TCRLA_Public/091016.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, October 16, 2009, Vol. 10, No. 205

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Declines Speedy Trial Amid Ill Disposition


A R G E N T I N A

AUDINAC SA: Creditors' Proofs of Debt Due on November 11
AUDIVIC SA: Creditors' Proofs of Debt Due on November 11
BARNIZAR SA: Creditors' Proofs of Debt Due on November 30
DBC ACCESORIOS: Creditors' Proofs of Debt Due on November 17
ESTABLECIMIENTO: Creditors' Proofs of Debt Due on December 9

LUGANO TOY: Creditors' Proofs of Debt Due on November 20
MEVACO ARGENTINA: Creditors' Proofs of Debt Due on November 20
SMART PUMP: Creditors' Proofs of Debt Due on December 14
TELECOM ARGENTINA: Cancels Remaining Portion of Debt Facility
TRAP SATELITAL: Creditors' Proofs of Debt Due on November 6


B E R M U D A

CENTRAL EUROPEAN: Earnings to "Significantly" Miss Estimates
C-CUBE MICROSYSTEMS: Members' Final Meeting Set for November 6
CT GLOBAL: Members' Final Meeting Set for November 5
ENERGY PLANT: Sole Member to Receive Wind-Up Report on November 2
LATIN AMERICA: Members' Final Meeting Set for November 11

LSF IV: Members' Final Meeting Set for November 6
NEW STAR: Members' Final Meeting Set for November 6
SYNCORA HOLDINGS: Names Four New Directors


B R A Z I L

BANCO CRUZEIRO: Approves Payment of Interest on Common Shares
BANCO NACIONAL: Provides US$412 Million to Energias do Brasil
BANCO NACIONAL: Helps Brazil Accelerate Road Improvement Project
CAIXA ECONOMICA: Seeks BRL6BB Gov't Loan to Bolster Capital
CONSTRUTORA NORBERTO: Fitch Affirms 'BB+' Issuer Default Ratings

COSAN SA: Chief Executive Officer "Unexpectedly" Resigns
ENERGIAS DO BRASIL: Receives US$412 Million From Banoo Nacional
GP INVESTMENTS: Consent Solicitation Won't Affect S&P's BB- Rating
INFINITY BIO-ENERGY: In Talks to Sell Navirai Mill
JBS SA: R-CALF Mails 2nd Request to Block Pilgrim Pride's Merger

LEXICON UNITED: ATN Unit Has Collection Services Deal with Ativos
ODEBRECHT LIMITED: Sells US$500 Million in Senior Notes


C A Y M A N  I S L A N D S

CMH INSURANCE: Members' Final Meeting Set for October 22
DRE CAYMAN: Members' Final Meeting Set for October 20
GLOBAL CONVERTIBLE: Members' Final Meeting Set for October 21
HAVEN ASIA: Creditors' Proofs of Debt Due on October 20
HSBC INVESTOR: Members' Final Meeting Set for October 22

HSBC INVESTOR: Members' Final Meeting Set for October 22
HSBC INVESTOR: Members' Final Meeting Set for October 22
HSBC INVESTOR: Members' Final Meeting Set for October 22
INDUS ALTERNATIVE: Creditors' Proofs of Debt Due on October 21
INDUS EVENT: Creditors' Proofs of Debt Due on October 21

LOTUS GLOBAL: Members' Final Meeting Set for October 21
NAC HOLDING: Members' Final Meeting Set for October 21
SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20

SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
SAM SUSTAINABLE: Creditors' Proofs of Debt Due on October 19
STARTS LTD: S&P Downgrades Ratings on Various 2007-36 Notes

STARTS LTD: S&P Downgrades Ratings on Various 2007-36 Notes


C H I L E

BHP BILLITON: Halts Chile Copper Mining on Strike


C O L O M B I A

ECOPETROL SA: To Release Third Quarter Earnings on October 21
* COLOMBIA: Fitch Assigns 'BB+' Rating on the Republic's Bonds


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Economy to Grow 0.5% in 2009 & 2% in 2010


J A M A I C A

CASH PLUS: Former Owner Full Asset Disclosure Deadline Expires
CASH PLUS: Divestment Hits Obstacles, Liquidator Says
IBEROSTAR HOTEL: To Cut 400 Jobs; LayOffs Back at Labour Ministry
JPSCO: Reaches MOU With National Water Commission


P E R U

YPF SA: Parent Aims to Supply LNG to Asia Market From Peru Plant


T R I N I D A D  &  T O B A G O

CL FINANCIAL: 1,800 CLICO Policies Canceled


T U R K S  &  C A I C O S  I S L A N D S

OLINT CORP: Former Owner Vows to Fight Fraud Charges


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Invest US$16 Billion Next Year
PETROLEOS DE VENEZUELA: Petrobras Seeks US$400MM for Refinery
* VENEZUELA: May Take a Year to Cut Oil Tax, Royalties
* VENEZUELA: To Take Over Hilton Resort Within 15 Days
* VENEZUELA: To Select Partner for Carabobo Area Development


                         - - - - -


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


STANFORD INT'L: Declines Speedy Trial Amid Ill Disposition
----------------------------------------------------------
Robert Allen Stanford's lawyer, Kent Shaffer, Esq., told Judge
David Hittner that he needed at least two years to mount a defense
for his client who was accused of orchestrating a multi-billion
Ponzi scheme, Kate Murphy at Agence France Press reports.  The
report relates that Judge Hittner agreed to wait 60 days before
setting a trial date to give the defense time to grapple with the
more than 400 million pages of documents associated with the case.

According to Mary Flood at Houston Chronicle, Mr. Stanford
appeared ill during the court appearance as he look thinner than
in previous appearances.  The report relates that Mr. Stanford
even spit blood into a water cup while sitting in court to the
point that he was asked by Judge Hittner if he needed attention,
but he said he was all right.

“It’s some sort of illness, we’re not sure what,” the Chronicle
quoted Mr. Schaffer as saying.  Mr. Stanford speaks to no one but
prison guards and his lawyers, and it’s taking an emotional and
physical toll, Mr. Schaffer added.

Bloomberg News recalls that Mr. Schaffer was appointed as
Mr. Stanford's public defender after his first lawyer asked to be
removed from the case when Mr. Stanford could not pay his bills.
However, the report relates following a judge ruling that allowed
Mr. Stanford was given access to some funds, he still decided to
retain Mr. Schaffer as his lawyer.

As reported in the Troubled Company Reporter-Latin America on
October 13, 2009, Bloomberg News said that U.S. District Judge
David Godbey of Dallas has ruled that Mr. Stanford can use
corporate insurance policy proceeds to pay defense lawyers.  The
report related that Mr. Stanford and other Stanford Group
executives can draw from Lloyds of London officers’ and directors’
coverage said to be worth at least US$50 million.

               About Stanford International Bank

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

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

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

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

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


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


AUDINAC SA: Creditors' Proofs of Debt Due on November 11
--------------------------------------------------------
The court-appointed trustee for Audinac S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 11, 2009.

The trustee will present the validated claims in court as
individual reports on February 5, 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 19, 2010.


AUDIVIC SA: Creditors' Proofs of Debt Due on November 11
--------------------------------------------------------
The court-appointed trustee for Audivic S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 11, 2009.

The trustee will present the validated claims in court as
individual reports on February 5, 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 19, 2010.


BARNIZAR SA: Creditors' Proofs of Debt Due on November 30
---------------------------------------------------------
The court-appointed trustee for Barnizar S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 30, 2009.

The trustee will present the validated claims in court as
individual reports on February 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 19, 2010.


DBC ACCESORIOS: Creditors' Proofs of Debt Due on November 17
------------------------------------------------------------
The court-appointed trustee for DBC Accesorios S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 17, 2009.

The trustee will present the validated claims in court as
individual reports on February 2, 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 16, 2010.


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

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


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

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


MEVACO ARGENTINA: Creditors' Proofs of Debt Due on November 20
--------------------------------------------------------------
The court-appointed trustee for Mevaco Argentina S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until November 20, 2009.

The trustee will present the validated claims in court as
individual reports on February 5, 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 19, 2010.

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


SMART PUMP: Creditors' Proofs of Debt Due on December 14
--------------------------------------------------------
The court-appointed trustee for Smart Pump Business S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until December 14, 2009.

The trustee will present the validated claims in court as
individual reports on February 26, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 14, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 9, 2010.


TELECOM ARGENTINA: Cancels Remaining Portion of Debt Facility
-------------------------------------------------------------
Telecom Argentina S.A. has canceled the remaining portion of the
debt issued on August 31, 2005, in accordance with the terms and
conditions of the APE executed with its financial creditors for
the equivalent of US$1,883 million.

In August 2005, after the outbreak of the Argentine crisis of
2001/2002, Telecom Argentina reached an agreement with its local
and international financial creditors taking into consideration
the repayment capacity of the Company and without affecting the
sustainability of the Telecom Group's businesses.

Chief Executive Officer Franco Bertone stated, "Shareholders'
support was essential for the restructuring of our financial
obligations."  Mr. Bertone added, "We were able to meet the
financial obligations agreed to in 2005 thanks to the effort and
commitment of our people together with efficient and disciplined
management of our operations.  A new stage of development for the
Telecom Group begins, which we will face with our financial and
operational strengths to grow in market share, revenues and
results."

The efficient management of the resources enabled the company to
cancel the debt issued in accordance with the terms and conditions
of the APE 5 years in advance of the original repayment schedule.
With the cancellation performed, Telecom Argentina has anticipated
the commitment undertaken with local and international financial
markets pursuant to the APE.

Telecom Argentina is the parent company of a leading
telecommunications group in Argentina, where it offers directly or
through its controlled subsidiaries local and long distance fixed-
line telephony, cellular, data transmission and Internet services,
among other services.  Additionally, through a controlled
subsidiary, the Telecom Group offers cellular services in
Paraguay.  The company commenced operations on November 8, 1990,
upon the Argentine Government's transfer of the telecommunications
system in the northern region of Argentina.

Nortel Inversora S.A. ("Nortel"), which acquired the majority of
the Company from the Argentine government, holds 54.74% of Telecom
Argentina's common stock.  Nortel is a holding company where the
common stock (approximately 68% of capital stock) is owned by
Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock
is comprised of preferred shares that are held by minority
shareholders.

As of June 30, 2009, Telecom Argentina had 984,380,978 shares
outstanding.

For more information, please contact the Investor Relations
Department:

    Pedro Insussarry
    54-11-4968-3743

    Solange Barthe Dennin
    54-11-4968-3752

    Evangelina Sanchez
    54-11-4968-3718

    Ruth Fuhrmann
    54-11-4968-4448

    Horacio Nicolas del Campo
    54-11-4968-6236

    Voice Mail: 54-11-4968-3628
    Fax: 54-11-4313-5842
    E-mail: relinver@ta.telecom.com.ar

    For information about Telecom Group services, visit:

    http://www.telecom.com.ar
    http://www.personal.com.ar
    http://www.personal.com.py
    http://www.arnet.com.ar

                      About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating


TRAP SATELITAL: Creditors' Proofs of Debt Due on November 6
-----------------------------------------------------------
The court-appointed trustee for Trap Satelital S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 6, 2009.

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

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

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


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


CENTRAL EUROPEAN: Earnings to "Significantly" Miss Estimates
------------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Central European
Media Enterprises Ltd. said that full-year earnings will
“significantly” miss analysts’ estimates.  “Unfortunately, this
year so far has been bad all around our markets and the fourth
quarter will be in line with that,” President and Chief Executive
Officer Adrian Sarbu told the news agency in an interview.  “Our
full-year performance will be significantly below market
expectations,” Mr. Sarbu added.

According to the report, Mr. Sarbu said that CME's net income
declined by more than half to US$24 million in the second quarter
from US$63.4 million a year earlier as advertisers reduced budgets
amid the economic slump.  CME forecasts a 20% to 30% drop in TV
advertising spending in its markets this year, Mr. Sarbu added.

Mr. Sarbu, the report relates, said that markets have “bottomed”
in the third quarter and will stay at the lower end in the final
three months of 2009 with the exception of Ukraine.

“They’re giving quite a negative outlook which will likely result
in changes on stock valuation,” the report quoted Radim Kramule, a
Prague- based analyst at Ceska Sporitelna AS, told the news agency
in a telephone interview.  “We’d expected that CME’s core markets
would already start to rebound by the end of the year.  Mr.
Kramule has a “buy” on the stock, Mr. Kramule added.

Bloomberg News adds Mr. Sarbu said that the company expects a
possible “slight” recovery of the markets in the first half of
2010.

                       About Central European

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- operates TV channels in Central
and Eastern Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Standard and Poor's Ratings Services said that
it affirmed its 'B' long-term corporate credit rating on Bermuda-
based emerging markets TV broadcaster Central European Media
Enterprises Ltd The outlook is negative.  S&P also affirmed at 'B'
the debt ratings on CME's US$475 million senior convertible notes
due 2013, EUR245 million notes due 2012, and EUR150 million notes
due 2014.  In addition, S&P assigned a 'B' issue rating to the
EUR150 million bond issue due 2016 announced by CME, in line with
the corporate credit rating.


C-CUBE MICROSYSTEMS: Members' Final Meeting Set for November 6
--------------------------------------------------------------
The members of C-Cube Microsystems International Ltd will hold
their final meeting on November 6, 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 30, 2009.

The company's liquidator is:

          Paul Bento
          1110 American Parkway NE
          Allentown PA 18109


CT GLOBAL: Members' Final Meeting Set for November 5
----------------------------------------------------
The members of CT Global Insurance 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 30, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


ENERGY PLANT: Sole Member to Receive Wind-Up Report on November 2
-----------------------------------------------------------------
The sole member of Energy Plant Engineers International Ltd. will
receive, on November 2, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 1, 2009.

The company's liquidator is:

          Ernest A. Morrison
          Milner House, 18 Parliament Street
          Hamilton, Bermuda


LATIN AMERICA: Members' Final Meeting Set for November 11
---------------------------------------------------------
The members of Latin America Internet Development Group Ltd. will
hold their final meeting on November 11, 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 October 2, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


LSF IV: Members' Final Meeting Set for November 6
-------------------------------------------------
The members of LSF IV Derivatives II, Ltd. will hold their final
meeting on November 6, 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:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


NEW STAR: Members' Final Meeting Set for November 6
---------------------------------------------------
The members of New Star Capital Guaranteed Higher Income Fund
Limited will hold their final meeting on November 6, 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 30, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


SYNCORA HOLDINGS: Names Four New Directors
------------------------------------------
Syncora Holdings Ltd. has appointed four new Independent
Directors.  William M. Fitzgerald and Robert W. Shippee will join
the Board of Syncora Holdings as well as the Boards of the
company's financial guarantee insurance subsidiaries, Syncora
Guarantee Inc. and Syncora Capital Assurance Inc.

James M. Gallagher and Frank C. Puleo will join the Board of SCAI.
Commenting on the appointments, SHL's Chairman, Mike Esposito,
said: "I am delighted that these four individuals have agreed to
serve on the Syncora Boards.  Their wealth of risk management,
restructuring and credit experience and expertise will be
extremely valuable to the Company as it completes the remaining
elements of its comprehensive restructuring and implements an
operational business plan to support the company's ongoing
obligations."

Mr. Fitzgerald will be a Class I director and will serve on the
Company's Audit and Finance & Risk Oversight Committees.  Mr.
Shippee will be a Class II director and will serve on the
Company's Finance & Risk Oversight Committee.  Directors who serve
solely on the Board of SCAI will have observer status on the SHL
and SGI Boards.  Mr. Gallagher will serve as SCAI's representative
on the Company's Audit and Finance & Risk Oversight Committees and
Mr. Puleo will serve as SCAI's representative on the Company's
Audit and Nominating & Governance Committees.

The four appointments were made pursuant to the master transaction
agreement between SGI and certain financial counterparties to
SGI's credit default swap and financial guarantee policies.
Following the appointments, the Boards of both SHL and SGI will
have nine members and the Board of SCAI will have thirteen
members.

Mr. Fitzgerald is the founder of Global Infrastructure LLC. Prior
to this, he was a Managing Director of Nuveen Investments LLC and
the Chief Investment Officer of Nuveen Asset Management, a wholly
owned affiliate of Nuveen Investments.  Mr. Fitzgerald has an
M.B.A. in finance from the University of Chicago Graduate School
of Business.

Mr. Shippee has over thirty-five years of banking and risk
management experience.  Mr. Shippee is currently a risk consultant
for Straumur Investment Bank.  From 2001 to 2007, Mr. Shippee
held senior credit risk management positions in New York and
London for Bank of America, and for the prior thirty years held
numerous credit and business executive positions in New York,
London, Tokyo, and Hong Kong for J.P. Morgan Chase & Co.  Mr.
Shippee has a degree in economics from Brown University and has
edited several books on finance, history, and numismatics.

Mr. Gallagher is founder and managing director of Pine Brook
Associates LLC, a crisis management and financial consulting
company focusing on creditor and litigation trust trusteeships and
federal and state court receiverships.  During a thirty-year
career, he has held senior risk management and restructuring
positions at NatWest Bank N.A., Dresdner Bank AG and Morris-
Anderson & Associates Ltd.  Mr. Gallagher has a B.A. cum laude in
history and economics from Fordham University, a J.D. with
concentration in taxation and labor relations from St. John's
University School of Law and an M.B.A. in finance and accounting
from Columbia University Graduate School of Business.

Mr. Puleo currently serves as Director of Apollo Investment
Company, Commercial Industrial Finance Corp., Capital Markets
Engineering & Trading Holdings, LLC and SLM Corp.  Mr. Puleo was
for 29 years a partner at Millbank, Tweed, Hadley & McCloy LLP
where his practice focused on clients in the financial services
industry.  Mr. Puleo held the position of Co-Chair of the firm's
Global Finance Group and was a member of its Executive Committee.
Mr. Puleo has a B.S.E. degree from Princeton and a J.D. from the
New York University School of Law.

                     About Syncora Holdings Ltd.

Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding
company.  Syncora Guarantee Inc. and Syncora Capital Assurance
Inc. are wholly owned subsidiaries of Syncora Holdings Ltd.

                        *     *     *

As of October 8, 2009, the company continues to carry Moody's "C"
preferred stock rating.


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B R A Z I L
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BANCO CRUZEIRO: Approves Payment of Interest on Common Shares
-------------------------------------------------------------
Banco Cruzeiro do Sul SA has approved the payment of interest on
its own equity for its shareholders totaling BRL15.5 million
(US$9.1 million), John Kolodziejski at Dow Jones Newswires
reports, citing a company statement with the Brazilian securities
and exchange commission.

According to the report, the payment, which refers to the third
quarter of 2009, will be made from October 15.  The report relates
that it is the equivalent of BRL0.11 per ordinary share.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As of June June 15, 2008, the company continues to carry Moody's
Foreign Currency LT Debt Ratings at Ba2 and LT Bank Deposits
Ratings at Ba3.


BANCO NACIONAL: Provides US$412 Million to Energias do Brasil
-------------------------------------------------------------
Energias do Brasil SA has received BRL700 million (US$412 million)
from Banco Nacional de Desenvolvimento Economico e Social SA for
its Pecem coal-fired power plant, Inae Riveras at Reuters reports.

According to the report, in July, BNDES approved a total loan of
BRL1.4 billion for the Pecem project, which is located in Ceara
state, in the northeast of Brazil.  The report relates that Pecem
is owned by Energias do Brasil and MPX Energia SA.

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

                           *     *     *

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

                 About EDP-Energias do Brasil SA

EDP-Energias do Brasil SA, the Brazilian unit of EDP- Energias de
Portugal SA, is a holding company that
controls power distributions, an energy trading ompany, and power
plansts.  The company generates, transmits, and distributes
electricity in Brazil.

                           *     *     *

As of October 15, 2009, the company continues to carry Moody's Ba2
LT Corp Family rating


BANCO NACIONAL: Helps Brazil Accelerate Road Improvement Project
----------------------------------------------------------------
With assistance from IFC, a member of the World Bank Group, and
the Banco Nacional de Desenvolvimento Economico e Social SA, the
government of Brazil has signed a 25-year concession agreement
with the Rodobahia Consortium to upgrade and expand nearly 700
kilometers of federal roads in the State of Bahia.

The improved highways will help build the region’s economic
resilience and foster broader development by providing reliable
access to markets, hospitals, schools, and other services.

The winning bidder will invest up to US$615 million to improve two
key federal routes—BR116, a main north-south corridor that links
to the country’s interior, and BR324, which connects Brazil’s
third-largest city, Salvador, and the Port of Aratu with BR116.
The Rodobahia Consortium is a partnership of Spain’s Isolux Corsan
and Brazil’s Engevix and Encalso.

IFC and BNDES served as lead advisors to the Brazilian Ministry of
Planning and the National Transport Agency for the transaction.
BNDES will continue to participate as a senior lender.

“Working together, IFC and BNDES succeeded in bringing private
sector participation into these critical infrastructure projects,”
said Henrique Pinto, Superintendent of BNDES’ Project Advisory
department.   “This was a formidable challenge, particularly in
the current environment.  Modern, well-maintained roads are a key
to Brazil’s sustained economic growth.”

“Reliable roads are the backbone of development, so private sector
engagement in infrastructure is critical,” said Andrew Gunther,
IFC Country Manager, Brazil.  “This project will strengthen the
links between the north and south, creating more jobs and economic
opportunities.   We are delighted that this collaboration between
IFC and BNDES attracted such strong private investment.”

Established in 1989, IFC Advisory Services in Infrastructure has
worked on more than 250 projects in 80 countries. IFC is the only
multilateral institution to offer direct advisory services to
governments on implementing transactions with private sector
participation.

                            About IFC

IFC, a member of the World Bank Group, creates opportunity for
people to escape poverty and improve their lives.  The company
foster sustainable economic growth in developing countries by
supporting private sector development, mobilizing private capital,
and providing advisory and risk mitigation services to businesses
and governments.  The new investments totaled US$14.5 billion in
fiscal 2009, helping channel capital into developing countries
during the financial crisis.

                            About BNDES

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

                           *     *     *

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


CAIXA ECONOMICA: Seeks BRL6BB Gov't Loan to Bolster Capital
-----------------------------------------------------------
Aluisio Alves and Isabel Versiani at Bloomberg News report that
Caixa Economica Federal will borrow BRL6 billion (US$3.5 billion)
from the government to bolster capital, a move that should help it
boost credit by about 12 times that amount, Bank Vice President
Marcos Roberto Vasconcelos told Reuters in an interviews.

Guillermo Parra-Bernal at Reuters, citing the Official Gazette,
reports that the transaction will allow the bank to raise capital
through a so-called hybrid structure.  The report relates that
banks in Brazil are speeding up plans to raise funds for fresh
capital as new accounting rules will take effect next year.
Brazil, the report notes, is requiring banks to overhaul
accounting practices and prepare themselves for the full
implementation of more stringent Basel II capital requirement
rules by the end of 2011.

"We are strengthening our capital base to grow in lending," the
report quoted Mr. Vasconcelos as saying.

According to Reuters, Mr. Vasconcelos said that talks to bolster
the bank's capital began nine months ago.  A revival in credit
moved the timeframe up, Mr. Vasconcelos added.

Mr. Vasconcelos, the report relates, said that the bank aims at a
growth rate of new loans between 40% and 60% over the next 12
months.  The report relates that the loan will allow the bank to
boost its solvency ratio from about 16% currently.

                       About Caixa Economica

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

                           *     *     *

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


CONSTRUTORA NORBERTO: Fitch Affirms 'BB+' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed these ratings:

Construtora Norberto Odebrecht S.A.

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'BB+';

  -- Long-term national scale 'AA(bra)';

  -- US$200.4 million perpetual notes 'BB+'.

Odebrecht Finance Ltd

  -- US$200 million senior notes guaranteed by CNO, issued Oct.
     18, 2007, with call option in five years, maturing October
     2017 'BB+';

  -- US$200 million senior notes guaranteed by CNO, issued
     April 7, 2008, with call option in five years, maturing
     October 2017 'BB+'

  -- US$200 million senior notes guaranteed by CNO due 2014 'BB+'.

Fitch has also assigned a 'BB+' rating for the proposed 10-year
US$300 million senior notes issued by OFL, maturing September
2020, with call option after 2015.  The notes are fully and
irrevocably guaranteed by CNO.  OFL is a subsidiary (financing
vehicle) of Odebrecht S.A. the holding company of CNO.  The
proceeds of the issue will flow to Odebrecht which intends to use
them for general corporate purposes, and equity investments in its
full subsidiaries: Odebrecht Investmentos em Infra-estrutura Ltda,
and Odebrecht Oleo e Gas Ltda.

The Rating Outlook for all the corporate ratings above is Stable.

The ratings reflect CNO's leading position in the engineering and
construction sector in Latin America.  The company has significant
expertise and successful track record of executing and completing
domestic (Brazilian) and international engineering, procurement
and construction infrastructure projects.  Recent performance has
been resilient despite unfavorable market conditions, reflected by
growth in revenues and cash flows.  The ratings are also supported
by CNO's robust liquidity, adequate leverage, and strong backlog.
The ratings incorporate the risks associated with CNO's revenue
and backlog concentration in emerging markets and government-
sponsored projects, and the challenge of maintaining and growing
its backlog in a more complex global environment.

Revenues and Backlog Resilient, Brazil Driving Growth:

Despite the challenges from the global crisis to the heavy
construction segment, CNO's net revenues grew 89% in the last 12
months ended June 2009 compared with the same period in 2008.
EBITDA margins have been kept above 10% since 2007, which is solid
for industry standards and the company has also managed to
maintain a stable backlog of US$18.7 billion in the first half of
2009, compared to US$18.1 billion at the end of 2008.  Brazil's
share in the company's backlog has been increasing with Brazil
accounting for 35% of the total backlog in June 2009 compared to
21% at the end of 2007.  The remaining backlog include projects
located in Venezuela with 31%, Angola 15%, Argentina 6%, Libya 4%,
and the United States 3%.  Going forward, Fitch expects CNO's
backlog to grow due to ongoing and expected Brazilian investment
in Oil & Gas and Infrastructure.  The Brazilian Government's
Accelerated Growth Program is expected to partially support these
investments.  Further, Brazil hosting the World Cup in 2014 and
Olympic games in 2016 will generate the need for further
infrastructure investments and should also help increase Brazil's
importance in the company's backlog and revenues.

International Experience and Prudent Financial Strategy Mitigate
Political Risk:

CNO's exposure and concentration to more volatile emerging market
countries have been partially mitigated by its expertise and
positive track record of operating in these markets, as well as
the strategy of requesting advanced payments from customers.  On
average, CNO receives 15% of the total project cost in advance in
the emerging markets it participates.  As a result, account
receivables do not exceed customer advances in these markets.  In
addition, transfer and convertibility risks are mitigated by the
fact that CNO has significant access to hard currency.

Positive Free Cash Flow, Strong Liquidity and Low Leverage:

By funding its working capital requirements with customer
advances, CNO has been able to show recurrent positive free cash
flows (BRL 1 billion in the LTM ended in June 2009) and a strong
liquidity position.  CNO's cash position of BRL2.2 billion covered
3.0 times its short-term debt of BRL737 million, 1.0x its total
debt and 0.7x its total adjusted debt (including BRL1.2 billion of
off balance sheet guarantees) at the end of June 2009.  Of its
total cash position, 55% is denominated in foreign currency.
Future debt payments are BRL 411 million for the 12 months ended
June 2011, BRL342 million in the 12 months ended June 2012 and
BRL678 million in the second semester of 2012 and beyond.  A
potential pressure to the company's liquidity will be if there is
material cash drain to related companies in the Odebrecht Group,
which has not been the case so far.

CNO has efficiently demonstrated its ability to maintain low
leverage.  At the end of June 2009, total adjusted debt/EBITDA
declined to 1.4x, from 1.9x at year-end (YE) 2007, and adjusted
net debt/EBITDA was maintained at a low 0.5x (0.3x at YE 2007).
The low leverage and high liquidity ratios are considered
appropriate in a highly cyclical and volatile industry such as
heavy construction.  Fitch expects the ratio of total adjusted
debt to EBITDA to be around 2.0x at YE 2009, with a declining
trend thereafter.  In Fitch's opinion, leverage could increase if
the level of guarantees provided to related companies increase in
a faster pace than EBITDA growth.

Potential Ratings and Outlook Drivers:

The ratings and Outlook can be negatively affected by substantial
reduction of backlog and/or cancellation of works, leading to
significant revenue retraction and losses; factors negatively
affecting the liquidity position; increasing concentration in
higher-risk countries and/or sectors; and increased leverage
driven by potential cash drain or guarantees to related companies.

The company's ratings and Outlook can be positively affected by a
consistent and diversified evolution of backlog of contracts, with
an orientation to investment-grade countries, assuring future
revenue flows; sizeable customer advances exceeding account
receivables; increased revenue flows and EBITDA margins.


COSAN SA: Chief Executive Officer "Unexpectedly" Resigns
--------------------------------------------------------
Cosan SA Industria e Comercio Chief Executive Officer, Rubens
Ometto Silveira Mello, unexpectedly resigned from his post on
October 15, 2009, Inae Riveras at Reuters reports.

According to the report, citing a company statement, Mr. Mello
will remain as chairman of the board and will "dedicate himself
exclusively to the company's strategic management."

Reuters notes that the current chief commercial and logistics
officer, Marcos Marinho Lutz, was appointed as the new executive
officer.  Mr. Lutz, the report relates, will take up office on
November 1.

Headquartered in Brazil, Cosan SA Industria e Comercio --
http://www.cosan.com.br/-- is a Brazil-based company active in
the research and production of sugar, ethanol and derivatives.
The company cultivates harvests and processes sugarcane - the main
raw material used to produce sugar and ethanol.  In addition, it
is engaged in the production of sustained energy from renewable
sources.  It operates 18 production units located in the state of
Sao Paulo.  The Company also operates port terminals.  As of
March 31, 2009, Cosan was the parent company of a number of
controlled entities, such as TEAS -- Terminal Exportador de Alcool
de Santos SA, Cosan SA Bioenergia, Radar Propriedades Agricolas SA
and Cosanpar Participacoes SA, among others.   Cosan SA is a
subsidiary of Bermuda-based Cosan Limited.

                           *     *     *

As reported in the Troubled Company July 27, 2009, Fitch Ratings
has assigned 'BB-' local and foreign currency Issuer Default
Ratings and a 'A-(bra)' National Scale Rating to Cosan S.A.
Industria e Comercio and its subsidiary Cosan Combustiveis e
Lubrificantes Ltda.  Fitch has also assigned a 'BB-' rating to
CCL's proposed US$300 million senior unsecured notes due 2014
issued through its wholly owned subsidiary, CCL Finance Ltd.  The
notes will be unconditionally and irrevocably guaranteed by CCL.
The Rating Outlook for Cosan and CCL is Stable.


ENERGIAS DO BRASIL: Receives US$412 Million From Banoo Nacional
---------------------------------------------------------------
Energias do Brasil SA has received BRL700 million (US$412 million)
from Banco Nacional de Desenvolvimento Economico e Social SA for
its Pecem coal-fired power plant, Inae Riveras at Reuters reports.

According to the report, in July, BNDES approved a total loan of
BRL1.4 billion for the Pecem project, which is located in Ceara
state, in the northeast of Brazil.  The report relates that Pecem
is owned by Energias do Brasil and MPX Energia SA.

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

                           *     *     *

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

                 About EDP-Energias do Brasil SA

EDP-Energias do Brasil SA, the Brazilian unit of EDP- Energias de
Portugal SA, is a holding company that
controls power distributions, an energy trading ompany, and power
plansts.  The company generates, transmits, and distributes
electricity in Brazil.

                           *     *     *

As of October 15, 2009, the company continues to carry Moody's Ba2
LT Corp Family rating


GP INVESTMENTS: Consent Solicitation Won't Affect S&P's BB- Rating
------------------------------------------------------------------
Standard & Poor's Rating Services said that its rating and outlook
on GP Investments Ltd. (BB-/Stable) remain unchanged following the
company's announcement on Oct. 13, 2009, that it has begun a
consent solicitation to amend it indenture.

The proposed amendment would modify the indenture to allow GP
Investments to redeem its notes in part and not only as a whole as
originally stated in the indenture.  In addition, GP Investments
is proposing to eliminate the requirement under the indenture that
it maintain a debt service reserve account: a deposit account
maintained by the trustee in which the company has deposited
enough funds to pay the amounts due on its notes for six
consecutive interest payment dates.  S&P understands that the
company will remain committed to servicing its debt under the
amended conditions, and that the amendments will provide GP
Investments with additional financial flexibility to operate its
business.


INFINITY BIO-ENERGY: In Talks to Sell Navirai Mill
--------------------------------------------------
Infinity Bio-Energy Brasil Participacoes SA is in talks to sell
its Navirai mill, Tony Danby at Dow Jones Newswires reports,
citing a company press officer.

According to the report, citing Local news service Estado, U.S.
trading company Bunge Ltd. and Asian grain trader Noble Group Ltd.
as well as local company Bertin are in talks to acquire the mill
in Mato Grosso do Sul state.  The report, citing Estado News,
notes that the sale is expected to be part of Infinity Bio-
Energy's judicial recovery proceedings, which is similar to
Chapter 11 reorganization in the U.S.

The Navirai mill has a capacity to crush 3.2 million metric tons
of cane.

Infinity Bio-Energy Limited -- http://www.infinitybio.com.br/ --
is a United Kingdom-based renewable energy company.  The company’s
segments include production of ethanol, production of sugar and
generation of electricity.  The geographical segments of the
Company include Brazil, Europe, the United States and Rest of
world.  The company’s subsidiaries include Infinity Bio-Energy
Brasil Participacoes S/A, Alcana – Destilaria de Alcool de Nanuque
S/A, Cridasa - Cristal Destilaria Autonoma de Alcool S/A, Usina
Navirai S/A - Acucar e Alcool, Infisa - Infinity Itaunas Agricola
S/A, Ceisa - Central Energetica Itaunas S/A, Destilaria Itaunas S/
A, Pecana Empreendimentos e Participacoes S/A, Destilaria de
Alcool Ibirapua Ltda, Central Energetica Paraiso S/A, Infinity
Agricola S/A, Infinity Industria do Espirito Santo S/A, Infinity
Industria de Biocombustiveis de Minas Gerais S/A, Infinity
Industria de Biocombustiveis da Bahia S/A and Infinity Industria
de Biocombustiveis de Mato Brosso do Sul S/A.


JBS SA: R-CALF Mails 2nd Request to Block Pilgrim Pride's Merger
----------------------------------------------------------------
R-CALF USA has send a second mail to the U.S. Dept. of Justice to
reinforce evidence that show the Cattle Industry would hit severe
trouble if JBS SA-Pilgrim Pride will merge, Trans World News
reports.

According to the report, the USDA said that a 1% decrease in
poultry prices would reduce beef consumption by 0.24%.  The report
relates that R-CALF USA calculated that a 10% decrease in chicken
prices would decrease street price by US$7.15 per hundredweight;
and cattle owners would receive a loss ranging anywhere from
US$7.50 per head to US$89.38 per head.

As reported in the Troubled Company Reporter-Latin America on
September 29, 2009, The Grand Island Independent said that R-CALF
USA sent a letter to the U.S. Department of Justice requesting
that it block the proposed merger of JBS S.A. and Pilgrim's Pride
Corporation.  According to the report, R-CALF USA contends that
the proposed acquisition by JBS of Pilgrim's Pride would lessen
competition among packers in their purchase of cattle, as is
critical to ensure competitive prices for the nation's hundreds of
thousands of ranchers.

The Independent noted that concerns expressed about the proposed
acquisition of Pilgrim's Pride include the likelihood that JBS SA
would secure the means to manipulate both live cattle and beef
prices by varying the output of the Pilgrim's Pride poultry
operation and the price of its poultry.  "We urge the U.S.
Department of Justice to vigorously investigate the antitrust and
anticompetitive aspects of this proposal and take all necessary
enforcement action to prevent its consummation," the report quoted
the report quoted R-CALF USA CEO Bill Bullard, as saying.

                         About R-CALF USA

R-CALF USA (Ranchers-Cattlemen Action Legal Fund, United
Stockgrowers of America) is a national, non-profit organization
dedicated to ensuring the continued profitability and viability of
the U.S. cattle industry.  R-CALFUSA represents thousands of U.S.
cattle producers on trade and marketing issues.  Members are
located across 47 states and are primarily cow/calf operators,
cattle backgrounders, and/or feedlot owners.  R-CALFUSA directors
and committee chairs are extremely active unpaid volunteers.  R-
CALFUSA has dozens of affiliate organizations and various main-
street businesses are associate members.

                          About JBS SA

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

                           *     *     *

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


LEXICON UNITED: ATN Unit Has Collection Services Deal with Ativos
-----------------------------------------------------------------
Lexicon United Incorporated said its subsidiary, ATN Capital e
Participacoes Ltd., a Brazilian company which specializes in debt
recovery, has reached an agreement with Ativos S/A Securitizadora
to provide collection services relative to a new portfolio with a
face value of over 671 million Brazilian Reais (approximately
US$372 million) of distressed debt assets of Banco do Brasil SA.
"This agreement is evidence of our powerful alliances with major
Brazilian financial institutions.  Depending on our performance,
we would expect to be retained to provide additional collection
services for this customer", said Elie Saltoun, Lexicon's
President.

At the same time, ATN has improved its capabilities to handle up
to a 50% higher collection volume generated from its customer
base.

                      About Lexicon United

Based in Austin, Texas, Lexicon United Incorporated (OTC
BB:LXUN.OB) -- http://www.atncapital.com.br/-- is a financial
services holding company specializing in collections and credit
recovery.  ATN, a subsidiary of the Company, is engaged in the
business of managing and servicing accounts receivables for large
financial institutions in Brazil and acquiring portfolios of debt
assets for its own account.Revenues are primarily derived from
collections related to distressed debt assets.

Lexicon's balance sheet at June 30, 2009, showed total assets of
US$3,098,595 and total liabilities of US$4,107,598, resulting in a
stockholders' deficit of US$1,009,003.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that it has an
accumulated deficit of US$3,279,266 and negative working capital
of US$3,175,147 at June 30, 2009.  The management's plans include
raising adequate capital through the equity markets to fund future
operations and generating of revenue through its businesses.
Failure to raise adequate capital and generate adequate sales
revenues could result in the Company having to curtail or cease
operations.  Additionally, even if the Company does raise
sufficient capital to support its operating expenses and generate
adequate revenues, there can be no assurances that the revenue
will be sufficient to enable it to develop business to a level
where it will generate profits and cash flows from operations.


ODEBRECHT LIMITED: Sells US$500 Million in Senior Notes
-------------------------------------------------------
Odebrecht Finance Ltd, a unit of Odebrecht SA, has sold US$500
million of senior notes in the 144a private placement market, on
October 14, 2009, Reuters reports, citing IFR, a Thomson Reuters
service.

According to the report, the size of the deal was increased from
an originally planned US$300 million.  The report relates that the
notes are guaranteed by Construtora Norberto Odebrecht SA.

HSBC, Santander, and BB Securities were the joint bookrunning
managers for the sale.

Borrower: Odebrecht Finance Limited

AMT $500 MLN      COUPON 7.00 PCT     MATURITY 4/21/2020
TYPE SNR NOTES    ISS PRICE 98.184    FIRST PAY 4/21/2010
MOODY'S N/A       YIELD 7.25  PCT     SETTLEMENT 10/21/2009
S&P DOUBLE-B      SPREAD 382 BPS      PAY FREQ SEMI-ANNUAL
FITCH BB-PLUS      MORE THAN TREAS    NON-CALLABLE 5.5 YEARS**

                           About Odebrecht

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

                      About Odebrecht Finance

Odebrecht Finance Limited is a wholly owned subsidiary of
Construtora Norberto Odebrecht S.A.'s parent company, Odebrecht
S.A.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 12, 2009, Standard & Poor's Ratings Services said that it
assigned its 'BB' rating to the proposed US$300 million senior
unsecured notes issuance by Odebrecht Finance Ltd. due September
2020.  The notes are unconditionally and irrevocably guaranteed by
Brazil-based heavy engineering and construction company,
Construtora Norberto Odebrecht S.A. (BB/Stable/--).  OFL is a
wholly owned subsidiary of CNO's parent company, Odebrecht S.A.
(brAA-/Stable/--).


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


CMH INSURANCE: Members' Final Meeting Set for October 22
--------------------------------------------------------
The members of CMH Insurance Company, Ltd. will hold their final
general meeting on October 22, 2009, at 11:30 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

Joseph Galeazzi and Laurisa Jackson are the company's liquidators.


DRE CAYMAN: Members' Final Meeting Set for October 20
-----------------------------------------------------
The members of Dre Cayman Holdings Limited will hold their final
general meeting on October 20, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814-7366
          Facsimile: (345) 945-3902
          P.O. Box 2681Grand Cayman KY1-1111
          Cayman Islands


GLOBAL CONVERTIBLE: Members' Final Meeting Set for October 21
-------------------------------------------------------------
The members of The Global Convertible Opportunities Fund Limited
will hold their final general meeting on October 21, 2009, at
3:30 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


HAVEN ASIA: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------
The creditors of Haven Asia Partners, Ltd. are required to file
their proofs of debt by October 20, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 14, 2009.

The company's liquidator is:

          Ogier
          c/o Steven Carlino
          Telephone: 1 (212) 634-7327
          Facsimile: 1 (212) 634-7399
          Corbin Capital Partners
          590 Madison Avenue, 31st Floor
          New York, NY 10022
          United States of America


HSBC INVESTOR: Members' Final Meeting Set for October 22
--------------------------------------------------------
The members of HSBC Investor Short Duration Fixed Income Fund,
Ltd. will hold their final general meeting on October 22, 2009, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


HSBC INVESTOR: Members' Final Meeting Set for October 22
--------------------------------------------------------
The members of HSBC Investor Intermediate Duration Fixed Income
Fund, Ltd. will hold their final general meeting on October 22,
2009, at 11:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HSBC INVESTOR: Members' Final Meeting Set for October 22
--------------------------------------------------------
The members of HSBC Investor High Yield Fixed Income Fund, Ltd.
will hold their final general meeting on October 22, 2009, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


HSBC INVESTOR: Members' Final Meeting Set for October 22
--------------------------------------------------------
The members of HSBC Investor Core Fixed Income Fund, Ltd. will
hold their final general meeting on October 22, 2009, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


INDUS ALTERNATIVE: Creditors' Proofs of Debt Due on October 21
--------------------------------------------------------------
The creditors of Indus Alternative Equity Fund, Ltd. are required
to file their proofs of debt by October 21, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 815-1760
          Facsimile: (345) 949-1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


INDUS EVENT: Creditors' Proofs of Debt Due on October 21
--------------------------------------------------------
The creditors of Indus Event Driven Master Fund, Ltd. are required
to file their proofs of debt by October 21, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 815-1760
          Facsimile: (345) 949-1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


LOTUS GLOBAL: Members' Final Meeting Set for October 21
-------------------------------------------------------
The members of Lotus Global Strategy Fund Ltd. will hold their
final general meeting on October 21, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Trudy-Ann Baines
          Deloitte & Touche
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


NAC HOLDING: Members' Final Meeting Set for October 21
------------------------------------------------------
The members of Nac Holding, Ltd. will hold their final general
meeting on October 21, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gerard H. Brimo
          6th Floor BMMC Bldg.
          143 Dela Rosa cor. Adelantado Sts.
          Legaspi Village, Makati City
          Philippines


SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------------
The creditors of Saad Investments Finance Company Limited are
required to file their proofs of debt by October 20, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

         Hugh Dickson
         Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8242
         Facsimile: (345) 949-7120


SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------------
The creditors of Saad Investments Finance Company (No. 2) Limited
are required to file their proofs of debt by October 20, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

         Hugh Dickson
         Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8242
         Facsimile: (345) 949-7120


SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------------
The creditors of Saad Investments Finance Company (No. 3) Limited
are required to file their proofs of debt by October 20, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

         Hugh Dickson
         Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8242
         Facsimile: (345) 949-7120


SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------------
The creditors of Saad Investments Finance Company (No. 8) Limited
are required to file their proofs of debt by October 20, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

         Hugh Dickson
         Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8242
         Facsimile: (345) 949-7120


SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------------
The creditors of Saad Investments Finance Company (No. 9) Limited
are required to file their proofs of debt by October 20, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

         Hugh Dickson
         Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8242
         Facsimile: (345) 949-7120


SAAD INVESTMENTS: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------------
The creditors of Saad Investments Finance Company (No. 10) Limited
are required to file their proofs of debt by October 20, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

         Hugh Dickson
         Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8242
         Facsimile: (345) 949-7120


SAM SUSTAINABLE: Creditors' Proofs of Debt Due on October 19
------------------------------------------------------------
The creditors of Sam Sustainable Long Short Global 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
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


STARTS LTD: S&P Downgrades Ratings on Various 2007-36 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
the series 2007-36 notes issued by STARTS (Cayman) Ltd.  At the
same time, S&P kept the rating on CreditWatch negative.

This rating action follows noteholders' consent to replace cash
collateral with a 'AA' rated senior unsecured bond issued by a
financial institution.  Following the addition, the rating on the
notes is now linked to the creditworthiness of three unique
collateral securities (two pre-existing commercial mortgage-backed
securities bonds and the new financial institution bond) and to
the performance of a portfolio of corporate names.

The risk of any of the collateral securities defaulting or the
aggregate losses in the underlying corporate portfolio being more
than the loss trigger is, in S&P's view, higher than that
commensurate with the current rating on the notes.  In S&P's view,
this risk is currently commensurate with a 'B+' rating.

The rating on these notes remains on CreditWatch negative as a
result of S&P's Sept. 17 corporate collateralized debt obligation
criteria update.

                        Ratings List

         Rating Lowered And Kept On CreditWatch Negative

                      Starts (Cayman) Ltd.
$135 Million Leveraged Super Senior Credit-Linked Fixed-Rate Notes
                         Series 2007-36

                        Rating
                        ------
              To                     From
              --                     ----
              B+/Watch Neg           BBB/Watch Neg


STARTS LTD: S&P Downgrades Ratings on Various 2007-36 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
the series 2007-36 notes issued by STARTS (Cayman) Ltd.  At the
same time, S&P kept the rating on CreditWatch negative.

This rating action follows noteholders' consent to replace cash
collateral with a 'AA' rated senior unsecured bond issued by a
financial institution.  Following the addition, the rating on the
notes is now linked to the creditworthiness of three unique
collateral securities (two pre-existing commercial mortgage-backed
securities bonds and the new financial institution bond) and to
the performance of a portfolio of corporate names.

The risk of any of the collateral securities defaulting or the
aggregate losses in the underlying corporate portfolio being more
than the loss trigger is, in S&P's view, higher than that
commensurate with the current rating on the notes.  In S&P's view,
this risk is currently commensurate with a 'B+' rating.

The rating on these notes remains on CreditWatch negative as a
result of S&P's Sept. 17 corporate collateralized debt obligation
criteria update.

                        Ratings List

         Rating Lowered And Kept On CreditWatch Negative

                      Starts (Cayman) Ltd.
$135 Million Leveraged Super Senior Credit-Linked Fixed-Rate Notes
                         Series 2007-36

                        Rating
                        ------
              To                     From
              --                     ----
              B+/Watch Neg           BBB/Watch Neg


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


BHP BILLITON: Halts Chile Copper Mining on Strike
-------------------------------------------------
Matt Craze at Bloomberg News reports that BHP Billiton Ltd. halted
mining at its Spence copper unit in northern Chile after a strike
entered its second day, Matthew Craze at Bloomberg News reports.
BHP is still producing refined copper at the mine using existing
ore stockpiles, London-based spokesman Ruban Yogarajah said told
the news agency in a telephone interview.  “We are continuing to
look for a mutually beneficial agreement,” the report quoted Mr.
Yogarajah as saying.

According to the report, citing union spokesman Francisco Aravena,
said that workers at Spence on October 12 unanimously rejected a
wage proposal that was less than what miners received at BHP’s
Escondida mine.

As reported in the Troubled Company Reporter-Latin America on
October 13, 2009, Bloomberg News said that BHP Billiton workers at
its Escondida copper mine in Chile are receptive to a wage
increase offer, averting a potential strike in December when their
contracts expire.  The report related that more than half of the
workers at Escondida voted on the offer in the past two days.
BHP, the report added, reached an early agreement with Escondida
workers for a four-year contract, averting a strike ahead of a
December deadline.

                         About BHP Billiton

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

                           *     *     *

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


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


ECOPETROL SA: To Release Third Quarter Earnings on October 21
-------------------------------------------------------------
Ecopetrol SA will release its third quarter 2009 results before
the markets open on Wednesday, October 21, 2009.  The earnings
release will be available on the company's Web site:

                   http://www.ecopetrol.com.co/

On Wednesday, October 21, Ecopetrol's senior management will host
two webcasts to review the performance in the third quarter of
2009:

    In Spanish                       In English
    October 21, 2009                 October 21, 2009
    1:30 p.m. Bogota                 3:30 p.m. Bogota
    (2:30 p.m. New York)             (4:30 p.m. New York)

The webcast will be available on Ecopetrol's Web site:

                    http://www.ecopetrol.com.co

and at the following links:

http://phx.corporate-ir.net/playerlink.zhtml
c=218606&s=wm&e=2478034
(English)

http://phx.corporate-ir.net/playerlink.zhtml?
c=218606&s=wm&e=2478055
(Spanish)

    Contact:
    Ecopetrol

    Investor Relations Officer:
    Alejandro Giraldo
    Phone: +571-234-4988
    Bogota, Colombia
    E-mail: investors@ecopetrol.com.co

    Investor Relations Analysts:
    Claudia Trujillo
    Phone: +571-234-5190
    Bogota, Colombia
    E-mail: investors@ecopetrol.com.co

    David Garzon
    Phone: +571-234-5109
    Bogota, Colombia
    E-mail: investors@ecopetrol.com.co

                      About Ecopetrol S.A.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 7, 2009, Fitch Ratings has affirmed the Issuer Default
Ratings and outstanding debt ratings of Ecopetrol S.A.:

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


* COLOMBIA: Fitch Assigns 'BB+' Rating on the Republic's Bonds
--------------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BB+' to the Republic of Colombia's US$1 billion Eurobond (6.125%
coupon) maturing in 2041.

The rating is in line with Colombia's foreign currency Issuer
Default Rating.  Colombia's creditworthiness is underpinned by its
record of macroeconomic stability, deft liability management, an
unblemished debt service record, comparatively conservative fiscal
policies and greater institutional strength in comparison to
peers.  Furthermore, increased credibility of the macroeconomic
policy framework, a strengthened financial system, relatively
modest external debt levels, and a flexible exchange rate helped
Colombia weather the external shocks emanating from the global
financial crisis.

Nevertheless, Colombia's fiscal accounts continue to suffer from
considerable expenditure rigidity and high revenue volatility.
The sovereign remains a net external debtor while most 'BB' peers
and 'low investment grade' commodity exporters are net external
creditors.  The Rating Outlook remains Stable.


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


* DOMINICAN REPUBLIC: Economy to Grow 0.5% in 2009 & 2% in 2010
---------------------------------------------------------------
Dominican Republic's economy is expected to grow 0.5% this year
and 2% in 2010, the Dominican Today reports, citing International
Monetary Fund's "Global Economic Perspective" report.

According to the Dominican Today, citing the IMF report, the
country’s Gross Domestic Product grew 5.3% last year.  Dominican
Today relates IMF improved its inflation forecast for the country,
initially estimated at 1.7% for 2009 and 5.8% in 2010, to 0.9% and
5.4% respectively.  IMF also said that the country's consumer
prices rose 10.6% last year, the Dominican Today says.

IMF's report, the Dominican Today says, said that as to the
country's balance of the current account, a deficit of 6.1% of the
GDP is expected for 2009 as well as 2010, around one tenth below
the forecast in April.  The Dominican Today says the deficit in
the current account balance was 10% of the GDP in 2008.

                         *     *     *

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


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


CASH PLUS: Former Owner Full Asset Disclosure Deadline Expires
--------------------------------------------------------------
The seven day order for former Cash Plus Limited owner, Carlos
Hill, to make full disclosure of his assets has expired on
October 13, RadioJamaica reports.  The report, citing a court
order, relates that Mr. Hill to declare his all assets held
locally and overseas.

According to the report, the order was issued shortly before
court-appointed Cash Plus liquidator Hugh Wildman disclosed that
he had discovered US$25 million in a Dubai bank account belonging
to Mr. Hill.

Go-Jamaica News reports that Mr. Wildman, has  unearthed US$25
million that former Cash Plus boss Carlos Hill  and his brother
Bertram Hill are believed to have deposited in a Swiss bank in
Dubai in the United Arab Emirates.  According to G-Jamaica,
Wildman said that he has assembled a legal team to marshall the
efforts in Dubai.  Go-Jamaica notes that a team of English lawyers
in Dubai has been engaged to assist in reclaiming the funds on
behalf of depositors of Cash Plus.

                          About Cash Plus

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

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

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


CASH PLUS: Divestment Hits Obstacles, Liquidator Says
-----------------------------------------------------
Hugh Wildman, the court-appointed liquidator for Cash Plus
Limited, admitted that he has encountered problems while divesting
the company's properties, RadioJamaica reports.

According to the report, Mr. Wildman said that strong interest has
been shown in the assets he has not been able to close deals with
potential buyers.

"All I can say is that we have accepted these offers, we have
communicated to the various persons that we have accepted the
offers and when we are down to contract stage they back out and
they say they are making a revised offer and they want to give you
less than what they offered in the first instance.  This is part
of the difficulty we are having but there is no question that
people are interested in the assets but it is a question of paying
the true value," the report quoted Mr. Wildman as saying.

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, RadioJamaica said that Cash Plus Limited and
its subsidiaries have stepped up the sale of assets formerly owned
by the collapsed investment scheme.  The report related that three
more properties have been placed on the auction block as Mr.
Wildman tries to raise funds in an effort to repay former Cash
Plus creditors.  The report related that these company assets were
advertised:

   -- lands in Jacks Hill and Norbrook Heights,
   -- a townhouse situated in Waterworks, St. Andrew
   -- office space in New Kingston, and
   -- a warehouse on Marcus Garvey Drive.

                        About Cash Plus

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

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

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


IBEROSTAR HOTEL: To Cut 400 Jobs; LayOffs Back at Labour Ministry
-----------------------------------------------------------------
More than 400 workers of Iberostar Rose Hall Beach Hotel are told
that their dispute with the hotel's management is heading back to
the Labour Ministry, RadioJamaica reports.  The beach hotel is
owned by IBEROSTAR Hotels & Resorts.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, RadioJamaica said that the workers affected
by Iberostar Rose Hall Beach Hotel's closure will have more
details on the planned closure soon.  According to the report, the
Hotel, which was opened in 2007, one of three hotels on the
Spanish chain's property in Montego Bay, was closed on September
1, due to low occupancy.

According to the report, the University and Allied Workers Union
(UAWU), which represent most of the hotel's workers, said that the
workers are being cut because they have joined a union.  The
report relates that Clifton Grant, Vice President of the
University and Allied Workers Union hopes that a meeting this
Friday will settle the matter.

"Our objective must be to save jobs, not to terminate people like
that.  To have a mass termination like this is not sending good a
sign to industrial relations in this country and if the management
insists on the lay offs then it's clear that they're not
interested in having the workers in a unionized environment," the
report quoted Mr. Grant as saying.  The management of the hotel
still intends to hand out redundancy letters but the workers have
not been collecting them, Mr. Grant added.

                About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance to
ensure full guest satisfaction.  With a star as its symbol, the
chain has managed to win over customers with its philosophy and
values, and its efficient, professional staff.


JPSCO: Reaches MOU With National Water Commission
-------------------------------------------------
Operations are to resume at the Constant Spring Hydroelectric
Power Plant following a Memorandum of Understanding between the
Jamaica Public Service Company and the National Water Commission,
Gleaner/Power 106 News reports.  The report relates that David
Cook, company Head of Projects and Infrastructure Management, said
that the 21-year-old power plant, which has been out of service
since 2001, is in the final stages of renovation being undertaken
at a cost of US$1 million.

According to the report, the facility, located at the NWC’s
Constant Spring Treatment Plant in St. Andrew, will be accessed by
the JPS under a lease arrangement.  The report relates that the
the plant which is expected to be fully operational at the end of
November, can result in annual fuel cost savings of up to
US$740,000 assuming a fuel cost of $US100 per barrel.

The report says that this initiative will also allow the JPSCO to
add just under one megawatt of electricity to the national grid.

                            About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


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


YPF SA: Parent Aims to Supply LNG to Asia Market From Peru Plant
----------------------------------------------------------------
Repsol YPF SA, the parent firm of YPF S.A., plans to supply China
with liquefied natural gas from its Peruvian LNG plant to tap the
Asian nation’s rising demand for cleaner fuel, Chua Baizhen at
Bloomberg News reports, citing Alberto Alvarez, commercial
director at Repsol-Gas Natural LNG.

According to the report, Mr. Alvarez said that the Hunt Oil
Co.-led venture with a capacity of 4.2 million metric tons a year
in Peru, in which Repsol YPF has a 20% stake, has committed 70% of
supplies to Mexico and plans to supply a part of the balance to
Asia.  “We have strong intentions to bring in some volumes to the
Asian market, particularly to China, in the short and medium term,
because we want to establish long-lasting relationships,” the
report quoted Mr. Alvarez as saying.

Bloomberg News notes that China increased imports of LNG to a
record in July after demand rose during the summer consumption
peak.  The report relates that purchases of the fuel, used mainly
to generate electricity, rose 78% to 668,232 metric tons in July
from a year earlier.

                         About Repsol

Repsol YPF, S.A. is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas.  The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.

                          About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008.  (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.


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


CL FINANCIAL: 1,800 CLICO Policies Canceled
-------------------------------------------
Candia Dames at Nassau Guardian News reports that the court-
appointed receiver for CLICO Bahamas Limited, Craig 'Tony' Gomez,
estimated in a report filed with the Supreme Court, that the
portfolio of the failed insurance company may have witnessed a
decrease of between 15 and 20%.  Guardian News relates Mr. Gomez
said that the portfolio volume was affected by misinformation
received by the policyholders.

According to Guardian News, Mr. Gomez revealed that more than
1,800 CLICO Bahamas policies representing a sum of $20,995,240
have been canceled.  "At the time the announcement was made that
the company was being placed into liquidation, policyholders were
uncertain about the future of the enforceability of their
policies, which led many of the policyholders to terminate their
policies," the liquidator says in the report obtained by the news
agency.

Mr. Gomez, Guardian News relates, invited five companies to submit
proposals to purchase CLICO's portfolio but no final determination
has been done yet.  Among the companies are:

   * Atlantic Medical Insurance Limited;
   * British American Financial;
   * ColinaImperial Insurance Limited;
   * Family Guardian Insurance Company Limited; and
   * Generali Worldwide Insurance Company Limited.

Guardian News notes that as of July 7, 2009, the company had
28,215 policies with the sum assured standing at TT$4,090,252,882.

Mr. Gomez, Guardian News says, also said its report that
FirstCaribbean International Bank has expressed concern about its
mortgages that are secured by CLICO's life insurance policies.
Guardian News relates that the bank has reportedly indicated that
it has approximately TT$35 million in mortgages that are secured
by CLICO's policies.  Mr. Gomez said in his report that the the
assets of the company at TT$124,484,026 and liabilities at
TT$154,191,393, Guardian News adds.

Moreover, Guardian News relates that Mr. Gomez also advised that
all staff members of the company were released on April 15, 2009
and subsequently given redundancy letters.

                         About CL Financial

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

                           *     *     *

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

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


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT CORP: Former Owner Vows to Fight Fraud Charges
----------------------------------------------------
Former Olint Corp. boss David Smith who was arrested has vowed to
fight all charges brought against him by the police in the Turks
and Caicos Islands, RadioJamaica reports.

According to the report, Mr. Smith's attorney, Oliver Smith, said
that his client is insisting that no crimes were committed.  The
report relates that Mr. Smith was released on US$1 million bail.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, RadioJamaica said Mr. Smith was put to jail in
the Turks and Caicos Islands, after being arrested on September 28
in the neighboring Caribbean territory.

According to a TCRLA report on June 16, 2009, citing Caribbean Net
News, said Florida resident Christopher Walker sued the several
parties for their involvement in (OLINT)'s operations.  The report
related Mr. Walker, who is claiming that he was defrauded in the
company's “get-rich-quick scheme”, is seeking US$2.4 million in
damages.  According to the report, Mr. Walker's complaint involved
these defendants:

  -- Hallmark Bank & Trust Ltd;
  -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
  -- Overseas Locket International Corporation;
  -- OLINT Principal David Smith;
  -- Wayne Smith, David Smith's brother and an
     employee of OLINT;
  -- Turks and Caicos Islands Premier Michael Misick
  -- The Turks and Caicos Islands Investment
     Agency, which "encourages foreign investment in
     the Turks & Caicos Islands"; and
  -- MasterCard Worldwide and MasterCard International
     LLC, which provide card services to Hallmark Bank.


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


PETROLEOS DE VENEZUELA: To Invest US$16 Billion Next Year
---------------------------------------------------------
Petroleos de Venezuela plans to increase investment next year as
the firm seeks to boost production, The Associated Press reports.
The report relates that Eulogio Del Pino, a top executive at
PDVSA, said that the company will invest US$16 billion in 2010 —
up from the US$15 billion the company invested this year.

According to the report, PDVSA's investments next year will
include a joint venture involving a consortium of Russian
companies within the South American country's oil-rich Orinoco
Belt, which contains an estimated 235 billion barrels of heavy
crude.  The report relates that Mr. Del Pino said PDVSA and the
Russian consortium are negotiating the project's final details.

The report says the Russian consortium hopes to pump at least
400,000 barrels of oil a day under the project.

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Petrobras Seeks US$400MM for Refinery
-------------------------------------------------------------
Petroleos de Venezuela will have to pay Brazilian state-run
Petroleo Brasileiro SA US$400 million when it signs a final deal
for a tentative 40% stake in the Abreu e Lima refinery, Rodrigo
Viga at Reuters reports, citing an unnamed Petrobras Commerce
Director Paulo Roberto Costa.

According to the report, Mr. Costa said that PDVSA will have to
pay 40% of the US$1 billion Petrobras has already invested in
construction and equipment procurement.  "They're going to have to
pay cash," the report quoted Mr. Costa as saying.  The timing of
final agreement will depend on the two governments, Mr. Costa
added.

Reuters points out that PDVSA may struggle to come up with the
cash after building up large debts with service companies and
suppliers following last year's tumble in oil prices that left it
overextended with massive social development responsibilities.

According to a TCRLA report on July 30, 2009, citing Dow Jones
Newswires, PDVSA and Petrobras negotiations on the Abreu e Lima
refinery project failed talks as it was unable to reach a deal on
investment costs, sales and oil prices.  According to Dow Jones
Newswires, citing the Estado News Agency, Paulo Roberto Costa,
Petrobras' Supply and Refining director, said there was an impasse
in the proposed oil refinery joint-venture due to PdVSA's attempts
to impose conditions on its participation in the project, and this
may lead to its being excluded.  Mr. Costa, Reuters related, told
reporters that PDVSA's plan was not acceptable due to the pricing
mechanism for the heavy crude that Venezuela would supply to the
refinery and the plan for commercialization of the refined
products.

                            About PDVSA

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

                           *     *     *

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

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


* VENEZUELA: May Take a Year to Cut Oil Tax, Royalties
------------------------------------------------------
Venezuela may take a year to consider cutting taxes and royalties
on oil production in new Orinoco Belt projects as it assesses the
blocks, Daniel Cancel and Steven Bodzin at Bloomberg News reports,
citing Eulogio del Pino, Petroleos de Venezuela SA’s vice
president of exploration and production.  Venezuela will wait for
the results of engineering studies in the Carabobo oil blocks
before deciding whether to make the concessions to private
partners, Mr. del Pino told Bloomberg News in an interview.

According to the report, Total SA and StatoilHydro ASA are among
18 companies considering bidding for minority stakes to develop
the blocks with PDVSA.  The report relates that each of three new
joint ventures in the area will pump at least 400,000 barrels a
day of crude and refine half of it into higher-grade oil for
export.

Venezuela may eliminate its 50% minimum tax take on oil production
in new Orinoco Belt projects and cut royalties to lure
investments, Patrick Esteruelas, Latin America analyst with
Eurasia Group in New York, wrote in a report obtained by the news
agency.

Bloomberg News notes that the country’s oil law permits the
elimination of a minimum 50% tax and the reduction of royalties
from 30% to 20%.

                           *     *     *

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


* VENEZUELA: To Take Over Hilton Resort Within 15 Days
------------------------------------------------------
Venezuela will take control of the Hilton Margarita and Suites
hotel within 15 business days, Matthew Walter at Bloomberg News
reports, citing Tourism Minister Pedro Morejon said.  The report
relates Mr. Morejon said that the government will respect all
existing contracts at the hotel.

According to the report, Morejon said that Hilton’s concession
ended on October 13.  The government already owns a majority of
the shares in the resort, and that the hotel has fallen into
disrepair, Mr. Morejon added.

As reported in the Troubled Company Reporter-Latin America on
October 15, 2009, Dow Jones Newswires said that President Hugo
Chavez has ordered the nationalization of Hilton resort on the
Caribbean island of Margarita.  The report related that the resort
is owned by local firms facing troubles with the government's
financial oversight body.  According to the report, the resort,
which is managed by Hilton Worldwide, has 280 rooms and 154 time-
share suites, according to the presidential decree ordering the
takeover.  Dow Jones Newswires noted that Karla Visconti, a
spokeswoman for Hilton Worldwide, said the company "is evaluating
how the Venezuelan government's action affects its interest in
this hotel."  Hilton manages the hotel on Margarita, but doesn't
own it, Ms. Visconti added.

                          About PDVSA

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

                           *     *     *

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

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


* VENEZUELA: To Select Partner for Carabobo Area Development
------------------------------------------------------------
The People’s Minister of Energy and Petroleum and president of
Petroleos de Venezuela, S.A. Rafael Ramirez, met with
representatives of the companies participating the Partner
Selection Process for the Development of the Carabobo Area in the
Orinoco Oil Belt, and announced the new schedule for the selection
process.

November 12, 2009, is the deadline to submit the final version of
the conditions, and January 28, 2010 is the deadline to submit the
offers.  Thus, the companies have a two-month term to evaluate the
new conditions and organize their consortia.

The project is a fundamental part of the strategic plan for
development of the reserves of the Orinoco Oil Belt, which total
235 billion barrels, of which 93 billion have already been
certified.

Companies participating in the meetings include:

   -- BP from the United Kingdom,
   -- Chevron Global Technology Services Co. from the United
      States,
   -- China National Petroleum Corporation;
   -- Eni Venezuela B.V. from Italy;
   -- Portugal’s Galp Energia S.G.P.S., S.A.,
   -- Inpex Corporation,
   -- Japan’s Oil Gas Metals National Corporation,
   -- JOGMEC, and Mitsubishi Corporation;
   -- India’s ONGC Videsh Limited;
   -- Brazil’s Petrobras Participaciones S.L.;
   -- PC Venezuela Ltd. from Malaysia;
   -- Spain’s Repsol;
   -- Shell Venezuela, S.A. from The Netherlands;
   -- China’s Sinopec International Petroleum Exploration and
      Production Corporation;
   -- StatoilHydro from Norway;
   -- Venezuela’s Suelopetrol;
   -- Total of France, and
   -- the Russian Consortium.

Similarly, Minister Ramirez informed the companies about the new
agreements related the Oil Belt, emphasizing on the recent
agreements signed with the Russian Federations for the development
of the field Junin 6, and with China and Vietnam.  Minister
Ramirez announced that the conditions for Project Carabobo will be
the same as for the agreement signed with the Russian Federation
and other agreements for the joint development of several blocks
in the Orinoco Oil Belt, including Junin 2 Norte, Junin 4, Junin 5
and Junin 10.

Minister Ramirez also mentioned the possibility to enforce the
mechanisms provided in articles 44 and 48 of the Organic Law on
Hydrocarbons, if necessary, to guarantee the economic feasibility
of the projects.

After the aforementioned developments are completed, no new areas
will be assigned, and PDVSA will focus on the development of these
blocks, through which it expects to increase production in 2.8
million barrels per day

                           *     *     *

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *