TCRLA_Public/091023.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, October 23, 2009, Vol. 10, No. 210

                            Headlines

A R G E N T I N A

CERVECERIA PATAGONIA: Creditors' Proofs of Debt Due on December 9
DISTRIBUIDORA HERNANDEZ: Creditors' Proofs of Debt Due on Dec. 11
FAESA SA: Creditors' Proofs of Debt Due on December 14
LOCKWOOD Y COMPANIA: Creditors' Proofs of Debt Due on December 2
MARISCAL SUCRE: Creditors' Proofs of Debt Due on March 31

PALAZ SA: Creditors' Proofs of Debt Due on February 2
PATAGONIA REAL: Creditors' Proofs of Debt Due on December 11


B E L I Z E

* BELIZE: Gets US$2.5 Million IDB Financing for Land Improvement


B R A Z I L

BANCO BMG: Fitch Assigns Issuer Default Rating at 'BB-'
BANCO NACIONAL: To Keep Lending at Record Pace in 2011
CITIGROUP INC: Cancels Renovation Plan for Brazilian Office
GERDAU SA: To Invest US$992 Million in Ouro Branco
GOL LINHAS: Signs Code-Sharing Agreement With Iberia Lineas

GOL LINHAS: Launches New Corporate Card to Business Customers
USINAS SIDERURGICAS: Posts BRL454MM Net Income in Third Quarter
* BRAZIL: IDB to Provide US$895MM Loan to Finance Beltway Project


C A Y M A N  I S L A N D S

ARLO IV: Moody's Downgrades Ratings on US$200 Mil. Notes to 'B3'
GIPS TRADING: Creditors' Proofs of Debt Due on October 28
GNC HOLDINGS: Creditors' Proofs of Debt Due on October 28
GREENWICH STRUCTURED: Creditors' Proofs of Debt Due on October 28
GREENWICH STRUCTURED: Creditors' Proofs of Debt Due on October 28

GSC PARTNERS: Creditors' Proofs of Debt Due on October 28
MAM SECURITY: Creditors' Proofs of Debt Due on October 28
ML APM: Creditors' Proofs of Debt Due on October 28
MOUNTAIN VIEW: Creditors' Proofs of Debt Due on October 28
MQ ASIAN: Creditors' Proofs of Debt Due on October 28

MQ ASIAN: Creditors' Proofs of Debt Due on October 28
NFS ASSET: Creditors' Proofs of Debt Due on October 28
NORUM RUSSIA: Creditors' Proofs of Debt Due on October 28
OCEANIC ENERGY: Creditors' Proofs of Debt Due on October 28
OPTIMAL RENAISSANCE: Creditors' Proofs of Debt Due on October 29

OPTIMAL RENAISSANCE: Creditors' Proofs of Debt Due on October 29
RAB GLOBAL: Creditors' Proofs of Debt Due on October 29
RAB GLOBAL: Creditors' Proofs of Debt Due on October 29
RIVERSOURCE ABSOLUTE: Creditors' Proofs of Debt Due on October 29
RIVERSOURCE ENHANCED: Creditors' Proofs of Debt Due on October 29

RIVERSOURCE GLOBAL: Creditors' Proofs of Debt Due on October 29


C O L O M B I A

ECOPETROL SA: 3Q Net Income Drops 72% to COP1.11 Trillion
ECOPETROL SA: Gets OK to Expand & Modernize Cartagena Refinery


D O M I N I C A N  R E P U B L I C

TRICOM SA: Set to Exit Chapter 11 After Plan Gets OK
* DOMINICAN REPUBLIC: To Get US$500 Million Loan From IDB


J A M A I C A

NATIONAL COMMERCIAL BANK: Offers JM$1BB Loan at 9% Interest


M E X I C O

CABI DOWNTOWN: Condo Buyers File Suit over Contract Deposits
CEMEX SAB: Sees Lower Third Quarter 2009 Earnings
EDSCHA NORTH AMERICA: Shuts Down Operations in Mexico
GRUMA SAB: Completes Debt Refinancing
PILGRIM'S PRIDE: Shareholders to Vote on JBS-Backed Plan

URBI DESARROLLOS: Moody's Affirms 'Ba3' Senior Unsec. Debt Rating


P E R U

* PERU: IDB to Provide US$150MM Loan for Road Maintenance


                         - - - - -


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


CERVECERIA PATAGONIA: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------------
Maria del Pilar Hernandez, the court-appointed trustee for
Cerveceria Patagonia Primitiva SA's reorganization proceedings,
will be verifying creditors' proofs of claim until December 9,
2009.

Mr. Hernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 17, 2009.

The Trustee can be reached at:

         Maria del Pilar Hernandez
         Suipacha 211
         Argentina


DISTRIBUIDORA HERNANDEZ: Creditors' Proofs of Debt Due on Dec. 11
-----------------------------------------------------------------
Hector Ricardo Martinez, the court-appointed trustee for
Distribuidora J. Hernandez e Hijos SA's bankruptcy proceedings,
will be verifying creditors' proofs of claim until December 11,
2009.

Mr. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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:

         Hector Ricardo Martinez
         Av. Independencia 2251
         Argentina


FAESA SA: Creditors' Proofs of Debt Due on December 14
------------------------------------------------------
Jose Spiraquis, the court-appointed trustee for Faesa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 14, 2009.

Mr. Spiraquis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 Spiraquis
         Libertad 257
         Argentina


LOCKWOOD Y COMPANIA: Creditors' Proofs of Debt Due on December 2
----------------------------------------------------------------
Susana Edith Svetliza, the court-appointed trustee for Lockwood y
Compania SAIC's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 2, 2009.

Ms. Svetliza 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:

         Susana Edith Svetliza
         Cramer 2111
         Argentina


MARISCAL SUCRE: Creditors' Proofs of Debt Due on March 31
---------------------------------------------------------
Hector Carlos Fridman, the court-appointed trustee for Mariscal
Sucre 3032 SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 31, 2010.

Mr. Fridman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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:

         Hector Carlos Fridman
         Avenida Gaona 1295
         Argentina


PALAZ SA: Creditors' Proofs of Debt Due on February 2
-----------------------------------------------------
Norberto Palmeiro, the court-appointed trustee for Palaz SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until February 2, 2010.

Mr. Palmeiro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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.

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

The Trustee can be reached at:

         Norberto Palmeiro
         Arcos 4033
         Argentina


PATAGONIA REAL: Creditors' Proofs of Debt Due on December 11
------------------------------------------------------------
Elena Beatriz Tancredo, the court-appointed trustee for Patagonia
Real State SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 11, 2009.

Ms. Tancredo 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:

         Elena Beatriz Tancredo
         Tucuman 1545
         Argentina


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


* BELIZE: Gets US$2.5 Million IDB Financing for Land Improvement
----------------------------------------------------------------
The Inter-American Development Bank approved a US$2.5 million loan
to Belize to assist the government establish a more dynamic and
efficient land market by improving country-wide access to land
management services, their quality and efficiency.

The resources will finance the expansion of a parcel-based land
information system and the improvement of urban land information
as well as support the provision of modern land management
services.

IDB said that this project will complete the shift from manual
processing of land transactions and record keeping to streamlined,
automated procedures through a parcel-based information system to
be established in the Ministry of Natural Resources and the
Environment.

The new system will improve transparency and reduce potential
error, fraud and loss of title documents.  It will provide access
to reports and records, creating additional revenue due to improve
services and increase transactions.

In addition, the on-line public access will reduce transaction
costs for property owners, lease holders, banks, law firms and
other users, avoiding unnecessary visits to check status or search
records.

The project will add 50,000 urban parcels to the digital cadastre,
increasing the total to 158,000 parcels, which will represent 70%
of all land parcels in the country.

The IDB loan is for a 25-year term, with a 3.5-year grace period,
at a LIBOR-based.  Local counterpart funds total US$229,000.

                         *     *     *

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


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


BANCO BMG: Fitch Assigns Issuer Default Rating at 'BB-'
-------------------------------------------------------
Fitch Ratings has assigned Banco BMG S.A.'s international ratings:

  -- Long-term foreign currency Issuer Default Rating 'BB-';
     Outlook Stable;

  -- Long-term local currency IDR 'BB-'; Outlook Stable;

  -- Short-term foreign currency IDR 'B';

  -- Short-term local currency IDR 'B';

  -- Individual rating 'D'

  -- Support Floor 'no floor'.

BMG's other ratings have been affirmed:

  -- National Long-term rating 'A-(bra)'; Outlook Stable,
  -- National Short-term rating 'F2(bra)';
  -- Support rating '5'.

BMG's IDRs are driven by its Individual rating, which reflects the
bank's strong franchise in its product niche, lending against
public sector payrolls and Social Security payments, which has
generated consistent profitability and generally good asset
quality.  At the same time, however, the bank's dependence on one
product concentrates revenue generation and vulnerability to
external factors which could affect profitability and loan
origination.  The bank is also dependent on relatively few
institutional funding sources.  These concentrations constrain its
Individual rating.

Fitch has also assigned an expected long-term foreign currency
rating of 'B(exp)' to BMG's upcoming issuance of subordinated
fixed rated notes due 2019.  The expected rating of the
subordinated notes is notched two notches below the bank's long-
term local currency IDR of 'BB-'.  The notching of the issue below
the bank's IDRs reflects the issue's subordinated status.  The
final rating for the notes is contingent on the receipt of final
documentation conforming to information already received.

The securities, which are subject to approval from Brazil's
Central Bank to be treated as Tier II instruments for regulatory
capital purposes, will likely be considered as Fitch's class D
securities and receive 75% equity-credit under the agency's
guidelines regarding its capital assessment approach, reflecting
their high loss absorption capacity.  BMG has historically
maintained capitalization ratios in line with local guidelines.
The proceeds arising from the subordinated issue will be used to
both strengthen its total capitalization ratio in the form of Tier
II to allow for additional growth of its loan operations, as well
as to ease the impact of new accounting requirements related to
loan assignment expected for January 2010.

Eligible hybrids and other capital securities (equity-like
instruments) can represent only 30% of Fitch's eligible capital,
which is defined as core capital plus eligible hybrid debt and
other capital securities.

BMG has its origins back in 1930 and is owned by Mr. Flavio
Pentagna Guimaraes and his family, which directly and indirectly
control approximately 98.9% of total voting shares.  The Guimaraes
family also have interests in real state, agribusiness and food
processing.


BANCO NACIONAL: To Keep Lending at Record Pace in 2011
------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES) is
prepared to keep lending at record levels next year if private
financing doesn’t return with force, Joshua Goodman at Bloomberg
News reports, citing bank President Luciano Coutinho.

According to the report, Mr. Coutinho said that lending rose 58%
in the first nine months of the year to BRL95.9 billion (US$55
billion).  Lending topped BRL100 billion as of the second week of
October and should end the year at as high as BRL130 billion, he
added.

Mr. Coutinho, the report relates, said that with access to credit
markets easing following the global financial crisis, albeit at a
slower pace, BNDES has no plans to extend to next year an
emergency credit line created in July to provide trade financing
and help companies buy capital goods.  The report relates that the
so-called Sustainable Investment Program has lent BRL13.6 billion.
“If we lend less next year, that would be fantastic,” said the
report quoted Mr. Coutinho as saying.  The federal government had
guaranteed financing for the bank’s 2010 lending targets now being
drafted, he added.

                            About BNDES

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

                           *     *     *

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


CITIGROUP INC: Cancels Renovation Plan for Brazilian Office
-----------------------------------------------------------
David Enrich at The Wall Street Journal reports that Citigroup
Inc. has canceled a planned $4.5 million renovation of its main
office in Brazil, a move that emphasizes the sensitivity inside
Citigroup about its spending habits, since the bank has gotten
$45 billion from the U.S. government.

Citing people familiar with the matter, The Journal says that
Citigroup had hired corporate-architectural firm Athie Wohnrath
Associados to overhaul three floors of its headquarters in Sao
Paulo and was set to start the renovations soon.  The Journal
relates that the job was supposed to be completed by early 2010,
but a source said that senior executives, after reviewing the
renovation, decided to shelve the project.

The Journal, citing people familiar with the matter, states that
the project was aimed at transforming the 17th floor, which
currently contains executive offices, into an area for meeting and
entertaining important clients, primarily corporations and wealthy
individuals.  Citigroup currently has meeting rooms scattered
throughout the building, but no single large area for interacting
with clients.  The Journal notes that the renovation was also
aimed at grouping together Citigroup corporate and investment
bankers, who have been sitting on different floors, as integrating
such bankers throughout the Company has been a priority of CEO
Vikram Pandit.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  At June 30, 2009, Citigroup had
total assets of $1.84 trillion and total liabilities of
$1.69 trillion.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets, which will remain on Citigroup's balance sheet.
As a fee for this arrangement, Citigroup issued preferred shares
to the Treasury and FDIC.  The Federal Reserve agreed to backstop
residual risk in the asset pool through a non-recourse loan.

Citigroup, the third-biggest U.S. bank, received $52 billion in
bailout aid.  Other bailed-out banks, including Bank of America
Corp., Wells Fargo & Co., have pledged to repay TARP money.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley,
repaid TARP funds in June.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


GERDAU SA: To Invest US$992 Million in Ouro Branco
--------------------------------------------------
Gerdau S.A. will invest US$992 million in rolling heavy and medium
plate in Ouro Branco, MetalBiz reports.  The report relates that
the equipment installation will begin next year and the annual
capacity will reach 1 million tons after production.

According to the report, the company is expected to succeed in
research the first batch of heavy and medium plate.  The report
says that source from the company's statement noted that Gerdau SA
also intends to produce billet in Aominas mill in early July,
which will satisfy Ouro Branco for rolling heavy and medium plate
and the remaining may be exported.

Gerdau SA's heavy and medium plate department aims at domestic
oil, ship-building and construction industry as well as Latin
American market, the report notes.

                        About Gerdau SA

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

                         *     *     *

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


GOL LINHAS: Signs Code-Sharing Agreement With Iberia Lineas
-----------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. and Iberia Iberia Lineas
Aereas de Espana SA have signed a code-share agreement.  The
companies are also evaluating the possibility of linking their
frequent flyer programs, GOL's SMILES and Iberia's Plus.

Under the code-share agreement, Iberia can add its IATA code to
GOL flights from Rio de Janeiro and Sao Paulo to 13 Brazilian
destinations: Belo Horizonte, Brasilia, Curitiba, Florianopolis,
Fortaleza, Foz do Iguacu, Goiania, Manaus, Natal, Porto Alegre,
Recife, Salvador and Vitoria.  Iberia passengers will benefit from
more flight connection options throughout Brazil, while the
agreement provides an additional sales channel for GOL, increasing
passenger traffic and load factor for the Brazilian carrier.

In compliance with standard regulation requirements, GOL Linhas
said it will submit the contract to the National Civil Aviation
Agency and to the Brazilian Antitrust Agency for their evaluation
before implementing the agreement.

                        About Iberia

Headquartered in Madrid, Iberia offers two direct daily flights
between Spain's capital and Sao Paulo (Guarulhos Airport) as well
as one direct daily flight to Rio de Janeiro (Galeao Airport),
operating Airbus A340-600 and A340-300 aircraft.  Iberia is
Spain's largest air carrier group and the fourth-largest in
Europe.  It is also the leading airline of Europe and Latin
America routes, with the most flight options and destinations.

                          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'.


GOL LINHAS: Launches New Corporate Card to Business Customers
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A has issued UATP accounts with
the launch of its new GOL Corporate Card to business customers.

Accepted by more than 250 associated airlines, representing over
95% of all passenger air travel capacity worldwide, UATP is
designed to lower the cost of sale by reducing or eliminating
credit card transaction fees to airlines.  Travel agencies also
benefit through UATP due to lower credit card merchant service
fees and the ability to automatically reconcile ticket numbers to
service fees via UATP's travel agency merchant program.   For
corporations, the network provides a simple and direct payment
method which, unlike other forms of payment, allows them to avoid
foreign currency conversion fees, annual fees and per card fees.
All UATP subscribers enjoy robust transactional data on all air
travel purchases.

According to Ralph Kaiser, president and CEO, UATP: "Adding one of
the leading low-cost, low-fare carriers like GOL to UATP's list of
Issuing airlines demonstrates how popular this payment model is,
not only in the Brazilian market, but worldwide.  Corporate
travelers in South America who use the GOL Corporate Card will
experience a new level of convenience and service wherever they
travel, which will enhance GOL's already stellar reputation."

"By becoming an Issuer in the UATP network, GOL adds a new option
for corporate travel payment capable of servicing the needs of
corporations to include those who prefer to book through direct
channels.  With the Company's largest route network in South
America, our new UATP Corporate Card program will enable us to
strengthen our relationship with our corporate customers," added
Mr. Gargioni.

                          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'.


USINAS SIDERURGICAS: Posts BRL454MM Net Income in Third Quarter
---------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA posted a BRL454 million
(US$261.75 million) third-quarter profit from a BRL588 million net
income in the same period last year, Diana Kinch at Bloomberg News
reports, citing a company regulatory filing.  The report relates
that the company attributed the greater- than-estimated third-
quarter profit to the restart of production at its three idled
blast furnaces due to the global recession.

According to the report, the company's profit climbed 23% from the
previous quarter as Usiminas restarted its idled blast furnaces in
July and August after demand from domestic automakers and builders
rebounded.  “Usiminas will keep recovering in coming quarters,
like other Brazilian steelmakers,” Pedro Galdi, a Sao Paulo-based
analyst with SLW Corretora, said in a note obtained by the news
agency.

The report relates Rodrigo Ferraz, a Rio de Janeiro-based analyst
with Brascan Corretora, said that performance in the quarter is
“proof of how hard Usiminas’s operations were hit by the crisis.”
Profit margins won’t recover until 2012, “when the company has a
bigger sales volume and gains from its cost-cutting plan,” Mr.
Ferraz added.

Bloomberg News notes that Mr. Ferraz rated the company's stock to
“outperform.”

                        About Usiminas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Subordinate Debt rating.


* BRAZIL: IDB to Provide US$895MM Loan to Finance Beltway Project
-----------------------------------------------------------------
The Inter-American Development Bank plans to provide up to US$895
million of A/B loans to finance Sao Paulo’s “Rodoanel Oeste”
beltway concession, the western section of a 182-kilometer project
that will eventually surround Sao Paulo.  The financing is
expected to be one of the largest infrastructure project financing
deals in Latin America in 2009.

IDB said that the beltway project will better distribute traffic
flows across the Sao Paulo’s metropolitan region, and reduce the
traffic congestion in central part of the city, where trucks are
currently required to cross the city in order to reach the
country’s main port.  Moreover, the project will contribute to a
significant reduction in greenhouse emissions, the bank added.

The Board of the IDB approved a 15-year A Loan of up US$150
million that will be financed by the Bank’s own resources.  The
Board also approved two B loan tranches to be provided by
commercial banks for Rodoanel Oeste.  The first B tranche of as
much as US$350 million will mature in 13 years.  The amount for
the second B tranche is up to US$395 million and may eventually be
used upon certain conditions to replace the short-term
subordinated loan provided by local commercial banks with long-
term senior loan.

Companhia de Concessoes Rodoviarias and Encalso Construçoes Ltda.
control Concessionaria do Rodoanel Oeste, a special purpose
vehicle created to upgrade, expand, operate and maintain Rodoanel
Oeste.

                         *     *     *

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


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


ARLO IV: Moody's Downgrades Ratings on US$200 Mil. Notes to 'B3'
----------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by ARLO IV Ltd, a collateralized debt obligation
transaction synthetically referencing a managed portfolio of
corporate entities.

Issuer: ARLO IV Limited

  -- Series 2006 (Bichumi Global 1) US$200,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2016, Downgraded to B3;
     previously on March 10, 2009 Downgraded to Ba2

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, adjusted with forward looking measures, has
deteriorated from 188 from the last rating action to 380,
equivalent to an average rating of the current portfolio of Baa2.
The reference portfolio includes an exposure to CIT Group Inc. and
Ambac Assurance Corporation which have experienced substantial
credit migration in the past few months, and are now rated Ca and
Caa2 respectively.

The reference portfolio has not been changed since January 2009.
Should there be any proposed changes to the reference portfolio in
the future, the governing documents still require every
replacement of reference entities to pass the Moody's CDOROM Test,
unless 100% note-holders consent is obtained.

Since inception of the transaction, the subordination of the rated
tranche has been reduced due to credit events on Lehman Brothers
Inc., Glitnir banki hf and Landsbanki Islands hf.  These credit
events led to a decrease of approximately 3.3% of the
subordination of the series.  The portfolio has the highest
industry concentrations in Insurance (18%), Banking (13%),
Sovereign (13%), and Finance (9%).

Moody's monitors this transaction using primarily the methodology
and its supplements for CSO as described in Moody's Rating
Methodology papers:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (September 2009)

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among others,
the structural protections in each transaction, the recent deal
performance in the current market environment, the strength of the
legal framework as well as specific documentation features, and
selection bias in the portfolio.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.


GIPS TRADING: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------------
The creditors of Gips Trading 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:

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


GNC HOLDINGS: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------------
The creditors of GNC Holdings Inc 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 18, 2009.

The company's liquidator is:

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


GREENWICH STRUCTURED: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------------
The creditors of Greenwich Structured Arm Products CI 2005-4 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:

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


GREENWICH STRUCTURED: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------------
The creditors of Greenwich Structured Arm Products CI 2005-3 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:

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


GSC PARTNERS: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------------
The creditors of GSC Partners CDO Fund III, 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:

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


MAM SECURITY: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------------
The creditors of Mam Security 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 September 17, 2009.

The company's liquidator is:

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


ML APM: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------
The creditors of ML APM Global Commodity Futuresaccess 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 15, 2009.

The company's liquidator is:

          Merrill Lynch Alternative Investments LLC
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


MOUNTAIN VIEW: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Mountain View CLO IV 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:

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


MQ ASIAN: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------
The creditors of MQ Asian Multi-Strategy Master 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 September 18, 2009.

The company's liquidator is:

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


MQ ASIAN: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------
The creditors of MQ Asian Multi-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 September 18, 2009.

The company's liquidator is:

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


NFS ASSET: Creditors' Proofs of Debt Due on October 28
------------------------------------------------------
The creditors of NFS Asset Cayman 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:

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


NORUM RUSSIA: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------------
The creditors of Norum Russia General Partner 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 7, 2009.

The company's liquidator is:

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


OCEANIC ENERGY: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------
The creditors of Oceanic Energy 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 September 2, 2009.

The company's liquidator is:

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


OPTIMAL RENAISSANCE: Creditors' Proofs of Debt Due on October 29
----------------------------------------------------------------
The creditors of Optimal Renaissance Institutional Futures Feeder
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 September 14, 2009.

The company's liquidator is:

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


OPTIMAL RENAISSANCE: Creditors' Proofs of Debt Due on October 29
----------------------------------------------------------------
The creditors of Optimal Renaissance Institutional Equities Feeder
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 September 14, 2009.

The company's liquidator is:

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


RAB GLOBAL: Creditors' Proofs of Debt Due on October 29
-------------------------------------------------------
The creditors of Rab Global Financials Fund Limited 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 September 10, 2009.

The company's liquidator is:

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


RAB GLOBAL: Creditors' Proofs of Debt Due on October 29
-------------------------------------------------------
The creditors of Rab Global Financials (Master) Fund Limited 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 September 9, 2009.

The company's liquidator is:

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


RIVERSOURCE ABSOLUTE: Creditors' Proofs of Debt Due on October 29
-----------------------------------------------------------------
The creditors of Riversource Absolute Return Fund Inc. 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 September 11, 2009.

The company's liquidator is:

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


RIVERSOURCE ENHANCED: Creditors' Proofs of Debt Due on October 29
-----------------------------------------------------------------
The creditors of Riversource Enhanced Absolute Return Fund Inc.
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 September 11, 2009.

The company's liquidator is:

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


RIVERSOURCE GLOBAL: Creditors' Proofs of Debt Due on October 29
---------------------------------------------------------------
The creditors of Riversource Global Long Short Fund Inc. 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 September 11, 2009.

The company's liquidator is:

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


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


ECOPETROL SA: 3Q Net Income Drops 72% to COP1.11 Trillion
---------------------------------------------------------
Ecopetrol S.A.'s third quarter net income dropped 72% to
COP1.11 trillion (US$578 million) from COP3.91 trillion in the
same period a year earlier, after a drop in crude prices cut
revenue and a stronger peso reduced the value of overseas
investments, Heather Walsh at Bloomberg News reports.  The report
relates that revenue dropped 13% to COP8.9 trillion from COP10.2
trillion.

Inti Landauro at Dow Jones Newswires relates that Ecopetrol SA
said its third-quarter non-consolidated net profit fell 70% to
COP1.19 trillion.  Dow Jones Newswires says that in the first nine
months of the year, profit fell 63% from the same period a year
ago to COP3.54 trillion.

According to Dow Jones Newswires, the company's total sales
revenue in the third quarter of the year fell 26% to COP7.37
trillion from COP9.97 trillion in the same period a year ago.  The
same report relates that in the first nine months of the year,
Ecopetrol sold COP19.17 trillion worth of oil products, down 28%
from the COP26.61 trillion sold in the same period a year ago.

During the third quarter, Dow Jones Newswires says, Ecopetrol
invested COP1.59 trillion to expand existing operations and to
take over other companies, down from COP2.61 trillion in the same
period in 2008.  In the first nine months of the year, the report
relates, Ecopetrol has invested COP9.80 trillion in capital
expenditures, including COP5.08 trillion in acquisitions, up from
COP5.68 trillion in the same period in 2008.

Bloomberg News relates Juan Dauder, an analyst at Medellin-based
brokerage Interbolsa SA, said that to raise cash for investment,
Ecopetrol SA may sell an additional 10% stake in itself in 2011.
Colombia’s government may sell another 10 percent stake in the
company once that sale is completed, Mr. Dauder added.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Alexander Cuadros at Bloomberg News reports
that Colombia may sell as much as 10% of its stake in Ecopetrol SA
to help fund COP10 trillion (US$5.2 billion) of highway spending.
The report related Finance Minister Oscar Ivan Zuluaga said that
Colombia is likely to sell the stake “gradually” between 2011 and
2014, depending on the speed of Colombia’s economic recovery.

                       About Ecopetrol S.A.

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

                           *     *     *

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

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


ECOPETROL SA: Gets OK to Expand & Modernize Cartagena Refinery
--------------------------------------------------------------
Refineria de Cartagena S.A.'s board of directors during its
meeting on October 20, 2009, approved the execution of a project
to expand and modernize the Cartagena Refinery.  The Board of
Directors set forth the technical aspects of the modernization
project.  It also authorized continuing with detailed engineering
works, construction works and purchases for the project.
Refineria de Cartagena is a subsidiary of Ecopetrol S.A.

The project, which is expected to be completed during the first
half of 2013 and requires an estimated US$3.8 billion dollar
investment, will transform the Cartagena Refinery into one of the
most modern refineries of its kind.  It will double the Refinery's
current capacity to 165,000 barrels of crude oil per day and
enable the achievement of (i) a high conversion rate, (ii) a
recovery of valuable products rate greater than 95% and (iii) the
production of fuels with low sulfur content.

In addition, the modernized Refinery will allow integration with
the petrochemical industry and will allow Reficar to offer a
basket of competitive products in premium markets, meeting the
highest national and international environmental standards.

Refineria de Cartagena S.A.

    Contact:

    Investor Relations
    Alejandro Giraldo
    Phone: +571-234-5190
    Email: investors@ecopetrol.com.co

    Media Relations (Colombia)
    Mauricio Tellez
    Phone: + 571-2345377
    Fax: +571-2344480
    Email: mtellez@ecopetrol.com.co

                      About Ecopetrol S.A.

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

                           *     *     *

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

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


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


TRICOM SA: Set to Exit Chapter 11 After Plan Gets OK
----------------------------------------------------
Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York has entered an order confirming the
prepackaged reorganization plan of Tricom S.A., Tricom U.S.A. Inc.
and other affiliates.

A status conference will be held December 17, 2009, at 10:00 a.m.
EST., when the Debtors will report on their progress in satisfying
the conditions precedent to the occurrence of the effective date
of the Plan.

Upon the effective date of the plan, Credit Suisse and other
lenders will receive new secured debt in the aggregate principal
amount of $25,529,781.  Holders of "Unsecured Financial Claims"
will receive their pro rata share of 10 million shares of Holding
Company Stock to be issued by Holding Company, a new entity to be
formed that will own at a minimum approximately 97% of the equity
of Tricom and, directly or indirectly, approximately 97% of the
equity of TCN Dominicana, S.A., and Tricom USA.

All of the Debtors' secured and general unsecured creditors are
expected to recover 100%, and Unsecured Financial Creditors are
expected to get between 22% and 27%, under the Plan.

A full-text copy of the Plan, as amended October 19, is available
for free at:

      http://bankrupt.com/misc/Tricom_Oct09_Plan.pdf

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

      http://bankrupt.com/misc/Tricom_Oct09_DS.pdf

                         About Tricom SA

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.  Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720). The Debtors’ legal advisors are Morrison & Foerster LLP
and their financial advisors are FTI Consulting, Inc. Kurtzman
Carson Consultants serves as claims and notice agent. An ad hoc
committee consisting of certain holders of Unsecured Financial
Claims is represented by Manatt, Phelps & Phillips LLP, as legal
advisors, and Chanin Capital Partners, as financial advisors. .
Affiliates of Tricom’s largest shareholders are represented by
White & Case LLP, as legal advisors, and Broadspan Capital LLC, as
financial advisors.

When the Debtors' filed for protection from their creditors, they
listed total assets of US$327,600,000 and total debts of
US$764,600,000.


* DOMINICAN REPUBLIC: To Get US$500 Million Loan From IDB
---------------------------------------------------------
Dominican Republic will receive a US$500 million emergency loan
from the Inter-American Development Bank to support public
spending in core social programs amid the economic slowdown
triggered by the world financial crisis.

The loan, approved by the IDB’s board of directors, will also
finance the country’s plan to streamline energy subsidies and
improve financial management of power companies, a move that will
help reduce the fiscal deficit.

The Bank’s support will allow the Dominican Republic to achieve
fiscal sustainability and ensure the fulfillment of the
government’s commitment to protect the well-being of disadvantaged
groups after the global economic downturn sharply reduced demand
for tourism services, exports, foreign investment, and
remittances.

The country will use the IDB financing to increase spending on
targeted subsidies, education, health care, and the Solidarity
Program, a conditional cash transfer plan for the poor.

In addition, the government plans to use the loan to better target
payment of liquefied petroleum gas subsidies and streamline
electricity subsidies.

The IDB loan, which matures in five years, will be disbursed in 18
months.  The loan has a grace period of three years and its
interest rate is based on Libor.

                         *     *     *

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


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


NATIONAL COMMERCIAL BANK: Offers JM$1BB Loan at 9% Interest
-----------------------------------------------------------
National Commercial Bank introduced a credit line that offers
financing at an interest rate of nine per cent per annum, as a
response to the business sector's call for cheaper and more
accessible financing, Jamaica Observer reports.

According to the report, Bank Group Managing Director Patrick
Hylton said, "in times like these, more than ever, it is important
for us to help fuel the growth of industry and this financing pool
is intended to support business customers in a tangible way.  The
terms make it accessible as we know this is a concern for many
businesses when seeking funding".

The report notes that businesses may begin accessing the funds on
November 1, 2009.

The funds, the Observer says, may be drawn down in tranches or
taken at one time, depending on the needs of the borrower.  The
report relates that companies can access as much as JM$15 million
in financing with seven years to repay.

NCB, the report notes, is also offering a moratorium of up to a
year on principal payments and a one percentage point reduction in
its base lending rate to 20.75%.

                        About NCB Jamaica

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

                           *     *     *

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

Fitch said the ratings have a stable rating outlook.


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


CABI DOWNTOWN: Condo Buyers File Suit over Contract Deposits
------------------------------------------------------------
Cabi Downtown LLC was sued by 67 individuals who signed contracts
to buy units and made deposits into escrow before the bankruptcy
filing, Bill Rochelle at Bloomberg News reported.  According to
the report, the buyers, who all refused to complete the purchases,
contend that Cabi was in default, entitling them to the return of
their deposits.  Even if they should have completed the purchases,
the lawsuit seeks a declaration that the purchasers are entitled
to a return of some of the deposits under the contracts and
Florida law.

Aventura, Florida-based Cabi Downtown, LLC, operates a real estate
Business and owns the 49-story Everglades on the Bay condominium
in Miami.  The condominium project has 849 units in two towers,
with 60,000 square feet of retail space.  The Company is owed by
GICSA, which says it is the largest and most profitable real
estate developer in Mexico.

The Company filed for Chapter 11 on Aug. 18, 2009 (Bankr. S.D.
Fla. Case No. 09-27168).  Mindy A. Mora, Esq., represents the
Debtor in its restructuring efforts.  In its petition, the Debtor
listed assets and debts both ranging from US$100,000,001 to
US$500,000,000.


CEMEX SAB: Sees Lower Third Quarter 2009 Earnings
-------------------------------------------------
Anthony Harrup at Dow Jones Newswires reports that Cemex, S.A.B.
de C.V.'s third-quarter earnings probably fell from a year ago,
but are expected to show signs of stabilizing as some of its
markets likely began pulling out of recession.  Cemex SAB is
expected to report sales of US$4.3 billion for the July-September
period, a 26% drop from the year-ago quarter, according to the
median estimate of five analysts polled by Dow Jones Newswires.

According to the report, earnings before interest, taxes,
depreciation and amortization (Ebitda) likely fell 38%, to US$811
million, while net profit is seen down 21%, at US$158 million.
"Cemex's results possibly hit bottom in the second quarter, now to
begin a gradual, although slow, improvement," Carlos Hermosillo,
an equities analyst at the Vector brokerage, said in a report
obtained by the news agency.

In August, the report recalls, Cemex SAB refinanced US$15 billion
in mostly bank debt, stretching maturities through early 2014.
The report relates that since then it has raised US$1.78 billion
in a capital increase and US$1.7 billion from the sale of its
Australian assets to global competitor Holcim Ltd, using the money
to pay down debt.

Dow Jones Newswires notes that at the time the debt deal was
completed, company officials were cautious yet positive about
prospects, as government infrastructure projects kick in and
economies, particularly the U.S. economy, start to recover and
generate more demand for cement.

                         About Cemex SAB

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


EDSCHA NORTH AMERICA: Shuts Down Operations in Mexico
-----------------------------------------------------
Edscha North America Inc. is halting production as are affiliates
in Canada and Mexico, Bill Rochelle at Bloomberg News reported.
The cessation of production stems from the insolvency filing in
February by the German parent Edscha AG.

Germany-based Edscha AG manufactures door hinges, convertible
roofs and driver controls for major carmakers.  It was previously
owned by buyout firm Carlyle Group.

Edscha AG, the German auto parts company and parent of Edscha
North America, filed for insolvency for its European operations on
Feb. 2, 2009.  At the time, it cited "massive declining trends" in
the auto industry and difficulty in obtaining financing.

The debts incurred by the company's leveraged buyout through
Carlyle in late 2002 "was not responsible" for the insolvency
filing, but the massive slump in car sales.  The insolvency of
Edscha followed a 50% drop in some of the company's businesses
during the fourth quarter of 2008.

Edscha North America Inc., has filed for Chapter 11 reorganization
(Bankr. N.D. Ill. Case No. 09-39055), eight months after its
German parent filed for insolvency.  The company listed assets of
US$6.44 million and liabilities of US$672.4 million in its
voluntary Chapter 11 petition.


GRUMA SAB: Completes Debt Refinancing
-------------------------------------
Gruma, S.A.B. de C.V. said it had completed a major debt
restructuring after it racked up huge losses on currency
derivatives last year when the Mexican peso plunged against the
U.S. dollar, Robert Campbell at Reuters reports.

According to the report, the company said the deal with its
creditors converts US$738.3 million in derivatives losses into
medium and long-term debt and refinances a 5-year US$197 million
syndicated loan.  The report relates that the company had
previously refinanced a MXN3.37 billion (US$252 million) loan with
state development bank Bancomext in September.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Gruma SAB incurred a net loss of Ps.12,339,758 in
fiscal year ended December 31, 2008, and had obligations to its
derivative counterparties as of December 31, 2008 in the amount of
Ps.11,230,170.  In addition, the company had long-term debt in the
amount of Ps.11,728,068 as of December 31, 2008, some of which it
will be required to renegotiate in order to be able to finance its
obligations to its derivative counterparties on a long-term basis.
"These facts raise substantial doubt about the Company's ability
to continue as a going concern," PricewaterhouseCoopers LLP, in
Monterrey, Mexico, auditor of the Company, said.

                         About Gruma SAB

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Standard & Poor's Ratings Services said that its
ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate
credit rating, remain on CreditWatch with negative implications,
where they were placed on Oct. 13, 2008.  S&P based that action on
its perception of GRUMA's more aggressive financial policy,
including the use of derivative instruments.


PILGRIM'S PRIDE: Shareholders to Vote on JBS-Backed Plan
--------------------------------------------------------
Pilgrim's Pride Corporation (Pink Sheets: PGPDQ) has received
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to begin soliciting stockholder acceptance of the amended
joint plan of reorganization of the company and six of its
subsidiaries that are debtors and debtors in possession in the
chapter 11 cases pending before the Court.  The Company's
creditors will not be voting on the plan of reorganization as they
are not considered to be an impaired class and all will be fully
repaid upon the company's emergence from bankruptcy.

All stockholders of record on October 22, 2009, are entitled to
vote to accept the plan of reorganization. Copies of the plan of
reorganization and the amended disclosure statement will be mailed
shortly. The deadline for ballots to be received by the voting
agent is December 1, 2009.  A court hearing to confirm the plan of
reorganization is scheduled to be held December 8, 2009.

Pilgrim's Pride said that it anticipates the plan of
reorganization to be confirmed by the Bankruptcy Court in time for
the Debtors to emerge from bankruptcy before the end of December.
Last month, the Debtors filed a joint plan of reorganization and
related disclosure statement with the court. Under terms of the
joint plan of reorganization, Pilgrim's Pride has entered into an
agreement to sell 64% of the new common stock of the reorganized
Pilgrim's Pride to JBS U.S.A. for $800 million in cash.

                  Distributions Under Ch. 11 Plan

The Plan, as amended, October 19, 2009, will be financed in part
by the sale of 64% of the stock to JBS for US$800 million, leaving
the remaining 36% of the stock, presumptively worth US$450
million, for existing equity holders.  All creditors will be paid
fully either in cash or through issuance of new debt.

Proceeds from the sale of the new common stock of the reorganized
Pilgrim's Pride to JBS will be used to fund cash distributions to
allowed claims under the plan.  Under the terms of the plan, all
creditors of the Debtors holding allowed claims will be paid in
full.  The Amended Plan also offers to pay priority tax claims
with postpetition interest, if applicable.

All existing Pilgrim's Pride common stock will be cancelled
and existing stockholders will receive the same number of new
common stock shares, representing 36% of the reorganized Pilgrim's
Pride in aggregate.  The plan also calls for an exit facility for
senior secured financing in an aggregate principal amount of at
least US$1.65 billion.

Since the proposed plan of reorganization represents a
"100% plan," with creditors being repaid in full, shareholders
represent the only impaired class and will be the only group
entitled to vote on the plan of reorganization.

The Equity Committee supports the Plan, noting that the Plan
results in an initial recovery to equity holders valued at upwards
of $450 million, with the potential to enjoy further appreciation
of their interests in the Reorganized Debtors (or a successor)
should their businesses continue to prosper.

A copy of the Amended Plan is available for free at:

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

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

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

                     About Pilgrim's Pride

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

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

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

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

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


URBI DESARROLLOS: Moody's Affirms 'Ba3' Senior Unsec. Debt Rating
-----------------------------------------------------------------
Moody's has affirmed Urbi Desarrollos Urbanos, S.A.B. de C.V.'s
Ba3 global scale, local and foreign currency, senior unsecured
debt rating and A3.mx national scale rating, as well as Urbi's
short-term MX-2 national scale rating (Not Prime, global scale).
The rating outlook remains stable.  The company's Ba3 corporate
family rating was also affirmed.

The ratings affirmation reflect that, despite the adverse
operating environment derived from the current and expected to be
protracted financial crisis as well as a significant economic
contraction that has depleted liquidity and lowered the
availability of bridge financing, Urbi has maintained modest
leverage and a diverse, top-10 competitive position, which has
helped it to respond effectively to the volatile Mexican property
market.  Furthermore, Urbi has produced consistent, sound
profitability and maintained solid liquidity with a conservative
capital structure.  The company is publicly held, with a solid
corporate infrastructure, which enhances transparency and
governance.  Urbi's large land bank, good cost controls, and
sophisticated construction and sales management platforms support
its solid operating margins.

Urbi's primary credit challenges are its reliance on the Mexican
economic and political environment, and the high costs of land and
land development.  Furthermore, the housing development market is
fragmented, and homes are built on a predominately speculative
basis, since Urbi and other home developers bear the risk of
finding homebuyers.  The funding of homes remains concentrated
with Sociedad Hipotecaria Federal, INFONAVIT and FOVISSSTE -- all
government-related entities -- and the timing of receipt of the
mortgages funded by them can range from three to twelve months.

The stable rating outlook reflects Moody's expectation that Urbi
will maintain a conservative approach to leverage, stable
earnings, and no missteps in Alternativa Urbi, its rent-to-own
program.  Moody's believes that Urbi has solid franchise value,
with a well-recognized brand and good land reserves.  Furthermore,
Moody's expects that Urbi will continue to focus on the affordable
and low-middle income housing market, while maintaining high
quality construction and good operating controls.

Moody's stated that a rating upgrade would reflect a reduction in
leverage, measured: debt to total assets below 10%, and debt to
EBITDA below 1x, all while the company continues to improve its
industry leadership and successfully implements its Alternativa
Urbi (rent-to-own) program, which Moody's expects will take some
time.  A rating downgrade would result from debt to total assets
approaching 25%, fixed charge coverage falling below 3x (including
capitalized interest), and operating margins falling below the low
teens.  A downgrade could also result from falling out of the top
ten homebuilders in terms of units sold, substantial missteps in
the Alternativa Urbi (rent-to-own) program, as well as from an
adverse shift in the Mexican government's housing policy.

These ratings were affirmed with a stable outlook:

* Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Senior unsecured
  debt rating at Ba3 (global local and foreign currency);
  corporate family rating at Ba3; senior unsecured MTN program at
  Ba3/A3.mx (global local currency/national scale); commercial
  paper program at Not Prime/MX-2 (global local currency/national
  scale)

Moody's last rating action with respect to Urbi took place on
August 30, 2007, when Moody's assigned an A3.mx national scale and
(P)Ba3 global scale, local currency, ratings to the MXP3 billion
MTN program of Urbi Desarrollos Urbanos, as well as an MX-2
national scale rating (Not Prime global scale) to its commercial
paper program.  The rating outlook was stable.  The company's Ba3
global scale local currency issuer rating was also affirmed.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.


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


* PERU: IDB to Provide US$150MM Loan for Road Maintenance
---------------------------------------------------------
The Inter-American Development Bank approved a US$150 million loan
to support Peru’s plan to maintaining and improve its primary
roads network.  The financing will help the Peruvian government
carry out a counter-cyclical investment program to sustain
economic activity and bolster growth.

Peru is developing a broad plan to upgrade its 24,000-km road
network.  In line with this goal, the government has selected 12
macro-projects to be carried out by public-private partnerships.
However, given the plan’s scope, the country faces a US$900
million financing gap for the period 2009–2012, which the IDB loan
will help reduce.

The IDB will support Peru’s Highway Transport Sector Program, a
$946.2 million investment plan to gradually pave more roads
(currently about half of the network is unpaved) and provide more
and better road maintenance.

The projects will help improve transportation between the
country’s regions, promoting sustainable economic and social
development.  By 2013, over 10,000 km of roads should be in good
condition, doubling the current level.  Roads in poor condition
will decrease by 62 percent to 4,262 km.  IDB said that these
improvements could cut road maintenance and paving costs by 15 to
25%, while travel times for buses, trucks and cars could be
reduced by 20 to 30%.

The activities planned under the program include:

    * improvements to sections of key highways,
    * improvements in transportation conditions on secondary
      roads and promotion of maintenance through
      level-of-service contracts,
    * a safe-roads program, and
    * a program for bridges.

The new loan is for 25 years, with a four-year grace period and a
LIBOR-based interest rate.  The funds will be disbursed over a
four-year period.

                           *     *     *

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.


                            ***********

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

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delivered via e-mail.  Additional e-mail subscriptions for members
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