TCRLA_Public/091013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, October 13, 2009, Vol. 10, No. 202

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Can Use Lloyd’s Insurance to Pay Lawyers


A R G E N T I N A

CUIMBO SA: Creditors' Proofs of Debt Due on November 23
MARISCAL SUCRE: Creditors' Proofs of Debt Due on December 1
NORFLEX SA: Creditors' Proofs of Debt Due on October 23
ORMAS INGENIERIA: Creditors' Proofs of Debt Due on December 16
RALD SRL: Creditors' Proofs of Debt Due on February 8

SUPLEMENTOS NATURALES: Creditors' Proofs of Debt Due on Dec. 10
TIARCO CARNES: Creditors' Proofs of Debt Due on November 3
VISTEON SA: U.S. Court OKs Capital Payments From Parent


B A R B A D O S

CL FINANCIAL: BPWCCUL Wins CLICO Company Takeover Bid


B E R M U D A

CASSONS FUND: Creditors' Proofs of Debt on October 14
DYNAMO FUND: Creditors' Proofs of Debt on October 14
MAN MAC: Creditors' Proofs of Debt on October 14
NEW STAR: Creditors' Proofs of Debt on October 14
RITCHIE CAPITAL: Creditors' Proofs of Debt on October 14

RITCHIE RE: Creditors' Proofs of Debt on October 14
RITCHIE RE: Creditors' Proofs of Debt on October 14
RITCHIE RE: Creditors' Proofs of Debt on October 14


B R A Z I L

EMPRESA BRASILEIRA: Q3 Jet Deliveries Increase by 18.8%
VOTORANTIM CELULOSE: S&P Gives Positive Out;ppl' Keeps 'BB' Rating


C A Y M A N  I S L A N D S

ALL-AMERICAN SPORTPARK: Board Elects Cara Brunette as Director
3D GLOBAL OPPORTUNITIES: Proofs of Claim Due October 14
AKHWAN LIMITED: Members Receive Wind-Up Report
CAMY INVESTMENTS: Members Receive Wind-Up Report
CHAMPLAIN LIMITED: In Liquidation; Proofs of Claim Due Oct. 15

CHOICE HARVEST: Members Receive Wind-Up Report
DIVINE HOLDINGS: Members Receive Wind-Up Report
DORCHESTER COMPANY: Members Receive Wind-Up Report
DYNAMIC WIN: Members Receive Wind-Up Report
FREEWAY PARTNERS: In Liquidation; Proofs of Claim Due Oct. 14

GOLDEN REGAL: Members Receive Wind-Up Report
GREEN AGAIN: Members Receive Wind-Up Report
LIFEGEMS HOLDINGS: Members Receive Wind-Up Report
LILAC LIMITED: Members Receive Wind-Up Report
LMOS HOLDINGS: Members Receive Wind-Up Report

MILESTONE INTERNATIONAL: Members Receive Wind-Up Report
NINTH WAVE GLOBAL: In Liquidation; Proofs of Claim Due Oct. 14
PICO FUND: In Voluntary Liquidation Proceedings
PILGRIM LIMITED: Members Receive Wind-Up Report
PRAESIDEO FUND: In Liquidation; Proofs of Claim Due Oct. 14

PRIVILEGES INVESTMENTS: Members Receive Wind-Up Report
RIGHT ONE: Members Receive Wind-Up Report
SAAD INVESTMENTS: In Liquidation; Creditors' Meet on Oct. 22
SCONSET LIMITED: Members Receive Wind-Up Report
SILVERTHORNE INVESTMENTS: Members Receive Wind-Up Report

SOLAR SPORT: Members Receive Wind-Up Report
TAMARILLO LIMITED: Members Receive Wind-Up Report
WINDFEST LIMITED: Members Receive Wind-Up Report


C H I L E

BHP BILLITON: Escondida Workers Receptive to Pay Raise
EMPRESA ELECTRICA: GDF Suez Signs US$3 Billion Contract in Chile


C O L O M B I A

ECOPETROL SA: Appoints Hector Manosalva Rojas as VP of Production
INTERCONEXION ELECTRICA: To Sell Debt, Seek Partners for Highway


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Taps Barclays & Citigroup for Bond Sale


J A M A I C A

CASH PLUS: Former Boss Slapped With 15 Additional Charges
GOODYEAR JAMAICA: Parent to Gain Compensation From Firm
NATIONAL COMMERCIAL BANK: To Close 5 Branches; Redeploy Employees
PALACE AMUSEMENT: Suffers JM$5.2 Million Loss in Year-Ended June


M E X I C O

HIPOTECARIA SU: Moody's Downgrades Ratings on Class A to 'B1'
HIPOTECARIA SU: Moody's Reviews Ratings on Seven Certificates
INTERACCIONES CASA: Moody's Assigns 'Ba1' Global Issuer Ratings
GRUPO TMM: To Issue 3Q Results, Hold Conference Call on Oct. 28


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Faces US$188 Million Margin Call


V I R G I N  I S L A N D S

JIMAE MEDICAL: Baker Tilly Named Liquidator; Meeting on Oct. 14


X X X X X X X X

* LATAM: S&P Raises Ratings on Two Emerging Market Synthetic SFs
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Owner Can Use Lloyd’s Insurance to Pay Lawyers
--------------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that U.S. District Judge David Godbey of Dallas has ruled
that Robert Allen Stanford, the financier accused of orchestrating
a multi-billion Ponzi scheme, can use corporate insurance policy
proceeds to pay defense lawyers.  The report relates that Mr.
Stanford and other Stanford Group executives can draw from Lloyds
of London officers’ and directors’ coverage said to be worth at
least US$50 million.

“The court finds it in the interest of fairness to allow directors
and officers to access insurance proceeds to which they are
entitled for several reasons,” the report quoted Judge Godbey as
saying.  “The potential harm to them if denied coverage is not
speculative but real and immediate; they may be unable to defend
themselves in civil actions in which they do not have a right to
court-appointed counsel,” Judge Godbey added.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, Reuters said U.S. District Judge David Hittner
has ordered the Public Defender's Office to take the case of Mr.
Stanford, following the financier's statements that he could not
afford to pay lawyers' fees since his assets still remain frozen.
According to the report, Michael Sokolow from the Federal Public
Defender's Office in Houston will be Mr. Stanford's lead attorney
as he replaces Houston attorney Dick DeGuerin, who asked to
withdraw in July after failing to secure a guarantee of payment.
The report related that Robert Luskin, Esq., at Patton Boggs in
Washington, DC, said he and a team of lawyers were prepared to
take over Mr. Stanford's defense but that payment was also an
issue.  Bloomberg News related that Judge Hittner also approved
the addition of private practitioner Kent Schaffer.

According to Bloomberg News, Mr. Luskin said he may continue
helping Mr. Stanford appeal the denial of his bail, praised the
ruling although he said he’s still digesting it.  Mr. Schaffer
told Bloomberg in a phone interview that while he’s pleased with
the ruling, he’s not sure how it will affect his ability to
continue representing Mr. Stanford.

Stanford Financial Group court-appointed receiver, Ralph Janvey,
the report relates, said that as many as 60 Stanford executives
and employees are seeking to use the directors’ and officers’
coverage to defray their legal bills.   The coverage may be worth
as much as US$90 million, Mr. Janvey added.

Bloomberg News notes that lawyers of SFG Chief Investment Officer,
Laura Pendergest-Holt, asked the criminal case judge, David
Hittner, to order Lloyd’s underwriters to pay the Stanford
defendants’ legal bills.  The report relates that while Judge
Hittner hasn’t ruled on Ms. Pendergest-Holt’s request, court
filings indicate he made direct inquiries to both Mr. Janvey and
Lloyd’s about whether anything prevented the insurer from paying
the defendants’ legal bills.

Meanwhile, the report relates that David Finn, a lawyer for SFG
Co. Chief Financial Officer, James M. Davis, said that Judge
Godbey's ruling will allow him to continue representing the
government’s key cooperating witness.  “It means I will not have
to file a motion to withdraw,” Mr. Finn said in an e-mail obtained
by the news agency.  “I am relieved because I will not have to
keep digging into my pocket for expenses not knowing if I’d ever
get paid,” Mr. Finn added.

                 About Stanford International Bank

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

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

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

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

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


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


CUIMBO SA: Creditors' Proofs of Debt Due on November 23
-------------------------------------------------------
The court-appointed trustee for Cuimbo S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 23, 2009.

The trustee will present the validated claims in court as
individual reports on February 8, 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.


MARISCAL SUCRE: Creditors' Proofs of Debt Due on December 1
-----------------------------------------------------------
The court-appointed trustee for Mariscal Sucre 3032 S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 1, 2009.

The trustee will present the validated claims in court as
individual reports on February 16, 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 31, 2010.


NORFLEX SA: Creditors' Proofs of Debt Due on October 23
-------------------------------------------------------
The court-appointed trustee for Norflex S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 23, 2009.

The trustee will present the validated claims in court as
individual reports on December 7, 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
February 23, 2010.


ORMAS INGENIERIA: Creditors' Proofs of Debt Due on December 16
--------------------------------------------------------------
The court-appointed trustee for Ormas Ingenieria y Construcciones
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 16, 2009.

The trustee will present the validated claims in court as
individual reports on March 11, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


RALD SRL: Creditors' Proofs of Debt Due on February 8
-----------------------------------------------------
The court-appointed trustee for Rald S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 8, 2010.

The trustee will present the validated claims in court as
individual reports on March 22, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


SUPLEMENTOS NATURALES: Creditors' Proofs of Debt Due on Dec. 10
---------------------------------------------------------------
The court-appointed trustee for Suplementos Naturales S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 10, 2009.

The trustee will present the validated claims in court as
individual reports on February 24, 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 12, 2010.


TIARCO CARNES: Creditors' Proofs of Debt Due on November 3
----------------------------------------------------------
The court-appointed trustee for Tiarco Carnes S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 3, 2009.

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


VISTEON SA: U.S. Court OKs Capital Payments From Parent
-------------------------------------------------------
Visteon Corp. obtained the U.S. Bankruptcy Court's authority to
provide capital of approximately with an aggregate value of
approximately $38 million to their foreign affiliates in Argentina
and Poland.

The Debtors tell the Court that prior to the Petition Date, they
would often ensure the liquidity of certain of their foreign
affiliates to make sure those affiliates had adequate funding to
continue operations, maintain minimum liquidity levels, and avoid
potential insolvency triggers.  Those measures, according to the
Debtors, included making equity investments in the Foreign
Affiliates and converting intercompany debts into equity.

The Debtors relate that they continue to closely monitor the
financial condition of their Foreign Affiliates since the
Petition Date and have determined that two Foreign Affiliates --
Visteon S.A. (Argentina) and Visteon Poland S.A. (Poland) are in
need of capital contributions for those entities to continue to
provide services to Visteon's global customers.

                          Visteon Argentina

Visteon S.A. (Argentina) is a foreign affiliate of the Debtors
organized under the laws of Argentina that provides climate and
interiors products to Ford Motor Company.  The Debtors note that
Visteon Argentina's operations are crucial to their relationship
with Ford Motor Company and Volkswagen in Argentina and Brazil.
According to the Debtors, due to accumulated losses through 2008
which are greater than Visteon Argentina's corporate capital,
applicable Argentina law may require Visteon Argentina to
initiate an mandatory insolvency proceeding.  The Debtors aver
that any proceeding would likely be costly and could result in
the loss of Visteon International Holdings, Inc.'s equity
interest in Visteon Argentina.

The Debtors tell the Court that Visteon Argentina currently
owes approximately $32 million to VIHI in connection with a
$27 million intercompany loan.  About $5 million in accrued
interest is currently outstanding under the VIHI Loan.

The Debtors have determined that Visteon Argentina will have
sufficient capital to continue its operations if VIHI
recharacterizes the $27 million principal amount of the debt into
equity in Visteon Argentina and forgives the $5 million in
accrued interest that remains outstanding.  Under that scenario,
Visteon, as a global enterprise, will be able to continue to meet
the needs of Ford and Volkswagen and will avoid the need to
commence an insolvency proceeding under Argentina law, the
Debtors point out.

                         Visteon Poland

Visteon Poland S.A. is a foreign affiliate of the Debtors
organized under the laws of Poland that provides interiors
products to Volkswagen.  In Visteon Corp. capitalized Visteon
Poland by converting into equity a $30 million intercompany loan
from VIHI to Visteon Poland.  Visteon Poland recently finalized
its financial statements for 2008 and has determined that it
needs additional capital to bolster its balance sheets.

The Debtors note that failure to access that capital for Visteon
Poland could damage Visteon's relationship with Volkswagen and
result in a mandatory insolvency proceeding under local law,
which would likely have a damaging effect on Visteon's Chapter 11
estates and could result in personal liability of Visteon
Poland's directors and officers.  To remedy this situation,
Visteon Poland has determined to equitize the $6 million in
accrued interest that remains outstanding under the $30 million
intercompany loan that was equitized in 2008.

The Debtors assert that the proposed capitalization will preserve
the value of VIHI's equity in their Foreign Affiliates.  The
Debtors maintain that without the capitalization, it is unlikely
that VIHI would be able to recover the entirety of the
outstanding intercompany debt.

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)


===============
B A R B A D O S
===============


CL FINANCIAL: BPWCCUL Wins CLICO Company Takeover Bid
-----------------------------------------------------
The Barbados Public Workers' Co-operative Credit Union Limited
(BPWCCUL) has won the takeover bid for CLICO Mortgage and Finance
Corporation (CMFC), a unit of CL Financial Limited,
Caribbean360.com reports.  BPWCCU has beaten two other companies
for the acquisition, the report relates.

According to the report, citing The Sunday Sun newspaper, BPWCCU
President Anthony Griffin said the Board of Directors of CLICO
Holdings Barbados Limited accepted the takeover offer from them.

"We are very happy, and I know that the 135,000 credit union
members in Barbados are happy for us," Mr. Griffin was quoted by
the report as saying.

Caribbean360.com notes that the Barbados National Bank and
Consolidated Finance had also tried to take over CMFC and had
submitted bids to the six-member Oversight Committee but both
failed in their attempts.  The report relates that BNB's
subsequent direct offer to the Board had also been rejected.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. has downgraded the financial
strength rating to C (Weak) from B (Fair) and issuer credit rating
to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


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

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


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

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN MAC: Creditors' Proofs of Debt on October 14
------------------------------------------------
The creditors of Man MAC Montford 7A Limited are required to file
their proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


NEW STAR: Creditors' Proofs of Debt on October 14
-------------------------------------------------
The creditors of New Star UK Hedge Fund Limited are required to
file their proofs of debt by October 14, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


RITCHIE CAPITAL: Creditors' Proofs of Debt on October 14
--------------------------------------------------------
The creditors of Ritchie Capital Holdings, Ltd. are required to
file their proofs of debt by October 14, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          James E. Wurdeman
          2223 Bendelow Trail, Tampa
          Florida 33629,U.S.A.


RITCHIE RE: Creditors' Proofs of Debt on October 14
---------------------------------------------------
The creditors of Ritchie Re Broad Strategy Holdings, Ltd. are
required to file their proofs of debt by October 14, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          James E. Wurdeman
          2223 Bendelow Trail, Tampa
          Florida 33629,U.S.A.


RITCHIE RE: Creditors' Proofs of Debt on October 14
---------------------------------------------------
The creditors of Ritchie Re Broad Strategy, Ltd. are required to
file their proofs of debt by October 14, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          James E. Wurdeman
          2223 Bendelow Trail, Tampa
          Florida 33629,U.S.A.


RITCHIE RE: Creditors' Proofs of Debt on October 14
---------------------------------------------------
The creditors of Ritchie Re, Ltd. are required to file their
proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          James E. Wurdeman
          2223 Bendelow Trail, Tampa
          Florida 33629,U.S.A.


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


EMPRESA BRASILEIRA: Q3 Jet Deliveries Increase by 18.8%
-------------------------------------------------------
Empresa Brasileira de Aeronautica SA delivered 57 jets during the
third quarter of 2009, 29 of which to the commercial aviation
segment, 27 to executive aviation, and one to defense,
representing an increase of 18.8% over the 48 jets delivered
during the same period in 2008.  So far, in 2009, Embraer has
delivered 153 jets.  On September 30, 2009, the company’s firm
order backlog totaled US$ 18.6 billion, or 6% less than the US$
19.8 billion recorded on June 30, 2009.

In the airline segment, the family of Embraer aircraft operators
welcomed British Airways, from the United Kingdom, with the
EMBRAER 170; Mozambique Airlines (LAM), with the EMBRAER 190; and
Lufthansa CityLine, from Germany, with the EMBRAER 195, thus
increasing the family of operators to 49 in 34 countries.  The
600th aircraft of the EMBRAER 170/190 E-Jets family was delivered
to Lot Polish Airlines.

The highlight of executive aviation was the growth in the number
of deliveries of the Phenom 100 jet, for the third quarter in a
row: two in 4Q08, six in 1Q09, 13 in 2Q09, and 22 in 3Q09, for a
total of 43 aircraft.  The aircraft was also certified for
operation in Australia and went into service in Brazil.  The
network of authorized service centers continues to grow, with the
addition of Starlink, in Canada, and Inflite, in the United
Kingdom.

In the defense area, Embraer delivered the first EMBRAER 190 jet
to the Brazilian government.

The aircraft is configured especially for the use of the President
of the Republic and is operated by the Special Transportation
Group of the Brazilian Air Force.

                         About Embraer

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

                          *     *     *

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


VOTORANTIM CELULOSE: S&P Gives Positive Out;ppl' Keeps 'BB' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlooks on Brazil-based pulp company VCP - Votorantim Celulose e
Papel S.A. and its subsidiary, Aracruz Celulose S.A. to positive
from negative.  At the same time, S&P affirmed the 'BB' corporate
credit ratings on the companies.

"The revision of the outlook reflects the positive effects from
the sale of the Guaíba plant, and several liability management
actions the companies' combined entity, Fibria, is undertaking to
improve liquidity and reduce refinancing risks," said Standard &
Poor's credit analyst Reginaldo Takara.

Although S&P does not anticipate significant debt reduction
relative to S&P's previous base-case scenario, S&P believes that
the stronger liquidity position from asset sale proceeds and the
lower exposure to short-term debt may eventually lead to secular
improvement in the company's financial profile and credit
measures.

Fibria announced on Oct. 8 that it reached an agreement with CMPC
to sell its Guaíba plant and associated assets -- land, forests,
and licensing for an expansion -- for $1.43 billion.

"We believe the combination of VCP and Aracruz results is positive
for Fibria's business profile," said Mr. Takara.  "Although S&P
view the pulp industry as volatile, fragmented, and having low
product differentiation, the combined entity has a satisfactory
business profile because of its very competitive and low-cost
global position."


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


ALL-AMERICAN SPORTPARK: Board Elects Cara Brunette as Director
--------------------------------------------------------------

COLUMBUS MULTI-STRATEGY FUND

Columbus Multi-Strategy Fund has been placed under Voluntary
Liquidation pursuant to The Companies Law (2007 Revision) by a
special resolution passed at an extraordinary meeting of the
Company held on August 25, 2009.

PHILIP NEIL ANDERSON MOSELY and Paul Gavin Travers, at Cayman
Management Ltd., have been appointed joint voluntary liquidators.

Creditors of the Company are required to furnish proof of their
debt or claim against the Company by October 29, 2009, or be
excluded from any distribution made before such debts are proved
and from objecting to the distribution.

To contact:

     Philip Mosely
     Joint Voluntary Liquidator
     PO Box 1569, George Town
     Grand Cayman KY1-1110, Cayman Islands
     Tel: (345) 949-4018
     Fax: (345) 949-7891
     Email: general@caymanmanagement.ky


3D GLOBAL OPPORTUNITIES: Proofs of Claim Due October 14
-------------------------------------------------------
The 3D Global Opportunities Fund Ltd. has been placed in Voluntary
Liquidation pursuant to The Companies Law (2004 Revision),
following resolution by the Sole Shareholder of the Company dated
August 24, 2009.

Walkers Corporate Services Limited has been appointed as
Liquidator.

Creditors of the Company have until October 14, 2009, to send in
their names and addresses and the particulars of their debts and
claims and the names and addresses of their attorneys-at-law (if
any) to:

     Anthony Johnson
     Tel: (345) 914-6314
     Walker House, 87 Mary Street
     George Town, Grand Cayman KY1-9005
     Cayman Islands


AKHWAN LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of Akhwan Limited held their final meeting on
October 12, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


CAMY INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Camy Investments Inc. held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


CHAMPLAIN LIMITED: In Liquidation; Proofs of Claim Due Oct. 15
--------------------------------------------------------------
Champlain Limited has been placed under Voluntary Liquidation
pursuant to The Companies Law (2007 Revision) following special
resolution by its shareholder at an Extraordinary General Meeting
of the shareholder held August 24, 2009.

Scott Aitken and Connan Hill have been appointed as liquidators of
the Company.

Creditors have to prove their debts or claims by October 15, 2009,
and establish any title they may have under the Companies Law
(2007 Revision), or to be excluded from the benefit of any
distribution made before the debts are proved or from objecting to
the distribution.

The address of the liquidators is:

     Scott Aitken and Connan Hill
     P.O. Box 1109, Grand Cayman KY1-1102
     Cayman Islands

Contact for inquiries:

     Sylvia Lewis
     Tel: 949-7755
     Fax: 949-7634
     P.O. Box 1109, Grand Cayman KY1-1102
     Cayman Islands


CHOICE HARVEST: Members Receive Wind-Up Report
----------------------------------------------
The members of Choice Harvest Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


DIVINE HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Divine Holdings Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


DORCHESTER COMPANY: Members Receive Wind-Up Report
--------------------------------------------------
The members of The Dorchester Company Limited held their final
meeting on October 7, 2009, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


DYNAMIC WIN: Members Receive Wind-Up Report
-------------------------------------------
The members of Dynamic Win Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


FREEWAY PARTNERS: In Liquidation; Proofs of Claim Due Oct. 14
-------------------------------------------------------------
Freeway Partners Master Fund, Ltd., has been placed under
Voluntary Liquidation pursuant to The Companies Law (2004 Revision
following resolution by the Sole Shareholder of the Company dated
August 25, 2009,

Walkers Corporate Services Limited has been appointed as
Liquidator.

Creditors of the Company are required by October 14, 2009, to send
in their names and addresses and the particulars of their debts
and claims and the names and addresses of their attorneys-at-law
(if any) to:

     WALKERS CORPORATE SERVICES LIMITED
     Anthony Johnson
     Telephone: (345) 914-6314
     Walker House, 87 Mary Street, George Town
     Grand Cayman KY1-9005, Cayman Islands


GOLDEN REGAL: Members Receive Wind-Up Report
--------------------------------------------
The members of Golden Regal Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


GREEN AGAIN: Members Receive Wind-Up Report
-------------------------------------------
The members of Green Again Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


LIFEGEMS HOLDINGS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Lifegems Holdings Limited held their final meeting
on October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


LILAC LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Lilac Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


LMOS HOLDINGS: Members Receive Wind-Up Report
---------------------------------------------
The members of Lmos Holdings Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


MILESTONE INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Milestone International Limited held their final
meeting on October 7, 2009, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


NINTH WAVE GLOBAL: In Liquidation; Proofs of Claim Due Oct. 14
--------------------------------------------------------------
Ninth Wave Global Emerging Markets Fund (Offshore) Ltd. has been
placed under Voluntary Liquidation pursuant to The Companies Law
(As Amended) following resolution by the Sole Shareholder of the
Company dated August 20, 2009.

Walkers Corporate Services Limited has been appointed as
Liquidator to wind up the Company's affairs.

Creditors of the Company are required by October 14, 2009, to send
in their names and addresses and the particulars of their debts
and claims and the names and addresses of their attorneys-at-law
(if any) to:

     Anthony Johnson
     Tel: (345) 914-6314
     Walker House, 87 Mary Street
     George Town, Grand Cayman KY1-9002
     Cayman Islands


PICO FUND: In Voluntary Liquidation Proceedings
-----------------------------------------------
PICO Fund has been placed under Voluntary Liquidation pursuant to
The Companies Law (Revised).

Wilton McDonald at Higgs Johnson Truman Bodden & Co., has been
appointed as liquidator to wind up the Company's affairs.

Contact for inquiries:

     Wilton McDonald
     Tel: (345) 914-4620
     Fax: (345) 815-0570
     c/o H&J Trulaw Corporate Services Ltd.
     5th Floor, Anderson Square Building
     Shedden Road, Grand Cayman KY1-1103
     Cayman Islands


PILGRIM LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Pilgrim Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


PRAESIDEO FUND: In Liquidation; Proofs of Claim Due Oct. 14
-----------------------------------------------------------
Praesideo Fund Services Ltd. has been placed under Voluntary
Liquidation pursuant to The Companies Law (As Amended) following
resolution by the Shareholders of the Company dated August 17,
2009.

Avalon Management Limited has been appointed as liquidator.

Creditors of the Company are required by October 14, 2009, to send
in their names and addresses and the particulars of their debts
and claims and the names and addresses of their attorneys-at-law
(if any) to:

     Avalon Management Limited
     Reference: GL
     Tel: (+1) 345 769-4422
     Fax: (+1) 345 769-9351
     Landmark Square, 1st Floor, 64 Earth Close
     West Bay Beach, PO Box 715, George Town
     Grand Cayman KY1-1107, Cayman Islands


PRIVILEGES INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------------
The members of Privileges Investments Limited held their final
meeting on October 7, 2009, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


RIGHT ONE: Members Receive Wind-Up Report
-----------------------------------------
The members of Right One Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


SAAD INVESTMENTS: In Liquidation; Creditors' Meet on Oct. 22
------------------------------------------------------------
Grant Thornton Specialist Services (Cayman) informs that a meeting
of creditors of Saad Investments Company Limited will be held on
[October] 22, 2009, at the Western Casuarina Resort, West Bay
Road, Grand Cayman, Cayman Islands at 8:00 a.m. Cayman time.  An
alternative venue is available at the offices of Linklaters LLP, 3
Bunhill Row, London ECIY 8Y2 at 2 p.m. London time where one of
the Joint Official Liquidators will also be in attendance.

Those creditors wishing to attend the meeting by these means are
requested to advise the liquidators in writing of their intention
to do so by October 19, 2009.

   Dial In Number: +1-345-747-0000
   Conference access code: 747-9710
   Passcode (if prompted): 9710

In order to attend and vote at the meeting, creditors are required
to submit to the liquidators, in advance of the meeting, a proof
of debt.

The liquidators may be reached at

      Hugh Dickson
      Joint Official Liquidator
      Saad Investments Company Limited
      C/o Grant Thomson Specialist Services (Cayman) Ltd.
      Telephone: +44(0) 1189 839 614
      E-mail: SICLcreditorsmeeting@gluk.com
      Address: 30 Finsbury Square London EC2P 2YU, England


SCONSET LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Sconset Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


SILVERTHORNE INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Silverthorne Investments Limited held their final
meeting on October 7, 2009, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


SOLAR SPORT: Members Receive Wind-Up Report
-------------------------------------------
The members of Solar Sport Investment Limited held their final
meeting on October 7, 2009, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


TAMARILLO LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Tamarillo Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


WINDFEST LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Windfest Limited held their final meeting on
October 7, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town, Grand Cayman


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


BHP BILLITON: Escondida Workers Receptive to Pay Raise
------------------------------------------------------
BHP Billiton Limited workers at its Escondida copper mine in Chile
are receptive to a wage increase offer, averting a potential
strike in December when their contracts expire, Matt Craze at
Bloomberg News reports, citing union spokesman Zeiso Mercado.

More than half of the workers at Escondida voted on the offer in
the past two days, Mr. Mercado told the news agency in a phone
interview.  The union will inform management of a decision on
Oct. 13, Mr. Mercado added.

According to the report, citing Macquarie Bank, a deal at
Escondida will set the tone for other workers contracts to be
negotiated by the end of the year, affecting mines that supply 18%
of the world’s copper.   The report, citing  Santiago newspaper La
Tercera, relates that Escondida workers were offered a one-time
bonus of 14 million pesos ($25,250).

Melbourne-based BHP is the 57.5% controlling shareholder of Minera
Escondida SA.

Meanwhile, workers at BHP’s Spence copper mine, also in northern
Chile, are voting on a wage proposal, and may go on strike on
Oct. 13 if no agreement is met, the report notes, citing union
spokesman Francisco Aravena.

                        About BHP Billiton

Australia-based BHP Billiton Limited (NYSE:BHP) --
http://www.bhpbilliton.com/-- is a diversified natural resources
company.  The company has businesses producing alumina and
aluminum, copper, energy (thermal) coal, iron ore, nickel,
manganese, metallurgical coal, oil and gas and uranium, as well as
gold, zinc, lead, silver and diamonds. The company operates in
nine customer sector groups (CSGs): petroleum, aluminum, base
metals, diamonds and specialty products, stainless steel
materials, iron ore; manganese, metallurgical coal, and energy
coal.  In July 2008, the company completed the acquisition of
Anglo Potash Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 24, 2009, Bloomberg News said that BHP Billiton Limited
will reduce the number of staff at its Melbourne headquarters by
about 40% as it moves some roles nearer to mining operations.
According to the report, spokeswoman Samantha Evans said BHP wants
to reduce staff at head office to 350 by the end of June, down
from 600 at the close of 2007.


EMPRESA ELECTRICA: GDF Suez Signs US$3 Billion Contract in Chile
----------------------------------------------------------------
French utility GDF Suez SA has won a bid worth US$3 billion to
supply 2,000 gigawatt hours a year of power to subsidiaries of the
Chilean electricity company Empresas Emel SA, Adam Mitchell at Dow
Jones Newswires reports.  The report relates that the contract
will run from 2012 to 2026.

According to the report,  GDF Suez said that the energy will be
derived mainly from liquefied natural gas, which will be
regassified at the Mejillones terminal, in which the company has a
50% stake.

The contract, Dow Jones Neswires notes, was signed by Empresa
Electrica Del Norte Grande S.A..  GDF Suez has a 27% stake in
Edelnor.

                           About Edelnor

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                           *     *     *

As of June 18, 2009, the company continues to carry Moody's Ba3
rating.  The company also continues to carry Standard and Poor's
LT Issuer Credit ratings at BB-.


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


ECOPETROL SA: Appoints Hector Manosalva Rojas as VP of Production
-----------------------------------------------------------------
As part of its corporate strategy, and in an effort to consolidate
the team of people it needs to reach the goals it has established
by 2015, Ecopetrol has appointed a new Vice President of
Production and a new Vice President of Transportation.

Hector Manosalva Rojas, a Petroleum Engineer, has been appointed
as Vice President of Production.  Mr. Rojas is a graduate of the
Fundacion Universidad de America, has a specialization in Finance
from the Universidad Eafit, and studied Executive Management at
the Universidad de los Andes.  Mr. Rojas joined Ecopetrol in 1986
and has held a number of positions over the course of his career
at Ecopetrol, including Head of the Division of Planning,
Production Manager in Putumayo, Director of Corporate Social
Responsibility, Advisor to the Office of the President of the
Republic for the Protection of the Energy Infrastructure, and
finally Production Manager of the Central Region for the Office of
the Vice President of Production, a position he has held until
this new appointment.

Alvaro Castaneda Caro, a Matallurgical Engineer, has been
appointed as Vice President of Transportation.  Mr. Caro is a
graduate of the Universidad Libre de Colombia and has been working
with the Office of the Vice President of Transportation for the
past 20 years.  Mr. Caro has a specialization in International
Management of Oil and Gas and a Master's in Administration from
the Universidad Autonoma de Bucaramanga and the Instituto
Tecnologico de Monterrey.  Mr. Caro has held a number of positions
over the course of his career at Ecopetrol, such as Maintenance
Engineer, Plant Coordinator, Head of the Operations Department and
Chief of the Centralized Operations Department, and finally
Manager of the Multiple Purpose Pipelines, a position he is
leaving in order to fulfill his new appointment as the Vice
President of Transportation.

                       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+'.


INTERCONEXION ELECTRICA: To Sell Debt, Seek Partners for Highway
----------------------------------------------------------------
Interconexion Electrica SA will create a company that may sell
bonds and seek partners to help finance a COP5.6 trillion (US$3
billion) highway project through the Andes mountains, Andrea
Jaramillo at Bloomberg News reports, citing Chief Executive
Officer Luis Fernando Alarcon.  “We need to provide capital for
that new company we’re creating which is why we’re hoping to have
other partners for that company such as pension funds,” Mr.
Alarcon told Bloomberg News in a telephone interview.  “The
company will take on debt, which could include issuing bonds and
bank loans,” Mr. Alarcon added.

According to the report, ISA won the largest portion of a
government project worth COP10 trillion for the construction of
three highways in central and northern Colombia.  The report
relates that ISA will expand and operate 900 kilometers (559
miles) of highway running out of Antioquia province.

Bloomberg News notes that ISA is also considering power
transmission projects in Brazil, Peru and Guatemala.

Mr. Alarcon, the report relates, said that ISA will likely sign
the concession contract, which includes a COP2 trillion investment
by the government and COP3.6 trillion investment by the company,
in a month.  After the signing, the company will take the company
about a year to design the project before construction starts, Mr.
Alarcon added.

Bloomberg News adds that construction will take 15 years and the
concession will last between 30 and 40 years, depending on the
project’s rate of return.

                  About Interconexion Electrica

Interconexion Electrica SA is Colombia's state-run transmission
firm.

                           *     *     *

As of October 12, 2009, the company continues to carry Standard
and Poor's BB+ LT Issuer Credit ratings.


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


* DOMINICAN REPUBLIC: Taps Barclays & Citigroup for Bond Sale
-------------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that the
Dominican Republic hired Barclays Plc and Citigroup Inc. to
arrange the country’s international dollar bond sale.  The report
relates Roberto Cabanas, head of general financing at the Public
Credit Office, said that the government may sell as much as US$600
million of bonds.

According to the report, the Dominican Republic is seeking to tap
overseas debt markets after the International Monetary Fund said
it reached an agreement with the country in principle on a US$1.7
billion loan.  The report relates that the country’s benchmark
yields have tumbled this year as the government negotiated with
the Washington-based lender and the global economic recover fueled
demand for higher- yielding assets.

The Dominican Republic’s yields relative to U.S. Treasuries
“collapsed when they went to the IMF at the end of August,” the
report quoted Boris Segura, a Latin American analyst at RBS
Securities Inc. in Stamford, Connecticut, as saying.

Bloomberg News, citing JPMorgan Chase & Co., notes that the extra
yield investors demand to own Dominican Republic dollar bonds
instead of Treasuries has narrowed to 4.45 percentage points from
8.33 points at the beginning of August and 16.05 points on
December 31.

Mr. Cabanas, the report notes, said that the Dominican Republic
needs to get Congressional approval before it can issue the bonds.

Bloomberg News, citing RBS’s Segura, adds that the country may
sell the notes as soon as November.

                           *     *     *

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


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


CASH PLUS: Former Boss Slapped With 15 Additional Charges
---------------------------------------------------------
Cash Plus Limited's former boss Carlos Hill was arrested and
charged with 15 more counts of fraud and conspiracy at the
Corporate Area Resident Magistrate's Court on October 9, Jamaica
Observer reports.

According to Jamaica Gleaner, the new charges against Mr. Hill
came three days after liquidator Hugh Wildman said that his team
had discovered US$25 million that Hill and his brother, Bertram
Hill, had allegedly lodged in a Swiss bank in Dubai in the United
Arab Emirates.  The Gleaner relates that Mr. Hill was taken into
custody and arrested and charged by Superintendent Fitz Bailey,
head of the Organised Crime Investigation Division, shortly after
he showed up in Court to answer to three counts of fraud and
conspiracy.

The Observer notes that the cases was laid against him, his
brother Bertram Hill, and Peter Wilson, Hill's former chief
accountant.  However, the Observer relates that Mr. Hill's
JM$10-million bail bond was reinstated and he along with his
brother and Wilson will next appear in court on January 10 next
year.

The Jamaica Gleaner says that the court was told that Mr. Hill was
facing additional charges.  The Gleaner relates that Deputy
Director of Public Prosecutions Diahann Gordon-Harrison said that
Mr. Hill was charged under Section 28 of the Larceny Act and a
preliminary inquiry would be held.  If a case is made out against
Mr. Hill, he will face trial in the Home Circuit Court, Ms.
Gordon-Harrison added.

Ms. Gordon-Harrison, the Gleaner relates, said that they were
making slow progress in completing the file due to the tedious
nature of the case.  There were 500,000 pieces of electronic data
and they had to determine what was relevant to the case, Ms.
Gordon-Harrison added.

The Observer recalls that the Hill brothers and Mr. Wilson were
charged with fraud in connection with JM$4 billion of investors'
money which went missing.  In June, the report relates, the
embattled Mr. Hill was forced to vacate a three-storey mansion he
occupied in the upper St Andrew community of East Armour Heights;
and was given a two-week timeline by order of the Supreme Court to
vacate the property which, along with two townhouses, an apartment
at Waterworks Mews and a property in Kencot -- all in St Andrew --
and a property on Old Harbour Road, St Catherine, were ordered
sold by the court.

                          About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


GOODYEAR JAMAICA: Parent to Gain Compensation From Firm
-------------------------------------------------------
Goodyear Jamaica Ltd’s liquidator, Deloitte Touche Tohmatsu in
Jamaica, is to offer “interim distribution” compensation of
US$3.75 per share to existing shareholders “by the end of October
or early November,” Tyrepress.com reports.

According to the report, its parent firm, Goodyear Tire & Rubber
Company, will reportedly receive over JM$131 million (US$1.48
million) of the first payout.  The report relates that the
liquidation process is expected to be completed by 2010.

Goodyear Jamaica Limited -- http://www.goodyear.com.jm/-- is
engaged in the importation and distribution of tires, tubes and
related rubber products, all of which are imported from related
parties.  Its product portfolio includes tires for automobiles,
light trucks, commercial trucks and farm vehicles.  In addition to
Goodyear tires, the Company produces tires under the Kelly brand
name.  The Company's operations are focused in two geographic
segments: Jamaica and the Caribbean, and Central and South
America.  The Company is a 60% subsidiary of the Goodyear Tire &
Rubber Company, in Akron, Ohio, United States.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2008, Radio Jamaica said that the Jamaica Stock Exchange
(JSE) has suspended trading of Goodyear Jamaica's shares following
a company extraordinary general meeting where members voted
unanimously to voluntarily wind up the company and appoint
liquidators.  The report related the liquidators applied to the
JSE for suspension of trading in the shares, which was approved by
JSE Chairman Curtis Martin under the JSE's Rule 411.


NATIONAL COMMERCIAL BANK: To Close 5 Branches; Redeploy Employees
-----------------------------------------------------------------
Avia Collinder at Jamaica Gleaner reports that National Commercial
Bank of Jamaica Limited will close five of nine agencies or sub-
branches -- four in rural Jamaica and one in Kingston --
consolidating the operations into their larger full-service
branches in nearby towns.  The report relates that the bank said
that no one will be out of work as a result.

According to the report, as part of the company's move:

   -- the Buff Bay agency will merge with the Annotto
      Bay branch;
   -- Lionel Town with May Pen in Clarendon;
   -- Grange Hill with Savanna-la-Mar in Westmoreland;
   -- Spanish Town Road with Hagley Park Road in Kingston; and
   -- Yallahs with the Morant Bay operation in St Thomas.

The report notes that the October 16 closures will cut the banking
network to 42 branches and four agencies.  The report relates that
much of the savings will be in overheads, given that staff are to
be redeployed.

The bank, the report points out, said that all staff displaced are
likely to be absorbed in the larger branches to which business
will be moved.  "We expect that service delivery at the parent
branches will need, at the very least, to be maintained, if not
improved, so additional resources may be required as a result of
the mergers," the report quoted Mr. Cohen as saying.  "We are,
therefore, retaining the agency employees with a view to
determining what level of impact on service delivery, if any, may
result in the parent branches," Mr. Cohen added.

                         About NCB Jamaica

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

                           *     *     *

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

Fitch said the ratings have a stable rating outlook.


PALACE AMUSEMENT: Suffers JM$5.2 Million Loss in Year-Ended June
----------------------------------------------------------------
Palace Amusement Limited has ended its 2009 financial year on a
disappointing note, RadioJamaica reports.

According to the report, the company suffered a JM$5.2 million
loss for the 12 months ended June 30.  The report relates that
during the corresponding period last year it reported a JM$21
million profit.

RadioJamaica notes that although revenues increased by JM$33
million to JM$512 million during the year an increase in expenses
made it difficult for Palace Amusement to remain profitable.

Direct expenses amounted to JM$465 million up from JM$405 million
last year, the report adds.

The Palace Amusement Company (1921) Limited --
http://www.palaceamusement.com/ -- is a Jamaica-based company
that is a cinema operator.  The Company is a 62%-owned subsidiary
of Russgram Investments Limited.  Films are rented from United
International Pictures, which represents Universal Pictures,
Paramount Pictures, Dreamworks and Disney; Independent Film
Distributors of Trinidad, and Russgram Investments Limited, which
represents Warner Bros, 20th Century Fox in the United States, as
well as Goldmine Productions and D.S. Pictures, both of Trinidad.


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


HIPOTECARIA SU: Moody's Downgrades Ratings on Class A to 'B1'
-------------------------------------------------------------
Moody's Investors Service has downgraded the global scale rating
of the Class A Insured Residential Mortgage Backed Floating Rate
Notes due 2035 issued by Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.'s to B1 from Ba1
(Global Scale, Foreign Currency); the rating remains on review for
further possible downgrade.  The underlying mortgage pool consists
of first-lien, fixed-rate loans denominated in UDIS and granted
primarily to low-income borrowers ("interés social") in Mexico.

The downgrade was based on the continuing deterioration of the
collateral's performance and Moody's resulting updated lifetime
loss expectations.  The notes also remain on review for possible
downgrade as a result of continuing concerns about the accuracy
and consistency of the reported delinquency percentages in Su
Casita's monthly servicing reports.

               Rationale For Review For Downgrade

As of October 9, all of Su Casita's Moody's-rated RMBS
certificates are on review for possible downgrade.  Please also
refer to the rating action press release titled "Moody's takes
rating actions on Su Casita Mexican mortgage-backed
securitizations".

In May 2009, Moody's had placed the global and national scale
ratings of certain certificates from six Su Casita mortgage-backed
transactions on review for possible downgrade as a result of
concerns about the sudden deterioration in loan performance in
February 2009 in both the 90+ day delinquency bucket and in the
"current" bucket.

More specifically, Moody's observed a considerable deterioration
in the reported percentage of the pools that were "current", or 0
months past due, between January and February 2009.  The
percentage of "current" loans, which prior to February 2009
typically had been greater than 75% or 80% in any given month,
dropped sharply in February for all Su Casita transactions, to as
low as 48% of the pool in one case and below 60% in most other
cases.  In the case of the Class A Insured Residential Mortgage
Backed Floating Rate Notes due 2035 transaction, the reported
"current" percent was greater than 80% in most months prior to
February 2009, but it has ranged between 49% and 65% since
February.  The percentage of current loans across all Su Casita
RMBS has not reverted to the pre-February 2009 levels.  In
addition, between January and February 2009 a larger than expected
percentage of loans migrated into more serious delinquency
buckets.  This level of pool deterioration has not occurred in
other Mexican RMBS transactions rated by Moody's.

During the ongoing review period, Moody's will continue to work
with the servicer to understand the drivers of this sudden and
sharp deterioration in the "current" bucket across all Su Casita
transactions, including the Class A Insured Residential Mortgage
Backed Floating Rate Notes due 2035 transaction.  This trend
raises general concerns about the accuracy of the servicer's
delinquency reporting, the consistency of the method used to
determine delinquency status, and the specter of increased losses
if the large pipeline of delinquent loans ultimately defaults.
Moody's has also raised questions about certain data anomalies,
particularly the fact that despite the significant up-tick in
delinquencies, the reported interest collections across pools have
not declined.

                    Rationale For Downgrade

The rating downgrade is primarily based on the weak historical
performance of the mortgage portfolio backing the affected
transaction and Moody's updated projection of lifetime cumulative
gross defaults and expected losses on the pool.  The underlying
pool for the affected transaction has displayed a sharp ramp-up of
delinquencies greater than 90 days that is beyond Moody's initial
expectations after adjusting for the transactions' seasoning.

The recent month-to-month deterioration in performance has been
considerable.  As of February 2009, 90+ day delinquencies have
increased significantly and at a more rapid rate than in prior
periods.  As a result, Moody's increased its default projections
on the pool.  Moody's determines the projected default rates by
linearly extrapolating the historical trends in the pool's default
rate over the most recent nine months.  Moody's notes that
realized losses to date represent less than 0.5% of the original
pool balance given the relatively low number of reported REO sales
to date.

As of September 1, 2009, delinquencies greater than 90 days,
including real estate owned, as a percentage of the original pool
balance, were 12.9% versus 7.1% as of six months ago.  The
transaction has a seasoning of 30 months and a pool factor of 80%.
Moody's expects significantly higher lifetime cumulative gross
defaults as a percentage of the original pool as compared to the
level of gross defaults observed to date.  This is based on the
weak performance trends to date, the relatively short period of
time since the transaction's closing date, and the relatively high
pool factor of 80%.  After estimating projected lifetime gross
default rates as a percentage of the current pool balance, Moody's
determines the expected net losses by applying a severity of loss
assumption on the projected defaulted loan balance.

For this transaction, Moody's estimates lifetime cumulative gross
defaults of approximately 34% and an average severity of loss of
68%, which results in an updated expected loss projection of 23%
as a percentage of the original pool balance.  This translates
into an expected loss projection of approximately 29% of the
outstanding pool balance (or 23% divided by the pool factor of
80%).  The expected loss projection of 29% of the outstanding pool
compares with approximately 31% of estimated remaining lifetime
credit enhancement for the Class A notes.

                       Rating Action

The complete rating action is:

* Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
  Sociedad Financiera de Objeto Multiple E.N.R.

Issuer: The Bank of New York Mellon, S.A. Institucion de Banca
Multiple, acting solely as trustee.

  -- Class A Insured Residential Mortgage Backed Floating Rate
     Notes due 2035, rating downgraded to B1 from Ba1 (Global
     Scale, Foreign Currency); on review for further possible
     downgrade.  The last rating action occurred on May 14, 2009,
     when the previous Ba1 rating was downgraded from Baa3 and the
     Ba1 rating was maintained on review.


HIPOTECARIA SU: Moody's Reviews Ratings on Seven Certificates
-------------------------------------------------------------
Moody's de México has placed on review for possible downgrade the
Baa1 global local currency ratings and Aaa.mx national scale
ratings of seven certificates from seven residential mortgage-
backed securitizations issued by Hipotecaria Su Casita, S.A. de
C.V. Sociedad Financiera de Objeto Multiple E.N.R.: BRHSCCB 03U,
BRHSCCB 05U, BRHSCCB 06, BRHSCCB 06-2, BRHSCCB 07, BRHCCB 07U, and
BRHCCB 08U.  These rating actions were prompted by continuing
concerns about the accuracy and consistency of the reported
delinquency percentages in Su Casita's monthly servicing reports.

Moody's has also downgraded three certificates from two Su Casita
RMBS securitizations.  BRHSCCB 06-3U was downgraded to Baa3 from
Baa1 (Global Scale, Local Currency) and to Aa2.mx from Aaa.mx
(National Scale); BRHSCCB 06-4U was downgraded to B3 from Ba2
(Global Scale, Local Currency) and to B1.mx from A2.mx (National
Scale); and BRHCCB 07-2U was downgraded to B3 from Ba3 (Global
Scale, Local Currency) and to Ba3.mx from Baa1.mx (National Scale
Rating).  All ratings remain on review for downgrade.  The
downgrades were based on the continuing deterioration of the
collateral's performance and Moody's resulting updated lifetime
loss expectations.  These three certificates also remain on review
for possible downgrade because of the concerns noted above
regarding the accuracy and consistency of the reported
delinquencies.

The mortgage pools consist of first-lien, fixed-rate loans
denominated in UDIS and granted primarily to low-income borrowers
("interés social").

For additional details related to the rating actions, please refer
to Moody's special comment titled "Performance Update: Hipotecaria
Su Casita's Mexican RMBS", published on October 8, 2009.

              Rationale For Reviews For Downgrade

With the rating actions, all of Su Casita's Moody's-rated RMBS
certificates are on review for possible downgrade.  In May 2009,
Moody's had placed the global and national scale ratings of
certain certificates from six Su Casita's mortgage-backed
transactions on review for possible downgrade as a result of
concerns about the sudden deterioration in loan performance in
February 2009 in both the 90+ day delinquency bucket and in the
"current" bucket.

More specifically, Moody's observed a considerable deterioration
in the reported percentage of the pools that were "current", or 0
months past due, between January and February 2009.  The
percentage of "current" loans, which prior to February 2009
typically had been greater than 75% or 80% in any given month,
dropped sharply in February for all Su Casita transactions, to as
low as 48% of the pool in one case and below 60% in most other
cases.  The percentage of current loans has not reverted to the
pre-February 2009 levels.  In addition, between January and
February 2009 a larger than expected percentage of loans migrated
into more serious delinquency buckets.  This level of pool
deterioration has not occurred in other Mexican RMBS transactions
rated by Moody's.

During the ongoing review period, Moody's will continue to work
with the servicer to understand the drivers of this sudden and
sharp deterioration in the "current" bucket across all Su Casita
transactions.  This trend raises general concerns about the
accuracy of the servicer's delinquency reporting, the consistency
of the method used to determine delinquency status, and the
specter of increased losses if the large pipeline of delinquent
loans ultimately defaults.  Moody's has also raised questions
about certain data anomalies, particularly the fact that despite
the significant up-tick in delinquencies, the reported interest
collections across pools have not declined.

                    Rationale For Downgrades

The downgrade rating actions are primarily based on the weak
historical performance of the mortgage portfolios backing the
transactions and Moody's updated projected lifetime cumulative
gross defaults and expected losses on the pools.  The underlying
pools for each of the two downgraded transactions have displayed a
sharp ramp-up in 90+ day delinquencies that is beyond Moody's
initial expectations after adjusting for the transactions'
seasoning.

The recent month-to-month performance deterioration has been
considerable, in particular for BRHCCB 07-2U, which had 90+ day
delinquencies (including REOs) almost double over a 6-month
period.  As of February 2009, 90+ day delinquencies increased
significantly in both deals and at a more rapid rate than in prior
periods.  As a result, Moody's increased its default projections
on both pools.  Moody's determines the projected default rates by
linearly extrapolating the historical trends in the pools' default
rate over the most recent nine months.  Moody's notes that
realized losses to date represent less than 0.5% of the original
pool balance in both cases given the relatively low number of
reported REO sales to date.

For these transactions, Moody's expects significantly higher
lifetime cumulative gross defaults as a percentage of the original
pool as compared to the level of gross defaults observed to date.
This is based on the weak performance trends to date, the
relatively short period of time since the transactions' closing
dates, and the relatively high pool factors for each of the
transactions (90% for BRHCCB 07-2U and 69% for BRHSCCB 06-3U/06-
4U).  After estimating projected lifetime gross default rates as a
percentage of the current pool balance, Moody's determines the
expected net losses by applying a severity of loss assumption on
the projected defaulted loan balance.

                  Brhsccb 06-3u And Brhsccb 06-4u

As of September 1, 2009, delinquencies greater than 90 days,
including real estate owned (REO), as a percentage of the original
pool balance for the BRHSCCB 06-3U/06-4U transaction, were 14.7%
versus 11.0% as of six months ago.  The transaction has a
seasoning of 38 months and a pool factor of 69%.

Moody's estimates lifetime cumulative gross defaults of
approximately 31% and an average severity of loss of 56%, which
results in an updated expected loss projection of 17% as a
percentage of the original pool balance.  This translates into an
expected loss projection of approximately 25% of the outstanding
pool balance (or 17% divided by the pool factor of 69%).  The
expected loss projection of 25% of the outstanding pool compares
with approximately 32% of estimated remaining lifetime credit
enhancement for the Class A BRHSCCB 06-3U certificate and with
approximately 22% of estimated remaining lifetime credit
enhancement for the Class B BRHSCCB 06-4U certificate.

                          Brhccb 07-2u

As of September 1, 2009, 90+ day delinquencies, including real
estate owned, as a percentage of the original pool balance, were
18.4% versus 9.5% as of six months ago.  The transaction has a
seasoning of 23 months and a pool factor of 90%.

Moody's estimates lifetime cumulative gross defaults of
approximately 51% and an average severity of loss of 67%,
resulting in an updated expected loss projection of 34% as a
percentage of the original pool balance.  This translates into an
expected loss projection of approximately 38% as a percentage of
the outstanding pool balance (or 34% divided by the pool factor of
90%).  The expected loss projection of 38% of the outstanding pool
compares with approximately 33% of estimated remaining lifetime
credit enhancement for the Class A-2 BRHCCB 07-2U certificate.

Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.
Issuer: The Bank of New York Mellon, S.A. Institucion de Banca
Multiple, acting solely as trustee.

  -- Class A BRHSCGCB 03U: ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) placed on review for
     possible downgrade.  The last rating action occurred on
     December 10, 2003, when the Baa1 and Aaa.mx ratings were
     originally assigned.

  -- Class A BRHSCCB 05U: ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) placed on review for
     possible downgrade.  The last rating action occurred on
     October 27, 2005, when the Baa1 and Aaa.mx ratings were
     originally assigned.

  -- Class A BRHSCCB 06, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) placed on review for
     possible downgrade.  The last rating action occurred on
     April 24, 2006, when the Baa1 and Aaa.mx ratings were
     originally assigned.

  -- Class A BRHSCCB 06-2, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) placed on review for
     possible downgrade.  The last rating action occurred on
     November 30, 2006, when the Baa1 and Aaa.mx ratings were
     originally assigned.

  -- Class A BRHSCCB 06-3U: ratings downgraded to Baa3 from Baa1
     (Global Scale, Local Currency) and to Aa2.mx from Aaa.mx
     (National Scale); ratings remain on review for possible
     downgrade.  The last rating action occurred on May 6, 2009,
     when the previous Baa1 and Aaa.mx ratings were placed on
     review for possible downgrade.

  -- Class B BRHSCCB 06-4U: ratings downgraded to B3 from Ba2
     (Global Scale, Local Currency) and to B1.mx from A2.mx
     (National Scale); ratings remain on review for possible
     downgrade.  The last rating action occurred on May 6, 2009,
     when the previous Ba2 and A2.mx ratings were placed on review
     for possible downgrade.

  -- Class A BRHSCCB 07, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) placed on review for
     possible downgrade.  The last rating action occurred on
     February 1, 2007, when the Baa1 and Aaa.mx ratings were
     originally assigned.

  -- Class A BRHCCB 07U: ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) placed on review for
     possible downgrade.  The last rating action occurred on
     March 12, 2009, when the previous Baa1 and Aaa.mx ratings
     were upgraded from B3 and B1.mx.

  -- Class A-2 BRHCCB 07-2U: ratings downgraded to B3 from Ba3
     (Global Scale, Local Currency) and to Ba3.mx from Baa1.mx
     (National Scale Rating); ratings remain on review for
     possible downgrade.  The last rating action occurred on
     May 14, 2009, when the previous Ba3 and Baa1.mx ratings were
     downgraded from Ba1 and A1.mx.

Issuer: HSBC México, S.A. Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

  -- Class A-1 BRHCCB 08U: ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) placed on review for
     possible downgrade.  The last rating action occurred on
     April 21, 2008, when the Baa1 and Aaa.mx ratings were
     originally assigned.


INTERACCIONES CASA: Moody's Assigns 'Ba1' Global Issuer Ratings
---------------------------------------------------------------
Moody's Investors Service assigned its long and short-term Ba1/Not
Prime global local currency issuer ratings to Interacciones Casa
de Bolsa, S.A. de C.V. Grupo Financiero Interacciones.  On its
Mexican National Scale, Moody's de Mexico assigned an A1.mx long
term and MX-2 short-term issuer ratings.  All these ratings have
stable outlooks.

The ratings on CB Interacciones reflect the broker's good
franchise and important brand name in Mexico's securities industry
-- particularly in the local capital markets -- which have been
developed over two decades.  The ratings also reflect CB
Interacciones' ability to generate recurring, yet modest, pre-tax
earnings from its low-risk agency business focus.  The company is
effectively run under conservative guidelines, which is also
positively captured by the ratings.

At the same time, the ratings assigned to CB Interacciones reflect
the company's small absolute size and limited market share of
around 1% of the industry's assets under management, as well as
the challenges posted by a highly competitive industry and the
relatively smaller array of products and services offered compared
to more diversified global players.

In Moody's view, CB Interacciones has a sustainable stand-alone
franchise, which is indicated by its Ba2 baseline credit
assessment.

Moody's also cites the important links with Banco Interacciones as
a positive rating factor as both subsidiaries of Grupo Financiero
Interacciones share common infrastructure, brand, staff and risk
management practices.  The important connections between the bank
and the brokerage house result in a global local currency issuer
rating of Ba1, which is in line with Banco Interacciones' global
local currency senior debt rating.

The long-term Mexican National Scale rating of A1.mx indicates
issuers or issues with above average creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-2 indicates that the issuer has an above average
ability to repay short-term senior unsecured debt obligations
relative to other domestic issuers.

CB Interacciones is headquartered in Mexico City.  As of June
2009, CB Interacciones had around Mx$702 million in equity.

These issuer ratings were assigned to Interacciones Casa de Bolsa,
S.A. de C.V.:

  -- Global local currency, long term: Ba1, stable outlook
  -- Global local currency, short term: Not-Prime
  -- Mexican National Scale, long term: A1.mx, stable outlook
  -- Mexican National Scale, short term: MX-2


GRUPO TMM: To Issue 3Q Results, Hold Conference Call on Oct. 28
---------------------------------------------------------------
Grupo TMM, S.A.B.  will publish its third-quarter 2009 financial
results on Wednesday, October 28, after the close of trading on
the New York Stock Exchange.

TMM's management will host a conference call and Webcast to review
financial and operational highlights on Thursday, October 29 at
11:30 a.m. Eastern time.

To participate in the conference call, please dial (888) 554-1432
(domestic) or (719) 325-2172 (international) at least five minutes
prior to the start of the event.  Accompanying visuals and a
simultaneous Webcast of the meeting will be available at
http://www.visualwebcaster.com/event.asp?id=62685.

A replay of the conference call will be available through November
12 at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719)
457-0820, and entering passcode 7939427.  On the Internet a replay
will be available for 30 days at
http://www.visualwebcaster.com/event.asp?id=62685

                         About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2009, Grant Thornton, S.C., in Mexico City raised
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial report for
the years ended December 31, 2006, 2007, and 2008.  The auditors
pointed to the Company's sustained substantial losses from
continuing operations during the past five years.  The auditors
add that substantial doubt exists as to its continuation as a
going concern.  Continuation is dependent upon the success of
future operations and obtaining additional financing, the auditor
said.


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


CL FINANCIAL: Faces US$188 Million Margin Call
----------------------------------------------
CL Financial Limited has been given by Port of Spain-based RBTT
Trust Limited two weeks to replenish an account which has fallen
short of a 150% margin that the company is required to maintain as
backing for bonds floated last year, Jamaica Gleaner reports.  The
report relates that the margin account relates to US$240 million
of notes issued by CL Financial.

According to the report, CL Spirits was the vehicle chiefly used
by CL Financial to acquire Jamaican spirits conglomerate Lascelles
deMercado and Company, as well as raise debt to help finance the
US$9.25 per share deal that closed in July 2008.

The report notes that RBTT has given CL Financial two options:

   * pay cash of US$188.26 million; or
   * offer up, as collateral, additional shares of similar
     value in one of two companies owned by CL Financial -- the
     highly profitable Lascelles deMercado.

The financial group, the report says, was given 10 business days
to comply from the date of the September 28 notice, but RBTT Trust
did not spell out the consequences of missing the deadline.

The Gleaner notes that the trust company said that CL Financial
was already two weeks in breach, noting that at September 11, the
margin on the account was 72.77%, while a week later, it dropped
minimally to 71.56%.  "Based on the security margin as at Friday,
September 18, 2009, we now advise that in order to maintain the
prescribed minimum margin of 150 per cent, we require you to
deposit further security to the value of USD188,264,140.28,"  RBTT
senior financial analyst S. Tewari advised Michael Carballo, chief
financial officer of CL Financial Limited, in a letter.

RBTT's letter, the report relates, said instructed that CL
Financial could wire additional cash to the Cash Collateral
Account at RBTT Bank Jamaica in Kingston or provide additional
shares in Lascelles or Republic Bank.

The report points out that if CL Financial were to put up its
Lascelles holdings as collateral, it would require posting more
than 59.84 million ordinary shares, which would be the equivalent
of the US$188.26 million (JM$16.75 billion) at the conglomerate
stock's current trading price of JM$280 per share.  Or it would
take more than 13.5 million Republic shares at the current trading
price of TT$85.98, the report relates.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Tobago
President George Maxwell Richards signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.


==========================
V I R G I N  I S L A N D S
==========================


JIMAE MEDICAL: Baker Tilly Named Liquidator; Meeting on Oct. 14
---------------------------------------------------------------
John J. Greenwood and Bruno Arboit of Baker Tilly (BVI) Limited
have been appointed as joint liquidators of Jimaei Medical Group
Ltd, by the Eastern Caribbean Supreme Court in the High Court of
Justice (Civil) of the British Virgin Islands.

Pursuant to Section 179(I) of the Insolvency Act, 2003, a meeting
of the creditors of the Company will be held on October 14,
commencing at 8:00 p.m. at:

   Baker Tilly
   P.O. Box 650
   Tropic Isle Building, 2nd Floor
   Nibbs Street
   Road Town, Tortola VG 1110
   British Virgin Islands.

Creditors may also join the meeting via telephone.

Creditors should lodge particulars of their claims for voting
purposes by October 13 an copies of the claims may be submitted
to:

   Via e-mail: hchilton@bakertilly.bvi.com
   Via fax: + 1 284 494 6565

    -- or --

   To Mavis Tan

   Via e-mail: mavistan@bakertillyhk.com
   Via fax: +852 2810 1417

The resolution to be tabled at the meeting may include an
appointment of a liquidation committee.


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


* LATAM: S&P Raises Ratings on Two Emerging Market Synthetic SFs
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
emerging market synthetic structured financing securitizations and
removed the ratings from CreditWatch with positive implications,
where they were placed Aug. 28, 2009.

The rating actions follow the Oct. 8, 2009, raising of S&P's long-
term corporate credit rating on Cemex S.A.B. de C.V. to 'B' from
'B-' and its removal of that rating from CreditWatch positive.

Emblem Finance Co. No. 2 Ltd.'s series 3 notes and UDICX Bonos'
series 2008-1 certificates are synthetic structured financings
with a first-to-default structure that is credit-linked to Cemex.
The series 3 notes are collateralized by Chilean peso-denominated
and inflation–adjusted Republic of Chile (foreign currency rating,
A+/Stable/A-1; local currency rating, AA/Stable/A-1+) sovereign
bonds and have exposure to JPMorgan Chase Bank N.A. (AA-/Negative/
A-1+), the swap counterparty.  The series 2008-1 certificates have
exposure to Merrill Lynch & Co. Inc. (A/Stable/A-1), the issuer of
the underlying collateral and the swap guarantor.

If a credit event occurs regarding Cemex, the series 3 noteholders
and the series 2008-1 certificateholders will receive a cash
settlement amount that is calculated according to the market value
of the reference obligation and the swap, and the amount of
liquidation proceeds realized from the collateral.

S&P will continue to surveil the ratings on these asset-backed
transactions and revise the ratings as necessary to reflect any
changes in the transactions' underlying credit quality.

           Ratings Raised And Removed From Creditwatch

                                         Rating
                                         ------
  Transaction              Series   To                From
  -----------              ------   --                ----
Emblem Finance Co. No. 2 3        B                 B-/Watch Pos
UDICX Bonos              2008-1   mxBB+             mxBB/Watch Pos


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

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

ACO ALTONA          EALT3 BZ          80647079.55    -12603367.15
ACO ALTONA SA       EAAON BZ          80647079.55    -12603367.15
ACO ALTONA-PREF     EAAPN BZ          80647079.55    -12603367.15
ACO ALTONA-PREF     EALT4 BZ          80647079.55    -12603367.15
ALL MALHA PAULIS    GASC3 BZ         881202387.66    -501612577.9
ALL MALHA PAULIS    GASC3B BZ        881202387.66    -501612577.9
ARTHUR LAN-DVD C    ARLA11 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD P    ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RC C    ARLA9 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P    ARLA10 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT C    ARLA1 BZ          21333792.82    -16295577.05
ARTHUR LANG-RT P    ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANGE        ARLA3 BZ          21333792.82    -16295577.05
ARTHUR LANGE SA     ALICON BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF    ALICPN BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF    ARLA4 BZ          21333792.82    -16295577.05
AZEVEDO             AZEV3 BZ          58171856.05     -4288079.64
AZEVEDO E TRA-PR    AZEVPN BZ         58171856.05     -4288079.64
AZEVEDO E TRAVAS    AZEVON BZ         58171856.05     -4288079.64
AZEVEDO-PREF        AZEV4 BZ          58171856.05     -4288079.64
B&D FOOD CORP       BDFCE US             15779763         -588840
B&D FOOD CORP       BDFC US              15779763         -588840
BALADARE            BLDR3 BZ         141215707.17    -12257915.87
BOMBRIL             BMBBF US         239716189.99   -242287717.11
BOMBRIL             BOBR3 BZ         239716189.99   -242287717.11
BOMBRIL CIRIO SA    BOBRON BZ        239716189.99   -242287717.11
BOMBRIL CIRIO-PF    BOBRPN BZ        239716189.99   -242287717.11
4
BOMBRIL SA-ADR      BMBPY US         239716189.99   -242287717.11
BOMBRIL SA-ADR      BMBBY US         239716189.99   -242287717.11
BOMBRIL-PREF        BOBR4 BZ         239716189.99   -242287717.11
BOMBRIL-RGTS PRE    BOBR2 BZ         239716189.99   -242287717.11
BOMBRIL-RIGHTS      BOBR1 BZ         239716189.99   -242287717.11
BOTUCATU TEXTIL     STRP3 BZ          31385624.73     -9890708.41
BOTUCATU-PREF       STRP4 BZ          31385624.73     -9890708.41
BUETTNER            BUET3 BZ          86940610.88    -37817234.67
BUETTNER SA         BUETON BZ         86940610.88    -37817234.67
BUETTNER SA-PRF     BUETPN BZ         86940610.88    -37817234.67
BUETTNER SA-RT P    BUET2 BZ          86940610.88    -37817234.67
BUETTNER SA-RTS     BUET1 BZ          86940610.88    -37817234.67
BUETTNER-PREF       BUET4 BZ          86940610.88    -37817234.67
CAF BRASILIA        CAFE3 BZ          18218224.29   -631269432.16
CAF BRASILIA-PRF    CAFE4 BZ          18218224.29   -631269432.16
CAFE BRASILIA SA    CSBRON BZ         18218224.29   -631269432.16
CAFE BRASILIA-PR    CSBRPN BZ         18218224.29   -631269432.16
CAMBUCI SA          CAMBON BZ         87269252.24    -22493566.05
CAMBUCI SA          CAMB3 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF     CAMBPN BZ         87269252.24    -22493566.05
CAMBUCI SA-PREF     CAMB4 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF     CXDOF US          87269252.24    -22493566.05
CHIARELLI SA        CCHI3 BZ          22274026.77    -44537138.21
CHIARELLI SA        CCHON BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF    CCHPN BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF    CCHI4 BZ          22274026.77    -44537138.21
CHILESAT CO-ADR     TL US            432460542.94    -44559657.55
CHILESAT CO-RTS     CHISATOS CI      432460542.94    -44559657.55
CHILESAT CORP SA    TELEX CI         432460542.94    -44559657.55
CIA PETROLIF-PRF    1CPMPN BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF    MRLM4 BZ         377602195.17     -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ        377602195.17     -3014291.72
CIA PETROLIFERA     1CPMON BZ        377602195.17     -3014291.72
CIA PETROLIFERA     MRLM3 BZ         377602195.17     -3014291.72
CIA PETROLIFERA     MRLM3B BZ        377602195.17     -3014291.72
CIMOB PART-PREF     GAFP4 BZ          36817394.78    -33083086.54
CIMOB PART-PREF     GAFPN BZ          36817394.78    -33083086.54
CIMOB PARTIC SA     GAFON BZ          36817394.78    -33083086.54
CIMOB PARTIC SA     GAFP3 BZ          36817394.78    -33083086.54
COMERCIAL PL-ADR    SCPDS LI         146090772.51    -255079026.8
COMERCIAL PL-C/E    COMEC AR         146090772.51    -255079026.8
COMERCIAL PLA-BL    COMEB AR         146090772.51    -255079026.8
COMERCIAL PLAT-$    COMED AR         146090772.51    -255079026.8
CTM CITRUS SA       CTMON BZ          38740523.05      -671039.81
CTM CITRUS- PR R    CTPC2 BZ          38740523.05      -671039.81
CTM CITRUS-ADR      CTMMY US          38740523.05      -671039.81
CTM CITRUS-COM R    CTPC1 BZ          38740523.05      -671039.81
CTM CITRUS-PREF     CTMPN BZ          38740523.05      -671039.81
CTM CITRUS-RCT C    CTP5 BZ           38740523.05      -671039.81
CTM CITRUS-RCT C    CTPC9 BZ          38740523.05      -671039.81
CTM CITRUS-RCT P    CTPC10 BZ         38740523.05      -671039.81
CTM CITRUS-RCT P    CTP6 BZ           38740523.05      -671039.81
D H B               DHBI3 BZ         108241401.93   -350596880.48
D H B-PREF          DHBI4 BZ         108241401.93   -350596880.48
DHB IND E COM       DHBON BZ         108241401.93   -350596880.48
DHB IND E COM-PR    DHBPN BZ         108241401.93   -350596880.48
DOC IMBITUB-PREF    IMBI4 BZ         105243414.69    -12993146.26
DOC IMBITUBA        IMBI3 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTC    IMBI1 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTP    IMBI2 BZ         105243414.69    -12993146.26
DOCA INVESTI-PFD    DOCA4 BZ          88417960.92    -18059127.86
DOCA INVESTIMENT    DOCA3 BZ          88417960.92    -18059127.86
DOCAS IMBITUB-PR    IMBIPN BZ        105243414.69    -12993146.26
DOCAS IMBITUBA      IMBION BZ        105243414.69    -12993146.26
DOCAS SA            DOCAON BZ         88417960.92    -18059127.86
DOCAS SA-PREF       DOCAPN BZ         88417960.92    -18059127.86
DOCAS SA-RTS PRF    DOCA2 BZ          88417960.92    -18059127.86
ESTRELA SA          ESTRON BZ         61011893.59    -54580283.64
ESTRELA SA          ESTR3 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF     ESTR4 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF     ESTRPN BZ         61011893.59    -54580283.64
FABRICA RENAUX      FRNXON BZ          61543317.9     -41332379.8
FABRICA RENAUX      FTRX3 BZ           61543317.9     -41332379.8
FABRICA RENAUX-P    FRNXPN BZ          61543317.9     -41332379.8
FABRICA RENAUX-P    FTRX4 BZ           61543317.9     -41332379.8
FABRICA TECID-RT    FTRX1 BZ           61543317.9     -41332379.8
FER C ATL-RCT CM    VSPT9 BZ        1050516250.26     -47197918.4
FER C ATL-RCT PF    VSPT10 BZ       1050516250.26     -47197918.4
FER C ATLANT        VSPT3 BZ        1050516250.26     -47197918.4
FER C ATLANT-PRF    VSPT4 BZ        1050516250.26     -47197918.4
FER HAGA-PREF       HAGA4 BZ          14321550.12    -58418359.49
FERRAGENS HAGA      HAGAON BZ         14321550.12    -58418359.49
FERRAGENS HAGA-P    HAGAPN BZ         14321550.12    -58418359.49
FERROVIA CEN-DVD    VSPT11 BZ       1050516250.26     -47197918.4
FERROVIA CEN-DVD    VSPT12 BZ       1050516250.26     -47197918.4
GASCOIGNE EMP-PF    GASC4 BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF    GASC4B BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF    1GASPN BZ        881202387.66    -501612577.9
GASCOIGNE EMPREE    1GASON BZ        881202387.66    -501612577.9
GAZOLA              GAZO3 BZ          12452143.07    -40298506.25
GAZOLA SA           GAZON BZ          12452143.07    -40298506.25
GAZOLA SA-DVD CM    GAZO11 BZ         12452143.07    -40298506.25
GAZOLA SA-DVD PF    GAZO12 BZ         12452143.07    -40298506.25
GAZOLA SA-PREF      GAZPN BZ          12452143.07    -40298506.25
GAZOLA-PREF         GAZO4 BZ          12452143.07    -40298506.25
GAZOLA-RCPT PREF    GAZO10 BZ         12452143.07    -40298506.25
GAZOLA-RCPTS CMN    GAZO9 BZ          12452143.07    -40298506.25
HAGA                HAGA3 BZ          14321550.12    -58418359.49
HOPI HARI SA        PQTM3 BZ          58692385.42   -188832203.73
HOPI HARI-PREF      PQTM4 BZ          58692385.42   -188832203.73
IMPSAT FIBER NET    XIMPT SM            535007008       -17165000
IMPSAT FIBER NET    IMPTQ US            535007008       -17165000
IMPSAT FIBER NET    330902Q GR          535007008       -17165000
IMPSAT FIBER-$US    IMPTD AR            535007008       -17165000
IMPSAT FIBER-BLK    IMPTB AR            535007008       -17165000
IMPSAT FIBER-C/E    IMPTC AR            535007008       -17165000
IMPSAT FIBER-CED    IMPT AR             535007008       -17165000
MARAMBAIA           CTPC3 BZ          38740523.05      -671039.81
MARAMBAIA-PREF      CTMMF US          38740523.05      -671039.81
MARAMBAIA-PREF      CTPC4 BZ          38740523.05      -671039.81
MINUPAR             MNPR3 BZ          89611489.39    -20702110.72
MINUPAR SA          MNPRON BZ         89611489.39    -20702110.72
MINUPAR SA-PREF     MNPRPN BZ         89611489.39    -20702110.72
MINUPAR-PREF        MNPR4 BZ          89611489.39    -20702110.72
MMX MINERACA-GDR    XMM CN          1060478942.97   -123550800.05
MMX MINERACA-GDR    MMXMY US        1060478942.97   -123550800.05
MMX MINERACA-GDR    3M11 GR         1060478942.97   -123550800.05
MMX MINERACAO       TRES3 BZ        1060478942.97   -123550800.05
MMX MINERACAO       MMXCF US        1060478942.97   -123550800.05
MMX MINERACAO       MMXM3 BZ        1060478942.97   -123550800.05
NORDON MET          NORD3 BZ           14029500.1    -17709728.15
NORDON MET-RTS      NORD1 BZ           14029500.1    -17709728.15
NORDON METAL        NORDON BZ          14029500.1    -17709728.15
NOVA AMERICA SA     NOVA3B BZ            21287489   -183535527.21
NOVA AMERICA SA     NOVA3 BZ             21287489   -183535527.21
NOVA AMERICA SA     NOVAON BZ            21287489   -183535527.21
NOVA AMERICA SA     1NOVON BZ            21287489   -183535527.21
NOVA AMERICA-PRF    1NOVPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF    NOVAPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF    NOVA4 BZ             21287489   -183535527.21
NOVA AMERICA-PRF    NOVA4B BZ            21287489   -183535527.21
PARMALAT            LCSA3 BZ         331179097.84   -108537915.07
PARMALAT BR-RT C    LCSA5 BZ         331179097.84   -108537915.07
PARMALAT BR-RT P    LCSA6 BZ         331179097.84   -108537915.07
PARMALAT BRAS-PF    LCSAPN BZ        331179097.84   -108537915.07
PARMALAT BRASIL     LCSAON BZ        331179097.84   -108537915.07
PARMALAT-PREF       LCSA4 BZ         331179097.84   -108537915.07
PARQUE TEM-DV CM    PQT5 BZ           58692385.42   -188832203.73
PARQUE TEM-DV PF    PQT6 BZ           58692385.42   -188832203.73
PARQUE TEM-RCT C    PQTM9 BZ          58692385.42   -188832203.73
PARQUE TEM-RCT P    PQTM10 BZ         58692385.42   -188832203.73
PARQUE TEM-RT CM    PQTM1 BZ          58692385.42   -188832203.73
PARQUE TEM-RT PF    PQTM2 BZ          58692385.42   -188832203.73
PET MANG-RECEIPT    RPMG9 BZ          76852724.18   -212528966.16
PET MANG-RECEIPT    RPMG10 BZ         76852724.18   -212528966.16
PET MANG-RIGHTS     RPMG1 BZ          76852724.18   -212528966.16
PET MANG-RIGHTS     RPMG2 BZ          76852724.18   -212528966.16
PET MANGUINH-PRF    RPMG4 BZ          76852724.18   -212528966.16
PETRO MANGUIN-PF    MANGPN BZ         76852724.18   -212528966.16
PETRO MANGUINHOS    RPMG3 BZ          76852724.18   -212528966.16
PETRO MANGUINHOS    MANGON BZ         76852724.18   -212528966.16
PROMAN              PRMN3B BZ         12167222.17      -207882.19
PROMAN              PRMN3 BZ          12167222.17      -207882.19
REII INC            REIC US              15779763         -588840
RENAUXVIEW SA       TXRX3 BZ          50909736.38    -79601048.99
RENAUXVIEW SA-PF    TXRX4 BZ          50909736.38    -79601048.99
RIMET               REEMON BZ         63757621.65   -107162239.91
RIMET               REEM3 BZ          63757621.65   -107162239.91
RIMET-PREF          REEM4 BZ          63757621.65   -107162239.91
RIMET-PREF          REEMPN BZ         63757621.65   -107162239.91
RIOSULENSE SA       RSUL3 BZ          56866478.19     -9053574.99
RIOSULENSE SA       RSULON BZ         56866478.19     -9053574.99
RIOSULENSE SA-PR    RSUL4 BZ          56866478.19     -9053574.99
RIOSULENSE SA-PR    RSULPN BZ         56866478.19     -9053574.99
SANESALTO           SNST3 BZ          24569561.13      -754460.51
SANSUY              SNSY3 BZ         100279114.92    -45812488.77
SANSUY SA           SNSYON BZ        100279114.92    -45812488.77
SANSUY SA-PREF A    SNSYAN BZ        100279114.92    -45812488.77
SANSUY SA-PREF B    SNSYBN BZ        100279114.92    -45812488.77
SANSUY-PREF A       SNSY5 BZ         100279114.92    -45812488.77
SANSUY-PREF B       SNSY6 BZ         100279114.92    -45812488.77
SCHLOSSER           SCLO3 BZ          10818026.01    -65846678.92
SCHLOSSER SA        SCHON BZ          10818026.01    -65846678.92
SCHLOSSER SA-PRF    SCHPN BZ          10818026.01    -65846678.92
SCHLOSSER-PREF      SCLO4 BZ          10818026.01    -65846678.92
SNIAFA SA           SNIA AR           11489328.24      -840226.12
SNIAFA SA-B         SDAGF US          11489328.24      -840226.12
SNIAFA SA-B         SNIA5 AR          11489328.24      -840226.12
SOC COMERCIAL PL    CAD IX           146090772.51    -255079026.8
SOC COMERCIAL PL    CADN EO          146090772.51    -255079026.8
SOC COMERCIAL PL    COME AR          146090772.51    -255079026.8
SOC COMERCIAL PL    CADN SW          146090772.51    -255079026.8
SOC COMERCIAL PL    SCDPF US         146090772.51    -255079026.8
SOC COMERCIAL PL    CVVIF US         146090772.51    -255079026.8
STAROUP SA          STARON BZ         31385624.73     -9890708.41
STAROUP SA-PREF     STARPN BZ         31385624.73     -9890708.41
TECEL S JOSE        FTSJON BZ         17924946.14    -18569451.23
TECEL S JOSE        SJOS3 BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF    FTSJPN BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF    SJOS4 BZ          17924946.14    -18569451.23
TEKA                TKTQF US         219773260.95   -306726075.74
TEKA                TEKA3 BZ         219773260.95   -306726075.74
TEKA                TEKAON BZ        219773260.95   -306726075.74
TEKA-ADR            TEKAY US         219773260.95   -306726075.74
TEKA-ADR            TKTQY US         219773260.95   -306726075.74
TEKA-ADR            TKTPY US         219773260.95   -306726075.74
TEKA-PREF           TKTPF US         219773260.95   -306726075.74
TEKA-PREF           TEKAPN BZ        219773260.95   -306726075.74
TEKA-PREF           TEKA4 BZ         219773260.95   -306726075.74
TELEBRAS SA         TLBRON BZ        219200060.46     -3774997.87
TELEBRAS SA         TBASF US         219200060.46     -3774997.87
TELEBRAS SA         TELB3 BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF    TELB4 BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF    TLBRPN BZ        219200060.46     -3774997.87
TELEBRAS SA-RT      TELB9 BZ         219200060.46     -3774997.87
TELEBRAS-ADR        TBAPY US         219200060.46     -3774997.87
TELEBRAS-ADR        TBX GR           219200060.46     -3774997.87
TELEBRAS-ADR        TBASY US         219200060.46     -3774997.87
TELEBRAS-ADR        TBRAY GR         219200060.46     -3774997.87
TELEBRAS-ADR        RTB US           219200060.46     -3774997.87
TELEBRAS-ADR        TBH US           219200060.46     -3774997.87
TELEBRAS-BLOCK      TELB30 BZ        219200060.46     -3774997.87
TELEBRAS-CED C/E    RCT4C AR         219200060.46     -3774997.87
TELEBRAS-CED C/E    TEL4C AR         219200060.46     -3774997.87
TELEBRAS-CEDE BL    RCT4B AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF    RCTB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF    TELB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $    RCT4D AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $    TEL4D AR         219200060.46     -3774997.87
TELEBRAS-CM RCPT    TELE31 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT    RCTB31 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT    RCTB30 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT    TBRTF US         219200060.46     -3774997.87
TELEBRAS-CM RCPT    RCTB32 BZ        219200060.46     -3774997.87
TELEBRAS-COM RT     TELB1 BZ         219200060.46     -3774997.87
TELEBRAS-PF BLCK    TELB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    CBRZF US         219200060.46     -3774997.87
TELEBRAS-PF RCPT    RCTB41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    TLBRUP BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    RCTB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    TBAPF US         219200060.46     -3774997.87
TELEBRAS-PF RCPT    TELE41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT    RCTB42 BZ        219200060.46     -3774997.87
TELEBRAS-RCT        RCTB33 BZ        219200060.46     -3774997.87
TELEBRAS-RCT PRF    TELB10 BZ        219200060.46     -3774997.87
TELEBRAS-RECEIPT    TLBRUO BZ        219200060.46     -3774997.87
TELEBRAS-RTS CMN    RCTB1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS CMN    TCLP1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF    RCTB2 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF    TLCP2 BZ         219200060.46     -3774997.87
TELEBRAS/W-I-ADR    TBH-W US         219200060.46     -3774997.87
TELECOMUNICA-ADR    81370Z BZ        219200060.46     -3774997.87
TELEX-A             TELEXA CI        432460542.94    -44559657.55
TELEX-RTS           TELEXO CI        432460542.94    -44559657.55
TELMEX CORP SA      CHILESAT CI      432460542.94    -44559657.55
TELMEX CORP-ADR     CSAOY US         432460542.94    -44559657.55
TEXTEIS RENA-RCT    TXRX10 BZ         50909736.38    -79601048.99
TEXTEIS RENA-RCT    TXRX9 BZ          50909736.38    -79601048.99
TEXTEIS RENAU-RT    TXRX2 BZ          50909736.38    -79601048.99
TEXTEIS RENAU-RT    TXRX1 BZ          50909736.38    -79601048.99
TEXTEIS RENAUX      RENXON BZ         50909736.38    -79601048.99
TEXTEIS RENAUX      RENXPN BZ         50909736.38    -79601048.99
TRESSEM PART SA     1TSSON BZ       1060478942.97   -123550800.05
VARIG PART EM SE    VPSC3 BZ         101177852.25   -318442006.32
VARIG PART EM TR    VPTA3 BZ          49432124.18   -399290425.77
VARIG PART EM-PR    VPSC4 BZ         101177852.25   -318442006.32
VARIG PART EM-PR    VPTA4 BZ          49432124.18   -399290425.77
VARIG SA            VARGON BZ        966298025.55  -4695211316.33
VARIG SA            VAGV3 BZ         966298025.55  -4695211316.33
VARIG SA-PREF       VAGV4 BZ         966298025.55  -4695211316.33
VARIG SA-PREF       VARGPN BZ        966298025.55  -4695211316.33
WETZEL SA           MWELON BZ         69983432.56     -6279264.91
WETZEL SA           MWET3 BZ          69983432.56     -6279264.91
WETZEL SA-PREF      MWET4 BZ          69983432.56     -6279264.91
WETZEL SA-PREF      MWELPN BZ         69983432.56     -6279264.91
WIEST               WISA3 BZ          39838113.86    -93371563.06
WIEST SA            WISAON BZ         39838113.86    -93371563.06
WIEST SA-PREF       WISAPN BZ         39838113.86    -93371563.06
WIEST-PREF          WISA4 BZ          39838113.86    -93371563.06


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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