TCRLA_Public/091026.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

           Monday, October 26, 2009, Vol. 10, No. 211

                            Headlines

A R G E N T I N A

COMPAATIA ATLETICA: Creditors' Proofs of Debt Due on December 21
GARBER GROUP: Trustee Verifying Proofs of Claim Until December 30
MI VAL: Trustee Verifying Proofs of Claim Until December 22
NUTRIPAC SA: Trustee Verifying Proofs of Claim Until February 5
TELEFONICA DE ARGENTINA: Tender Offers for Notes Expires

* ARGENTINA: Soy Farmers to Step Up Crop Sales to Repay Loans


B E R M U D A

ELBOW BEACH: To Close 60% of Hotel Rooms Next Month


B R A Z I L

BANCO NACIONAL: ISA Capital Unit to Enter Certain Deal With Bank
COMPANHIA SIDERURGICA: To Invest US$6.4BB in Brazil's Minas Gerais
NET SERVICOS: S&P Assigns 'BB+' Rating on US$300 Mil. Senior Bonds
NET SERVICOS: Moody's Affirms 'Ba1' Rating on US$300 Mil. Notes


C A Y M A N  I S L A N D S

AIOLOS LIMITED: Creditors' Proofs of Debt Due on October 28
CD INTERNATIONAL: Members to Receive Wind-Up Report on November 2
CONCENTRATED OPPORTUNITIES: Shareholders' Meeting Set for Nov. 6
CREMONA CORPORATION: Shareholders Final Meeting Set for Oct. 28
FG INVESTORS: Shareholders' Final Meeting Set for October 28

GED VOLATILITY: Creditors' Proofs of Debt Due on October 29
GI CAPITAL: Creditors' Proofs of Debt Due on October 29
GSA CAPITAL: Members to Receive Wind-Up Report on October 27
GSA SMERALDA: Members to Receive Wind-Up Report on October 27
GSA SMERALDA: Members to Receive Wind-Up Report on October 27

HARRIER INVESTMENT: Members to Receive Wind-Up Report on Oct. 28
INDUS ALTERNATIVE: Shareholder to Hear Wind-Up Report on Oct. 28
INDUS EVENT: Shareholder to Hear Wind-Up Report on October 28
KEMPEN PROPERTY: Members to Receive Wind-Up Report on October 27
KEMPEN PROPERTY: Members to Receive Wind-Up Report on October 27

MANAT HOLDINGS: Sole Member to Receive Wind-Up Report on Oct. 30
MGM REINSURANCE: Sole Member to Receive Wind-Up Report on Nov. 19
ORIGAMI LTD: Members to Receive Wind-Up Report on October 28
TATI RIVER: Members' Final Meeting Set for October 29
UBS US: Members to Receive Wind-Up Report Today


C O L O M B I A

ECOPETROL SA: Rubiales Reaches Production Milestone


D O M I N I C A N  R E P U B L I C

KRISPY KREME: Has Franchise Deal With Dominspec SA
* DOMINICAN REPUBLIC: Fitch Affirms 'B' Issuer Default Rating


J A M A I C A

SUPREME VENTURES: Expects to Save JM$20MM From Villagio Closure
* JAMAICA: More Possible Delays for IMF Loan, Analyst Says
* JAMAICA: Gov't Seeks to Lower Financial Firm's Interest Rates


M E X I C O

URBI DESARROLLOS: Starts Operations in Toluca


P E R U

BANCO DE CREDITO: To Sell Benchmark Dollar Bonds Overseas
BANCO DE CREDITO: Fitch Assigns 'BB+' Rating on Junior Notes


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Bond Offer Results Released on Oct. 23


V I R G I N  I S L A N D S

INNOVATIVE COMMUNICATION: BVI Govt. Approves Sale of BVI Cable


X X X X X X X X

* BOND PRICING: For the Week October 19 to October 23, 2009


                         - - - - -


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A R G E N T I N A
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COMPAATIA ATLETICA: Creditors' Proofs of Debt Due on December 21
----------------------------------------------------------------
The court-appointed trustee for Compaatia Atletica S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until December 21, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 7, 2010.


GARBER GROUP: Trustee Verifying Proofs of Claim Until December 30
-----------------------------------------------------------------
The court-appointed trustee for Garber Group S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
December 30, 2009.

The trustee will present the validated claims in court as
individual reports on March 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 28, 2010.

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


MI VAL: Trustee Verifying Proofs of Claim Until December 22
-----------------------------------------------------------
The court-appointed trustee for Mi Val S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
December 22, 2009.

The trustee will present the validated claims in court as
individual reports on March 8, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 22, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 6, 2010.


NUTRIPAC SA: Trustee Verifying Proofs of Claim Until February 5
---------------------------------------------------------------
The court-appointed trustee for Nutripac S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
February 5, 2010.

The trustee will present the validated claims in court as
individual reports on March 19, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


TELEFONICA DE ARGENTINA: Tender Offers for Notes Expires
--------------------------------------------------------
Telefonica de Argentina S.A.  disclosed the expiration of its
previously announced cash tender offers for its outstanding
8.850% Conversion Notes due August 2011, 9.125% Notes due November
2010 and 8.850% Notes due August 2011 as specified in the offer to
purchase dated  September 24, 2009, as amended and supplemented by
the company's press releases dated September 28, 2009, October 8,
2009 and October 20, 2009.  The Offers expired at 11:59 p.m., New
York City time, on October 22, 2009.  The full terms and
conditions of the Offers are set forth in the Offer to Purchase
and related letter of transmittal dated September 24, 2009, as
amended and supplemented.

The table identifies with respect to each series of Notes the
principal amount of Notes validly tendered in each Offer and the
principal amount that the company has accepted for purchase under
the terms of the Offer to Purchase.  The principal amounts of each
series of Notes accepted for purchase in the Offers were
determined based on the aggregate principal amount of each series
of Notes validly tendered and not validly withdrawn on or before
the Expiration Date, in accordance with the priorities identified
in the "Acceptance Priority Level" column in the table and subject
to the applicable Maximum Tender Amount.

Upon settlement of the Offers, which is expected to occur on
October 27, 2009, the company will pay the consideration for the
Notes accepted for purchase, together with accrued and unpaid
interest.  In the case of the U.S. Dollar Offer, payment will be
made to The Bank of New York Mellon for further credit to the
appropriate accounts at The Depositary Trust Company.  In the case
of the Argentine Peso Offer, payment will be made to the accounts
of Euroclear and Clearstream at a financial institution in
Argentina, for further credit to the accounts of their respective
participants.

                                                        Principal
                                                           Amount
                                        Aggregate        Tendered
    Title    CUSIP/     Acceptance      Principal         in U.S.
    of       ISIN        Priority          Amount          Dollar
    Security Numbers       Level      Outstanding           Offer

    8.850%  879378AL1        1          US$28,576       US$28,576
    Conver- US879378AL14
    sion
    Notes
    due
    August
    2011

    9.125%  879378AJ6        2     US$195,507,000   US$45,014,000
    Notes   US879378AJ67
    due
    Nov.
    2010



    8.850%  879378AK3        3     US$134,644,000   US$16,764,000
    Notes   US879378AK31
    due
    August
    2011



                          Principal      Principal
                                            Amount         Amount
                            Principal      Tender-        Accept-
                               Amount        ed in          ed in
                             Accepted       Argen-         Argen-
    Title     CUSIP/          in U.S.         tine           tine
    of        ISIN             Dollar         Peso           Peso
    Security  Numbers           Offer        Offer          Offer

    8.850%  879378AL1       US$28,576           --             --
    Conver- US879378AL14
    sion
    Notes
    due
    August
    2011

    9.125% 879378AJ6    US$45,014,000  US$3,200,000  US$3,200,000
    Notes  US879378AJ67
    due
    Nov.
    2010

    8.850% 879378AK3    US$16,764,000  US$1,176,000  US$1,176,000
    Notes  US879378AK31
    due
    August
    2011

                   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.


* ARGENTINA: Soy Farmers to Step Up Crop Sales to Repay Loans
-------------------------------------------------------------
Argentina soybean growers will probably accelerate sales of their
next crop as they seek cash to repay loans, Rodrigo Orihuela at
Bloomberg News reports, citing Julio Curras, vice-president of the
Argentine Agrarian Federation.  Growers will sell most of their
crop in May, compared with sales spread along the four months
through August that was usual in past seasons, Mr. Curras told the
news agency in a telephone interview.

According to the report, the worst drought in a century damaged
Argentine soybean crops this year, paring output by almost a third
and leaving growers needing funds.  Mr. Curras, the report
relates, said that about 60% of small and medium- sized farmers
took loans to fund sowing this year, compared with a usual rate of
40 percent.  “Many growers are short of cash after having lost
most of the 2009 crop to drought,” the report quoted Mr. Curras as
saying.  “Farmers are taking credit this year to fund sowing and
will be pressed to pay back loans as soon as they start
harvesting,” Mr. Curras added.

                          *     *     *

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


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


ELBOW BEACH: To Close 60% of Hotel Rooms Next Month
---------------------------------------------------
Elbow Beach Hotel's management said that it will close more than
half of its rooms next month, sending about 160 workers on the
breadline, Caribbean360.com reports.  However, the report relates,
that the hotel is expected to make a comeback, albeit on a smaller
scale.

According to the report, while 98 suites and cottages on the
235-room property will remain open for business, it would shut the
other rooms in its main hotel building by November 30.  The report
relates hotel General Manager Frank Stocek said that its entire
food and beverages sector would also be closed and those services
would be outsourced.

Mr. Stocek, the report notes, said that although there had been a
major development plan for the resort, the global economic crisis
had forced a decision to cut back on that.

Caribbean360.com says that part of the ground floor of the hotel's
property will reopen in March after a US$10 million refurbishment,
but hotel rooms in the main building will remain closed for three
to four years.

"With our renovation plans, we look forward to contributing to
Bermuda's bright future as a unique tourist destination, by
creating a luxurious resort that is in keeping with its heritage
as the first luxury hotel to have opened on the island's south
shore over a century ago," the report quoted Prince Khaled bin
Sultan bin Abdulaziz Al Saud, owner if the hotel, as saying.

                       About Elbow Beach

Elbow Beach, located outside Bermuda's capital, Hamilton, has been
recognized internationally as a leading hotel.  The hotel has been
managed by the Mandarin Oriental Group since 2000.


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B R A Z I L
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BANCO NACIONAL: ISA Capital Unit to Enter Certain Deal With Bank
----------------------------------------------------------------
ISA Capital do Brasil S.A. commenced a consent solicitation with
respect to certain amendments to the indentures governing the
company's outstanding 7.875% senior notes due 2012 and
8.800% senior notes due 2017 pursuant to the Company's Consent
Solicitation Statement, dated as of October 21, 2009, that is
being sent to holders of the Notes.  Pursuant to the Consent
Solicitation, the company is soliciting consents to amend the
indenture relating to the 2012 Notes and the indenture relating to
the 2017 Notes to permit

   (i) the Restricted Subsidiaries under the Indentures
       (other than the company's operating subsidiary Companhia
       de Transmissao de Energia Eletrica Paulista, to enter
       into certain Proposed Financing Arrangements with Banco
       Nacional de Desenvolvimento Economico e Social,
       certain other government-owned Brazilian banks and agencies
       and Brazilian commercial banks,

  (ii) the company to issue certain unsecured guarantees in
       connection with such Proposed Financing Arrangements; and

(iii) an increase in the amount of Indebtedness that the company
       may permit CTEEP and the Restricted Subsidiaries to incur
       under the Indentures.  Capitalized terms not otherwise
       defined herein shall have the meanings assigned to such
       terms on the Consent Solicitation Statement.

The Consent Solicitation will expire at 5:00 p.m., New York City
time, on November 3, 2009, unless extended.

On the terms and subject to the conditions set forth in the
Consent Solicitation Statement, if the Company receives the
Requisite Consents, the other conditions specified in the Consent
Solicitation Statement are satisfied or waived and the Indenture
Supplements that contain the Proposed Amendments are executed and
delivered, the company will pay, promptly following the Expiration
Date, to each Noteholder who has validly delivered (and has not
validly revoked) a Consent on or prior to the Expiration Date,
$5.00 for each $1,000 in principal amount of 2012 Notes and $10.00
for each $1,000 in principal amount of 2017 Notes with respect to
which a Consent has been delivered.

                    About ISA Capital do Brasil

ISA Capital do Brasil S.A. is a Brazilian stock corporation
(sociedade por acoes) formed on April 28, 2006 to participate in
the sale by the government of the State of Sao Paulo of
approximately 31.34 billion shares of CTEEP's common stock
representing 50.10% of the CTEEP common stock and 21% of the CTEEP
capital stock.  As of the date of the Consent Solicitation
Statement, the company owned approximately 89.4% of CTEEP's common
stock and 37.5% of CTEEP's capital stock.  The company is a
holding company and engages only in limited business activities.
CTEEP is a Brazilian publicly-traded company engaged in the
business of transmitting electricity from generation facilities to
distribution networks and independent consumers.

                            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.


COMPANHIA SIDERURGICA: To Invest US$6.4BB in Brazil's Minas Gerais
------------------------------------------------------------------
Companhia Siderurgica Nacional S.A. plans to spend around BRL11
billion (US$6.4 billion) in investment projects in Brazil's top
mining state Minas Gerais, Guillermo Parra-Bernal at Reuters
reports, citing Valor Economico newspaper.

According to the report, Sergio Barroso, development secretary in
the Minas state government, told Valor Economica that Governor
Aecio Neves and CSN Chief Executive Benjamin Steinbruch would
announce the investment plan as early as next week.  The
newspaper, the report relates, said that if confirmed, it could be
the largest-ever investment in the southeastern Brazilian state.

Valor Newspaper, the report notes, said that CSN wants to build a
flat steel mill in the city of Congonhas, near the company's Casa
de Pedra iron ore mine which produced 20.5 million tonnes of the
metal last year.

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


NET SERVICOS: S&P Assigns 'BB+' Rating on US$300 Mil. Senior Bonds
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
senior unsecured debt rating to the US$300 million senior
unsecured bond to be issued by Net Servicos de Comunicacao S.A.
The rating reflects the issuer's credit quality.

The bond issuance is part of NET's liability management, aiming at
smoothing the debt amortization schedule, strengthening liquidity,
and supporting the company's growth strategy.  S&P expects NET to
have a robust capital expenditure in coming years, to expand both
its client base and its bandwidth capacity.  NET registered
significant growth in terms of revenues in the past few years.
This growth came from acquisitions, higher value-added products in
its portfolio (such as the high-definition platform), and a larger
and more diversified client base after it starting offering
telephony services in 2006.  Revenues in the 12 months ended June
2009 totaled Brazilian reais (BRL) 4.1 billion, an increase of
27.3% from the same period of 2008.

Other liability-management initiatives included the rollover of
the BRL580 million debenture for another 18 months, with principal
amortization starting in June 2012; and refinancing the
BRL170 million loan borrowed to fund the Vivax acquisition to
three payment installments starting in 2014.

S&P expects the company's net adjusted debt-to-EBITDA ratio to be
around 1.3x in coming years, and capital expenditures to be around
BRL1 billion, assuming a net revenue growth rate of nearly 20% for
2009.  The pace of revenue growth should gradually diminish due to
the limited penetration of NET's services in Brazilian households.

S&P sees increasing debt exposure to the foreign currency as a
relevant risk factor to the rating.  Considering the new issue,
more than 55% of NET's total debt will be denominated in dollars,
while 100% of revenues are in Brazilian reais.  The company has
derivative contracts to hedge its short-term equipment supply and
interest payments in foreign currency.  In addition, its dollar-
denominated debt has long-term maturities, which mitigates the
potential impact of exchange volatility in the company's cash flow
in the next couple of years.

                           Ratings List

                 Net Servicos de Comunicacao S.A.

       Corporate Credit Rating                 BB+/Stable/--

                            New Rating

           US$300 Million Senior Unsecured Bond      BB+


NET SERVICOS: Moody's Affirms 'Ba1' Rating on US$300 Mil. Notes
---------------------------------------------------------------
Moody's Investors Service affirmed its ratings for Net Servicos de
Comunicacao S.A.'s and assigned a Ba1 rating to the company's
US$300 million proposed notes issuance.  The bond offering is
expected to be for a total of up to US$300 million and due in
2020.

The new notes are senior unsecured obligations and will rank
equally with all other existing and future unsecured debt of the
company.  Pro-forma for the issuance, more than 90% of Net's debt
will be senior unsecured and pari passu.  The net proceeds of the
notes would be used for possible acquisitions, debt reduction and
general corporate purposes.

"The affirmation of Net's existing rating is based on an
expectation that Net's leverage, as measured by Total Debt /
EBITDA will not exceed 2.5 times and that the new notes will be
hedged, with a full swap of all US$coupon and principal payments
to domestic currency," explained Moody's Vice-President Senior
Analyst, Soummo Mukherjee.

Moody's calculates that the additional US$300 million of debt at
Net as a result of the transaction, without considering possible
EBITDA from acquisitions, would result in an increase of Net's
Total Debt to EBITDA from 1.7 times as of June 30, 2009, to 2.2
times, considering the current BRL-US$exchange rate (according to
Moody's standard definitions and analytic adjustments).

"If the company adopts a hedging policy so that the new note
issuance does not result in a material increase in the foreign
currency exposure of the company's balance sheet, Moody's are
comfortable that the Ba1 rating could withstand a substantial
devaluation of the Real," added Mr. Mukherjee.

Net's revenues are denominated in domestic currency, while about
one third of its total adjusted debt was dollar-denominated as of
June 30, 2009.  Most of the company's capital expenditures are
also dollar-denominated, while programming costs are predominantly
denominated in inflation-indexed domestic currency.  The company's
financial policy is to always hedge 100% of its next twelve month
debt service and most of its capital expenditures.

Rating assigned:

  -- Up to US$300 million senior unsecured notes due 2020: Ba1

Ratings affirmed:

  -- Local currency corporate family rating: Ba1
  -- Brazilian national scale corporate family rating: Aa2.br

Net's Ba1 rating reflects its strong competitive position in the
Brazilian pay-TV market with a 51% market share and continued good
growth prospects.  The rating also reflects Net's ability to
consistently generate positive cash flow from operations, its
strategic importance for Telmex International, as well as its low
leverage, improving interest coverage and comfortable liquidity
position.  At the same time, the rating continues to be primarily
constrained by the company's foreign exchange exposure, likely
increased competitive pressures from wire line incumbents and new
entrants, and by the company's relatively low margins and free
cash flow, which may improve as the current low penetration of the
cable TV business in Brazil increases.

The stable outlook assumes that Net can at least maintain its
market share position, EBITDA margins and maintain a comfortable
liquidity profile at all times.

Although unlikely in the near-term, upward rating pressure on
Net's Ba1 rating could be prompted by reduced foreign exchange
exposure, a material increase in scale and diversity (measured by
consolidated revenues), as well as a meaningful improvement in
operating performance (measured by US$cable revenues / homes
passed and EBITDA margin), leading to sustainable positive free
cash flow of above 10% of total adjusted debt (6.4% as of June
2009).  A debt maturity profile without ongoing annual debt
maturities would also be important for an upgrade.

Net's rating or outlook could see downward pressure if increased
competition, possibly combined with a severe economic downturn,
causes Net to lose market share and experience significant
deterioration in subscriber churn and operating margins.  Negative
pressure would also arise if Net's liquidity were to deteriorate
or if Total Debt / EBITDA increased above 2.5 times (1.7 times as
of June 2009) and/or FCF / Debt remained negative for a prolonged
period of time.  A material increase in unhedged USD-denominated
debt from its current level of 33% of total adjusted debt without
a simultaneous reduction in total debt outstanding could also
cause a negative rating action.

Moody's last rating action on Net was on September 15th, 2009 when
Moody's upgraded Moody's upgraded Net's local currency corporate
family rating to Ba1 from Ba2 on the global scale, as well as its
CFR on the Brazilian national scale to Aa2.br from Aa3.br..  The
upgrade was based on the company's demonstrated resilience to
Brazil's latest economic downturn thus far, by showing continued
strong growth in its subscriber base with no material increase in
subscriber churn or delinquency, while maintaining low leverage
and improved interest coverage that compare favorably to global
industry peers and similarly rated Latin American corporates.

Net Servicos de Comunicacao S.A., based in Sao Paulo, Brazil, is
the largest cable company in Latin America with approximately
3.5 million Pay TV subscribers as of June 30th, 2009 and currently
present in 93 cities.  The company also offers bidirectional
broadband internet access through its Virtua franchise and voice
services through Net Fone via Embratel (Baa3/sta).  At the end of
June, 30, 2009, Net had 2.6 million broadband clients and
2.3 million fixed line subscribers.


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


AIOLOS LIMITED: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------
The creditors of Aiolos 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 2, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Telephone: (345) 949-7550
          Facsimile: (345) 949-7634
          P.O. Box 1109GT, Grand Cayman


CD INTERNATIONAL: Members to Receive Wind-Up Report on November 2
-----------------------------------------------------------------
The members of CD International Ltd. will hold their final meeting
on November 2, 2009, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Admiral Administration
          c/o Admiral Administration Ltd.
          PO Box 32021, Admiral Financial Center
          90 Fort Street, Grand Cayman KY1-1208
          Cayman Islands


CONCENTRATED OPPORTUNITIES: Shareholders' Meeting Set for Nov. 6
----------------------------------------------------------------
The shareholders of Concentrated Opportunities SPC will hold their
final meeting on November 6, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Walker
          c/o Jodi Jones
          Telephone: (345) 914-8694
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


CREMONA CORPORATION: Shareholders Final Meeting Set for Oct. 28
---------------------------------------------------------------
The shareholders of Cremona Corporation will hold their final
meeting on October 28, 2009, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Graham Robinson
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897, One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands


FG INVESTORS: Shareholders' Final Meeting Set for October 28
------------------------------------------------------------
The shareholders of FG Investors Ltd. will hold their final
meeting on October 28, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kontor International Inc.
          c/o Philip Sutcliffe
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949-0880
          Facsimile: (345) 949-0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103


GED VOLATILITY: Creditors' Proofs of Debt Due on October 29
-----------------------------------------------------------
The creditors of GED Volatility Fund 1 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 liquidation 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


GI CAPITAL: Creditors' Proofs of Debt Due on October 29
-------------------------------------------------------
The creditors of GI Capital 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 10, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Beverly Bernard
          Telephone: 914-7514
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY-1102
          Cayman Islands


GSA CAPITAL: Members to Receive Wind-Up Report on October 27
------------------------------------------------------------
The members of GSA Capital International GM Fund Limited will hold
their final meeting on October 27, 2009, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman Ky1-1109
          Cayman Islands
          Telephone:(345) 949-7500
          Facsimile:(345) 949-8258


GSA SMERALDA: Members to Receive Wind-Up Report on October 27
-------------------------------------------------------------
The members of GSA Smeralda Master Fund Limited will hold their
final meeting on October 27, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman Ky1-1109
          Cayman Islands
          Telephone:(345) 949-7500
          Facsimile:(345) 949-8258


GSA SMERALDA: Members to Receive Wind-Up Report on October 27
-------------------------------------------------------------
The members of GSA Smeralda Fund Limited will hold their final
meeting on October 27, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman Ky1-1109
          Cayman Islands
          Telephone:(345) 949-7500
          Facsimile:(345) 949-8258


HARRIER INVESTMENT: Members to Receive Wind-Up Report on Oct. 28
----------------------------------------------------------------
The members of Harrier Investment Fund Limited will hold their
final meeting on October 28, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


INDUS ALTERNATIVE: Shareholder to Hear Wind-Up Report on Oct. 28
----------------------------------------------------------------
The shareholder of Indus Alternative Equity Fund, Ltd. will
receive, on October 28, 2009, at 10:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: 815 1760
          Facsimile: (345) 949 1986


INDUS EVENT: Shareholder to Hear Wind-Up Report on October 28
-------------------------------------------------------------
The shareholder of Indus Event Driven Master Fund, Ltd. will
receive, on October 28, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: 815 1760
          Facsimile: (345) 949 1986


KEMPEN PROPERTY: Members to Receive Wind-Up Report on October 27
----------------------------------------------------------------
The members of Kempen Property Master Hedge Fund Limited will hold
their final meeting on October 27, 2009, at 11:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman Ky1-1109
          Cayman Islands
          Telephone:(345) 949-7500
          Facsimile:(345) 949-8258


KEMPEN PROPERTY: Members to Receive Wind-Up Report on October 27
----------------------------------------------------------------
The members of Kempen Property Hedge Fund Limited will hold their
final meeting on October 27, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman Ky1-1109
          Cayman Islands
          Telephone:(345) 949-7500
          Facsimile:(345) 949-8258


MANAT HOLDINGS: Sole Member to Receive Wind-Up Report on Oct. 30
----------------------------------------------------------------
The sole member of Manat Holdings Limited will receive, on
October 30, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jorge E. Bacardi
          P.O. Box N-10272, Columbia Road, Lyford Cay
          Nassau, Bahamas


MGM REINSURANCE: Sole Member to Receive Wind-Up Report on Nov. 19
-----------------------------------------------------------------
The sole member of MGM Reinsurance Company Ltd. will receive, on
November 19, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Dugald Macleod
          Caledonian House, 69 Dr Roy's Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Telephone: 345-914-0050
          Facsimile: 345-814-4875


ORIGAMI LTD: Members to Receive Wind-Up Report on October 28
------------------------------------------------------------
The members of Origami Ltd will hold their final meeting on
October 28, 2009, at 3:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          Bernadette Bailey-Lewis
          Telephone: (345) 946-7665
          Facsimile: (345) 946-7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108


TATI RIVER: Members' Final Meeting Set for October 29
-----------------------------------------------------
The members of Tati River Holdings Limited will hold their final
meeting on October 29, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ricardo Lorrimer
          Stevmar House, Suite 201
          Rockley, Christ Church
          BB15137, Barbados


UBS US: Members to Receive Wind-Up Report Today
-----------------------------------------------
The members of UBS U.S. Equity Alpha Fund Ltd. will hold their
final meeting today October 26, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman Ky1-1109
          Cayman Islands
          Telephone:(345) 949-7500
          Facsimile:(345) 949-8258


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


ECOPETROL SA: Rubiales Reaches Production Milestone
---------------------------------------------------
Pacific Rubiales Energy Corp. has reached the historical milestone
of exceeding the 100,000 barrels of oil equivalent per day (boepd)
of gross operated production, equivalent to 41,138.14 boepd net
after royalties.

Mr. Ronald Pantin, Chief Executive Officer, commented: "This
milestone is the result of the growth strategy that the company
has been pursuing since the merger in January 2008 with Pacific
Stratus.  On the strength of our technical knowledge, our high
quality assets and an ongoing focus on low-cost and rapid
production growth, we were able to achieve this milestone.  This
success is a clear signal of our management team's ability to
deliver on our objectives now and going forward, as the pre-
eminent independent operating company in the Colombian basin."

The 100,000 boepd milestone is a result of the sharp growth in
production of heavy oil in the Rubiales/Piriri blocks, principally
as a result of the ODL pipeline now in full use, and the volumes
coming out of the exploratory wells in the Quifa Block.  It also
incorporates the development of the light and medium oil blocks
and the natural gas volume produced from La Creciente block and
other smaller fields.  A breakdown of production:

   ---------------------------------------------------
   PRODUCT                    GROS         NET (after
                                            royalties)
   ---------------------------------------------------
   Heavy Oil         85,317.98 bopd    30,518.15 bopd
   ---------------------------------------------------
   Light/Medium Oil   5,813.00 bopd     1,841.99 bopd
   ---------------------------------------------------
   Natural Gas         53.95 mmscfd      52.67 mmscfd
                       (8,992 boepd)     (8,778 boepd)
   ---------------------------------------------------
   Total           100,122.91 boepd   41,138.14 boepd
   ---------------------------------------------------

                   Corporate Development Update

Management estimates that for the three months ended September 30,
2009, the company produced approximately 2,363,692 barrels (bbl)
of oil and 642,141 boe of natural gas.  Average daily production
for the month of September 2009 was approximately 24,390 bbl/d of
oil and 6,669 boe of natural gas.  Average prices for the third
quarter of 2009 were approximately US$64.01 per barrel of oil and
US$23.89 per boe of natural gas.

Third quarter 2009 financial statements are still in the process
of preparation and therefore financial statements for this period
are not yet available.  However, based on information reviewed to
date, management estimates that net sales for the third quarter of
2009 were approximately US$156.5 million.

                 Construction of the ODL Pipeline

The ODL joint venture company was initially financed through
capital contributions.  The joint venture company has obtained
bank and capital markets financing and, as a result, it is now
able to distribute back to the company and to Ecopetrol a portion
of the initial capital contributions.  The company expects to
receive US$21 million in the last quarter of 2009 and an
additional US$21 million by early 2010.

Pacific Rubiales, a Canadian-based company and producer of natural
gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp.,
a Colombian oil operator which operates the Rubiales and Piriri
oil fields in the Llanos Basin in association with Ecopetrol S.A.,
the Colombian national oil company. The company is focused on
identifying opportunities primarily within the eastern Llanos
Basin of Colombia as well as in other areas in Colombia and
northern Peru.  Pacific Rubiales has a current net production
41,000 of oil equivalent per day (after royalties), with working
interests in 32 blocks in Colombia and Peru.

Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

                        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.  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
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


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


KRISPY KREME: Has Franchise Deal With Dominspec SA
--------------------------------------------------
Krispy Kreme Doughnut Corporation has entered into a franchise
development agreement with Dominspec, S.A. for the development of
14 Krispy Kreme shops over the next five years in the Dominican
Republic.  Dominspec, S.A. is a quick service restaurant
conglomerate that operates Burger King and Papa John's restaurants
in the Dominican Republic.

"Having an experienced and successful franchise partner like
Dominspec, S.A. introduce Krispy Kreme in the Dominican Republic
is a great opportunity for Krispy Kreme," said Jeff Welch, Krispy
Kreme President, International.  "Dominspec, S.A. has significant
QSR experience and we look forward to working with them to share
the one-of-a-kind Krispy Kreme experience with consumers there."

"The addition of Krispy Kreme will strategically complement and
widen Dominspec, S.A. existing food and beverage operations," said
Isabel Turull, Managing Operator of Dominspec, S.A.  "We are
delighted to enter into a franchise relationship with Krispy Kreme
and be part of their international expansion.  Krispy Kreme is a
well known brand around the world with terrific tasting unique
products and we expect Krispy Kreme to do very well in the
Dominican Republic."

                   About Dominspec, S.A.

Is a conglomerate with more than 15 years of experience in the
fast food business, which includes Burger King with 30
restaurants, Papa John's with 3 restaurants, and entertainment
business Palacio del Cine movie theatres with 25 screens in the
country.

                       About Kripsy Kreme

Headquartered in Winston-Salem, North Carolina, Kripsy Kreme
Doughnut Corporation, is a retailer and wholesaler of high-quality
doughnuts.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 17, 2007,
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's Caa1
corporate family rating and B3 rating of its $160 million senior
secured credit facilities.


* DOMINICAN REPUBLIC: Fitch Affirms 'B' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the Dominican Republic's ratings:

  -- Foreign currency Issuer Default Rating at 'B';
  -- Local currency IDR at 'B';
  -- Country ceiling at 'B+';
  -- Short-term foreign currency IDR at 'B';
  -- Senior unsecured debt at 'B'.

The Outlook on both the Foreign and Local currency IDRs remains
Stable.

The Dominican Republic's weak liquidity position relative to 'B'
peers (sovereigns rated 'B+', 'B' or 'B?') has highlighted the
country's vulnerability to external shocks in an environment of
lower global growth and tighter international liquidity
conditions.  However, Fitch views the government's decision to
pursue a new 28 month, US$1.7 billion Stand-by Arrangement (SBA)
with the International Monetary Fund (IMF) as an appropriate
response to relieve both external and fiscal financing pressures,
supporting the sovereign's current ratings.  Furthermore, high per
capita income, as well as stronger social, governance and business
environment indicators relative to 'B' peers continue to support
the sovereign's ratings.

"Approval of a new IMF Stand-by agreement would provide the
government with greater access to multilateral financing in the
near-term, easing constraints on capital spending and contributing
to economic growth," said Theresa Paiz Fredel, Senior Director at
Fitch Ratings.  Upon approval of the IMF SBA, the government
expects to obtain immediate access to US$1.1 billion, including
funds from the World Bank and the Inter-American Development Bank.
This takes into account financing originally anticipated in the
2009 budget as well as additional multilateral disbursements
through emergency loans and the use of IMF financing.  Through the
end of August, only US$142 million in funds from multilaterals had
been disbursed to the government due to slow execution of projects
and failure to meet conditionality requirements.

"The IMF program could also support the government's efforts in
deepening structural reforms and maintaining macroeconomic
stability," added Paiz Fredel.

An easing of commodity prices and a collapse in domestic demand
has led to a rapid reduction in the Dominican Republic's current
account deficit and the country's external financing needs this
year.  Nevertheless, at 189%, gross financing requirements/
reserves remain high relative to a 'B' median of 61% in 2009.
Similarly, the island's liquidity ratio of 66% this year is
substantially below the 10-year 'B' median of 139% and is the
second lowest liquidity ratio in 2009 among Fitch-rated sovereigns
in the 'B' category.  In addition to the expected multilateral
disbursements as a result of the approval of a new IMF SBA, the
IMF's increased allocation of Special Drawing Rights, amounting to
US$275.3 million, will help cushion the impact of lower private
capital inflows on reserves this year, improving the Dominican
Republic's liquidity position in 2010.

Weak domestic demand reduced real GDP growth to 1.4% in the first
half of this year, its lowest level in five years.  An inability
to execute a counter-cycle fiscal response due to financing
constraints has dampened the effectiveness of counter-cyclical
monetary policy.  In light of the greater than expected short-fall
in revenues during the first half of 2009, capital expenditures
declined by 37% compared to the same period in 2008, resulting in
a slight central government surplus through June, underpinning the
need to obtain additional external financing and increase budget
execution in the remaining months of this year.

Looking ahead, the Dominican Republic's ratings would benefit from
stronger external liquidity and the continued maintenance of
macroeconomic stability.  By contrast, an increase in external
financing requirements, as well as a sharp decline in non-debt
creating capital inflows or a return of capital flight which
results in downward pressures on the peso and a sustained erosion
of international reserves would be negative for the ratings.


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


SUPREME VENTURES: Expects to Save JM$20MM From Villagio Closure
---------------------------------------------------------------
Supreme Ventures Limited is expecting between JM$15 million to
JM$20 million in annualized savings from closure of its gaming
lounge, Sabrina Gordon at Jamaica Gleaner reports.  The report
relates Chief Executive Officer Brian George said that the move --
which follows a recent restructuring of its Coral Cliff property
-- should not be seen as a shift away from that business segment.

As reported in the Troubled Company Reporter-Latin America on
October 19, 2009, RadioJamaica said that Supreme Ventures has made
20 workers from Villagio Gaming Lounge redundant.  The report
related that the redundancies come in the wake of a restructuring
of the company's Gaming Lounge business operations.  According to
the report, Supreme Ventures has decided not to renew a lease
agreement with the Hylton Kingston Hotel for the space occupied by
the Villagio Gaming Lounge on the property.  The report noted that
the restructuring will also see the re-deployment of 12 persons to
other areas within the company's business operation.

"The Villagio was losing a substantial amount and the assessment
of the loss suggested that we had to cut back; and given the
structure of the deal with the hotel, it was an opportune time to
come out at this point," the Gleaner quoted Mr. George as saying.

According to the Gleaner, SVL said that the restructuring exercise
was aimed at improving efficiency in operations, thereby
contributing more to the group's profitability.  "The gaming
business is being largely affected by the economic downturn as we
have seen over the last three months in the spending pattern of
our customers," the report quoted Mr. George as saying. Coral
Cliff and the Acropolis are doing well, he added.

Meanwhile, the Gleaner notes that Coral Cliff in Montego Bay was
also restructured at the top of the year, leading to a change in
opening hours, the closure of unprofitable Coral Cliff hotel and
Ma Lou's restaurant.  Fourty three jobs were made redundant
following the company move.

The report notes that in the company's last round of changes
resulted in an JM$89 million write-off linked consolidation
adjustment activities reported in the company's second quarter
earnings report.

                    About Supreme Ventures

Supreme Ventures Limited is a Jamaica-based company engaged
in the management of the subsidiary companies and sale of mobile
phone pin codes. Its activities are organized into four business
segments, including lottery games, which are operated through the
agents’ network; gaming and hospitality, which includes Video
Lottery Terminal games offered at gaming lounges and room,
restaurant and related guest services at these gaming lounges;
financial services, such as foreign exchange dealer services and
Money Gram remittance services, and pin codes and other, which
includes the sale of pin codes through the agents’ network,
agents’ service fees, agents’ reconnection fees and all other
income. SVL’s activities are operated by its five wholly-owned
subsidiaries: Supreme Ventures Lotteries Limited, Prime Sports
(Jamaica) Limited, Supreme Ventures Financial Services Limited,
Big A Track 2003 Limited and Jamaica Lottery Company Limited. Its
operations are located solely in Jamaica.


* JAMAICA: More Possible Delays for IMF Loan, Analyst Says
----------------------------------------------------------
Economic analyst Dr. Davidson Daway believes that there could be a
further delay in Jamaica reaching an agreement with the
International Monetary Fund for a stand-by facility, RadioJamaica
reports.

According to the report, the Jamaican government has stated that
it will submit its Letter of Intent to the Fund next month.
However, the report relates, Dr. Daway said this might have to be
pushed back as it appears that the country has not met some of the
terms and conditions to qualify for the US$1.2 billion facility
which it needs.  This includes measures to address the country's
$1.2 trillion debt, he added.

"And the IMF may be a little bit wary that Jamaica might default
on this loan and the projects that they are taking on are not
producing initiatives that means that the productive sector is not
being enhanced enough to sustain the payment of loans and that is
a very critical aspect of the loan that the IMF may want to
infringe on Jamaica," the report quoted Dr. Daway as saying.

                           *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


* JAMAICA: Gov't Seeks to Lower Financial Firm's Interest Rates
---------------------------------------------------------------
The Jamaican government will be continuing its quest to get
Jamaica's financial institutions to commit to lowering interest
rates, RadioJamaica report.  The report relates that Finance
Minister Audley Shaw said that more financial institutions needed
to buy into dropping their rates.

According to the report, Mr. Shaw said that high inflation was no
longer a valid excuse for the maintenance of high interest rates.
"It cannot be that the bank sets a projectory which I think is
currently at 17% on a 180 day instrument and it cannot be that
some actors in the market place are saying yes this might be so,
but I want 23% in order for me to lend you some money. Well, I'm
going to make it very clear now, we're not going anywhere if we
continue like that ... we have to have a buy in on lower interest
rates," the report quoted Mr. Shaw as saying.  "When inflation was
raging, the excuse was we have to maintain a differential for real
interest rates. Inflation is now being controlled so that argument
can no longer be used," Mr. Shaw added.

The report notes that the government's commitment to sustained
interest rate reductions was a key part of the medium term funding
proposal presented last month to the International Monetary Fund
by Bank of Jamaica and Finance Ministry officials in Washington,
D.C.

                           *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


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


URBI DESARROLLOS: Starts Operations in Toluca
---------------------------------------------
Urbi Desarrollos Urbanos, S.A.B. de C.V has opened a new business
unit to serve the industrial city of Toluca, where it plans to
build 3,000 low income and middle class homes, Ken Parks at Dow
Jones Newswires reports.

According to the report, citing a company filing with the Mexican
Stock Exchange, the company said that the annual demand for
housing in Toluca and the surrounding area is about 178,000 units.

"Thanks to our strategic location in the valley of Toluca, our
offer will also allow us to meet the needs of working class people
in the commercial and business areas of Mexico City as well as
being attractive to workers in the valley of Toluca," the report
quoted Jaime Suarez, director of the new business unit, as saying.

Founded in 1981 in Mexicali, Baja California, Urbi Desarrollos
Urbanos, S.A.B. de C.V is the third-largest homebuilder in
Mexico, with US$817 million in revenues and 26,537 units built
for the 12 months ended June 30, 2006, representing a 17.7% and
14.0% growth, respectively, versus that of the previous year.
It is engaged in the development, construction, marketing, and
sale of affordable entry-level, middle-income, and residential
housing.  The company currently operates in nine northeastern
cities and the three largest metropolitan areas in the country
with a land inventory capacity for about 151,000 units, of which
92% is intended for housing below a price of US$50,000.

                          *     *      *

As reported in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's 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.


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


BANCO DE CREDITO: To Sell Benchmark Dollar Bonds Overseas
---------------------------------------------------------
Banco de Credito del Peru plans to sell benchmark dollar bonds
maturing in 60 years in overseas markets as it seeks to boost loan
growth, Veronica Navarro Espinosa at Bloomberg News reports,
citing a person familiar with the transaction.

According to the report, the unnamed source said that the bank
hired Bank of America Corp. and JPMorgan Chase & Co. to arrange
the bond sale.  The report relates that the bank will begin
marketing the bonds, which are callable after 10 years, on October
26.  A benchmark issue is typically for at least US$500 million,
the report notes.

BCP, the report says, is looking to tap into surging loan growth
in the South American country.  BCP is also taking advantage of
growing demand for Latin America corporate debt amid a global
economic recovery, the report adds.

Bank Finance Head Alvaro Correa, Bloomberg News says, said that
BCP also plans to sell US$300 million of bonds during the next
year in Chile’s local-currency debt market to finance its short-
and long-term lending business.

                      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.


BANCO DE CREDITO: Fitch Assigns 'BB+' Rating on Junior Notes
------------------------------------------------------------
Fitch Ratings has assigned Banco de Credito del Peru's upcoming 60
year U.S. dollar junior subordinated fixed/floating notes an
expected long-term foreign currency rating of 'BB+'.  The notes
will be issued by BCP's Panama branch, for an amount to be
determined.

Principal will mature in 60 years, and interest payments will be
made semi-annually during the first 10 years and quarterly
afterwards.  The notes will carry a fixed interest rate to be set
at time of issuance that will become a Libor-based floating
interest rate at the end of the 10th year.  The final rating is
contingent upon the receipt of final documents conforming to
information already received.

BCP has a long-term local currency Issuer Default Rating of 'BBB',
and a long-term foreign currency IDR of 'BBB', the latter of which
is at Peru's Country Ceiling of 'BBB', which addresses the risk
that a local entity may not be able to access foreign currency.
BCP has issued -- in 2006 and 2007 -- subordinated debt that is
rated one notch below the bank's long-term foreign currency IDR of
'BBB' and is senior to the notes to be issued.  The expected
rating of the junior subordinated notes is notched two notches
below the bank's long-term local currency IDR of 'BBB'.  This
reflects the notes subordinated status, and the fact that the
notes rank junior to BCP's present or future subordinated debt.

The securities, which will be recognized by Peru's regulator as
Tier I instruments for regulatory capital purposes, have a strong
replacement capital covenant and will likely be considered as
Fitch's class E securities and receive 100% equity-credit under
the agency's guidelines regarding its capital assessment approach,
reflecting their high loss absorption capacity.

BCP has maintained adequate capitalization ratios and the bank
will use the proceeds from the planned issue to sustain its
capital ratios as it resumes growth in the wake of the global
financial crisis.  Eligible hybrids and other capital securities
(equity like instruments) can only account for 30% of Fitch's
definition of eligible capital, which is defined as core capital
plus eligible hybrid debt and other capital securities.

BCP is Peru's largest bank, with a dominating market share of
about 37% of the system's assets.  It is the principal operating
company within Credicorp (NYSE:BAP), Peru's largest financial
services company, which controls 97.4% of BCP; Credicorp is widely
held.

Fitch rates BCP:

  -- Foreign currency long-term IDR 'BBB';
  -- Foreign currency short-term IDR 'F2';
  -- Local currency long-term IDR 'BBB';
  -- Local currency short-term IDR 'F2';
  -- Individual rating 'C';
  -- Support rating: '3';
  -- Support floor 'BB+';
  -- Subordinated debt 'BBB-'.

The Rating Outlook is Stable.


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


PETROLEOS DE VENEZUELA: Bond Offer Results Released on Oct. 23
--------------------------------------------------------------
Petroleos de Venezuela has extended by one day the offer period
for a $3 billion issue of 2014, 2015 and 2016 bonds to October 23,
2009, at the request of investors, Ana Isabel Martinez at Reuters
reports, citing a company statement.

According to the report, PDVSA said that the results of the offer
are now due on Monday, October 26, 2009.

As reported in the Troubled Company Reporter-Latin America on
October 2, 2009, PDVSA said that it will not lower the price of a
US$3 billion issue of 2014, 2015 and 2016 bonds launched this week
despite signs of low demand from traders.  Dow Jones Newswires
related that PDVSA began taking orders for the 2014, 2015 and 2016
bonds on October 19, and the sale is set to October 22, with
results due for release tomorrow, October 23.  Dow Jones
Newswires, citing traders, related that the sale didn't start off
well due to rather light demand.  According to Dow Jones
Newswires, the bonds were priced at 138% of face value, which
analysts said implies a price of around 4.8 or VEB4.9 for US$1.
The report noted that it is better than the official exchange rate
of VEB2.15 for US$1, but almost equal to the black market rate, so
it didn't provide much incentive to buy the bonds as a forex bet.

Some analysts, Dow Jones added, said they expected PDVSA to
alter the terms of the bonds to sweeten the deal and ensure full
placement.  However, the report says, PDVSA's latest statement
suggested that won't be happening.  "We ratify the terms and
conditions established," in the prospectus," the company said in a
statement obtained by the Reuters.  The company, Reuters related,
added that it expected sufficient demand for the sale.

                           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


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


INNOVATIVE COMMUNICATION: BVI Govt. Approves Sale of BVI Cable
--------------------------------------------------------------
The Minister for Communications and Works and the
Telecommunications Regulatory Commission of the British Virgin
Islands approved the application of National Rural Utilities
Cooperative Finance Corporation to acquire BVI Cable TV Ltd. in
connection with its agreement with the Chapter 11 Trustee of
Innovative Communication Corporation.  These are the first
transfer-of-control approvals ever granted under the BVI's new
Telecommunications Act.

"CFC has already received interim bankruptcy court approval, U.S.
antitrust clearance and now the BVI approvals. Once it receives
the remaining regulatory approvals, CFC will request authorization
from the bankruptcy court to proceed with the transfer of control
process and acquire and rehabilitate BVI Cable and other ICC-owned
companies in the U.S. Virgin Islands and Dutch St. Maarten,"
stated CFC CFO Steven Lilly.

Last January, CFC announced that it would make a credit bid to
acquire the outstanding stock of BVI Cable and the other ICC-owned
companies.  The credit bid is conditioned on approval of
regulatory authorities in the jurisdictions where ICC's businesses
operate.

                           ABOUT CFC

National Rural Utilities Cooperative Finance Corporation (CFC) is
a cooperative that serves the nation's rural utility systems. With
more than $20 billion in assets, CFC provides its member-owners
with an assured source of market-priced capital and financial
products and services. CFC can be found online at nrucfc.org.

                  About Innovative Communication

Based in Christiansted, St. Croix, U.S. Virgin Islands,
Innovative Communication Corporation is a telecommunications and
media company with extensive holdings throughout the Caribbean
basin.  The company's operations are in Belize, British Virgin
Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten,
U.S. Virgin Islands and France and include local, long distance
and cellular telephone companies, Internet access providers,
cable television companies, business systems, and The Virgin
Islands Daily News, a Pulitzer Prize-winning newspaper.

On Feb. 10, 2006, creditors Greenlight Capital Qualified, L.P.,
Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd.,
filed involuntary chapter 11 petition against Innovative
Communication Company LLC and Emerging Communications, Inc., and
Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case
Nos. 06-10133 through 06-10135).  The Greenlight creditors
disclosed US$18,780,614 in total claims.

On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser,
filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos.
06-30007 through 06-30009).  Pursuant to Rule 1003-1 of the
Local Bankruptcy Rules of the District Court of the Virgin
Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana,
were designated as the individuals who are the principal
operating officers of the alleged debtor.  On Dec. 14, 2006, the
Delaware Bankruptcy Court entered an order transferring the
venue of the involuntary bankruptcy cases transferring to the
U.S. District Court for the District of the Virgin Islands,
Bankruptcy Division.

On July 5, 2007, the Greenlight creditors filed an involuntary
chapter 11 petition against Innovative Communication Corporation
(Bankr. D. V.I. Case No. 07-30012).  The creditors disclosed
total aggregate claims of US$56,341,843.  Matthew J. Duensing,
Esq., and Richard H. Dollison, Esq., at Stryker, Duensing,
Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps
Slate Meagher & Flom LLP, represent the creditors.

Stan Springel of Alvarez & Marsal, the Court-appointed chapter
11 trustee, is represented by Andrew Kamensky, Esq., at Hunton &
Williams.


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


* BOND PRICING: For the Week October 19 to October 23, 2009
-----------------------------------------------------------


Issuer               Coupon    Maturity   Currency        Price
  ------              ------    --------   --------        -----


ARGENTINA

ALTO PALERMO SA        7.88      5/11/2017   USD           74.66
ALTO PALERMO SA        7.88      5/11/2017   USD            78.6
ARGENT-$DIS            8.28      12/31/2033  USD           64.48
ARGENT-$DIS            8.28      12/31/2033  USD           72.94
ARGENT-PAR             1.18      12/31/2038  ARS           30.08
ARGENT-=DIS            7.82      12/31/2033  EUR           61.67
ARGNT-BOCON PR13          2      3/15/2024   ARS           62.06
ARGNT-BOCON PRE8          2      1/3/2010    ARS            15.9
AUTOPISTAS DEL S       11.5      5/23/2017   USD              41
BANCO MACRO SA         9.75      12/18/2036  USD              77
BONAR X                   7      4/17/2017   USD           72.42
BUENOS AIRE PROV       9.38      9/14/2018   USD           67.67
BUENOS AIRE PROV       9.63      4/18/2028   USD           63.44
BUENOS-$DIS            9.25      4/15/2017   USD            70.8
MENDOZA PROVINCE        5.5      9/4/2018    USD           74.61
TRANSENER              8.88      12/15/2016  USD           80.25


BRAZIL

CESP                   9.75      1/15/2015   BRL           69.31
REDE EMPRESAS         11.13      #N/A N Ap   USD            80.5

CAYMAN ISLAND

AIG SUNAMERICA         6.38      10/5/2020   GBP           83.97
BARION FUNDING          0.1      12/20/2056  EUR             8.4
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.16
BARION FUNDING         0.63      12/20/2056  GBP            17.2
BARION FUNDING         1.44      12/20/2056  GBP           30.41
C&M FINANCE LTD         8.1      2/1/2016    USD              75
CHINA MED TECH            4      8/15/2013   USD            67.5
CHINA SUNERGY          4.75      6/15/2013   USD           61.81
FERTINITRO FIN         8.29      4/1/2020    USD           67.63
GOL FINANCE            8.75      #N/A N Ap   USD            88.5
LDK SOLAR CO LTD       4.75      4/15/2013   USD            69.5
LDK SOLAR CO LTD       4.75      4/15/2013   USD           69.39
MALACHITE FDG          0.63      12/21/2056  EUR           21.64
MAZARIN FDG LTD         0.1      9/20/2068   EUR            5.16
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.24
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.63      9/20/2068   GBP            14.2
MAZARIN FDG LTD        1.44      9/20/2068   GBP           27.89
PUBMASTER FIN          6.96      6/30/2028   GBP           64.17
PUBMASTER FIN          8.44      6/30/2025   GBP           71.33
SHINSEI FIN CAYM       6.42      #N/A N Ap   USD           56.63
SHINSEI FIN CAYM       6.42      #N/A N Ap   USD           56.62
SHINSEI FINANCE        7.16      #N/A N Ap   USD           56.37
SHINSEI FINANCE        7.16      #N/A N Ap   USD              54
XL CAPITAL LTD          6.5      #N/A N Ap   USD            74.5


ECUADOR

REP OF ECUADOR         9.38      12/15/2015  USD           91.42


JAMAICA

AIR JAMAICA LTD        8.13      6/14/2027   USD              72
JAMAICA GOVT              8      3/15/2039   USD              74
JAMAICA GOVT            8.5      2/28/2036   USD            74.5
JAMAICA GOVT          13.38      4/27/2032   JMD           60.53
JAMAICA GOVT LRS      12.75      6/29/2022   JMD           60.25
JAMAICA GOVT LRS      12.75      6/29/2022   JMD           60.27
JAMAICA GOVT LRS      12.85      5/31/2022   JMD           60.89
JAMAICA GOVT LRS      13.38      12/15/2021  JMD           64.16
JAMAICA GOVT LRS      13.58      12/15/2026  JMD           61.43
JAMAICA GOVT LRS         14      6/30/2021   JMD           67.92
JAMAICA GOVT LRS       14.4      8/3/2027    JMD           66.97
JAMAICA GOVT LRS         15      9/6/2032    JMD            69.7
JAMAICA GOVT LRS         15      8/30/2032   JMD            69.7
JAMAICA GOVT LRS         15      11/15/2021  JMD           71.68
JAMAICA GOVT LRS       15.5      3/24/2028   JMD            70.1
JAMAICA GOVT LRS         16      6/13/2022   JMD           74.98
JAMAICA GOVT LRS         16      12/6/2032   JMD           72.34
JAMAICA GOVT LRS      16.13      8/21/2032   JMD           74.93
JAMAICA GOVT LRS      16.25      5/22/2027   JMD           73.56
JAMAICA GOVT LRS      16.25      7/26/2032   JMD           73.47
JAMAICA GOVT LRS       16.5      6/14/2027   JMD           74.64

PUERTO RICO

DORAL FINL CORP           7      4/26/2012   USD              51
DORAL FINL CORP         7.1      4/26/2017   USD            44.5
DORAL FINL CORP        7.15      4/26/2022   USD              37
DORAL FINL CORP        7.65      3/26/2016   USD           45.63
PUERTO RICO CONS        6.1      5/1/2012    USD              62
PUERTO RICO CONS        6.2      5/1/2017    USD              48
PUERTO RICO CONS        6.5      4/1/2016    USD              48

VENEZUELA

PETROLEOS DE VEN       5.25      4/12/2017   USD            57.9
PETROLEOS DE VEN       5.38      4/12/2027   USD           45.26
PETROLEOS DE VEN        5.5      4/12/2037   USD           45.14
VENEZUELA              5.75      2/26/2016   USD           71.45
VENEZUELA                 6      12/9/2020   USD           57.98
VENEZUELA                 7      12/1/2018   USD           68.45
VENEZUELA                 7      3/31/2038   USD           55.53
VENEZUELA              7.65      4/21/2025   USD           62.83
VENEZUELA              7.75      10/13/2019  USD           66.28
VENEZUELA              8.25      10/13/2024  USD           62.44
VENEZUELA                 9      5/7/2023    USD           70.89
VENEZUELA              9.25      9/15/2027   USD            73.4
VENEZUELA              9.25      5/7/2028    USD           71.55
VENZOD - 189000        9.38      1/13/2034   USD           71.17


                            ***********

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 * * *