TCRLA_Public/091104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, November 4, 2009, Vol. 10, No. 218

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: U.S. Appeal Panel Weighs "Clawback" Claims
* ANTIGUA & BARBUDA: To Strip Robert Stanford of Knighthood


A R G E N T I N A

AR ARGENTINA: Creditors' Proofs of Debt Due on November 27
CATERPILLAR FINANCIAL: Moody's Assigns 'Ba1' Issuer Ratings
PICASSO CARLOS: Creditors' Proofs of Debt Due on December 16
VIPAGA SA: Creditors' Proofs of Debt Due on February 15
* ARGENTINA: Drought Affects 90% of Territory


B R A Z I L

ANHANGUERA EDUCACIONAL: Regulator OKs BRL200M Debenture Issue
BANCO BRADESCO: To Release Third Quarter Results Tomorrow
BRASKEM SA: Posts US$2.2 Billion Net Revenue in Third Quarter
CAIXA ECONOMICA: To Launch Debt Fund W/ Credit Suisse & Santander
* BRAZIL: Industrial Output Fell 7.8% in September


C A Y M A N  I S L A N D S

CMAT 10393: Creditors' Proofs of Debt Due on November 12
DANAE GOLD: Commences Liquidation Proceedings
DANAE GOLD: Commences Liquidation Proceedings
FRONTIER IX: Creditors' Proofs of Debt Due on November 11
HADRIAN FUND: Members Receive Wind-Up Report

HALCYON LOAN: Creditors' Proofs of Debt Due on November 11
JLF OFFSHORE: Creditors' Proofs of Debt Due on November 11
MANTIS REEF: Creditors' Proofs of Debt Due on November 11
MANTIS REEF: Creditors' Proofs of Debt Due on November 11
MAPLE STONE: Creditors' Proofs of Debt Due on November 11

MAPLE STONE: Creditors' Proofs of Debt Due on November 11
MOMENTUM CDO: S&P Downgrades Rating on 2006-19 Notes to 'CC'
NORTH COAST: Commences Wind-Up Proceedings
PENDVEST FUND: Creditors' Proofs of Debt Due on November 11
QALYPSO INVESTMENTS: Creditors' Proofs of Debt Due on November 11

SAAD INVESTMENTS: Commences Wind-Up Proceedings
SINGULARIS HOLDINGS: Commences Wind-Up Proceedings
TEMPO 05: Creditors' Proofs of Debt Due on November 11
ZAHLER FUND: Creditors' Proofs of Debt Due on November 12
ZAHLER INTERMEDIATE: Creditors' Proofs of Debt Due on November 12

ZAHLER MASTER: Creditors' Proofs of Debt Due on November 12


C O L O M B I A

ECOPETROL SA: Pacific Rubiales to Sell US$400MM Notes Abroad


J A M A I C A

NATIONAL COMMERCIAL BANK: Increases ABM Fees by 23%


M E X I C O

CARDTRONICS INC: September 30 Balance Sheet Upside-Down byUS$8.3MM
CEMEX SAB: Rinker Group Acquisition Will Pay Off in Time, CEO Says


N I C A R A G U A

* NICARAGUA: Is Now Able to Get SDR23.8MM Disbursement From IMF


P E R U

BANCO DE CREDITO: Sells US$107 Million Chile Bonds for Lending
DOE RUN PERU: May Resume Operations in Early 2010


P U E R T O  R I C O

FIRST BANCORP: Incurs US$165.2 Million Net Loss in Third Quarter


S T  K I T T S  &  N E V I S

* ST. KITTS & NEVIS: Provides Debt Forgiveness for Farmers


V E N E Z U E L A

CITGO PETROLEUM: Restarts Corpus Christi Alky Unit
* VENEZUELA: Central Bank to Try to Lower Forex Rate


X X X X X X X X

CITIGROUP INC: Matthew Hickman is New Exec of Research for LatAm


                         - - - - -


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


STANFORD INT'L: U.S. Appeal Panel Weighs "Clawback" Claims
----------------------------------------------------------
Kathy Finn at Reuters reports that a U.S. appeals panel had tough
questions on November 2, for Stanford Financial Group court-
appointed receiver, Ralph Janvey, who is suing to recover proceeds
from several hundred investors in Stanford International Bank
Limited.

According to the report, the issue discussed is whether Mr. Janvey
has a right to pursue "clawback" claims for principal from
Stanford clients who redeemed their certificates of deposit in the
weeks before civil fraud charges were filed and the firm's assets
were seized and customer accounts frozen.

Reuters relates that the three-judge panel in New Orleans took
issue with some of the case law Mr. Janvey used to support his
appeal and questioned why the receiver, rather than the plaintiff
in the case -- the U.S. Securities and Exchange Commission -- was
suing the investors.  "What gives you statutory authority to sue
people the SEC did not?" Senior Judge Will Garwood asked,
according to Reuters.  "It seems to me that the plaintiff or
defendant ought to be the ones . . . Frankly, in a sense, you're
nobody.  You are neither one," Judge Garwood added.

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Bloomberg News said that Mr. Janvey, asked a
U.S. Court of Appeals in New Orleans for permission to sue
investors for gains they realized before a suspected US$7 billion
Ponzi scheme collapsed.  The report related that Mr. Janvey was
blocked by a July 31 court order from pursuing so-called clawbacks
against about 600 investors.  According to the report, Mr Janvey
said that he is seeking to recoup US$925 million tied to CDS
issued by SIBL.  Bloomberg News noted the U.S. SEC and John
Little, a lawyer appointed by the court to represent Stanford
investors’ interests, previously urged Judge Godbey to prevent Mr.
Janvey from suing about 300 investors to recover more than US$600
million.  The report added that investors' lawyers and Mr. Little
claimed the lawsuits would cost more than they would recover and
would punish people who are already victims.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


* ANTIGUA & BARBUDA: To Strip Robert Stanford of Knighthood
-----------------------------------------------------------
Antigua and Barbuda Labor, Public Administration and Empowerment
Minister, Jacqui Quinn-Leandro, who chairs the country's National
Honors Committee, has sent a recommendation to Governor General
Dame Louise Lake-Tack to revoke the knighthood of Robert Allen
Stanford, the billionaire who is accused of orchestrating a multi-
million Ponzi scheme, Pascal Fletcher at Reuters reports.  "We've
heard the cries of the general public about the honor being
brought into disrepute," CANANEWS quoted Ms. Quinn-Leandro as
saying, Reuters relates.

According to Reuter, "Sir" Stanford received the knighthood
conferred by Antigua and Barbuda's government in 2006, at a time
when he was the country's biggest foreign investor and a major
sponsor of cricket and other sports in the region.

However, the report relates, the Antigua and Barbuda government
said that the Stanford scandal caused financial losses and job
layoffs, as well as damaging its image as an offshore finance
destination.

Ms. Quinn-Leandro, Reuters says, told CANANEWS that the six-member
honors committee had voted unanimously to strip Mr. Stanford of
the knighthood.  The move to revoke the knighthood was not based
on a judgment of Mr. Stanford's guilt or innocence but on the
embarrassment brought to the nation by his indictment, she added.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


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

The trustee will present the validated claims in court as
individual reports on February 17, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 7, 2010.


CATERPILLAR FINANCIAL: Moody's Assigns 'Ba1' Issuer Ratings
-----------------------------------------------------------
Moody's Investors Service assigned a Ba1 global local currency
issuer rating to Caterpillar Financial Services Argentina S.A.  On
the National Scale, Moody's Latin America assigned a Aaa.ar local
currency issuer rating.

At the same time, Moody's Investors Service assigned a global
local and foreign currency debt ratings of Ba1 and B2 to
Caterpillar Financial Services Argentina's multi-seniority multi-
currency debt program for up to ARG300 million (or its equivalent
in other currencies).  Moody's also assigned a Ba1 global local
currency debt rating to the first and second issuances,
denominated in Argentine pesos, of ARG50 million and
ARG150 million respectively, under the program.

On the National Scale, Moody's Latin America assigned Aaa.ar local
currency debt ratings to the program and to both issuances.  A
Aa3.ar foreign currency debt rating was also assigned to the
program.

All these ratings have stable outlooks.

The ratings were based on the full, unconditional and irrevocable
guarantee, given by its parent Caterpillar Financial Services
Corporation globally rated A2.

Caterpillar Financial Services Argentina is headquartered in
Buenos Aires, Argentina, with assets of ARG113 million and a
negative equity of ARG6 million as of June 2009.

These issuer ratings were assigned to Caterpillar Financial
Services Argentina S.A.:

* Global Local Currency Issuer Rating: Ba1
* National Scale Local-Currency Issuer Rating: Aaa.ar

These ratings were assigned to Caterpillar Financial Services
Argentina's ARG300 million debt program:

* Global Local-Currency Debt Rating: Ba1
* Global Foreign-Currency Debt Rating: B2
* National Scale Local-Currency Debt Rating: Aaa.ar
* National Scale Foreign-Currency Debt Rating: Aa3.ar

These ratings were assigned to Caterpillar Financial Services
Argentina's ARG50 million first issuance:

* Global Local-Currency Debt Rating: Ba1
* National Scale Local-Currency Debt Rating: Aaa.ar

These ratings were assigned to Caterpillar Financial Services
Argentina's ARG150 million second issuance:

* Global Local-Currency Debt Rating: Ba1
* National Scale Local-Currency Debt Rating: Aaa.ar


PICASSO CARLOS: Creditors' Proofs of Debt Due on December 16
------------------------------------------------------------
The court-appointed trustee for Picasso Carlos, Olmedo Leonardo,
Percincula Miguel (Milenio Transporte S.H.)'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 16, 2009.

The trustee will present the validated claims in court as
individual reports on March 5, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


VIPAGA SA: Creditors' Proofs of Debt Due on February 15
-------------------------------------------------------
The court-appointed trustee for Vipaga S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 15, 2010.

The trustee will present the validated claims in court as
individual reports on April 15, 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
May 28, 2010.


* ARGENTINA: Drought Affects 90% of Territory
---------------------------------------------
About 90% of Argentine territory is being affected by the current
drought, although the situation is aggravated in certain provinces
by the spread of forest fires, InsideCostaRica reports, citing
figures released by officials and the press show.

According to the report, the most serious situation is taking
place in the central province of La Pampa and in Buenos Aires and
Cordoba in the north-central region.  Some cities, the report
relates, decided to ration drinking water, a move that complicates
the normal functioning of those areas and affects a number of
productive sectors, including agriculture.

InsideCostaRica says that the situation is worsened by several
forest fires that have been raging in recent days in the provinces
of Cordoba, San Luis and Catamarca, in the northwest.  “Around 90%
of Argentina is already suffering, with different intensity, from
the drought,” South American Climatological Lab director Juan
Minetti told the Clarin newspaper, the report notes.  “The native
forests are savings banks because they store water for the driest
periods. But since the country destroyed almost all the native
pastureland and 75% of the forests, we don’t have any
environmental resistance,” Mr. Montenegro added.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


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


ANHANGUERA EDUCACIONAL: Regulator OKs BRL200M Debenture Issue
-------------------------------------------------------------
The Brazilian Securities and Exchange Commission (CVM) on
October 29, approved an issue of non-convertible debentures worth
BRL200 million (US$113 million) by Anhanguera Educacional
Participacoes SA, Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the first series, worth BRL190 million,
will mature Nov. 3, 2012, and the company will pay an annual
interest rate of 2.15 percentage points over the local interbank
rate (DI).  The report relates that the second series, totaling
BRL10 million, will mature Nov. 3, 2014, and the company will pay
an interest rate of 8.7% per year.  Banco Itau BBA will coordinate
the operation.

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/ -- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 21, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' global scale corporate credit rating to
Anhanguera Educacional Participacoes S.A. and affirmed its 'brA'
Brazilian national scale corporate credit and debenture ratings on
the company.  The outlooks are stable.


BANCO BRADESCO: To Release Third Quarter Results Tomorrow
---------------------------------------------------------
Banco Bradesco S.A. will release its third quarter 2009 earnings
results on tomorrow, November 5, 2009 at 11:00 AM ET at
http://prnewswire.mediatown.com.br/player/?id=138.

   Jean Philippe Leroy
   Ivani Benazzi de Andrade
   Banco Bradesco S.A.
   55 11 2178.6229
   55 11 2178.6218
   4823.jean@bradesco.com.br,
   4823.ivani@bradesco.com.br

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.


BRASKEM SA: Posts US$2.2 Billion Net Revenue in Third Quarter
-------------------------------------------------------------
Braskem S.A. posted its results for the third quarter of
2009 (3Q09).

Domestic resins sales volume grew 10% in the quarter, led by PP
and PVC, which posted growth of 15% and 17%, respectively.  The
company also registered a record high for PP sales in a single
quarter, with domestic sales volume of 202 kton.

Net revenue in U.S. dollar up 22% to US$ 2.2 billion, reflecting
the continued strong performance of the domestic market, driven by
a recovery in prices for both resins and basic petrochemicals. For
the same reasons, EBITDA was R$838 million, with EBITDA margin of
20.7% in the quarter.

Braskem operates its crackers at full capacity in the quarter with
an average utilization rate of 97%.  In 3Q09, the company once
again registered record ethylene production at the crackers
located in the Camacari Complex, in the state of Bahia.  Fixed
costs reduction reached R$ 98 million in General & Administrative
expenses for 9M09, 19% lower when compared to 9M08.  The spin-off
of QuantiQ's polymer unit on September 1, 2009 resulted in
the creation of Varient, Braskem's new resin distributor, which
will create more value for clients and to the business by focusing
and specializing in thermoplastic resin sales.

Braskem is currently negotiating contracts for approximately 60%
of the ethanol needed to supply its ETBE and green ethylene (Green
PE) plants.

A full text copy of the company's third quarter results is
available free at: http://ResearchArchives.com/t/s?4831

                         About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of November 4, 2009, the company continues to carry Moody's Ba1
LT Corp Family rating.  The company also continues to carry
Fitch's BB+ Issuer default ratings ans Senior Unsecured Debt
rating.  As to date, Braskem SA also carries Standard and Poor's
BB+ Issuer Credit ratings.


CAIXA ECONOMICA: To Launch Debt Fund W/ Credit Suisse & Santander
-----------------------------------------------------------------
Caixa Economica Federal, Credit Suisse , and Banco Santander
Brasil are raising nearly BRL2.9 billion (US$1.7 billion) through
a structured fund, Credito Corporativo Brasil, to finance
corporate loans in Brazil, Guillermo Parra-Bernal at Reuters
reports, citing Valor Economico newspaper.  The report, citing
Valor newspaper, relates that the fund will lend a maximum of
BRL350 million per single company for up to six years.

According to the report, Valor newspaper said that the fund will
encourage companies to issue domestic bonds, asset-backed
securities, promissory notes and export credit notes and then buy
them.  It is targeting average annual returns of 1.5 percentage
points above the benchmark CDI interbank lending rate, which is
currently 10.25%, Valor newspaper added.

Reuters notes that Caixa Economica Federal will act as a
co-manager for the fund.

                     About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


* BRAZIL: Industrial Output Fell 7.8% in September
--------------------------------------------------
Helder Marinho and Andre Soliani at Bloomberg News report that the
national statistics agency said that Brazil’s industrial output
fell 7.8% in September from the year-ago month.

Economist expected a 6.4% decline, according to median of 28
forecasts in a Bloomberg survey.  After stripping out seasonal
factors, output rose 0.8% in September from the previous month,
the agency said in a statement obtained by the news agency.

                           *     *     *

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


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


CMAT 10393: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------
The creditors of CMAT 10393 Ltd. are required to file their proofs
of debt by November 12, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 21, 2009.

The company's liquidator is:

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


DANAE GOLD: Commences Liquidation Proceedings
---------------------------------------------
On August 7, 2009, the sole shareholder of Danae Gold Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Joel Johnson
          58 Par-la-Ville Road, Hamilton HM 11
          Bermuda


DANAE GOLD: Commences Liquidation Proceedings
---------------------------------------------
On August 7, 2009, the sole shareholder of Danae Gold Master Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Joel Johnson
          58 Par-la-Ville Road, Hamilton HM 11
          Bermuda


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

The company commenced wind-up proceedings on September 21, 2009.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


HADRIAN FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of Hadrian Fund Limited received, on November 3, 2009,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


HALCYON LOAN: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------------
The creditors of Halcyon Loan Investors CLO V, Ltd. are required
to file their proofs of debt by November 11, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


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

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

The company's liquidator is:

          Avalon Management Limited
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands


MANTIS REEF: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mantis Reef Limited are required to file their
proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 21, 2009.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


MANTIS REEF: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mantis Reef Pledge Limited are required to file
their proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 21, 2009.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


MAPLE STONE: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Maple Stone Credit Opportunity Fund Cayman, Ltd.
are required to file their proofs of debt by November 11, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

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


MAPLE STONE: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Maple Stone Credit Opportunity Master Fund, Ltd.
are required to file their proofs of debt by November 11, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

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


MOMENTUM CDO: S&P Downgrades Rating on 2006-19 Notes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
A$21.5 million Series 2006-19 notes issued by Momentum CDO
(Europe) Ltd. to 'CC' from 'CCC-'.  At the same time, S&P lowered
the rating on the principal of the A$21.5 million Series 2006-3
notes issued by Prelude Europe CDO Ltd. to 'CCpNRi'.  The interest
on the notes is not rated.

The rating downgrade on the Momentum CDO notes reflects an
increased probability of a loss of principal to the noteholder.
The portfolio in the transaction had suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination.  As a consequence, S&P expects that the
principal amount of the notes will be reduced at maturity on
June 30, 2012, due to the settlement amounts payable to the credit
fault swap counterparty on that date.  The rating on the principal
of Prelude Series 2006-3 is dependent on the rating of the
Momentum CDO notes.

The rating actions on the affected transactions are:

Ratings lowered:

                                    Rating To    Rating From
                                    ---------    -----------
      Momentum CDO (Europe) Ltd.    CC           CCC-
      Series 2006-19
      Prelude Europe CDO Ltd.       CCpNRi       CCC-pNRi
      Series 2006-3


NORTH COAST: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
members of North Coast Insurance, SPC resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
October 30, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Marsh Management Services Cayman Ltd.
          P.O. Box 1051GT, Governors Square
          23 Lime Tree Bay Avenue, George Town
          Grand Cayman


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

The company commenced wind-up proceedings on September 25, 2009.

The company's liquidator is:

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


QALYPSO INVESTMENTS: Creditors' Proofs of Debt Due on November 11
-----------------------------------------------------------------
The creditors of Qalypso Investments (Cayman) Ltd. are required to
file their proofs of debt by November 11, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 24, 2009.

The company's liquidator is:

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


SAAD INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------
On September 18, 2009, the Grand Court of Cayman Islands entered
an order to wind up the operations of Saad Investments Company
Limited.

Hugh Dickson, Mark Byers and Stephen John Akers were appointed as
liquidators.

The Liquidators can be reached at:

          Hugh Dickson
          Grant Thornton Specialist Services (Cayman) Limited
          P.O. Box 1370GT
          Commerce House 2nd Floor
          7 Dr. Roy's Drive
          Grand Cayman KY1-1108, Cayman Islands

          Mark Byers
          Stephen John Akers
          Grant Thornton UK LLP
          30 Finsbury Square
          London EC2P 2YU, UK


SINGULARIS HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------------
On September 22, 2009, the Grand Court of Cayman Islands entered
an order to wind up the operations of Singularis Holdings Limited.

Hugh Dickson, Mark Byers and Stephen John Akers were appointed as
liquidators.

The Liquidators can be reached at:

          Hugh Dickson
          Grant Thornton Specialist Services (Cayman) Limited
          P.O. Box 1370GT
          Commerce House 2nd Floor
          7 Dr. Roy's Drive
          Grand Cayman KY1-1108, Cayman Islands

          Mark Byers
          Stephen John Akers
          Grant Thornton UK LLP
          30 Finsbury Square
          London EC2P 2YU, UK


TEMPO 05: Creditors' Proofs of Debt Due on November 11
------------------------------------------------------
The creditors of Tempo 05 Fund are required to file their proofs
of debt by November 11, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


ZAHLER FUND: Creditors' Proofs of Debt Due on November 12
---------------------------------------------------------
The creditors of Zahler Fund Ltd are required to file their proofs
of debt by November 12, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 23, 2009.

The company's liquidator is:

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


ZAHLER INTERMEDIATE: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------------
The creditors of Zahler Intermediate Fund Ltd are required to file
their proofs of debt by November 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 23, 2009.

The company's liquidator is:

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


ZAHLER MASTER: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------
The creditors of Zahler Master Fund Ltd are required to file their
proofs of debt by November 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 23, 2009.

The company's liquidator is:

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


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


ECOPETROL SA: Pacific Rubiales to Sell US$400MM Notes Abroad
------------------------------------------------------------
Pacific Rubiales Energy Corp. plans to sell US$400 million of
seven-year notes in overseas markets, Lester Pimentel and Andrea
Jaramillo at Bloomberg News report, citing an unnamed source
familiar with the transaction.  The report relates that the source
said the company hired Bank of America Corp. and Citigroup Inc. to
arrange the offering.

According to the report, Bertrand Delgado, Latin America economist
at RGE Monitor, an economic research company in New York, said
that Latin American companies are tapping international markets as
speculation the worst of the global recession is over boosts
demand for higher-yielding assets including sovereign and
corporate debt, said Bertrand Delgado.  “There’s a lot of
liquidity and investors are looking for high yield,” the report
quoted Mr. Delgado as saying. “Both governments as well as
companies are taking advantage of that window of opportunity to
issue bonds before interest rates start to rise,” Mr. Delgado
added.

                        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.

                           *     *     *

As of November 4, 2009, the company continues to carry Standard
and Poor's B+ Issuer Credit ratings.

                      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
=============


NATIONAL COMMERCIAL BANK: Increases ABM Fees by 23%
---------------------------------------------------
Alicia Roache at Sunday Finance News reports that the National
Commercial Bank increased the withdrawal fee for its Automated
Banking Machine from JM$15 to JM$18.50, a 23% increase.

According to the report, NCB said that the cost of its ABM fees
generally reflect the cost of providing the service and in some
cases is "merely a contribution" to the cost of providing the
service.  Despite the increase, the fee is actually very
competitive, and is bang-for-the-buck considering that the company
offers unique value-added services to its clients, the bank added.

"The monthly three free ABM withdrawals is also in place and
customers may even choose to enjoy all ABM withdrawals and other
electronic banking transactions free of charge when they sign up
for our Midas Plus package," the report quoted Sheree Martin,
senior assistant general manager, Group Marketing and
Communications, of NCB, as saying.

The NCB Midas Plus facility, the report adds, is an electronic
banking package that allows customers to conduct routine
transactions such as withdrawals, deposits and bill payments free
through the electronic channels.

                        About NCB Jamaica

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

                           *     *     *

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

Fitch said the ratings have a stable rating outlook.


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


CARDTRONICS INC: September 30 Balance Sheet Upside-Down byUS$8.3MM
-----------------------------------------------------------------
Cardtronics, Inc.'s consolidated balance sheets at September 30,
2009, showed US$457.2 million in total assets and US$465.5 million
in total liabilities, resulting in an US$8.3 million total
shareholders' deficit.

At September 30, 2009, the Company's consolidated balance sheets
also showed US$46.4 million in total current assets available to
pay US$88.2 million in total current liabilities.

The Company reported net income of US$6.5 million on total
revenues of US$128.6 million for the three months ended
September 30, 2009, compared with a net loss of US$5.2 million on
total revenues ofUS$127.3 million in the same period of the prior
year.

ATM operating revenues increasedUS$3.6 million to US$126.2 million
during the three months ended September 30, 2009, from
US$122.6 million during the same period last year.

ATM product sales and other revenues decreased 48.2% to
US$2.4 million during the three months ended September 30, 2009,
compared to US$4.6 million during the same period of 2008.  ATM
products sales and other revenues were lower primarily due to
lower equipment sales in Mexico and lower value-added reseller
program sales.

The Company reported net income of US$4.1 million on total
revenues of US$368.6 million for the nine months ended
September 30, 2009, compared with a net loss of US$13.7 million on
total revenues of US$374.8 million in the same period of 2008.

For the three and nine months ended September 30, 2009, ATM
operating gross profit margin, exclusive of depreciation,
accretion, and amortization, increased by 8.5 percentage points
and 6.8 percentage points, respectively, when compared to the same
periods in 2008.

For the three and nine months ended September 30, 2009, ATM
product sales and other revenues gross profit margin decreased by
23.8 percentage points and 11.3 percentage points, respectively,
when compared to the same periods in 2008.  These decreases were
primarily a result of lower margins achieved on VAR, equipment,
and other service sales during the second and third quarters of
2009, as we were required to lower our sales prices in light of
the reduced market demand for ATM product sales.

A full-text copy of the Company's consolidated financial
statements for the three and nine months ended September 30, 2009,
is available for free at http://researcharchives.com/t/s?481d

As of September 30, 2009, the Company had US$6.1 million in cash
and cash equivalents on hand and US$321.4 million in outstanding
long-term debt and capital lease obligations.

The Company believes that its cash on hand and its current bank
credit facilities will be sufficient to meet its working capital
requirements and contractual commitments for the next 12 months.

Net cash provided by operating activities totaled US$49.0 million
for the nine months ended September 30, 2009, compared to net cash
provided by operating activities of US$11.0 million during the
same period in 2008.  The year-over-year increase was primarily
attributable to improved operating margins and favorable working
capital movements in 2009 when compared to 2008.

Net cash used in investing activities totaled US$20.2 million for
the nine months ended September 30, 2009, compared to
US$54.0 million during the same period in 2008.  The year-over-
year decrease was the result of a decline in the amount of capital
expenditures incurred, as a result of the Company's decision to
reduce capital spending in 2009.

The Company expects that its capital expenditures for the
remaining three months of 2009 will total approximately
US$5.0 million, net of noncontrolling interests, the majority of
which will be utilized to purchase additional ATMs for its
company-owned accounts.

Net cash used in financing activities totaled US$26.6 million for
the nine months ended September 30, 2009, compared to
US$31.1 million provided by financing activities for the same
period in 2008.  In 2008, the Company incurred incremental
borrowings under its revolving credit facility to fund the higher
level of capital expenditures during the period.  However, in
2009, the Company generated sufficient cash flows after capital
expenditures that allowed the Company to repay a significant
portion of the outstanding borrowings under its revolving credit
facility.

As of September 30, 2009, the Company had US$321.4 million in
outstanding long-term debt and capital lease obligations, which
was comprised of (1) US$297.1 million (net of discount of
US$2.9 million) of its senior subordinated notes, (2) US$17.0
million in borrowings under its revolving credit facility,
(3) US$6.9 million in notes payable outstanding under equipment
financing lines of its Mexico subsidiary, and (4) US$413,000 in
capital lease obligations.

The Company said that as of September 30, 2009, it was in
compliance with all covenants contained within its US$175.0
million revolving credit facility and had the ability to borrow an
additional US$152.2 million under the facility based on such
covenants.

Based in Houston, Texas, Cardtronics, Inc. operates the world's
largest non-bank network of automated teller machines.  As of
June 30, 2009, the Company's network included over 33,000 ATMs
throughout the United States, the United Kingdom, and Mexico,
primarily at national and regional merchant locations.  The
Company provides ATM management and equipment-related services and
electronic funds transfer transaction processing services to its
network of ATMs as well as ATMs owned and operated by a third
party.


CEMEX SAB: Rinker Group Acquisition Will Pay Off in Time, CEO Says
------------------------------------------------------------------
Thomas Black at Bloomberg News reports that CEMEX, S.A.B. de C.V.
Chief Executive Officer Lorenzo Zambrano is confident that his
US$14.2 billion acquisition of Rinker Group Ltd., which almost
pushed company into default, will pay off over time.  The report
relates that Mr. Zambrano is optimistic even after Cemex SAB's
sales plunged 31% in the first nine months of the year.

“The mistake was not to finance the Rinker acquisition more
conservatively,” Mr. Zambrano told Bloomberg News in an interview.
“You’ll see.  It will pay off.  Believe me,” he added.

As reported in the Troubled Company Reporter-Latin America on
March 11, 2009, Reuters said that Cemex SAB has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.

Mr. Zambrano, Bloomberg News notes, said that he has been told
that he will fail after every big acquisition he has made: Two
Spanish cement makers in 1992, Houston-based Southdown Inc. in
2000, U.K.-based RMC Group Plc in 2005, and now Rinker.  However,
the report note, Mr. Zambrano said that he has proved critics
wrong in the past and is working to defy them again.

According to a TCRLA report on November 3, 2009, citing Bloomberg
News, Cemex SAB is considering selling a 5-year to 10-year
bond within six months to pay bank debt and push maturities beyond
2014.  The report related that the sale would be in addition to a
convertible bond Cemex has said it will sell.  Cemex SAB disclosed
that it completed its refinancing of the majority of the company's
outstanding debt.   The refinancing plan extends the maturities of
roughly US$15 billion in syndicated and bilateral obligations with
roughly 75 banks and private placement noteholders, providing for
a semi-annual amortization schedule, with a final maturity of
February 14, 2014.

Bloomberg News notes that Christopher Palmer, who oversees about
US$5 billion as head of global emerging markets at Gartmore
Investment Management Ltd. in London, said that turning the
company around may take time.

Cemex SAB said consolidated net sales in the three months ended
September 30, 2009, decreased to US$4.2 billion from US$5.8
billion in the comparable period in 2008, representing a decrease
of 27%.  “The third-quarter earnings of Cemex were sort of a wake-
up call that this is a company in the very early stages of
stabilizing,” Bloomberg News quoted Mr. Palmer as saying.

Bloomberg News adds that Gonzalo Fernandez, a Mexico City-based
analyst with Banco Santander SA, said that Cemex SAB will have to
use most of its cash profits to pay debt at least until 2013.

                          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)'.


=================
N I C A R A G U A
=================


* NICARAGUA: Is Now Able to Get SDR23.8MM Disbursement From IMF
---------------------------------------------------------------
The Executive Board of the International Monetary Fund completed
the second and third reviews of Nicaragua’s economic performance
under the three-year Poverty Reduction and Growth Facility
arrangement.  The completion of the reviews enables Nicaragua to
receive an immediate disbursement of SDR23.8 million (about
US$37.8 million), bringing total disbursements to SDR54.1 million
(about US$85.9 million).

The Executive Board also granted waivers of non-observance of two
program targets.  These waivers cover a shortfall in net
international reserve accumulation for the second half of 2008
resulting from temporary declines in external financing, and
delays in central bank approval of the bank-bond restructuring
agreements with private banks, reflecting Assembly delays in
ratifying a new central bank board.

The Executive Board approved the three-year PGRF arrangement for
SDR71.5 million (about US$113.5 million) in October 2007.  In
September 2008, the Board increased financial support under the
program by SDR6.5 million (about US$10.3 million) to help
Nicaragua cope with the natural disasters of 2007.

Following continued implementation of program commitments and a
strengthened macroeconomic program for the remainder of 2009 and
2010, the remaining SDR23.9 million (about US$37.9 million) will
be disbursed over the course of 2010.

Following the Executive Board discussion, Mr. Takatoshi Kato,
Deputy Managing Director and Acting Board Chair, issued the
following statement:

“The Nicaraguan economy has been negatively affected by the global
crisis and domestic uncertainties.  Output is expected to decline
in 2009 owing to lower external and domestic demand, resulting in
lower exports, remittances, and investment.  The authorities’
policy response thus far in 2009 has been geared at supporting
domestic demand and shielding the financial system from global
shocks.

“The authorities have developed a strengthened macroeconomic
program for the remainder of 2009 and 2010 aimed at protecting the
balance of payments position and placing public debt on a
sustainable path.  Fiscal consolidation efforts will be
underpinned by measures comprising a strict control on current
spending—particularly on wages and pensions to make room for
capital and social outlays, a revenue-enhancing reform that
broadens the tax base, and measures to begin to strengthen the
pension system’s finances.  Broad consensus should be sought to
ensure the approval of these measures by end-year, which is
critical for fiscal consolidation.

“Monetary policy will be geared to keeping inflation low, while
protecting international reserves and supporting the crawling peg
regime.  The proposed reforms to the central bank charter should
strengthen the central bank’s autonomy and accountability, and
improve the effectiveness of monetary operations.

“The banking system remains sound, though increased vigilance will
be required in light of growing nonperforming loans.  With regard
to the unregulated microfinance sector, the authorities will
encourage a market-friendly and voluntary resolution in the case
of troubled debtors.  Progress on the effective implementation of
risk-based and consolidated cross-border supervision will
continue.

“Structural reforms will be geared to improving Nicaragua’s
medium-term growth prospects and ensuring the sustainability of
public finances.  Reforms in the energy sector will be aimed at
further reducing distribution losses, while creating conditions
for private investment in renewable and more efficient generation
sources.  Actions on the fiscal front will focus on improving
public financial management to increase the efficiency and pro-
poor orientation of public spending, on strengthening revenue
administration, and on developing options to address the pension
system’s actuarial imbalance.

“The authorities recognize the importance of steadfast
implementation of the program and the need to consolidate public
finances over the medium term. Strengthening governance and the
business climate will be critical to leverage donor support and
improve growth prospects,” Mr. Kato said.


                        *     *     *

As of November 3, 2009, Nicaragua continues to carry Moody's Caa1
Foreign currency rating and B3 local currency rating with stable
outlook.


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


BANCO DE CREDITO: Sells US$107 Million Chile Bonds for Lending
--------------------------------------------------------------
James Attwood at Bloomberg News reports that Banco de Credito del
Peru sold US$107 million worth of Chilean bonds.  The report
relates that the company sold 2.7 Unidades de Fomento, Chile’s
inflation-adjusted accounting unit, in five-year bullet bonds
priced to yield 3.97%, or 140 basis points above central bank
yields.

According to the report, Banco de Credito del Peru Head of Finance
Alvaro Correa said that the company plans to sell up to US$300
million of bonds during the next year in Chile as an alternative
foreign market to the U.S. and Europe.

Larrain Vial SA Corredora de Bolsa and BCI Corredor de Bolsa SA
managed the sale.  BCP, the report says, will use the proceeds to
help finance its lending business.

                        About Banco de Credito

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

                           *     *     *

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


DOE RUN PERU: May Resume Operations in Early 2010
-------------------------------------------------
Isabel Guerra at LivinginPeru.com reports that Peru Mining Vice
Minister Fernando Gala said that his sector expects that Doe Run
Peru can resume operations during the first months of 2010.

According to the report, citing La Republica press, Doe Run's
representatives and the workers agreed to continue in stand-by
until they can restart operations.  The report relates that the
workers will continue to receive 65% of their monthly salaries
until then.

In addition, the report notes that Mr. Gala said that the Economy
and Finance Ministry will request Doe Run Peru to present a 100%
guarantee, along with letters of guarantee.

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.


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


FIRST BANCORP: Incurs US$165.2 Million Net Loss in Third Quarter
----------------------------------------------------------------
First BanCorp reported a net loss of US$165.2 million, or US$1.89
per diluted share, which includes a US$152.2 million non-cash
charge to increase the deferred tax asset valuation allowance in
the third quarter ended September 30, 2009.  Pre-tax loss was
US$51.7 million, compared to a pre-tax loss of US$176.7 million
for the second quarter of 2009 and a pre-tax gain of US$20.8
million for the third quarter of 2008.

First BanCorp recorded a provision for loan and lease losses of
US$148.1 million, which exceeded net charge-offs for the quarter
by US$63.7 million, compared to a provision of US$235.2 million
for the second quarter of 2009 and US$55.3 million for
the third quarter of 2008.

The bank's net interest income, excluding fair value adjustments,
increased to US$132.2 million, an increase of US$3.6 million
compared to the second quarter of 2009; net interest margin,
excluding fair value adjustments, increased to 2.68%, up 4
basis points compared to the second quarter of 2009.

First BanCorp recorded a realized gain on sale of investments of
US$34.3 million, compared to US$10.3 million for the second
quarter of 2009.  Non-interest expenses were US$82.8 million, a
decrease of US$13.2 million compared to the second quarter of
2009; efficiency ratio of 46.21% compared to 62.16% for the second
quarter of 2009.  The total non-performing loans increased by
US$367.5 million to US$1.54 billion as of September 30, 2009,
while the allowance for loan and lease losses to total loans
coverage ratio increased to 3.43% from 3.11% as of June 30, 2009.

The bank's estimated Tier 1 Capital Ratio of 12.5%, estimated
Total Capital Ratio of 13.8% and estimated Leverage Ratio of 9.0%;
estimated Tier 1 and Total Regulatory Capital exceeded the well-
capitalized minimum by US$937 million and US$545 million,
respectively.

A full text copy of the company's third quarter results is
available free at http://researcharchives.com/t/s?481e

                      About First BanCorp

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent company of FirstBank Puerto Rico, a state chartered
commercial bank with operations in Puerto Rico, the Virgin Islands
and Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation.  First BanCorp, FirstBank Puerto Rico and FirstBank
Florida, formerly UniBank, the thrift subsidiary of Ponce General,
all operate within U.S. Banking laws and regulations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Fitch Ratings downgraded First BanCorp's long-
term Issuer Default Ratings to 'B-' from 'BB' and Individual
ratings to 'D/E' from 'C/D'.  Fitch also downgraded the ratings of
FBP's subsidiary, FirstBank of Puerto Rico to 'B' from 'BB' and
the Individual rating to 'D' from 'C/D'.  The Rating Outlook is
Negative.


============================
S T  K I T T S  &  N E V I S
============================


* ST. KITTS & NEVIS: Provides Debt Forgiveness for Farmers
----------------------------------------------------------
St. Kitts & Nevis' government has introduced an amnesty program
for farmers who owe the Agriculture Department rent on lands,
Caribbean360.com reports.

According to the report, farmers with legalized land tenure, who
are in arrears, will have until December 31 to pay 25% of the
outstanding monies, in order for the remaining 75% to be forgiven.
However, the report relates, Director of Agriculture, Ashton
Stanley, said that if these arrangements are not made by the end
of the year, farmers will be required to pay the debt in full.

The government, the report notes, said it was making the offer
because it recognizes the difficulties which farmers may be facing
in these harsh economic times.


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

CITGO PETROLEUM: Restarts Corpus Christi Alky Unit
--------------------------------------------------
Citgo Petroleum Corp restarted an alkylation unit at its 163,000
barrel per day (bpd) Corpus Christi, Texas, refinery October 29,
Erwin Seba at Reuters reports.

According to the report, an unnamed official said that the restart
of the unit went smoothly.

As reported in the Troubled Company Reporter-Latin America on
October 27, 2009, Reuters said that Citgo Petroleum planned to
begin restarting its alkylation unit no later than the October 31-
November 1.  The report related that repairs on the unit were
completed and preparations for restarting the unit began on
October 24.  According to a TCRLA report on October 8, 2009,
citing Reuters, Citgo Petroleum has moved has delayed the restart
date its Corpus Christi refinery because of union complaints about
safety.  Reuters related that the campaign by the union and
environmental groups to stop the use of hydrogen fluoride was said
by the sources to be the reason for Citgo's push to get the
alkylation unit back on line.  The report pointed out that the
company fears a regulator may stop a shut hydrogen fluoride
alkylation unit's return to operation.  Reuters recalled
that Citgo Petroleum's alkylation unit was shuttered following a
July 19 morning fire at refinery.

                      About Citgo Petroleum

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

                           *     *     *

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

Fitch affirmed these ratings for CITGO:

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


* VENEZUELA: Central Bank to Try to Lower Forex Rate
----------------------------------------------------
Venezuela central bank president Nelson Merentes reiterated the
government's plans to continue selling dollar-denominated bonds to
lower the unofficial rate for U.S. dollars, Darcy Crowe at Dow
Jones Newswires reports.  The report relates that Mr. Merentes, in
an interview with El Nacional, said that the government will
"intervene in the market" to make sure that the unofficial rate
for U.S. currency doesn't surge.  "The idea is to bring the gap to
60% above the official exchange rate," he added.

According to the report, Venezuela pegs its currency at a rate of
VEB2.15 to the dollar, while in the unofficial market, a greenback
now fetches around VEF5.15.  Dow Jones Newswires says that the 60%
gap mentioned by Merentes means that the government's goal is to
have the unofficial rate at around VEF3.44.

Dow Jones Newswires notes that Mr. Merentes told El Nacional said
that that inflation "is my biggest worry," adding that "it is
possible to continue working so in 2012 we're at one single
digit."

The government's budget for next year was estimated with inflation
running at 22%, Dow Jones Newswires adds.

                           *     *     *

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


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


CITIGROUP INC: Matthew Hickman is New Exec of Research for LatAm
----------------------------------------------------------------
James Attwood and Veronica Navarro Espinosa at Bloomberg News
report that Matthew Hickman, formerly head of Latin American
equities at the asset management unit of Credit Suisse Group AG,
will replace Geoffrey Dennis as Citigroup’s director of research
for Latin America.  The report relates that Mr. Dennis has been
appointed as the company's first global emerging-markets equity
strategist.

According to the report, Mr. Hickman was head of Latin American
equities at Credit Suisse’s asset management unit for the past six
years.  The report relates that Mr. Hickman is a former
telecommunications analyst for Bear Stearns Cos. and director of
research for Latin America at Lehman Brothers Holdings Inc.

Bloomberg News notes that signs of a global recovery have lured
investors to higher- yielding assets, pushing the 22-nation MSCI
Emerging-Markets Index 62% higher this year.  Developing nation
inflows have reached a record US$64 billion this year, according
to estimates by Morgan Stanley, the report relates.  The MSCI
Latin America Index has gained 80% this year, the most since 1991,
Bloomberg News says.

A “correction” in Latin American equities is more likely early
next year than late this year, a Citigroup strategist wrote in a
note obtained by the news agency.

                        About Citigroup Inc.

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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