TCRLA_Public/091027.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

           Tuesday, October 27, 2009, Vol. 10, No. 212

                            Headlines

A R G E N T I N A

AGV COMERCIAL: Creditors' Proofs of Debt Due on December 9
CAVOUR SA: Creditors' Proofs of Debt Due on November 16
DIPCOM SRL: Creditors' Proofs of Debt Due on December 17
PROMOGLAS SA: Creditors' Proofs of Debt Due on November 27
VALE-TRANS: Creditors' Proofs of Debt Due on November 13


B E R M U D A

CREATIVE LTD: Creditors' Proofs of Debt Due on November 6
CREATIVE LTD: Members' Final Meeting Set for November 27
HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9
HIGHLAND CORE: Members' Final Meeting Set for November 24
KINGATE EURO: Appoints McKenna, Tacon and Fogerty as Liquidators

KINGATE GLOBAL: Appoints McKenna, Tacon and Fogerty as Liquidators
NORGAS LIMITED: Creditors' Proofs of Debt Due on November 13
NORGAS LIMITED: Members' Final Meeting Set for December 7
OIL MANAGEMENT: Creditors' Proofs of Debt Due on November 4
OIL MANAGEMENT: Members' Final Meeting Set for November 25

TRIANGLE HOLDINGS: Creditors' Proofs of Debt Due on November 18
TRIANGLE HOLDINGS: Member to Receive Wind-Up Report on November 25


B R A Z I L

BANQUE PARIBAS: Moody's Takes Rating Actions on Two Classes
CREDIOP OVERSEAS: Moody's Takes Rating Actions on Two Classes
GOL LINHAS: To Release Third Quarter Results on November 9
MARFRIG ALIMENTOS: Swings to R$200.4MM Net Income in Third Quarter
TAM SA: Plans to Sell 2019 Dollar Bonds,Sources Say


C A Y M A N  I S L A N D S

ACROPOLIS MULTI-STRATEGY: Shareholders' Meeting Set for October 30
ALNISTA GROWTH: Shareholders' Final Meeting Set for October 28
ALTITUDE VALUE: Shareholders' Final Meeting Set for October 30
ASM FAR: Shareholders' Final Meeting Set for October 28
CANTILLON US: Shareholders' Final Meeting Set for October 30

CLIFF HOUSE: Shareholders' Final Meeting Set for October 30
COMBINATION FINANCE: Shareholders' Final Meeting Set for Oct. 28
CRESSA LIMITED: Shareholders' Final Meeting Set for October 29
CSA 2005: Shareholders' Final Meeting Set for October 30
FAIRFIELD APEX: Members' Final Meeting Set for November 6

FAIRFIELD ZWEIG-DIMENNA: Members' Meeting Set for November 6
LA COLINA: Shareholder to Receive Wind-Up Report on October 29
MERLIN III: Members' Final Meeting Set for October 28
MGH SAPPHIRE: Members' Final Meeting Set for October 28
MRA OFFSHORE: Members' Final Meeting Set for October 28

OSAKA SME: Shareholders' Final Meeting Set for October 30
REGENT WESTERN: Shareholders' Final Meeting Set for October 28
SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
SCORPIUS CDO: Shareholders' Final Meeting Set for October 30


C O L O M B I A

ECOPETROL SA: To Assume Administrative Costs for Shares
* COLOMBIA: IDB Backs Infrastructure Investment Initiative


J A M A I C A

AIR JAMAICA: JALPA Submits Bid for Airline
CABLE & WIRELESS: Rival to Expand Services to Increase Competition
DIGICEL GROUP: Bids for a Stake in Bahamas Telecommunications
NATIONAL COMMERCIAL BANK: To Introduce JM$1 Billion Loan Fund
* JAMAICA: Companies on JSE Required to Report on Their Operations


M E X I C O

CORPORACION INTERAMERICANA: Moody's Junks Corporate Credit Rating
* MEXICO: IDB Approves US$40 Million for BBVA Bancomer Project


P E R U

DOE RUN PERU: Still Seeks Deak With Concentrate Suppliers


P U E R T O  R I C O

PUERTO RICO CONSERVATION: Moody's Junks Ratings on Secured Notes


V E N E Z U E L A

CITGO PETROLEUM: Plans Texas Unit Restart by November 1
PETROLEOS DE VENEZUELA: SCOMI Group Wins RM15.3 Drilling Contract
PETROLEOS DE VENEZUELA: Gets Positive Investor Response for Bonds
* VENEZUELA: President Chavez Plans to Cut Energy Use


X X X X X X X X

* LATAM & Caribbean Recovering From Global Crisis, IMF Report Says
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


AGV COMERCIAL: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------------
The court-appointed trustee for Agv Comercial S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 9, 2009.

The trustee will present the validated claims in court as
individual reports on February 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 6, 2010.


CAVOUR SA: Creditors' Proofs of Debt Due on November 16
-------------------------------------------------------
The court-appointed trustee for Cavour S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 16, 2009.


DIPCOM SRL: Creditors' Proofs of Debt Due on December 17
--------------------------------------------------------
The court-appointed trustee for Dipcom S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 17, 2009.

The trustee will present the validated claims in court as
individual reports on March 3, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 19, 2010.


PROMOGLAS SA: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The court-appointed trustee for Promoglas S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 27, 2009.

The trustee will present the validated claims in court as
individual reports on February 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
March 29, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 29, 2010.


VALE-TRANS: Creditors' Proofs of Debt Due on November 13
--------------------------------------------------------
The court-appointed trustee for Vale-Trans S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 13, 2009.

The trustee will present the validated claims in court as
individual reports on December 29, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 11, 2010.


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


CREATIVE LTD: Creditors' Proofs of Debt Due on November 6
---------------------------------------------------------
The creditors of Creative Ltd. are required to file their proofs
of debt by November 6, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


CREATIVE LTD: Members' Final Meeting Set for November 27
--------------------------------------------------------
The members of Creative Ltd. will hold their final meeting on
November 27, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9
----------------------------------------------------------
The creditors of Highland Core Credit Fund, Ltd. are required to
file their proofs of debt by November 9, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 22, 2009.

The company's liquidator is:

          Roderick M. Forrest
          Victoria Place, 31 Victoria Street
          Hamilton HM 10
          Bermuda


HIGHLAND CORE: Members' Final Meeting Set for November 24
---------------------------------------------------------
The members of Highland Core Credit Fund, Ltd. will hold their
final meeting on November 24, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 22, 2009.

The company's liquidator is:

          Roderick M. Forrest
          Victoria Place, 31 Victoria Street
          Hamilton HM 10
          Bermuda


KINGATE EURO: Appoints McKenna, Tacon and Fogerty as Liquidators
----------------------------------------------------------------
On October 5, 2009, the Supreme Court of Bermuda appointed Messrs.
John McKenna, William Tacon and Richard Fogerty as the liquidators
of Kingate Euro Fund, Ltd.


KINGATE GLOBAL: Appoints McKenna, Tacon and Fogerty as Liquidators
------------------------------------------------------------------
On October 5, 2009, the Supreme Court of Bermuda appointed Messrs.
John McKenna, William Tacon and Richard Fogerty as the liquidators
of Kingate Global Fund, Ltd.


NORGAS LIMITED: Creditors' Proofs of Debt Due on November 13
------------------------------------------------------------
The creditors of Norgas Limited are required to file their proofs
of debt by November 13, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

          Jennifer M. Kelly
          Par La Ville Place, 3rd Floor
          14 Par La Ville Road
          Hamilton, Bermuda


NORGAS LIMITED: Members' Final Meeting Set for December 7
---------------------------------------------------------
The members of Norgas Limited will hold their final meeting on
December 7, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

          Jennifer M. Kelly
          Par La Ville Place, 3rd Floor
          14 Par La Ville Road
          Hamilton, Bermuda


OIL MANAGEMENT: Creditors' Proofs of Debt Due on November 4
-----------------------------------------------------------
The creditors of Oil Management Services PTC Limited are required
to file their proofs of debt by November 4, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on October 20, 2009.

The company's liquidator is:

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


OIL MANAGEMENT: Members' Final Meeting Set for November 25
----------------------------------------------------------
The members of Oil Management Services PTC Limited will hold their
final meeting on November 25, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 20, 2009.

The company's liquidator is:

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


TRIANGLE HOLDINGS: Creditors' Proofs of Debt Due on November 18
---------------------------------------------------------------
The creditors of Triangle Holdings Ltd. are required to file their
proofs of debt by November 18, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11, Bermuda


TRIANGLE HOLDINGS: Member to Receive Wind-Up Report on November 25
------------------------------------------------------------------
The member of Triangle Holdings Ltd. will receive, on November 25,
2009, at 2:30 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11, Bermuda


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


BANQUE PARIBAS: Moody's Takes Rating Actions on Two Classes
-----------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Banque Paribas and BNP Paribas.

  -- Banque Paribas - Series 430 Credit-Linked Notes due March
     2013, Upgraded to Ba1; previously on Feb. 19, 2008 Upgraded
     to Ba2

  -- BNP Paribas - Series 458 Credit-Linked Notes due May 2010,
     Upgraded to Ba1; previously on Feb. 19, 2008 Upgraded to Ba2

These transactions are CLNs referencing Brazilian government
Bonds.

Moody's explained that the rating action taken is the result of
the reference entity, the Brazilian government, being upgraded to
Baa3 from Ba1.

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

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

In addition to the quantitative factors that are explicitly
modelled, 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.


CREDIOP OVERSEAS: Moody's Takes Rating Actions on Two Classes
-------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Crediop Overseas Bank Limited

* Crediop Overseas Bank Limited - Series 126 Credit-Linked Notes
  due November 2010, Upgraded to Ba1; previously on Feb. 19, 2008
  Upgraded to Ba2

* Crediop Overseas Bank Limited - Series 150 Credit-Linked Notes
  due November 2010, Upgraded to Ba1; previously on Feb. 19, 2008
  Upgraded to Ba2

These transactions are CLNs referencing Brazilian government
Bonds.

Moody's explained that the rating action taken is the result of
the reference entity, the Brazilian government, being upgraded to
Baa3 from Ba1.

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

  -- Repackaged Securities (October 2001)

  -- Moody's Refines Its Approach to Rating Structured Notes
     (July 1997)

In addition to the quantitative factors that are explicitly
modelled, 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.


GOL LINHAS: To Release Third Quarter Results on November 9
----------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
said it will release its third quarter 2009 earnings results on
November 9, 2009 (after market close).  The release will be
available on the Company's Web site, http://www.voegol.com.br/ir

    Quiet Period

In accordance with fair disclosure and corporate governance best
practices, GOL will respect a Quiet Period that will start on
October 27, ending immediately after the conference calls on
November 10.

    Conference Calls

English                                         Portuguese

November 10, 2009                               November 10, 2009
09:00 am US EST                                 10:30 am US EST
12:00 pm Brasilia Time                          01:30 pm Brasilia
                                                              Time

(1 800) 860-2442 (US only)                     (55 11) 2188-0188
(1 412) 858-4600 (Other countries)             Code: GOL
Code: GOL                                      Replay: (55 11)
                                                        2188-0188
Replay: (1 877) 344-7529 (US only)              Code: GOL
         (1 412) 317-0088 (Other countries)
Code: 435234#

    CONTACT:

    Investor Relations
    Leonardo Pereira - CFO and IRO
    Rodrigo Alves - Head of IR
    Phone: (55 11) 2128-4700
    E-mail: ri@golnaweb.com.br
    Website: www.voegol.com.br/ir
    Twitter: www.twitter.com/GOLInvest

    Corporate Communications
    Phone: (55 11) 2128-4413
    E-mail: comcorp@golnaweb.com.br
    Twitter: www.twitter.com/GOLcomunicacao

    Media Relations
    Edelman (U.S. and Europe):
    M. Smith and N. Dean
    Phone: 1 (212) 704-8196 / 704-4484
    Emails: meaghan.smith@edelman.com or
    noelle.dean@edelman.com

                       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'.


MARFRIG ALIMENTOS: Swings to R$200.4MM Net Income in Third Quarter
------------------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) unveiled its third quarter 2009 results.

    --  EBITDA of R$272.5 million, increasing by 48.6% from
        R$183.4 million in 2Q09 and by 59.0% from R$171.4 million
        in 3Q08.

    --  EBITDA margin of 11.3%, 370 bps higher than in 2Q09,
        driven by export growth of 6.6%, the performance of the
        Europe division and lower raw material costs
        (cattle in Brazil and grains in Argentina).

    --  Net income of R$200.4 million, reversing the net loss
        of R$52.7 million recorded in 3Q08 and boosting net
        income in the year to date, building on the
        R$405.0 million recorded in 2Q09.  Net margin of
        8.3%, compared with negative 3.5% in 3Q08 and 16.8%
        in 2Q09. Net income year to date of R$567.4 million,
        up 1,362.4% on R$38.8 million in the same period a
        year earlier.

    --  Net revenue of R$2,402.6 million in 3Q09, up 57.7% on
        3Q08 (R$1,523.6 million) and down 0.1% in relation to
        2Q09 (R$2,403.9 million), mainly due to the
        depreciation in the dollar against the real of 9.9%
        between 3Q09 and 2Q09.

    --  Net revenue in the last 12 months (4Q08 to 3Q09) of
        R$9.45 billion, up 92.3% on the R$4.90 billion recorded
        in the previous 12-month period (4Q07 to 3Q08), driven
        by acquisitions and operating performance in 2009.

    --  Gross income of R$367.8 million in 3Q09, growing by
        29.1% and 13.5% in relation to 3Q08 (R$284.9 million)
        and 2Q09 (R$324.2 million), respectively.

    Conference Calls - October 27, 2009

    in English
    12:00 pm (BR) /10:00 am (US EDT) / 2:00 pm (GMT)
    Access number: +1 (973) 935-8893
    Access code: 36491032

    in Portuguese
    10:00 am (BR) / 8:00 am (US EDT) / 12:00 pm (GMT)
    Access number: +55 11 2188-0188
    Access code: Marfrig

                    About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Brazil-based meat processor
Marfrig Alimentos S.A. following Marfrig's announcement that it
has acquired meat processor Seara Alimentos Ltda. and its
subsidiaries in Brazil and Europe from Minnetonka-based Cargill
Inc. for US$706.2 million in cash plus US$193.8 million in debt.
The outlook is negative.


TAM SA: Plans to Sell 2019 Dollar Bonds,Sources Say
----------------------------------------------------
TAM S.A. plans to sell dollar-denominated global bonds due in
2019, Guillermo Parra-Bernal at Reuters reports, citing two
sources familiar with the plans.  The report relates that the
sources said that the bonds, which are to be sold by TAM's
overseas funding unit TAM Capital 2, can only be redeemed after
five years.

The sources, the report notes, said no details on the size and
terms of the transaction have been determined yet.  TAM SA will
meet investors between October 19 and 21 to detail terms of the
transaction, the sources added.

As reported in the Troubled Company Reporter-Latin America on
October 19, 2009, Bloomberg News said that Tam SA plans to sell
dollar bonds in overseas markets as it taps into investor demand
for the country’s corporate debt.  According to Bloomberg News,
the company hired Banco Santander SA and Citigroup Inc. to arrange
the bond sale.

Bloomberg News noted that Brazilian companies are selling debt in
international credit markets as a recovery in the economy boosts
demand for the securities.  “Brazilian companies are taking
advantage of low costs and great liquidity,” Bloomberg News quoted
Diego Torres, a debt analyst with ING Groep NV in New York, as
saying.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Comany Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


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


ACROPOLIS MULTI-STRATEGY: Shareholders' Meeting Set for October 30
------------------------------------------------------------------
The shareholders of Acropolis Multi-Strategy Plus Fund Limited
will hold their final meeting on October 30, 2009, at 8:45 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


ALNISTA GROWTH: Shareholders' Final Meeting Set for October 28
--------------------------------------------------------------
The shareholders of Alnista Growth Fund Inc. will hold their final
meeting on October 28, 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:

          William Walmsley
          c/o 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


ALTITUDE VALUE: Shareholders' Final Meeting Set for October 30
--------------------------------------------------------------
The shareholders of Altitude Value Fund Ltd. will hold their final
meeting on October 30, 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:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


ASM FAR: Shareholders' Final Meeting Set for October 28
-------------------------------------------------------
The shareholders of ASM Far East Marketing Limited will hold their
final meeting on October 28, 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:

          William Walmsley
          c/o 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


CANTILLON US: Shareholders' Final Meeting Set for October 30
------------------------------------------------------------
The shareholders of Cantillon U.S. Ltd. will hold their final
meeting on October 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


CLIFF HOUSE: Shareholders' Final Meeting Set for October 30
-----------------------------------------------------------
The shareholders of Cliff House Funding Blocker Ltd. will hold
their final meeting on October 30, 2009, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


COMBINATION FINANCE: Shareholders' Final Meeting Set for Oct. 28
----------------------------------------------------------------
The shareholders of Combination Finance 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:

          Darren Riley
          c/o Ellen J. Christian
          Telephone: 345 945 9208
          Facsimile: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          Royal Bank House, 3rd Floor
          Shedden Road, George Town
          Grand Cayman


CRESSA LIMITED: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Cressa Limited will hold their final meeting
on October 29, 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:

          Philip Mosely
          PO Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Telephone : 949-4018
          Facsimile: 949-7891
          e-mail: general@caymanmanagement.ky


CSA 2005: Shareholders' Final Meeting Set for October 30
--------------------------------------------------------
The shareholders of CSA 2005 A Limited will hold their final
meeting on October 30, 2009, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


FAIRFIELD APEX: Members' Final Meeting Set for November 6
---------------------------------------------------------
The members of Fairfield Apex Greater China Equity Fund Ltd will
hold their final meeting on November 6, 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:

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


FAIRFIELD ZWEIG-DIMENNA: Members' Meeting Set for November 6
------------------------------------------------------------
The members of Fairfield Zweig-Dimenna Natural Resources Fund Ltd
will hold their final meeting on November 6, 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:

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


LA COLINA: Shareholder to Receive Wind-Up Report on October 29
--------------------------------------------------------------
The sole shareholder of La Colina will receive, on October 29,
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:

          LNR Services Ltd.
          PO Box 958
          Morgan & Morgan Building
          Pasea Estate, Road Town
          Tortola, British Virgin Islands


MERLIN III: Members' Final Meeting Set for October 28
-----------------------------------------------------
The members of Merlin III 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


MGH SAPPHIRE: Members' Final Meeting Set for October 28
-------------------------------------------------------
The members of MGH Sapphire Holdings Ltd. 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:

          Samuel A.D. Young
          Cayman Corporate Centre
          27 Hospital Road, 5th Floor
          Grand Cayman KY1-1109, Cayman Islands


MRA OFFSHORE: Members' Final Meeting Set for October 28
-------------------------------------------------------
The members of MRA Offshore Fund Ltd. 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:

          Samuel A.D. Young
          Cayman Corporate Centre
          27 Hospital Road, 5th Floor
          Grand Cayman KY1-1109, Cayman Islands


OSAKA SME: Shareholders' Final Meeting Set for October 30
---------------------------------------------------------
The shareholders of Osaka SME Funding Corporation will hold their
final meeting on October 30, 2009, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


REGENT WESTERN: Shareholders' Final Meeting Set for October 28
--------------------------------------------------------------
The shareholders of The Regent Western Asset U.S. Dollar Enhanced
Cash Fund, Ltd. 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:

          Michael B. Zelouf
          10 Exchange Square, Primrose Street
          London EC2A 2EN, United Kingdom


SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
----------------------------------------------------------------
The sole shareholder of Sam Sustainable Long Short Global Fund
Limited will receive, on November 4, 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 Susan Taylor
          Telephone: (345) 815-1898
          Facsimile: (345) 949-1986


SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
----------------------------------------------------------------
The sole shareholder of Sam Sustainable Long Short Global Master
Fund Limited will receive, on November 4, 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 Susan Taylor
          Telephone: (345) 815-1898
          Facsimile: (345) 949-1986


SCORPIUS CDO: Shareholders' Final Meeting Set for October 30
------------------------------------------------------------
The shareholders of Scorpius CDO, Ltd. will hold their final
meeting on October 30, 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:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


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


ECOPETROL SA: To Assume Administrative Costs for Shares
-------------------------------------------------------
Ecopetrol S.A. disclosed that, as of November 1, 2009, it will
continue to directly assume the administrative and custodial costs
associated with the shares of the company which were issued during
the first round of the company's Stock Issuance and Placement
Program.  These costs are due and owing, or may become due and
owing, to the Colombian's Stock Market's Depository Agent.

As a result of Ecopetrol's decision, brokers (acting as direct
participants of DECEVAL) will not assign such costs to the
Company's shareholders.

Ecopetrol's decision does not result in any change in the
shareholders' rights, which remain unmodified to date.

   Investor Relations Department
   Bagota: 307 7075
   Rest of Colombia: 01 8000 11 34 34
   accionistas@ecopetrol.com.co

                       About Ecopetrol S.A.

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

                           *     *     *

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

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


* COLOMBIA: IDB Backs Infrastructure Investment Initiative
----------------------------------------------------------
The Inter-American Development Bank has approved a US$75 million
loan for the Ashmore Colombia Infrastructure Fund, an initiative
to support infrastructure investments involving transportation,
energy, water, sewage, communications, logistics, and waste
management.

The fund, which may reach total commitments of approximately
US$500 million, will be managed by a company that will act as
professional manager established by the Ashmore Group, an emerging
markets investment management group, and Inverlink S.A., a
Colombian advisory firm.

In addition to the non-sovereign guaranteed loan prepared by the
Financial Markets Division of the IDB’s Structured and Corporate
Finance Department, the fund is expected to be backed by Colombian
pension funds, Banco de Comercio Exterior de Colombia (Bancoldex),
Corporacion Andina de Fomento, and the professional management
company’s shareholders.

IDB said that the fund plans to make approximately 10 investments
involving equity, quasi-equity and debt financing transactions in
a diversified portfolio consisting mostly of private sector-led
projects and companies in Colombia, where existing demand for
infrastructure financing is estimated at over US$20 billion.  The
fund is expected to have a significantly positive impact on
Colombia’s competitiveness by mobilizing resources from local and
international institutional investors to upgrade the country’s
physical infrastructure, the bank added.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'BB+' to the Republic of Colombia's US$1
billion Eurobond (6.125% coupon) maturing in 2041.


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


AIR JAMAICA: JALPA Submits Bid for Airline
------------------------------------------
The Jamaica Airline Pilots Association is now waiting a reply from
the Jamaican government after submitting a bid to acquire Air
Jamaica Limited, Jamaica Observer reports.  The report relates
JALPA President Captain Russell Capleton said the association,
which comprises the airline's 140 pilots, is spearheading the
acquisition effort on behalf of the national carrier's staff.

According to the report, the pilots have now grown concerned after
hearing Dennis Lalor, chairman of the Air Jamaica Privatisation
Committee, said in a CVMTV interview that the committee has
eliminated all bidders except Indigo Partners, owners of Spirit
Airlines, and that the committee will submit its recommendation to
the Government within the next two weeks.  "What is of particular
concern to us is that we are hearing that there is no other
expression of interest or proposal," Captain Capleton told the
Observer in an interview.

However, the report points out that a government source close to
the divestment negotiations said that the JALPA submission was "an
expression of interest" and not a formal bid.

The Observer notes that JALPA's bid will give the government a
considerable extension on the time it will need to find the US$400
million it will cost to rid itself of the airline, while injecting
capital into the ailing carrier.

JALPA, which will have to inject capital equivalent to between 30
and 60 days of operating expenses, is willing to assist with the
restructuring and give the Government time once the state is
willing to guarantee coverage of the existing debt, the report
says.

Captain Capleton, the Observer adds, anticipated that if the bid
is successful the airline would maintain the current routes.

                          About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).


CABLE & WIRELESS: Rival to Expand Services to Increase Competition
------------------------------------------------------------------
TeleBarbados said that it will soon expand its services into the
residential fixed line telephony market to give increased
competition LIME (formerly Cable & Wireless Jamaica), a unit of
Cable & Wireless plc., Telegeography News reports, citing
TeleBarbados Vice President Patrick Hinkson.

According to the report, TeleBarbados, which already provides land
lines to corporate users, said that "We are now looking to offer
our services on a greater scale to residential users."  The report
relates Mr. Hinkson said that the firm wants to focus on existing
LIME fixed line users who wish to have a second line.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


DIGICEL GROUP: Bids for a Stake in Bahamas Telecommunications
-------------------------------------------------------------
Digicel Group is one of the four companies selected by the
Bahamas government to bid for a 51% stake in the state-owned
telco, Bahamas Telecommunications, Global Telecom Business
reports, citing The Nassau Guardian.  The report relates that bids
are due by November.

According to the report, other companies are partnering with
private equity operations to bid for the company.  The report,
citing the Nassau Guardian, relates that LIME, a unit of Cable &
Wireless, has decided not to bid.  AT&T, Verizon, America Movil
and Canadian operator Rogers are staying out of the bidding,
Nassau Guardian newspaper added.

Nassau Guardian newspaper, the report adds, said that a committee
appointed by the prime minister, Hubert Ingraham, has presented
the list of bidders so that due diligence can start.  Bidding is
likely to take place by the end of November 2009, the report
notes.

                        About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


NATIONAL COMMERCIAL BANK: To Introduce JM$1 Billion Loan Fund
-------------------------------------------------------------
National Commercial Bank Jamaica Limited will introduce a
JM$1 billion loan fund to support small and medium sized
enterprises, RadioJamaica reports.  The report relates that the
bank's plan will take effect on November 1 until April 2010.

According to the report, the money will be offered to small and
medium businesses at an interest rate of 9%.

Finance Minister Audley Shaw, the report relates, welcomed the
bank's initiative.  Mr. Shaw, the report notes, said that access
to funding continues to pose tremendous challenges to persons
wishing to operate small businesses.   The money has come at an
opportune time and will serve to further stimulate the small
business sector, he added.

RadioJamaica adds that Mr. Shaw said that there is scope for
lending rates in the private sector to become even more
competitive.

                         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.


* JAMAICA: Companies on JSE Required to Report on Their Operations
------------------------------------------------------------------
Companies listed on the Jamaica Stock Exchange will now be
required to provide additional information on their operations to
the public as the Regulatory and Market Oversight Division of the
Stock Exchange has introduced a new rule designed to improve
market integrity, RadioJamaica reports.  The report relates that
the new rule requires that all listed companies include a
management discussion and analysis in their annual reports, which
will also be included in all prospectus and offer documents.

According to RadioJamaica, the company's report must provide an
easily readable analysis its operation based on past activities,
future plans and other internal and external factors that can
impact on its operations.

RadioJamaica notes that the JSE's Market Oversight Division has
also announced new regulations for member dealers.  The members,
RadioJamaica relates, will now be required to operate under a
Complaint Management System.

RadioJamaica says that the guidelines are intended to improve the
customer service delivery of member-dealers and assist the Stock
Exchange to identify and reduce risks that are inherent to the
industry; and bolster the activities of the JSE's Regulatory and
Market Oversight Division.

                           *     *     *

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
===========


CORPORACION INTERAMERICANA: Moody's Junks Corporate Credit Rating
-----------------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B2 its corporate
family rating for Corporacion Interamericana de Entertenimiento,
S.A.B. de C.V.  At the same time Moody's de Mexico downgraded to
Caa1.mx from Ba1.mx its national scale rating for CIE.  The
ratings remain on review for possible further downgrade.

The ratings downgrade was prompted by a lack of a clear
refinancing path and the continuing pressure on the company's
liquidity.  The company has been in negotiations with its bank
group since late July 2009 for the extension of its debt
maturities.  More recently, CIE started a dialgogue with its
bondholders as part of its comprehensive refinancing proposal.

The company's liquidity continues to be weak.  Over 70% of CIE's
debt (about MXN5,000 million) matures within the next 12 months,
against an estimated cash of less than MXN1,000 million, which
Moody's assumes are mostly set aside for operations/working
capital purposes.  Moody's estimates that CIE's current cash
balance, which was recently augmented by the MXN1.2 billion
capital increase, should be sufficient to cover near term debt
maturities assuming that bank credit lines are continuously
renewed.  However, the company will need to refinance its longer
term maturities should the current debt restructuring not proceed
as planned.

CIE's scheduled debt maturities during the remainder of 2009
include MXN500 million in long term local notes (certificados
bursátiles) due on December 4.  In addition, its short-term
banking loans amounted to MXN1,832 million as of June 30, 2009.
In 2010, the company will continue to face significant debt
maturities, including MXN650 million in long-term notes
(certificados bursátiles) due on April 30th, and MXN1,400 million
in long-term notes (certificados bursátiles) due on October 14th.

The ratings remain on review for possible further downgrade
pending the resolution of its restructuring plan.

The last action on CIE's ratings occurred on September 22, 2009
when Moody's Investors Service placed the issuer's B2/negative
corporate family rating on review for possible downgrade and
Moody's de Mexico placed its Ba1.mx/negative national scale rating
on review for possible downgrade as well.

Because CIE operates in several distinct businesses, analysis of
the Company's credit risk in not based exclusively on any of
Moody's rating methodologies.  However, Moody's uses the Global
Gaming Rating Methodology to assist in the assessment of CIE's
credit quality.  Most importantly, CIE's ratings have been
assigned by evaluating factors that Moody's believe are relevant
to the Company's risk profile, such as (i) liquidity and overall
financial position; (ii) projected performance per division over
the near to intermediate term; and (iii) predictability of cash
flow generation.  These attributes were compared against other
issuers both within and outside CIE's core industries.

CIE is the sole vertically integrated out-of-home entertainment
group in MexiCo.  CIE also has some assets in South America and
the U.S.  As of June 2009, last-twelve-month revenues and Adjusted
EBITDA amounted to US$768 million and US$205 million,
respectively.


* MEXICO: IDB Approves US$40 Million for BBVA Bancomer Project
--------------------------------------------------------------
A US$40 million “green facility” loan from the Inter-American
Development Bank will support BBVA Bancomer, Mexico’s leading
commercial bank, in a project to boost the energy efficiency and
environmental sustainability of its buildings.

Buildings account about 40% of the world’s energy use.  Financial
institutions such as BBVA Bancomer, which has a vast network of
offices, have a broad environmental footprint through their own
operations and their lending, which finances activities across the
entire economic spectrum.

Besides helping BBVA Bancomer reduce its direct environmental
footprint by cutting energy and water use and greenhouse gas
emissions, the IDB expects this project to have a demonstration
effect for other financial institutions in the region.

“This project will have a substantial positive impact on the
development of sustainable financial institutions.  We expect this
deal, the first of its kind, will raise awareness within the
financial community in Mexico and the region of the environmental,
social and economic benefits of sustainable banking practices,”
said Financial Markets Division Chief Daniela Carrera-Marquis of
the IDB’s Structured and Corporate Finance Department.

Under the IDB-backed project, BBVA Bancomer will seek a Leadership
in Energy and Environmental Design (LEED) certification for its
new headquarters in Mexico City.  The US$900-million corporate
campus would be among the first buildings to acquire such
international recognition in Latin America.

“Bancomer maintains a clear commitment to sustainable development
in Mexico: this is the main reason behind this green facility.
This agreement with the IDB supports our commitment to reduce the
environmental impact of our new corporate buildings,” said BBVA
Bancomer Chief Financial Officer Eduardo Avila.

Mr. Avila said that the IDB’s strategy promotes the development of
sound financial systems with the purpose of mainstreaming
financial, social and environmental sustainability.  This project
will support the gradual transformation of BBVA Bancomer’s
branches and commercial buildings, aiming to reach internationally
certified standards of energy savings and efficiency, he added.

The non-sovereign guaranteed loan to BBVA Bancomer, which may be
disbursed in either U.S. dollars or Mexican pesos, could be
complemented with additional lending from other sources, subject
to market conditions.


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


DOE RUN PERU: Still Seeks Deak With Concentrate Suppliers
---------------------------------------------------------
Doe Run Peru will be having trouble in reaching an agreement with
its concentrate suppliers, because several of them have re-
oriented to another clients the production that they used supply
to La Oroya smelter, Isabel Guerra at LivinginPeru reports.

According to the report, Company Vice President Jose Mogrovejo
said that some of Doe Run's former suppliers have already signed
contracts for a year with international traders.  The report,
citing an unnamed vendor from one of those companies, said that
despite they are facing a 5% decrease in their income, they have
preferred to do so to ensure their sales, because they are
uncertain about when the smelter will operate again.

Doe Run's debt, the report says, amount to US$120 million to 26
vendors, five of which concentrate 80% of the total debt.
Reportedly, the report relates, only one of these companies has
presented Doe Run a funding scheme in order to put the company
operational again, although this is still under study.

                         About Doe Run Peru

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

                           *     *     *

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


====================
P U E R T O  R I C O
====================


PUERTO RICO CONSERVATION: Moody's Junks Ratings on Secured Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded the Puerto Rico
Conservation Trust Fund's secured notes to Caa1 from B2.  The
rating outlook is negative.

The rating action affects $200 million of outstanding Puerto Rico
Conservation Trust Fund secured notes.  This action reflects a
recent similar action taken by Moody's on the underlying obligor,
Doral Financial Corporation.  The Trust Fund's notes were issued
to purchase medium term notes issued by Doral, as a form of Puerto
Rico tax-exempt financing for Doral.  Payments by Doral on its
notes are the sole source of repayment for the Trust Fund's notes.

Please see Moody's separate report of September 9, 2009 on Doral
Financial Corporation for more information about the company's
rating change and outlook.

           Last Rating Action And Principal Methodology

The last rating action taken with regard to the Puerto Rico
Conservation Trust Fund secured notes was on September 6, 2007,
when the B2 rating on the secured notes was confirmed.

The rating on the current issue was assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
issuer versus others within its industry or sector, ii) the
capital structure and financial risk of the issuer, iii) the
projected performance of the issuer over the near to intermediate
term, iv) the issuer's history of achieving consistent operating
performance and meeting budget or financial plan goals, v) the
debt service coverage provided by such revenue stream, vii) the
legal structure that documents the revenue stream and the source
of payment, and viii) the issuer's management and governance
structure related to the payment.  These attributes were compared
against other issuers both within and outside of the Puerto Rico
Conservation Trust's core peer group.  The Puerto Rico
Conservation Trust's ratings are believed to be comparable to
ratings assigned to other issuers of similar credit risk


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


CITGO PETROLEUM: Plans Texas Unit Restart by November 1
-------------------------------------------------------
Citgo Petroleum Corp plans to begin restarting a fire-damaged
alkylation unit at its 163,000 barrel per day (bpd) Corpus
Christi, Texas, refinery no later than the October 31-November 1
weekend, Erwin Seba at Reuters reports, citing unnamed sources.
The report relates that repairs on the unit were completed and
preparations for restarting the unit began on October 24.

According to Reuters, depending on how the preparations go, the
restart could begin before October 31, but that seems the most
likely date.  The source, the report notes, said the questions
about the safety of the unit after the July explosion have been
resolved.

As reported in the Troubled Company Reporter-Latin America on
October 8, 2009, Reuters said that Citgo Petroleum has moved has
delayed the restart date its Corpus Christi refinery because of
union complaints about safety.  Reuters related that the campaign
by the union and environmental groups to stop the use of hydrogen
fluoride was said by the sources to be the reason for Citgo's push
to get the alkylation unit back on line.  The report pointed out
that the company fears a regulator may stop a shut hydrogen
fluoride alkylation unit's return to operation.  Reuters recalled
that Citgo Petroleum's alkylation unit was shuttered following a
July 19 morning fire at refinery.

                        About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.


PETROLEOS DE VENEZUELA: SCOMI Group Wins RM15.3 Drilling Contract
-----------------------------------------------------------------
SCOMI Group Bhd has won a RM15.3 million contract to provide
drilling fluids in south Venezuela, Businesses Times reports.  The
report relates that the six-month deal is with Petroleos de
Venezuela, S.A.

According to the report under the contract, Scomi will provide its
own formulated oil-based drilling fluids, Confi-Drill as well a
specially-licensed water-based drilling fluid.  The work has
started this month.

“This is a much anticipated breakthrough for us. Leveraging on our
existing drilling waste management business, we have been
promoting and supplying our drilling fluids in the country since
2008,” the report quoted Steve Bracker, president of Scomi
Oiltools, a unit of Scomi, as saying.

Scomi Oiltools has been providing drilling waste management and
machine shop services in Venezuela since 1997 from four locations.

                            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


PETROLEOS DE VENEZUELA: Gets Positive Investor Response for Bonds
-----------------------------------------------------------------
Petroleos de Venezuela has positively assessed the rating of 2014,
2015 and 2016 Petrobonos made by the risk rating agency Fitch
Ratings as B+ and the quotation presented on October 21 by
Bloomberg of 63.4%, which means that the issue will be completed
successfully.

Therefore, PDVSA announced all potential investors that the terms
and conditions established in the Public Invitation to Bid for
2014, 2015 and 2016 Petrobonos, as well as those indicated in the
Prospect for this issue, have been ratified.

The Board of Directors of PDVSA is currently in the final stage of
selection of the allotment methodology, which shall be agreed upon
together with the authorities of the national government and the
Venezuelan Central Bank.

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

                           *     *     *

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

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


* VENEZUELA: President Chavez Plans to Cut Energy Use
-----------------------------------------------------
Venezuelan President Hugo Chavez said the government will create
the Ministry of Electrical Energy, Mariela Leon at El Universal
reports.  The report relates that Mr. Chavez said that the
implementation of a set of emergency measures aimed at reducing
the growing electric power demand in the country.

According to the report, Mr. Chavez approved a decree with
"stringent regulations" designed to curb high electricity
consumption in Venezuela.  The provision, the report notes, will
require government offices to reduce their consumption by 20%.

The president, the report notes, highlighted that the official
regulations include a ban on imports of electrical appliances and
equipments with high power consumption and the establishment of a
Strategic Committee that will be headed by Executive Vice
President Ramon Carrizalez.   The committee will be composed of
workers of the electricity industry, the report says.
The plan of "energy rationalization and saving instructs the
state's industrial park, state-run core industries, state-owned
Petroleos de Venezuela (Pdvsa) and its subsidiaries, to present in
15 working days a program to highly reduce their consumption of
energy, by prioritizing and ranking the activities they carry
out," the report quoted Mr. Chavez as saying.

                           *     *     *

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


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


* LATAM & Caribbean Recovering From Global Crisis, IMF Report Says
------------------------------------------------------------------
The global crisis had a substantial impact on the Latin American
and the Caribbean (LAC) region, but the worst is over for most
countries, and many economies have begun to recover, according to
the International Monetary Fund in its latest new Regional
Economic Outlook -- Western Hemisphere report.

The report, entitled Crisis Averted -- What’s Next?, looks at how
LAC is recovering from the global recession, which drove up the
cost of external financing for the region, and reduced exports,
remittances and tourism receipts.  Output for the region as a
whole, after contracting by about 21/2% this year, is expected to
recover with growth of about 3 percent in 2010.  “It is true that
Latin America fared much better during this crisis than in the
past,” said Nicolas Eyzaguirre, Director of the IMF’s Western
Hemisphere Department.  “The question, now that the worst of the
storm is behind us, is how to adjust policies to the new reality
of a more sluggish global economy and still provide conditions for
growth and poverty alleviation,” he added.

While the LAC region as a whole has done considerably better this
year than in past global crises and recessions—and better than
many economies in other regions—there are marked differences among
countries.  For the purpose of analyzing the regional outlook, the
report divides LAC countries in four groups:

   1) countries that are net exporters of commodities and have
      full access to financial markets (including Brazil, Chile,
      Colombia, Mexico and Peru);
   2) other commodity exporters;
   3) commodity importers that rely heavily on foreign tourism
      (mainly Caribbean countries); and
   4) other countries that are net importers of commodities
      (including many in Central America that rely on
      remittances from workers abroad).

Among these groups, the near-term outlook for commodity-exporting
countries is more favorable given the ongoing recovery of
commodity prices, while those economies that depend on income from
remittances and tourism are at some disadvantage, because those
flows are linked to employment conditions in the U.S. and other
advanced economies, which are likely to recover only slowly.

Amid this diverse landscape of country circumstances, policies in
the region will have to strike difficult balances, the report
said.  Better-prepared countries, which were able to apply
monetary and fiscal stimulus in the recent recession, will have to
consider when and how to proceed with the withdrawal of stimulus.
In general, countries should begin this withdrawal on the fiscal
rather than the monetary side, the report suggested.  Some
countries may start experiencing capital inflows, perhaps on a
scale that could become problematic.  This would speed up the need
to remove stimulus and is another reason for reversing fiscal
measures before monetary ones.  For other countries, the room for
stimulus has been almost depleted and should prudently be saved
for downside risk scenarios.  Countries with the least fiscal
policy room will need stronger efforts to rebalance expenditure to
protect vulnerable groups.

According to the report, looking forward, LAC countries will face
two key challenges. First, policies will need to adjust to a new
global reality of lower growth over the medium term, as a return
to pre-crisis growth rates is unlikely.  In this context, policies
will need to better prioritize public expenditures, provide
conditions for domestic growth, and reduce poverty.  Second, the
region will need to advance the reform agenda to improve further
its resilience and preparation for future shocks.  This should
include enhanced fiscal policy frameworks, greater exchange rate
flexibility where appropriate, and financial regulation and
supervision practices that incorporate the lessons learned from
the recent financial crises in other regions.  The benefits of
implementing sounder policies in these areas were confirmed by the
region’s relatively good performance amid this year’s global
turmoil, but considerable room for further improvement remains.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                        Total
                                        Total        Shareholders
                                        Assets         Equity
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------
CIA PETROLIFERA      1CPMON BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195.17     -3014291.72
GASCOIGNE EMPREE     1GASON BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF     1GASPN BZ        881202387.66    -501612577.9
NOVA AMERICA SA      1NOVON BZ            21287489   -183535527.21
NOVA AMERICA-PRF     1NOVPN BZ            21287489   -183535527.21
TRESSEM PART SA      1TSSON BZ       1060478942.97   -123550800.05
IMPSAT FIBER NET     330902Q GR          535007008       -17165000
MMX MINERACA-GDR     3M11 GR         1060478942.97   -123550800.05
TELECOMUNICA-ADR     81370Z BZ        219200060.46     -3774997.87
ARTHUR LANGE SA      ALICON BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF     ALICPN BZ         21333792.82    -16295577.05
ARTHUR LANG-RT C     ARLA1 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P     ARLA10 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD C     ARLA11 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD P     ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT P     ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANGE         ARLA3 BZ          21333792.82    -16295577.05
ARTHUR LANGE-PRF     ARLA4 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC C     ARLA9 BZ          21333792.82    -16295577.05
AZEVEDO              AZEV3 BZ          58171856.05     -4288079.64
AZEVEDO-PREF         AZEV4 BZ          58171856.05     -4288079.64
AZEVEDO E TRAVAS     AZEVON BZ         58171856.05     -4288079.64
AZEVEDO E TRA-PR     AZEVPN BZ         58171856.05     -4288079.64
B&D FOOD CORP        BDFC US              15779763         -588840
B&D FOOD CORP        BDFCE US             15779763         -588840
BALADARE             BLDR3 BZ         141215707.17    -12257915.87
BOMBRIL              BMBBF US         239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBBY US         239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBPY US         239716189.99   -242287717.11
BOMBRIL-RIGHTS       BOBR1 BZ         239716189.99   -242287717.11
BOMBRIL-RGTS PRE     BOBR2 BZ         239716189.99   -242287717.11
BOMBRIL              BOBR3 BZ         239716189.99   -242287717.11
BOMBRIL-PREF         BOBR4 BZ         239716189.99   -242287717.11
BOMBRIL CIRIO SA     BOBRON BZ        239716189.99   -242287717.11
BOMBRIL CIRIO-PF     BOBRPN BZ        239716189.99   -242287717.11
BUETTNER SA-RTS      BUET1 BZ          86940610.88    -37817234.67
BUETTNER SA-RT P     BUET2 BZ          86940610.88    -37817234.67
BUETTNER             BUET3 BZ          86940610.88    -37817234.67
BUETTNER-PREF        BUET4 BZ          86940610.88    -37817234.67
BUETTNER SA          BUETON BZ         86940610.88    -37817234.67
BUETTNER SA-PRF      BUETPN BZ         86940610.88    -37817234.67
SOC COMERCIAL PL     CAD IX           146090772.51    -255079026.8
SOC COMERCIAL PL     CADN EO          146090772.51    -255079026.8
SOC COMERCIAL PL     CADN SW          146090772.51    -255079026.8
CAF BRASILIA         CAFE3 BZ          18218224.29   -631269432.16
CAF BRASILIA-PRF     CAFE4 BZ          18218224.29   -631269432.16
CAMBUCI SA           CAMB3 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMB4 BZ          87269252.24    -22493566.05
CAMBUCI SA           CAMBON BZ         87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMBPN BZ         87269252.24    -22493566.05
TELEBRAS-PF RCPT     CBRZF US         219200060.46     -3774997.87
CHIARELLI SA         CCHI3 BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHI4 BZ          22274026.77    -44537138.21
CHIARELLI SA         CCHON BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHPN BZ          22274026.77    -44537138.21
TELMEX CORP SA       CHILESAT CI      432460542.94    -44559657.55
CHILESAT CO-RTS      CHISATOS CI      432460542.94    -44559657.55
SOC COMERCIAL PL     COME AR          146090772.51    -255079026.8
COMERCIAL PLA-BL     COMEB AR         146090772.51    -255079026.8
COMERCIAL PL-C/E     COMEC AR         146090772.51    -255079026.8
COMERCIAL PLAT-$     COMED AR         146090772.51    -255079026.8
TELMEX CORP-ADR      CSAOY US         432460542.94    -44559657.55
CAFE BRASILIA SA     CSBRON BZ         18218224.29   -631269432.16
CAFE BRASILIA-PR     CSBRPN BZ         18218224.29   -631269432.16
MARAMBAIA-PREF       CTMMF US          38740523.05      -671039.81
CTM CITRUS-ADR       CTMMY US          38740523.05      -671039.81
CTM CITRUS SA        CTMON BZ          38740523.05      -671039.81
CTM CITRUS-PREF      CTMPN BZ          38740523.05      -671039.81
CTM CITRUS-RCT C     CTP5 BZ           38740523.05      -671039.81
CTM CITRUS-RCT P     CTP6 BZ           38740523.05      -671039.81
CTM CITRUS-COM R     CTPC1 BZ          38740523.05      -671039.81
CTM CITRUS-RCT P     CTPC10 BZ         38740523.05      -671039.81
CTM CITRUS- PR R     CTPC2 BZ          38740523.05      -671039.81
MARAMBAIA            CTPC3 BZ          38740523.05      -671039.81
MARAMBAIA-PREF       CTPC4 BZ          38740523.05      -671039.81
CTM CITRUS-RCT C     CTPC9 BZ          38740523.05      -671039.81
SOC COMERCIAL PL     CVVIF US         146090772.51    -255079026.8
CAMBUCI SA-PREF      CXDOF US          87269252.24    -22493566.05
D H B                DHBI3 BZ         108241401.93   -350596880.48
D H B-PREF           DHBI4 BZ         108241401.93   -350596880.48
DHB IND E COM        DHBON BZ         108241401.93   -350596880.48
DHB IND E COM-PR     DHBPN BZ         108241401.93   -350596880.48
DOCAS SA-RTS PRF     DOCA2 BZ          88417960.92    -18059127.86
DOCA INVESTIMENT     DOCA3 BZ          88417960.92    -18059127.86
DOCA INVESTI-PFD     DOCA4 BZ          88417960.92    -18059127.86
DOCAS SA             DOCAON BZ         88417960.92    -18059127.86
DOCAS SA-PREF        DOCAPN BZ         88417960.92    -18059127.86
ACO ALTONA SA        EAAON BZ          80647079.55    -12603367.15
ACO ALTONA-PREF      EAAPN BZ          80647079.55    -12603367.15
ACO ALTONA           EALT3 BZ          80647079.55    -12603367.15
ACO ALTONA-PREF      EALT4 BZ          80647079.55    -12603367.15
ESTRELA SA           ESTR3 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF      ESTR4 BZ          61011893.59    -54580283.64
ESTRELA SA           ESTRON BZ         61011893.59    -54580283.64
ESTRELA SA-PREF      ESTRPN BZ         61011893.59    -54580283.64
FABRICA RENAUX       FRNXON BZ          61543317.9     -41332379.8
FABRICA RENAUX-P     FRNXPN BZ          61543317.9     -41332379.8
FABRICA TECID-RT     FTRX1 BZ           61543317.9     -41332379.8
FABRICA RENAUX       FTRX3 BZ           61543317.9     -41332379.8
FABRICA RENAUX-P     FTRX4 BZ           61543317.9     -41332379.8
TECEL S JOSE         FTSJON BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF     FTSJPN BZ         17924946.14    -18569451.23
CIMOB PARTIC SA      GAFON BZ          36817394.78    -33083086.54
CIMOB PARTIC SA      GAFP3 BZ          36817394.78    -33083086.54
CIMOB PART-PREF      GAFP4 BZ          36817394.78    -33083086.54
CIMOB PART-PREF      GAFPN BZ          36817394.78    -33083086.54
ALL MALHA PAULIS     GASC3 BZ         881202387.66    -501612577.9
ALL MALHA PAULIS     GASC3B BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF     GASC4 BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF     GASC4B BZ        881202387.66    -501612577.9
GAZOLA-RCPT PREF     GAZO10 BZ         12452143.07    -40298506.25
GAZOLA SA-DVD CM     GAZO11 BZ         12452143.07    -40298506.25
GAZOLA SA-DVD PF     GAZO12 BZ         12452143.07    -40298506.25
GAZOLA               GAZO3 BZ          12452143.07    -40298506.25
GAZOLA-PREF          GAZO4 BZ          12452143.07    -40298506.25
GAZOLA-RCPTS CMN     GAZO9 BZ          12452143.07    -40298506.25
GAZOLA SA            GAZON BZ          12452143.07    -40298506.25
GAZOLA SA-PREF       GAZPN BZ          12452143.07    -40298506.25
HAGA                 HAGA3 BZ          14321550.12    -58418359.49
FER HAGA-PREF        HAGA4 BZ          14321550.12    -58418359.49
FERRAGENS HAGA       HAGAON BZ         14321550.12    -58418359.49
FERRAGENS HAGA-P     HAGAPN BZ         14321550.12    -58418359.49
DOC IMBITUBA-RTC     IMBI1 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTP     IMBI2 BZ         105243414.69    -12993146.26
DOC IMBITUBA         IMBI3 BZ         105243414.69    -12993146.26
DOC IMBITUB-PREF     IMBI4 BZ         105243414.69    -12993146.26
DOCAS IMBITUBA       IMBION BZ        105243414.69    -12993146.26
DOCAS IMBITUB-PR     IMBIPN BZ        105243414.69    -12993146.26
IMPSAT FIBER-CED     IMPT AR             535007008       -17165000
IMPSAT FIBER-BLK     IMPTB AR            535007008       -17165000
IMPSAT FIBER-C/E     IMPTC AR            535007008       -17165000
IMPSAT FIBER-$US     IMPTD AR            535007008       -17165000
IMPSAT FIBER NET     IMPTQ US            535007008       -17165000
LATTENO FOOD COR     LATF US              15779763         -588840
PARMALAT             LCSA3 BZ         309941582.04   -122361607.12
PARMALAT-PREF        LCSA4 BZ         309941582.04   -122361607.12
PARMALAT BR-RT C     LCSA5 BZ         309941582.04   -122361607.12
PARMALAT BR-RT P     LCSA6 BZ         309941582.04   -122361607.12
PARMALAT BRASIL      LCSAON BZ        309941582.04   -122361607.12
PARMALAT BRAS-PF     LCSAPN BZ        309941582.04   -122361607.12
LAEP INVESTMENTS     LEAP LX          394093845.55    -11420162.73
PETRO MANGUINHOS     MANGON BZ         76852724.18   -212528966.16
PETRO MANGUIN-PF     MANGPN BZ         76852724.18   -212528966.16
LAEP-BDR             MILK11 BZ        394093845.55    -11420162.73
MMX MINERACAO        MMXCF US        1060478942.97   -123550800.05
MMX MINERACAO        MMXM3 BZ        1060478942.97   -123550800.05
MMX MINERACA-GDR     MMXMY US        1060478942.97   -123550800.05
MINUPAR              MNPR3 BZ          89611489.39    -20702110.72
MINUPAR-PREF         MNPR4 BZ          89611489.39    -20702110.72
MINUPAR SA           MNPRON BZ         89611489.39    -20702110.72
MINUPAR SA-PREF      MNPRPN BZ         89611489.39    -20702110.72
CIA PETROLIFERA      MRLM3 BZ         377602195.17     -3014291.72
CIA PETROLIFERA      MRLM3B BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ         377602195.17     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195.17     -3014291.72
WETZEL SA            MWELON BZ         69983432.56     -6279264.91
WETZEL SA-PREF       MWELPN BZ         69983432.56     -6279264.91
WETZEL SA            MWET3 BZ          69983432.56     -6279264.91
WETZEL SA-PREF       MWET4 BZ          69983432.56     -6279264.91
NORDON MET-RTS       NORD1 BZ           14029500.1    -17709728.15
NORDON MET           NORD3 BZ           14029500.1    -17709728.15
NORDON METAL         NORDON BZ          14029500.1    -17709728.15
NOVA AMERICA SA      NOVA3 BZ             21287489   -183535527.21
NOVA AMERICA SA      NOVA3B BZ            21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4 BZ             21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4B BZ            21287489   -183535527.21
NOVA AMERICA SA      NOVAON BZ            21287489   -183535527.21
NOVA AMERICA-PRF     NOVAPN BZ            21287489   -183535527.21
PARQUE TEM-DV CM     PQT5 BZ           58692385.42   -188832203.73
PARQUE TEM-DV PF     PQT6 BZ           58692385.42   -188832203.73
PARQUE TEM-RT CM     PQTM1 BZ          58692385.42   -188832203.73
PARQUE TEM-RCT P     PQTM10 BZ         58692385.42   -188832203.73
PARQUE TEM-RT PF     PQTM2 BZ          58692385.42   -188832203.73
HOPI HARI SA         PQTM3 BZ          58692385.42   -188832203.73
HOPI HARI-PREF       PQTM4 BZ          58692385.42   -188832203.73
PARQUE TEM-RCT C     PQTM9 BZ          58692385.42   -188832203.73
PROMAN               PRMN3 BZ          12167222.17      -207882.19
PROMAN               PRMN3B BZ         12167222.17      -207882.19
TELEBRAS-CEDE BL     RCT4B AR         219200060.46     -3774997.87
TELEBRAS-CED C/E     RCT4C AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $     RCT4D AR         219200060.46     -3774997.87
TELEBRAS-RTS CMN     RCTB1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF     RCTB2 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB30 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB31 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB32 BZ        219200060.46     -3774997.87
TELEBRAS-RCT         RCTB33 BZ        219200060.46     -3774997.87
TELEBRAS-CEDE PF     RCTB4 AR         219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB42 BZ        219200060.46     -3774997.87
RIMET                REEM3 BZ          63757621.65   -107162239.91
RIMET-PREF           REEM4 BZ          63757621.65   -107162239.91
RIMET                REEMON BZ         63757621.65   -107162239.91
RIMET-PREF           REEMPN BZ         63757621.65   -107162239.91
REII INC             REIC US              15779763         -588840
TEXTEIS RENAUX       RENXON BZ         50909736.38    -79601048.99
TEXTEIS RENAUX       RENXPN BZ         50909736.38    -79601048.99
PET MANG-RIGHTS      RPMG1 BZ          76852724.18   -212528966.16
PET MANG-RECEIPT     RPMG10 BZ         76852724.18   -212528966.16
PET MANG-RIGHTS      RPMG2 BZ          76852724.18   -212528966.16
PETRO MANGUINHOS     RPMG3 BZ          76852724.18   -212528966.16
PET MANGUINH-PRF     RPMG4 BZ          76852724.18   -212528966.16
PET MANG-RECEIPT     RPMG9 BZ          76852724.18   -212528966.16
RIOSULENSE SA        RSUL3 BZ          56866478.19     -9053574.99
RIOSULENSE SA-PR     RSUL4 BZ          56866478.19     -9053574.99
RIOSULENSE SA        RSULON BZ         56866478.19     -9053574.99
RIOSULENSE SA-PR     RSULPN BZ         56866478.19     -9053574.99
TELEBRAS-ADR         RTB US           219200060.46     -3774997.87
SOC COMERCIAL PL     SCDPF US         146090772.51    -255079026.8
SCHLOSSER SA         SCHON BZ          10818026.01    -65846678.92
SCHLOSSER SA-PRF     SCHPN BZ          10818026.01    -65846678.92
SCHLOSSER            SCLO3 BZ          10818026.01    -65846678.92
SCHLOSSER-PREF       SCLO4 BZ          10818026.01    -65846678.92
COMERCIAL PL-ADR     SCPDS LI         146090772.51    -255079026.8
SNIAFA SA-B          SDAGF US          11489328.24      -840226.12
TECEL S JOSE         SJOS3 BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF     SJOS4 BZ          17924946.14    -18569451.23
SNIAFA SA            SNIA AR           11489328.24      -840226.12
SNIAFA SA-B          SNIA5 AR          11489328.24      -840226.12
SANESALTO            SNST3 BZ          24569561.13      -754460.51
SANSUY               SNSY3 BZ         100279114.92    -45812488.77
SANSUY-PREF A        SNSY5 BZ         100279114.92    -45812488.77
SANSUY-PREF B        SNSY6 BZ         100279114.92    -45812488.77
SANSUY SA-PREF A     SNSYAN BZ        100279114.92    -45812488.77
SANSUY SA-PREF B     SNSYBN BZ        100279114.92    -45812488.77
SANSUY SA            SNSYON BZ        100279114.92    -45812488.77
STAROUP SA           STARON BZ         31385624.73     -9890708.41
STAROUP SA-PREF      STARPN BZ         31385624.73     -9890708.41
BOTUCATU TEXTIL      STRP3 BZ          31385624.73     -9890708.41
BOTUCATU-PREF        STRP4 BZ          31385624.73     -9890708.41
TELEBRAS-PF RCPT     TBAPF US         219200060.46     -3774997.87
TELEBRAS-ADR         TBAPY US         219200060.46     -3774997.87
TELEBRAS SA          TBASF US         219200060.46     -3774997.87
TELEBRAS-ADR         TBASY US         219200060.46     -3774997.87
TELEBRAS-ADR         TBH US           219200060.46     -3774997.87
TELEBRAS/W-I-ADR     TBH-W US         219200060.46     -3774997.87
TELEBRAS-ADR         TBRAY GR         219200060.46     -3774997.87
TELEBRAS-CM RCPT     TBRTF US         219200060.46     -3774997.87
TELEBRAS-ADR         TBX GR           219200060.46     -3774997.87
TELEBRAS-RTS CMN     TCLP1 BZ         219200060.46     -3774997.87
TEKA                 TEKA3 BZ         219773260.95   -306726075.74
TEKA-PREF            TEKA4 BZ         219773260.95   -306726075.74
TEKA                 TEKAON BZ        219773260.95   -306726075.74
TEKA-PREF            TEKAPN BZ        219773260.95   -306726075.74
TEKA-ADR             TEKAY US         219773260.95   -306726075.74
TELEBRAS-CED C/E     TEL4C AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $     TEL4D AR         219200060.46     -3774997.87
TELEBRAS-COM RT      TELB1 BZ         219200060.46     -3774997.87
TELEBRAS-RCT PRF     TELB10 BZ        219200060.46     -3774997.87
TELEBRAS SA          TELB3 BZ         219200060.46     -3774997.87
TELEBRAS-BLOCK       TELB30 BZ        219200060.46     -3774997.87
TELEBRAS SA-PREF     TELB4 BZ         219200060.46     -3774997.87
TELEBRAS-CEDE PF     TELB4 AR         219200060.46     -3774997.87
TELEBRAS-PF BLCK     TELB40 BZ        219200060.46     -3774997.87
TELEBRAS SA-RT       TELB9 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT     TELE31 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     TELE41 BZ        219200060.46     -3774997.87
CHILESAT CORP SA     TELEX CI         432460542.94    -44559657.55
TELEX-A              TELEXA CI        432460542.94    -44559657.55
TELEX-RTS            TELEXO CI        432460542.94    -44559657.55
TEKA-PREF            TKTPF US         219773260.95   -306726075.74
TEKA-ADR             TKTPY US         219773260.95   -306726075.74
TEKA                 TKTQF US         219773260.95   -306726075.74
TEKA-ADR             TKTQY US         219773260.95   -306726075.74
CHILESAT CO-ADR      TL US            432460542.94    -44559657.55
TELEBRAS SA          TLBRON BZ        219200060.46     -3774997.87
TELEBRAS SA-PREF     TLBRPN BZ        219200060.46     -3774997.87
TELEBRAS-RECEIPT     TLBRUO BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     TLBRUP BZ        219200060.46     -3774997.87
TELEBRAS-RTS PRF     TLCP2 BZ         219200060.46     -3774997.87
MMX MINERACAO        TRES3 BZ        1060478942.97   -123550800.05
TEXTEIS RENAU-RT     TXRX1 BZ          50909736.38    -79601048.99
TEXTEIS RENA-RCT     TXRX10 BZ         50909736.38    -79601048.99
TEXTEIS RENAU-RT     TXRX2 BZ          50909736.38    -79601048.99
RENAUXVIEW SA        TXRX3 BZ          50909736.38    -79601048.99
RENAUXVIEW SA-PF     TXRX4 BZ          50909736.38    -79601048.99
TEXTEIS RENA-RCT     TXRX9 BZ          50909736.38    -79601048.99
VARIG SA             VAGV3 BZ         966298025.55  -4695211316.33
VARIG SA-PREF        VAGV4 BZ         966298025.55  -4695211316.33
VARIG SA             VARGON BZ        966298025.55  -4695211316.33
VARIG SA-PREF        VARGPN BZ        966298025.55  -4695211316.33
VARIG PART EM SE     VPSC3 BZ         101177852.25   -318442006.32
VARIG PART EM-PR     VPSC4 BZ         101177852.25   -318442006.32
VARIG PART EM TR     VPTA3 BZ          49432124.18   -399290425.77
VARIG PART EM-PR     VPTA4 BZ          49432124.18   -399290425.77
FER C ATL-RCT PF     VSPT10 BZ       1050516250.26     -47197918.4
FERROVIA CEN-DVD     VSPT11 BZ       1050516250.26     -47197918.4
FERROVIA CEN-DVD     VSPT12 BZ       1050516250.26     -47197918.4
FER C ATLANT         VSPT3 BZ        1050516250.26     -47197918.4
FER C ATLANT-PRF     VSPT4 BZ        1050516250.26     -47197918.4
FER C ATL-RCT CM     VSPT9 BZ        1050516250.26     -47197918.4
WIEST                WISA3 BZ          39838113.86    -93371563.06
WIEST-PREF           WISA4 BZ          39838113.86    -93371563.06
WIEST SA             WISAON BZ         39838113.86    -93371563.06
WIEST SA-PREF        WISAPN BZ         39838113.86    -93371563.06
IMPSAT FIBER NET     XIMPT SM            535007008       -17165000
MMX MINERACA-GDR     XMM CN          1060478942.97   -123550800.05


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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