TCRLA_Public/091009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, October 9, 2009, Vol. 10, No. 200

                            Headlines

A R G E N T I N A

ARGEMER SA: Creditors' Proofs of Debt Due on November 25
ARTESANOS DEL MAR: Creditors' Proofs of Debt Due on November 6
DIDONAZ SA: To Submit Banking Records on December 10
DIGSER SA: Creditors' Proofs of Debt Due on December 1
DISTRIBUIDORA J: Creditors' Proofs of Debt Due on December 11

DISTRIMARC SRL: Creditors' Proofs of Debt Due on November 30
FORTINAGRO SRL: Creditors' Proofs of Debt Due on November 12
GENERICOS IBERA: Creditors' Proofs of Debt Due on November 17
INDUSTRIA PESQUERA: Creditors' Proofs of Debt Due on November 13
LUD NAZAROVA: Creditors' Proofs of Debt Due on November 20

METALES DEL TALAR: Creditors to Vote Settlement Plan on Feb. 22
NUEVOS LOCALES: Creditors' Proofs of Debt Due on December 2
OSARA SA: Creditors' Proofs of Debt Due on December 11
TELEFONICA DE ARGENTINA: Modifies Tender Offers for Notes
* ARGENTINA: S&P Lowers Buenos Aires Issuer Credit Rating to 'B'


B E L I Z E

* BELIZE: IDB Provides US$15 Million Loan


B E R M U D A

TYCO ASIA: Creditors' Proofs of Debt Due on October 22
TYCO ASIA: Members to Receive Wind-Up Report on November 10


B R A Z I L

BANCO BRADESCO: Fitch Assigns Rating on US$750 Mil. Notes
BANCO DAYCOVAL: Board Approves Up to 1.55MM Share Buyback Program
BANCO NACIONAL: May Seek Court Order for Investment Return
BANCO NACIONAL: Increases Lending To Software Firms By BRL4BB
BANCO NACIONAL: Funcef to Buy 7% Oi Stake from Firm

CAIXA ECONOMICA: Funcef to Buy 7% Oi Stake from BNDES
CAIXA ECONOMICA: Funcef May Sell 5BB-Real Indirect Stake in Vale
GOL LINHAS: Sells US$591 Million of Shares in Brazil Offering
INDEPENDENCIA SA: BNDES May Seek Court Order for Investment Return
BANCO SANTANDER: Raises BRL14BB From Initial Public Offering

GERDAU SA: Upgraded to "Buy" at Deutsche Bank on "Bullish" Outlook
GOL LINHAS: Signs Code-Share Agreement With AeroMexico
MARFRIG ALIMENTOS: Acquires Stakes in Zenda Leather
* BRAZIL: IDB Approves US$28.6 Million Loan


C A Y M A N  I S L A N D S

BLUE EAGLE: Sole Member to Receive Wind-Up Report on November 20
BRISTOL-MYERS: Shareholder to Receive Wind-Up Report on October 21
COEFFICIENT CREDIT: Shareholders to Hear Wind-Up Report on Oct. 14
COEFFICIENT SELECT: Shareholders to Hear Wind-Up Report on Oct. 14
COLUMBUS MULTI-STRATEGY: Members' Final Meeting Set for October 30

CONSTELLATION: Shareholder to Receive Wind-Up Report on Oct. 21
DKR INTERNATIONAL: Members' Final Meeting Set for October 19
DKR NEUTRINO: Members' Final Meeting Set for October 19
DKR NEUTRINO: Members' Final Meeting Set for October 19
DKR OVERLAY: Members' Final Meeting Set for October 19

DKR RELATIVE: Members' Final Meeting Set for October 19
DKR SOLSTICE: Members' Final Meeting Set for October 19
DKR SOLSTICE: Members' Final Meeting Set for October 19
ORION REINSURANCE: Members to Receive Wind-Up Report on October 22
PLASMON LTD: Shareholders to Receive Wind-Up Report on November 2

SPHERE RE: Sole Member to Receive Wind-Up Report on November 20
TG EMPLOYEE: Members to Receive Wind-Up Report on October 22
TG EMPLOYEE: Members to Receive Wind-Up Report on October 22
VIETNAM EQUITY: Sole Member to Receive Wind-Up Report on Oct. 28
WFM (CAYMAN): Members to Receive Wind-Up Report on December 9


C H I L E

* CHILE: To Test Second-Generation Biofuels with IDB Support


C O L O M B I A

BANCOLOMBIA SA: Superintendency Makes Changes in Resolution 29497
ECOPETROL SA: Discloses Delivery & NYSE Listing of 2019 Notes
ECOPETROL SA: ProSep to Supply US$13MM Gas Treatment System


D O M I N I C A N  R E P U B L I C

* DOMINICAN REP: Inks US$1.7BB Stand-By Arrangement With IMF


J A M A I C A

AIR JAMAICA: More Layoffs on the Horizon
AIR JAMAICA: Proposal to Suspend Tickets Levy Gains Support
AIR JAMAICA: TO Pay US$180,000 to Resolve Civil Action
CABLE & WIRELESS: LIME Spends JM$6MM for Mobile Network Expansion


M E X I C O

CEMEX SAB: To Develop Emissions System for Cement Plant
COMERCI: May Pay Only Half of US$3-Bil. in Disputed Obligations
COPAMEX SA: Fitch Affirms Issuer Default Rating at 'B+'
* MEXICO: S&P Puts Ratings on Nine Loans on CreditWatch Negative


V E N E Z U E L A

* VENEZUELA: Fitch Assigns 'B+' Ratings on Two Bonds


                         - - - - -


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


ARGEMER SA: Creditors' Proofs of Debt Due on November 25
--------------------------------------------------------
The court-appointed trustee for Argemer S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 25, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 15, 2010.


ARTESANOS DEL MAR: Creditors' Proofs of Debt Due on November 6
--------------------------------------------------------------
The court-appointed trustee for Artesanos del Mar S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 6, 2009.

The trustee will present the validated claims in court as
individual reports on December 21, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 5, 2010.


DIDONAZ SA: To Submit Banking Records on December 10
----------------------------------------------------
Didonaz S.A. will submit, before the High Court, its general
report that contains an audit of the company's accounting and
banking records on December 10, 2009.


DIGSER SA: Creditors' Proofs of Debt Due on December 1
------------------------------------------------------
The court-appointed trustee for Digser S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 1, 2009.


DISTRIBUIDORA J: Creditors' Proofs of Debt Due on December 11
-------------------------------------------------------------
The court-appointed trustee for Distribuidora J. Hernandez e Hijos
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 11, 2009.

The trustee will present the validated claims in court as
individual reports on February 26, 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 9, 2010.


DISTRIMARC SRL: Creditors' Proofs of Debt Due on November 30
------------------------------------------------------------
The court-appointed trustee for Distrimarc S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 30, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 30, 2010.


FORTINAGRO SRL: Creditors' Proofs of Debt Due on November 12
------------------------------------------------------------
The court-appointed trustee for Fortinagro S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 12, 2009.

The trustee will present the validated claims in court as
individual reports on December 28, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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

Creditors will vote to ratify the completed settlement plan
during the assembly on August 30, 2010.


GENERICOS IBERA: Creditors' Proofs of Debt Due on November 17
-------------------------------------------------------------
The court-appointed trustee for Genericos Ibera 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 4, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 22, 2010.


INDUSTRIA PESQUERA: Creditors' Proofs of Debt Due on November 13
----------------------------------------------------------------
The court-appointed trustee for Industria Pesquera Patagonica
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until November 13, 2009.

The trustee will present the validated claims in court as
individual reports on December 18, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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

Creditors will vote to ratify the completed settlement plan
during the assembly on August 17, 2010.


LUD NAZAROVA: Creditors' Proofs of Debt Due on November 20
----------------------------------------------------------
The court-appointed trustee for Lud Nazarova S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 20, 2009.


METALES DEL TALAR: Creditors to Vote Settlement Plan on Feb. 22
---------------------------------------------------------------
The creditors of Metales del Talar S.A. will vote to ratify the
company's completed settlement plan during the assembly on
February 22, 2010, at 10:00 a.m.


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


OSARA SA: Creditors' Proofs of Debt Due on December 11
------------------------------------------------------
The court-appointed trustee for Osara S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 11, 2009.


TELEFONICA DE ARGENTINA: Modifies Tender Offers for Notes
---------------------------------------------------------
Telefonica de Argentina SA disclosed that in connection with its
previously announced cash tender offers for its outstanding 8.850%
Conversion Notes due August 2011, 9.125% Notes due November 2010
and 8.850% Notes due August 2011, it has modified the Offers in
the following manner:

    --  in connection with the U.S. Dollar Offer, the company
        is now offering to purchase Notes in accordance with
        the Acceptance Priority Levels described in the Offer
        to Purchase dated September 24, 2009, for an aggregate
        purchase price of up to US$75 million (as opposed to
        US$50 million as originally set forth in the Offer to
        Purchase);

    --  each Holder who validly tenders Notes in the Argentine
        Peso Offer prior to the Expiration Date and whose
        Notes are accepted for purchase will be entitled to
        receive the Total Argentine Peso Consideration described
        in the Offer to Purchase, regardless of whether the
        Holder validly tendered Notes before 5:00 p.m., New York
        City time on October 7, 2009.  As a result, Holders
        who tender Notes in the Argentine Peso Offer after
        the Early Tender Date and whose Notes are accepted for
        purchase will receive the same consideration as those
        Holders who tendered Notes in the Argentine Peso Offer
        prior to the Early Tender Date and whose Notes are also
        accepted for purchase.  For the avoidance of doubt,
        Holders validly tendering Notes in the Argentine Peso
        Offer after the Early Tender Date, which has since
        expired, will be entitled to receive the Total
        Argentine Peso Consideration and not the Argentine
        Peso Tender Offer Consideration described in the Offer
        to Purchase; and

    --  in connection with the Argentine Peso Offer,
        the company is now offering to purchase Notes, in
        accordance with the Acceptance Priority Levels
        described in the Offer to Purchase, for an aggregate
        purchase price of up to Argentine ARS200 million,
        provided that in no event will the aggregate purchase
        price of the 2011 Notes purchased by the Company in the
        Argentine Peso Offer exceed Argentine ARS150 million.

According to information provided by The Bank of New York Mellon,
the depositary for the Offers, the approximate aggregate principal
amount of the Notes were validly tendered and not validly
withdrawn before the Early Tender Date.

With respect to the U.S. Dollar Offer, the Company had received
valid tenders from Holders for:

    --  US$28,576 in aggregate principal amount of the 2011
        Conversion Notes, representing the entire outstanding
        principal amount of the 2011 Conversion Notes;

    --  US$42,494,000 in aggregate principal amount of the 2010
        Notes; and

    --  US$15,825,000 in aggregate principal amount of the 2011
        Notes.

With respect to the Argentine Peso Offer, the Company had received
valid tenders from Holders for:

    --  US$2,502,000 in aggregate principal amount of the 2010
        Notes; and

    --  US$1,176,000 in aggregate principal amount of the 2011
        Notes.

Withdrawal rights for the Notes tendered in the Offers terminated
at 5:00 p.m., New York City time on October 7, 2009.  The Offers
are scheduled to expire at 11:59 p.m. New York City time on
October 22, 2009, unless extended by the Company.  The Offers are
governed by the times and dates referred to herein and in the
Offer to Purchase based on New York City time. Times and dates
based on Buenos Aires time are provided solely for your
convenience.

                  About Telefonica de Argentina

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

                           *     *     *

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

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

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

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

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

The Rating Outlook is Stable.


* ARGENTINA: S&P Lowers Buenos Aires Issuer Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B-'
from 'B' its local currency long-term issuer credit rating on the
City of Buenos Aires.  At the same time, Standard & Poor's
affirmed its 'B-' foreign currency long-term issuer credit rating.
The outlook on the local and foreign currency long-term issuer
credit ratings is stable.

S&P also lowered to 'raA+' from 'raAA-' its long-term national
scale rating and affirmed its 'raA-1+' short-term national scale
rating on the city.  The outlook on the long-term national scale
rating is stable.

S&P lowered the local currency rating on the city to the same
level as the foreign currency rating on Argentina (foreign
currency, B-/Stable/C; local currency, B-/Stable/C), in line with
S&P's refined methodology, which is detailed in the article
"Methodology: Rating A Regional Or Local Government Higher Than
Its Sovereign," published Sept. 9, 2009, on RatingsDirect.

In order to assign an LRG a local currency rating above the
sovereign's foreign currency rating, Standard & Poor's assesses
whether it believes there is a measurable likelihood that the
LRG's credit characteristics will remain stronger than those of
the sovereign in a scenario of economic or political stress.  In
other words, Standard & Poor's considers whether the structural
differences and the institutional features allowing the LRG to be
rated above the sovereign are resilient to a major economic or
political disruption, and whether the LRG would have sufficient
flexibility to mitigate negative intervention from the government.
This concept translates into three fundamental conditions.  For
Standard & Poor's to rate an LRG higher than its sovereign, the
LRG needs to exhibit these:

   -- The ability to maintain stronger credit characteristics than
      the sovereign in a stress scenario;

   -- An institutional framework that is predictable and that
      limits the risk of negative sovereign intervention; and

   -- The ability to mitigate negative intervention from the
      sovereign because of high financial flexibility and
      independent treasury management.

"In the case of the City of Buenos Aires, Standard & Poor's
believes there is a fairly high correlation in economic and
financial performance between the Republic of Argentina and the
City of Buenos Aires," said Standard & Poor's credit analyst
Delfina Cavanagh.  "Furthermore, the City of Buenos Aires does not
have sufficient operational and liquidity flexibility to deal with
potential stresses better than the sovereign, and its credit
characteristics are likely to deteriorate together with those of
the sovereign in severe macroeconomic stress scenarios."

The change in the rating also reflects the city's limited
flexibility in terms of liquidity.  The city's liquidity has been
worsening during the past two years in part because of its
restrictions to access capital markets and owing to its ambitious
investment program.


===========
B E L I Z E
===========


* BELIZE: IDB Provides US$15 Million Loan
-----------------------------------------
Belize will seek to provide better basic health care, improve
secondary education and strengthen its capacity to target,
coordinate and evaluate social protection programs with financing
from a US$15 million loan approved by the Inter-American
Development Bank on October 2.

These measures will help the government achieve the goals of its
National Poverty Elimination Strategy, according to a statement by
IDB.

One-third of Belize's population lives under the poverty line and
the poorest sector of society lacks adequate basic health and
secondary education services.  In some southern rural areas, like
the Toledo district, 79% of the population is poor and 56% is
classified as indigent.

To strengthen primary health care for the most vulnerable sectors,
the funds will support government plans to increase Southern
Region eligible residents' enrollment in the National Health
Insurance pilot program.  It will also protect the 2009–2010
budget lines needed to at least maintain NHI coverage at 95
percent of the population in south-side Belize City and 84% in the
Southern Region.

A second tranche of the loan will help authorities consolidate
policy reforms, and secure NHI enrollment of at least 88 percent
of the eligible population of the Stann Creek and Toledo
districts.

On education, the goals are to improve coverage of secondary
education and ensure that all schools have the resources to meet
Caribbean Certificate of Secondary Level Competency standards; to
support transparency in teacher employment processes; and to
promote hiring of well-qualified primary and secondary level
teachers.

Part of the funds will also help improve the information and
beneficiary targeting systems in the social sectors and thereby
the coordination and efficiency of social services.

They will also support government efforts to enhance fiscal
transparency and accountability by adopting responsible fiscal
management principles, enhancing access to financial information,
and introducing a time perspective into fiscal policy decision
making.

The Bank's loan is for a 20-year term, with a five-year grace
period, and at a variable interest rate based on Libor.


                         *     *     *

According to Moody's, the country continues to carry a B3 currency
ratings with stable outlook.


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


TYCO ASIA: Creditors' Proofs of Debt Due on October 22
------------------------------------------------------
The creditors of Tyco Asia Networks Ltd. are required to file
their proofs of debt by October 22, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street
          Hamilton, Bermuda


TYCO ASIA: Members to Receive Wind-Up Report on November 10
-----------------------------------------------------------
The members of Tyco Asia Networks Ltd. will hold their meeting on
November 10, 2009, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 5, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street
          Hamilton, Bermuda


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


BANCO BRADESCO: Fitch Assigns Rating on US$750 Mil. Notes
---------------------------------------------------------
Fitch Ratings has assigned Banco Bradesco S.A.'s US$750 million
subordinated fixed-rated notes due Sept. 29, 2019, a final long-
term foreign currency rating of 'BBB'.  The notes issued via
Bradesco's Grand Cayman branch, carry an interest rate set at
6.75% per annum, with interest payable semi-annually in arrears,
starting on March 29, 2010.

Bradesco has a Fitch long-term local currency Issuer Default
Rating of 'BBB+', and a long-term foreign currency IDR of 'BBB',
the latter constrained by Brazil's Country Ceiling of 'BBB', which
addresses the risk that a local entity may not be able to access
foreign currency.  As Bradesco operates principally in local
currency, the final rating of the subordinated notes is notched
one notch below the bank's long-term local currency IDR.  This
reflects the notes subordinated status, and the fact that the
notes rank at least equally with similar subordinated debts.

The securities, which are subject to the approval of Brazil's
Central Bank to be treated as Tier II instruments for regulatory
capital purposes, will likely be considered as Fitch class D
securities and receive 75% equity-credit under Fitch's capital
assessment guidelines, reflecting their high loss absorption
capacity.  Bradesco has historically maintained adequate
capitalization ratios and the bank will use the proceeds from the
planned issue to replenish its regulatory Tier II capital as
existing debt instruments mature, or its remaining maturities fall
below minimum regulatory guidelines, rendering those instruments
not eligible as capital.  Eligible hybrids and other capital
securities (equity-like instruments) can only account for 30% of
Fitch's definition of eligible capital, which is defined as core
capital plus eligible hybrid debt and other capital securities.

Bradesco is one of Brazil's leading banks in various segments.
The group's insurance operations, conducted via Bradesco Seguros
(Insurer Financial Strength 'BBB+'), are an important part of the
business and have historically contributed over 30% of
consolidated net income.

Banco Bradesco S.A.'s ratings are:

  -- Long-term foreign currency IDR 'BBB'; Outlook Stable;
  -- Short-term foreign currency IDR 'F2';
  -- Long-term local currency IDR 'BBB+'; Outlook Stable;
  -- Short-term local currency IDR 'F2';
  -- Individual Rating 'B/C';
  -- Support Rating '3';
  -- Support Rating Floor 'BB';
  -- National Long-term rating 'AAA(bra)'; Outlook Stable;
  -- National Short-term rating 'F1+(bra)'.


BANCO DAYCOVAL: Board Approves Up to 1.55MM Share Buyback Program
-----------------------------------------------------------------
Banco Daycoval SA's board has approved a buyback program of up to
1.55 million shares, Dow Jones Newswires reports.

According to the report, Banco Pine, which trades on BMFBovespa,
has 55.6 million shares outstanding.  The report relates that the
program will be in place until October 6, 2010.

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                          *     *     *

As of August 10, 2009, the company continues to carry Standard and
Poor's BB- LT Issuer credit ratings and B Issuer Credit ratings.
The company also continues to carry Fitch ratings BB- LT Issuer
Default ratings and B Currency ST Debt ratings.


BANCO NACIONAL: May Seek Court Order for Investment Return
----------------------------------------------------------
Diana Kinch at Bloomberg News reports that Banco Nacional de
Desenvolvimento Economico e Social SA (BNDES) may ask a judge to
order Independencia SA to return BRL308 million (US$176 million)
it invested in the company, Bloomberg News reports, citing Folha
de S. Paulo.

According to the report, citing Folha de S. Paulo, BNDES, which
may give up its stake in Independencia SA, claimed that it wasn’t
properly informed about Independencia SA’s plan to exit bankruptcy
protection.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.

                      About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection earlier this year after the global economic crisis
caused exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.

                           *     *     *

As of August 20, 2009, the company continues to carry Moody's Ca
LT Corp Family rating and Standard and Poor's D LT Issuer Credit
ratings.


BANCO NACIONAL: Increases Lending To Software Firms By BRL4BB
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
increase its lending program for software companies by BRL4
billion (US$2.31 billion), Kenneth Rapoza at Dow Jones Newswires
reports, citing a bank press release.

According to the report, that means the so-called Prosoft lending
program's annual budget has been increased from BRL1 billion to
BRL5 billion.

Dow Jones Newswires notes that as of July, the bank had lent
BRL2.8 billion since the program began in 1999.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                           *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


BANCO NACIONAL: Funcef to Buy 7% Oi Stake from Firm
---------------------------------------------------
Francisco Marcelino and Heloiza Canassa at Bloomberg News report
that Funcef, the pension fund for workers at state-owned Caixa
Economica Federal, plans to buy half of a 14% stake being sold
this month in Telemar Participacoes SA.  The stakes are being sold
by Banco Nacional de Desenvolvimento Economico e Social SA
(BNDES).

According to the report, Funcef President Guilherme Lacerda said
that the purchase would allow Funcef to increase its stake in the
holding company of Telemar Norte Leste SA to 10% from 2.8%, giving
the pension fund a seat on the board of directors.

The report notes that the sale is part of a 2008 agreement in
which BNDES, would sell a portion of its 31% stake in closely held
Telemar Participacoes.  The carrier’s operating unit last year
took over Brasil Telecom Participacoes SA in a 5.86 billion-real
deal, the report notes.  “This is the final step of Telemar
Participacoes’s capital restructuring,” the report quoted mr.
Lacerda as saying.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                            About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


CAIXA ECONOMICA: Funcef to Buy 7% Oi Stake from BNDES
-----------------------------------------------------
Francisco Marcelino and Heloiza Canassa at Bloomberg News report
that Funcef, the pension fund for workers at state-owned Caixa
Economica Federal, plans to buy half of a 14% stake being sold
this month in Telemar Participacoes SA.  The stakes are being sold
by Banco Nacional de Desenvolvimento Economico e Social SA
(BNDES).

According to the report, Funcef President Guilherme Lacerda said
that the purchase would allow Funcef to increase its stake in the
holding company of Telemar Norte Leste SA to 10% from 2.8%, giving
the pension fund a seat on the board of directors.

The report notes that the sale is part of a 2008 agreement in
which BNDES, would sell a portion of its 31% stake in closely held
Telemar Participacoes.  The carrier’s operating unit last year
took over Brasil Telecom Participacoes SA in a 5.86 billion-real
deal, the report notes.  “This is the final step of Telemar
Participacoes’s capital restructuring,” the report quoted mr.
Lacerda as saying.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                            About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


CAIXA ECONOMICA: Funcef May Sell 5BB-Real Indirect Stake in Vale
----------------------------------------------------------------
Funcef, the pension fund for workers at state-owned Caixa
Economica Federal, said it may sell an indirect stake in Vale SA
worth an estimated BRL5 billion (US$2.86 billion) because it
doesn’t have enough say in how the producer is run, Francisco
Marcelino at Bloomberg News reports.

Funcef holds the Vale stake through its 11% ownership in Litel
Participacoes SA, fund President Guilherme Lacerda told Bloomberg
in an interview.  The report, citing regulatory filings, notes
that Litel owns 49% of Valepar SA, which controls Vale with 53.9%
of Vale voting shares.

According to the report, Mr. Lacerda said that Funcef may seek to
sell its stake in Litel because it doesn’t have as much influence
as Previ, the pension fund that holds about 80%.  The report
relates that Brazilian pension funds Petros and Funcesp own the
rest of Litel.  “We need to find a way to get out of this
situation in Vale,” the report quoted Mr. Lacerda as saying.  “It
is very difficult to sell this stake as the buyer wouldn’t have
the control and the shares aren’t liquid,” he added.

                      About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


GOL LINHAS: Sells US$591 Million of Shares in Brazil Offering
-------------------------------------------------------------
Fabiola Moura and Heloiza Canassa at Bloomberg News report that
Gol Linhas Aereas Inteligentes SA and its controlling shareholders
are selling BRL1.02 billion (US$591 million) of new and existing
stock.

According to the report, the airline and its investors are selling
62.2 million shares for BRL16.50 reais each.  The report relates
that the price is a 3.3% discount to October 8’s close of
BRL17.06.

The report, citing a company statement, notes that the offering
consists of 43.9 million preferred shares, 19 million of which are
new, and 19 million new voting shares.  The report relates that
the sale was bigger than the 51.8 million shares that Gol Linhas
said last month it planned to offer.

                         About GOL Linhas

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

                           *     *     *

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

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

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

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

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


INDEPENDENCIA SA: BNDES May Seek Court Order for Investment Return
------------------------------------------------------------------
Diana Kinch at Bloomberg News reports that Banco Nacional de
Desenvolvimento Economico e Social SA (BNDES) may ask a judge to
order Independencia SA to return BRL308 million (US$176 million)
it invested in the company, Bloomberg News reports, citing Folha
de S. Paulo.

According to the report, citing Folha de S. Paulo, BNDES, which
may give up its stake in Independencia SA, claimed that it wasn’t
properly informed about Independencia SA’s plan to exit bankruptcy
protection.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.

                      About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection earlier this year after the global economic crisis
caused exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.

                           *     *     *

As of August 20, 2009, the company continues to carry Moody's Ca
LT Corp Family rating and Standard and Poor's D LT Issuer Credit
ratings.


BANCO SANTANDER: Raises BRL14BB From Initial Public Offering
------------------------------------------------------------
Banco Santander Brasil SA, a unit of Banco Santander SA, has
raised BRL14.1 billion (US$8.05 billion) from its initial public
offering on the Sao Paulo Stock Exchange, Rogerio Jelmayer at Dow
Jones Newswires reports, citing a company filing with the
Securities and Exchange Commission.

According to the report, the bank sold 600 million shares in the
form of units on the BMFBovespa stock exchange after market hours
on October 6.  The report relates that each unit, which is
represented by 55 common shares and 50 preferred shares, was
priced at BRL23.50.

Dow Jones Newswires notes that Banco Santander sold its shares in
Brazil and to foreign investors in the U.S. in the form of
American depositary shares.

Banco Santander, the report notes, said that the bulk of the
proceeds from the share offer would be spent on opening 600 more
branches in Brazil by 2013, expanding its network by almost a
third.

                 About Banco Santander (Brasil)

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

                          *     *    *

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


GERDAU SA: Upgraded to "Buy" at Deutsche Bank on "Bullish" Outlook
------------------------------------------------------------------
Stephen Kirkland at Bloomberg News reports that Gerdau SA was
upgraded to “buy” from “hold” at Deutsche Bank AG, which increased
its price estimate to US$20 from US$11.  The report relates that
Usinas Siderurgicas de Minas Gerais SA had its price projection
raised to US$39 from US$27 at the bank.

“We are bullish on the Brazil steel sector,” Rodrigo Barros, an
analyst at Deutsche Bank, wrote in a report obtained by the news
agency.  “Historically the sector has been highly elastic to GDP
growth and in 2010 we expect domestic consumption to increase by
14% in the flat steel and by 25% in the long steel segments,”
Mr. Barros added.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


GOL LINHAS: Signs Code-Share Agreement With AeroMexico
------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Aereas Inteligentes S.A.,
and AeroMexico have signed a code-share agreement.  The companies
are also evaluating the possibility of linking their frequent
flyer programs, GOL's SMILES and Aeromexico's Club Premier.

Under the code-share agreement, AeroMexico will add its IATA code
to GOL flights from Sao Paulo to six Brazilian destinations: Rio
de Janeiro (RJ - Galeao and Santos Dumont airports), Belo
Horizonte, Porto Alegre, Curitiba, Brasilia and Salvador.  The
Mexican company will benefit its clients with more flight
connection options throughout Brazil, while representing an
additional sales channel, increasing passenger traffic and load
factor for the Brazilian carrier.

                        About AeroMexico

Headquartered in Mexico DF, AeroMexico is the only company that
offers daily flights between Sao Paulo and Mexico DF, operating
Boeing 777 aircraft.  AeroMexico Group, with its regional
subsidiaries, operates 600 daily flights and carried more than 10
million passengers in 2008.

In compliance with standard regulation requirements, GOL will
submit the contract to Agencia Nacional de Aviacao Civil, the
Brazilian aviation authority, and to Conselho Administrativo de
Defesa Economica, the antitrust counsel, for their evaluation
before implementing the agreement.

                         About GOL Linhas

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

                           *     *     *

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

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

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

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

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


MARFRIG ALIMENTOS: Acquires Stakes in Zenda Leather
---------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) has acquired a controlling stake in Zenda
Leather, FurnitureToday News reports.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Reuters said that Marfrig Alimentos has struck
a deal to buy a 51% stake in Zenda for US$49.5 million.  A TCRLA
report on September 25, 2009, citing Standard & Poor's Ratings
Services, related that the planned transactions will not affect
Marfrig Alimentos's (B+/Negative/--) ratings.  The report noted
that Marfrig said the acquisition of Zenda, the leasing agreement
of 12 industrial plants that should increase its slaughtering
capacity by 8,800 cattle per day, and the partnership agreement
with Brazilian retailer Grupo Martins.

According to FurnitureToday News, Zenda will continue to operate
its tanneries, finishing and cut-and-sew plants.  Zenda Managing
Director for North America, Juan Diego Casaretto, relates that the
company will benefit from the merger by having a steady, reliable
source of raw materials.  "It is a natural combination with mutual
understanding," the report quoted Mr. Casaretto as saying.  "Both
companies are walking parallel paths in search of quality,
supported by strong investments, training and personnel growth,"
Mr. Casaretto added.

                       About Zenda Leather

Uruguay-based Zenda Leather is a supplier of leather for the
furniture, automotive and aviation industries.  Then company has
its North American distribution center in Hickory.

                     About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Brazil-based meat processor
Marfrig Alimentos S.A. following Marfrig's announcement that it
has acquired meat processor Seara Alimentos Ltda. and its
subsidiaries in Brazil and Europe from Minnetonka-based Cargill
Inc. for US$706.2 million in cash plus US$193.8 million in debt.
The outlook is negative.


* BRAZIL: IDB Approves US$28.6 Million Loan
-------------------------------------------
The Inter-American Development Bank approved a US$28.6 million
loan to help modernize the instruments that support the Brazilian
federal government's decision-making processes to help it improve
the quality and management of public expenditure.

Over the past two decades the government has undertaken major
public management reforms.  Yet, the public sector remains
heterogeneous and in need of institutional consolidation and
greater coordination among federal, state, and municipal
authorities.  Government information systems also need to be
upgraded and more effectively integrated.

The Bank's funding will help tackle these problems, boosting the
administration's capacity to plan investments, formulate efficient
budgets, manage procurement and implement public projects,
according to a statement by IDB.

To achieve these goals, the project will finance training
programs, as well as the design and implementation of management
information systems, including process mapping, modeling tools and
content-management and decision-making support software.

The Brazilian government will provide US$20.4 million in
counterpart funds to help finance the program.  The Ministry of
Planning, Budget and Management will be the agency responsible for
the execution of the program, which has five components:

    * modernization of planning and budget systems
      (US$16 million)

    * management and integration of information technology
      resources (US$8 million)

    * institutional capacity strengthening for investment
      management (US$14 million)

    * modernization of tools to support the execution of public
      expenditure (US$7 million)

    * improvement of government coordination (US$2 million)

The loan, from the Bank's ordinary capital, will be disbursed over
a four-year period.  It is for a 20-year term, including a four-
year grace period, and carries a variable interest rate based on
Libor.

                         *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


BLUE EAGLE: Sole Member to Receive Wind-Up Report on November 20
----------------------------------------------------------------
The sole member of Blue Eagle Re will receive, on November 20,
2009, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Dugald Macleod
          Caledonian House, 69 Dr Roy's Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Telephone: 345-914-0050
          Facsimile: 345-814-4875


BRISTOL-MYERS: Shareholder to Receive Wind-Up Report on October 21
------------------------------------------------------------------
The sole shareholder of Bristol-Myers Squibb Cayman Ltd. will
receive, on October 21, 2009, at 10:00 a.m., the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Ian Goddard
         Cereita Lawrence
         P.O. Box 10338, Regatta Office Park
         Grand Cayman KY1-1003
         Telephone: 345-949-7232


COEFFICIENT CREDIT: Shareholders to Hear Wind-Up Report on Oct. 14
------------------------------------------------------------------
The shareholders of Coefficient Credit Overseas Fund, Ltd. will
hold their final general meeting on October 14, 2009, at
12:00 noon, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          James Desmond Mac Intyre
          One Boston Place, AIM 024-0293
          Boston, MA 02108-4408, U.S.A.


COEFFICIENT SELECT: Shareholders to Hear Wind-Up Report on Oct. 14
------------------------------------------------------------------
The shareholders of Coefficient Select Overseas Fund, Ltd. will
hold their final general meeting on October 14, 2009, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          James Desmond Mac Intyre
          One Boston Place, AIM 024-0293
          Boston, MA 02108-4408, U.S.A.


COLUMBUS MULTI-STRATEGY: Members' Final Meeting Set for October 30
------------------------------------------------------------------
The members of Columbus Multi-Strategy Fund will hold their final
meeting on October 30, 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:

          Philip Mosely
          PO Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Telephone : 949-4018
          Facsimile: 949-7891
          e-mail: general@caymanmanagement.ky


CONSTELLATION: Shareholder to Receive Wind-Up Report on Oct. 21
---------------------------------------------------------------
The sole shareholder of Constellation Partners Fund SPC will
receive, on October 21, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Bryant Terry
          Telephone: (345) 949-9876
          Facsimile: (345) 949-1986


DKR INTERNATIONAL: Members' Final Meeting Set for October 19
------------------------------------------------------------
The members of DKR International Relative Value 2X Fund Ltd. will
hold their final meeting on October 19, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DKR NEUTRINO: Members' Final Meeting Set for October 19
-------------------------------------------------------
The members of DKR Neutrino Fund Ltd. will hold their final
meeting on October 19, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DKR NEUTRINO: Members' Final Meeting Set for October 19
-------------------------------------------------------
The members of DKR Neutrino Holding Fund Ltd. will hold their
final meeting on October 19, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DKR OVERLAY: Members' Final Meeting Set for October 19
------------------------------------------------------
The members of DKR Overlay Co. will hold their final meeting on
October 19, 2009, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DKR RELATIVE: Members' Final Meeting Set for October 19
-------------------------------------------------------
The members of DKR Relative Value Plus Fund Ltd. will hold their
final meeting on October 19, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DKR SOLSTICE: Members' Final Meeting Set for October 19
-------------------------------------------------------
The members of DKR Solstice Fund Ltd. will hold their final
meeting on October 19, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DKR SOLSTICE: Members' Final Meeting Set for October 19
-------------------------------------------------------
The members of DKR Solstice Holding Fund Ltd. will hold their
final meeting on October 19, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ORION REINSURANCE: Members to Receive Wind-Up Report on October 22
------------------------------------------------------------------
The members of Orion Reinsurance, SPC will hold their final
general meeting on October 22, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Dugald Macleod
          Caledonian House, 69 Dr Roy's Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Telephone: 345-914-0050
          Facsimile: 345-814-4875


PLASMON LTD: Shareholders to Receive Wind-Up Report on November 2
-----------------------------------------------------------------
The shareholders of Plasmon Ltd. will hold their final general
meeting on November 2, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


SPHERE RE: Sole Member to Receive Wind-Up Report on November 20
---------------------------------------------------------------
The sole member of Sphere Re SPC will receive, on November 20,
2009, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Dugald Macleod
          Caledonian House, 69 Dr Roy's Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Telephone: 345-914-0050
          Facsimile: 345-814-4875


TG EMPLOYEE: Members to Receive Wind-Up Report on October 22
------------------------------------------------------------
The members of TG Employee Investment Company I will hold their
final general meeting on October 22, 2009, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elizabeth Anne Bingham
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


TG EMPLOYEE: Members to Receive Wind-Up Report on October 22
------------------------------------------------------------
The members of TG Employee Investment Company II will hold their
final general meeting on October 22, 2009, at 11:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elizabeth Anne Bingham
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


VIETNAM EQUITY: Sole Member to Receive Wind-Up Report on Oct. 28
----------------------------------------------------------------
The sole member of The Vietnam Equity Fund will receive, on
October 28, 2009, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          James Marshall
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


WFM (CAYMAN): Members to Receive Wind-Up Report on December 9
-------------------------------------------------------------
The members of WFM (Cayman) Limited will hold their final general
meeting on December 9, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Chris Johnson
          PO Box 2499, Grand Cayman KY1-1104,
          Cayman Islands


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


* CHILE: To Test Second-Generation Biofuels with IDB Support
------------------------------------------------------------
Chile will test the viability of producing next-generation
biofuels using biomass waste from its wood industries with a US$1
million technical cooperation grant approved by the Inter-American
Development Bank.

The project will be carried out by ForEnergy S.A., a public-
private venture formed by ENAP Refinerias S.A. and Consorcio
Maderero S.A. with the goal of developing second-generation
biofuels using domestic materials that do not compete with food
production.  ForEnergy will contribute $250,000 in counterpart
funds to the project.

The grant will help ForEnergy to initially build a facility for
producing hydrogen and steam from woodchips or other woody biomass
through a gasification process, according to a statement by IDB.
In a second phase these gases will be converted into a type of
biodiesel using Fischer-Tropsch process.  ForEnergy will analyze
the investment and operation costs associated with these processes
to determine their viability on a commercial scale.

Woodchips and waste timber are available in large quantities as a
byproduct of Chile’s mature wood products industry.  Other types
of surplus biomass, such as agriculture wastes, may also be tested
by ForEnergy.

“This is a pioneering project in Latin America,” said Arnaldo
Vieira de Carvalho, the IDB project team leader.  “It could lead
to the emergence of an important new source of climate-neutral
energy using sustainable materials, and help Latin America to
advance its global leadership in the biofuels industry.”

The Chilean government is promoting the development of alternative
sources of energy as part of a long-term strategy to increase
energy security and reduce greenhouse gas emissions.  Last year
the government awarded competitive grants to two public-private
consortiums to develop second-generation biofuels during the next
five years.  ENAP Refinerias S.A. and Consorcio Maderero S.A.,
along with a research center, formed one of the winning consortia,
known as Biocomsa.

The IDB grant was financed through the Bank’s Sustainable Energy
and Climate Change Initiative (SECCI).


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


BANCOLOMBIA SA: Superintendency Makes Changes in Resolution 29497
-----------------------------------------------------------------
Pursuant to Resolution No. 46791, dated September 15, 2009, the
Colombian Superintendency of Industry and Trade, in an
investigation relating to the interbank exchange fee, confirmed,
amended, and revoked certain provisions of the Superintendency's
Resolution No. 29497 issued in 2008.

Among other things, the Superintendency concluded that the
associated banks breached their obligations in the way they
determined the interbank exchange rate, declared the occurrence of
a default under and called upon the performance bonds issued by
the banks, among them Bancolombia S.A. and ordered that Credibanco
and Redeban determine the interbank exchange fee taking into
account the relevant associated costs.

The value of the performance bonds issued by Bancolombia is
estimated to be COP$ 789.5 million.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


ECOPETROL SA: Discloses Delivery & NYSE Listing of 2019 Notes
-------------------------------------------------------------
Ecopetrol S.A. disclosed that following the October 2, 2009
expiration of the company's offer to exchange its registered
7.625% Notes due 2019 for up to U.S.$1,500,000,000 aggregate
principal amount of its unregistered 7.625% Notes due 2019, upon
the terms and subject to the conditions described in the
prospectus dated September 3, 2009, the company issued
US$1,492,541,000 aggregate principal amount of New Notes and
cancelled U.S.$1,492,541,000 aggregate principal amount of the Old
Notes.  In addition, the New Notes began trading on the New York
Stock Exchange today under the symbol "EC19".

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.

                       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
October 7, 2009, Fitch Ratings has affirmed the Issuer Default
Ratings and outstanding debt ratings of Ecopetrol S.A.:

  -- Local currency IDR at 'BBB-';
  -- Foreign currency IDR at 'BB+';
  -- US$1.5 billion senior unsecured notes due 2019 at 'BB+'.


ECOPETROL SA: ProSep to Supply US$13MM Gas Treatment System
-----------------------------------------------------------
ProSep Inc. was awarded a US$12.9 million contract to supply a CO2
gas separation membrane package to Ecopetrol S.A.  The system,
expected to be delivered during the second half of 2010, is
designed to treat large volumes of natural gas and will be
installed at the Cupiagua field in the Los Llanos foothills of
Colombia.

"This contract, for the delivery of a large scale gas membrane
package, represents an important milestone for the company.  Our
reputation in process engineering and experience are opening new
doors in promising markets.  We are proud to add Ecopetrol to our
growing list of international clients," said Jacques L. Drouin,
President and CEO of ProSep Inc.  "Our Houston-based team's
extensive experience in gas treatment, our new state-of-the-art
55,000 square foot fabrication facility and high quality solutions
are central to ProSep's value proposition," Mr. Drouin added.

ProSep's membrane technology is an environmental friendly, cost-
effective alternative to solvent-based treatment systems used for
gas conditioning and enhanced oil recovery operations.  This
specific system is designed to provide treatment capacity ranging
from 164-252MMscfd inlet and 140-210MMscfd outlet at less than
1.9% CO2.

                        About ProSep Inc.

ProSep Inc. -- http://www.prosepinc.com/-- is dedicated to
providing process solutions to the oil and gas industry. ProSep
designs, develops, manufactures and commercializes technologies to
separate oil, water and gas generated by oil and gas production.

                       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
October 7, 2009, Fitch Ratings has affirmed the Issuer Default
Ratings and outstanding debt ratings of Ecopetrol S.A.:

  -- Local currency IDR at 'BBB-';
  -- Foreign currency IDR at 'BB+';
  -- US$1.5 billion senior unsecured notes due 2019 at 'BB+'.


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


* DOMINICAN REP: Inks US$1.7BB Stand-By Arrangement With IMF
------------------------------------------------------------
Dominique Strauss-Kahn, the Managing Director of the International
Monetary Fund, issued this statement after the signing of a Letter
of Intent by the authorities of the Dominican Republic:

“I welcome the staff-level agreement reached with the Dominican
Republic over the weekend and the signing of a new Letter of
Intent today by the Dominican government outlining their policies
over the next two and a half years, for which they are requesting
the support of the IMF under a 28-month Stand-By Arrangement
amounting to about US$1.7 billion (SDR1.09 billion).

“This letter sets out a consistent program of policy commitments
to help the Dominican economy recover from the effects of the
global financial crisis, and put it on a strong footing for
sustainable growth and macroeconomic stability going forward.  The
key commitments include a primary deficit of the combined public
sector of 0.8% of GDP this year, falling to zero in 2010 and
gradually rising to a surplus of 2% of GDP in 2012.  This
adjustment will be supported by an ambitious agenda of structural
reforms, including improvements in tax administration and a sharp
reduction and rationalization of tax exemptions; electricity
sector reforms; improvements in banking supervision; the
implementation of an inflation targeting framework; and a strategy
for developing domestic capital markets and public debt
management.

“We applaud the authorities for their strong program of policies,
which demonstrates their commitment to fortify the institutional
framework and the economy of the Dominican Republic.  This Letter
of Intent will now be forwarded to the IMF Executive Board.  A
meeting of the Board to consider the authorities’ request for a
Stand-By Arrangement could take place in due time and following
normal circulation periods.”

                         *     *     *

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


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


AIR JAMAICA: More Layoffs on the Horizon
----------------------------------------
Air Jamaica Limited has so far made 500 jobs redundant since it
commenced its cost cutting exercise in March and is hinting that
more jobs could go as the downturn in the travel market continues,
RadioJamaica reports.

According to the report, Airline President Bruce Nobles said that
Air Jamaica is in dire straits and will have to make tough
decisions in order to remain viable; and at the top of the list is
the need to reduce and contain expenses.  The report relates that
Mr. Nobles hinted that more job cuts could be on the horizon.

RadioJamaica notes that an ongoing exercise to lay off 380 workers
have been put on hold after trade union officials objected to the
manner in which the cuts were being carried out.  The report
relates the union claimed that management personnel were not
included on the list of persons to be sent home.

Mr. Nobles, the report points out, said that the union's claims
are unfounded.  The report relates Mr. Nobles insisted that the
staff cuts are being carried out in an equitable manner and
managers have also been affected.

                       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: Proposal to Suspend Tickets Levy Gains Support
-----------------------------------------------------------
Financial Analyst David Wan has come out to support a proposal for
suspension of the special levy on Air Jamaica Limited's ticket
sales, RadioJamaica reports.  The report relates Mr. Wan said that
the suspension of the levy would have a positive impact on Air
Jamaica, however, given the Government's cash crunch the proposal
would not be feasible at this time.

"Any extra dollar you can find right now to deal with the workers
situation needs to go in that direction but at the same time as
the Prime Minister pointed out, in the same way with the
government, if you continue to use up your resources and never pay
attention to the capital side, meaning doing some infrastructure
or capital works to help the whole tourism concept, it cannot be
one or the other.  There must be some balance," the report quoted
Mr. Wan as saying.

As reported in the Troubled Company Reporter-Latin America on
October 7, 2009, RadioJamaica said that the National Workers
Union, which represents some groups of Air Jamaica Limited's
workers, suggests the suspension of the special levy on the
airline's ticket sales.  The report related that earnings from the
levy of JM$10 per ticket go to the Tourism Enhancement Fund.
According to the report, NWU Vice President, Granville Valentine,
says if the proposal is accepted, it will result in increased cash
flow to Air Jamaica which is still struggling with a high amount
of debt.

                         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: TO Pay US$180,000 to Resolve Civil Action
------------------------------------------------------
Chad Bray at Dow Jones Newswires reports that Air Jamaica Limited
will pay US$180,000 to resolve a civil action by the U.S.
Attorney's office in Brooklyn over maintenance issues that
eventually led to an aircraft making an emergency landing at John
F. Kennedy International Airport in New York in December 2001.

According to the report, citing a statement, the U.S. Attorney's
office said Air Jamaica agreed to undertake several measures to
improve its safety program, including implementing a more rigorous
method of tracking maintenance discrepancies, regular meetings
with FAA officials and improved internal auditing of maintenance
matters.

Dow Jones Newswires notes that Prosecutors said Air Jamaica,
following the emergency landing, operated the aircraft with
damaged parts and in an un-airworthy condition on 58 commercial
flights before making necessary repairs.

                        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 Spends JM$6MM for Mobile Network Expansion
-----------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, is spending close to JM$670 million this financial
year (2009/10) to expand its mobile network and further improve
coverage across Jamaica.  The expansion program will include the
commissioning of 70 new cell sites across Jamaica’s 12 rural
parishes.

The project is geared at boosting overall coverage and capacity
while providing coverage in a several remote areas where service
was previously not available.  LIME’s customers will also
experience improved overall service quality as several existing
cell sites will be bolstered to accommodate additional call
traffic.

The multi-million dollar spend continues LIME’s trend of investing
in its wireless infrastructure as last year the Company spent more
than J$3 billion on its mobile network.

“We are continuing to make good on our promise to provide world
class service for our mobile customers by strengthening and
expanding our network,” said LIME’s Country Manager Geoff Houston.
“Our customers will soon find coverage in several additional
locations and even better call quality particularly in some of our
more popular towns and urban centres because we fully intend to
offer the best coverage in every community across Jamaica,” he
added.

The new sites will become operational on a phased basis between
October 2009 and March 2010.

While every parish outside the Corporate Area will benefit from
the installation of additional cell sites, coverage will be
significantly increased in the densely populated parish of St.
Catherine, according to Mr. Houston.  St. Elizabeth, St. Ann, and
St. Mary will also see significant improvement, Mr. Houston added.

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 landmark deal is allowing LIME to increase the reach of
its mobile network in a more cost effective manner and also to
reduce the impact on Jamaica’s natural environment caused by new
tower construction.

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.


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


CEMEX SAB: To Develop Emissions System for Cement Plant
-------------------------------------------------------
Cemex Inc. has been selected by the Department of Energy to
develop technology to capture and store carbon dioxide emissions
at one of its U.S. cement plants, the Associated Press reports.

According to the report, the company will work with RTI
International, a North Carolina-based nonprofit research
institute, and others to design a dry sorbent CO2 capture and
compression system; a pipeline, if necessary; and an injection
station.  The report relates that the so-called carbon capture and
sequestration technology may remove up to a million tons of CO2
annually.  An unnamed company spokeswoman, the report notes, said
that Cemex has not yet chosen the plant where the technology will
be used.

The AP says that the Department of Energy will provide US$1.14
million and Cemex will provide 20% of the funding for the first
phase of its project.

                         About Cemex SAB

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


COMERCI: May Pay Only Half of US$3-Bil. in Disputed Obligations
---------------------------------------------------------------
Cyntia Barrera Diaz and Gabriela Lopez at Reuters report that
Controladora Comercial Mexicana SAB de CV (Comerci) is still
struggling to restructure after defaulting on its debt.

According to the report, the company has convinced some of its
creditors it can realistically repay only US$1.5 billion of as
much as US$3 billion in disputed obligations.  However, the report
relates, the creditors have yet to agree on how to share the
losses.  "The probability of this being resolved in court, which
could extend into the first quarter of next year, is very high,"
the report quoted Francisco Suarez, head of analysis at Actinver
brokerage, as saying.

In August, the report recalls, Comerci finalized a deal to
restructure about US$100 million of defaulted commercial paper
with local pension funds, retirees and other investors, who agreed
to a small discount to what they are owed.  However, the report
relates, Comerci has yet to bring other bondholders and banks on
board to reach a definitive agreement.

Reuters notes that regardless of the difficulty of convincing
creditors to accept losses, investors expect Comerci to eventually
reach a deal, even if only through help from a judge.  Some of
Comerci's foreign creditors have legal action pending against it,
in case they fail to settle out of court, the report says.

The report points out that as it renegotiates its debt, Comerci's
supermarkets have continued to operate normally and a handful of
new stores have even opened.  If Comerci fails to reach agreements
with its creditors, a court could at worst break up the company,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Bloomberg News said Comerci said local
bondholders approved a proposal to exchange their bonds for new
debt.  Each of the defaulted bonds can be exchanged for a new
seven year bond, the company said in an e-mailed statement
obtained by the news agency.  The report related that the company
said the new debt will be issued in “as short a time as possible.”
According to a TCRLA report on July 22, 2009, citing Bloomberg
News, Comerci is holding restructuring talks with JPMorgan Chase &
Co.  The report related Comerci expects JPMorgan Chase & Co. to
join five other banks in approving a plan to restructure its debt.
The report related Barclays Plc, Goldman Sachs Group Inc., Bank of
America Corp.'s Merrill Lynch, Banco Santander SA and Citigroup
Inc. agreed in principle to restructure the company's peso
derivative losses.  Reuters recalled that Comerci defaulted in
October after massive derivatives losses sent its debt soaring
above US$2 billion.  On Oct. 9, 2008, Comerci filed for protection
under Mexico's bankruptcy code Ley de Concurso Mercantil.

                         About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


COPAMEX SA: Fitch Affirms Issuer Default Rating at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Copamex, S.A. de C.V.:

  -- Local currency Issuer Default Rating at 'B+';

  -- Foreign currency IDR at 'B+';

  -- National scale rating at 'BBB(mex)';

  -- National scale short-term rating at 'F3(mex)';

  -- Copamex 05-2 Certificados Bursatiles issuance with cash-
     collateral at 'BBB+(mex)';

  -- CB issuances Copamex 06, 07, 07-2 and 08 at 'BBB(mex)';

  -- MXP250 million short term local CB program at 'F3(mex)';

The Rating Outlook is Stable.

Copamex's ratings incorporate its good business position, improved
operating results, moderate financial leverage and limited
liquidity.  The implementation of diverse strategies aimed at
streamlining operative processes has resulted in increased EBITDA
margins despite an adverse economic environment.  Additionally,
the impact of the MXP devaluation in dollar-denominated raw
material prices has been mitigated by lower prices in the
international markets.  For the last 12 months (LTM) ended
June 30, 2009, the company posted MXP527 million of EBITDA, a
figure that favorably compares with MXP434 million obtained for
the same period of the prior year.

Fitch estimates that for year-end 2009, the company will generate
EBITDA of close to MXP600 million, which coupled with stable debt
levels should improve credit protection measures.  Nonetheless,
Copamex maintains exposure to the global paper industry, including
variability in pulp prices, even though the majority of the needs
of these supplies are fulfilled with recycled fiber obtained in
the domestic market, which benefits the company's cost structure.
Copamex's strategy is oriented toward obtaining efficiencies at
the operating level, development of more value-added products
through innovation, and improvement of financial flexibility and
organic growth.  The latter, supported with moderate investment
levels, should allow the company to generate free cash flow to
invest in new projects.

Copamex is taking measures to further improve its liquidity
position.  Despite recent progress, the liquidity position
continues to be weak.  Currently, the company is working on
initiatives to refinance the majority of its short-term debt with
long-term debt.  Fitch will continue to monitor these initiatives
carried by the company to improve its liquidity and debt maturity
profile.  During September 2009 Copamex deployed a US$15 million
18-month loan which will be used to pay a long-term maturity of
CBs due in December 2009.  In addition, the company has
uncommitted short-term credit facilities for MXN165 million and is
in the process of completing another short-term facility for
US$10 million to enhance its liquidity position.  Copamex faces
maturities in the next 12 months of CBs: MXN255 million (net of
restricted cash) in December 2009, MXN100 million in June 2010,
and MXN55 million in October 2010, along with MXN144 million of
short-term CBs and a MXN132 million Bladex loan.

Fitch expects total debt to remain stable in the medium term, and
improvement in leverage ratios should be driven by increased
EBITDA and funds flow from operations.  Fitch estimates that
toward the end of 2009, indicators of total adjusted debt
(including off-balance-sheet debt) to EBITDA and total debt to
EBITDA should approximate 3.1 times and 2.2x, respectively.  For
the LTM ended June 30, 2009, these indicators stood at 3.6x and
2.6x, respectively, while EBITDA to gross interest expense was
3.7x for that same period.

As of June 30, 2009, total on-balance-sheet debt amounted to
MXN1,383 million and total net debt of restricted cash reached
MXN1,338 million.  For that period, total debt was composed of
different short- and long-term CB issuances totaling
MXN1225 million, a MXN132 dollar-denominated export loan and
MXN26 million in bank loans.  Additionally, Copamex has an off-
balance sheet US$40 million revolving facility which is guaranteed
with accounts receivables maturing in 2011.  Despite this
transaction being structured as non-recourse, Fitch incorporates
the amount of this transaction into its adjusted debt calculation,
since it not only generates interest expense and diminishes the
asset coverage to creditors but will also generate a working
capital shortage once the revolving period concludes at the
maturity date.


* MEXICO: S&P Puts Ratings on Nine Loans on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on nine
securities backed by Mexican construction loans on CreditWatch
with negative implications.  The CreditWatch placements followed
the publishing of S&P's updated criteria for rating transactions
backed by Mexican construction loans.

S&P has analyzed the impact of the updated criteria on 22 of its
32 outstanding ratings on 18 transactions backed by Mexican
construction loan transactions.  The CreditWatch placements affect
nine securities (9 ratings) from three issuers.  S&P has adjusted
its ratings on the other securities, issued by Metrofinanciera,
several times since July 2008, and S&P's ratings on these series
are currently on CreditWatch negative.

S&P originally placed its ratings on the Metrofinanciera series on
CreditWatch negative on July 18, 2008.  S&P then lowered its
ratings on these securities on Feb. 25, 2009, and the ratings
remain on CreditWatch with negative implications.

The criteria change represents a significant update to S&P's
methodologies and assumptions for determining credit enhancement
levels and ratings for construction loan securitizations in
Mexico.  The core of S&P's approach was the establishment of
'mxAAA' credit enhancement levels that are sufficient, in S&P's
view, to withstand extreme economic stress that would include a
sovereign default.  In addition, S&P has developed new
surveillance reporting procedures and methodology.  S&P will
request servicers to submit additional data on a loan-by-loan
basis, which S&P will use to derive expected losses for a pool of
loans.  S&P will then derive its revised ratings by comparing
remaining credit enhancement, after taking into consideration
S&P's expected losses on a pool, with its loss scenario at each
rating level.

S&P's analysis provides an indication of the potential impact the
updated criteria will likely have on S&P's rated portfolio of
transactions backed by Mexican construction loans, and the
criteria article outlines the methodology S&P applied in its
analysis.  Ultimate rating outcomes may vary, however, as they
will reflect a more in-depth review of each transaction that
incorporates the most recent information on the portfolio
composition, as well as S&P's expectation on future changes to
portfolio composition.  The final rating impact may depend on
various factors, including the strengths and weaknesses of the
actual eligibility criteria defined in the individual
transactions' documents.  Since S&P's analysis assumes a worst-
case portfolio composition based on the eligibility criteria
defined in the documents, the impact may be greater for portfolios
with less defined eligibility requirements (e.g., no limits on
percentage of vacation loans).

Some key findings of S&P's analysis of its current portfolio of
construction loan securitizations are:

On average, S&P may lower its senior series ratings by up to four
notches on the national scale after S&P apply the updated
methodology.  When S&P apply the updated methodology, this could
result in senior class downgrades to the 'mxA' rating category
from 'mxAAA'.

On average, S&P expects to downgrade subordinated classes by five
notches on the national scale.  S&P expects that subordinated
classes will be affected to a greater extent than senior classes.

The additional impact that S&P's new surveillance methodology may
have on ratings may vary.  S&P's expected losses given current
pool performance may not warrant actual downgrades.  If no
additional rating actions are warranted as a result of the updated
criteria, S&P will affirm the ratings and remove them from
CreditWatch negative.

              Ratings Placed On Creditwatch Negative

                     Patrimonio, S.A. de C.V.

                        PATCB 04 class II

                               Rating
                               ------
                     Current           Previous
                     -------           --------
                     mxA/Watch Neg     mxA

                         PATCB 05 class I

                               Rating
                               ------
                     Current           Previous
                     -------           --------
                     mxAAA/Watch Neg   mxAAA

                         PATCB 05 class II

                               Rating
                               ------
                     Current           Previous
                     -------           --------
                     mxA/Watch Neg     mxA

    Credito Inmobiliario – Bursatilizaciones de Creditos Puente

                                    Rating
                                    ------
            Issue          Current           Previous
            -----          -------           --------
            CICB 06-2      mxA/Watch Neg     mxA

  Credito Inmobiliario – Bursatilizaciones de Creditos Puente II

                                    Rating
                                    ------
            Issue          Current           Previous
            -----          -------           --------
            CICB 08        mxAAA/Watch Neg   mxAAA
            CICB 08-2      mxA/Watch Neg     mxA

          Hipotecaria Su Casita Construction Loan Trust

                                       Rating
                                       ------
         Issue                Current           Previous
         -----                -------           --------
         2005-1 mezz notes    mxA/Watch Neg     mxA
                              BB/Watch Neg      BB

Hipotecaria Su Casita - Bursatilizaciones de Creditos Puente II

                                    Rating
                                    ------
            Issue          Current           Previous
            -----          -------           --------
            HSCCB 08-2     mxA/Watch Neg     mxA

                        Mezz. — Mezzanine.


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


* VENEZUELA: Fitch Assigns 'B+' Ratings on Two Bonds
----------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'B+' to these Bolivarian Republic of Venezuela international
bonds:

  -- US$2,496 million 10-year Eurobond (7.75% coupon);
  -- US$2,496 million 15-year Eurobond (8.25% coupon).

The rating is in line with Venezuela's foreign currency Issuer
Default Rating which currently has a Stable Outlook.

A tenuous macroeconomic policy framework has increased the
vulnerability of the economy and public finances to external
shocks as well as deepened dependence on high oil prices.
Venezuela's inflation rate is expected to approach 32% by year-end
and is the highest among all sovereigns rated by Fitch.  High
inflation and a considerable spread between the official and
parallel market exchange rates limit options for policy makers to
adjust to lower oil prices and are likely to constrain future
growth prospects.

Nevertheless, Venezuela's comparatively low government debt burden
and manageable debt maturity profile, as well as a considerable
asset position, support the sovereign's ratings at the current
level.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *