TCRLA_Public/091014.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

            Wednesday, October 14, 2009, Vol. 10, No. 203

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD FINANCIAL: SEC Fights Receiver's Bid to Revive Suits


A R G E N T I N A

CHAATAR CORRAL: Creditors' Proofs of Debt Due on November 2
GUICAR SA: Creditors' Proofs of Debt Due on December 4
IMAGEN GRAFICA: Creditors' Proofs of Debt Due on December 3
PAGOLA 57: Creditors' Proofs of Debt Due on December 7
PESQUERA LOS: Creditors' Proofs of Debt Due on November 10

TALLERES REUNIDOS: Creditors' Proofs of Debt Due on November 30
* ARGENTINA: Forecast to Default Without Debt Accord


B A H A M A S

BRITISH AMERICAN: Files Chapter 15 After Bankruptcy in Bahamas
BRITISH AMERICAN: Voluntary Chapter 15 Case Summary


B E R M U D A

CASSONS FUND: Members' Final Meeting Set for November 3
DYNAMO FUND: Members' Final Meeting Set for November 3
MAN MAC: Members' Final Meeting Set for November 3
NEW STAR: Members' Final Meeting Set for November 4
PRIMUS GUARANTY: Terminates Credit Swaps

PROTOSTAR LTD: Moves Auction Back 15 Days to Oct. 29
RITCHIE CAPITAL: Members' Final Meeting Set for November 5
RITCHIE RE: Members' Final Meeting Set for November 5
RITCHIE RE: Members' Final Meeting Set for November 4
RITCHIE RE: Members' Final Meeting Set for November 4


B R A Z I L

AES CORP: Eletropaulo Taps BNY Mellon as Successor Depositary Bank
BANCO DO BRASIL: Sells US$1.5 Billion of Bonds Overseas
BRMALLS PARTICIPACOES: Fitch Affirms 'BB-' Issuer Default Rating
JBS SA: To Get US$50 Million from Pilgrim Pride's if Outbid
PILGRIM'S PRIDE: JBS SA to Receive US$50MM Break-Up Fee if Outbid

VOTORANTIM CELULOSE: Signs Contract to Sell Guaiba Unit to CMPC
VOTORANTIM CELULOSE: Fitch Cuts Issuer Default Ratings to 'BB'


C A Y M A N  I S L A N D S

AKHWAN LIMITED: Commences Wind-Up Proceedings
ASHANTI CAPITAL: Placed Under Voluntary Liquidation
ASHANTI GSM: Placed Under Voluntary Liquidation
CAMY INVESTMENTS: Commences Wind-Up Proceedings
CARLYLE HIGH YIELD: In Liquidation; Proofs of Claim Due Today

CHOICE HARVEST: Commences Wind-Up Proceedings
CONNEMARA LTD: In Liquidation; Proofs of Claim Due Today
CONOCOPHILLIPS EXPLORATION: Proofs of Claim Due Today
CONOCOPHILLIPS EASTERN: Proofs of Claim Due Today
CYGNUS CAYMAN: In Liquidation; Proofs of Claim Due Today

DIVINE HOLDINGS: Commences Wind-Up Proceedings
DORCHESTER COMPANY: Commences Wind-Up Proceedings
DYNAMIC WIN: Commences Wind-Up Proceedings
EMERALD FINANCIAL: In Liquidation; Proofs of Claim Due Today
FLITE LIMITED: In Liquidation; Proofs of Claim Due Today

GOLDEN REGAL: Commences Wind-Up Proceedings
GREEN AGAIN: Commences Wind-Up Proceedings
ILEX EUROPEAN: In Liquidation; Proofs of Claim Due Today
LIFEGEMS HOLDINGS: Commences Wind-Up Proceedings
LILAC LIMITED: Commences Wind-Up Proceedings

LONGRIDGE ABS CDO II: In Liquidation; Proofs of Claim Due Today
PILGRIM LIMITED: Commences Wind-Up Proceedings
PLASMON LTD: In Liquidation; Proofs of Claim Due November 2
PRIVILEGES INVESTMENTS: Commences Wind-Up Proceedings
RIGHT ONE: Commences Wind-Up Proceedings

SAM SUSTAINABLE: Creditors' Proofs of Debt Due on October 19
SCONSET LIMITED: Commences Wind-Up Proceedings
SILVERTHORNE INVESTMENTS: Commences Wind-Up Proceedings
SOLAR SPORT: Commences Wind-Up Proceedings
TAUNUS LTD: In Liquidation; Proofs of Claim Due Today

THESEUS EUROPEAN: Moody's Takes Rating Actions on Various Notes
WFM (CAYMAN): Chris Johnson Associates Appointed as Liquidator
WINDFEST LIMITED: Commences Wind-Up Proceedings


C O L O M B I A

BANCOLOMBIA SA: Posts COP91.8 Billion Net Income in September


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: September Prices Climb 0.11%


J A M A I C A

ALUMINA PARTNERS: Jamaica Bauxite Institute Concerned Over Cuts
* JAMAICA: Government Develops Rescue Plan for Coffee Industry


M E X I C O

CORPORACION GEO: To Host 3rd Quarter Conference Call on Oct. 27
LUZ Y FUERZA: Mexico to Liquidate Firm's Assets Amid Losses


P E R U

DOE RUN PERU: Lead Demand Likely to Recover in 2010, Company Says


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Invest US$80 Million in Power Plant


X X X X X X X X

* LATAM: IDB OKS Grant for Expansion Program for Fin'l Services


                         - - - - -


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


STANFORD FINANCIAL: SEC Fights Receiver's Bid to Revive Suits
-------------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that the U.S.
Securities and Exchange Commission has asked the U.S. Court of
Appeals in New Orleans to uphold a lower court ruling that blocked
Ralph Janvey, R. Allen Stanford's court-appointed receiver, from
suing investors to get back funds they received from an alleged
US$7 billion Ponzi scheme.

Mr. Janvey, according to the SEC, has no legal authority to sue
650 investors for almost US$1 billion they retrieved before the
collapse of Stanford's alleged scheme.  "Facing certain failure,
the receiver has attempted an end run around the governing body of
law," the SEC said in the filing, arguing against Mr. Janvey's bid
to reverse a lower-court ruling limiting clawback lawsuits.

Janvey overstepped his authority by naming some investors as
"relief defendants," which the SEC claims only it has the power to
do.

                       About Stanford Group

Stanford companies operated by selling certificates of deposit in
more than 100 discrete locations spanning 15 states in the United
States and 13 countries in Europe, the Caribbean, Canada and Latin
America. Stanford claimed to have more than 30,000 clients located
in 133 countries.

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


CHAATAR CORRAL: Creditors' Proofs of Debt Due on November 2
-----------------------------------------------------------
The court-appointed trustee for Chaatar Corral S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 2, 2009.

The trustee will present the validated claims in court as
individual reports on December 15, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 26, 2010.


GUICAR SA: Creditors' Proofs of Debt Due on December 4
------------------------------------------------------
The court-appointed trustee for Guicar S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
December 4, 2009.


IMAGEN GRAFICA: Creditors' Proofs of Debt Due on December 3
-----------------------------------------------------------
The court-appointed trustee for Imagen Grafica Impresos S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 3, 2009.

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

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

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


PAGOLA 57: Creditors' Proofs of Debt Due on December 7
------------------------------------------------------
The court-appointed trustee for Pagola 57 S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 7, 2009.

The trustee will present the validated claims in court as
individual reports on February 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
April 8, 2010.


PESQUERA LOS: Creditors' Proofs of Debt Due on November 10
----------------------------------------------------------
The court-appointed trustee for Pesquera Los Moros S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 10, 2009.


TALLERES REUNIDOS: Creditors' Proofs of Debt Due on November 30
---------------------------------------------------------------
The court-appointed trustee for Talleres Reunidos Italo Argentino
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until November 30, 2009.

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

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

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

Creditors will vote to ratify the completed settlement plan
during the assembly on September 16, 2010.


* ARGENTINA: Forecast to Default Without Debt Accord
----------------------------------------------------
Argentina will be forced to default by 2011 unless the government
reaches an accord with investors holding US$20 billion of bonds
kept out of the last restructuring offer, Lester Pimentel at
Bloomberg News reports, citing Stone Harbor Investment Partners.

According to the report, President Cristina Fernandez de Kirchner
is negotiating terms of an agreement, which the government needs
to regain access to international capital markets that it lost
after stopping payments on US$95 billion of debt in 2001.  Since
then, the report relates, Argentina has relied on local markets
and loans from Venezuela to meet financing needs, and seized about
US$24 billion of pension fund assets last year to compensate for
falling tax revenue.

Bloomberg News notes that Argentine credit-default swaps also
point to concern among investors.  The report, citing a data
compiled by CMA Datavision, relates that traders demand 1.7
percentage points more to protect the country’s debt against
default for two years than one, up from 1.35 points two months ago
and the widest gap among major Latin American countries.  The one
year-two year gap on Venezuelan debt -- the country with the
closest borrowing costs to Argentina in the region -- is 0.26
percentage point, the report says.

Credit Suisse AG, Bloomberg News notes, said that Argentina’s
financing requirements jumped to US$10.7 billion this year from
US$5.9 billion in 2008, prompting President Fernandez to extend
local debt maturities and turn to government agencies, state-run
Banco de la Nacion and the central bank for funds.  Borrowing
needs will decline to US$8.2 billion next year before rising to
US$10.2 billion in 2011, Credit Suisse said.

The report notes the Economy Ministry said that Argentina has
issued ARS4.2 billion of debt to state agencies this year.

Meanwhile, Bloomberg News notes that Economy Minister Amado Boudou
said that the government was talking with investors in search of a
“definitive strategy” for the defaulted debt.  The report, citing
London-based Exotix Ltd., said that the bonds trade at 38.5 cents
on the dollar, up from 15 cents in June.

JPMorgan Chase & Co., the report says, said that the extra yield
investors demand to own Argentina’s dollar bonds instead of U.S.
Treasuries narrowed to 6.47 percentage points from 9.62 points at
the end of July.

Bloomberg News adds that Jim Craige, who manages US$10 billion of
emerging-market debt at Stone Harbor in New York and owns
Argentine securities, including some of the defaulted bonds, said
a restructuring “would change things dramatically.”  “It will give
them the ability to access capital markets.  There will be a
normalization of the credit curve,” Mr. Craige added.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


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


BRITISH AMERICAN: Files Chapter 15 After Bankruptcy in Bahamas
--------------------------------------------------------------
British American Insurance Company Limited made a voluntary filing
under Chapter 15 in the U.S. Bankruptcy Court for the Southern
District of Florida after the Supreme Court of The Commonwealth of
The Bahamas ordered that the company be placed under judicial
management.

On Sept. 8, 2009, Juan M. Lopez of KPMG Restructuring Limited was
named judicial manager of the company.  Mr. Lopez is expected to
report to the Court on the operation and financial position of the
Company including its branches and subsidiaries.  In addition, he
will make recommendations to the Court as to these courses of
action, which is most advantageous to the general interest of the
company's policy-holders:

   a) the transfer of all or any part of the Insurance business of
      the Company to some other company in pursuance of a scheme
      to be prepared by the judicial manager in accordance with
      the Insurance Act;

   b) the carrying out of its business by the Company either
      unconditionally or subject to such conditions as the
      judicial manager may suggest;

   c) the winding up of the Company; or

   d) other course as the judicial manager considers advisable.

The Company's board of directors resigned from their positions on
June 30, 2009.

In its petition, the company listed assets between US$100 million
to US$500 million, debts between US$500 million and US$1 billion.

Based in Nassau, Bahamas, British American Insurance Company
Limited -- http://www.baico-intl.com/-- provides insurance and
financial services.


BRITISH AMERICAN: Voluntary Chapter 15 Case Summary
---------------------------------------------------
Chapter 15 Petitioner: British American Insurance Company Limited

Chapter 15 Debtor: British American Insurance Company Limited
                   c/o Juan M. Lopez, KPMG Restructuring
                   Montague Sterling Center, 5th Flr
                   P.O. B N-123
                   Nassau, Bahamas

Chapter 15 Case No.: 09-31881

Type of Business: The Debtor provides insurance and financial
                  services

                  See http://www.baico-intl.com/

Chapter 15 Petition Date: October 9, 2009

Court: Southern District of Florida (West Palm Beach)

Judge: Erik P. Kimball

Chapter 15 Petitioner's Counsel: Leyza F. Blanco, Esq.
                                 leyza.blanco@gray-robinson.com
                                 GreyRobinson P.A.
                                 1221 Brickell Ave #1650
                                 Miami, FL 33155
                                 Tel: (305) 416-6880
                                 Fax: (305) 416-6887

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$500 million to US$1 billion


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


CASSONS FUND: Members' Final Meeting Set for November 3
-------------------------------------------------------
The members of Cassons Fund Limited will hold their final meeting
on November 3, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


DYNAMO FUND: Members' Final Meeting Set for November 3
------------------------------------------------------
The members of Dynamo Fund Limited will hold their final meeting
on November 3, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


MAN MAC: Members' Final Meeting Set for November 3
--------------------------------------------------
The members of Man MAC Montford 7A Limited will hold their final
meeting on November 3, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


NEW STAR: Members' Final Meeting Set for November 4
---------------------------------------------------
The members of New Star UK Hedge Fund Limited will hold their
final meeting on November 4, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


PRIMUS GUARANTY: Terminates Credit Swaps
----------------------------------------
Primus Guaranty Limited's subsidiary, Primus Financial Products
LLC, has terminated BM$1.3 billion-notional principal of credit
swaps with a significant counterparty, BermudaSun reports.  The
report relates that the swaps represent the counterparty's entire
portfolio of credit swaps with Primus Financial.

According to the report, Primus Financial paid BM$6.5 million to
the counterparty, a significant discount to the market value of
the portfolio, to terminate these swaps.  The report notes that
included were a small number of reference entities, which Primus
Financial concluded had a high-risk profile, including certain
financial guarantors.

Primus Guaranty Limited, through its subsidiaries, provides credit
ris protection for individual corporations, sovereigns, and
financial institutions.

                           *     *     *

As of October 13, 2009, the company continues to carry Moody's B2
Issuer and senior unsecured debt ratings.  The company also
continues to carry Standard and Poor's CCC LT Issuer credit
ratings.


PROTOSTAR LTD: Moves Auction Back 15 Days to Oct. 29
----------------------------------------------------
ProtoStar Ltd. moved back the auction schedule to determine who'll
pay the most to fund the proposed Chapter 11 plan, according to
Bill Rochelle at Bloomberg News.  The auction has now been
scheduled for October 29, with bids due October 23.  The Debtor
will seek the Court's approval of the results of the auction on
November 4.

Bankruptcy Judge Mary Walrath previously authorized Protostar Ltd.
to sell its two satellites at an October 14 auction.  Judge
Walrath granted the proposed procedures for the sale of virtually
all the assets of ProtoStar I Ltd. and ProtoStar II Ltd., the
company's units.  The assets include the two satellites and ground
equipment, software and contracts needed to operate them.

At the auction, secured creditors will be entitled to submit a
credit bid.

                          Chapter 11 Plan

ProtoStar Ltd. and its debtor-affiliates delivered to the
U.S. Bankruptcy Court for the District of Delaware a disclosure
statement with respect to their joint Chapter 11 plan of
reorganization, which is premised upon the receipt and
distribution of sales proceeds from the auctions of satellites.

A hearing is set for Oct. 29, 2009, at 2:00 p.m., to consider
approval of the disclosure statement.  Objections, if any, are due
Oct. 26, 2009, by 4:00 p.m.

All claimholders, other than holders of priority non-tax claims,
equity interest and intercompany claims, are allowed to vote for
the plan.  The Debtors' plan did not indicate how much each of the
holders is expected to recover from its allowed claim.

A full-text copy of the Debtors' disclosure statement is available
for free at http://ResearchArchives.com/t/s?4635

A full-text copy of the Debtors' Chapter 11 plan is available for
free at http://researcharchives.com/t/s?4636

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.

The Bankruptcy Court has set October 14, 2010, as the general
claims bar date.  Proofs of claim by governmental units are due
January 25, 2010.

Meanwhile the Bankruptcy Court entered an order authorizing the
debtors to hire UBS Securities LLC as investment banker and
financial advisor.


RITCHIE CAPITAL: Members' Final Meeting Set for November 5
----------------------------------------------------------
The members of Ritchie Capital Holdings, Ltd. will hold their
final meeting on November 5, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


RITCHIE RE: Members' Final Meeting Set for November 5
-----------------------------------------------------
The members of Ritchie Re Broad Strategy Holdings, Ltd. will hold
their final meeting on November 5, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


RITCHIE RE: Members' Final Meeting Set for November 4
-----------------------------------------------------
The members of Ritchie Re Broad Strategy, Ltd. will hold their
final meeting on November 4, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


RITCHIE RE: Members' Final Meeting Set for November 4
-----------------------------------------------------
The members of Ritchie Re, Ltd. will hold their final meeting on
November 4, 2009, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 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
===========


AES CORP: Eletropaulo Taps BNY Mellon as Successor Depositary Bank
-----------------------------------------------------------------
BNY Mellon has been selected by Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. (AES Eletropaulo) as the successor
depositary bank for its Global depositary receipt programs.

Each AES Eletropaulo GDR represents one preferred class "B" share.
AES Eletropaulo's preferred class "B" shares trade on the Sao
Paulo Stock Exchange under the symbol "ELPL6."  The AES
Eletropaulo GDRs and equity shares have not been registered under
the U.S. Securities Act of 1933 and may not be offered or sold in
the U.S., absent registration or an applicable exemption from the
registration requirements.

"We have selected BNY Mellon as depositary for its commitment to
the Brazilian market and its recognized leadership and expertise,"
said Britaldo Soares, CEO of AES Eletropaulo.  "We are confident
BNY Mellon has the excellent resources to help us effectively
service our investors."  "As the leading depositary bank, we look
forward to supporting another member of the AES Corporation as
they seek to increase their international profile in the years
ahead," said Michael Cole-Fontayn, chief executive officer of BNY
Mellon's Depositary Receipts business.  "BNY Mellon is honored to
be the depositary bank for a number of distinguished companies of
the AES Corporation."

BNY Mellon acts as depositary for more than 2,100 American and
global depositary receipt programs, acting in partnership with
leading companies from 67 countries.  With an unrivalled
commitment to helping securities issuers succeed in the world's
rapidly evolving financial markets, the Company delivers the
industry's most comprehensive suite of integrated depositary
receipt, corporate trust and stock transfer services.

                        About BNY Mellon

BNY Mellon is the corporate brand of The Bank of New York Mellon
Corporation.  BNY Mellon is a global financial services company
focused on helping clients manage and service their financial
assets, operating in 34 countries and serving more than 100
markets.  The company is a leading provider of financial services
for institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury
services through a worldwide client-focused team.  It has US$20.7
trillion in assets under custody and administration, US$926
billion in assets under management, services US$11.8
trillion in outstanding debt, and processes global payments
averaging US$1.8 trillion per day.

                     About AES Eletropaulo

AES Eletropaulo is a major Brazilian power distributor in the
state of Sao Paulo, created in the breakup of the old state-owned
power distribution company Eletropaulo that monopolized
electricity distribution in Sao Paulo from 1981 to 1999.
The similarity of the names makes most old customers call it
simply Eletropaulo.

Eletropaulo has around 5 million customers, and it's stock is
traded on Bovespa, where it is part of the Ibovespa index.  The
company is majority owned by AES Corporation.

                      About AES Corporation

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

                          *     *     *

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


BANCO DO BRASIL: Sells US$1.5 Billion of Bonds Overseas
-------------------------------------------------------
Veronica Espinosa at Bloomberg News reports that Banco do Brasil
SA sold US$1.5 billion of perpetual bonds in the bank’s biggest
overseas debt issue.  The bank issued the securities to yield
about 5.19 percentage points above U.S. Treasuries, according to
Bloomberg data.
As reported in the Troubled Company Reporter-Latin America on on
October 9, 2009, Bloomberg News said that Banco do Brasil SA plans
to sell perpetual dollar bonds in overseas debt markets.
According to the report, JPMorgan Chase & Co., Citigroup Inc. and
BB Securities are arranging the bond sale.  The report related
that the source said the debt is callable after 11 years.

According to the report, Banco do Brasil’s bond sale is part of
push by Latin American companies and governments to sell debt
abroad after benchmark yields tumbled.  The report, citing
JPMorgan Chase & Co.’s CEMBI Index, the extra yield investors
demand to own emerging-markets corporate bonds instead of U.S.
Treasuries narrowed to 3.87 percentage points on Oct. 9 from 9.59
percentage points at the end of last year.

                       About Banco do Brasil

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

                           *     *     *

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


BRMALLS PARTICIPACOES: Fitch Affirms 'BB-' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of BRMALLS Participacoes
S.A.:

  -- Foreign Currency Issuer Default Rating at 'BB-';
  -- Local currency IDR at 'BB-';
  -- Long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.

The Rating Outlook has been revised to Positive from Stable.
The rating affirmation reflects BRMALLS' leading business position
as the largest Brazilian shopping center operator and its stable
and predictable cash flow generation.  Supporting the rating
affirmation is the company's geographical revenue base
diversification and low capital-intensive nature of operations,
whereby renters are responsible for the majority of maintenance
expenses.  The company has also maintained an average net
debt/EBITDA ratio of 2.6 times between year-end 2007 and the first
half of 2009 (1H09) which is consistent with its rating category.
Further supporting the ratings is the company's manageable debt
maturity schedule, strong cash position of BRL697 million and
strong EBITDA margins of over 75% during the last 12-month (LTM)
period ended June 30, 2009, which are amongst the highest in the
sector.  Fitch views BRMALLS' return to positive free cash flow
(FCF) generation following negative FCF generation in 2008 and
2007 (which was due to large capital expenditures) as positive.
FCF was positive for the LTM period ended June 30, 2009, at
BRL45 million, after BRL379 million of capital expenditures.

The Positive Outlook reflects BRMALLS' continued strong and
consistent operating performance over the last several years and
its proven ability to pursue its acquisition strategy without
compromising its capital structure through heavily debt-funded
acquisitions.  Fitch considers that there is significant room for
consolidation in Brazil, with the three largest players owning
only 20% of the market.  BRMALLS is competitively positioned to
benefit as a result of its recent positive FCF generation and
capital increase in July 2009 bolstering its cash and marketable
securities balance.  The company also has a successful track-
record in selecting and integrating its acquisitions.  Fitch
expects BRMALLS' management commitment to a sustainable growth
strategy to continue.

Manageable Debt Schedule with Good Access to Liquidity:

BRMALLS has a manageable debt maturity schedule, with only 7%
concentrated in the short term and an average debt maturity age of
13.3 years.  The company's net debt/EBITDA ratio was 2.7x by the
end of June 2009, an increase from 2.3x by the end of June 2008.
This increase was due to an erosion in the company's cash position
to BRL697 million at June 30, 2009 from BRL758 million at year-end
2008.  BRMALLS faces debt amortizations of BRL85 million and
BRL90 million during 2010 and 2011, respectively, comfortably
covered by its current cash and marketable securities balance.  By
the end of June 2009, the company's total debt was composed mostly
of public debt; perpetual bonds denominated in U.S. dollars
equivalent to BRL341 million accounting for 24% of the company's
debt composition; Real Estate Credit Certificates with maturities
up to 2020 of BRL465 million accounting for 33%; and debentures
maturing in 2014 and 2016, totaling BRL350 million accounting for
25%.  Secured debt of BRL722 million represents approximately 51%
of the company's total debt composition.

BRMALLS also has good access to credit through capital markets and
banks, and financial flexibility resulting from good quality
assets that could be easily monetized.  The company maintains a
large pool of unencumbered assets that could provide alternative
sources of financing if required.  Unencumbered assets make up
about 75% of its Gross Leasable Area (GLA), estimated to be about
337,000 square meters.

Operating Metrics Show Positive Trend:

Despite a challenging operating environment during the 1H'09,
BRMALLS' operating metrics indicated resilience to the economic
slowdown.  This operational efficiency remains a key factor for
BRMALLS' management.  BRMALLS' occupancy rate in 1H'09 increased
to 97.0% (vs.  96.0% in 1H08), achieving its highest level ever of
97.1% during 2Q'09, and BRMALLS' tenant growth continued on a
positive trend as evidenced by a 5.1% increase in consolidated
same store sales (SSS) on the back of a 10.7% increase recorded in
1H08.  Same store rent (SSR) growth continued a positive trend
resulting in a minimum rent increase of 12.1% in 1H09, versus 8.9%
in 1H08.  BRMALLS' tenant consolidated sales volumes totaled
BRL2.2billion and BRL2.6 billion during 1Q'09 and 2Q'09,
representing increases of 14.5% and 15.7%, respectively.  Results
for 2Q'09 were especially important, since the anchor stores
performed particularly well, improving from a 9.3% SSS decrease in
the first three months of the year to an increase of 0.5% in
2Q'09, while satellite stores maintained the previous quarter's
growth pace, up 9.4% during the quarter.  During 2Q'09, SSS for
satellite and leisure stores, which represent around 85% of rent
revenue, continued their strong growth in the quarter, recording
9.4% and 28.7% growth, respectively.  In addition, leasing spreads
for existing and new contracts reached 15%, and the company
managed to keep occupancy costs low (9.8% of sales vs.  10.8% in
1Q'09) with default rates decreased to 3.7% vs.  5.3% in 1Q'09.

Sound Growth Strategy:

Fitch believes that BRMALLS will continue its expansion plans by
focusing on the malls it develops and acquisitions of new malls.
Capital expenditures for the next 12 months are estimated to be
around BRL750 million, including the recent acquisition of
Shopping Metro Santa Cruz (BRL198 million) completed in October
2009.

BRMALLS is the largest owner of shopping malls in Brazil and the
largest provider of management services in Brazil for shopping,
commercial and business centers, as well as leasing and
merchandising services in shopping malls in terms of gross
commercial area.  The company currently holds ownership interests
in 35 shopping malls that collectively have approximately 6,000
stores and approximately 1,025,000 square meters in gross leasable
area.  On average, BRMALLS holds a 45% stake, approximately, in
the shopping malls it owns, equal to approximately 458,000 square
meters in gross leasable area, taking into account its ownership
interest in each of the shopping malls in BRMALLS' portfolio.

BRMALLS is the only company in the sector holding ownership
interests in shopping malls in each of the five regions of Brazil.
Approximately 10% of the company's gross revenue from rent and
services is derived from anchor stores, and none of those stores,
individually, is responsible for more than 2.5% of the company's
gross revenue from rent and services.


JBS SA: To Get US$50 Million from Pilgrim Pride's if Outbid
-----------------------------------------------------------
At the behest of Pilgrim's Pride Corp., Bankruptcy Judge D.
Michael Lynn approved the specified provisions of its Stock
Purchase Agreement with JBS USA.

The Stock Purchase Agreement provides for the sale of 64% of the
new common stock of reorganized Pilgrim's Pride to JBS S.A.,
through its JBS USA Holdings, Inc. subsidiary (JBS U.S.A.), for
US$800 million in cash.  The sale will be implemented in
connection with Pilgrim's Pride Chapter 11 plan of reorganization,
which is subject to voting by impaired creditors, and confirmation
by the Court.

The Court-approved provisions of the Stock Purchase Agreement,
however, provides that if JBS SA is outbid or if the deal is
terminated, it will receive a termination fee of US$45 million and
expense reimbursement of up to US$5 million.

Pilgrim's Pride stipulated with JBS that prior to the approval of
the specified provisions of the SPA, it won't solicit alternative
transaction proposals from third parties but may provide
information to and engage in discussions with third parties that
have made an unsolicited bona fide written proposal to acquire at
least 40% of PPC's assets or equity securities.

If Pilgrim's Pride scraps the SPA in light of a "superior
proposal" by another party, JBS will receive the US$50 million.
The SPA defines a "Superior Proposal" as a bona fide written
proposal to acquire 51% or more of the equity or assets of PPC and
with a deemed value in excess of US$800 million.

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

JBS is the world's largest beef processor and has the largest
feedlot operations in the U.S.

                     JBS-Backed Chapter 11 Plan

Pilgrim's Pride Corporation and six debtor-affiliates filed a
joint plan of reorganization and explanatory disclosure statement
with the U.S. Bankruptcy Court for the Northern District of Texas.

Pilgrim's Pride and JBS have agreed to a transaction representing
an enterprise value of approximately US$2.8 billion.  The Plan
will be financed in part by the sale of 64% of the stock to JBS
for US$800 million, leaving the remaining 36% of the stock,
presumptively worth US$450 million, for existing equity holders.
All creditors will be paid fully either in cash or through
issuance of new debt.

Proceeds from the sale of the new common stock of the reorganized
Pilgrim's Pride to JBS will be used to fund cash distributions to
allowed claims under the plan.  Under the terms of the plan, all
creditors of the Debtors holding allowed claims will be paid in
full.  All existing Pilgrim's Pride common stock will be cancelled
and existing stockholders will receive the same number of new
common stock shares, representing 36% of the reorganized Pilgrim's
Pride in aggregate.  The plan also calls for an exit facility for
senior secured financing in an aggregate principal amount of at
least US$1.65 billion.

The disclosure statement hearing is currently scheduled to take
place on October 20, 2009, at 10:30 a.m. CT before the Bankruptcy
Court.  If the Bankruptcy Court determines that the proposed
disclosure statement provides adequate information to vote on the
plan, then the proposed disclosure statement and plan, along with
the appropriate ballots, will be sent to shareholders to vote on
the plan. Since the proposed plan of reorganization represents a
"100% plan," with creditors being repaid in full, shareholders
represent the only impaired class and will be the only group
entitled to vote on the plan of reorganization.

A copy of the Disclosure Statement is available for free at:

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

                     About Pilgrim's Pride

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

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

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  Lazard Freres & Co., LLC, is the
Company's investment bankers and William K. Snyder of CRG Partners
Group LLC is chief restructuring officer.  Kurtzman Carson
Consulting LLC serves as claims and notice agent.  Kelly Hart and
Brown Rudnick represent the official equity committee.  Attorneys
at Andrews Kurth LLP represents the official committee of
unsecured creditors.

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

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


PILGRIM'S PRIDE: JBS SA to Receive US$50MM Break-Up Fee if Outbid
-----------------------------------------------------------------
At the behest of Pilgrim's Pride Corp., Bankruptcy Judge D.
Michael Lynn approved the specified provisions of its Stock
Purchase Agreement with JBS USA.

The Stock Purchase Agreement provides for the sale of 64% of the
new common stock of reorganized Pilgrim's Pride to JBS S.A.,
through its JBS USA Holdings, Inc. subsidiary (JBS U.S.A.), for
US$800 million in cash.  The sale will be implemented in
connection with Pilgrim's Pride Chapter 11 plan of reorganization,
which is subject to voting by impaired creditors, and confirmation
by the Court.

The Court-approved provisions of the Stock Purchase Agreement,
however, provides that if JBS SA is outbid or if the deal is
terminated, it will receive a termination fee of US$45 million and
expense reimbursement of up to US$5 million.

Pilgrim's Pride stipulated with JBS that prior to the approval of
the specified provisions of the SPA, it won't solicit alternative
transaction proposals from third parties but may provide
information to and engage in discussions with third parties that
have made an unsolicited bona fide written proposal to acquire at
least 40% of PPC's assets or equity securities.

If Pilgrim's Pride scraps the SPA in light of a "superior
proposal" by another party, JBS will receive the US$50 million.
The SPA defines a "Superior Proposal" as a bona fide written
proposal to acquire 51% or more of the equity or assets of PPC and
with a deemed value in excess of US$800 million.

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

JBS is the world's largest beef processor and has the largest
feedlot operations in the U.S.

                     JBS-Backed Chapter 11 Plan

Pilgrim's Pride Corporation and six debtor-affiliates filed a
joint plan of reorganization and explanatory disclosure statement
with the U.S. Bankruptcy Court for the Northern District of Texas.

Pilgrim's Pride and JBS have agreed to a transaction representing
an enterprise value of approximately US$2.8 billion.  The Plan
will be financed in part by the sale of 64% of the stock to JBS
for US$800 million, leaving the remaining 36% of the stock,
presumptively worth US$450 million, for existing equity holders.
All creditors will be paid fully either in cash or through
issuance of new debt.

Proceeds from the sale of the new common stock of the reorganized
Pilgrim's Pride to JBS will be used to fund cash distributions to
allowed claims under the plan.  Under the terms of the plan, all
creditors of the Debtors holding allowed claims will be paid in
full.  All existing Pilgrim's Pride common stock will be cancelled
and existing stockholders will receive the same number of new
common stock shares, representing 36% of the reorganized Pilgrim's
Pride in aggregate.  The plan also calls for an exit facility for
senior secured financing in an aggregate principal amount of at
least US$1.65 billion.

The disclosure statement hearing is currently scheduled to take
place on October 20, 2009, at 10:30 a.m. CT before the Bankruptcy
Court.  If the Bankruptcy Court determines that the proposed
disclosure statement provides adequate information to vote on the
plan, then the proposed disclosure statement and plan, along with
the appropriate ballots, will be sent to shareholders to vote on
the plan. Since the proposed plan of reorganization represents a
"100% plan," with creditors being repaid in full, shareholders
represent the only impaired class and will be the only group
entitled to vote on the plan of reorganization.

A copy of the Disclosure Statement is available for free at:

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

                     About Pilgrim's Pride

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

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

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  Lazard Freres & Co., LLC, is the
Company's investment bankers and William K. Snyder of CRG Partners
Group LLC is chief restructuring officer.  Kurtzman Carson
Consulting LLC serves as claims and notice agent.  Kelly Hart and
Brown Rudnick represent the official equity committee.  Attorneys
at Andrews Kurth LLP represents the official committee of
unsecured creditors.

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

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


VOTORANTIM CELULOSE: Signs Contract to Sell Guaiba Unit to CMPC
---------------------------------------------------------------
Aracruz Celulose S.A., the unit of Votorantim Celulose e Papel SA,
has and Chile-based Empresas CMPC S.A. has signed a sales contract
for the transfer of ownership of the assets represented by the
industrial installations, lands and forests collectively known as
the Guaiba Unit, located in the municipality of Guaiba, in the
state of Rio Grande do Sul.

In general terms, these comprise:

   * a pulp Mill with an annual production capacity of
     approximately 450,000 tons;

   * a paper plant, with an annual production capacity of
     around 60,000 tons;

   * land totalling an area of approximately 212,000 hectares
     (of which 32,000 hectares are leased, under partnerships);
     as well as

   * licenses and authorizations for a project to expand the
     pulp mill, raising its production capacity to around 1.75
     million tons a year.

The sale price that has been agreed for the Guaiba Unit is
US$1.430 billion and the payments are to be made in two
installments, the first of which, for the sum of US$1 billion, is
to be made upon the completion of the deal, set for December 15,
2009; and the second, for the sum of US$430 million, to be made
45 (forty-five) days after the payment of the first, with a
interest rate of 7.5% p.a.

Despite selling the Guaiba Unit, the company has retained assets
worth about US$180 million, represented by industrial equipment
that had been purchased for the expansion of that unit and shall
now be used in a future expansion project that the company may
undertake.  The timing and sequence of any future expansion
projects will be subject to market conditions and the company’s
commitment to the exercising of discipline in the expansion of the
pulp and paper industry worldwide.

Simultaneously, the company is restructuring its debt liabilities,
in order to align the maturity profile with its future cash
generation.  The combination of these two events will reposition
the company’s capital structure and debt profile, while creating
conditions for the resumption of growth through high yield
projects and the recovery of its investment grade rating.

                  About Votorantim Celulose

Votorantim Celulose e Papel SA -- http://www.vcp.com.br/-- is a
Brazil-based paper product company.  The company produces bleached
eucalyptus kraft pulp (BEKP), which is a variety of hardwood pulp.
During the year ended December 31, 2008, the Company sold 84% of
its pulp production to third parties, and the Company uses the
remainder internally to manufacture a range of printing and
writing paper products, including coated and uncoated printing and
writing papers, thermal papers, carbonless papers and other
specialty papers.  The company produces a variety of pulp and
paper products.  The company produces pulp both for sale (market
pulp) and for use in its paper production.  VCP sells BEKP to both
the Brazilian domestic and export market.  VCP produce coated and
uncoated printing and writing paper and other specialty/chemical
papers.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 13, 2009, 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.


VOTORANTIM CELULOSE: Fitch Cuts Issuer Default Ratings to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded the Foreign currency and local
currency Issuer Default Ratings of Votorantim Celulose e Papel:

  -- IDR to 'BB' from 'BB+';
  -- National Scale Rating to 'A+ (bra)' from 'AA- (bra)'.

Fitch has simultaneously upgraded these ratings of Aracruz
Celulose S.A.:

  -- Foreign and local currency IDR to 'BB' from 'BB-';
  -- National Scale Rating to 'A+ (bra)' from 'A (bra)'.

The Rating Outlook for both VCP and Aracruz is Stable.

Rating Actions Reflect Credit Convergence:

VCP and Aracruz's respective ratings of 'BB' and 'A+ (bra)'
reflect the linkage of the credit quality of these two companies
during the past nine months as a result of numerous transactions
that have resulted in VCP increasing its ownership of Aracruz's
voting shares to 99.6% from 28%.  By the end of 2009, Aracruz is
expected to be merged into VCP, and the company will be renamed
Fibria S.A.  It will have only one class of shares and will be
jointly controlled by Banco Nacional de Desenvolvimento Economico
e Social Participacoes S.A. and Votorantim Industrial S.A. with
stakes of 33.8% and 29.3%, respectively.

Leverage to Remain High through 2011:

VCP and Aracruz had a combined net debt of US$5.4 billion at the
end of 2008, an increase from US$2.2 billion at the end of 2007.
The increase was due to US$2.1 billion of derivative losses at
Aracruz during 2008 and about US$1.4 billion of capital
expenditures.  The companies' combined debt levels continued to
climb during 2009 as VCP increased its ownership stake in Aracruz
to BRL5.6 billion.  Steps taken by VCP and Aracruz during 2009
have only partially offset the increase in debt.  They include the
issuance of BRL3 billion of cash equity by VCP and the sale by
Aracruz of its Guaiba unit for US$1.430 billion, of which
US$1 billion will be received in 2009 and used to pay down debt.

The combined company's EBITDA is expected to fall to about
US$900 million during 2009 from approximately US$1.1 billion
during 2008 due to the sharp decline in pulp prices during the
first half of 2009.  As a result, Fitch expects VCP's and
Aracruz's combined net debt/EBITDA ratio to be about 6.2 times
during 2009, an increase from 5.0x during 2008, and substantially
higher than the average ratio of 2.3x between 2005 and 2007.
Without the sale of VCP's paper assets during 2010 or
substantially higher pulp prices, the combined net leverage of VCP
and Aracruz should be about 4.0x during 2010.  The decline in
leverage during 2010 will be driven by a full year's output of
pulp from the company's Tres Lagoas mill, which began operations
during the first half of 2009, and the receipt of US$430 million
of cash from the sale of Guaiba.  Low levels of capital expenses
and improving pulp prices should then lower net leverage to about
3.5x during 2011.

Excellent Business Profile:

The ratings of VCP and Aracruz factor in the very strong business
position of the combined company.  Excluding the Guaiba unit,
Fibria will have an annual production capacity of approximately
5.350 million tons of market pulp (nearly twice as much as the
second largest company in the industry), and 360,000 tons of
paper.  Its global market share in hardwood market pulp will be
about 20% and its share of the most important subset of this
category in terms of future growth, eucalyptus pulp, will be about
35%.

Fibria should have a cash cost of production of about US$200 to
US$225 per ton of pulp, which would position it at the lowest end
of the cost curve.  As a result, the company should continue to
generate strong cash flow from operations during the trough in the
pulp price cycle.  Fibria's competitive advantages are viewed to
be sustainable in both the medium and long term.  The company's
mills are large by industry standards and are among the most
modern in the world.  On a pro-forma basis, excluding the Guiaba
sale, the company has about 600,000 hectares of plantations on the
1.1 million hectares of land it owns.  The nearly ideal conditions
for growing trees in Brazil make these eucalyptus plantations
extremely efficient by global standards and give the company a
sustainable advantage in terms of cost of fiber, and
transportation costs between forest and mills.  The heavy
investment in forestry by both VCP and Aracruz during the past
five years will ensure a number of new projects for Fibria,
allowing it to remain a global leader in market pulp production.

Liquidity Remains Tight but Manageable:

As of June 30, 2008, VCP and Aracruz had US$1.550 billion of
combined cash and marketable securities.  These two companies face
total debt amortizations of US$860 million during the second half
of 2009 and US$ 2.350 billion during 2010.  Of these short-term
debt figures, US$1.465 billion is with three shareholder groups -
Arapar, Sao Teofilo and Arainvest - which sold 56% of the voting
shares of Aracruz to VCP during 2009.

VCP and Aracruz are in the process of raising US$1.750 billion of
new debt.  The proceeds from these debt instruments, along with
the US$1.430 billion of cash to be received from the sale of
Guaiba, are expected to be used to pre-pay upcoming maturities as
well as nearly two-thirds of the remaining debt associated with
Aracruz's derivative losses.

Fitch believes that the combined company has additional
financial flexibility even if it is not successful in raising the
US$1.750 billion of new debt.  This flexibility includes extending
the payment schedule with the families associated with Arapar, Sao
Teofilo and Arainvest.  It is also likely that BNDESPar, a
subsidiary of Brazil's development bank BNDES, would provide
additional support for Fibria if needed.  During 2009, BNDESPar
contributed BRL2.4 billion of cash to VCP's capital increase.
BNDES is also a key lender to the company and has revised its debt
covenants to accommodate the company during this period of high
leverage.

Potential Rating or Outlook Drivers:

Factors that could lead to consideration of a Negative Outlook or
downgrade include a sharp and continued downturn in pulp prices.
VCP and Aracruz's ratings could also be negatively affected by the
companies inability to successfully merge into one legal entity,
making all unsecured debt pari passu, within the next six months.
A class action lawsuit has been filed against Aracruz and some of
its current and former directors and officers.  A material ruling
against Aracruz could also lead to negative rating actions.

Positive rating actions could be driven by higher pulp prices,
which could allow the company to deleverage at a pace faster than
anticipated.  Rating upgrades or revision to a Positive Rating
Outlook could also result from the sale of VCP's paper assets or
an equity increase.


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


AKHWAN LIMITED: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 11, 2009,
the shareholders of Akhwan Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
October 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


ASHANTI CAPITAL: Placed Under Voluntary Liquidation
---------------------------------------------------
On September 2, 2009, the sole shareholder of Ashanti Capital
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
October 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Hendrik Johannes Snyman
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


ASHANTI GSM: Placed Under Voluntary Liquidation
-----------------------------------------------
On September 2, 2009, the sole shareholder of Ashanti GSM Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
October 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Hendrik Johannes Snyman
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


CAMY INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Camy Investments Inc. resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


CARLYLE HIGH YIELD: In Liquidation; Proofs of Claim Due Today
-------------------------------------------------------------
Carlyle High Yield Partners II, Ltd., has been placed under
Voluntary Liquidation pursuant to The Companies Law (As Revised)
following special resolution passed by the sole shareholder of the
Company dated September 3, 2009.

David Dyer has been appointed as voluntary liquidator.

Creditors have until today, 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:

     DAVID DYER
     Voluntary Liquidator
     Elizabeth Watt
     Tel: + 1 345 914-5603
     Fax: + 1 345 949-7866
     PO Box 1984, Grand Cayman KY1-1104
     Cayman Islands


CHOICE HARVEST: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Choice Harvest Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


CONNEMARA LTD: In Liquidation; Proofs of Claim Due Today
--------------------------------------------------------
Connemara Ltd. has been placed under Voluntary Liquidation
pursuant to The Companies Law (As Revised) following special
resolution passed by the sole shareholder of the Company dated
September 3, 2009,

David Dyer has been appointed as voluntary liquidator.

Creditors have until today, 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:

     DAVID DYER
     Voluntary Liquidator
     Elizabeth Watt
     Tel: + 1 345 914-5603
     Fax: + 1 345 949-7866
     PO Box 1984, Grand Cayman KY1-1104
     Cayman Islands


CONOCOPHILLIPS EXPLORATION: Proofs of Claim Due Today
-----------------------------------------------------
ConocoPhillips Exploration Investment Ltd. has been placed in
Voluntary Liquidation pursuant to The Companies Law (2007
Revision) following special resolution by the shareholder of the
company on August 11, 2009.

Trident Liquidators (Cayman) Limited has been appointed Voluntary
Liquidator.

Creditors have until today, October 14, 2009, to prove their debts
and claims and to establish any title they may have under the
Companies Law (2007 Revision), or be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

Contact for inquiries:

     Philip Sutcliffe
     Trident Trust Company (Cayman) Limited
     Tel: (345) 949-880
     Fax: (345) 949-0881
     P.O. Box 847, George Town
     Grand Cayman KY1-1103


CONOCOPHILLIPS EASTERN: Proofs of Claim Due Today
-------------------------------------------------
ConocoPhillips Eastern Hemisphere New Ventures Ltd. has been
placed under Voluntary Liquidation pursuant to The Companies Law
(2007 Revision) following special resolution passed by the
shareholder of the company on August 11, 2009.

Trident Liquidators (Cayman) Limited has been appointed Voluntary
Liquidator.

Creditors have until today, October 14, 2009, to prove their debts
and claims and to establish any title they may have under the
Companies Law (2007 Revision), or be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

Contact for inquiries:

     Philip Sutcliffe
     Trident Trust Company (Cayman) Limited
     Tel: (345) 949-880
     Fax: (345) 949-0881
     P.O. Box 847, George Town
     Grand Cayman KY1-1103


CYGNUS CAYMAN: In Liquidation; Proofs of Claim Due Today
--------------------------------------------------------
Cygnus Cayman Limited has been placed under Voluntary Liquidation
pursuant to The Companies Law (2004 Revision) following resolution
by the Sole Shareholder of the Company dated August 28, 2009.

Walkers SPV Limited has been appointed as Liquidator.

Creditors of the Company have until today, 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 SPV LIMITED
     Voluntary Liquidator
     Anthony Johnson
     Tel: (345) 914-6314
     Walker House, 87 Mary Street, George Town
     Grand Cayman KY1-9002, Cayman Islands


DIVINE HOLDINGS: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Divine Holdings Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


DORCHESTER COMPANY: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of The Dorchester Company Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


DYNAMIC WIN: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Dynamic Win Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


EMERALD FINANCIAL: In Liquidation; Proofs of Claim Due Today
------------------------------------------------------------
Emerald Financial Corporation Limited has been placed under
Voluntary Liquidation pursuant to The Companies Law (As Revised)
following special resolution passed by the sole shareholder of the
Company dated September 3, 2009.

David Dyer has been appointed as voluntary liquidator.

Creditors have until today, 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:

     DAVID DYER
     Voluntary Liquidator
     Elizabeth Watt
     Tel: + 1 345 914-5603
     Fax: + 1 345 949-7866
     PO Box 1984, Grand Cayman KY1-1104
     Cayman Islands


FLITE LIMITED: In Liquidation; Proofs of Claim Due Today
--------------------------------------------------------
Flite Limited has been placed under Voluntary Liquidation pursuant
to The Companies Law (As Revised) following special resolution
passed by the sole shareholder of the Company dated September 3,
2009.

David Dyer has been appointed as voluntary liquidator.

Creditors have until today, 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:

     DAVID DYER
     Voluntary Liquidator
     Elizabeth Watt
     Tel: + 1 345 914-5603
     Fax: + 1 345 949-7866
     PO Box 1984, Grand Cayman KY1-1104
     Cayman Islands


GOLDEN REGAL: Commences Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Golden Regal Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


GREEN AGAIN: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Green Again Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


ILEX EUROPEAN: In Liquidation; Proofs of Claim Due Today
--------------------------------------------------------
ILEX European Leveraged Loan Fund has been placed under Voluntary
Liquidation pursuant to The Companies Law (As Amended) following
resolution passed by the Sole Shareholder of the Company dated
July 30, 2009.

Avalon Ltd. has been appointed liquidator.

Creditors have until today, 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


LIFEGEMS HOLDINGS: Commences Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Lifegems Holdings Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


LILAC LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Lilac Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


LONGRIDGE ABS CDO II: In Liquidation; Proofs of Claim Due Today
---------------------------------------------------------------
Longridge ABS CDO II, Ltd., has been placed under Voluntary
Liquidation pursuant to The Companies Law (2004 Revision)
following resolution passed by the Sole Shareholder of the Company
dated August 31, 2009.

Walkers SPV Limited has been appointed as Liquidator.

Creditors have until today, 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 SPV LIMITED
     Voluntary Liquidator
     Anthony Johnson
     Tel: (345) 914-6314
     Walker House, 87 Mary Street, George Town
     Grand Cayman KY1-9002, Cayman Islands


PILGRIM LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Pilgrim Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


PLASMON LTD: In Liquidation; Proofs of Claim Due November 2
-----------------------------------------------------------
Plasmon Ltd. has been placed under Voluntary Liquidation pursuant
to The Companies Law (2007 Revision) following resolution passed
by the sole shareholder of the Company on September 2, 2009.

MBT Trustees Ltd., has been appointed as Liquidator.

Creditors of the company are to prove their debts or claims on or
before November 2, 2009, and to establish any title they may have
under the Companies Law (Revised), or to be excluded from the
benefit of any distribution made before such debts are proved or
from objecting to the distribution.

Contact for inquiries:

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


PRIVILEGES INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Privileges Investments Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


RIGHT ONE: Commences Wind-Up Proceedings
----------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Right One Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


SAM SUSTAINABLE: Creditors' Proofs of Debt Due on October 19
------------------------------------------------------------
The creditors of Sam Sustainable Long Short Global Master Fund
Limited are required to file their proofs of debt by October 19,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 9, 2009.

The company's liquidator is:

          Ogier
          c/o Susan Taylor
          Telephone: (345) 815-1898
          Facsimile: (345) 949-1986
          Queensgate House, South Church Street
          P.O. Box 1234, Grand Cayman KY1-1108
          Cayman Islands


SCONSET LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Sconset Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


SILVERTHORNE INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Silverthorne Investments Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


SOLAR SPORT: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Solar Sport Investment Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


TAUNUS LTD: In Liquidation; Proofs of Claim Due Today
-----------------------------------------------------
Taunus Ltd. has been placed under Voluntary Liquidation pursuant
to The Companies Law (As Revised) following special resolution
passed by the sole shareholder of the Company dated September 3,
2009.

David Dyer has been appointed as voluntary liquidator.

Creditors have until today, 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:

     DAVID DYER
     Voluntary Liquidator
     Elizabeth Watt
     Tel: + 1 345 914-5603
     Fax: + 1 345 949-7866
     PO Box 1984, Grand Cayman KY1-1104
     Cayman Islands


THESEUS EUROPEAN: Moody's Takes Rating Actions on Various Notes
---------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Theseus European CLO S.A.

  -- EUR135M Class A1, Downgraded to Aa3; previously on Aug 4,
     2006 Definitive Rating Assigned Aaa

  -- EUR90M Class A2A, Downgraded to Aa2; previously on Aug 4,
     2006 Definitive Rating Assigned Aaa

  -- EUR10M Class A2B, Downgraded to A3; previously on Mar 4, 2009
     Aa1 Placed Under Review for Possible Downgrade

  -- EUR16M Class B, Downgraded to Baa3; previously on Mar 4, 2009
     Aa2 Placed Under Review for Possible Downgrade

  -- EUR19M Class C, Downgraded to Ba3; previously on Mar 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR11M Class D, Downgraded to B3; previously on Mar 19, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

  -- EUR15M Class E, Downgraded to Caa3; previously on Mar 19,
     2009 Downgraded to B3 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2691), an increase in the amount of defaulted
securities (currently 4.73% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 10.23% of the portfolio), and a failure of some of the
par value tests.  These measures were taken from the recent
trustee report dated 17 August 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.  Due to the impact of
all the aforementioned stresses, key model inputs used by Moody's
in its analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.


WFM (CAYMAN): Chris Johnson Associates Appointed as Liquidator
--------------------------------------------------------------
WFM (Cayman) Limited have been placed under Voluntary Liquidation
pursuant to The Companies Law following a special resolution
passed at an extraordinary meeting of the Company held August 25,
2009.

Christopher Johnson and Russell Smith at Chris Johnson Associates
Ltd. have been appointed voluntary liquidators of the Company.

Contact for inquiries:

    Ashley L. Turner
    Tel: +345 946-0820
    Fax: +345 946-0864
    P.O. Box 24499, Elizabethan Square
    George Town, Grand Cayman KY1-1104
    Cayman Islands


WINDFEST LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
shareholders of Windfest Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
October 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Fergoson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


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


BANCOLOMBIA SA: Posts COP91.8 Billion Net Income in September
-------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of
COP91.8 billion for the month ended September 30, 2009.  Net
income for Bancolombia on an unconsolidated basis totaled
COP775.1 billion for the first nine months of 2009, decreasing
6.0% as compared to the same period last year.

    --  Net interest income, including interest from investment
        securities, totaled COP187.9 billion in September 2009.
        For the nine month period ended September 30, 2009, net
        interest income totaled COP 1,937.6 billion, increasing
        3.0% as compared to the same period last year.

    --  Net fees and income from services totaled
        COP71.6 billion in September 2009.  For the nine month
        period ended September 30, 2009, net fees and income
        from services totaled COP621.1 billion, which
        represents an increase of 6.6% as compared to the same
        period of 2008.

    --  Other operating income reached COP6.1 billion in
        September 2009.  For the nine month period ended
        September 30, 2009, other operating income totaled
        COP234.0 billion, decreasing 46.1% as compared to the
        same period last year*.

    --  For the month ended September 30, 2009, net provision
        recoveries totaled COP42.7 billion.  Provision charges,
        net of recoveries, totaled COP435.1 billion for the
        nine month period ended September 30, 2009, which
        represents an increase of 7.8% as compared to the same
        period of 2008.

    --  Operating expenses totaled COP167.7 billion in
        September 2009.  For the nine month period ended
        September 30, 2009, operating expenses totaled
        COP1,444.7 billion, increasing 11.4% as compared to the
        same period of 2008.

                      About Bancolombia S.A.

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

                           *     *     *

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

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


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


* DOMINICAN REPUBLIC: September Prices Climb 0.11%
--------------------------------------------------
Dominican Republic’s September prices climbed 0.11% compared with
August, which places the accumulated inflation for the January-
September period to 4.31%, The Dominican Today reports.  The
report relates that the country's central bank said that the
variation in the Consumer Prices Index was remarkably lower than
the 10.76% posted in the same year ago period.

According to the report, Dominican Republic said the annualized
inflation rate in the last 12 months, measured from September 2009
to September 2008 was -1.57%, continuing the negative tendency
which began in July, and the lowest among the countries of the
region.

                           *     *     *

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


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


ALUMINA PARTNERS: Jamaica Bauxite Institute Concerned Over Cuts
---------------------------------------------------------------
Jamaica Bauxite Institute Chairman Carlton Davis has reacted with
concern to news of more pending cutbacks at Alumina Partners of
Jamaica Limited based in the southern parish of St Elizabeth,
Jamaica Observer reports.

“This is disappointing news that if that were to happen it would
be devastating for the rural economies of St Elizabeth and
Manchester.  I was rather hoping that Hydro Alumina would be able
to keep things going,” the report quoted Mr. Davis as saying.

According to the report, in the wake of a 50% cut in production
due to the fall off in global demand for aluminum, ALPART has been
struggling to keep its operations afloat.

However, the report notes that company officials said that the
production of alumina is becoming more and more unprofitable in
the current environment of low metal prices.  The report relates
that officials believe the situation will necessitate that further
steps be taken to curtail production at the company.

The Observer relates that Vincent Morrison, president of the
National Workers Union,  said, “Based on information that has been
coming out of the plant since we signed the agreement the company
has been in the shutting down mode and a number of things have
been happening, in terms of restructuring reorganizing the plant
pointing to a scaling down of operations.”

                            About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica Alpart's mining and refinery operations
officially came to a halt on May 15.  The report related Alpart
said it will send home 900 permanent employees in the process amid
a 60% decline in alumina product prices since July 2008.  Mr.
Fabrini, as cited by Radio Jamaica News, said the temporary
shutdown will allow the plant to prepare for future developments.
Although the company took steps to maintain the operations even at
reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
Radio Jamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.


* JAMAICA: Government Develops Rescue Plan for Coffee Industry
--------------------------------------------------------------
The Jamaican government has come to the rescue of the coffee
industry which is facing major challenges due to the effects of
the protracted global recession, RadioJamaica reports.

According to the report, the Coffee Industry Board recently
advised farmers to brace for tough times ahead as overseas
importers are facing difficulties raising cash to make advanced
payments.

In addition, the report relates, there is a build-up of inventory
of Jamaican coffee overseas due to a fall off in the number of
contracts between coffee roasters and wholesalers.

RadioJamaica notes Agriculture Minister, Dr. Christopher Tufton,
said the Ex-Im Bank is to provide an interim financing arrangement
to provide support to the sector.  "I met with them about four or
five weeks ago, the Coffee Industry Board and the marketing
companies and the government is supporting an interim financing
arrangement from Ex-Im Bank to the marketing companies so that
they can have the resources to purchase the beans from the farmers
and that is in progress now so I would expect that the farmers
would be able to sell their beans," the report quoted Dr. Tufton
as saying.

The report says that the coffee industry is one of the country's
major earners of foreign exchange.

                           *     *     *

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


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


CORPORACION GEO: To Host 3rd Quarter Conference Call on Oct. 27
---------------------------------------------------------------
Corporacion GEO will hold its third quarter 2009 conference call
on Tuesday, October 27, 2009 at 11:00 am U.S. EST (10:00 am Mexico
City Time).  The earnings press release for the third quarter 2009
will be issued on Monday, October 26, 2009, after market close.

The conference call can be accessed by dialing 888.713.4209 (U.S.)
or 617.213.4863 (international) and entering passcode 47373392.
It is advisable to pre-register for the conference call use the
following link:

https://www.theconferencingservice.com/prereg/key.process?key=PLNCCAHQ3

A replay will be available starting on Tuesday, October 27, 2009
at 2:00 PM US EST, ending at midnight US EST on November 03, 2009.
The replay is accessible by dialing 888.286.8010 (U.S.) or
617.801.6888 (international) and entering passcode 93032515.

A live web cast of the conference call and replay will be
available at http://www.corporaciongeo.com/

    Corporacion GEO, S.A.B. de C.V.
    Hans Schroeder
    Investor Relations Officer
    +52 555 4805071
    hschroeder@casasgeo.com

                        About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' senior unsecured long-term debt rating to
Corporacion Geo S.A.B. de C.V.'s proposed US$200 million fixed-
rate notes.


LUZ Y FUERZA: Mexico to Liquidate Firm's Assets Amid Losses
-----------------------------------------------------------
Emily Schmall and Carlos M. Rodriguez at Bloomberg News report
that the government of Mexico will liquidate Luz y Fuerza del
Centro this week after President Felipe Calderon said the finances
at the firm were “unsustainable” amid mounting losses.  The report
relates that Mr. Calderon said costs “were double the revenue”
that the government-owned company generated.  “It wasn’t possible
to continue this way,” the report quoted Mr. Calderon as saying.

According to the report, citing a notice published in the official
gazette, the government issued a decree on October 11, ordering
the liquidation of Luz y Fuerza.  The report relates that local
media outlets published that federal police officers seized the
power company’s headquarters and other facilities on October 10.

Energy Minister Georgina Kessel Martinez, Bloomberg News notes,
said that the government's move was indispensable."  The company
lost an annual MXN15 billion (US$1.1 billion) worth of energy
through theft, technical issues and corruption, Ms. Martinez
added.

             Comision Federal to Take Over Operations

Bloomberg News notes Interior Minister Fernando Gomez Mont said
that Comision Federal de Electricidad will take over operations of
Luz y Fuerza.  Luz y Fuerza assets may be transferred to CFE or a
new state company may be created, Mexican Finance Minister Agustin
Carstens told Televisa in an interview, the report relates.

Alejandro Encinas, a congressman from the opposition Party of the
Democratic Revolution, said he and other legislators would
challenge the decree by next week, according to an e- mailed
statement obtained by the news agency.

Bloomberg News points out Labor Minister Javier Lozano said that
the federal government will absorb the pension liabilities from
Luz y Fuerza.  Mr. Calderon, the report relates, said that the
government anticipates it will rehire “the maximum number” of Luz
y Fuerza workers.

The government, the report notes, will assume the company’s
pension liabilities and offer fired workers as many as 33 months
of pay.  Finance Minister Agustin Carstens, the report relates,
said that severance costs for the federal government may total
MXN20 billion.

                         About Luz y Fuerza

Luz y Fuerza del Centro is Mexico's second-largest power supplier.
The company has around 44,000 workers.  It provides power to a
metropolitan area of 20 million people and several states
surrounding Mexico City.


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


DOE RUN PERU: Lead Demand Likely to Recover in 2010, Company Says
-----------------------------------------------------------------
U.S-based Doe Run Company, the parent company of Doe Run Peru,
said it expects global lead demand to recover next year and will
watch closely for improvements, adjusting its output to reflect
this, Reuters reports.

"If the market picks up in the right quantity we will evaluate
whether to increase production.  We are prepared," Jose Hansen,
Doe Run's Vice President of Sales said in an interview with
Reuters.  The report relates Mr. Hansen said that he was
optimistic about lead's demand prospects.  "Order levels for the
following months are going to see improvement," the report quoted
Mr. Hansen as saying.

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


PETROLEOS DE VENEZUELA: To Invest US$80 Million in Power Plant
--------------------------------------------------------------
Petroleos de Venezuela and Bolivia's National Electricity Company
invested US$80 million to install a thermoelectric power plant in
Bolivia, El Universal News reports, citing Bolivia President Evo
Morales.

According to the report, to execute the project, the government
formed a company called Ende-Andina, in which Pdvsa has a 60%
stake whereas ENDE has a 40% stake.  The report relates that the
goal of the plant is to produce 100 megawatts, which is just under
10% of Bolivia's current electricity production.

Mr. Morales, the report notes, said that one of the main plans is
to increase electricity production for export, since Bolivia's
consumption is lower than 1,000 MW.   Moreover, the report says,
the Bolivian government said that Petroandina, a Bolivian-
Venezuelan company, will invest between US$110 million and US$130
million this year and in 2010 in the northern department of La Paz
in gas and oil prospecting activities.

                            About PDVSA

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

                           *     *     *

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

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


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


* LATAM: IDB OKS Grant for Expansion Program for Fin'l Services
---------------------------------------------------------------
The Inter-American Development Bank’s Multilateral Investment Fund
has approved a US$3.95 million grant for a program to promote
innovative technology solutions that expand access to financial
services in Latin America and the Caribbean.

The program, with a total cost of US$10 million, will consist of a
series of individual projects that directly increase access to
finance, reduce operational costs, or help deliver new financial
products.  These projects will be designed and implemented by
microfinance institutions.

Several rounds of calls for proposals -- the first one in early
2010 -- will help select individual projects based on their
innovation and their capacity to achieve measurable results.

Institutions will initially be asked to submit project ideas.  The
selected institutions will get support from the program to develop
a technology strategy and a project proposal.  A second selection
process will determine which of the proposals will be implemented.

The goal of the overall program is to provide first-time access to
credit to 250,000 microentrepreneurs or low-income individuals.

“Technology can play a crucial role in extending the reach of
financial services in the region” said MIF General Manager Julie
T. Katzman.  “Technologies such as mobile banking or simpler
banking software applications can help reduce costs and reach more
people.  We hope this program will stimulate new thinking on
innovative solutions and uses of technology that help truly
massify the reach of microfinance institutions.”

The program was launched at the Inter-American Forum on
Microenterprise (Foromic), held in Arequipa, Peru, with an open-
microphone workshop where microfinance institutions shared their
needs and concerns on the use of new technologies to expand access
to financial services.  Feedback gathered during the workshop is
helping MIF define the selection criteria so the program meets the
needs of the microfinance community.

A strong emphasis will be placed on capturing and sharing the
knowledge obtained during the implementation of each project.
Knowledge sharing will be promoted through an online community
portal where institutions can present and discuss ideas, submit
their project proposals, and share their experience executing
their projects.

The MIF, an autonomous fund administered by the IDB, has been a
major supporter of microfinance innovation in Latin America and
the Caribbean since 1993.  The IDB is the main source of long-term
financing for economic and social development in the region.

                            ***********

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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