TCRLA_Public/091029.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

           Thursday, October 29, 2009, Vol. 10, No. 214

                            Headlines

A R G E N T I N A

FADIP FABRICA: Trustee Verifying Proofs of Claim Until November 23
FELICIDAD SA: Trustee Verifying Proofs of Claim Until December 28
INTERWORK SA: Trustee Verifying Proofs of Claim Until December 1
TELEFONICA DE ARGENTINA: Tender Offer Won't Move Moody's B2 Rating


B E R M U D A

CENTRAL EUROPEAN: 3Q Net Revenues Drop 33% to US$134.5 Million
PROTOSTAR LTD: Auction Moved Back Again to December 15


B R A Z I L

GRUPO TMM: Says Deal to Refinance Debt Now in Final Stages
MARFRIG ALIMENTOS: To Give Share Offer Pricing Guidance This Week
MARFRIG ALIMENTOS: Revises Downward 2009 Guidance
TAM SA: Technological Condominium to Receive Goodrich Unit


C A Y M A N  I S L A N D S

CAITLYN LTD: Members' Final Meeting Set for December 17
CANTILLON PACIFIC: Shareholders' Final Meeting Set for October 30
DELTA 2: Members' Final Meeting Set for December 17
ENERGY CAPITAL: Members Receive Wind-Up Report
GLOBALVEST MANAGEMENT: Members Receive Wind-Up Report

FIDUCIA STRATEGY: Members' Final Meeting Set for October 30
HENDERSON UK: Members' Final Meeting Set for November 6
HENDERSON UK: Members' Final Meeting Set for November 6
JMBO FUND: Shareholder to Receive Wind-Up Report Today
LATINVEST FUND: Members' Final Meeting Set for November 17

LATINVEST PARTNERS: Members' Final Meeting Set for November 17
MPI LIMITED: Members' Final Meeting Set for October 30
PROGRESS CORPORATION: Shareholder Receives Wind-Up Report
RAPTOR INTERNATIONAL: Members' Final Meeting Set for October 30
RELIABLE CAPITAL: Members' Final Meeting Set for October 30

SALTBUSH FUNDS: Shareholders' Final Meeting Set for October 30
TIDEWATER CAPITAL: Members' Final Meeting Set for October 30
TRIANGLE INVESTMENTS: Members' Final Meeting Set for October 30
UTILITIVEST II: Members' Final Meeting Set for November 17
UTILITIVEST III: Members' Final Meeting Set for November 17


C O L O M B I A

ECOPETROL SA: Pooled Portfolios Outside of Responsibility


E C U A D O R

ECOPETROL SA: Pacific Rubiales Posts Update at Quifa Block


J A M A I C A

CABLE & WIRELESS: LIME Sues Digicel Over Call Charges
DIGICEL GROUP: Gets Class Action Lawsuit From LIME
JAMAICA PUBLIC SERVICE: Accepts OUR's Decision on Compensation


M E X I C O

AXTEL SAB: Records Ps.2,732 Million in Third Quarter
CEMEX SAB: Net Sales Drops 27% to US$4.2 Billion
CORPORACION GEO: Third Quarter Net Profit Up 4.5% to MXN405.8MM


P E R U

DOE RUN PERU: Gov't Mulls No Tariff on Lead Amid Smelter Shutdown


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

DELLIS CAY: Hotel Project in Receivership


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Sign Refinery Deal With Petrobras


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


FADIP FABRICA: Trustee Verifying Proofs of Claim Until November 23
------------------------------------------------------------------
The court-appointed trustee for F.A.D.I.P. Fabrica Argentina de
Instrumentos de Precision S.A.'s bankruptcy proceedings will be
verifying creditors' proofs of claim until November 23, 2009.


FELICIDAD SA: Trustee Verifying Proofs of Claim Until December 28
-----------------------------------------------------------------
The court-appointed trustee for Felicidad S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 28, 2009.


INTERWORK SA: Trustee Verifying Proofs of Claim Until December 1
----------------------------------------------------------------
The court-appointed trustee for Interwork S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 1, 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.


TELEFONICA DE ARGENTINA: Tender Offer Won't Move Moody's B2 Rating
------------------------------------------------------------------
Moody's Latin America announced that Telefonica de Argentina's B2
foreign currency senior unsecured bond rating and Aa3.ar Argentina
national scale rating remain unchanged after Telefonica de
Argentina concluded a tender offer to repurchase up to about
US$73 million (in pesos and dollars), out of its total debt of
about US$330 million in bonds at nominal value plus a premium on
October 22, 2009.  Telefonica de Argentina's ratings remain
constrained by Argentina's B2 foreign currency country ceiling.

Telefonica de Argentina's credit profile continues to be
underpinned by its leading market position, recognized brand name,
strong operating cash flow of over US$440 million and low leverage
of 0.7 times adjusted debt/EBITDA in the last twelve months ended
in June 30, 2009, from its relatively stable operations in the
Argentine telecom market.  In addition, the ratings incorporate
Moody's expectation that TASA will continue to be successful in
operating in an increasingly competitive environment, mainly in
the internet business, and that this will be reflected in its cash
generation and liquidity financial metrics.

The ratings are constrained by Argentina's B2 country ceiling
because Telefonica de Argentina does not have dollar-denominated
export revenues or other independent sources of foreign currency.
The company has $196 million of dollar denominated debt coming due
in 2010 and $135 million in 201 and is subject to risks related to
convertibility of the Argentine Peso to honor these payments.

Telefonica de Argentina is 98% owned by Telefonica S.A. (Spain).
While Moody's believes that Telefonica de Argentina's operations
will continue to be of strategic importance to Telefonica S.A.,
Moody's do not incorporate any parent company support into the
current ratings.

Headquartered in Buenos Aires, Argentina, Telefonica de Argentina
is the largest incumbent telephone service provider.  Reported
total revenues as of last twelve months ended June 30 2009,
amounted to ARS5.2 billion (US$1.5 billion using the average LTM
exchange rate).


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


CENTRAL EUROPEAN: 3Q Net Revenues Drop 33% to US$134.5 Million
--------------------------------------------------------------
Central European Media Enterprises Ltd. posted financial results
for the three months and nine months ended September 30, 2009.

Net revenues for the third quarter of 2009 were US$134.5 million,
a decrease of 33% compared to the third quarter of 2008. Operating
income for the quarter decreased US$40.6 million to a loss of
US$33.5 million.  Net income from continuing operations decreased
US$5.7 million to a loss of US$24.3 million, and fully diluted
loss per share decreased by US$0.10 to a loss of US$0.35.

Net revenues for the nine months ended September 30, 2009 were
US$461.9 million, a decrease of 37% compared to the nine months
ended September 30, 2008.  Operating income for nine months ended
September 30, 2009 decreased US$257.6 million to a loss of
US$106.2 million. Net income from continuing operations decreased
US$111.5 million to a loss of US$48.9 million, and fully diluted
income per share decreased by US$2.18 to a loss of US$0.81.

Adrian Sarbu, President and Chief Executive Officer of CME,
commented: "This is the fourth quarter of decline in our
advertising markets.  TV ad spending reset 30% lower than in 2008.
We believe the markets have reached the bottom.  This is
a new starting point.  The macroeconomic prospects for 2010 have
improved and we expect advertising spending to follow.  Our
priority for 2010 is to convert our high audience and market share
into higher revenues while managing costs rigorously.  We believe
in our ability to outperform the markets."

               Results for the Three Months Ended
                      September 30, 2009

Net revenues for the three months ended September 30, 2009
decreased by 33% to US$134.5 million from US$200.6 million for the
three months ended September 30, 2008. Operating loss for the
quarter was US$33.5 million compared to an operating income of
US$7.2 million for the three months ended September 30, 2008.  Net
loss attributable to the shareholders of CME for the quarter was
US$21.6 million compared to US$19.3 million for the three months
ended September 30, 2008.  Fully diluted loss per share for the
three months ended September 30, 2009 decreased US$0.10 to a loss
of US$0.35.

EBITDA for the three months ended September 30, 2009 decreased to
a loss of US$14.4 million from positive EBITDA of US$31.6 million
in the three months ended September 30, 2008.  EBITDA margin for
the three months ended September 30, 2009 was -11% compared to
+16% in the three months ended September 30, 2008.

Headline results for the three months ended September 30, 2009
and 2008 were:

  ---------------------------------------------------------------
                                 RESULTS (Unaudited)
  ---------------------------------------------------------------
                   For the Three Months Ended September 30, 2009
                                     (US$000's)
  ---------------------------------------------------------------
                        2009      2008   US$ change    % change
                     --------------------------------------------
  Net revenues       US$134,482  US$200,601  US$(66,119)    (33)%
  ---------------------------------------------------------------
  EBITDA             US$(14,354)  US$31,556  US$(45,910)   (145)%
  ---------------------------------------------------------------
  Operating (loss)   US$(33,450)   US$7,155  US$(40,605)    Nm(1)
    / income
  ---------------------------------------------------------------
  Net loss           US$(21,550) US$(19,330)  US$(2,220)    (11)%
    attributable
    to CME
  ---------------------------------------------------------------
  Fully diluted      US$  (0.35)   US$(0.45)   US$(0.10)    (22)%
    loss per share
  ---------------------------------------------------------------

               Results for the Nine Months Ended
                     September 30, 2009

Net revenues for the nine months ended September 30, 2009
decreased by 37% to US$461.9 million from US$728.4 million for the
nine months ended September 30, 2008.  Operating loss for the
period was US$106.2 million compared to operating income of
US$151.4 million for the nine months ended September 30, 2008.
Net loss attributable to the shareholders of CME for the period
was US$41.9 million compared to net income of US$58.6 million for
the nine months ended September 30, 2008.  Fully diluted loss per
share for the nine months ended September 30, 2009 was US$0.81, a
decrease ofUS$2.18 compared to the nine months ended September 30,
2008.

EBITDA for the nine months ended September 30, 2009 decreased to
US$30.8 million from US$217.1 million in the nine months ended
September 30, 2008.  EBITDA margin for the nine months ended
September 30, 2009 was 7% compared to 30% in the nine months ended
September 30, 2008.

Headline results for the nine months ended September 30, 2009
and 2008 were:

----------------------------------------------------------------
                                   RESULTS (Unaudited)
----------------------------------------------------------------
                        For the Nine Months Ended September 30,
                                      (USUS$000's)
----------------------------------------------------------------
                          2009       2008    US$ change  % change
----------------------------------------------------------------
Net revenues       US$461,888   US$728,433  US$(266,545)   (37)%
----------------------------------------------------------------
EBITDA              US$30,777   US$217,120  US$(186,343)   (86)%
----------------------------------------------------------------
Operating (loss)   US$(106,229) US$151,372  US$(257,601)  (170)%
   / income
----------------------------------------------------------------
Net (loss) /
  income
  attributable
  to CME             US$(41,907)  US$58,581  US$(100,488)  (172)%
----------------------------------------------------------------
Fully diluted
  (loss) /income
  per share           US$(0.81)   US$1.37    US$ (2.18)    (159)%
----------------------------------------------------------------

                         Segment Results

The company evaluated the performance of its operations based on
net revenues and EBITDA.  The company's net revenues, consolidated
EBITDA and EBITDA margin for the three months ended September 30,
2009 and 2008 were:

-----------------------------------------------------------------
                            SEGMENT RESULTS (Unaudited)
-----------------------------------------------------------------
                        For the Three Months Ended September 30,
                                       (USUS$000's)
-----------------------------------------------------------------
                         2009       2008    US$ change   % change
-----------------------------------------------------------------
Net revenues -
  broadcast
  operations           US$132,148   US$198,426  US$(66,278)  (33)%
-----------------------------------------------------------------
Net revenues -
  non-broadcast
  operations               2,334         2,175         159     7%
-----------------------------------------------------------------
Net revenues         US$134,482    US$200,601  US$(66,119)  (33)%
-----------------------------------------------------------------
EBITDA - broadcast
  operations           US$(3,342)    US$46,018  US$(49,360) (107)%
-----------------------------------------------------------------
EBITDA -
  non-broadcast
  operations              (3,903)      (2,790)      (1,113)  (40)%
-----------------------------------------------------------------
EBITDA - Corporate       (7,109)     (11,672)       4,563    39%
-----------------------------------------------------------------
Consolidated EBITDA  US$(14,354)   US$31,556   US$(45,910) (145)%
-----------------------------------------------------------------
EBITDA Margin               (11)%        16%
-----------------------------------------------------------------

Company net revenues, Consolidated EBITDA and EBITDA margin for the nine months
ended September 30, 2009 and 2008 were:

----------------------------------------------------------------
                             SEGMENT RESULTS (Unaudited)
----------------------------------------------------------------
                      For the Nine Months Ended September 30,
                                             (USUS$000's)
----------------------------------------------------------------
                          2009       2008    US$ change   % hange
----------------------------------------------------------------
Net revenues -
  broadcast
  operations           US$ 455,347 US$ 721,505 US$(266,158)  (37)%
----------------------------------------------------------------
Net revenues -
  non-broadcast
  operations                6,541       6,928         (387)   (6)%
----------------------------------------------------------------
Net revenues          US$461,888  US$728,433  US$(266,545)  (37)%
----------------------------------------------------------------
EBITDA - broadcast
  operations           US$  61,892 US$ 258,251 US$(196,359)  (76)%
----------------------------------------------------------------
EBITDA -
  non-broadcast
  operations               (6,939)      (6,160)       (779)   (13)%
----------------------------------------------------------------
EBITDA - Corporate       (24,176)     (34,971)      10,795    31%
----------------------------------------------------------------
Consolidated EBITDA     US$30,777  US$217,120  US$(186,343)  (86)%
----------------------------------------------------------------
EBITDA Margin                  7%        30%
----------------------------------------------------------------

                      About Central European

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

                           *     *     *

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


PROTOSTAR LTD: Auction Moved Back Again to December 15
------------------------------------------------------
ProtoStar Ltd. has delayed the auction for its business by more
than six weeks, rescheduling the auction to December 15 and the
deadline for bids to December 9.  A hearing to consider the
results of the auction is now scheduled for December 18.

The auction was delayed in light of a document filed by the
Official Committee of Unsecured creditors alleging that secured
lenders The Bank of New York Mellon and Wells Fargo & Co., have
failed to prove that their liens for a US$10 million working
capital loan and US$183 million in 12.5 percent and 18 percent
secured notes have priority over other claims.  The previously
approved auction results allow the lenders to submit a credit bid
for Protostar's assets.  If the Creditors Committee wins a ruling
in its favor, the lenders would have to pay cash for the assets.

                         Chapter 11 Plan

ProtoStar Ltd. and its debtor-affiliates delivered to the
U.S. Bankruptcy Court for the District of Delaware a disclosure
statement with respect to their joint Chapter 11 plan of
reorganization, which is premised upon the receipt and
distribution of sales proceeds from the auctions of satellites.

All claimholders, other than holders of priority non-tax claims,
equity interest and intercompany claims, are allowed to vote for
the plan.  The Debtors' plan did not indicate how much each of the
holders is expected to recover from its allowed claim.

A full-text copy of the Debtors' disclosure statement is available
for free at http://ResearchArchives.com/t/s?4635

A full-text copy of the Debtors' Chapter 11 plan is available for
free at http://researcharchives.com/t/s?4636

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.

The Bankruptcy Court has set October 14, 2010, as the general
claims bar date.  Proofs of claim by governmental units are due
January 25, 2010.

Meanwhile the Bankruptcy Court entered an order authorizing the
debtors to hire UBS Securities LLC as investment banker and
financial advisor.


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


GRUPO TMM: Says Deal to Refinance Debt Now in Final Stages
----------------------------------------------------------
Jose F. Serrano, chairman and chief executive officer of Grupo
TMM, S.A.B., disclosed that the Company continues "to work on the
restructuring of our dollar denominated debt and sale of our non-
strategic and non-productive assets and operations.  While we
would have hoped to have these actions completed by today, global
credit markets, the Mexican economy and Mexican regulations have
made these dealings very complex and time consuming.

"I want to assure our shareholders that we are now in the final
stages to reach an agreement to refinance this debt, which is
necessary for TMM's renewed growth and improved shareholder
returns.  Completing these transactions will allow us to de-lever
the Company, ease our financial costs, increase our financial
flexibility and focus all of our efforts going forward on
improving TMM's operating profit to become free cash flow positive
in 2010, positioning the Company for long-term growth and
profitability."

Grupo TMM has released its financial results for the third quarter
and first nine months of 2009.

Mr. Serrano said, "In the 2009 third quarter, weak economic
conditions continued to negatively impact revenues at each of our
business units.  However, operating profit, operating margins and
EBITDA in the third quarter and first nine months of 2009 exceeded
last years' results.

"Consolidated revenues decreased 21.8 percent in the 2009 third
quarter and 16.3 percent in the 2009 nine-month period compared to
the same periods of last year.  Notwithstanding these revenue
decreases, consolidated operating profit in the 2009 third quarter
improved to US$3.8 million compared to an operating loss of US$0.9
million in the same period last year, and improved to US$14.8
million in the 2009 nine-month period compared to US$11.0 million
in the 2008 nine-month period.  These improvements were mainly due
to lower costs and expenses and to improved profits at Maritime in
the 2009 periods compared to the 2008 periods."

Mr. Serrano continued, "In the 2009 third quarter, corporate
expenses decreased 34.4 percent, or US$2.1 million, and in the
first nine months of 2009, decreased 22.5 percent, or US$3.3
million, both compared to the same respective periods of last
year.  The ratio of corporate expenses to total revenue declined
to 5.4 percent in the 2009 third quarter and to 5.0 percent in the
2009 nine-month period.

"Consolidated EBITDA grew year-over-year, up 119.2 percent from
US$7.8 million in the 2008 third quarter to US$17.1 million in the
2009 third quarter.  Consolidated EBITDA increased 42.0 percent,
from US$36.9 million in the 2008 period to US$52.4 million, in the
2009 period.

"At Maritime, third-quarter 2009 revenues fell 6.5 percent
compared to third-quarter 2008, mainly due to a decrease in
product tanker revenue days and to fewer vessels in operation.
For the nine-month period of 2009 compared to the same period of
2008, Maritime revenues remained stable at US$151 million.

"However, Maritime operating profit and margins increased in both
2009 periods compared to last year.  In the 2009 third quarter,
operating profit improved 40.8 percent to US$14.5 million, and in
the 2009 nine-month period, increased 21.9 percent to US$40.6
million, mainly due to improvements at our offshore segment as a
result of more vessels in operation and to higher average daily
rates when compared to 2008.

"We continue to enhance our vessel utilization and productivity at
our Maritime division, as we have recently closed four new long-
term contracts.  One product tanker and one new offshore vessel
each began five-year contracts in mid-August, contributing to 2009
third-quarter results.  Additionally, one new offshore vessel
began a five-year contract this month, and another vessel will
begin a five-year contract in early November, both of which will
contribute to our results in the fourth quarter."

Mr. Serrano continued, "In the first nine months of 2009, lower
automobile production, decreasing total trade and negative
economic indexes in Mexico and abroad have negatively impacted
TMM's Ports and Logistics divisions' revenue and operations.  Port
revenue and operating profit decreased in the 2009 periods
compared to the 2008 periods mainly due to reduced auto exports
and fewer cruise ship calls in the Port of Acapulco.  At
Logistics, trucking, auto hauling and warehousing were negatively
affected period over period by reduced volumes as a result of
lower demand for consumer goods, retail and auto parts.  Logistics
revenue was also impacted by the depreciation of the peso versus
the dollar in 2009 compared to 2008.

"Net financial costs in the 2009 periods were partially offset by
peso depreciation versus the dollar, as we recorded a net exchange
gain of US$18.0 million in the third quarter, which in turn
reduced the net exchange loss for the first nine months of 2009 to
US$7.4 million."

                      About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2009, Grant Thornton, S.C., in Mexico City raised
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial report for
the years ended December 31, 2006, 2007, and 2008.  The auditors
pointed to the Company's sustained substantial losses from
continuing operations during the past five years.  The auditors
add that substantial doubt exists as to its continuation as a
going concern.  Continuation is dependent upon the success of
future operations and obtaining additional financing, the auditor
said.


MARFRIG ALIMENTOS: To Give Share Offer Pricing Guidance This Week
-----------------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) will file pricing and other details of its
upcoming primary offering of shares at some point this week,
Alastair Stewart at Dow Jones Newswires reports, citing company
director of investor relations Ricardo Florenceg.

According to the report, the company still hasn't set a date for
the offer or the volume of shares to be sold via the operation,
which still must be approved by Brazilian securities regulators.

Banco Bradesco BBI, Banco Santander, BB Investimentos, Credit
Suisse and Banco Itau BBA were hired to coordinate the operation.

                   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.


MARFRIG ALIMENTOS: Revises Downward 2009 Guidance
-------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) has revised downward its 2009 revenue and
earnings guidance due to the appreciation of the Brazilian real
against the U.S. dollar, Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.

According to the report, the company expects to post net revenue
of BRL10 billion (US$5.78 billion) this year, from the BRL10.5
billion previously expected.  The report relates that Marfrig
Alimentos expects Ebitda of about BRL1 billion for the year, down
from BRL1.2 billion previously expected.

Dow Jones Newswires notes that the downward revision was prompted
by the appreciation of the local currency, which causes a decline
in export revenues.  The company's current guidance is based on an
average exchange rate of BRL1.80 per dollar, the report says.

So far this year, Dow Jones Newswires notes, the Brazilian real
has appreciated by around 35% versus the dollar.  It currently
trades at about BRL1.72 to the dollar, the report adds.

For 2010, Dow Jones Newswires relates, Marfrig is expecting to
post net revenue of between BRL16.5 billion and BRL18 billion; and
an Ebitda forecast of between BRL1.4 billion and BRL1.8 billion
next year.

As reported in the Troubled Company Reporter-Latin America on
October 27, 2009, Marfrig Alimentos posted 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).  The
company's EBITDA is 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.

                     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: Technological Condominium to Receive Goodrich Unit
----------------------------------------------------------
TAM SA's Technological Condominium at Sao Carlos, in the interior
of the State of Sao Paulo, disclosed the start of operations of
Goodrich do Brasil, the first international company to be
installed in an area already partially occupied by TAM's
Technological Center, which is a business unit of MRO
(Maintenance, Repair and Overhaul), and by the TAM Museum.  The
Goodrich Corporation is a worldwide supplier of systems and
services for aerospace, defense and homeland security markets.
The unit operating at Sao Carlos will be providing services to TAM
itself, as well as to other airlines.

"The installation of Goodrich at our Technological Condominium
represents an important step towards increasing our
competitiveness in terms of maintenance costs.  We are certain
that the synergy created by this integration of the supply chain
will bring benefits both for TAM as well as for the other
companies that will be starting up operations at the aeronautical
complex," declared TAM's Vice President for MRO, Ruy Amparo.

Bob Gustafson, vice president and general manager of aftermarket
services for Goodrich Aerostructures, said: "Goodrich do Brasil is
a clear demonstration of our commitment to serving customers with
speed and ease.  We announced our intent to establish a MRO
facility in Brazil back in 2007 as part of a service agreement
with TAM, and we see great long-term growth potential in the Latin
American and Caribbean market."

The Technological Condominium is anticipating the installation
of companies in 22 lots of 18,000 square meters each, within the
TAM complex at Sao Carlos, which occupies a total area of 4.6
million square meters.  The occupants of the facility will
operate independently, but will be sharing all of the local
infrastructure, including services for security, cleaning, food,
runways and hangars for aircraft, as well as technical services
such as painting, electroplating and the machine shop, among
others, with the observance of best practices for environmental
preservation.

The accommodation of new occupants will be carried out in
accordance with the strategic project guidelines of the facility,
whose focus is on giving priority to companies that have synergies
with TAM's productive chain, or that have a strong connection to
the aeronautical sector.

                      Technological Center

TAM's Technological Center at Sao Carlos is certified by the
aviation authorities of the United States (the Federal Aviation
Administration - FAA), Europe (the European Aviation Safety Agency
- EASA), Brazil (Agencia Nacional de Aviacao Civil - ANAC) and a
number of countries in South America, to perform all major
scheduled maintenance, except on engines, on Airbus
A318/A319/A320/A321 and A330 aircraft, along with the Boeing B767,
both for its own fleet and those of others, as well as Fokker-100
planes.

Since January 2007, TAM SA has held IOSA certification (IATA
Operational Safety Audit), the most complete and accepted
international attestation of operational safety.  The IOSA audit
encompasses more than 950 requirements in an airline's eight
operational areas, including aircraft engineering and maintenance,
among others.

Since its inauguration in 2001, TAM's complex at Sao Carlos has
already received more than R$200 million in investments.  In
addition to its maintenance hangars, the complex houses workshops
for carrying out maintenance on more than 3,000 aircraft
components, from navigational computer systems to landing gear.

                           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
==========================


CAITLYN LTD: Members' Final Meeting Set for December 17
-------------------------------------------------------
The members of Caitlyn Ltd. will hold their final meeting on
December 17, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

Russell Smith is the company's liquidator.


CANTILLON PACIFIC: Shareholders' Final Meeting Set for October 30
-----------------------------------------------------------------
The shareholders of Cantillon Pacific Ltd. will hold their final
meeting on October 30, 2009, at 11:45 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


DELTA 2: Members' Final Meeting Set for December 17
---------------------------------------------------
The members of Delta 2 Limited will hold their final meeting on
December 17, 2009, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

Russell Smith is the company's liquidator.


ENERGY CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
On October 28, 2009, the members of Energy Capital Management Ltd.
received 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


GLOBALVEST MANAGEMENT: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Globalvest Management Company Ltd received on
October 20, 2009, 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 Carolyn Wilson
          Telephone: (345) 914-8623
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


FIDUCIA STRATEGY: Members' Final Meeting Set for October 30
-----------------------------------------------------------
The members of Fiducia Strategy Fund will hold their final meeting
on October 30, 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:

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


HENDERSON UK: Members' Final Meeting Set for November 6
-------------------------------------------------------
The members of Henderson UK Fundamental Long/Short Fund Limited
will hold their final meeting on November 6, 2009, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Miguel Brown
          Telephone: (345) 949-7000
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


HENDERSON UK: Members' Final Meeting Set for November 6
-------------------------------------------------------
The members of Henderson UK Equity Multistrategy Fund Limited 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 Miguel Brown
          Telephone: (345) 949-7000
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


JMBO FUND: Shareholder to Receive Wind-Up Report Today
------------------------------------------------------
The shareholder of JMBO Fund Ltd. will receive today, 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 liquidators are:

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


LATINVEST FUND: Members' Final Meeting Set for November 17
----------------------------------------------------------
The members of Latinvest Fund Ltd will hold their final meeting on
November 17, 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:

          David A.K. Walker
          c/o Carolyn Wilson
          Telephone: (345) 914-8623
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


LATINVEST PARTNERS: Members' Final Meeting Set for November 17
--------------------------------------------------------------
The members of Latinvest Partners Ltd will hold their final
meeting on November 17, 2009, at 10:15 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 Carolyn Wilson
          Telephone: (345) 914-8623
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


MPI LIMITED: Members' Final Meeting Set for October 30
------------------------------------------------------
The members of MPI Limited 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:

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


PROGRESS CORPORATION: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Progress Corporation received on October 28,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


RAPTOR INTERNATIONAL: Members' Final Meeting Set for October 30
---------------------------------------------------------------
The members of Raptor International Investments 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:

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


RELIABLE CAPITAL: Members' Final Meeting Set for October 30
-----------------------------------------------------------
The members of Reliable Capital Limited 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:

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


SALTBUSH FUNDS: Shareholders' Final Meeting Set for October 30
--------------------------------------------------------------
The shareholders of Saltbush Funds Management Offshore SPC will
hold their final meeting on October 30, 2009, at 12:00 noon, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TIDEWATER CAPITAL: Members' Final Meeting Set for October 30
------------------------------------------------------------
The members of Tidewater Capital 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:

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


TRIANGLE INVESTMENTS: Members' Final Meeting Set for October 30
---------------------------------------------------------------
The members of Triangle Investments International 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:

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


UTILITIVEST II: Members' Final Meeting Set for November 17
----------------------------------------------------------
The members of Utilitivest II LLC will hold their final meeting on
November 17, 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:

          David A.K. Walker
          c/o Carolyn Wilson
          Telephone: (345) 914-8623
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


UTILITIVEST III: Members' Final Meeting Set for November 17
-----------------------------------------------------------
The members of Utilitivest III LLC will hold their final meeting
on November 17, 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:

          David A.K. Walker
          c/o Carolyn Wilson
          Telephone: (345) 914-8623
          Facsimile: (345) 945-4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


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


ECOPETROL SA: Pooled Portfolios Outside of Responsibility
---------------------------------------------------------
Ecopetrol S.A. clarified that pooled portfolios whose names or
denominations include the name of this company, and whose
portfolios are comprised of shares issued by Ecopetrol SA, are
investment plans outside of its legal responsibility and are
the sole purview of the entities in charge of their
administration, control, and management.

Ecopetrol S.A.  advises investors that it does not take part in,
have influence on, endorse, cooperate with, or participate
directly or indirectly in the control, management, promotion,
sponsorship, or any activity related to the administration of said
pooled portfolios, and only the administrative entities in charge
of these pools are liable for the performance of contractual and
legal obligations to the
participating investors.

   Shareholder assistance hotline
    Bogota: 57 1 307 7075
    National: 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+'.


=============
E C U A D O R
=============


ECOPETROL SA: Pacific Rubiales Posts Update at Quifa Block
----------------------------------------------------------
Pacific Rubiales disclosed the operational update and new drilling
campaign.

An updated average production for the Quifa-5, Quifa-7, Quifa-8
and Quifa-9 wells is summarized in the table.  The production test
on Quifa-I-9 is still pending and waiting for a mechanical
condition to be solved at the well bore.


   Well        Production period           Average bopd
   -------------------------------------------------------------
   Quifa-5          6 months                    192
   -------------------------------------------------------------
   Quifa-7           28 days                    170
   -------------------------------------------------------------
   Quifa-8           25 days                    134
   -------------------------------------------------------------
   Quifa-9           15 days                    119

As a result of the exploration success in the Quifa Block, an
additional drilling campaign comprising 6 appraisals and 3
exploratory wells will be executed during 2009.  The three
exploratory wells will be drilled on prospects "A," "B" and "C"
and the six appraisal wells will be spudded on prospects "D," "E"
and "H".  The appraisal wells represent the initiation of the
process to declare the commerciality for the south-southwest
region of the Quifa Block.

The Quifa Block is an exploratory block in which Meta Petroleum (a
wholly owned subsidiary of Pacific Rubiales) holds a 60% working
interest and Ecopetrol S.A. holds a 40% working interest.

                    About Pacific Rubiales

Pacific Rubiales, a Canadian-based company and producer of natural
gas and heavy crude oil, owns 100% of Meta Petroleum Corp., a
Colombian oil operator which operates the Quifa block in the
Llanos Basin in association with Ecopetrol S.A., the Colombian
national oil company.  The company is focused on identifying
opportunities primarily within the eastern Llanos Basin of
Colombia as well as in other areas in Colombia and northern Peru.
Pacific Rubiales has a current net production of approximately
36,000 barrels of oil equivalent per day, with working interests
in 32 blocks in Colombia and Peru.

                        About Ecopetrol S.A.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


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


CABLE & WIRELESS: LIME Sues Digicel Over Call Charges
-----------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has filed a lawsuit with the Fair Trading Commission
against Digicel Group over the call charges being imposed to call
Digicel Group's mobile phones from LIME landlines, Gleaner/Power
106 News reports.  The report relates that LIME is taking issue
with Digicel for allegedly increasing the rates for LIME’s
landline customers to call Digicel mobile phones.

According to the report, citing a LIME company statement, LIME
said that it is seeking US$100 million in damages for losses,
which it claims it has incurred because of Digicel’s pricing
structure.  The report relates that LIME said in January this
year, that Digicel Group started to charge LIME’s landline
customers as much as US$8.50 a minute to call Digicel mobile
phones.  At the same time Digicel was charging its landline
customers only four dollars per minute to call Digicel mobile
phones, LIME added.

LIME Country Manager Geoff Houston, the report relates, said that
the pricing structure makes it impossible for LIME to cover its
costs and meet or beat Digicel’s retail rate.  The rate charged by
Digicel is discriminatory, Mr. Houston added.

The report adds that LIME wants the Supreme Court to have Digicel
reduce its rates for calls from the LIME network.

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.

                     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


DIGICEL GROUP: Gets Class Action Lawsuit From LIME
--------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has filed a lawsuit with the Fair Trading Commission
against Digicel Group over the call charges being imposed to call
Digicel Group's mobile phones from LIME landlines, Gleaner/Power
106 News reports.  The report relates that LIME is taking issue
with Digicel for allegedly increasing the rates for LIME’s
landline customers to call Digicel mobile phones.

According to the report, citing a LIME company statement, LIME
said that it is seeking US$100 million in damages for losses,
which it claims it has incurred because of Digicel’s pricing
structure.  The report relates that LIME said in January this
year, that Digicel Group started to charge LIME’s landline
customers as much as US$8.50 a minute to call Digicel mobile
phones.  At the same time Digicel was charging its landline
customers only four dollars per minute to call Digicel mobile
phones, LIME added.

LIME Country Manager Geoff Houston, the report relates, said that
the pricing structure makes it impossible for LIME to cover its
costs and meet or beat Digicel’s retail rate.  The rate charged by
Digicel is discriminatory, Mr. Houston added.

The report adds that LIME wants the Supreme Court to have Digicel
reduce its rates for calls from the LIME network.

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.

                     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


JAMAICA PUBLIC SERVICE: Accepts OUR's Decision on Compensation
--------------------------------------------------------------
The Jamaica Public Service Company Limited said it has no choice
but to accept the decision of the Office of Utilities Regulations
regarding the level of compensation provided for hurricane damage,
Go-Jamaica reports.  The report relates that OUR has approved a
total of just over US$7 million in compensation for the light and
power company.

According to the report, US%5 million was granted in 2007 and an
additional US$2 million was made available from the Electricity
Disaster Fund for losses to the JPSCO, following Hurricane Dean in
2007.  The report notes that the Fund was established in 2004 to
allow the JPS to recover losses to its transmission and
distribution assets.

Meanwhile, the report relates, Company Corporate Communications
Manager, Winsome Callum, said that the decision of the OUR will
not be reflected on consumers’ bills.  The fund is financed by a
portion of the electricity rate that the JPS already charges its
customers, Ms. Callum added.

The report notes that OUR said that at the end of July the fund
had a balance of over US$ 7.3 million.

                          About JPSCO

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

                           *     *     *

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


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


AXTEL SAB: Records Ps.2,732 Million in Third Quarter
----------------------------------------------------
Axtel, S.A.B. de C.V posted its unaudited third quarter results
ended September 30, 2009.

                        Highlights

    -- Net additional voice lines and broadband subscribers
       totaled 26 and 24 thousand, respectively, in this
       quarter.  AXTEL is once again growing in terms of lines
       and customers, further proof that the company is moving
       in the right direction, while also confirming the
       WiMAX network's functionality.

    -- In September, AXTEL issued a new Senior Notes program
       for US$300 million, representing the first 10-year
       Latin American corporate high-yield transaction in
       14 months.  The offering was successfully received,
       evidenced by an oversubscription of 11 times and
       competitive pricing of 9%.  This liability management
       transaction improves AXTEL's capital structure, by
       extending the Company's average life of debt from 5 to 8
       years, while reducing financing costs.

    -- In September, AXTEL was granted a concession to provide
       satellite video services.  This service will strengthen the
       company's competitive position, particularly in the
       residential market segment, as triple play services are
       expected to be offered in 2010.

                    Revenues from operations

Revenues from operations totaled Ps. 2,732 million in the third
quarter of year 2009 from Ps. 2,859 million for the same period in
2008, a decrease of Ps. 127 million, or 4%.  Revenues from
operations totaled Ps. 11,205 million in the twelve-month
period ended September 30, 2009, compared to Ps. 11,628 million in
the same period in 2008, a decrease of Ps. 423 million, or 4%.

                      Sources of Revenues

Local services. Local service revenues contributed with 43% of
total revenues during the third quarter, compared with 47% in the
third quarter of 2008, totaling Ps. 1,181 million for the three-
month period ending on September 30, 2009, representing a decrease
of 12% compared to the same quarter in 2008.  During the quarter,
measured service and cellular revenues decreased 30% and 28%,
respectively, while monthly rents increased 8%.  The decrease in
measured service is explained by a reduction in lines in service
and further penetration of commercial offers including free local
calls.  The decline of cellular revenues is explained by lower
prices made possible from the company's reduced fixed-to-mobile
termination rates, and also from less cellular traffic from one of
the company's largest wholesale customers.  Monthly rents,
measured service and value-added services revenues represented 66%
of local revenues during the twelve-month period ended September
30, 2009.

Long distance services.  Long distance service revenues totaled
Ps. 297 million in the quarter ending September 30, 2009, compared
to Ps. 320 million for the same quarter in 2008. The reduction is
mostly explained by a decline in long-distance revenues per minute
from Ps. 0.75 to Ps. 0.66 year-over-year, which is attributable to
an increase in wholesale traffic and commercial offers including
national and international minutes within a monthly rent.  For the
twelve month period ended September 30, 2009, long distance
revenues declined to Ps. 1,203 million from Ps. 1,351 million
registered in the same period in 2008.

Data & Network. Data and network revenues amounted to Ps. 585
million in the third quarter of 2009, compared to Ps. 617 million
in the same period in 2008, a decrease of Ps. 32 million.
Dedicated Internet and VPNs represented 90% of data & network
revenues during the quarter.  For the twelve month period
ended September 30, 2009, data and network services revenues
totaled Ps. 2,505 million from Ps. 2,474 million registered in the
same period in 2008, an increase of Ps. 31 million.

International traffic.  In the third quarter of 2009,
International traffic revenues totaled Ps. 368 million, increasing
Ps. 186 million or 102% versus same quarter of previous year.
This is explained by 13% increase in traffic, an increase in peso
revenues due to the Mexican peso devaluation and by a change in
the mix of on- and off-net traffic.  For the twelve month period
ended September 30, 2009, international traffic revenues totaled
Ps. 1,311 million from Ps. 922 million registered in the same
period in 2008, an increase of Ps. 389 million or 42%.

Other services.  Revenue from other services recorded Ps. 300 or
11% of total revenues in the third quarter of 2009, compared to
Ps. 400 million registered in the same period in 2008.  This is
mostly explained by a decrease in equipment sales and non-
recurring services provided to the corporate segment, recorded in
third quarter 2008.  For the twelve month period ended September
30, 2009, other services revenues totaled Ps. 1,409 million from
Ps. 1,490 million registered in the same period in 2008, a
decrease of Ps. 81 million.

                              Consumption

Local Calls.  Local calls totaled 547 million in the three-month
period ended September 30, 2009, a decrease of 72 million, or 12%,
from 619 million recorded in the same period in 2008. Less traffic
from one of the company's largest wholesale customers mostly
explains this reduction.  Excluding this effect, traffic declined
2%, less than the 4% reduction in the average number of lines in
service in third quarter 2009 compared to third quarter 2008.  For
the twelve month period ended September 30, 2009, local calls
decreased to 2,147 million from 2,463 million registered in the
same period in 2008, a decrease of 316 million calls or 13%.

Cellular.  Minutes of use of calls completed to a cellular line
amounted to 286 million in the three-month period ended September
30, 2009, compared to 345 million in the same period in 2008, a
decrease of 17% equivalent to 59 million minutes.  Lower cellular
traffic from one of the company's largest wholesale customers
explains this reduction.  Excluding this effect, total cellular
minutes increased 7%, compared to the same period in 2008, due to
further penetration of commercial offers including cellular
minutes within the monthly rent.  For the twelve month period
ended September 30, 2009, cellular minutes decrease 147 million,
or 11%, from 1,304 million registered in the twelve-month period
ended September 30, 2008, to 1,157 million in the same period in
2009.

Long distance.  Outgoing long distance minutes amounted to 450
million for the three-month period ended September 30, 2009 from
425 million in the same period in 2008, a 25 million minute
increase, mostly explained by growth in wholesale traffic and
further penetration of commercial offers including national and
international minutes within a monthly rent.  Domestic long
distance minutes represented 95% of total traffic during the
quarter.  For the twelve month period ended September 30, 2009,
outgoing long distance minutes amounted 1,776 million, compared to
1,690 million registered in the same period in 2008, an increase
of 86 million of minutes, or 5%.

                         Operating Data

Lines in Service.  As of September 30, 2009, lines in service
totaled 940 thousand, a decrease of 14 thousand from the same date
in 2008.  During the third quarter of 2009, gross additional lines
totaled 89 thousand compared to 51 thousand in the third quarter
of 2008.  Disconnections in the third quarter of 2009 were 9%
lower that third quarter 2008.  Net adds for the quarter totaled
26 thousand.  As of September 30, 2009, residential lines
represented 65% of total lines in service, and bundled offers
represented 44% of total lines in service, compared to 29% on the
same date in 2008.

Line equivalents (E0 equivalents).  The company offer from 64
kilobytes per second ("kbps") up to 100 megabytes per second
("Mbps") dedicated data links in all of its thirty-nine existing
cities.  The company account for data links by converting
them to E0 equivalents in order to standardize its comparisons
versus the industry.  As of September 30, 2009, line equivalents
totaled 486 thousand, an increase of 24 thousand from the same
date in 2008.

Internet subscribers. As of September 30, 2009, Internet
subscribers totaled 160 thousand, an increase of 43%, from 112
thousand recorded on the same date in 2008.  Broadband subscribers
increased 65%, totaling 147 thousand as of September 30, 2009.
During the third quarter of 2009, broadband subscribers increased
24 thousand compared to 2 thousand in the same period of
2008.  This significant growth is explained by the commercial
efforts of the company and the increased capacity available in its
WiMAX network.  The increase in broadband subscribers comes from
new customers as well as up-selling existing subscribers from non-
data or dial-up service to broadband access solutions.

            Cost of Revenues and Operating Expenses

Cost of Revenues.  For the three-month period ended September 30,
2009, the cost of revenues declined Ps. 133 million, compared with
the same period of year 2008, mostly due to a reduction in fixed-
to-mobile interconnection costs and lower domestic long distance
termination rates.  For the twelve month period ended
September 30, 2009, the cost of revenues reached Ps. 3,136
million, a reduction of Ps. 812 million in comparison with the
same period in year 2008.

Gross Profit.  Gross profit is defined as revenues minus cost of
revenues.  For the third quarter of 2009, the gross profit
accounted for Ps. 2,020 million, a marginal increase of Ps. 5
million compared with the same period in year 2008.  The gross
profit margin increase from 70.5% to 73.9% year-over-year is
mostly due to improved cellular margins and domestic long
distance costs.  For the twelve month period ended September 30,
2009, the company's gross profit totaled Ps. 8,069 million,
compared to Ps. 7,680 million recorded in the same period of year
2008, a gain of Ps. 390 million or 5%.

Operating expenses.  For the third quarter of year 2009, operating
expenses totaled Ps. 1,051 million compared to Ps. 996 million for
the same period in year 2008.  The increase is explained by sales
commissions generated by the 75% larger gross additional lines
acquired in the third quarter of 2009 compared to 2008 and by
maintenance and rents denominated in dollars.  Personnel
represented 47% of total operating expenses in the three month
period ended September 30, 2009, versus 53% in the year-earlier
quarter.  For the twelve month period ended September 30, 2009,
operating expenses totaled Ps. 3,901 million, coming from Ps.
3,704 million in the same period in 2008, an increase of Ps. 197
million.  The Ps. 3,901 million figure includes a non-cash non-
recurring Ps. 135 million benefit due to a change in the
uncollectable reserves accounting method for corporate customers,
recorded in the fourth quarter of 2008.  Therefore, recurring
operating expenses for the twelve-month period ending on
September 30, 2009 is Ps. 4,037 million.

Adjusted EBITDA.  The Adjusted EBITDA totaled Ps. 969 million for
the three-month period ended September 30, 2009, compared to
Ps. 1,019 million for the same period in 2008.  As a percentage of
total revenues, Adjusted EBITDA represented 35.5% of revenues in
the third quarter of 2009, 16 bps lower than the margin recorded
in the year-earlier quarter.  For the twelve-month period
ended September 30, 2009, Adjusted EBITDA amounted to Ps. 4,033
million, compared to Ps. 3,975 million in the same period in year
2008.  Adjusted EBITDA for the twelve-month period ending on
September 30, 2009 exclude the fourth-quarter-2008 non-cash non-
recurring Ps. 135 million operating expense benefit mentioned in
the Operating Expenses section.  Depreciation and Amortization.
Depreciation and amortization totaled Ps. 754 million in the
three-month period ending on September 30, 2009 compared to Ps.
715 million for the same period in year 2008, an increase of
Ps. 39 million or 5%.  The increased quarterly depreciation is
mostly explained by the significant capital expenditures incurred
in recent years.  Depreciation and amortization for the twelve-
month period ended September 30, 2009 reached Ps. 3,047 million,
from Ps. 2,737 million in the same period in year 2008, an
increase of Ps. 310 million, or 11%.

Operating Income (loss).  Operating income totaled Ps. 215 million
in the three-month period ended September 30, 2009 compared to an
operating income of Ps. 303 million registered in the same period
in year 2008, a decrease of Ps. 89 million or 29%.  For the twelve
month period ended September 30, 2009 our operating income reached
Ps. 1,121 million when compared to the result registered in the
same period of year 2008 of Ps. 1,238 million, a decline of Ps.117
million.

Comprehensive financial result.  The comprehensive financial loss
was Ps. 270 million for the three-month period ended September 30,
2009, compared to a loss of Ps. 497 million for the same period in
2008.  The Ps. 270 million figure is explained by the following
effects: (i) net interest expense in third quarter 2009 contains a
non-recurring Ps. 102 million charge for the premium paid on the
2013 Senior Notes tender offer, (ii) the Ps. 186 million
non-cash FX loss resulted from a 2% peso devaluation against the
U.S. dollar, and (iii) a positive result in the change in fair
value of derivative instruments is mostly explained by (a) the
accounting effect of the hedging instrument on the dollar-tranche
of the syndicated term loan, which was partially prepaid during
the quarter, and (b) Ps. 39 million resulting from the price
appreciation of AXTELCPO during the quarter which positively
impacted the valuation of the zero-strike-calls.  For the twelve-
month period ended September 30, 2009, the increased loss is
mostly explained by the 25% Mexican peso devaluation against the
U.S. dollar.

Debt.  The Ps. 3,183 million increase in total debt is explained
by (i) Ps. 4,051 million from the US$300 million 2019 bond
issuance, (ii) Ps. 326 million in net incremental lease
obligations, (iii) a Ps. 77 million increase in notes premium and
change in the fair value of the syndicated loan, (iv) Ps. 2,884
million decrease from the prepayments of the US$85 million and
US$129 million Syndicated Loan and 2013 Senior Notes,
respectively, and (v) Ps. 1,613 million due to the non-cash effect
of the Mexican peso depreciation against the US dollar affecting
the valuation of debt denominated in foreign-currency.

Capital Investments.  In the third-quarter of 2009, capital
investments totaled Ps. 616 million, compared to Ps. 1,153 million
in the year-earlier quarter.  Accumulated for the first nine
months of 2009, capital investments totaled Ps. 1,844 million.
Access represents close to 60% of this figure.  Other Investments.
During the third quarter, AXTEL sold all 26.1 million
AXTELCPOs held under the share repurchase program at an average
price of MXN8.42.  The company maintained the same economic
position in those CPOs by having acquired fully-funded "zero-
strike-calls", settlement in cash, with a strike price of 1 cent,
during the third quarter of 2009.  AXTEL paid an average option
premium ofUS$8.53 pesos for the 26.1 million zero-strike-call
options.

Cash.  As of the end of the third quarter of 2009, the company's
cash and equivalents balance totaled Ps. 2,194 million, compared
to Ps. 635 million a year ago.  The third-quarter 2009 figure
includes the zero-strike-calls position valued at Ps. 262 million.
Eighty-seven percent of the cash balance is maintained in
dollars, the rest in pesos.

                      Financial Statements

For the three Months Ended September 30, 2009 Compared with Three
Months Ended September 30, 2008

                              Assets

As of September 30, 2009, total assets sum Ps. 22,487.0 million
compared to Ps. 20,066.6 as of September 30,2008, an increase of
Ps. 2,420.4 million.  Cash and equivalents.  As of September 30,
2009, the company had cash and cash equivalents of Ps. 2,194.1
million compared to Ps. 635.4 million in the same date of year
2008, an increase of Ps. 1,558.7 million or 245%.  The increase is
mainly due to the new senior note for US$300.0 million issued on
September 22, 2009.  The third-quarter 2009 figure includes the
zero-strike-calls position valued at Ps. 262 million.  Accounts
Receivable.  As of September 30, 2009, the accounts receivable
were Ps. 2,150.2 million compared with Ps. 1,900.4 million in the
same date of 2008, an increase of Ps. 249.9 million.  Property,
plant and equipment, net.  As of September 30, 2009, property,
plant and equipment, net, were Ps. 15,052.2 million compared with
Ps. 14,765.7 million as of September 30, 2008, an increase of
Ps. 286.5 million.  The property, plant and equipment, net,
without discounting the accumulated depreciation, was Ps. 28,283.3
million and Ps. 25,289.2 million as of September 30, 2009 and
September 30, 2008, respectively.  The increase in property, plant
and equipment is due to a higher investment during this period.

                            Liabilities

Total liabilities was Ps. 14,335.6 million as of September 30,
2009 compared to Ps. 11,327.5 million as of September 30, 2008, an
increase of Ps. 3,008.1 million or 26.6 %.

Accounts payable & accrued expenses.  On September 30, 2009, the
accounts payable and accrued expenses were Ps. 2,272.9 million
compared with Ps. 2,453.5 million on September 30, 2008, a
decrease of Ps. 180.7 million or -7.4%.

                        Stockholders Equity

On September 30, 2009, the stockholders equity of the company was
Ps. 8,151.4 million compared with Ps. 8,739.1 million as of
September 30, 2008, a decrease of Ps. 587.6 million or 7 %.  The
capital stock remained unchanged at Ps. 7,562.1 million as of
September 30, 2009 and September 30, 2008.

                 Liquidity and Capital Resources

Historically we have relied primarily on vendor financing, the
proceeds of the sale of securities, internal cash from operations
and the proceeds from bank debt to fund its operations, capital
expenditures and working capital requirements.  Although the
company believe that it would be able to meet its debt
service obligations and fund its operating requirements in the
future with cash flow from operations, the company may seek
additional financing in the capital markets from time to time
depending on market conditions and its financial requirements.
The company said it will continue to focus on investments in
property, systems and equipment (fixed assets) and working capital
management, including the collection of accounts receivable and
management of accounts payable.  Net resources provided by
operating activities were Ps. 418.3 million for the three-month
period ended on September 30, 2009 compared to Ps. 958.7 million
recorded in the same period of year 2008.  Net resources used in
investing activities were Ps. (692.6) million for the three-month
period ended on September 30, 2009 compared to Ps. (1,178.7)
million recorded in the same period of year 2008.  These flows
primarily reflect investments in fixed assets of Ps. 616.0 million
and Ps. 1,153.2 million, respectively.

Net resources (used in) provided by financing activities were
Ps. 1,192.7 million and Ps. (439.1) million for the three-month
period ended on September 30, 2009 and 2008, respectively.  As of
September 30, 2009, the ratio of net debt to Adjusted EBITDA pro
forma and the ratio of interest coverage of the company was
placing in 2.1x and 4.2x, respectively.  As September 30, 2008 the
ratio of net debt to Adjusted EBITDA and interest coverage, was
1.7x and 4.9x, respectively.

Since the beginning of operations of the Company, AXTEL has
invested Ps. 27,813.7 million in infrastructure.  The company
expects to do more investments in the future, according to the
expansion of the network in other geographical areas of Mexico in
order to gain market and to maintain its current infrastructure
and network.

                  Liquidity and Capital Resources

For the Nine Months Ended September 30, 2009 Compared with Nine
Months Ended September 30, 2008.

Net resources provided by operating activities were Ps. 2,257.0
million for the nine-month period ended on September 30, 2009
compared to Ps. 2,904.1 million recorded in the same period of
year 2008.  Net resources used in investing activities were Ps.
1,929.7 million for the nine-month period ended on September 30,
2009 compared to Ps. 3,014.2 million recorded in the same period
of year 2008.  These flows primarily reflect investments in fixed
assets of Ps. 1,844.5 million and Ps. 2,976.7 million,
respectively.

Net resources (used in) provided by financing activities were
Ps. 775.4 million and Ps. (835.4) million for the nine-month
period ended on September 30, 2009 and 2008, respectively.

                            About Axtel

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 10, 2009 Fitch Ratings assigned these ratings for Axtel,
S.A.B. de
C.V.:

  -- Local currency Issuer Default Ratings at 'BB';

  -- Foreign currency IDR at 'BB';

  -- Proposed senior notes due 2019 for up to US$300 million at
     'BB';

In addition, Fitch has affirmed Axtel national scale rating at 'A+
(mex)'.


CEMEX SAB: Net Sales Drops 27% to US$4.2 Billion
------------------------------------------------
CEMEX, S.A.B. de C.V. posted consolidated net sales in the three
months that ended on September 30, 2009, decreased to US$4.2
billion versus US$5.8 billion in the comparable period in 2008,
representing a decrease of 27%, or a decrease of 19% when
adjusting for the exclusion of the Company's Venezuelan
operations, the sale of the Company's assets in the Canary
Islands, and currency fluctuations.  On a sequential basis,
consolidated net sales for the third quarter of 2009 increased
close to 1% compared with the second quarter of 2009.  EBITDA
decreased 38% in the third quarter of 2009 to US$806 million from
US$1.3 billion in the same period of 2008, or 30% when adjusting
for the exclusion of above mentioned assets and currency
fluctuations.  EBITDA, on a sequential basis, declined 1% in the
third quarter of 2009 compared to the second quarter of 2009.

CEMEX’s Consolidated Third Quarter Financial and Operational
Highlights:

    * Lower sales in the quarter were primarily attributable
      to lower volumes, mainly from the Company's U.S. and Spanish
      operations, as well as the exclusion of the Company's
      Venezuelan operations, and the sale of our assets in the
      Canary Islands.

    * Third quarter sales on a sequential, quarter-to-quarter
      basis, increased close to 1%, with a 1% decline in
      EBITDA, when compared with the second quarter of 2009.

   * The infrastructure sector was the main driver of demand
     in most of the markets we serve despite the fact that the
     company have not yet seen the positive impact of stimulus
     packages around the world.

   * Free cash flow after maintenance capital expenditures for
     the quarter was US$260 million.

Hector Medina, Executive Vice President of Finance and Legal,
said, "Despite the continuing effects of the global economic
slowdown, we are encouraged by the quarter to quarter stability
exhibited by our results.  Leading indicators in several of our
markets are showing signs of improvement, and we have made
important steps towards regaining our financial flexibility.  With
the successful completion of our refinancing this quarter, we now
have a solid foundation for continued profitable growth.  We will
further enhance our position in the coming months by continuing to
pay down our debt through capital expenditure reductions and cost-
reduction and rightsizing initiatives.”

                 Consolidated Corporate Results

Majority net income was a gain of US$121 million in the third
quarter of 2009 versus a gain of US$200 million in the third
quarter of 2008 due to lower operating income.

Net debt at the end of the third quarter was US$17.1 billion,
representing a decrease of US$1.2 billion during the quarter.

                Geographical Markets 3Q Highlights

Net sales in the Company's operations in Mexico decreased 27% in
the third quarter of 2009 to US$761 million, compared with US$1
billion in the third quarter of 2008. EBITDA decreased 28% to
US$294 million versus the same period of last year.

CEMEX’s operations in the United States reported net sales of
US$751 million in the third quarter of 2009, down 38% from the
same period in 2008.  EBITDA decreased 74% to US$45 million, from
US$176 million in the third quarter of 2008.

In Spain, net sales for the quarter were US$217 million, down 41%
from the third quarter of 2008, while EBITDA decreased 42% to
US$70 million.

Our operations in the United Kingdom experienced a 26% decline in
net sales, to US$330 million, when compared with the same quarter
of 2008.  EBITDA increased 24% to US$22 million in the third
quarter.

Net sales in the Rest of Europe region decreased 17% during the
third quarter of 2009 to US$986 million, versus the comparable
period in the previous year.  EBITDA was US$157 million for the
region in the third quarter of 2009, down 17% from the same period
in the previous year.

CEMEX’s operations in South/Central America and the Caribbean
reported net sales of US$360 million during the third quarter of
2009, representing a decline of 29% over the same period of 2008.
EBITDA decreased 19% for the quarter to US$131 million versus the
same period in 2008.

Third-quarter net sales in Africa and the Middle East were US$256
million, down 13% from the same quarter of 2008.  EBITDA was US$87
million for the third quarter, flat with the comparable period in
2008.

Operations in Asia and Australia reported a 15% decline in net
sales, to US$479 million, versus the third quarter of 2008, and
EBITDA was US$89 million, down 7% from the same period in the
previous year.

                         About Cemex SAB

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


CORPORACION GEO: Third Quarter Net Profit Up 4.5% to MXN405.8MM
---------------------------------------------------------------
Corporacion GEO Sab de CV's third quarter net profit grew 4.5% to
MXN405.8 million (US$30 million) from MXN388.2 million on higher
sales and operating profit, Anthony Harrup at Dow Jones Newswires
reports.  The report relates that earnings per share were MXN0.75,
compared with MXN0.72 a year ago.

According to the report, the company's sales rose 9.3%, to MXN4.62
billion pesos, while operating profit rose 10% to MXN785.5
million.  The report notes that Geo SAB sold 14,334 homes in the
July-September period, up from 13,349 in the year-ago quarter.
Low-income housing accounted for 71% of total units sold and 52%
of revenue, the report adds.

Dow Jones Newswires says that lower interest rates and average
cost of debt reduced financial costs to MXN68.5 million from
MXN142.8 million.

                        About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' senior unsecured long-term debt rating to
Corporacion Geo S.A.B. de C.V.'s proposed US$200 million fixed-
rate notes.


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


DOE RUN PERU: Gov't Mulls No Tariff on Lead Amid Smelter Shutdown
-----------------------------------------------------------------
The government of Peru is weighing whether to eliminate the import
tariff on lead as the country's only smelter that processes the
metal is shut, squeezing local supplies, Dana Ford at Reuters
reports, citing an industry group.  The report relates that the
National Industry Society has asked the Finance Ministry to
scratch the 9% tax on refined lead and said the move is necessary
so long as Doe Run Peru's La Oroya smelter remains closed.

"There's a supply shortage because of this problem (at Doe Run),"
the Reuters quoted Malena de Silva of SNI's chemical committee, as
saying.  "Doe Run is the only company that produces this sort of
refined lead," Ms. Silva added.

According to the report, the mining ministry said that La Oroya
processed 114,259 tons of lead last year -- or roughly a third of
the country's total output.  This year, the report relates, the
smelter has churned out just 26,082 tons.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, AMM News said that a Doe Run Peru spokesman said
that the company will delay the reopening of its smelter following
reports that Peru's congress voted to give the comany a 30-month
extension on its environmental cleanup deadline, which expired on
October.  The report recalls that Doe Run Peru filed for a
government-monitored financial restructuring because it was
worried creditors might try to freeze its assets or operations.
Reuters related that Doe Run Peru owes some US$100 million to its
suppliers and needs to spend another US$150 million to clean up La
Oroya.

                       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.


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


DELLIS CAY: Hotel Project in Receivership
-----------------------------------------
Trinidad and Tobago Unit Trust Corporation (TTUTC) has appointed a
receiver for Dellis Cay, the multi-million-dollar development that
is planned for the Turks and Caicos Islands, Hayden Boyce at Turks
& Caicos Sun reports.  The report relates that developers were
creating a luxury island community at Dellis Cay.

According to the report, Dr. Cem Kinay, the CEO of Turks Ltd, and
his life long partner Oguz Serim have stated that: “We have been
struggling with very little cash in hand for the past weeks and
have been operating under very difficult trading conditions.  We
asked TTUTC to consider providing us emergency funding and an
extension of time of 60 days on the unpaid portion of the interest
payment that was due on August 22, 2009, while we make efforts to
regularize our financial position and provide a credible
restructuring plan with new equity partners, Mandarin Oriental
Group, and the existing purchasers.  These requests are now
rejected.”

Dr. Kinay, the report notes, said that confidence in Dellis Cay
was destroyed by allegations made by the Turks and Caicos Islands
Commission of Inquiry during its hearings earlier this year and
then repeated in its leaked report.  Following the publication of
the unredacted report, the report relates, negative press and
anonymous emails and letters from a group of political activists
in Turks and Caicos Islands were sent to the project’s partners
and funders to destroy the company’s business and its reputation.

“As a result of the negative environment, our sales slowed down
considerably and impacted the performance of our receivables, and
new sales,” the report quoted Dr. Kinay as saying.

Meanwhile, the report relates that Dr. Kinay, on the point of
construction, stated that the construction has stopped, all
foreign workers have been sent home, and local labor is asked to
wait until further notice before they start again working at the
site.


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


PETROLEOS DE VENEZUELA: To Sign Refinery Deal With Petrobras
------------------------------------------------------------
Petroleos de Venezuela and Brazilian state-run Petroleo Brasileiro
SA will sign the contracts that will complete the binational
agreement to build a refinery in northern Brazil this week, EL
Universal News reports, citing Brazilian Presidential spokesman
Marcelo Baumbach.

"A recent understanding will allow for the completion of the
agreement between Petrobras and Pdvsa to build the refinery Abreu
e Lima.  During the coming trip of President Lula, the articles of
association and the shareholders agreement will be signed as well
as the purchase agreement and the investment plan of the
refinery," the report quoted the spokesman as saying.

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

                           About PDVSA

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

                           *     *     *

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

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


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *