TCRLA_Public/091021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, October 21, 2009, Vol. 10, No. 208

                            Headlines

A R G E N T I N A

ARGENTINA CONSTRUCTORA: Requests for Preventive Contest
BARNIZAR SA: Creditors' Proofs of Debt Due on November 17
CIR SRL: Creditors' Proofs of Debt Due on November 24
CUIMBO SA: Creditors' Proofs of Debt Due on November 23
DBC ACCESORIOS: Creditors' Proofs of Debt Due on November 17

DISTRIMARC SRL: Creditors' Proofs of Debt Due on November 30
FIJALOCK SRL: Creditors' Proofs of Debt Due on February 4
GARBARINO SA: Moody's Assigns 'B2' Local Currency Rating
PAGOLA 57: Creditors' Proofs of Debt Due on December 7
TECNOTEST SA: Creditors' Proofs of Debt Due on November 17

TELEFONICA DE ARGENTINA: Posts Dollar-Peso Exchange Rate for Notes
THISABA SA: Creditors' Proofs of Debt Due on December 7


B E R M U D A

AA INVESTMENTS: Creditors' & Creditors' Meeting Set for Oct. 23
ASIA ALUMINUM: Creditors' & Creditors' Meeting Set for Oct. 23
EGB LIMITED: Creditors' Proofs of Debt Due on October 30
EGB LIMITED: Members' Final Meeting Set for November 20
LATIN AMERICA: Commences Wind-Up Proceedings

STEWARDSHIP CREDIT: Appoints Mitchell and Hunter as Liquidators
TBS INTERNATIONAL: Board Approves Redomiciliation in Ireland


B R A Z I L

BANCO DO BRASIL: 77% of Staff Went on Strike, Demand Salary Hike
BANCO SCHAHIN: Moody's Affirms 'D-' Bank Financial Strength Rating
CAIXA ECONOMICA: Workers Went on Strike, Demand Salary Hike
CAIXA ECONOMICA: BRL6BB Gov't Injection Enough for This Year
FIBRIA OVERSEAS: Fitch Assigns 'BB' Ratings on Two Notes

GERDAU AMERISTEEL: To Host 3Q Earning Conferece Call on Nov.5
GOL LINHAS: Expands Buy on Board Service to 37 Domestic Flights
ULTRAPAR PARTICIPACOES: To Add Stations as Shares Hit Record


C A Y M A N  I S L A N D S

ASIA PRIVATE: Creditors' Proofs of Debt Due on October 30
ASIA PRIVATE: Shareholders' Final Meeting Set for November 3
CAITLYN LTD: Creditors' Proofs of Debt Due on October 26
CANTILLON PACIFIC: Creditors' Proofs of Debt Due on October 28
COLUMBIA PARTNERS: Placed Under Voluntary Liquidation

CREF NO. 5: Creditors' Proofs of Debt Due on October 28
DELTA 2: Creditors' Proofs of Debt Due on October 26
ENERGY CAPITAL: Creditors' Proofs of Debt Due on October 28
FIDUCIA STRATEGY: Creditors' Proofs of Debt Due on October 28
JMBO FUND: Creditors' Proofs of Debt Due on October 29

MOON STONE: Creditors' Proofs of Debt Due on October 28
MPI LIMITED: Creditors' Proofs of Debt Due on October 30
ONYX MENA: Creditors' Proofs of Debt Due on October 30
ONYX MENA: Shareholders' Final Meeting Set for November 2
PROGRESS CORPORATION: Creditors' Proofs of Debt Due on October 28

RANMAR LTD: Creditors' Proofs of Debt Due on November 11
RAPTOR INTERNATIONAL: Creditors' Proofs of Debt Due on October 30
RELIABLE CAPITAL: Creditors' Proofs of Debt Due on October 30
SALTBUSH FUNDS: Creditors' Proofs of Debt Due on October 28
SPARTAN MULLEN: Creditors' Proofs of Debt Due on October 30

SPARTAN MULLEN: Shareholders' Final Meeting Set for November 2
TIDEWATER CAPITAL: Creditors' Proofs of Debt Due on October 30
TRIANGLE INVESTMENTS: Creditors' Proofs of Debt Due on October 30


J A M A I C A

SUGAR COMPANY: Minister Unaware of Breach of Divestment Guidelines


M E X I C O

MEXICHEM SAB: Moody's Assigns 'Ba1' Global Corporate Family Rating
PILGRIM'S PRIDE: Gets Nod to Sell 100% Interest in Valley Rail
PILGRIM'S PRIDE: Proposes Settlement with 188 Contract Growers
* MEXICO: Still Qualified to Access FCL Resources, IMF Says


P E R U

BANCO DE CREDITO: To Issue US$104 Million in Bonds in Chile Nov. 3
* PERU: Miners Begun a 48-Hour Strike Over Pensions on Oct. 19


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Says Private Sector's Involvement Can Help


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Refinery Optimizes Operating Reliability
* VENEZUELA: Seeks to Replace Dollar Pricing Of Oil, Media Says


                         - - - - -


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


ARGENTINA CONSTRUCTORA: Requests for Preventive Contest
-------------------------------------------------------
Argentina Constructora SRL requested for preventive contest.


BARNIZAR SA: Creditors' Proofs of Debt Due on November 17
---------------------------------------------------------
Franco Brindisi, the court-appointed trustee for Barnizar SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 17, 2009.

Mr. Brindisi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Franco Brindisi
          Peru 367


CIR SRL: Creditors' Proofs of Debt Due on November 24
-----------------------------------------------------
Jose Francisco Ruiz, the court-appointed trustee for Cir SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 24, 2009.

Mr. Ruiz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Jose Francisco Ruiz
          Avenida Corrientes 4264
          Argentina


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

Mr. Obes will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Jose Eduardo Obes
          Lavalle 1619
          Argentina


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

Mr. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Diego Martinez
          Tucuman 1650
          Argentina


DISTRIMARC SRL: Creditors' Proofs of Debt Due on November 30
------------------------------------------------------------
Aldo Emilio Cambiaso, the court-appointed trustee for Distrimarc
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 30, 2009.

Mr. Cambiaso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Aldo Emilio Cambiaso
          Lavalle 1459
          Argentina


FIJALOCK SRL: Creditors' Proofs of Debt Due on February 4
---------------------------------------------------------
Manuel Alberto Cibeira, the court-appointed trustee for Fijalock
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 4, 2010.

Mr. Cibeira will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Manuel Alberto Cibeira
          Av. Cordoba 1247
          Argentina


GARBARINO SA: Moody's Assigns 'B2' Local Currency Rating
--------------------------------------------------------
Moody's Latin America assigned a B2 local currency rating and an
A1.ar Argentina National Scale Rating for the proposed issuance of
ARS30 million in domestic market bonds by Garbarino S.A.  At the
same time, Moody's affirmed Garbarino's B2 local currency
corporate family rating and A1.ar Argentina national scale rating.
The notes will rank pari passu with all of Garbarino's
obligations.  The proceeds from the issuance will be used for
working capital purposes, capital investment needs and to
refinance short term debt.  The outlook for all ratings is stable.

"The B2 and A1.ar ratings are underpinned by Garbarino's position
as one of the largest dedicated consumer electronics and appliance
retailers in Argentina and the diversification of its product
line, which has allowed Garbarino to increase its share of the
consumer's wallet", said Moody's AVP Analyst, Veronica Amendola.
"The ratings also reflect Garbarino's solid position in selling
recognized brand names and its well-established relationships with
suppliers.  Also positive for the ratings is that delinquency risk
for credit card purchases is assumed solely by the credit card
issuers.  Credit card sales represent a significant portion of
Garbarino's total sales and often allow customers to pay in
several monthly installments," said Améndola.

Credit negatives partly offsetting these strengths include
Garbarino's relatively high lease-adjusted leverage of 4.3 times,
since nearly all of its retail stores are leased rather than
owned, and the challenging competitive environment, where many new
entrants have appeared over the past years, in addition to
traditional competitors.  Garbarino's low geographic diversity,
relatively small scale and its reliance on continually renewing
uncommitted bank credit lines, coupled with the persistent
slowdown in the Argentinean economy, also constrain the ratings.

Garbarino's B2 local currency rating reflects its global default
and loss expectation, while the A1.ar national scale rating
reflects the standing of Garbarino's credit quality relative to
its domestic peers.  Moody's National Scale Ratings are intended
as relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Argentina are designated by
the ".ar" suffix.  Issuers or issues rated A1.ar present above-
average creditworthiness relative to other domestic issuers.  NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.

The stable outlook is based on Moody's expectation that Garbarino
will continue to successfully implement its business model, even
in a more challenging macroeconomic environment, thus allowing the
retailer to maintain overall strong credit metrics for its rating
category.  The stable ratings outlook reflects Moody's expectation
that revenue growth and operating margins will recover after
weakening in recent quarters, due to cost pass through.  Finally,
the outlook is stable because Moody's expects that Garbarino will
be able to maintain adequate access to bank loans and credit card
receivable discounting facilities, even in the more adverse market
conditions.

An upgrade of the ratings or outlook could result from a
strengthening of Garbarino's competitive position across multiple
segments along with continued pricing discipline, so that margins
continue to recover.  In addition upward pressure could result
from increased size and geographical diversification, along with
an improving business environment in Argentina and a more
comfortable debt maturity profile.  Quantitatively, upward
momentum could result if Garbarino's total adjusted debt to EBITDA
is sustainable below 3 times (4.3 times as of the last fiscal year
ended October 31, 2008) and EBITDA margin above 7% (5.5% as of the
last fiscal year ended October 31, 2008).  Additionally, a more
predictable outlook for economic activity in Argentina would be
important for upward pressure.

Negative pressure on the ratings or outlook could result from a
greater than expected impact of the expected downturn in the
Argentinean economy on the availability of consumer loans.
Quantitatively, a downgrade could result from a drop in
Garbarino's EBIT margin to below 3.0% on a three-year average
basis or a significant increase in leverage, with total adjusted
debt to EBITDA of above 6 times.  Indications of a weakening
market share in the domestic retail market could also drive
negative pressure.

Headquartered in Buenos Aires, Argentina, Garbarino is one of the
largest home appliance retailers in Argentina.  With total
revenues of ARS 2.7 billion and 4.100 employees as of fiscal year
ended in October 2008, Garbarino is an Argentinean company founded
in 1951 and has developed a widely well-known brand name in the
local retail market.


PAGOLA 57: Creditors' Proofs of Debt Due on December 7
------------------------------------------------------
Eduardo Hugo Caggiano, the court-appointed trustee for Pagola 57
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 7, 2009.

Mr. Caggiano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Eduardo Hugo Caggiano
          San Martin 66
          Argentina


TECNOTEST SA: Creditors' Proofs of Debt Due on November 17
----------------------------------------------------------
Miryam Lewenbaum, the court-appointed trustee for Tecnotest SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 17, 2009.

Ms. Lewenbaum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Miryam Lewenbaum
          Montevideo 666
          Argentina


TELEFONICA DE ARGENTINA: Posts Dollar-Peso Exchange Rate for Notes
------------------------------------------------------------------
Telefonica de Argentina S.A. disclosed that in connection with its
previously announced Argentine peso cash tender offer for its
outstanding 8.850% Conversion Notes due August 2011, 9.125% Notes
due November 2010 and 8.850% Notes due August 2011 it determined,
utilizing the EMTA ARS Industry Survey Rate, the U.S. dollar-
Argentine peso exchange rate to be used for the purpose of
calculating the price in Argentine pesos at which the Company will
purchase Notes from Holders who have validly tendered their Notes
in the Argentine Peso Offer.  The Exchange Rate is Argentine
Ps.3.8204 per US$1.00.

Withdrawal rights for the Notes tendered in the Offers terminated
at 5:00 p.m., New York City time (6:00 p.m. Buenos Aires time) on
October 7, 2009.  The Offers are scheduled to expire at 11:59 p.m.
New York City time on October 22, 2009 (12:59 a.m. Buenos Aires
time, on October 23, 2009), unless extended by the Company.  The
Offers are governed by the times and dates referred to herein and
in the Offer to Purchase based on New York City time.

                  About Telefonica de Argentina

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

                           *     *     *

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

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

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

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

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

The Rating Outlook is Stable.


THISABA SA: Creditors' Proofs of Debt Due on December 7
-------------------------------------------------------
Eduardo Daniel Grunen, the court-appointed trustee for Thisaba
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 7, 2009.

Mr. Grunen will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Eduardo Daniel Grunen
          Avenida Presidente Roque Saenz Pena 1219
          Argentina


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


AA INVESTMENTS: Creditors' & Creditors' Meeting Set for Oct. 23
---------------------------------------------------------------
The creditors and contributories of  AA Investments Company
Limited will hold their first meeting on October 23, 2009, at
4:00 p.m. and 5:00 p.m., respectively, at Room 103 of Duke of
Windsor Social Service Building, 15 Hennessy Road, in Wanchai,
Hong Kong.


ASIA ALUMINUM: Creditors' & Creditors' Meeting Set for Oct. 23
--------------------------------------------------------------
The creditors and contributories of Asia Aluminum Holdings Limited
will hold their first meeting on October 23, 2009, at 2:00 p.m.
and 5:30 p.m., respectively, at Room 103 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


EGB LIMITED: Creditors' Proofs of Debt Due on October 30
--------------------------------------------------------
The creditors of EGB Limited are required to file their proofs of
debt by October 30, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 2, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


EGB LIMITED: Members' Final Meeting Set for November 20
-------------------------------------------------------
The members of EGB Limited will hold their final general meeting
on November 20, 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


LATIN AMERICA: Commences Wind-Up Proceedings
--------------------------------------------
On October 2, 2009, the members of Latin America Internet
Development Group Ltd. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


STEWARDSHIP CREDIT: Appoints Mitchell and Hunter as Liquidators
---------------------------------------------------------------
On October 8, 2009, Messrs. Peter C. B. Mitchell and D. Geoffrey
Hunter of PricewaterhouseCoopers Advisory Limited were appointed
as liquidators of Stewardship Credit Arbitrage Fund, Ltd.

The Liquidators can be reached at:

          Messrs. Peter C. B. Mitchell
          D. Geoffrey Hunter
          PricewaterhouseCoopers Advisory Limited
          Dorchester House, 7 Church Street
          Hamilton HM 11, Bermuda


TBS INTERNATIONAL: Board Approves Redomiciliation in Ireland
------------------------------------------------------------
TBS International Limited on October 19 said that its Board of
Directors has unanimously approved a transaction that will change
the place of incorporation of the company whose shares TBS
shareholders own to Ireland from Bermuda.  TBS shareholders will
be asked to vote in favor of the proposed move at a special
meeting of shareholders expected to be held within the next two to
three months.

If the conditions to the proposed transaction are satisfied,
including approval by TBS's shareholders and the Supreme Court of
Bermuda, TBS International plc, an Irish company, will become
TBS's parent company.  Current shareholders of TBS will become
shareholders of TBS-Ireland.  TBS-Ireland will be registered with
the U.S. Securities and Exchange Commission and be subject to the
same SEC reporting requirements as TBS is today. TBS-Ireland's
shares will trade on the Nasdaq Global Select Market under the
ticker symbol "TBSI", the same symbol under which TBS shares are
currently traded.  TBS expects the move to take effect shortly
after shareholder approval.

Joseph E. Royce, Chairman, Chief Executive Officer and President
stated, "After a careful review, our Board of Directors has
determined that changing our place of incorporation to Ireland is
in the best interest of the company and our shareholders.  We
believe that incorporating in Ireland will provide us with
economic benefits and help ensure our continued global
competitiveness.

"As a member of the European Union, Ireland offers a stable
political and economic environment and sophisticated, well-
developed corporate, legal and regulatory environment.  It also
has a long history of international investment and long-
established commercial relationships, trade agreements and tax
treaties with European Union member states, the US and other
countries around the world where TBS does business.  In addition,
Ireland has the financial and legal infrastructure to meet TBS's
current and future needs."

TBS does not expect any material change in its operations,
financial results or tax treatment as a result of the change in
its place of incorporation.

                 About TBS International Limited

TBS International Limited -- http://www.tbsship.com/-- is a
fully-integrated transportation service company that offers
customers the TBS Five Star Service consisting of: ocean
transportation, operations, logistics, port services, and
strategic planning.  TBS offers liner, parcel, bulk, and
chartering services, supported by a fleet of multipurpose
tweendeckers and handysize and handymax bulk carriers, including
specialized heavy-lift vessels.  TBS has developed its business
around key trade routes between Latin America and China, Japan and
South Korea, as well as select ports in North America, Africa, the
Caribbean, and the Middle East.

As reported by the Troubled Company Reporter on Aug. 14, 2009, TBS
said that its lenders agreed to waive original financial covenants
through January 1, 2010, which will be reinstated effective
January 1, 2010.  Based on current internal projections the
Company anticipated that it will not meet the reinstated financial
covenant requirements in 2010.  At that time the Company will need
to obtain additional waivers or modify the terms of the existing
credit facilities or refinance its debt.


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


BANCO DO BRASIL: 77% of Staff Went on Strike, Demand Salary Hike
----------------------------------------------------------------
Banco do Brasil SA and Caixa Economica Federal's workers decided
to remain on strike on October 14, in an attempt to secure a
bigger-than-proposed annual salary hike of 12.6%, Sergio Caldas at
Business News Americas reports, citing local dailies

According to the report, the National Confederation of Bank
Workers (CNB) said that about 77% of Banco do Brasil's staff
downed tools in seven capital cities.  Nationwide, BB has some
80,000 workers.  The report relates that as for Caixa Economica,
which has more than 55,000 staff, workers protested in Belo
Horizonte, Rio de Janeiro and in some cities in the interior of
Sao Paulo state, including Presidente Prudente.

The report notes that CNB alleged that private-sector bank workers
received average wage hikes of 95.41% over the last eight years,
while BB and CEF staff were given only 36.15% and 28.26%,
respectively.

                       About Banco do Brasil

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

                           *     *     *

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

                     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.


BANCO SCHAHIN: Moody's Affirms 'D-' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service affirmed the D- bank financial strength
rating for Banco Schahin S.A.  At the same, Moody's affirmed its
long- and short-term deposit ratings of Ba3/Not Prime, as well as
the Brazilian national scale deposit ratings of A2.br/BR-2, long-
and short-term, respectively.  Schahin's foreign currency senior
debt rating of Ba3 and subordinated debt rating of B1 were also
affirmed.  The outlook on these ratings remains stable.

In affirming the ratings, Moody's acknowledged that Banco Schahin
has been effective in managing the tight liquidity conditions of
the last quarter.  It sold its payroll and vehicle portfolios and
suspended loan origination in order to preserve capital and
liquidity.  As in the case of other medium-sized banks, Schahin's
performance was hit hard during the fourth quarter of 2008 and the
first half of 2009 as credit activity decelerated and portfolio
delinquencies increased, pushing up credit costs.  During 2009 the
bank has bolstered its provisions in order to face a pressured
credit environment.

Moody's noted that the bank's liquidity profile remains a rating
concern due to the risk of a maturity mismatch because of the
nature of its business and funding mix.  Traditionally, Schahin
has funded its long-term core business largely through short-term
wholesale deposits.  Recent improvements in Schahin's liquidity
profile derive from stimulus measures in place since April 2009
directed to the midsized banks, which include time deposits with a
special guarantee from Brazil's deposit insurance fund.  This
support mechanism has provided an opportunity for niche banks such
as Schahin to extend its funding maturities, thereby reducing the
risk inherent in maturity mismatches.

At the same time, the bank has been able to gradually extend the
tenor of its wholesale time deposit base, what has allowed it to
attend to increasing credit demand.  Management is also focused on
diversifying its funding access to support future growth.  It has
done this through entering into new credit assignment agreements
with the large banks.

Moody's said it expects Schahin's asset quality indicators to
continue to improve as labor markets stabilize.  According to
Moody's scenario analysis, Schahin has been proven capable to
absorb higher potential losses because of current reserve and
capital levels.  The rating agency will therefore continue to
closely monitor the bank's asset quality and capitalization should
the bank return to expanding its vehicle financing portfolio.
Moreover, Moody's said Schahin has yet to show it is able to
enhance the small scale of its franchise in an environment that is
competitive and has low domestic interest rates, which are likely
to pressure its margins.

The last rating action on Banco Schahin S.A. was on May 25, 2007,
when Moody's assigned a Ba3 long-term foreign currency rating to
Banco Schahin S.A.'s US$300,000,000 Global Euro Medium-term Note
Program, with a stable outlook.

Banco Schahin is headquartered in Sao Paulo, Brazil.  As of
June 30, 2009, the bank had R$2.179 billion (US$1.1 billion) in
total assets and R$238.5 million (U$122.4 million) in
shareholders' equity.

These ratings of Banco Schahin S.A. were affirmed:

  -- Bank financial strength rating: D-, with stable outlook

  -- Long term global local currency deposit rating: Ba3, stable
     outlook

  -- Short-term global local currency deposit rating: Not Prime

  -- Long term global foreign currency deposit rating: Ba3, stable
     outlook

  -- Short-term foreign currency deposit rating: Not Prime

  -- Brazilian long-term national scale ratings: A2.br, with
     stable outlook

  -- Brazilian short-term national scale ratings: BR-2

  -- Long-Term Foreign-Currency Senior Debt Rating to the
     US$300million Global Medium Term Note Program: Ba3, stable
     outlook.

  -- Long-Term Foreign-Currency Subordinated Debt Rating to the
     US$50million Step-up Subordinated Notes: B1, stable outlook.


CAIXA ECONOMICA: Workers Went on Strike, Demand Salary Hike
-----------------------------------------------------------
Banco do Brasil SA and Caixa Economica Federal's workers decided
to remain on strike on October 14, in an attempt to secure a
bigger-than-proposed annual salary hike of 12.6%, Sergio Caldas at
Business News Americas reports, citing local dailies

According to the report, the National Confederation of Bank
Workers (CNB) said that about 77% of Banco do Brasil's staff
downed tools in seven capital cities.  Nationwide, BB has some
80,000 workers.  The report relates that as for Caixa Economica,
which has more than 55,000 staff, workers protested in Belo
Horizonte, Rio de Janeiro and in some cities in the interior of
Sao Paulo state, including Presidente Prudente.

The report notes that CNB alleged that private-sector bank workers
received average wage hikes of 95.41% over the last eight years,
while BB and CEF staff were given only 36.15% and 28.26%,
respectively.

                       About Banco do Brasil

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

                           *     *     *

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

                     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.


CAIXA ECONOMICA: BRL6BB Gov't Injection Enough for This Year
------------------------------------------------------------
Caixa Economica Federal VP of Risk Control Marcos Vasconcelos has
said the government's plan to inject BRL6 billion (US$3.51
billion) in Caixa Economica Federal should tide the bank over for
the duration of 2010, but an acceleration in its credit expansion
could force another capital increase, James Newman at Business
News Americas reports.  Mr. Vasconcelos has said the bank will get
at least a portion of the funds by year's end.

According to the report, citing an executive measure MP 470
published on October 14, the government said the money would come
from a mixture of government debt issues and the budget surplus
from the 2008 fiscal year.  The report relates that Marcus
Aucelio, deputy secretary at the finance ministry, said that the
funds would help CEF keep up lending and improve its capital
adequacy ratio.

Mr. Vasconcelos, the report notes, said that the bank's loan book
reached BRL99.2 billion at the end of June, up 56.1% from end-June
2008, but as of end-August, the growth rate had increased to 61%.
"In this way, the funds will allow the institution to keep
expanding its lending at the same rate we've seen in the last two
years," the report quoted Mr. Vasconcelos as saying.

Meanwhile, the report, citing daily O Estado de S.Paulo, relates
that while the capital increase should help its lending, the bank
looks likely to be forced to transfer BRL5.3 reais in so-called
judicial deposits -- escrow accounts held by CEF on taxpayers
contesting their tax liability -- to the federal government.  The
report notes that Brazil's congress has just approved a
legislation that would consider such funds collected by CEF before
1998 as federal revenue.

                       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.


FIBRIA OVERSEAS: Fitch Assigns 'BB' Ratings on Two Notes
--------------------------------------------------------
Fitch Ratings has assigned 'BB' ratings to the proposed 2016 and
2019 notes to be issued by Fibria Overseas Finance Ltd., a wholly
owned subsidiary of Votorantim Celulose e Papel.  Proceeds from
these guaranteed notes, which are expected to total US$1 billion,
will be used to refinance existing debt.

Rating Reflects Consolidated Credit Quality of VCP and Aracruz:

The 'BB' ratings of the notes reflect the consolidated credit
quality of VCP and Aracruz S.A.  During the past nine months, a
number of transactions have occurred that has increased VCP's
economic interest in Aracruz to 44% from 12%.  By the end of 2009,
Aracruz is expected to be merged into VCP, and the company will be
renamed Fibria S.A.  It will have only one class of shares and
will be jointly controlled by Banco Nacional de Desenvolvimento
Economico e Social Participacoes S.A. and Votorantim Industrial
S.A with stakes of 33.8% and 29.3%, respectively.

Excellent Business Profile:

The 'BB' ratings of the 2016 and 2019 notes factor in the very
strong business position of the company.  The combined company,
Fibria, will have an annual production capacity of approximately
5.4 million tons of market pulp, nearly twice is much as the
second largest company in the industry, and 360,000 tons of paper.
Its global market share in hardwood market pulp will be about 20%
and its share of the most important subset of this category in
terms of future growth, eucalyptus pulp, will be about 35%.

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

Leverage to Remain High through 2011:

VCP and Aracruz had a combined net debt of US$5.4 billion at the
end of 2008, an increase from US$2.2 billion at the end of 2007.
The increase was due to US$ 2.1 billion of derivative losses at
Aracruz during 2008 and about US$1.4 billion of capital
expenditures.  The companies' combined debt levels continued to
climb during 2009 as VCP increased its ownership of the remaining
voting shares in Aracruz for BRL5.6 billion.  Steps taken by VCP
and Aracruz during 2009 have only partially offset the increase in
debt.  They include the issuance of BRL3 billion of cash equity by
VCP and the sale by Aracruz of its Guaiba unit for
US$1.43 billion, of which US$1 billion will be received in 2009
and used to pay down debt.

The combined company's EBITDA is expected to fall to about
US$900 million during 2009 from approximately US$ 1.1 billion
during 2008 due to a decline in pulp prices.  As a result of the
aforementioned, Fitch expects VCP's and Aracruz's combined net
debt/EBITDA ratio to be about 6.2 times during 2009, an increase
from 5.0x during 2008, and substantially higher than the average
ratio of 2.3x between 2005 and 2007.  Absence the sale of VCP's
paper assets during 2010 or substantially higher pulp prices, the
combined net leverage of VCP and Aracruz should fall to about 4.0x
during 2010.  The decline in leverage during 2010 will be driven
by a full year's output of pulp from the company's Tres Lagoas
mill, which began operations during the first half of 2009, and
the receipt of US$430 million of cash from the sale of Guaiba.
Low levels of capital expenses and improving pulp prices should
then lower net leverage to about 3.5x during 2011.

Liquidity Remains Manageable:

As of June 30, 2009, VCP and Aracruz had US$1.55 billion of
combined cash and marketable securities.  These two companies face
total debt amortizations of US$860 million during the second half
of 2009 and US$2.35 billion during 2010.  Of these short-term debt
figures, US$1.465 billion is with three shareholder groups --
Arapar, Sao Teofilo and Arainvest -- that sold 56% of the voting
shares of Aracruz to VCP during 2009.

VCP and Aracruz are in the process of raising US$1.75 billion of
new debt.  The proceeds from these debt instruments, along with
the US$ 1.43 billion of cash to be received from the sale of
Guaiba, are expected to be used to pre-pay upcoming maturities as
well as nearly two-thirds of the remaining debt associated with
Aracruz's derivative losses.  The repayment of the derivative-
related debt will lower the company's consolidated secured debt to
approximately 25%.

Fitch believes that the company has additional financial
flexibility if it is not successful in raising the US$1.75 billion
of new debt.  This flexibility includes extending the payment
schedule with the families associated with Arapar, Sao Teofilo and
Arainvest.  It is also likely that BNDESPar, a subsidiary of
Brazil's development bank BNDES, would provide additional support
for Fibria if needed.  During 2009, BNDESPar contributed
BRL2.4 billion of cash to VCP's capital increase.  BNDES is also a
key lender to the company and has revised its debt covenants to
accommodate the company during this period of high leverage.

Potential Rating or Outlook Drivers:

Factors that could lead to consideration of a Negative Rating
Outlook or downgrade include a sharp and continued downturn in
pulp prices.  The ratings of VCP and Aracruz could also be
negatively affected by an inability of the companies to
successfully merge into one legal entity, making all unsecured
debt pari passu, within the next six months.  The ratings assigned
to VCP's notes due in 2016 and 2019 assumes the proceeds from the
bond and sale of the Guaiba unit will be used to repay the
majority of Aracruz's secured derivative bank debt.  These notes
could be notched down from the 'BB' Issuer Default Rating if the
companies are not successful in substantially reducing their
secured debt.  A class action lawsuit has been filed against
Aracruz and some of its current and former directors and officers.
A material ruling against Aracruz could also lead to negative
rating actions.

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


GERDAU AMERISTEEL: To Host 3Q Earning Conferece Call on Nov.5
-------------------------------------------------------------
Gerdau Ameristeel Corporation will host a conference call to
discuss its 2009 third quarter financial results for the three-
month period ending September 30, 2009.  The company invites all
interested parties to participate.

    DATE:              Thursday, November 5, 2009

    TIME:              1:30 p.m., Eastern Time. Please call in
                       15 minutes prior to start time to secure
                       a line.

    DIAL-IN NUMBER:    1-416-644-3423 or 1-800-814-4859

    LIVE WEBCAST:      http://www.gerdauameristeel.com.

    TAPED REPLAY:      1-416-640-1917 or 1-877-289-8525

    REFERENCE NUMBER:  4171182 followed by the number sign

Mario Longhi, President and CEO of Gerdau Ameristeel, and Barbara
Smith, Vice President and CFO, will co-chair the call.

                     About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


GOL LINHAS: Expands Buy on Board Service to 37 Domestic Flights
---------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. is
extending its buy on board service in response to client requests
and following extensive market research.

Following the expansion, the number of flights offering buy on
board products purchase has tripled.  The service is now available
on 37 daily flights between the cities of Belem, Brasilia,
Fortaleza, Foz do Iguacu, Natal, Porto Alegre, Recife, Rio de
Janeiro (Galeao/Antonio Carlos Jobim Airport), Salvador and Sao
Paulo (Guarulhos International Airport).

GOL said the standard on-board service will continue to be offered
free of charge on all its 800 daily flights.  Even those
passengers who choose to buy on board will receive the regular
service offered to all passengers.

                          About GOL Linhas

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

                           *     *     *

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

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

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

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

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


ULTRAPAR PARTICIPACOES: To Add Stations as Shares Hit Record
------------------------------------------------------------
Ultrapar Participacoes S.A. plans to expand by buying smaller
chains in the country as demand grows, Fabiola Moura at Bloomberg
News reports, citing Chief Executive Officer Pedro Wongtschowski
said.  The report relates that the company's stock rose to a
record.

The company will focus its expansion on regional gas station
networks and individual-owned outlets through next year as
gasoline and ethanol consumption increases in
Brazil, Mr. Wongtschowski told the news agency in an interview.

“There is a lot of growth potential in the area of fuel
distribution inside Brazil and we will explore these
opportunities,” the report quorted Mr. Wongtschowski as saying.

Bloomberg News notes Ultrapar Participacoes said that it has
already converted 1,100 of the 1,300 Texaco outlets it acquired
into its Ipiranga flag, and will have converted all of them by the
first quarter 2010.  The report relates Mr. Wongtschowski said
that the company expects to benefit from the recovery in Brazil’s
economy that will result from Petroleo Brasileiro SA’s oil
discoveries and the choice of Rio de Janeiro for the 2016
Olympics.  The economy’s expansion combined with tax incentives
for auto purchases led fuel consumption to grow 8 percent in 2008.
Demand will grow by the same amount this year, Mr. Wongtschowski
added.

                  About Ultrapar Participacoes

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through
its also fully-owned subsidiary Oxiteno S.A.).  A third smaller
but growing business is the transportation and storage of
chemicals and fuels, Ultracargo Operacoes Logisticas e
Participacoes Ltda., which completes Ultrapar's business
portfolio and reinforces the trend for further business
diversity in the long run.

                        *      *      *

As of October 19, the company continues to carry Moody's BB+ LT
Issuer Credit Ratings.


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


ASIA PRIVATE: Creditors' Proofs of Debt Due on October 30
---------------------------------------------------------
The creditors of Asia Private Equity Coinvestment GP, Ltd. are
required to file their proofs of debt by October 30, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


ASIA PRIVATE: Shareholders' Final Meeting Set for November 3
------------------------------------------------------------
The shareholders of Asia Private Equity Coinvestment GP, Ltd. will
hold their final general meeting on November 3, 2009, at
9:00 a.m., to receive the liquidators' report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


CAITLYN LTD: Creditors' Proofs of Debt Due on October 26
--------------------------------------------------------
The creditors of Caitlyn Ltd. are required to file their proofs of
debt by October 26, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104


CANTILLON PACIFIC: Creditors' Proofs of Debt Due on October 28
--------------------------------------------------------------
The creditors of Cantillon Pacific Ltd. are required to file their
proofs of debt by October 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 10, 2009.

The company's liquidator is:

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


COLUMBIA PARTNERS: Placed Under Voluntary Liquidation
-----------------------------------------------------
On August 31, 2009, the shareholders of Columbia Partners Absolute
Return Fund, Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Columbia Partners, L.L.C.
          Investment Management
          Michael Makridakis of Walkers
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands


CREF NO. 5: Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------
The creditors of Cref No. 5 Limited are required to file their
proofs of debt by October 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidator is:

          Linburgh Martin
          c/o Neil Gray
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman, KY1-1102


DELTA 2: Creditors' Proofs of Debt Due on October 26
----------------------------------------------------
The creditors of Delta 2 Limited are required to file their proofs
of debt by October 26, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104


ENERGY CAPITAL: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------
The creditors of Energy Capital Management Ltd. are required to
file their proofs of debt by October 28, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidator is:

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


FIDUCIA STRATEGY: Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------------
The creditors of Fiducia Strategy Fund are required to file their
proofs of debt by October 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 17, 2009.

The company's liquidator is:

          Fiducia Asset Management Ltd.
          Ellen L. Skelton Building
          Fisher's Estate, P.O. Box 3820
          Road Town, Tortola, British Virgin Islands
          c/o Marcelo Serfaty
          Telephone: +55 11 2146-9700


JMBO FUND: Creditors' Proofs of Debt Due on October 29
------------------------------------------------------
The creditors of JMBO Fund Ltd. are required to file their proofs
of debt by October 29, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 28, 2009.

The company's liquidators are:

          James B. Rosenwald
          Art Hebert
          12424 Wilshire Blvd, Suite 600
          Los Angeles, CA 90025, United States


MOON STONE: Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------
The creditors of Moon Stone Ltd. are required to file their proofs
of debt by October 28, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidator is:

          Fidutec Ltd.
          c/o Charles Lee
          Telephone: +44 (0)1534 700 864
          Facsimile: +44 (0)1534 700 800
          Walkers
          Walker House, 87 Mary Street
          P.O. Box 908 GT, George Town
          Grand Cayman KY1-9001, Cayman Islands
          Teachers Cooperative Savings Bldg
          Mesolongiou Street, Flat 34
          Limassol 3032, Cyprus


MPI LIMITED: Creditors' Proofs of Debt Due on October 30
--------------------------------------------------------
The creditors of MPI Limited are required to file their proofs of
debt by October 30, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

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


ONYX MENA: Creditors' Proofs of Debt Due on October 30
------------------------------------------------------
The creditors of Onyx Mena Fund are required to file their proofs
of debt by October 30, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


ONYX MENA: Shareholders' Final Meeting Set for November 2
---------------------------------------------------------
The shareholders of Onyx Mena Fund will hold their final general
meeting on November 2, 2009, at 9:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


PROGRESS CORPORATION: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------------
The creditors of Progress Corporation are required to file their
proofs of debt by October 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 19, 2009.

The company's liquidator is:

          MIL (Cayman) Limited
          c/o Deirdre Seymour
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634
          P.O. Box 484, Grand Cayman, KY1-1106
          Cayman Islands


RANMAR LTD: Creditors' Proofs of Debt Due on November 11
--------------------------------------------------------
The creditors of Ranmar Ltd. are required to file their proofs of
debt by November 11, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

          Melanie Myers-Khouri
          Telephone: +1 345 949-0699
          Facsimile: +1 345 949-8171
          c/o Thorp Alberga
          Harbour Place, 2nd Floor
          103 South Church Street, George Town
          Grand Cayman KY1-1106


RAPTOR INTERNATIONAL: Creditors' Proofs of Debt Due on October 30
-----------------------------------------------------------------
The creditors of Raptor International Investments Ltd. are
required to file their proofs of debt by October 30, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

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


RELIABLE CAPITAL: Creditors' Proofs of Debt Due on October 30
-------------------------------------------------------------
The creditors of Reliable Capital Limited are required to file
their proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

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


SALTBUSH FUNDS: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------
The creditors of Saltbush Funds Management Offshore SPC are
required to file their proofs of debt by October 28, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidator is:

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


SPARTAN MULLEN: Creditors' Proofs of Debt Due on October 30
-----------------------------------------------------------
The creditors of Spartan Mullen Chimay III, Ltd. are required to
file their proofs of debt by October 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


SPARTAN MULLEN: Shareholders' Final Meeting Set for November 2
--------------------------------------------------------------
The shareholders of Spartan Mullen Chimay III, Ltd. will hold
their final general meeting on November 2, 2009, at 9:00 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


TIDEWATER CAPITAL: Creditors' Proofs of Debt Due on October 30
--------------------------------------------------------------
The creditors of Tidewater Capital Ltd. are required to file their
proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

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


TRIANGLE INVESTMENTS: Creditors' Proofs of Debt Due on October 30
-----------------------------------------------------------------
The creditors of Triangle Investments International Ltd. are
required to file their proofs of debt by October 30, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

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


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


SUGAR COMPANY: Minister Unaware of Breach of Divestment Guidelines
------------------------------------------------------------------
Agriculture Minister Dr. Christopher Tufton said that he is
unaware of any breach of government procurement guidelines in the
granting of a multi-million dollar consultancy contract to the
Aubyn Hill led Corporate Strategies Limited, which is leading the
divestment exercise for the sale of Sugar Company of Jamaica
Limited's sugar factories, RadioJamaica reports.

According to the report, Dr. Tufton reiterated his endorsement of
Contractor General Greg Christie's announced intention to probe
the contract award process, noting that the Office of the OCG has
been involved in the process from inception.

"We have nothing to hide . . . I am told that his office has been
present at every single negotiation meeting that has gone on with
the entities (that have expressed an interest in purchasing the
sugar factories) . . . we have kept the Contractor General on
board all the way," the report quoted Dr. Tufton as saying.
Though there is no requirement to make public the contents of
Government contracts, details can be accessed through the Access
to Information Act, Dr. Tufton added.

As reported in the Troubled Company Reporter-Latin America on
October 10, 2009, RadioJamaica said that the controversy
surrounding the huge consultancy fee payments to Aubyn Hill's
consultancy firm has prompted calls for the government to
establish a timetable for the sale of state run sugar factories.
The report related that the opposition said it is concerned that
negotiations for the divestment of the assets have been dragging
on for too long with no sale agreement in sight.  Corporate
Strategies Limited is being paid an average JM$1.9 million each
month for assisting with the divestment, a document obtained by
the news agency said.

                             About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


MEXICHEM SAB: Moody's Assigns 'Ba1' Global Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned a first time Ba1 global scale
and a Aa3.mx Mexico national scale Corporate Family Rating rating
to Mexichem S.A.B. de C.V.  Additionally, Moody's assigned a Ba1
global scale rating to Mexichem's proposed US$350 million senior
unsecured notes due 2019.  Mexichem has indicated it plans to use
the proceeds of the debt offering for general corporate purposes.
The issue rating is subject to receipt and review of the final
documentation.  Moody's de Mexico, S.A. de C.V. assigned a Aa3.mx
Mexico national scale rating to Mexichem's MXN2.5 billion
(approximately US$190 million, MEXICHEM 09) of local five year
notes under its MXN4.0 billion (approximately US$305 million)
certificados bursatiles program.  The rating outlook is stable.

ThIS summarizes the ratings assigned:

Mexichem S.A.B. de C.V.

* Corporate Family Rating -- Ba1 (global scale) / Aa3.mx (Mexico
  national scale)

* US$350mm gtd senior unsecured notes due 2019 -- Ba1 (global
  scale)

* MXN2.5 billion gtd senior unsecured notes due 2014 -- Aa3.mx
  (Mexico national scale)

Mexichem's Corporate Family Rating reflects its business profile
(narrow product line, commodity nature of products, exposure to
volatile petrochemical costs, leading market positions, limited
vertical integration and good operational diversity), size (2008
revenues in excess of US$2 billion), developing nature as a
company as a result of rapid growth during a strong bull market
for its products and the company's highly acquisitive growth
strategy.  Additionally, the credit rating is supported by the
modest leverage and strong credit metrics for the rating category.
However, Mexichem is expected to be required to make further
investments to fully integrate its operations, which will require
capital (potentially for further acquisitions) and could increase
leverage over time.  Another limiting factor for the rating is the
lack of an established financial policy to ensure that significant
debt maturities over the next several years will not constrain the
company's operating flexibility.

The company has exposure to cyclical end markets in Latin American
such as housing and infrastructure, which have not experienced the
same decline as in other regions such as in the U.S.  However,
Moody's does have concerns over the macro economic environment and
the potential for a slowdown in certain of Mexichem's
construction-related end markets.  The company's main commodity
products (chlorine, caustic soda, PVC resins, compounds and pipes)
are subject to competition based on price.  Increased imports into
the company's markets from North American competitors seeking to
offset the weakness in their local PVC markets could pressure the
company's profit margins.

The ratings incorporate the expectation that Mexichem will be able
to solidify its near-term liquidity and financing needs, and re-
align its capital structure that includes ongoing material debt
maturities through 2012, despite expectations for further growth
through material acquisitions.  The company has repaid sizeable
debt maturities (approximately US$260 million) with the proceeds
of its recent financings, but has significant debt maturities in
2011 and 2012 that the company will likely be required to
refinance through external sources.  Additionally, it needs to
finance two pending acquisitions (approximately US$115 million),
which it may do with existing cash balances (estimated at
approximately $400 million after the recent financings and debt
repayments).

The stable outlook reflects Moody's expectations that Mexichem
will address its on-going liquidity needs on a timely basis, the
company will not experience material integration challenges
associated with the pending acquisitions and Mexichem will
continue to generate positive cash flow from operations, despite
the impact that the global economic downturn may have on its
housing and infrastructure end markets in Latin America.  There is
limited downward pressure on the rating due to Mexichem's strong
financial metrics.  However, the likelihood of an upgrade is also
limited until the company institutes financial policies that
provide for a stronger liquidity profile and capital structure
without ongoing near-term debt maturities.

The issue rating at the CFR level assumes the proposed debt issued
by the parent holding company will rank pari passu with the
majority of the company's bank debt.  The proposed debt will be a
guaranteed senior unsecured debt obligation with a ten year
maturity and will benefit from guarantees from the company's major
operating subsidiaries.  Should the notes be subordinated by a
significant amount of other debt (for example, by issuing secured
debt at the guarantor subsidiaries or a material increase in
secured or unsecured debt at non-guarantor subsidiaries) or the
guarantees under the notes not result in the notes ranking pari
passu with the other debt at the guarantor subsidiaries, then the
ratings on the notes could be re-evaluated.

Mexichem, headquartered in Tlalnepantla, Mexico, is a producer of
PVC resins, pipes and related PVC products that is backwardly
integrated into chlor-alkali production.  It has grown its PVC
operations rapidly in the past six years through acquisitions as
well as strong organic growth, and predominately services markets
in Latin America.  Its Fluorine Division (6% of 2008 sales)
operates the world's largest fluorspar mine and is a large
producer of hydrofluoric acid, which is sold globally.  Mexichem
had revenues of MXN31.7 billion (approximately US$2.5 billion) for
the twelve months ended June 30, 2009.


PILGRIM'S PRIDE: Gets Nod to Sell 100% Interest in Valley Rail
--------------------------------------------------------------
Pursuant to Section 363 of the Bankruptcy Code, Pilgrim's Pride
Corp. obtained the Court's authority to sell 100% of its ownership
interest in Valley Rail Service, Inc., a non-debtor, to buyers
Dixie Gas & Oil Corporation, Glenn V. Healey and Frank W. Nolen,
for $1,000,000.  The Debtors also ask the Court to approve the
Purchase Agreement binding the transaction.

Stephen A. Youngman, Esq., at Weil, Gotshal & Manges LLP, in
Dallas, Texas, informs the Court that the Purchase Agreement
would create an an indemnification obligation by Pilgrim's Pride
Corporation in favor of the Buyers for any losses incurred by the
parties for enforcement of the Purchase Agreement.  There are no
contracts or agreements that will be assumed and assigned as part
of this transaction, Mr. Youngman states, and the Debtors'
ownership interest in Valley Rail is not necessary for the
Debtors' successful reorganization.

The Debtors submit that the universe of potential buyers for the
Debtors' stock in Valley Rail is very limited.  Accordingly, the
Debtors tell the Court that a private sale of the Stock is in the
best interest of the Debtors' estates.

To facilitate the sale of the Stock, the Debtors seek authority
to sell the Stock free and clear of any liens, claims and
encumbrances, with the liens, claims and encumbrances to attach
to the net proceeds of the sale with the same rights and
priorities.

The Debtors are not aware of any liens or interests held by any
party in respect of the Debtors' rights to the Stock, Mr.
Youngman avers, moreover, the proposed sale is conditioned on
consent of the postpetition lenders.

                     About Pilgrim's Pride

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

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

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

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

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


PILGRIM'S PRIDE: Proposes Settlement with 188 Contract Growers
--------------------------------------------------------------
Pilgrim's Pride proposes seek the Court's authority pursuant to
Rule 9019 of the Federal Rules of Bankruptcy Procedure, to enter
into a settlement agreement with 188 independent contract growers,
to resolve disputes that arose as a result of the Debtors'
proposed rejection of their Grower Contracts.

The parties memorialized the terms of their agreement in a
stipulation dated October 14, 2009, the salient terms of which
are:

* Within three business days after the Court Approval Date, the
   Debtors will make:

    (i) a single lump sum payment of $1,177,500 to 157 specific
        Growers, a complete list of which is available for free
        at http://bankrupt.com/misc/PPC_2ndresolvedgrowersA.pdf

   (ii) a single lump sum payment of $1,272,500 to 31 specific
        Growers, a complete list of which is available for free
        at http://bankrupt.com/misc/PPC_2ndresolvedgrowersB.pdf

* Within three business days after the Court Approval Date, the
   Growers will take all actions necessary to dismiss their
   Objections with prejudice;

* The PPC Parties will be released from and against any claims,
   liabilities and causes of action, whatsoever; provided,
   that except for Growers Leann Parker and Jeffrey Parker and
   Jill Forrest and Kenny Forrest, for which this release will
   be deemed to be a full and final general release of all
   claims whatsoever;

* The Releasing Parties agree that they will not file any
   proofs of claim in the Debtors' bankruptcy cases for any of
   the PPC Released Claims. To the extent that the Releasing
   Parties' Proofs of Claim allege these claims or damages, the
   PPC Released Claims in those Proofs of Claim are deemed
   satisfied and expunged upon Debtors' making of the Payments;

* To the extent permitted by law, the Releasing Parties forever
   waive, release, and covenant not to sue or assist
   with suing any complaint or claim against any
   Releasee with any court, governmental agency, or other entity
   based on a PPC Released Claim, whether known or unknown at
   the time of execution of this Agreement.  The Releasing
   Parties also waive any right to recover from any Releasee in
   a civil suit or other action brought by any governmental
   agency or any other individual or entity for or on their
   behalf with respect to any PPC Released Claim;

* The Parties agree that nothing in the Agreement will
   constitute an admission by any Party of any fault,
   or liability whatsoever, and the Parties acknowledge that all
   liability is expressly denied by PPC.

A full text copy of the Settlement Agreement is available for
free at http://bankrupt.com/misc/PPC_Growers_2ndsettlement.pdf

At the Debtors' behest, the Court will convene a hearing to
consider the parties' agreement on October 27, 2009, at
10:30 a.m.

                     About Pilgrim's Pride

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

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

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

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

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


* MEXICO: Still Qualified to Access FCL Resources, IMF Says
-----------------------------------------------------------
The Executive Board of the International Monetary Fund completed
its six-month review of Mexico’s qualification for the arrangement
under the Flexible Credit Line and reaffirmed Mexico’s continued
qualification to access FCL resources.  The Mexican authorities
have indicated that they intend to continue treating the
arrangement as precautionary and do not intend to draw on the
line.

The one year arrangement for Mexico for SDR 31.5 billion (about
US$47 billion), approved in April 17, 2009 was the first
commitment under the IMF’s FCL, which was created in the context
of a major overhaul of the Fund’s lending framework on March 24,
2009.

Following the Executive Board discussion of Mexico, Mr. John
Lipsky, First Deputy Managing Director and Acting Chairman of the
Board, made the following statement:

“Six months ago, with the global financial crisis near its peak,
the IMF Executive Board approved for Mexico the first Flexible
Credit Line arrangement in the history of the Fund.  The goal of
the FCL is to provide insurance against tail risks beyond the
control of country authorities.  In Mexico, the authorities’
responsive policy actions, additional financing from the
international community, coupled with the FCL have in the last
months supported a reduction in perceptions of tail risks and
contributed to stabilization in financial market conditions.  The
IMF Executive Board has completed a review that reaffirmed that
Mexico continues to meet the qualification criteria for access to
FCL resources.

“Despite its strong policy frameworks, the current global economic
and financial environment has hit Mexico harder than expected.
The economy is in the deepest recession since the 1994-95 crisis,
reflecting especially close links to the U.S. economy.  However,
recent indicators show some signs of recovery and overall growth
is expected to pick up in the second semester of this year.
Meanwhile, corporate external financing conditions have eased and
the balance of payments situation remains manageable.

“However, Mexico’s very strong policy framework, which underpins
its qualification for the FCL, has helped cushion the impact of
the global crisis.  The flexible exchange rate has adjusted, the
inflation targeting framework has provided an anchor for
expectations, and the fiscal rule and strengthened public sector
balance sheets have averted disruptive moves in risk premia.  The
well capitalized banking system and strong supervisory framework
provide assurances that challenges to the financial sector from
the sharp growth slowdown will be met.

“In a signal of their commitment to pursuing very strong policies,
the authorities have proposed an ambitious fiscal reform to the
Congress that seeks to strike a balance between the need to begin
the process of fiscal consolidation, while smoothing as much as
possible the withdrawal of fiscal support to the economy.  The
proposed measures, in conjunction with the existing fiscal
framework, continue to ensure medium term fiscal sustainability.
Monetary policy continues to be guided by the inflation targeting
framework and expectations remain well anchored.

“Against this backdrop of very strong policy frameworks and
actions, the Executive Board today reaffirmed that Mexico
continues to meet the qualification criteria for the FCL.
Accordingly, resources under the FCL—which the authorities have
indicated that they intend to continue to treat as precautionary—
will remain available through April next year,” Mr. Lipsky said.


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


BANCO DE CREDITO: To Issue US$104 Million in Bonds in Chile Nov. 3
------------------------------------------------------------------
Banco de Credito del Peru will issue about US$104 million in five-
year bonds on the Chilean market on November 3,  Carolina Pica at
Dow Jones Newswires reports, citing Bank Chief Financial Officer
Alvaro Correa.

According to the report, Mr. Correa said that the bank registered
to issue up to US$300 million on the local market and could issue
the remaining US$196 million over the course of the next 12
months.  Funds from the issue will be used to finance loan growth,
Mr. Correa added.

The issue, the report relates, arranged by brokerage Larrain Vial
and BCI bank, will likely garner interest from institutional
investors such as private pension fund managers and mutual funds
as well as banks.

                       About Banco de Credito

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 2, 2009, Moody's Investors Service has placed on review
for possible upgrade the Ba2 long term foreign currency deposit
ratings of Banco de Credito del Peru and Banco Internacional del
Peru -- Interbank, following the same action taken on Peru's
sovereign ceiling for foreign currency deposits.


* PERU: Miners Begun a 48-Hour Strike Over Pensions on Oct. 19
---------------------------------------------------------------
About 27,000 workers at a dozen mining companies in Peru started a
48-hour nationwide strike on October 19, demanding better pension
benefits and a greater share of corporate profits, Alex Emery at
Bloomberg News reports, citing Luis Castillo, the Mining
Federation’s general secretary.  The report relates that the
group, which represents 28,000 workers and 70 unions, is pushing
Congress to increase pensions and boost the share of profits to
10% from 8%.

According to the report, citing the Labor Ministry, the government
declared the strike illegal, enabling companies to fire employees
who don’t show up for work.  Bloomberg News, citing the mining
federation, notes that unions joined the strike at mines operated
by:

   -- Freeport-McMoRan Copper & Gold Inc.,
   -- Newmont Mining Corp.,
   -- Cia. de Minas Buenaventura SAA,
   -- Pan American Silver Corp.,
   -- Hochschild Mining Plc,
   -- Minsur SA tin mine,
   -- Volcan Cia. Minera,
   -- Cia. Minera Milpo,
   -- Soc. Minera El Brocal, and
   -- Cia. Minera Atacocha

“There probably won’t be much impact on production seeing as it’s
just a two-day strike,” the report quoted Daniel Mori, an analyst
at Lima-based brokerage Centura SAB, as saying.

“We are anticipating no impact to the Cerro Verde operations,”
Freeport’s Sociedad Minera Cerro Verde unit said in an e-mailed
statement obtained by the news agency.

Pan American spokeswoman Kettina Cordero told the news agency in
an interview that the two company's two Peruvian silver mines are
operating normally as none of the workers joined the strike.

Lima-based Buenaventura Chief Financial Officer Carlos Galvez told
Bloomberg in a telephone interview that Buenaventura has
stockpiled concentrates and continues to operate its processing
plant at its Orcopampa gold mine, where some workers joined the
strike. Uchucchacua silver mining operations were halted by the
strike, Buenaventura said in a separate statement obtained by the
news agency.

The Mining Federation, the report notes, said that union officials
are scheduled to meet with congressmen for talks on October 19, on
pending legislation for pensions and profit sharing.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, Moody's Investors Service has placed Peru's Ba1
foreign-currency government bond rating on review for possible
upgrade, reflecting the country's track record of stable economic
policymaking and reduced risks from the economy's relatively high
degree of dollarization.


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


CL FINANCIAL: Says Private Sector's Involvement Can Help
--------------------------------------------------------
CL Financial Group Chief Executive Officer Steve Bideshi said that
as time and proper management are the healing tools that the firm
needs, interest from the local private financial sector wouldn't
hurt either, Trinidad and Tobago Express reports.  The report
relates that Mr. Bideshi said that debt restructuring remains the
priority of those working to revive the company but there will
eventually be some shrinkage of the overall package to maximize
profitability.

According to the report, Mr. Bideshi's management scope covers
about TT$15 billion assets and does not include CLICO and the
Clico Investment Bank.  The report relates that Mr. Bideshi,
speaking mainly on Home Construction Ltd and Angostura, said that
these companies were without competitors in their field and were
expected to recover nicely.

The Express notes that Mr. Bideshi said that while there will
eventually be some selling, the company's core assets will remain
and it is possible that the CL Financial of the future will have a
limited range of insurance, with the focus instead on its drinks
company and real estate.

Mr. Bideshi, the report points out, also advocated the involvement
of the private sector in helping change the company's fortunes.
"We are asking the private sector to co-invest.  Private equity
has to step in-get involved, you have a role to play. Don't allow
the foreign companies to get all the action," the report quoted
Mr. Bideshi as saying.  "When I look back at Trinidad and Tobago
over the past few months, I see a shortage of issuers.  The
dominant player is still the Government.  There has been no marked
movement of innovation in the last five years," Mr. Bideshi added.

                       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.


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


PETROLEOS DE VENEZUELA: Refinery Optimizes Operating Reliability
----------------------------------------------------------------
San Roque refinery, a facility of the Petroleos de Venezuela
Refinacion Oriente circuit, regained optimal operating reliability
levels, as it restarted operations in October, following major
maintenance works at the distilling plant of paraffin products,
with a US$40 million investment.

Maintenance was planned 18 months earlier and was performed in 33
days.  The works were performed by 510 people during 146,210
hours/man and included enhancement of the equipments in DA-4
Distilling Unit, for processing 5,000 barrels per day of waxy
crude oil and 400,000 tons of paraffin a month.

A multi-disciplinary team comprising the Maintenance, Industrial
Health, Safety and Environment, Operations and Technical
departments solved the critical issues found in the equipments,
particularly the ICE 10 heat exchanger, which required new full
tubing to restore full reliability of the equipment.  The
percolator 3 of this refining unit located in Santa Ana town,
Anzoategui state, was also repaired.

Further, hidden damages in the vacuum transfer line were repaired,
with special 6-12 mm diameter welding to secure full overhaul.

The Distributed Control System was revamped for automation of the
plants and installation of a new G12 boiler, which is one of the
two new equipments to be installed in the distilling unit to
replace the old steam generating system.

With the two new boilers, San Roque refinery will be able to meet
the demand of 36,000 lbs of steam per hour necessary to process
API 38-degree waxy crude oil, which is the feedstock of this
distilling plant.

Following the major maintenance in San Roque refinery, together
with the major maintenance works performed recently in the cooling
tower of the plant, PDVSA Refinacion Oriente now relies on a
distilling unit in optimal conditions to continue to meet the
domestic and Latin American demands of paraffin, as this is the
only paraffin refinery in this part of the American continent.

The General Management of PDVSA Refinacion Oriente acknowledges
once again the commitment and responsibility of workers, as they
completed their mission flawlessly, with no injuries or
debilitating accidents, within the estimated time framework and
under stringent industrial health, safety and environment
standards as required in the oil industry.

                             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+/RR


* VENEZUELA: Seeks to Replace Dollar Pricing Of Oil, Media Says
---------------------------------------------------------------
Venezuelan President Hugo Chavez said that Venezuela, Russia, and
Iran have proposed replacing the dollar as the currency for oil
transactions, Moscow Bureau at Dow Jones Newswires reports citing
a Prime-Tass report.

"We have discussed this matter within OPEC, and several countries,
including Venezuela, Russia and Iran, have also proposed this
idea," President Chavez said according
Prime-Tass, Dow Jones Newswires relates.

According to Dow Jones Newswires, the Independent newspaper
reported that a number of the world's biggest oil producing
countries were planning to denominate oil transactions using a
basket of their own currencies instead of the dollar.  However,
Dow Jones Newswires notes that the report was refuted by top
officials from several countries, including Russian Deputy Finance
Minister Dmitry Pankin.

                           *     *     *

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 * * *