TCRLA_Public/091106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, November 6, 2009, Vol. 10, No. 220

                            Headlines

A N T I G U A  &  B A R B U D A

BETONSPORTS: Founder Gets 51 Months Prison Sentence in U.S.


A R G E N T I N A

COLINAS DEL SUR: Creditors' Proofs of Debt Due on February 2
MARROSKAT SRL: Asks for Preventive Contest
SANGRE CREATIVA: Creditors' Proofs of Debt Due on December 17
SER PRO: Creditors' Proofs of Debt Due on December 9
SIDIPEL SA: Creditors' Proofs of Debt Due on February 15


B A R B A D O S

COLUMBUS INTERNATIONAL: Moody's Assigns 'B2' Corp. Family Rating


B E R M U D A

PRIMUS GUARANTY: Records GAAP Net Income of US$461.5MM in 3Q
PROTOSTAR LTD: Creditors Fight $210M Sale To Intelsat
TRYCO IV: Creditors' Proofs of Debt Due on November 13
TRYCO IV: Members to Receive Wind-Up Report on December 4
VALIDUS HOLDINGS: Records US$499.2 Million Net Income in Third Qtr


B R A Z I L

COMPANHIA SIDERURGICA: Plans to Split Mining, Steel Assets
GERDAU AMERISTEEL: Incurs US$25.4 Million Net Loss in Third Qtr
GERDAU SA: Records R$6.8 Billion Net Revenue in Third Quarter
ISA CAPITAL: Consent Solicitation & Receipt of Requisite Expires


C A Y M A N  I S L A N D S

360 JAPAN: Creditors' Proofs of Debt Due on November 12
360 JAPAN: Creditors' Proofs of Debt Due on November 12
ASHBY INVESTMENTS: Creditors' Proofs of Debt Due on December 29
BLUE WINGS: Creditors' Proofs of Debt Due on November 13
CITTA FUND: Commences Liquidation Proceedings

CLAREVILLE HOLDINGS: Creditors' Proofs of Debt Due on November 18
CLOUD INVESTMENTS: Creditors' Proofs of Debt Due on December 29
FIM GLOBAL: Commences Wind-Up Proceedings
FREEWAY PARTNERS: Creditors' Proofs of Debt Due on November 11
KPB CAPITAL: Creditors' Proofs of Debt Due on November 11

MCT SPECIAL: Creditors' Proofs of Debt Due on November 11
PERIDOT PROPERTIES: Creditors' Claims Due on November 11
SAPPHIRE PROPERTIES: Creditors' Proofs of Debt Due on November 11
SEASHELL INT: Creditors' Proofs of Debt Due on December 29
SWATCH INVESTMENT: Creditors' Proofs of Debt Due on December 29

TANDO INTERNATIONAL: Creditors' Proofs of Debt Due on December 29
TE SLS: Creditors' Proofs of Debt Due on November 11
TRADE RECEIVABLES: Creditors' Proofs of Debt Due on November 12
WATERBRIDGE INTERNATIONAL: Creditors' Claims Due on November 13
WEST GATE: Commences Liquidation Proceedings


C O L O M B I A

ECOPETROL SA: To Keep Using WTI Index for Crude Pricing


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Venezuela to Pay $131.5MM for Refinery Stake


E C U A D O R

* ECUADOR: To Launch Buyback Offer in Italy for 2012 & 2030 Bonds


J A M A I C A

CABLE & WIRELESS: Barred From Using Shared Data With Digicel
DIGICEL GROUP: Gets Injunction to Bar LIME From Using Shared Data
JAMAICAN CREDIT: S&P Downgrades Rating on 2001-A Certs. to 'B'
NATIONAL COMMERCIAL: S&P Downgrades Counterparty Rating to 'CCC'


M E X I C O

CEMEX SAB: To Offer Convertible Bonds To Local Debt Holders
URBI DESARROLLOS: Expects to Amend Terms on MXN1.06BB in Bonds
URBI DESARROLLOS: S&P Downgrades Corporate Credit Rating to 'B+'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Appoints Wayne Choy as CEO for Angostura Holdings


V E N E Z U E L A

* VENEZUELA: To Pay US$131.5M for Refinery Stake by Jan. 18


                         - - - - -


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


BETONSPORTS: Founder Gets 51 Months Prison Sentence in U.S.
-----------------------------------------------------------
The founder of BetOnSports, an illegal offshore online business
operating in Antigua, has been jailed in the United States after
admitting to federal racketeering charges, Caribbean360.com.  The
report relates that Gary Stephen Kaplan was sentenced to 51 months
in prison -- the maximum he could face under a plea agreement
reached on August 14th -- and had to forfeit US$43.65 million in
criminal proceeds to the United States government.

According to the report, an additional amount of approximately
US$7 million has been forfeited in related proceedings, bringing
the total forfeiture in the case to over US$50 million.  Mr.
Kaplan, the report notes, had faced a 22-count indictment that
included:

   -- conspiracy to violate the Wire Wager Act which prohibits
      the use of a wire communication facility to transmit bets
      across state or foreign borders;
   -- conspiring to violate the Racketeer Influenced and Corrupt
      Organizations Act;
   -- interstate transportation of gambling paraphernalia;
   -- interference with the administration of Internal Revenue
      Service laws; and
   -- tax evasion.

The report relates that in addition to having an operation in
Antigua, which has been in liquidation for about two years, Mr.
Kaplan, the report says, also set up business entities offshore in
Aruba and eventually Costa Rica to provide sportsbook services to
US residents through Internet websites and toll-free telephone
numbers.

Caribbean360.com notes that Mr. Kaplan's sentencing concluded a
lengthy investigative and prosecution effort by several law
enforcement agencies, including the IRS and the FBI.  Mr. Kaplan,
the report recalls, has been in custody without a bond set since
his arrest in March 2007.


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


COLINAS DEL SUR: Creditors' Proofs of Debt Due on February 2
------------------------------------------------------------
Hilda Rosa Fernandez, the court-appointed trustee for Colinas del
Sur SA's reorganization proceedings, will be verifying creditors'
proofs of claim until February 2, 2010.

Ms. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Hilda Rosa Fernandez
          Avenida Corrientes 676
          Argentina


MARROSKAT SRL: Asks for Preventive Contest
------------------------------------------
Marroskat SRL asked for preventive contest.  The company stopped
making payments on September 24, 2009.


SANGRE CREATIVA: Creditors' Proofs of Debt Due on December 17
-------------------------------------------------------------
The court-appointed trustee for Sangre Creativa S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 17, 2009.

The trustee will present the validated claims in court as
individual reports on March 1, 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 16, 2010.


SER PRO: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------
Maria del Pilar Enriquez, the court-appointed trustee for Ser Pro
Servicios Profesionales en Recursos Humanos SRL's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 9, 2009.

Ms. Enriquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria del Pilar Enriquez
          Adolfo Alsina 1495
          Argentina


SIDIPEL SA: Creditors' Proofs of Debt Due on February 15
--------------------------------------------------------
The court-appointed trustee for Sidipel 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 March 30, 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 14, 2010.


===============
B A R B A D O S
===============


COLUMBUS INTERNATIONAL: Moody's Assigns 'B2' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned provisional (P)B2 foreign
currency Corporate Family Rating and (P)B2 rating to proposed
US$450 million in guaranteed senior secured notes due 2014 of
Columbus International Inc.  Proceeds from the proposed notes will
be used to refinance existing debt and for general corporate
purposes.  The ratings were assigned on a provisional basis
pending the successful issuance of the proposed notes.  Moody's
has reviewed preliminary draft legal documentation for the
proposed notes and the assigned ratings assume that there will be
no material variation from the drafts reviewed and that all
agreements will be legally valid, binding and enforceable.  This
is the first time that Moody's has rated Columbus.

Columbus' (P)B2 ratings reflect the company's modest size and cash
flow generation, high leverage, limited track record, and high
business risk derived from being a small telecom operator in
Central America and the Caribbean.  In addition, although the
company is expected to become free cash flow positive in the short
to medium term, this will depend on its ability to grow revenues,
sustain margins and reduce capex.  These risks are mitigated by
the company's state-of-the-art and significantly underutilized
sub-sea network, which offers plenty of room to grow revenues with
limited competitive risk.  In addition, ratings consider the
upside growth potential for its cable TV/telecom business in
broadband and the company's high market shares in its coverage
areas: as of June 2009, Columbus' held a 35% market share in
Jamaica, 75% in Trinidad & Tobago and 100% in Grenada.  The
ratings consider the fact that most of the fiber cable network
build out has been completed, and therefore capital investments
will be limited at least in the next couple of years; this will
allow the company to use generated cash to reduce leverage and
improve free cash flow credit metrics.  When rating Columbus,
Moody's took into account a financial covenant of maximum debt
leverage of 4 times debt to EBITDA.

Columbus' state-of-the-art sub sea fiber cable network and cable
systems assets were developed starting in 2001 and upgraded during
the period 2004 to 2008.  As a result, the company benefits from
high barriers to entry derived from time-consuming licensing,
permitting and network construction/investment requirements.  In
addition, Columbus would have a limited need for further
expansionary spending in the foreseeable future.  The company is
looking to take advantage of the potential demand for broadband at
high bandwidths in its coverage area, from both wholesale and
retail businesses.  There is a risk, however, that some of its
wholesale customers, which include large telecom companies, may
decide to expand their own networks in the region.

Columbus' proposed US$ 450 million in guaranteed senior secured
notes due 2014 will be guaranteed by certain of its subsidiaries.
The notes will be secured by certain assets of Columbus and the
senior guarantors, including real property located in the United
States and Jamaica.  Moody's assumes that the security interest in
the pledged assets will be perfected as proposed.

Moody's estimates that, pro-forma for the proposed 2014 notes,
consolidated liquidity is adequate with cash on hand plus
marketable securities equal to about 4 times short term debt plus
the current portion of long term debt as of June 30, 2009.  Debt
maturity profile is relatively comfortable with no significant
amortization payments before September 2011.  In addition, with
roughly 90% of the company's projected capital expenditures
directed at network expansion, the company has the flexibility to
scale that back in the event of a liquidity shortfall, which could
be caused by a delay in sales of IRU (Indefeasible Rights of Use),
a major cash flow contributor.

The ratings' stable outlook is based on Moody's expectations that
Columbus will have a successful execution of its business plan,
will be free cash flow positive and will de-leverage the company
over the next 12 to 24 months.

The ratings are unlikely to be upgraded in the near term because
of the company's small revenue size.  However, over the longer
term should Columbus manage to increase revenues and reduce its
leverage as per debt/EBITDA to about 4 times as well as improve
its interest coverage as per adjusted EBITDA minus capex to
interest to above 2 times, an upgrade could be considered.  A
ratings downgrade could occur in case of a sale of any material
subsidiary or in case of an extended period of negative free cash
flow and weaker interest coverage, measured by EBITDA minus capex
to interest expenses.  In addition, an underperformance of the
company's business or a major acquisition that drive adjusted
debt/EBITDA to above 4 times with limited prospects for a rapid
reduction would put negative pressure on Columbus' ratings.

Columbus is a Barbados-based holding company which was founded in
2004 and grew from acquisitions and network expansion.  It is a
diversified Caribbean communications holding company whose core
operating business is 1) the development of an undersea fiber
optic cable network as well as the sale and lease of telecom
broadband capacity and IP services ("wholesale") to
telecommunications carriers, Internet Service Providers and large
corporations operating in 22 countries and territories in the
Caribbean, Latin America and North America and 2) providing cable
television services, high speed internet access, digital phone and
internet infrastructure services (retail) in Trinidad & Tobago,
Jamaica and Grenada.  Columbus is a privately-held company with
over 1,200 employees.  During the last 12 months ended in June 30,
2009, revenues and adjusted EBITDA amounted to US$ 242 million and
US$ 105 million, respectively.

Columbus wholesale services are provided to clients located in 22
countries in the Caribbean, Latin America and North America.  Core
costumer base is comprised of leading telecom companies such as
Sprint International, Telgua (owned by America Movil), Telmex,
CanTV, Telefonica, AT&T and ETB.  Retail services are provided to
subscribers in Trinidad & Tobago, Jamaica, and Grenada.


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


PRIMUS GUARANTY: Records GAAP Net Income of US$461.5MM in 3Q
------------------------------------------------------------
Primus Guaranty, Ltd. recorded GAAP net income available to common
shares of US$461.5 million, or US$11.14 per diluted share, for the
third quarter of 2009, compared with GAAP net loss available to
common shares of US$(390.2) million, or US$(8.63) per diluted
share, for the third quarter of 2008.

For the third quarter of 2009, Economic Results was a loss of
US$(9.6) million, or US$(0.23) per diluted share, compared with an
Economic Results loss of US$(62.1) million, or US$(1.37) per
diluted share, for the third quarter of 2008.  Economic Results
primarily was driven by credit swap premium revenue of US$21.9
million, offset by credit swap termination fees of US$21.5 million
and operating expenses of US$11.2 million.

A full text copy of the company's third quarter results is
available free at: http://ResearchArchives.com/t/s?487c

                     About Primus Guaranty

Primus Guaranty Limited, through its subsidiaries, provides credit
ris protection for individual corporations, sovereigns, and
financial institutions.

                           *     *     *

As of October 13, 2009, the company continues to carry Moody's B2
Issuer and senior unsecured debt ratings.  The company also
continues to carry Standard and Poor's CCC LT Issuer credit
ratings.



PROTOSTAR LTD: Creditors Fight $210M Sale To Intelsat
-----------------------------------------------------
Law360 reports that ProtoStar Ltd.'s creditors are objecting to
the debtor's proposed $210 million asset sale to Intelsat
Subsidiary Holding Co., arguing that ProtoStar passed up a better
bid from Eutelsat America Corp.

As reported by the TCR on Nov. 2, 2009, Intelsat, Ltd was selected
as the successful bidder in the 29 October public auction for the
ProtoStar 1 satellite with a $210 million, all cash offer.  Upon
conclusion of the transaction, the satellite will be re-named
Intelsat 25 and will join Intelsat's global fleet, serving with
the company's other assets in the Atlantic Ocean region.

The satellite, built by Space Systems Loral, has 22 Ku-band and 38
C-band transponders.  Upon its launch in July 2008, the satellite
was expected to have a 16-year life span.

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.


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

The company commenced wind-up proceedings on October 28, 2009.

The company's liquidator is:

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


TRYCO IV: Members to Receive Wind-Up Report on December 4
---------------------------------------------------------
The members of Tryco IV Ltd. will receive, on December 4, 2009, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on October 28, 2009.

The company's liquidator is:

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



VALIDUS HOLDINGS: Records US$499.2 Million Net Income in Third Qtr
------------------------------------------------------------------
Validus Holdings, Ltd. reported net income of US$499.2 million, or
US$5.21 per diluted common share for the three months ended
September 30, 2009, compared with a net (loss) of (US$126.3)
million, or (US$1.71) per diluted common share, for the three
months ended September 30, 2008.  Net income for the nine months
ended September 30, 2009 was US$731.6 million, or US$8.65 per
diluted share, compared with US$16.1 million, or US$0.14 per
diluted share, for the nine months ended September 30, 2008.

Net operating income for the three months ended September 30, 2009
was US$145.6 million, or US$1.52 per diluted share, compared with
a net operating (loss) of (US$53.1) million, or (US$0.73) per
diluted common share, for the three months ended September 30,
2008.  Net operating income for the nine months ended
September 30, 2009 was US$356.4 million, or US$4.21 per diluted
share, compared with net operating income of US$124.1 million, or
US$1.53 per diluted common share, for the nine months ended
September 30, 2008.

Net operating income (loss), a non-GAAP financial measure, is
defined as net income (loss) excluding net realized and unrealized
gains or losses on investments, foreign exchange gains and losses
and non-recurring items, including the gain on bargain purchase,
net of expenses relating to the acquisition of IPC Holdings, Ltd.
Reconciliations of this measure to net income, the most directly
comparable GAAP measure, are presented at the end of this release.

Commenting on third quarter results and 2009 business conditions,
Validus’ Chairman and Chief Executive Officer Ed Noonan stated:
“We completed the IPC amalgamation on September 4, 2009.  As a
consequence of the acquisition and of strong underlying financial
results for our Validus Re and Talbot segments, we closed the
quarter with total shareholders’ equity of US$3.97 billion, total
assets of US$7.18 billion and total investments and cash of
US$5.71 billion.  Diluted book value per share rose to $28.61 at
September 30, 2009, which when combined with our $0.20 quarterly
dividend resulted in an increase in diluted book value per share
plus dividends of 10.5% in the quarter.  Looking toward 2010, we
approach the January renewal season with US$4.3 billion of capital
and the ability and intent to support our clients with our
expanded resources.”

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?487a

                    About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


COMPANHIA SIDERURGICA: Plans to Split Mining, Steel Assets
----------------------------------------------------------
Companhia Siderurgica Nacional S.A. plans to complete the
separation of its mining and steel assets by the end of the year
as it aims to restructure with 100% of all mining and port assets
in a new company, separate from steel operations, John
Kolodziejski at Dow Jones Newswires reports, citing Paulo Penido
Pinto Marques, CSN director for investor relations.

According to the report, Mr. Marques said that preparation for the
move began in the last two months and would take two more.  The
report notes when Mr. Marques was asked if CSN were planning an
initial public offer or a strategic sale to capitalize the new
mining company, he said that "all options were on the table" and
no decision had been made yet.  At the end of September, the
report recalls that CSN said that it was considering separating
its steel and logistics assets.

Dow Jones Newswires notes that CSN said it could eventually
involve a public offering of shares or "the combination of these
businesses with third parties."  However, the report adds, CSN
told the securities commission that studies of such a plan were at
a preliminary stage, and no decision had been made.

                           About CSN

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

                           *     *     *

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


GERDAU AMERISTEEL: Incurs US$25.4 Million Net Loss in Third Qtr
---------------------------------------------------------------
Gerdau Ameristeel Corporation reported a net loss of US$25.4
million (US$0.06 per share fully diluted) for the three months
ended September 30, 2009, in comparison to net income of US$316.9
million (US$0.73 per share fully diluted) for the three months
ended September 30, 2008.  Included in these results is a US$78.5
million pre-tax charge related to actions announced earlier this
year to stop production at certain of the company's steel mills
and a pre-tax charge of US$11.9 million related to the early
extinguishment of certain debt obligations.

Excluding these charges, the Non-GAAP Adjusted Net Income was
US$33.5 million (US$0.08 per share fully diluted).

For the nine months ended September 30, 2009, the company incurred
a net loss of US$115.6 million (US$0.27 per share fully diluted)
compared to net income of US$742.0 million (US$1.71 per share
fully diluted) for the nine months ended September 30, 2008.  The
Non-GAAP Adjusted Net Loss for the nine months ended September 30,
2009, excluding the charges described, was US$30.0 million
(US$0.07 per share fully diluted).

During the third quarter of 2009, net sales were US$1.1 billion,
an increase of US$110.2 million in comparison to the three months
ended June 30, 2009, but a decrease of 56% from the US$2.5 billion
for the three months ended September 30, 2008.  Weighted average
mill selling price remained flat in comparison to the three months
ended June 30, 2009 but represented a decrease of 41% or $437 per
ton in comparison to the third quarter of 2008.  Finished steel
shipments were 1.5 million tons for the three months ended
September 30, 2009, an increase of 12% in comparison to the second
quarter of 2009 but a decrease of 29% from the three months ended
September 30, 2008.

Net sales for the nine months ended September 30, 2009 were US$3.2
billion compared to net sales of US$7.1 billion for the same
period in 2008.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?4879

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


GERDAU SA: Records R$6.8 Billion Net Revenue in Third Quarter
-------------------------------------------------------------
Gerdau S.A. said sales reached 3.9 million tonnes for the third
quarter of 2009, 15% higher than in the 2nd quarter of 2009,
reflecting the recovery in the main sectors that consume the
company's products.

Net Revenue reached R$6.8 billion in the 3rd quarter of 2009, 6%
higher than in the previous quarter.  Third quarter of 2009 EBITDA
reached R$ 1.4 billion, more than double the amount in the 2nd
quarter of 2009.  The EBITDA margin increased to 20.2% in the 3rd
quarter of 2009 from 9.3% in the 2nd quarter.

Net Income was R$655 million in the 3rd quarter of 2009, compared
to a net loss of R$329 million in the 2nd quarter, reflecting the
recovery in the Company's operating margins in the period.

Investments in fixed assets totaled R$232 million in the 3rd
quarter of 2009.

Gross Debt was R$16.1 billion in September of 2009, reduction of
R$ 2.8 billion if compared to June of 2009, due to amortizations
and the foreign exchange variation in the period.

The company approved a payment of R$106.5 million in dividends, in
the form of interest on capital, for Gerdau S.A. shareholders and
R$67.1 million for Metalurgica Gerdau S.A. shareholders, based on
the results of the first nine months of 2009.

                         About Gerdau SA

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

                         *     *     *

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


ISA CAPITAL: Consent Solicitation & Receipt of Requisite Expires
----------------------------------------------------------------
Isa Capital do Brasil disclosed the expiration of its consent
solicitation and, the receipt of the Requisite Consents with
respect to certain amendments to the indentures governing the
company's outstanding 7.875% senior notes due 2012 and 8.800%
senior notes due 2017, pursuant to the company's consent
solicitation Statement, dated October 21, 2009.  Pursuant to the
Consent Solicitation, the company solicited Consents to amend the
indentures relating to the 2012 Notes and the 2017 Notes, to
permit (i) the Restricted Subsidiaries under the Indentures (other
than the Company's operating subsidiary Companhia de Transmissao
de Energia Eletrica Paulista ("CTEEP")), to enter into certain
Proposed Financing Arrangements with Banco Nacional de
Desenvolvimento Economico e Social, certain other government-owned
Brazilian banks and agencies and Brazilian commercial banks,
(ii) the company to issue certain unsecured guarantees in
connection with such Proposed Financing Arrangements and (iii) an
increase in the amount of Indebtedness that the company may permit
CTEEP and the Restricted Subsidiaries to incur under the
Indentures.

As of 5:00 p.m., New York City time, on November 3, 2009, the
Company had received Consents from (i) holders of more than fifty
percent in aggregate principal amount of the 2012 Notes and (ii)
holders of more than fifty percent in aggregate principal amount
of the 2017 Notes.  As a result of receiving the Requisite
Consents, the Company will enter into the Indenture Supplements
with The Bank of New York Mellon, as Trustee, to effectuate the
Proposed Amendments.

The company expects to settle the consent solicitation as promptly
as possible upon receipt of instructions from the Tabulation
Agent.

BofA Merrill Lynch was the Solicitation Agent for the Consent
Solicitation.

                  About Isa Capital do Brasil

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 8, 2009, Standard & Poor's Ratings Services said that it has
revised its ratings on:

           Isa Capital do Brasil S.A.

           Corporate Credit Rating       BB+/Stable/--
           Senior Unsecured Debt         BB


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


360 JAPAN: Creditors' Proofs of Debt Due on November 12
-------------------------------------------------------
The creditors of 360 Japan Long Short Master Fund Limited 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 30, 2009.

The company's liquidator is:

          Managementplus Limited
          c/o Nicole Ebanks
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman KY1-1207


360 JAPAN: Creditors' Proofs of Debt Due on November 12
-------------------------------------------------------
The creditors of 360 Japan Long Short Fund 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 30, 2009.

The company's liquidator is:

          Managementplus Limited
          c/o Nicole Ebanks
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman KY1-1207


ASHBY INVESTMENTS: Creditors' Proofs of Debt Due on December 29
---------------------------------------------------------------
The creditors of Ashby Investments Ltd. are required to file their
proofs of debt by December 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


BLUE WINGS: Creditors' Proofs of Debt Due on November 13
--------------------------------------------------------
The creditors of Blue Wings Ltd are required to file their proofs
of debt by November 13, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


CITTA FUND: Commences Liquidation Proceedings
---------------------------------------------
On September 21, 2009, a written resolution was passed that
voluntarily liquidates Citta Fund's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Wat Chi Ming
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


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

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

The company's liquidator is:

          Fides Limited
          c/o Ian Goddard
          Cereita Lawrence
          P.O. Box 10338, Regatta Office Park
          Grand Cayman KY1–1003
          Telephone: 345-949-7232


CLOUD INVESTMENTS: Creditors' Proofs of Debt Due on December 29
---------------------------------------------------------------
The creditors of Cloud Investments Ltd. are required to file their
proofs of debt by December 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


FIM GLOBAL: Commences Wind-Up Proceedings
-----------------------------------------
On September 9, 2009, the shareholder of FIM Global Opportunities
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          James Keyes
          101 Front Street, Hamilton HM 12
          Bermuda


FREEWAY PARTNERS: Creditors' Proofs of Debt Due on November 11
--------------------------------------------------------------
The creditors of Freeway Partners, 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 30, 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


KPB CAPITAL: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of KPB Capital 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 30, 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


MCT SPECIAL: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of MCT Special Opportunities 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


PERIDOT PROPERTIES: Creditors' Claims Due on November 11
--------------------------------------------------------
The creditors of Peridot Properties Corporation 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 30, 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


SAPPHIRE PROPERTIES: Creditors' Proofs of Debt Due on November 11
-----------------------------------------------------------------
The creditors of Sapphire Properties Corporation 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 30, 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


SEASHELL INT: Creditors' Proofs of Debt Due on December 29
----------------------------------------------------------
The creditors of Seashell Int. Ltd. are required to file their
proofs of debt by December 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


SWATCH INVESTMENT: Creditors' Proofs of Debt Due on December 29
---------------------------------------------------------------
The creditors of Swatch Investment Company Ltd. are required to
file their proofs of debt by December 29, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


TANDO INTERNATIONAL: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------------
The creditors of Tando International Ltd. are required to file
their proofs of debt by December 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


TE SLS: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------
The creditors of TE SLS Portfolio, 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


TRADE RECEIVABLES: Creditors' Proofs of Debt Due on November 12
---------------------------------------------------------------
The creditors of Trade Receivables Purchase Company are required
to file their proofs of debt by November 12, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy's Drive, P.O. Box 1043
          George Town, Grand Cayman KY1-1102


WATERBRIDGE INTERNATIONAL: Creditors' Claims Due on November 13
---------------------------------------------------------------
The creditors of Waterbridge International Ltd. are required to
file their proofs of debt by November 13, 2009, to be included in
the company's dividend distribution.

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

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


WEST GATE: Commences Liquidation Proceedings
--------------------------------------------
On September 29, 2009, the sole shareholder of West Gate Strategic
Income Fund I, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
October 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Cayman Liquidators, Ltd.
          Mourant du Feu & Jeune
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Cayman Liquidators, Ltd.
          c/o Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands


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


ECOPETROL SA: To Keep Using WTI Index for Crude Pricing
-------------------------------------------------------
Ecopetrol S.A. will keep using West Texas Intermediate crude as
the basis for their crude pricing, but has not dismissed using
another index in exceptional cases, Javier Mozzo at Reuters
reports.

According to the report, Ecopetrol's remarks came after Saudi
Arabia abandoned the WTI crude oil as its pricing formula for U.S.
customers amid frustration over the differences between the U.S.
benchmark and market conditions on the U.S. Gulf Coast.

"Ecopetrol will keep using the WTI," the report quoted an unnamed
company spokesman as saying.  "It doesn't discount for some
specific commercial reasons, depending on the market, climate or
buyer and in exceptional cases, using other references," the
spokesman added.

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

                           *     *     *

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


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


* DOMINICAN REPUBLIC: Venezuela to Pay $131.5MM for Refinery Stake
------------------------------------------------------------------
Venezuela Treasury Minister Vicente Bengoa said that Venezuela
will pay US$131.5 million in cash for a 49% stake in the Dominican
Republic’s state refiner Refineria Dominicana de Petroleo SA
(Refidomsa), not later January 18, The Dominican Today reports.
The report relates that Mr. Bengoa said that there’s much
confusion in the interpretation of the agreement reached with
Petroleos de Venezuela.

According to the report, Mr. Bengoa said that as part of the
Petrocaribe crude deal, Refidomsa is responsible for purchase of
petroleum and its derivatives “and when it’s time to pay it does
so through the Treasury Ministry.”  “What we are going to do,
starting from the signature with PDVSA and until January 18, 2010,
Treasury will remain with 100% of that cash," the report quoted
Mr. Bengoa as saying.  The fuel commitments with by Petrocaribe
will barely reach US$20.4 million this year, Mr. Bengoa added.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

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

                           *     *     *

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


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


* ECUADOR: To Launch Buyback Offer in Italy for 2012 & 2030 Bonds
-----------------------------------------------------------------
Mercedes Alvaro at Dow Jones Newswires reports that Ecuador
Finance Ministry said that Ecuador has obtained approval from the
Commissione Nazionale per le Soceita e la Borsa (CONSOB), in
Italy, to launch a public tender offer in Italy on November 5 to
holders of its Global 2012 and 2030 bonds to participate in a cash
buy-back.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2009, Bloomberg News said that President Correa skipped
a US$30.6 million payment for the country’s 12% bonds due in 2012,
calling the debt “illegal” and “illegitimate.”  The move also sent
its bonds due 2015 and 2030 into default, the same report noted.

According to Dow Jones Newswires, on April 20, the government
launched a modified Dutch auction for the 2012 and 2030 Global
bonds.  The report related that it originally offered a minimum
price of 30 cents on the U.S. dollar to buy back the bonds, but
later raised that to 35 cents on the dollar.

A TCRLA report on June 15, 2009, citing Bloomberg News, Ecuador
bought back 91% of its defaulted bonds due 2012 and 2030 and will
re-open its offer to bondholders who didn’t participate.  Dow
Jones Newswires related that Finance Minister Maria Elsa Viteri
said 8.7% of the 2012 bonds remain in the market, while 7.2% of
the 2030 bonds are still outstanding.

Lazard Freres Banque and Lazard Freres & Co. LLC, as joint dealer
managers, were not permitted to directly contact holders of the
bonds in Italy, due to regulatory restrictions.

"The Republic (of Ecuador) is now launching the Italian offer for
the benefit of holders of the bonds in Italy in order to give the
same opportunity to tender their bonds to the Republic as holders
of the bonds in other countries," the Finance Minister, Maria Elsa
Viteri, said in a press release, Dow Jones Newswires notes.
"Holders of the bonds should be aware that the Republic (of
Ecuador) has no intention of launching other invitations or offers
aimed at either holders of the 2012 or 2030 bonds on equivalent or
more favorable terms to those of the Italian Offer.  Neither does
the Republic intend to pay interest or principal on either the
2012 bonds or 2030 bonds," the press release added.

Dow Jones Newswires adds that Ms. Viteri said that the Italian
offer is designed to assist in allowing both the bondholders and
Ecuador to close, on an acceptable basis, "a very challenging
period in the Republic's external debt history."

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


CABLE & WIRELESS: Barred From Using Shared Data With Digicel
------------------------------------------------------------
Digicel Group obtained an injunction from the Supreme Court
barring Lime (formerly Cable & Wireless Jamaica), a unit of Cable
& Wireless plc, from using shared industry data to target Digicel
Group's high user clients, Jamaica Gleaner reports.  The report
relates that Digicel Group also sought a "search and seizure
order" but later amended the application to seek a "preservation
order".

"The Preservation Order requires that CW not delete or destroy any
records which we may seek to rely on to prove our case at the
eventual arbitration," the report quoted Digicel Group head of
communications, Antonia Graham, as saying.  "When the judge
granted the injunction we also got the Preservation Order.  Our
related request to get an order to inspect the preserved data was
not granted to us.  The judge favored the issue of inspection
being left for the arbitration to decide," Mr. Graham added.

According to the report, LIME said it was disappointed with the
court's ruling and is appealing the decision.

Digicel Group, the report notes, charged that LIME has reached out
to some 53,000 of its clients on auto-dialer, that the calls
originated in St Lucia, and that LIME identified Digicel's
customers based on an analysis of traffic and usage patterns which
it identifies by virtue of customer information from an
interconnection agreement dating back to April 18, 2001.  LIME
denied all claims that it breached the agreement.

The Gleaner says that Digicel Group requested an injunction
restraining LIME, its agents and officers from targeting, calling
or soliciting Digicel's subscribers and customers or otherwise
interfere with the business or business assets of the claimant.
"Our customers are our number one priority at Digicel, and our
commitment to them is that we will do everything in our power to
ensure that their interests are protected," the report quoted
Richard Fraser, Head of Legal and Regulatory Affairs at Digicel,
as saying.

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 Injunction to Bar LIME From Using Shared Data
-----------------------------------------------------------------
Digicel Group obtained an injunction from the Supreme Court
barring Lime (formerly Cable & Wireless Jamaica), a unit of Cable
& Wireless plc, from using shared industry data to target Digicel
Group's high user clients, Jamaica Gleaner reports.  The report
relates that Digicel Group also sought a "search and seizure
order" but later amended the application to seek a "preservation
order".

"The Preservation Order requires that CW not delete or destroy any
records which we may seek to rely on to prove our case at the
eventual arbitration," the report quoted Digicel Group head of
communications, Antonia Graham, as saying.  "When the judge
granted the injunction we also got the Preservation Order.  Our
related request to get an order to inspect the preserved data was
not granted to us.  The judge favored the issue of inspection
being left for the arbitration to decide," Mr. Graham added.

According to the report, LIME said it was disappointed with the
court's ruling and is appealing the decision.

Digicel Group, the report notes, charged that LIME has reached out
to some 53,000 of its clients on auto-dialer, that the calls
originated in St Lucia, and that LIME identified Digicel's
customers based on an analysis of traffic and usage patterns which
it identifies by virtue of customer information from an
interconnection agreement dating back to April 18, 2001.  LIME
denied all claims that it breached the agreement.

The Gleaner says that Digicel Group requested an injunction
restraining LIME, its agents and officers from targeting, calling
or soliciting Digicel's subscribers and customers or otherwise
interfere with the business or business assets of the claimant.
"Our customers are our number one priority at Digicel, and our
commitment to them is that we will do everything in our power to
ensure that their interests are protected," the report quoted
Richard Fraser, Head of Legal and Regulatory Affairs at Digicel,
as saying.

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


JAMAICAN CREDIT: S&P Downgrades Rating on 2001-A Certs. to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Jamaican
Credit Card Merchant Voucher Receivables Master Trust's (the
trust's) US$225 million floating-rate certificates series 2001-A
due 2013 to 'B' from 'B+'.

S&P's rating on the series 2001-A certificates reflects S&P's
long-term sovereign credit rating on Jamaica (CCC/Negative); S&P's
foreign and local currency ratings on National Commercial Bank
Jamaica Ltd. (CCC/Negative/C); and S&P's 'B' survivability
assessment on NCB, which addresses the bank's ability to acquire
the necessary Visa and MasterCard merchant voucher assets to
service the transaction even under a state of selective default or
other financial impairment.  The rating also reflects S&P's view
of the series 2001-A transaction's strong enhancement level
through overcollateralization and other structural features that
mitigate sovereign interference risk and other credit risks.

The rating action follows the Nov. 2, 2009, lowering of S&P's
long-term sovereign credit rating on Jamaica to 'CCC' from 'CCC+',
as well as the Nov. 4, 2009, lowering of S&P's long-term foreign
and local currency credit ratings on NCB to 'CCC' from 'CCC+' and
the lowering of S&P's survivability assessment on NCB to 'B' from
'B+'.  S&P's outlook on both NCB and Jamaica is negative.

S&P's 'CCC' rating and negative outlook on Jamaica reflect S&P's
view that Jamaica's severe fiscal situation, as well as the
vulnerabilities in the government's debt profile, may give the
country incentives to renegotiate with its creditors, particularly
its resident creditors that hold the larger bulk of Jamaican debt.
S&P's 'CCC' rating also reflects the fact that NCB has a very
large exposure to Jamaican sovereign-debt securities and loans to
public entities.  In addition, S&P believes that Jamaica's
deteriorating economic situation and the challenging conditions
facing the Jamaican banking system will continue to pressure the
bank's financial performance.

S&P's 'B' survivability assessment on NCB reflects S&P's view that
the vulnerabilities in the Jamaican government's debt profile have
increased significantly from previous years, narrowing the
government's capacity to support or economically assist the bank
in times of stress.  S&P's survivability assessment is three
notches higher than its counterparty credit rating on NCB because
S&P believes that the bank could, if needed, receive certain
assistance from the Jamaican government as a result of its
importance in the Jamaican banking system, its market share, its
adequate financial performance, and its large branch network and
deposit base.

The trust's performance has been strong since 2001.  As of Sept.
30, 2009, the series 2001-A transaction's quarterly debt service
coverage ratio was 7.01x, a decrease from historical levels.  This
lower DSCR reflects, in S&P's view, a decline in collections due
to the global economic downturn and the fact that the transaction
has finished its interest-only payment period and has begun paying
principal.  The 7.01x DSCR meets S&P's criteria requirements for a
'B' rating.

NCB, one of Jamaica's leading banks, sold all of its existing and
future rights to receive U.S. dollar-denominated payments from
Visa International Service Association and MasterCard
International Inc. to the issuer.  The payment rights include the
amounts owed in regard to cash advances made through Plus System
Inc. or Cirrus System Inc., the cash advance systems operated by
Visa and MasterCard, respectively.  These receivables arise from
NCB's acquisition of the electronic or paper transaction vouchers
that foreign cardholder charges generate when cardholders use
NCB's voucher processing services.


NATIONAL COMMERCIAL: S&P Downgrades Counterparty Rating to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on National Commercial Bank Jamaica Ltd., including the
long-term counterparty credit rating, to 'CCC' from 'CCC+'.  At
the same time, S&P lowered its survivability assessment on NCB to
'B' from 'B+', as assigned on Aug. 6, 2009.  The outlook is
negative.

The rating action followed the downgrade of the long-term
sovereign credit rating on Jamaica (CCC/Negative/C) to 'CCC' from
'CCC+'.

"NCB has a very large exposure to Jamaican sovereign-debt
securities and loans to public entities," said Standard & Poor's
credit analyst Alfredo Calvo.  "Also, Jamaica's deteriorating
economic situation and the more-challenging conditions for the
Jamaican banking system will continue to pressure the financial
performance of the bank."

The action on the survivability assessment was based on the
downgrade of NCB and S&P's view that vulnerabilities in the
government's debt profile have grown significantly from previous
years, narrowing the government's capacity to support the bank in
times of stress.

However, S&P is still maintaining its survivability assessment at
three notches higher than the counterparty credit rating on NCB.
This reflects S&P's continuing expectation that the government
could give certain assistance to the bank if needed because of
NCB's significant market share in the country, adequate financial
performance, and large branch network and deposit base.

If the liquidity and market share of the bank shrink
significantly, S&P could further adjust its survivability
assessment.

The ratings on NCB are limited by the bank's large exposure to
Jamaica's government; greater loan concentration than peers;
operation within a relatively small and nondiversified economy
with high debt; and the more challenging environment for the
Jamaican banking system.

However, the bank's leading market presence in the Jamaican
banking system, adequate but pressured performance under more-
challenging conditions, and consistent improvements in its
operating performance support the rating.


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


CEMEX SAB: To Offer Convertible Bonds To Local Debt Holders
-----------------------------------------------------------
CEMEX, S.A.B. de C.V. said it intends to issue mandatorily
convertible securities through an exchange offering directed to
holders of Certificados Bursatiles issued by CEMEX.  These
Securities will be mandatorily convertible into Certificados de
Participacion Ordinaria similar to those already outstanding.  The
transaction is expected to be launched for a minimum amount of
Securities of MXN3.0 billion that will be mandatorily convertible
into approximately 114.5 million CPOs, using the conversion price
as of October 30, 2009.

However, CEMEX may issue Securities mandatorily convertible into a
maximum amount of 400 million CPOs. The issuance of these
Securities has already been approved by CEMEX’s shareholders.
This transaction is not expected to result in cash proceeds to
CEMEX or any of its subsidiaries.  To this end, a registration
statement relating to the Securities has been filed with the
Comision Nacional Bancaria y de Valores.  This transaction is
subject to approval from the CNBV. Once the approval is granted,
the offer period will last a minimum of 20 business days.

Key terms of the Securities include:

    * The conversion price will be determined by multiplying
      the volume-weighted average price of the CPO for 10
      trading days prior to closing of the offer, times a
      conversion rate in the range of 1.62 to 1.65;

    * A coupon which will yield 10% annually, and will be
      payable every 91 days;

    * Maturity at 3,640 days from the issuance date, or
      approximately 10 years, unless there is a conversion
      event before maturity;

    * Mandatory conversion triggered by (among others): the
      price of the CEMEX CPO reaching certain thresholds, or by
      reaching the maturity date;

    * Holders will have the option to voluntarily convert,
      after one year of issuance, on interest payment
      dates; and

    * The Securities will have stock market restrictions
       until March 30, 2010

CEMEX intends to place these securities with Mexican Pension Funds
and other investors outside the United States that are not U.S.
persons in transactions exempt from registration under the U.S.
Securities Act of 1933, as amended, in exchange for outstanding
debt securities previously issued in the Mexican capital markets,
which the company intends to cancel, once the exchange offer is
consummated.  The Securities and the CPOs issuable upon conversion
have not been and will not be registered under the Securities Act
or any state securities laws, and they may not be offered or sold
in the United States absent registration or an applicable
exemption from the registration requirements of the Securities
Act.

                        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)'.


URBI DESARROLLOS: Expects to Amend Terms on MXN1.06BB in Bonds
--------------------------------------------------------------
Urbi Desarrollos Urbanos SAB expects to either change or waive
debt covenants that it violated in the third quarter, Paul Kiernan
at Dow Jones Newswires reports.

According to the report, citing a filing with the local stock
exchange, the company said that the terms established for MXN1.06
billion (US$79.8 million) of local bonds, it was required to keep
its ratio of debt to Ebitda, below two to one.  However, the
report relates that Urbi's debt was 2.6 times Ebitda at the end of
September.

Dow Jones Newswires notes that Urbi said it is seeking to amend
the covenant -- in addition to other ratios it's committed to for
the bonds in question -- by the end of 2009.  "We are confident
that this process will be successfully completed," the report
quoted Chief Financial Officer Selene Avalos as saying.  "We are
continuously analyzing different financing options in order to
improve the characteristics and structure of our debt," Mr. Avalos
added.

                      About Urbi Desarrollos

Urbi Desarrollos Urbanos SAB is one of the largest housing
developers in Mexico.  The company builds and sells houses mainly
in the states of Baja California, Sonora, Sinaloa, Chihuahua,
Nuevo Leon, Aguascalientes, Jalisco, and Mexico City's
metropolitan area.  Urbi specializes in affordable entry-level and
low middle-income housing, although it also participates in high
middle-income and upper-income housing segments.

                           *     *     *

As repoted in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


URBI DESARROLLOS: S&P Downgrades Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating to 'B+' from 'BB-' and its national
scale rating to 'mxBBB' from 'mxA-' on Urbi Desarrollos Urbanos
S.A.B. de C.V.  S&P also lowered its ratings on the company's
notes.  The ratings are on CreditWatch Negative.

"The downgrade reflects Urbi's aggressive financial policy as
evidenced by the breach of its leverage covenant included in its
peso-denominated bonds' credit agreements (consisting of a total
debt-to EBITDA ratio of less than 2.0x)," said Standard & Poor's
credit analyst Laura Martinez.  This breach was mainly due to an
unanticipated increase in its debt levels during third-quarter
2009 and lower EBITDA levels throughout the year.  The rating
action reflects the continued weakness in the company's operating
performance, particularly its collection cycle.

Currently, Urbi is seeking to obtain an amendment or waiver on
this covenant.  S&P believes that given the company's current
liquidity, this process will be successful.  However, in S&P's
opinion this event reflects the continued aggressiveness in the
company's financial policy and corporate governance.  In addition,
failure of the aforementioned amendment could result in the
acceleration of this indebtedness before its stated maturity.
However, S&P believes that Urbi has enough liquidity to face this
payment if necessary.

The company's aggressive financial policy, accounting practices,
and marketing strategies continue to limit the ratings.  The
ratings also reflect the company's relatively weak operating
performance and intense working-capital requirements in spite of
lower growth rates; increasing competition; the concentration of
mortgage origination in Infonavit; and a degree of political risk
inherent to this institution.  Urbi's operating efficiency and
flexibility, high EBITDA margins, position as one of the largest
homebuilders in Mexico, and leadership in the northern Mexican
states somewhat offset these factors.

S&P will monitor the amendment process closely, and resolve the
CreditWatch listing once the negotiation is concluded.  S&P
expects this to happen approximately 40 days from the third-
quarter 2009 report.  When the amendment process closes, S&P will
likely affirm the ratings.


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


CL FINANCIAL: Appoints Wayne Choy as CEO for Angostura Holdings
---------------------------------------------------------------
Former President of the Manufacturers Association Wayne Yip Choy
has been appointed Chief Executive Officer of Angostura Holdings
Limited, Trinidad and Tobago Newsday reports.

Yip Choy was a former CEO at Carib Brewery and president at KISS
Baking Company; and also a former president of the TTMA.

According to the report, Yip Choy replaced Scottish-born Iain
Grant as CEO.  Mr. Grant left the company in August and no reason
was given for his departure.

As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Trinidad and Tobago Newsday said trading of
Angostura Holdings' shares was suspended beginning yesterday, July
13, on the TT Stock Exchange as it was unable to submit its 2008
accounts.  The report related Angostura had already asked the
Exchange for extensions -- April 30 and May 31 –- to get its
accounts ready, but were unable to meet the deadlines; including
the latest one on July 10.  According to the report, the rum
producer is grappling with the TT$600 million hole left by its
parent, CL Financial Limited, and is now under government control.

CL Financial owns 78% of the company.  The report pointed out that
the main reason for the tardy publication of the accounts is that
CL Financial had leveraged the company’s profits against deals
that looked like a sure bet at the time, including the US$676
million to finance the purchase of Lascelles deMercado in 2008.
CL Financial owes Angostura money from the deals made over the
years but given the conglomerate’s debt, auditors are faced with
trying to unravel the accounts, the report said.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Tobago
President George Maxwell Richards signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.


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


* VENEZUELA: To Pay US$131.5M for Refinery Stake by Jan. 18
-----------------------------------------------------------
Venezuela Treasury Minister Vicente Bengoa said that Venezuela
will pay US$131.5 million in cash for a 49% stake in the Dominican
Republic’s state refiner Refineria Dominicana de Petroleo SA
(Refidomsa), not later January 18, The Dominican Today reports.
The report relates that Mr. Bengoa said that there’s much
confusion in the interpretation of the agreement reached with
Petroleos de Venezuela.

According to the report, Mr. Bengoa said that as part of the
Petrocaribe crude deal, Refidomsa is responsible for purchase of
petroleum and its derivatives “and when it’s time to pay it does
so through the Treasury Ministry.”  “What we are going to do,
starting from the signature with PDVSA and until January 18, 2010,
Treasury will remain with 100% of that cash," the report quoted
Mr. Bengoa as saying.  The fuel commitments with by Petrocaribe
will barely reach US$20.4 million this year, Mr. Bengoa added.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

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

                           *     *     *

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


                            ***********

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.

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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,
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           * * * End of Transmission * * *