------------------
The shareholder of Champlain Limited will receive, on October 15,
2009, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Scott Aitken
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


DB JASMINE NO. 2: Creditors' Proofs of Debt Due on October 15
-------------------------------------------------------------
The creditors of DB Jasmine No. 2 (Cayman) Limited are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 25, 2009.

The company's liquidator is:

          Jeremy Simon Spratt
          KPMG LLP, 8 Salisbury Square
          London, EC4Y 8BB
          Jacqueline Edwards
          Telephone: +44 (0) 20 7311 8563
          Facsimile: +44 (0) 20 7694 3533
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


DKR NEUTRINO: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------
The creditors of DKR Neutrino Fund Ltd. are required to file their
proofs of debt by October 12, 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:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR NEUTRINO: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------
The creditors of DKR Neutrino Holding Fund Ltd. are required to
file their proofs of debt by October 12, 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:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR OVERLAY: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------
The creditors of DKR Overlay Co. are required to file their proofs
of debt by October 12, 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:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR RELATIVE: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------
The creditors of DKR Relative Value Plus Fund Ltd. are required to
file their proofs of debt by October 12, 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:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR SOLSTICE: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------
The creditors of DKR Solstice Fund Ltd. are required to file their
proofs of debt by October 12, 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:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR SOLSTICE: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------
The creditors of DKR Solstice Holding Fund Lstd. are required to
file their proofs of debt by October 12, 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:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


EURUS LTD: Shareholder to Hear Wind-Up Report on October 15
-----------------------------------------------------------
The shareholder of Eurus Ltd will receive, on October 15, 2009, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Scott Aitken
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


GMFF CASTOR: Creditors' Proofs of Debt Due on October 14
--------------------------------------------------------
The creditors of GMFF Castor Fund are required to file their
proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 26, 2009.

The company's liquidator is:

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


INQUAM BROADBAND: Creditors' Proofs of Debt Due on October 15
-------------------------------------------------------------
The creditors of Inquam Broadband Holding Limited are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 18, 2009.

The company's liquidator is:

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


IRONBOUND ASIA: Members' Final Meeting Set for October 14
---------------------------------------------------------
The members of Ironbound Asia Overseas Ltd. will hold their final
meeting, on October 14, 2009, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LEEWARD OFFSHORE: Creditors' Proofs of Debt Due on October 14
-------------------------------------------------------------
The creditors of Leeward Offshore Canadian Income Fund are
required to file their proofs of debt by October 14, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 3, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


MISATO ASSET: Creditors' Proofs of Debt Due on October 14
---------------------------------------------------------
The creditors of Misato Asset Management are required to file
their proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 26, 2009.

The company's liquidator is:

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


MUXAXAS LIMITED: In Liquidation; Final Meeting Held October 2
-------------------------------------------------------------
Muxaxas Limited has been placed in Voluntary Liquidation under The
Companies Law (2007 Revision).  Pursuant to Section 145 of the
Companies Law, the final general meeting of the Company was held
at 4th Floor, FirstCaribbean House, Grand Cayman, Cayman Islands,
on October 2, 2009, for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation.

Eagle Holdings Ltd. serves as the Company's Voluntary Liquidator.
The address of the liquidator is:

     c/o Barclays Private Bank & Trust (Cayman) Limited
     4th Floor, FirstCaribbean House
     P.O. Box 487, Grand Cayman KY1-1106


NINTH WAVE: Shareholders' Final Meeting Set for October 16
----------------------------------------------------------
The shareholders of Ninth Wave Global Emerging Markets Fund
(Offshore) Ltd. will hold their final meeting, on October 16,
2009, at 8:45 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


PAGIA INVESTMENTS: Creditors' Proofs of Debt Due on October 14
--------------------------------------------------------------
The creditors of Pagia Investments Limited are required to file
their proofs of debt by October 14, 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:

          Giannakis Ermogenous
          Philip Sutcliffe
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949-0880
          Facsimile: (345) 949-0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103


PB CAPITAL: Creditors' Proofs of Debt Due on October 15
-------------------------------------------------------
The creditors of PB Capital Corporation are required to file their
proofs of debt by October 15, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 31, 2009.

The company's liquidator is:

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


PB CAPITAL: Creditors' Proofs of Debt Due on October 15
-------------------------------------------------------
The creditors of PB Capital Corporation 2002-1 are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 31, 2009.

The company's liquidator is:

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


PHOENIX JAPAN: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------
The creditors of Phoenix Japan Master Fund Limited are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 27, 2009.

The company's liquidator is:

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


PHOENIX JAPAN: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------
The creditors of Phoenix Japan Feeder Fund Limited are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 27, 2009.

The company's liquidator is:

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


PULSAR RESOURCE: Creditors' Proofs of Debt Due on October 14
------------------------------------------------------------
The creditors of Pulsar Resource International are required to
file their proofs of debt by October 14, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Stuart Cory
          PO Box 218867, Houston, TX 77218


REDWOOD CAPITAL: Creditors' Proofs of Debt Due on October 15
------------------------------------------------------------
The creditors of Redwood Capital X Ltd are required to file their
proofs of debt by October 15, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Scott Aitken
          Connan Hill
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


SCIELE PHARMA: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------
The creditors of Sciele Pharma Cayman Ltd. are required to file
their proofs of debt by October 15, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 1,
2009.

The company's liquidator is:

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


SICHUAN AIRBUS: Creditors' Proofs of Debt Due on October 14
-----------------------------------------------------------
The creditors of Sichuan Airbus Leasing Limited are required to
file their proofs of debt by October 14, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


SP CAYMAN: Creditors' Proofs of Debt Due on October 15
------------------------------------------------------
The creditors of SP Cayman Ltd. are required to file their proofs
of debt by October 15, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on August 31, 2009.

The company's liquidator is:

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


ST LTD: Creditors' Proofs of Debt Due on October 15
---------------------------------------------------
The creditors of ST Ltd. are required to file their proofs of debt
by October 15, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on September 3,
2009.

The company's liquidator is:

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


STERLING STAMOS: Members' Final Meeting Set for October 14
----------------------------------------------------------
The members of Sterling Stamos Liquidity (Offshore) Fund, Ltd.
will hold their final meeting, on October 14, 2009, at 3:00 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


THAMES RIVER: Creditors' Proofs of Debt Due on October 15
---------------------------------------------------------
The creditors of Thames River Argentum Fund Limited are required
to file their proofs of debt by October 15, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on September 2,
2009.

The company's liquidator is:

          Ian Stokoe
          c/o Jodi Jones
          Telephone: (345) 914-8694
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


VANDERBILT CDO: Creditors' Proofs of Debt Due on October 14
-----------------------------------------------------------
The creditors of Vanderbilt CDO Holding Company are required to
file their proofs of debt by October 14, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

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


VANDERBILT SPECIAL: Creditors' Proofs of Debt Due on October 14
---------------------------------------------------------------
The creditors of Vanderbilt Special Opportunities Holding Company
are required to file their proofs of debt by October 14, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

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


* CAYMAN ISLAND: Gets OK From UK to Obtain CI$50MM Bailout Loan
---------------------------------------------------------------
Bankrupt Cayman Islands confirmed that it has finally secured
permission from the UK to obtain a CI$50 million (GBP38 million)
bail-out loan to plug a 35pc-40pc collapse in revenue this year,
Telegraph.uk. reports.  The report relates that the island's
government has also signaled that it is ready to cave into UK
conditions on slashing government expenditure and an independent
report on reform of its tax system that could see it start to
impose direct levies to obtain further loans worth CI$229 million.

According to the report, the Cayman Islands authorities claim that
the UK has backtracked on stricter original proposals that
insisted on direct taxes.  "There will be no community enhancement
fee now, no income tax now, no property tax now, no death tax
now," the report quoted William McKeeva Bush, leader of government
business.   But this could change, suggesting the islands have
already begun to consider new ways of raising tax revenue, Mr.
Bush added.

The report notes that although the loans are commercially-funded,
Britain would be likely to end up footing the bill in the event of
a default by the jurisdiction.  The report relates the Foreign
Office is understood to be concerned that the Cayman Islands could
trade on Britain's reputation to secure loans that it cannot
afford -- making its approval for the loan a tacit guarantee.

The Cayman Islands, the report says, has so far resisted the idea
of direct taxation of its residents and companies, arguing that
this would jeopardize its livelihood as one of the world's biggest
financial centers.

The report relates that Tony Travers, director of the Cayman
Islands Financial Services Association, has been on an aggressive
public relations offensive in recent weeks, insisting that the
islands were being unfairly victimized as tax shelters.

Critics, Telegraph.uk. says, find it hard to swallow the notion
that the islands already have a fully transparent financial
system.  However, the report relates, Mr. Travers dismissed the
idea that anyone – such as a journalist or member of the public --
should get access to company records.

The report points out Andrew Watt, managing director of tax at
Alvarez & Marsal, said that reform in the Cayman Islands would
make hedge funds likely to take their headquarters elsewhere.  "It
is becoming a much, much smaller world for tax havens, but there
are still other places for companies to go," the report quoted Mr.
Watt as saying.


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


ECOPETROL SA: Discloses Exchange Offer Results
----------------------------------------------
Ecopetrol S.A. disclosed the results of its offer to exchange
registered 7.625% Notes due 2019 for up to US$$1,500,000,000
aggregate principal amount of its 7.625% Notes due 2019, upon the
terms and subject to the conditions described in the prospectus
dated September 3, 2009.  The Exchange Offer expired on Friday,
October 2, 2009, and it will not be extended.

Results of the Exchange Offer:

                                                    Principal   Principal
                             CUSIP No.   ISIN No.   Amount of   Amount of
   CUSIP Nos.   ISIN Nos.       of         of       Old Notes   New Notes
  of Old Notes of Old Notes New Notes  New Notes    Tendered    to be Issued
  ------------ ------------ --------- ------------  --------    ------------
  279158AA7    US279158AA73 279158AB5 US279158AB56    U.S.         U.S.
  (Rule 144A)  (Rule 144A)                          $531,492,000 $1,492,541,000
                                                    (Rule 144A)

  P3661PAA9    USP3661PAA95                           U.S.
  (Reg. S)     (Reg. S)                             $961,049,000
                                                       (Reg. S)

The company will not receive any proceeds from the Exchange Offer.
The terms of the New Notes to be issued are identical to the Old
Notes, except for the transfer restrictions and registration
rights relating to the Old Notes.  The company expects to deliver
the New Notes on or about October 7, 2009.  The company will apply
to list the New Notes on the New York Stock Exchange.

Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of the New
Notes, nor have they determined if the Prospectus is truthful or
complete.  Any representation to the contrary is a criminal
offense.

                      About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

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

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

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

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


ECOPETROL SA: To Invest US$2.5 Billion in Peru With KNOC
--------------------------------------------------------
Isabel Guerra at LivingPeru reports that Ecopetrol SA and Korea's
National Oil Company plan to invest more than US$2.5 billion in
Peru during the next eight years, in projects related to
hydrocarbons.  The report relates that both companies expect to
increase their production up to 50,000 barrels of crude oil and
gas in Peru by the year 2016, starting from the actual 14,000.

According to the report, the society purchased local Petro-Tech by
US $900 millions in January, which was its first operation in
Peru.  The report notes that the purchase is part of the
internationalization plans of the Colombian firm, and of their
strategy to reach a production of one million of barrels per day
in 2015.

Petro-Tech, the report says, owns 11 blocks in Peru -one already
producing and 10 under exploration-- that cover an area of 9,5
millions of hectares altogheter.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

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

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

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

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


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


AIR JAMAICA: Retains Board of Directors
---------------------------------------
Air Jamaica Limited has temporarily retained its Board of
Directors to guide the carrier through its divestment phase,
leaner/Power 106 News reports.

According to the report, Air Jamaica President and Chief Executive
Officer, Bruce Nobles, confirmed that although the tenure of the
Air Jamaica Board ended on September 30, the members would remain.
The report relates that Mr. Nobles revealed that the finance
minister, Audley Shaw, who has portfolio responsibility for the
debt-riddled airline, asked the members to remain.

The Gleaner notes that members include Omar Parkins, Dennis Lalor,
Richard Byles, Carolyn Hayle and Wilfred Bagaloo.

Prime Minister Bruce Golding, the report recalls, told parliament
that the negotiating partner completed its due diligence on
September 12 and cabinet will shortly make its decision and advise
Parliament about the airline’s divestment.

As reported in the Troubled Company Reporter-Latin America on
August 20, 2009, Jamaica Observer said that the sale of Air
Jamaica Limited will likely cost more than US$100 million (JM$8.9
billion), but will result in savings in the short term.  The
report relates the costs will relate to staff and administrative
expenses, but also include non-current liabilities.

                        About Air Jamaica

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

                           *     *     *

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


AIR JAMAICA: Talks With Trade Unions Hit Rough "Patch"
------------------------------------------------------
Talks between Air Jamaica Limited's management and trade unions
concerning job cuts appear to have hit a rough patch, RadioJamaica
reports.  The report relates that the Bustamante Industrial Trade
Union is crying foul over what it says are discrepancies in the
criteria being used to identity workers who will be laid off.

According to the report, Kavon Gayle, BITU President-General, said
that the process lacks transparency.  "Some of our members have
been placed on a list that we're raising questions about. What
we've indicated to the company, in no uncertain terms, is that we
intend to ensure the fairness and transparency of the exercise and
that all valid discrepancies that are brought to our attention
will be aggressively pursued with the company," the report quoted
Mr. Gayle as saying.

RadioJamaica notes that Mr. Gayle said that it appeared that
management personnel at Air Jamaica have been excluded from the
staff cuts.  "Despite the pressure, only some workers in Air
Jamaica have been continuously called upon to make sacrifices
(and) the lay off is one such additional sacrifice.  But the same
level of sacrifice has not been demonstrated by the senior
management grouping of the organization and this is a tremendous
concern to the BITU because there must be some shared sacrifices,"
Mr. Gayle added.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Jamaica Information Service News said Air Jamaica
has unveiled a three-point business plan, which include job cuts
and elimination of six routes, namely flights to Atlanta, Miami,
Los Angeles, Barbados, Grenada and the island of Grand Cayman

                         About Air Jamaica

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

                           *     *     *

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


CABLE & WIRELESS: LIME Pumps JM$670 Million Into Cell Sites
-----------------------------------------------------------
Lime Jamaica (formerly Cable & Wireless Jamaica), a unit of Cable
and Wireless plc, Jamaica is pumping JM$670 million into 70 cell
sites outside the capital, covering 12 parishes, Jamaica Gleaner
reports.  The report relates that the company said the sites will
expand network coverage but also boost "overall service quality as
several existing cell sites will be bolstered to accommodate
additional call traffic".

"The aggressive build out is being facilitated, in part, by a
tower-sharing agreement which LIME brokered with Claro in July of
this year," the company said in a release obtain by the news
agency.

According to the report, the top three mobile providers in Jamaica
are in a race for new broadband business.  The report relates
LIME, last year laid out JM$3 billion for its 3G wireless
infrastructure.  Its mobile broadband offerings began rolling out
earlier this year.

The new cell sites to be built or upgraded will be commissioned on
a phased basis between October 2009 and March 2010, the report
says.

The Gleaner notes that LIME said the deal it has with Claro allows
it to expand the reach of its mobile network "in a more cost-
effective manner" but in a responsible way that mitigates impact
on the environment.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2009, The Jamaica Gleaner said LIME have struck a deal to
share cell tower sites with Claro Jamaica; with both companies
declaring it "landmark" agreement and a win for the environment.
According to the report, LIME and Claro Jamaica's joint release
said that the long-term contract requires each company to provide
a matching number of cell towers across the island, which will
increase the overall coverage footprint of both mobile providers.

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

                       About Cable & Wireless

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

                          *     *     *

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

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


JAMAICA PUBLIC SERVICE: Appoints Christopher Berry as New Director
------------------------------------------------------------------
Jamaica Public Service Company Limited has appointed Christopher
Berry as Director of the company, RadioJamaica reports.

According to the report, Mr. Berry's appointment took effect on
September 30.  The report relates that Mr. Berry replaced Audley
Darmand who resigned on September 29.

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.


JAMAICA PUBLIC SERVICE: Promises Cheaper Energy Rates
-----------------------------------------------------
Roxborough-Wright at Jamaica Observer reports that Jamaica Public
Service promised that cheaper energy bills will be implemented in
the long run as it moves towards increasing its dependence on
alternative fuel sources.

"Our system is much better than what it used to be . . . this is
not the first investment and it won't be the last . . .
diversification will reduce fuel costs and lead to more foreign
investment," the report quoted Tomofumi Fukuda, chairman of
Marubeni TAQA Caribbean and the JPS, as saying.

According to the report, JPSCO said that the commissioning of the
expanded generating capacity represents an investment of US$8.5
million as well as the culmination of months of work on the plant.

Prime Minister Bruce Golding, the report relates, said that his
administration had taken the decision to shift the emphasis of the
country's dependence on fossil fuels to natural gas and other
alternatives.  The use of the combined cycle technology -- one of
the most efficient methods of converting fuel to electricity -
would play a critical role in increasing efficiency and triggering
lower rates, Mr. Golding added.

                          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.


JAMAICA PUBLIC SERVICE: Increases Generating Capacity
-----------------------------------------------------
The Jamaica Public Service Company Limited has boosted its ability
to serve more customers, commissioning into service 10 additional
megawatts of generating capacity at the Bogue Power Station in
Montego Bay, Jamaica Information Service reports.

According to the report, the project, undertaken at a cost of
US$8.5 million forms part of JPSCO' generation expansion program.
The report relates that with the additional capacity, Bogue plant
is now the largest power generating point in the JPSCO system.

The report notes that Vice President for Generation Expansion at
the JPS, Valentine Fagan, in his remarks at the commissioning
ceremony, said that the power company now has the facility to
serve an additional 30,000 customers, while at the same time,
achieve a US$5 million reduction in fuel cost per annum.  "This
additional 10 megawatts is not your plain 10 megawatts.  It is one
of the most efficient 10 megawatts to be added since the
construction of this combined cycle unit," the report quoted Mr.
Fagan as saying.

Jamaica Information Service says that Prime Minister, the Hon.
Bruce Golding, lauded JPSCO on the project and the technique used,
noting that it will assist in maximizing the output of the Bogue
power plant, and allow for easy conversion to natural gas in
keeping with government objectives.

                         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.


* JAMAICA: Government Revenues Drops by JM$10 Million
-----------------------------------------------------
The Jamaican government's decline in revenues continues to worsen
as latest data from the Ministry of Finance show revenues and
grants more than JM$10 billion behind projection, RadioJamaica
reports.  The report relates that from April to August, JM$109
billion went into the Government's coffers.

According to the report, the Finance Ministry had projected to
collect JM$119.5 billion during the five month period.

The report points out that the biggest fall was in tax revenue,
down JM$8.4 billion, followed by non tax revenue which declined by
JM$568 million.  A further breakdown shows that collection from
General Consumption Tax was JM$2.1 billion dollars below target,
RadioJamaica adds.

                           *     *     *

According to Moody's, the country continues to hold a B1 foreign
currency rating and a Ba2 local currency rating.


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


STATE OF GUERRERO: Moody's Withdraws Issuer Ratings
---------------------------------------------------
Moody's de Mexico has withdrawn issuer ratings for the State of
Guerrero and debt ratings on associated transactions.  Moody's has
withdrawn these ratings for business reasons.

These ratings and outlooks have been withdrawn:

Issuer Ratings

  -- Global Scale Rating of Ba2: withdrawn
  -- Mexico National Scale Rating of A2.mx: withdrawn
  -- Stable Outlook: withdrawn

Transaction Ratings

  -- Global Scale Rating of Baa3 assigned to MXN300 million
     Banorte loan (line of credit for municipalities of the State
     of Guerrero): withdrawn

  -- Mexico National Scale Rating of Aa3.mx assigned to
     MXN300 million Banorte loan (line of credit for
     municipalities of the State of Guerrero): withdrawn

  -- Global Scale Rating of Baa2 assigned to MXN127 million
     Banorte loan: withdrawn

  -- Mexico National Scale Rating of Aa2.mx assigned to
     MXN127 million Banorte loan: withdrawn

  -- Global Scale Rating of Baa2 assigned to MXN200 million
     Banobras loan: withdrawn

  -- Mexico National Scale Rating of Aa2.mx assigned to
     MXN200 million Banobras loan: withdrawn

  -- Global Scale Rating of Baa2 assigned to MXN650 million Dexia
     loan: withdrawn

  -- Mexico National Scale Rating of Aa2.mx assigned to
     MXN650 million Dexia loan: withdrawn

  -- Global Scale Rating of Baa2 assigned to MXN200 million
     Santander Serfin loan: withdrawn

  -- Mexico National Scale Rating of Aa2.mx assigned to
     MXN200 million Santander Serfin loan: withdrawn

  -- Global Scale Rating of Baa2 assigned to MXN500 million
     Scotia Inverlat loan: withdrawn

  -- Mexico National Scale Rating of Aa2.mx assigned to
     MXN500 million Scotia Inverlat loan: withdrawn

  -- Global Scale Rating of Baa2 assigned to MXN250 million BBVA
     Bancomer loan: withdrawn

  -- Mexico National Scale Rating of Aa2.mx assigned to
     MXN250 million BBVA Bancomer loan: withdrawn

The last rating action was on 21 February of 2007, when the
ratings of the line of credit for municipalities was assigned


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


BANCO INTERNACIONAL: S&P Assigns 'BB+' Counterparty Credit Rating
-----------------------------------------------------------------
On Oct. 2, 2009, Standard & Poor's Ratings Services assigned its
'BB+' long-term counterparty credit rating to Banco Internacional
del Peru S.A.  The outlook is stable.

The rating mainly reflects the aggressive expansion strategy of
Interbank's indirect parent, Bahamas-based holding company IFH
Peru Ltd. (which could put pressure on Interbank's dividend
policy), the bank's relatively hefty exposure to consumer lending,
its weaker-than-average operating efficiency, the risks inherent
in the Peruvian economy, and competitive pressures from larger
banks.  These weaknesses are partly mitigated by Interbank's good
market position as Peru's fourth-largest bank, its strong retail
franchise, and its good financial risk profile.  The bank's
financial strength is evidenced by: its sizable, stable, and low-
cost deposit base -- the bank's main funding source; its high
profit and liquidity levels; and healthy asset quality indicators,
despite the more-adverse economic environment seen in Peru in
2009.

Interbank's relatively large branch network (about 215 branches as
of June 30, 2009) has allowed it to develop a solid retail
franchise that support its good market position, which holds about
10% of total loans and 10% of total deposits in the Peruvian
banking system as of June 30, 2009.  Interbank has a strong focus
on the retail lending, which accounts for about 50% of its loan
portfolio (around $3.1 billion as of June 30, 2009) and around 65%
of its financial income.  The bank is Peru's leader in credit
cards with a 21% market share, ranks second in terms of consumer
loans, with a 21% market share, and fourth in residential
mortgages, with about 11% market share as of June 30, 2009.

Interbank also benefits from its $4.3 billion deposit base (93% of
total liabilities, 137% of total loans, and 86% of total adjusted
assets as of June 30, 2009).  Although most of its deposits are
short term, the bank enjoys a high level of liquidity--31.5% of
total adjusted assets as of June 30, 2009.  In addition, Interbank
enjoys a high profit levels, as evidenced by its return on average
assets and return on equity reaching 2.2x and 30.7%, respectively,
in 2008 and 2.3x and 33.0%, respectively (according to annualized
figures) as of June 30, 2009.  In addition, the bank enjoys a
healthy asset quality: nonperforming loans (NPLs) represented a
low 1.76% of total loans, which compares relatively well
(considering its higher presence in consumer lending) with the
local financial system's average of about 1.6%.  Further, its loan
loss reserves-to-NPLs ratio reached a good 2.3x as of June 30,
2009.

On the other hand, Interbank faces the risks inherent in the
Peruvian economy, which still features relatively high levels of
poverty, lack of formal structures, and stiff competition from
larger banks such as Banco de Credito del Peru, Banco Continental
S.A., and Scotiabank Peru.  S&P expects the bank to continue to
focus on growth, but with a more-conservative approach than in the
past two years, given the more adverse economic environment (as
already seen in the marginal growth of its loan portfolio in the
first half of 2009).

Intergroup Financial Services Corp. controls Interbank with an
equity share of 99.3% as of June 30, 2009; about 0.7% of the
bank's shares trade on the Lima Stock Exchange.  Intergroup is, in
turn, controlled by IFH Peru Ltd., with 72.1% of the group's
shares.  IFH is controlled by the Rodriguez-Pastor family.

The stable outlook reflects S&P's expectation that Interbank will
preserve its good market position despite the competition it faces
in Peru's banking system, as it maintains high profitability,
healthy asset quality, ample liquidity, and adequate
capitalization in the next couple of years.  Further consolidation
of its competitive position and additional improvements in its
loan portfolio mix and operating efficiencies could lead to a
positive rating action.  On the other hand, the ratings could be
lowered if the bank's market position weakens or if its dividend
policy becomes more aggressive, resulting in weaker
capitalization.

              New Rating; CreditWatch/Outlook Action

             Banco Internacional del Peru - Interbank

       Counterparty Credit Rating             BB+/Stable/--


BANCO INTERNACIONAL: S&P Assigns 'BB+' Counterparty Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' long-term counterparty credit rating to Banco Internacional
del Peru S.A.  The outlook is stable.

"The rating mainly reflects the aggressive expansion strategy of
Interbank's indirect parent, Bahamas-based holding company IFH
Peru Ltd. (which could put pressure on Interbank's dividend
policy), the bank's relatively hefty exposure to consumer lending,
its weaker-than-average operating efficiency, the risks inherent
in the Peruvian economy, and competitive pressures from larger
banks.  These weaknesses are partly mitigated by Interbank's good
market position as Peru's fourth-largest bank, its strong retail
franchise, and its good financial risk profile.  The bank's
financial strength is evidenced by: its sizable, stable, and low-
cost deposit base -- the bank's main funding source; its high
profit and liquidity levels; and healthy asset quality indicators,
despite the more-adverse economic environment seen in Peru in
2009," said Standard & Poor's credit analyst Sergio Fuentes.

Interbank's relatively large branch network (about 215 branches as
of June 30, 2009) has allowed it to develop a solid retail
franchise that support its good market position, which holds about
10% of total loans and 10% of total deposits in the Peruvian
banking system as of June 30, 2009.  Interbank has a strong focus
on the retail lending, which accounts for about 50% of its loan
portfolio (around $3.1 billion as of June 30, 2009) and around 65%
of its financial income.  The bank is Peru's leader in credit
cards with a 21% market share, ranks second in terms of consumer
loans, with a 21% market share, and fourth in residential
mortgages, with about 11% market share as of June 30, 2009.

Intergroup Financial Services Corp. controls Interbank with an
equity share of 99.3% as of June 30, 2009; about 0.7% of the
bank's shares trade on the Lima Stock Exchange.  Intergroup is, in
turn, controlled by IFH Peru Ltd., with 72.1% of the group's
shares.  IFH is controlled by the Rodriguez-Pastor family.

The stable outlook reflects S&P's expectation that Interbank will
preserve its good market position despite the competition it faces
in Peru's banking system, as it maintains high profitability,
healthy asset quality, ample liquidity, and adequate
capitalization in the next couple of years.

"Further consolidation of its competitive position and additional
improvements in its loan portfolio mix and operating efficiencies
could lead to a positive rating action.  On the other hand, the
ratings could be lowered if the bank's market position weakens or
if its dividend policy becomes more aggressive, resulting in
weaker capitalization," Mr. Fuentes added.


IFH PERU: Moody's Assigns 'Ba3' Global Currency Bond Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 global scale foreign
currency bond rating to IFH Peru Ltd.'s proposed 10-year senior
debt issuance of approximately US$100 million.  The rating outlook
is stable.  The rating is subject to receipt and review of final
documentation related to the planned note program.

The notes will be issued in two series: Series A, to be
denominated and payable in US$, and Series B, to be denominated
and payable in US$but linked to the Chilean inflation-indexed
currency unit (Unidad de Fomento).  The notes are to be sold under
Regulation S of the Securities Act, listed on the Luxembourg stock
exchange, and governed under New York Law.

Moody's explained that the assignment of the Ba3 rating was based
on these considerations: 1) robust dividend contributions expected
for IFH under both expected and highly stressed earnings
scenarios, reflecting the strong franchise value and financial
metrics of IFH's main operating subsidiaries, particularly
Interbank and Interseguro; 2) IFH's moderate debt levels and
leverage currently as a stand-alone holding company; and 3)
present and potential cash needs of the group's existing and
start-up retail operations over the life of the financing.  These
operations are not likely to generate material dividends for the
next several years.

Moody's indicated that the Ba3 rating for the IFH notes is also
anchored on the Ba1 stand-alone credit assessment (BCA) of
Interbank, the group's largest earnings and dividend generator.
However, Interbank is highly regulated by the Peruvian
Superintendency of Banks, Insurance, and Pension Funds (SBS) and
subject to minimum capital requirements that could affect the
upstreaming of dividends to IFH.  Moody's said that the two-notch
differential between the Ba3 bond rating and the Ba1 BCA for the
bank reflects the structural subordination of the holding
company's bondholders to all liability holders of the operating
companies, particularly bank depositors and insurance policy
holders, and to all other creditors of the operating companies,
given that the notes are not guaranteed by any of IFH's
subsidiaries.

Although the notes will be secured by a first priority lien on a
portion of IFH's shares of the common stock of IFS, the holding
for the financial services companies, Moody's said this collateral
does not enhance its rating of the IFH notes and thus the rating
agency views them as unsecured obligations of IFH.  The notes will
rank pari passu in right of payment with all of IFH's present and
future obligations (other than obligations preferred by statute,
such as tax and labor obligations) that are not otherwise
expressly subordinated.

The Ba3 rating for the IFH notes also takes into account the lack
of restrictions on holding company dividends.  Moody's said that
this risk is not significantly mitigated by the transaction's
modest financial covenants or restrictions on additional debt and
new ventures.

In that regard, Moody's noted that the Ba3 rating could come under
downward pressure if IFH's stand alone liquidity weakens, either
because of weak performance at the subsidiary level or because of
higher than anticipated interest costs, such that interest
coverage -- as measured by net dividends received relative to
financial expenses -- falls below 3.0 times.  Moody's also expects
IFH to hold at least 12 months of annual debt service in cash or
highly liquid securities at all times at the holding company
level, in addition to the pre-funding of annual interest through
the Payment Account as provided for in the bond documentation, in
order to maintain adequate internal liquidity.

IFH currently has moderate leverage, however, in light of expected
debt service and other fixed charges, IFH would likely have
limited ability to take on additional debt beyond the amounts
available under the proposed program (up to US$150 million), said
Moody's.

Proceeds from the IFH notes are to be used to finance the
expansion of IFH's retail operations which are organized under IFH
Retail, a wholly-owned intermediate holding company.  These
operations include Supermercados Peruanos, a food and general
merchandise retailer controlled by IFH since 2003, Tiendas
Peruanas, a small department store chain that started operations
in 2008, and Financiera Uno, a consumer finance company that will
begin offering services to the public in the coming quarters.

Incorporated in the Bahamas, IFH is also the ultimate holding
company for a group of financial services companies, including
Banco Internacional del Peru-Interbank, Peru's fourth largest
bank, and Interseguro, the leading provider of annuities, the
fastest growing product segment of the Peruvian insurance
industry.

The main challenges facing IFH in the near term center on the
financial risks related to the group's increasing penetration of
the retail segment in Peru in the context of the current economic
environment.  Peru's resilient performance through the global
financial crisis, however, provides support for a gradual reversal
of the downward growth trends experienced by the country during
the first half of 2009.  The IFH group is also well positioned in
terms of risk management and distribution which will allow it to
take advantage of more robust growth through its well established
brands in the sectors in which it operates, said Moody's.

IFH Peru Ltd reported unconsolidated assets of US$639 million,
equity of $573.8 million, and $60.1 million in net come as of
June 30, 2009.  On a consolidated basis, the group reported total
assets of US$ 6.4 billion, equity attributable to IFH of
$566.6 million, and net income of $76.6 million.  The group is
majority owned and controlled by the Rodriguez Pastor family group
with a 58.76% stake.

These ratings have been assigned to IFH Peru Ltd.:

* Unsecured senior debt: Ba3, with stable outlook


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


ADMINISTRACION NACIONAL: S&P Cuts Corporate Credit Rating to 'B+'
-----------------------------------------------------------------
On Oct. 2, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Uruguay's 100% state-owned
fuel and cement company, Administracion Nacional de Combustibles
Alcohol y Portland to 'B+' from 'BB-'.  S&P also removed the
ratings from CreditWatch Negative, where they were placed July 6,
2009.  The outlook is stable.

The downgrade follows S&P's review of ANCAP in light of its recent
revised methodology for rating GREs.  The downgrade also reflects
certain deterioration of ANCAP's stand-alone credit profile (SACP)
as a result of increasing debt, weakening liquidity, and strong
projected capital expenditures.

S&P has equalized its rating on ANCAP with its assessment of its
SACP.  S&P also believes there is a very high likelihood that the
Oriental Republic of Uruguay (BB-/Stable/B) would provide timely
and sufficient extraordinary support to ANCAP in the event of
financial distress.  The "very high" likelihood of support is
based on S&P's assessment of ANCAP's very important role as
Uruguay's sole petroleum importer, refiner, and supplier of
refined products to Uruguay's distributors; and its very strong
link with Uruguay, particularly in the budget-approval process,
indebtedness authorization, and tax payments.

ANCAP's SACP reflects a weak business risk profile and an
aggressive financial risk profile.  The ratings also incorporate
S&P's expectations that ANCAP will maintain its monopoly position
in Uruguay in the medium term.  As of June 30, 2009, ANCAP had
about $584 million in debt (unaudited figures), made up wholly of
long-term supplier financing with Petroleos de Venezuela S.A.
(PDVSA).

Since mid-2005, ANCAP has imported most of its crude oil needs
from PDVSA under a purchase agreement that involved long-term
financing (15 years) for up to 25% of the amount of each shipment.
As a result, ANCAP has paid down its financial debt with banks; as
of the date of this report, the company had no bank debt.  S&P
expects cash flow measures, such as profitability, to fluctuate in
tandem with refining margins.

ANCAP plans to carry out large capital expenditures of about
$120 million to $150 million during 2009 and about $220 million in
2010.  The bulk of such capital expenditures will go toward new
facilities at the refinery to reduce sulfur in diesel products and
in capacity expansion and other improvements in the company's
cement plants.  S&P expects ANCAP to finance such capital
expenditures partly with additional debt and partly with internal
cash generation and existing liquidity sources.

S&P considers ANCAP's liquidity position to be adequate, mainly
because it is government owned and therefore has enhanced
financial flexibility.  As of June 30, 2009, ANCAP had cash
holdings of about $70 million (unaudited figures), no bank debt,
and a smooth maturity profile for PDVSA's supplier financing
(about $30 million per year in principal maturities).  However,
S&P expects ANCAP to be free cash-flow negative in the next two to
three years, which will create additional debt.

As of June 30, 2009, ANCAP had about $200 million in past-due
accounts receivables with Uruguay's state-owned power company
Administracion Nacional de Usinas y Transmisiones Eléctricas,
which could strengthen ANCAP's liquidity position.

At the end of 2008, ANCAP entered into several collar contracts to
hedge from crude-oil price volatility, for about 40% of its
feedstock needs.  Following the very strong decline in oil prices,
particularly during the last quarter of 2008, those contracts
resulted in large cash losses for ANCAP that would total about
$40 million.  S&P expects potential losses to be limited to
premium payments, because the company renegotiated existing
contracts to plain options.

The stable outlook reflects the company's smooth debt maturity
schedule and adequate financial flexibility that should allow
ANCAP to cover its financial needs (including capital expenditure
requirements).  Nevertheless, the ratings could come under
pressure if the company's SACP were to deteriorate significantly
and/or S&P's perception of likelihood of extraordinary support
from its owner changed.  Ratings could benefit from an improvement
in the company's SACP (which would require a total debt-to-EBITDA
ratio consistently below 4x and a funds from operations-to-total
debt ratio of more than 20%) or from positive sovereign rating
movements.

              Downgraded; CreditWatch/Outlook Action

     Administracion Nacional de Combustibles Alcohol y Portland

                              To                 From
                              --                 ----
Corporate Credit Rating      B+/Stable/--       BB-/Watch Neg/--


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


CITGO PETROLEUM: Plans to Restart Corpus Christi Unit This Month
----------------------------------------------------------------
Citgo Petroleum Corp, a unit of Petroleos de Venezuela, is
repairing a fire-damaged alkylation unit at its 163,000 barrel per
day Corpus Christi, Texas, refinery for restart during October,
Erwin Seba at Reuters reports, citing unnamed sources familiar
with refinery operations.

According to the report, citing Corpus Christi Caller-Times
newspaper, the planned restart led the United Steelworkers union
to ask the U.S. Occupational Safety and Health Administration to
investigate the unit's safety ahead of the planned restart.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Reuters said Citgo Petroleum's alkylation unit was
shuttered following a July 19 morning fire at its 163,000 barrel
per day (bpd) Corpus Christi, Texas, refinery.  The report, citing
a Citgo filing with the Texas Commission on Environmental Quality,
relates that nearly 4,000 pounds of hydrogen fluoride was
discharged during the July 19 incident after a fire broke out in
the unit.

Reuters says that the campaign by the union and environmental
groups to stop the use of hydrogen fluoride was said by the
sources to be the reason for Citgo's push to get the alkylation
unit back on line.  The report relates the company fears a
regulator may stop a shut hydrogen fluoride alkylation unit's
return to operation.

A separate Reuters report notes that Citgo Petroleum is
cooperating with safety and environmental regulators as it
rebuilds and repairs a fire-damaged alkylation unit at Corpus
Christi.  "All repairs, as well as the maintenance schedule to
restart and restore operations, are being done in accordance with
Citgo, industry and governmental standards and regulations," the
company said in a statement obtained by the news agency.

                      About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.


PETROLEOS DE VENEZUELA: Buys Asset From ConocoPhillips
------------------------------------------------------
Petroleos de Venezuela acquired U.S. energy firm ConocoPhillips'
share in a natural joint gas venture with Chevron Corp., UPI News
reports, citing Agencia EFE SA news agency.

According to the report, the offshore natural gas Deltana Platform
is located in the Atlantic between the mouth of Venezuela's
Orinoco River and the archipelagic nation Trinidad and Tobago in
the southern Caribbean.

The report notes that while PDVSA did not disclose the value of
the transaction, the acquisition of ConocoPhillips' share in the
development project will result in the establishment of a new
joint venture to develop the Deltana Platform, with PDVSA having a
controlling 61% of the new entity and California's Chevron the
remaining 39%.

PDVSA, the report relates, said that Deltana Platform's output
will be 750 million cubic feet of natural gas per day, which will
be shipped via a 186-mile natural gas pipeline to Sucre state's
Gran Mariscal de Ayacucho Industrial Complex, currently under
construction.

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Refinery Complied W/ Safety Measures
------------------------------------------------------------
Petroleos de Venezuela, S.A. informed that the safety operations
in the Puerto La Cruz Refinery, in the state of Anzoategui, comply
with the national and international parameters for a reliable
operation and the safety of all workers.

The statement was made by Fernando Padron, general manager of
Refining Eastern region, while greeting the staff on the 59th
anniversary of the start of operations of this refining complex.

The activation of the distillation unit DA1, designed originally
to process 44,000 barrels per day of crude, took place on
September 24, 1950. This center processes an average of 184 MBD,
which guarantees the manufacture of products for the daily
gasoline feed of 91 and 95 octane and diesel and jet, up to 8 MBD,
which guarantee the stock and the commitment to consumers of
eastern Venezuela, highlighted Mr. Padron.

Obviously, operational processes must undergo previously a series
of studies and Risk Analysis, as part of the Industrial Safety
policy, which allows evaluating processes, systems and operations
in a systemic manner, reducing subjectivity in the identification
of critical areas and the relative importance of each unwanted
event.  Everything is under the criteria of multidisciplinary
teams, explained the general manager.

“Facilities, materials and safety equipment used in the Puerto La
Cruz refining center comply with high quality standards,
international certificates and approved by reputable entities such
as PDVSA Intevep,” affirmed Mr. Padron.

Similarly, the Venezuelan industry validates all its safety
equipment through the Industrial Safety Foundation, Electricidad
de Caracas and research departments of national universities.

                        Clear Improvement

In the last three years, labor benefits, prevention and safety
measures have improved substantially for the physical protection
of workers, as part of the value of the New Revolutionary and
Socialist PDVSA, always concerned about human resources,
highlighted Padron.

The responsible and serious administration of the current
management of Eastern Refining District can be seen in numerous
operational and administrative environments, as opposed to what
occurred in the Fourth Republic, where the labor rights of staff
were not recognized, as they are in the Revolutionary government
of President Hugo Chavez.

The General Manager of the Eastern Refining district reminded that
there was a recent aggressive process of incorporation of staff
nationwide, with no discrimination.  “Here in Puerto La Cruz he
incorporated as many workers as were previously outsourced, who
now enjoy labor justice”, said Mr. Padron.

Mr. Padron also referred to the various works and refurbishing
operations to provide proper and safe spaces during break time; as
well as to offer ergonomic working and break rooms for gardeners,
a waiting room for truck drivers, improvements in industrial
diners, replacement of chairs in control rooms, as well as several
new projects to remodel the diners in the buildings of Chaure and
Guaraguao, as well as environmental projects.

Other significant improvements have been made in the area of
communications, for operational safety, in the optimal use of the
vehicle fleet, contributions to the electric reliability in the
Refinery and the Puerto La Cruz social district, with the
installation of the new Alberto Lovera plant, apart from
institutional agreements with local municipal and state
governments, among other social actions.

It is important to highlight that all labor requests made by the
workers have received a proper response, and the results are
clear. One action was the inventory and supply of high-quality
boots suitable for electrical work.  Currently, we are studying
the request by the organization Vanguardia Obrera Socialista, to
select one type of industrial footwear suitable for marine
operations.  An official statement will be made shortly.

Unscheduled power outages in the Puerto La Cruz Refinery have also
been dramatically reduced, in order to secure regular basic
operations in this complex.

Other actions have allowed us to save over Bs.5 million in
maintenance, including the repair of vacuum trucks from
incorporated contractors, which has led to a greater flexibility
in the response time in this activity.

The Manager of the Eastern refining district stated: “We have
grown in quantity and quality because our payroll is now 3,566
workers, compared to 1,694 people registered by 2002. The figure
includes the Puerto La Cruz Refinery, El Chaure and San Roque,
incorporating now the management of the storage and loading
terminal of the Jose Antonio Anzoategui complex, the Jose
Industrial Condominium and the Upgrader in the Eastern region
(formerly known as Petrozuata).  This is a clear indication that
there is a serious management and shared commitment with all
workers, which is a responsible boost for the Revolution.”

The management in Puerto La Cruz makes it possible to celebrate
this new anniversary, strengthened by its workers and showing
successful results in operational and industrial safety areas, “in
line with revolutionary and sovereign principles of the New
PDVSA”, concluded Mr. Padron.

                            About PDVSA

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

                           *     *     *

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

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


* VENEZUELA: Sees Stagnant Growth for 2010, President Chavez Says
-----------------------------------------------------------------
Venezuela predicts very little economic growth in 2010, along with
high inflation and low crude prices, Caribbean Net News reports,
citing President Hugo Chavez.  The report relates that President
Chavez has previously said the government will be satisfied if
Venezuela's economy grows at all this year after a sharp drop in
world oil prices jolted the OPEC nation's finances.

According to the report, the low estimate for growth in 2010
suggests the socialist government is pessimistic about the global
economy.  "As the base for our budget calculations we are
estimating growth of 0.5%," the report quoted President Chavez as
saying.  The budget was based on an estimated oil price of US$40
per barrel, the same as an adjusted estimate this year, President
Cahvez added.

The report notes that Venezuela's economy shrank 2.4% in the
second quarter, the first contraction in over five years.  Many
economists and the International Monetary Fund say Venezuela will
suffer a worse contraction in 2010 while other Latin American
countries start to recover from the global recession, the report
relates.

President Chavez, the report adds, said inflation for 2010 was
expected to be as high as 22 percent, below current estimates for
2009 price rises but well above the original 12% the government
forecast this year.

                           *     *     *

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


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


* ECLAC & ILO See 8.5% Unemployment for LatAM & Caribbean in 2009
-----------------------------------------------------------------
Urban unemployment rates in Latin America and the Caribbean
reached 8.5% in the second quarter of the year and could average
the same at the end of the year, estimated ECLAC and ILO in a
joint bulletin.

This means that 2.5 million additional people will join the ranks
of the urban unemployed, which would then reach 18.4 million, say
the organizations in their second joint bulletin "The Employment
Situation in Latin America and the Caribbean.  Crisis in Labour
Markets and Countercyclical Responses."

The 8.5% estimate for 2009, calculated on the basis of a 1.9% drop
in GDP this year, is slightly more optimistic than the forecast
published in the first bulletin in June (between 8.7% and 9.1%)
and is one percentage point higher than the unemployment rate in
2008 (7.5%).

The adjustment of the estimate is due mainly to the fall in the
participation rate during the first half of 2009 and which is
expected to maintain throughout the year.  This could be largely
due "to a sense of discouragement as a result of scarce job
opportunities in the context of the crisis".

In this second bulletin, ECLAC and ILO analyze how the impact of
the crisis has deepened in labor markets in the region during the
first semester of this year and examine the progress made in
public investment in infrastructure and emergency employment
programs implemented to counteract its effects.

They conclude that labor markets in the region continue suffering
the impact of the international crisis and deteriorated even
further in terms of employment levels during the second quarter of
2009, according to the latest available indicators from countries
in the region.

The bulletin asserts that regional unemployment reached 8.5% in
the second quarter of 2009, up from the 7.7% registered during the
same quarter last year.

In addition, some indicators reveal a rise in labor informality, a
weakening of social-security protected employment and a
contraction of full-time jobs.  "Youths have paid a high cost for
the crisis or economic slowdown, given that unemployment among
youths has increased significantly," says the bulletin.

Nevertheless, both organizations see signs that the economic
crisis already reached bottom in mid-year.

In many countries, production has stopped declining and there are
signs of an incipient recovery, partly due to the impact of
countercyclical policies implemented there, which could prop up
labor markets in the region during the fourth quarter.

However, they stress that greater economic growth will not solve
labor problems immediately. Recovering employment levels will lag
behind economic activity, and will be gradual and heterogeneous in
the different countries in the region.

Labor demand and job creation will continue weak as well.

ECLAC and ILO call on countries to redouble their efforts to
stimulate decent job creation, strengthening the effectiveness of
available instruments.  Through this, they may advance in social
inclusion and towards compliance of the Millennium Development
Goals.


* 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     EAAPN BZ          80647079.55    -12603367.15
ACO ALTONA-PREF     EALT4 BZ          80647079.55    -12603367.15
ALL MALHA PAULIS    GASC3 BZ         881202387.66    -501612577.9
ALL MALHA PAULIS    GASC3B BZ        881202387.66    -501612577.9
ARTHUR LAN-DVD C    ARLA11 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD P    ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RC C    ARLA9 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P    ARLA10 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT C    ARLA1 BZ          21333792.82    -16295577.05
ARTHUR LANG-RT P    ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANGE        ARLA3 BZ          21333792.82    -16295577.05
ARTHUR LANGE SA     ALICON BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF    ALICPN BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF    ARLA4 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
4
BOMBRIL SA-ADR      BMBPY US         239716189.99   -242287717.11
BOMBRIL SA-ADR      BMBBY US         239716189.99   -242287717.11
BOMBRIL-PREF        BOBR4 BZ         239716189.99   -242287717.11
BOMBRIL-RGTS PRE    BOBR2 BZ         239716189.99   -242287717.11
BOMBRIL-RIGHTS      BOBR1 BZ         239716189.99   -242287717.11
BOTUCATU TEXTIL     STRP3 BZ          31385624.73     -9890708.41
BOTUCATU-PREF       STRP4 BZ          31385624.73     -9890708.41
BUETTNER            BUET3 BZ          86940610.88    -37817234.67
BUETTNER SA         BUETON BZ         86940610.88    -37817234.67
BUETTNER SA-PRF     BUETPN BZ         86940610.88    -37817234.67
BUETTNER SA-RT P    BUET2 BZ          86940610.88    -37817234.67
BUETTNER SA-RTS     BUET1 BZ          86940610.88    -37817234.67
BUETTNER-PREF       BUET4 BZ          86940610.88    -37817234.67
CAF BRASILIA        CAFE3 BZ          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          CAMBON BZ         87269252.24    -22493566.05
CAMBUCI SA          CAMB3 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF     CAMBPN BZ         87269252.24    -22493566.05
CAMBUCI SA-PREF     CAMB4 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF     CXDOF US          87269252.24    -22493566.05
CHIARELLI SA        CCHI3 BZ          22274026.77    -44537138.21
CHIARELLI SA        CCHON BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF    CCHPN BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF    CCHI4 BZ          22274026.77    -44537138.21
CHILESAT CO-ADR     TL US            432460542.94    -44559657.55
CHILESAT CO-RTS     CHISATOS CI      432460542.94    -44559657.55
CHILESAT CORP SA    TELEX CI         432460542.94    -44559657.55
CIA PETROLIF-PRF    1CPMPN BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF    MRLM4 BZ         377602195.17     -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ        377602195.17     -3014291.72
CIA PETROLIFERA     1CPMON BZ        377602195.17     -3014291.72
CIA PETROLIFERA     MRLM3 BZ         377602195.17     -3014291.72
CIA PETROLIFERA     MRLM3B BZ        377602195.17     -3014291.72
CIMOB PART-PREF     GAFP4 BZ          36817394.78    -33083086.54
CIMOB PART-PREF     GAFPN BZ          36817394.78    -33083086.54
CIMOB PARTIC SA     GAFON BZ          36817394.78    -33083086.54
CIMOB PARTIC SA     GAFP3 BZ          36817394.78    -33083086.54
COMERCIAL PL-ADR    SCPDS LI         146090772.51    -255079026.8
COMERCIAL PL-C/E    COMEC AR         146090772.51    -255079026.8
COMERCIAL PLA-BL    COMEB AR         146090772.51    -255079026.8
COMERCIAL PLAT-$    COMED AR         146090772.51    -255079026.8
CTM CITRUS SA       CTMON BZ          38740523.05      -671039.81
CTM CITRUS- PR R    CTPC2 BZ          38740523.05      -671039.81
CTM CITRUS-ADR      CTMMY US          38740523.05      -671039.81
CTM CITRUS-COM R    CTPC1 BZ          38740523.05      -671039.81
CTM CITRUS-PREF     CTMPN BZ          38740523.05      -671039.81
CTM CITRUS-RCT C    CTP5 BZ           38740523.05      -671039.81
CTM CITRUS-RCT C    CTPC9 BZ          38740523.05      -671039.81
CTM CITRUS-RCT P    CTPC10 BZ         38740523.05      -671039.81
CTM CITRUS-RCT P    CTP6 BZ           38740523.05      -671039.81
D H B               DHBI3 BZ         108241401.93   -350596880.48
D H B-PREF          DHBI4 BZ         108241401.93   -350596880.48
DHB IND E COM       DHBON BZ         108241401.93   -350596880.48
DHB IND E COM-PR    DHBPN BZ         108241401.93   -350596880.48
DOC IMBITUB-PREF    IMBI4 BZ         105243414.69    -12993146.26
DOC IMBITUBA        IMBI3 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTC    IMBI1 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTP    IMBI2 BZ         105243414.69    -12993146.26
DOCA INVESTI-PFD    DOCA4 BZ          88417960.92    -18059127.86
DOCA INVESTIMENT    DOCA3 BZ          88417960.92    -18059127.86
DOCAS IMBITUB-PR    IMBIPN BZ        105243414.69    -12993146.26
DOCAS IMBITUBA      IMBION BZ        105243414.69    -12993146.26
DOCAS SA            DOCAON BZ         88417960.92    -18059127.86
DOCAS SA-PREF       DOCAPN BZ         88417960.92    -18059127.86
DOCAS SA-RTS PRF    DOCA2 BZ          88417960.92    -18059127.86
ESTRELA SA          ESTRON BZ         61011893.59    -54580283.64
ESTRELA SA          ESTR3 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF     ESTR4 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF     ESTRPN BZ         61011893.59    -54580283.64
FABRICA RENAUX      FRNXON BZ          61543317.9     -41332379.8
FABRICA RENAUX      FTRX3 BZ           61543317.9     -41332379.8
FABRICA RENAUX-P    FRNXPN BZ          61543317.9     -41332379.8
FABRICA RENAUX-P    FTRX4 BZ           61543317.9     -41332379.8
FABRICA TECID-RT    FTRX1 BZ           61543317.9     -41332379.8
FER C ATL-RCT CM    VSPT9 BZ        1050516250.26     -47197918.4
FER C ATL-RCT PF    VSPT10 BZ       1050516250.26     -47197918.4
FER C ATLANT        VSPT3 BZ        1050516250.26     -47197918.4
FER C ATLANT-PRF    VSPT4 BZ        1050516250.26     -47197918.4
FER HAGA-PREF       HAGA4 BZ          14321550.12    -58418359.49
FERRAGENS HAGA      HAGAON BZ         14321550.12    -58418359.49
FERRAGENS HAGA-P    HAGAPN BZ         14321550.12    -58418359.49
FERROVIA CEN-DVD    VSPT11 BZ       1050516250.26     -47197918.4
FERROVIA CEN-DVD    VSPT12 BZ       1050516250.26     -47197918.4
GASCOIGNE EMP-PF    GASC4 BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF    GASC4B BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF    1GASPN 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    MMXMY US        1060478942.97   -123550800.05
MMX MINERACA-GDR    3M11 GR         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     NOVA3B BZ            21287489   -183535527.21
NOVA AMERICA SA     NOVA3 BZ             21287489   -183535527.21
NOVA AMERICA SA     NOVAON BZ            21287489   -183535527.21
NOVA AMERICA SA     1NOVON BZ            21287489   -183535527.21
NOVA AMERICA-PRF    1NOVPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF    NOVAPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF    NOVA4 BZ             21287489   -183535527.21
NOVA AMERICA-PRF    NOVA4B BZ            21287489   -183535527.21
PARMALAT            LCSA3 BZ         331179097.84   -108537915.07
PARMALAT BR-RT C    LCSA5 BZ         331179097.84   -108537915.07
PARMALAT BR-RT P    LCSA6 BZ         331179097.84   -108537915.07
PARMALAT BRAS-PF    LCSAPN BZ        331179097.84   -108537915.07
PARMALAT BRASIL     LCSAON BZ        331179097.84   -108537915.07
PARMALAT-PREF       LCSA4 BZ         331179097.84   -108537915.07
PARQUE TEM-DV CM    PQT5 BZ           58692385.42   -188832203.73
PARQUE TEM-DV PF    PQT6 BZ           58692385.42   -188832203.73
PARQUE TEM-RCT C    PQTM9 BZ          58692385.42   -188832203.73
PARQUE TEM-RCT P    PQTM10 BZ         58692385.42   -188832203.73
PARQUE TEM-RT CM    PQTM1 BZ          58692385.42   -188832203.73
PARQUE TEM-RT PF    PQTM2 BZ          58692385.42   -188832203.73
PET MANG-RECEIPT    RPMG9 BZ          76852724.18   -212528966.16
PET MANG-RECEIPT    RPMG10 BZ         76852724.18   -212528966.16
PET MANG-RIGHTS     RPMG1 BZ          76852724.18   -212528966.16
PET MANG-RIGHTS     RPMG2 BZ          76852724.18   -212528966.16
PET MANGUINH-PRF    RPMG4 BZ          76852724.18   -212528966.16
PETRO MANGUIN-PF    MANGPN BZ         76852724.18   -212528966.16
PETRO MANGUINHOS    RPMG3 BZ          76852724.18   -212528966.16
PETRO MANGUINHOS    MANGON BZ         76852724.18   -212528966.16
PROMAN              PRMN3B BZ         12167222.17      -207882.19
PROMAN              PRMN3 BZ          12167222.17      -207882.19
REII INC            REIC US              15779763         -588840
RENAUXVIEW SA       TXRX3 BZ          50909736.38    -79601048.99
RENAUXVIEW SA-PF    TXRX4 BZ          50909736.38    -79601048.99
RIMET               REEMON BZ         63757621.65   -107162239.91
RIMET               REEM3 BZ          63757621.65   -107162239.91
RIMET-PREF          REEM4 BZ          63757621.65   -107162239.91
RIMET-PREF          REEMPN BZ         63757621.65   -107162239.91
RIOSULENSE SA       RSUL3 BZ          56866478.19     -9053574.99
RIOSULENSE SA       RSULON 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    CAD IX           146090772.51    -255079026.8
SOC COMERCIAL PL    CADN EO          146090772.51    -255079026.8
SOC COMERCIAL PL    COME AR          146090772.51    -255079026.8
SOC COMERCIAL PL    CADN SW          146090772.51    -255079026.8
SOC COMERCIAL PL    SCDPF US         146090772.51    -255079026.8
SOC COMERCIAL PL    CVVIF US         146090772.51    -255079026.8
STAROUP SA          STARON BZ         31385624.73     -9890708.41
STAROUP SA-PREF     STARPN BZ         31385624.73     -9890708.41
TECEL S JOSE        FTSJON BZ         17924946.14    -18569451.23
TECEL S JOSE        SJOS3 BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF    FTSJPN BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF    SJOS4 BZ          17924946.14    -18569451.23
TEKA                TKTQF US         219773260.95   -306726075.74
TEKA                TEKA3 BZ         219773260.95   -306726075.74
TEKA                TEKAON BZ        219773260.95   -306726075.74
TEKA-ADR            TEKAY US         219773260.95   -306726075.74
TEKA-ADR            TKTQY US         219773260.95   -306726075.74
TEKA-ADR            TKTPY US         219773260.95   -306726075.74
TEKA-PREF           TKTPF US         219773260.95   -306726075.74
TEKA-PREF           TEKAPN BZ        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    TELB4 BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF    TLBRPN BZ        219200060.46     -3774997.87
TELEBRAS SA-RT      TELB9 BZ         219200060.46     -3774997.87
TELEBRAS-ADR        TBAPY US         219200060.46     -3774997.87
TELEBRAS-ADR        TBX GR           219200060.46     -3774997.87
TELEBRAS-ADR        TBASY US         219200060.46     -3774997.87
TELEBRAS-ADR        TBRAY GR         219200060.46     -3774997.87
TELEBRAS-ADR        RTB 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    RCT4C AR         219200060.46     -3774997.87
TELEBRAS-CED C/E    TEL4C AR         219200060.46     -3774997.87
TELEBRAS-CEDE BL    RCT4B AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF    RCTB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF    TELB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $    RCT4D AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $    TEL4D AR         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    RCTB30 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT    TBRTF US         219200060.46     -3774997.87
TELEBRAS-CM RCPT    RCTB32 BZ        219200060.46     -3774997.87
TELEBRAS-COM RT     TELB1 BZ         219200060.46     -3774997.87
TELEBRAS-PF BLCK    TELB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    CBRZF US         219200060.46     -3774997.87
TELEBRAS-PF RCPT    RCTB41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    TLBRUP BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    RCTB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    TBAPF US         219200060.46     -3774997.87
TELEBRAS-PF RCPT    TELE41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    RCTB42 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    TXRX10 BZ         50909736.38    -79601048.99
TEXTEIS RENA-RCT    TXRX9 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            VARGON BZ        966298025.55  -4695211316.33
VARIG SA            VAGV3 BZ         966298025.55  -4695211316.33
VARIG SA-PREF       VAGV4 BZ         966298025.55  -4695211316.33
VARIG SA-PREF       VARGPN BZ        966298025.55  -4695211316.33
WETZEL SA           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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