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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, November 10, 2009, Vol. 10, No. 222

                            Headlines

A R G E N T I N A

BANCO BILBAO: Fitch Takes Various Rating Actions on Five CDOs
FIREMETAL SA: Asks for Preventive Contest
PAMPA SIETE: Requests for Opening of Preventive Contest
SEMPREVERDE SA: Creditors' Proofs of Debt Due on December 28
SIDIPEL SA: Creditors' Proofs of Debt Due on February 15

VIPAGA SA: Creditors' Proofs of Debt Due on February 15
* ARGENTINA: To Make Offer on Defaulted Debt; May Sell New Bonds


B E R M U D A

AQUARIUS FUND: Creditors' Proofs of Debt Due on November 20
AQUARIUS FUND: Member to Receive Wind-Up Report on December 9
BLUEPOINT RE: Supreme Court Enters Wind-Up Order
ECONET WIRELESS: Creditors' Proofs of Debt Due on December 2
ECONET WIRELESS: Members to Receive Wind-Up Report on December 9

PERIQUE HOLDINGS: Creditors' Proofs of Debt Due on December 7
PERIQUE HOLDINGS: Member to Receive Wind-Up Report on December 8
RESONANCE FUND: Creditors' Proofs of Debt Due on November 20
RESONANCE FUND: Members to Receive Wind-Up Report on December 9
TAM FUND: Creditors' Proofs of Debt Due on November 20

TAM FUND: Member to Receive Wind-Up Report on December 9


B R A Z I L

BANCO FIBRA: Moody's Assigns Foreign Currency Rating at 'Ba2'
BRF-BRASIL FOOD: To Release Q3 2009 Earnings on November 12
BRF-BRASIL FOOD: Board Approves Delisting of Sadia SA Shares
GOL LINHAS: Posts Preliminary Traffic Figures for October
JBS SA: Plans to Open a US$120-Million Russian Hamburger Plant

SADIA SA: Brasil Foods Board Approves Delisting of Firm's Shares


C A Y M A N  I S L A N D S

BLACK DIAMOND: Creditors' Proofs of Debt Due Today
COLGAI (HAWII): Commences Wind-Up Proceedings
EAST AVENUE: Creditors' Proofs of Debt Due on November 12
GLANZ CAPITAL: Creditors' Proofs of Debt Due on November 12
J-CASHING III: Creditors' Proofs of Debt Due on November 12

KE SWAN: Creditors' Proofs of Debt Due on November 12
LINDOS CAPITAL: Creditors' Proofs of Debt Due on November 12
LINDOS CAPITAL: Creditors' Proofs of Debt Due on November 12
LINDOS CAPITAL: Creditors' Proofs of Debt Due on November 12
MIZUHO PREFERRED: Creditors' Proofs of Debt Due on November 12

MIZUHO PREFERRED: Creditors' Proofs of Debt Due on November 12
MIZUHO PREFERRED: Creditors' Proofs of Debt Due on November 12
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11

MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
SAPIC 98: Creditors' Proofs of Debt Due on November 11


C O L O M B I A

BACOLOMBIA SA: Posts COP321.2BB Net Income for Qtr Ended Sept.
ECOPETROL SA: Reduces Gas Exports to Venezuela in Late October


E C U A D O R

* ECUADOR: Negotiates Emergency Electricity Imports With Peru


J A M A I C A

AIR JAMAICA: NWU Seeks Update on Divestment Amid Gov't Silence
NATIONAL COMMERCIAL BANK: Posts JM$10.2BB Profit in Yr-Ended Sept


P E R U

BANCO DE CREDITO: S&P Affirms 'BB' Rating On $250 Mil. Notes
* PERU: Ecuador Negotiates Emergency Electricity Imports


V E N E Z U E L A

MERCANTIL CA: Moody's Downgrades Local Currency Ratings to 'Ba3'
* VENEZUELA: Allows Central Bank to Trade PDVSA Bonds
* VENEZUELA: Ecopetrol & Chevron Reduce Gas Exports in Late Oct.


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


BANCO BILBAO: Fitch Takes Various Rating Actions on Five CDOs
-------------------------------------------------------------
Fitch Ratings has taken various rating actions on five
collateralized debt obligations of small- and medium-sized
enterprises which were originated by Banco Bilbao Vizcaya
Argentaria ('AA-/ F1+/ Outlook positive) between November 2000 and
June 2007.

The rating actions resolve the Rating Watch Negative status
assigned in August 2009 after Fitch revised its rating criteria
for European granular corporate balance-sheet securitizations on
23 July 2009.  The rating actions are:

BBVA-2 FTPYME - ICO, FTA

  -- EUR2,483,939 Class DCA affirmed at 'AAA'; Outlook stable; no
     Loss Severity Rating assigned

  -- EUR14,282,648 Class DSA affirmed at 'AAA'; Outlook stable;
     assigned LS-3

  -- EUR17,100,000 Class ESA downgraded to 'BBB' from 'A-';
     Outlook negative; assigned LS-3; removed from RWN

BBVA-3 FTPYME, FTA

  -- EUR168,359,949 Class A2(G) affirmed at 'AAA'; Outlook
     stable; no LS assigned

  -- EUR17,657,844 Class B affirmed at 'A+', Outlook negative;
     assigned LS-3; removed from RWN

  -- EUR8,049,899 Class C affirmed at 'BB'; Outlook negative;
     assigned LS-3; removed from RWN

BBVA-4 PYME, FTA

  -- EUR200,641,927 Class A2 affirmed at 'AAA'; Outlook stable;
     assigned LS-1; removed from RWN

  -- EUR18,409,870 Class B affirmed at 'AA'; Outlook negative;
     assigned LS-3; removed from RWN

  -- EUR26,783,804 Class C downgraded to 'B- (B minus)'; Outlook
     negative; assigned LS-3; removed from RWN

BBVA-5 FTPYME, FTA

  -- EUR417,060,729 Class A1 downgraded to 'A' from 'AA'; Outlook
     negative; assigned LS-2; removed from RWN

  -- EUR115,349,320 Class A2 downgraded to 'A' from 'AA'; Outlook
     negative; assigned LS-3; removed from RWN

  -- EUR75,150,042 Class A3(G) affirmed at 'AAA'; Outlook stable;
     no LS assigned

  -- EUR39,900,000 Class B downgraded to 'BB' from 'BBB'; Outlook
     negative; assigned LS-4; removed from RWN

  -- EUR57,000,000 Class C affirmed at 'AAA'; Outlook stable; no
     LS assigned

BBVA-6 FTPYME, FTA

  -- EUR495,963,193 Class A1 downgraded to 'BBB' from 'AA';
     Outlook stable; assigned LS-1; removed from RWN

  -- EUR157,678,397 Class A2(G) affirmed at 'AAA'; Outlook
     stable; no LS assigned

  -- EUR50,300,000 Class B downgraded to 'CCC' from 'BB'; no
     Outlook and LS assigned; removed from RWN

  -- EUR32,300,000Class C downgraded to 'CC' from 'B'; no Outlook
     and LS assigned; removed from RWN

The downgrades largely reflect the implementation of Fitch's
revised SME CDO rating criteria coupled with increasing default
and delinquency levels, difficult macro-economic conditions in
Spain and relatively low credit enhancement levels for the
respective ratings.  BBVA 5 and BBVA 6 are the most heavily
impacted transactions.  Specifically for the junior notes, the
downgrade actions and negative outlooks are also driven by
performance concerns and the increasing obligor concentration as
the transactions amortize.

Of the five transactions, BBVA 2 has amortized most significantly
-- only 3.4% of the initial loan pool remains outstanding as of 30
September 2009 and the portfolio is now heavily concentrated with
the largest loan representing 8.8% and the top ten loans together
making up 27.2% of the outstanding pool.  While the loan portfolio
is mostly secured by real estate mortgages (90.9% of the
outstanding pool balance), the junior note is increasingly at risk
from individual loan defaults and highly reliant on recoveries
achieved.  Therefore, Fitch believes this note cannot achieve a
higher rating than the lowest investment-grade category.

For BBVA 3 the negative outlooks on the junior classes, reflect
increasing arrears and defaults over the past year (2.7% for loans
90 days overdue compared to 0.5%, a year earlier, 1.8% for
defaulted loans compared to 0.2% of the outstanding portfolio in
September 2008) and a minor drawing of the subordinated credit (by
approximately 0.4m) per July 2009 payment date.  However, the
transaction has benefited from increasing credit enhancement as
the portfolio amortizes.  Additionally while obligor concentration
has increased to 1.8% in September 2009 from 0.6% as of 31
December 2004, concentrations are moderate and coverage in case of
large individual obligor defaults appears acceptable for the
current rating levels.

BBVA 4 faces the increased risk of defaulted loans.  From
September 2008 to September 2009 defaulted loans have been
increasing from 0.7% to 4.8% of the outstanding portfolio.  Loans
overdue for 90 days also peaked at 2.6% in June 2009 before
decreasing to 1.3% in September 2009.  Additionally, obligor
concentration is rising as the portfolio amortizes.  As of
September 2009, the largest obligor represented 1.5% compared to
0.4% as of 31 December 2005.

BBVA 5 is also posting a significant increase in reported defaults
as well as a continued rise in late stage delinquencies.  As of
the 30 September 2009 investor report, 90 day arrears reached 3%
of the outstanding portfolio compared to 2% in September 2008 and
defaulted loans reached an absolute peak of 4.8% of the
outstanding balance compared to 0.3% a year earlier.  This has had
a significant impact on the reserve fund, which has been reduced
well below required levels and currently stands at EUR 7.9m
compared to EUR 29.45m.  Fitch is concerned that mounting late
stage delinquencies and resulting defaults will continue to
pressure the reserve fund and potentially deplete it entirely if
performance continues to worsen and loan recoveries take longer to
be realized.

Similarly to BBVA 5, BBVA 6 has also reported material credit
deterioration with rising defaults in August 2009, reaching a peak
level of EUR 24.8m.  Delinquencies (90 day delinquencies increased
to 3.8% in September 2009 from 2% a year earlier) and the
reduction in the reserve fund (currently at EUR 6.8m compared to a
required amount of EUR 21.3m) mirror the situation for BBVA 5.  In
addition, the transaction has posted modest deleveraging and thus
has more limited credit enhancement in place to protect against
credit deterioration in the current environment, particularly the
subordinate classes of notes.

Classes DCA of BBVA2, A2(G) of BBVA 3 and A2(G) of BBVA 6 and
A3(G) of BBVA 5 are all guaranteed by the Kingdom of Spain, rated
'AAA/F1+/Outlook stable'.  In addition the European Investment
Fund ("EIF", rated 'AAA/ F1+/Outlook stable') guarantees the
payment of timely interest and ultimate principal on the Class C
note of BBVA 5.  As such, the ratings of these classes are
directly credit-linked to that of the respective guarantor when
the current available credit enhancement is insufficient to
support the current ratings on a stand-alone basis.  In
particular, Fitch expects that the EIF guarantee on the Class C
notes of BBVA 5 is likely to be drawn in the near-to medium-term
as the reserve fund supporting Class C has been reduced
significantly to provision for defaulted loans.  Given the
pipeline of delinquent loans in this transaction, Fitch expects a
full erosion of the reserve fund, which would make it necessary to
utilize the guarantee to make the due interest payment on Class C
and ultimately redeem the tranche.

Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  According to observed
delinquencies and the origination process of the respective banks
in Spain, the benchmark probability of default is adjusted upward
or downward.  Delinquent loans are notched down depending on the
time the loans have been in arrears.  Recoveries for loans secured
by first lien real estate is adjusted for property indexation and
market value stress based on the criteria but second lien
mortgages are treated as senior unsecured loans.


FIREMETAL SA: Asks for Preventive Contest
-----------------------------------------
Firemetal SA asked for preventive contest.

The company stopped making payments on March 12, 2008.


PAMPA SIETE: Requests for Opening of Preventive Contest
-------------------------------------------------------
Pampa Siete SA requested for opening of preventive contest.  The
company stopped making payments on October 20, 2009.


SEMPREVERDE SA: Creditors' Proofs of Debt Due on December 28
------------------------------------------------------------
Mario Narisna, the court-appointed trustee for Sempreverde SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 28, 2009.

Mr. Narisna will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:

          Mario Narisna
          Avenida Corrientes 1628
          Argentina


SIDIPEL SA: Creditors' Proofs of Debt Due on February 15
--------------------------------------------------------
Carlos Ayuso, the court-appointed trustee for Sidipel SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until February 15, 2010.

Mr. Ayuso 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:

          Carlos Ayuso
          Tucuman 1455
          Argentina


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

Ms. Comba will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 16
in Buenos Aires, with the assistance of Clerk No. 32, 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:

          Martha Magdalena Comba
          Ortega y Gasset 1739
          Argentina


* ARGENTINA: To Make Offer on Defaulted Debt; May Sell New Bonds
----------------------------------------------------------------
Laura Price and Juan Pablo Spinetto at Bloomberg News report that
Argentine Economy Minister Amado Boudou said the country plans to
make a proposal on the restructuring of US$20 billion of defaulted
bonds within 30 days and may sell new international debt in the
first quarter.  “In 30 days we could get all the administrative
steps to put a formal offer in the market,” Mr. Boudou told the
news agency in an interview.

According the report, Mr. Boudou said that Argentina will seek
approval from as many of the holders of the defaulted debt as
possible and may meet investors in Italy, Germany, Japan, New York
and London.  The report recalls that Mr.  Boudou said on
October 22 that the offer to holders who rejected a 2005
restructuring will be “a little bit” worse than the original swap;
which gave investors about 30 cents on the dollar.

The report notes that Mr. Boudou said Argentina may sell bonds in
international markets to finance investments in utilities and
infrastructure.  However, the report relates, the country won’t
use the bonds to pay debt owed to the Paris Club group of
government creditors.

Argentina, the report says, still owes the Paris Club about US$6.7
billion, which President Cristina Fernandez de Kirchner last year
pledged to repay using central-bank reserves.  “Maybe in the first
quarter of next year we will do a new issue of bonds in the
voluntary market,” the report quoted Mr. Boudou as saying.  “We
want to get the funds to improve and enlarge our program of
investments in the real economy, mostly in utilities, like
electricity generation and water systems,” he 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 E R M U D A
=============


AQUARIUS FUND: Creditors' Proofs of Debt Due on November 20
-----------------------------------------------------------
The creditors of Aquarius Fund Management Ltd are required to file
their proofs of debt by November 20, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 27, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, Bermuda


AQUARIUS FUND: Member to Receive Wind-Up Report on December 9
-------------------------------------------------------------
The member of Aquarius Fund Management Ltd. will receive, on
December 9, 2009, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 27, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, Bermuda


BLUEPOINT RE: Supreme Court Enters Wind-Up Order
------------------------------------------------
On October 29, 2009, the Supreme Court entered an order to
dissolve Bluepoint Re Limited and to release John C. McKenna.


ECONET WIRELESS: Creditors' Proofs of Debt Due on December 2
------------------------------------------------------------
The creditors of Econet Wireless Investments Two Limited are
required to file their proofs of debt by December 2, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 3, 2009.

The company's liquidator is:

          Nicholas Hoskins
          Victoria Place, 31 Victoria Street
          Hamilton HM 10
          Bermuda


ECONET WIRELESS: Members to Receive Wind-Up Report on December 9
----------------------------------------------------------------
The members of Econet Wireless Investments Two Limited will
receive, on December 9, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 3, 2009.

The company's liquidator is:

          Nicholas Hoskins
          Victoria Place, 31 Victoria Street
          Hamilton HM 10
          Bermuda


PERIQUE HOLDINGS: Creditors' Proofs of Debt Due on December 7
-------------------------------------------------------------
The creditors of Perique Holdings Limited are required to file
their proofs of debt by December 7, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Michael Mello
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton, Bermuda


PERIQUE HOLDINGS: Member to Receive Wind-Up Report on December 8
----------------------------------------------------------------
The member of Perique Holdings Limited will receive, on
December 8, 2009, at 2:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Michael Mello
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton, Bermuda


RESONANCE FUND: Creditors' Proofs of Debt Due on November 20
------------------------------------------------------------
The creditors of Resonance Fund Ltd. are required to file their
proofs of debt by November 20, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 27, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, Bermuda


RESONANCE FUND: Members to Receive Wind-Up Report on December 9
---------------------------------------------------------------
The members of Resonance Fund Ltd. will receive, on December 9,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 27, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, Bermuda


TAM FUND: Creditors' Proofs of Debt Due on November 20
------------------------------------------------------
The creditors of Tam Fund Management Ltd are required to file
their proofs of debt by November 20, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 27, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, Bermuda


TAM FUND: Member to Receive Wind-Up Report on December 9
--------------------------------------------------------
The member of Tam Fund Management Ltd. will receive, on
December 9, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 27, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, Bermuda


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


BANCO FIBRA: Moody's Assigns Foreign Currency Rating at 'Ba2'
-------------------------------------------------------------
Moody's Investors Service assigned long and short-term foreign
currency ratings of Ba2 and Not Prime, respectively, to Banco
Fibra S.A.'s existing US$1,000,000,000 Global Medium term Note
Program.  At the same time, Moody's assigned a Ba3 foreign
currency debt rating to the plain vanilla 7-year subordinated
notes issued under the program in the amount of US$110,000,000.
The notes are due in November 2016 which are eligible for Tier 2
equity upon regulatory approval.  The ratings outlook is stable.

The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential off
Fibra's Ba2 global local currency deposit rating, as per Moody's
notching convention.  Moody's noted that Fibral's foreign currency
debt ratings remain unconstrained by Brazil's country ceiling.

Banco Fibra is headquartered in Sao Paulo, Brazil and had total
consolidated assets of BRL9,167 billion (US$4,704 billion) and
equity of BRL750 million (US$ 384.9 billion) as of June 30, 2009.

The last rating action on Banco Fibra was on March 27th, 2009,
when Moody's changed the outlook for all the ratings to stable,
from positive.

These ratings were assigned to Banco Fibra S.A.:

  -- US$1,000,000,000 Global Medium Term Note Program: Ba2 and Not
     Prime long and short-term foreign-currency debt ratings,
     stable outlook.

  -- US$110,000,000 Subordinated Notes due in 2016: Ba3 long-term
     foreign currency debt rating, stable outlook.


BRF-BRASIL FOOD: To Release Q3 2009 Earnings on November 12
-----------------------------------------------------------
BRF Brasil Foods SA  will release the third quarter earnings for
2009 on Thursday, November 12.  A conference call will be held the
following morning, Friday, November 13, at 8:30 am ET to discuss
the financial results.

Interested parties may access the call by dialing for

    US callers:  1.800.860.2442
    Brazil callers: 55.11.4688.6341
    All other callers: 1.412.858.4600

The access code for the conference will be BRF.  Participants are
encouraged to dial in fifteen minutes prior to the start of the
call.  A webcast of the presentation will also be broadcasted
online via webcast at http://www.brasilfoods.com/ir. Those who
are unable to join the call may hear a replay of the conference by
dialing 55.11.4688.6312 and entering the access code 157.  The
replay will be available from November 13 to November 19, 2009.
For a transcript of the call please visit
http://www.brasilfoods.com/ir.

                       About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


BRF-BRASIL FOOD: Board Approves Delisting of Sadia SA Shares
------------------------------------------------------------
BRF-Brasil Foods SA's board has approved the delisting of the
shares of its subsidiary Sadia SA, Rogerio Jelmayer at Dow Jones
Newswires reports, citing a company statement.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction.  After the take
over, the new company will be known as BRF Brasil Foods SA and
incorporate Sadia shares owned by HFF Participacoes SA -– a
holding company formed by investors who have more than 51% of
Sadia’s voting stock.

According to Doe Jones Newswires, the approval of the Perdigao-
Sadia merger is still pending.

                       About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


GOL LINHAS: Posts Preliminary Traffic Figures for October
---------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
disclosed its preliminary traffic figures for October 2009.

In October, GOL recorded demand growth in the domestic market of
46.9% over the same month last year, chiefly due to the company’s
privileged positioning in that market, with high-frequency flights
between airports in densely populated cities and dynamic yield
management, underpinned by high-quality service, punctuality and
regularity.  In addition, the month’s figures were still
reflecting the upturn in demand triggered by the exceptionally
competitive scenario in September and the first ten days of
October.

Due to the differentials and the efforts of its sales area, GOL is
also highly competitive in the corporate market.  According to TMC
Brasil, the business travel operators’ association, GOL’s share of
sales through the association’s affiliates increased by 6.1
percentage points, from 34.2% in the first half of 2008 to 40.3%
in the same period in 2009.  For the same reasons, domestic demand
climbed by 14.1% over September 2009, or 10.4% if the number of
calendar days in each month (September 30 and October 31) are
equalized.

International market demand fell by 7.2% over October 2008, due to
the reduction in the number of seats on certain routes (or reduced
frequencies), designed to maximize operating profitability.  In
relation to September 2009, international demand moved up by
11.2%, thanks to the recovery of traffic on Chilean and
Argentinean routes, given the decline in the number of H1N1 flu
cases due to the end of winter.

GOL continued with its efforts to improve capacity in order to
maximize its operating results, and October’s numbers clearly
reflect this strategy, recording a 15.5% domestic market increase
over October 2008, equivalent to around 1/3 of its total demand
growth in the same month.  In the same period, the load factor
increased by 15.6 p.p. to 72.8%.  In comparison with September
2009, the load factor grew by 5.6 p.p.  Although the highly
competitive price scenario began to ease off in the first week of
October, it was during this period that most tickets for October
flights were sold, maintaining the average net yield at close to
17.00 cents (R$).  In addition, sales for November and December
2009 are already showing clear signs of a recovery.

                          About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$200 million perpetual notes at 'B/RR5';

  -- US$200 million senior notes due 2017 at 'B/RR5'.


JBS SA: Plans to Open a US$120-Million Russian Hamburger Plant
--------------------------------------------------------------
JBS SA plans to open a hamburger plant in Russia next month, Meat
Trade News Daily reports, citing Company Director of Investor
Relations Jerry O'Callaghan.

According to the report, JBS SA is investing US$119 million in the
new plant, which will have an annual processing capacity of 25,000
metric tons of beef, as well as storage capacity of 10,000 tons.
The report relates that the plant will be located near Moscow, and
will supply nearly 140 McDonald's restaurants across 37 cities in
Russia.

The report notes that Italy-based joint venture Inalca JBS
reportedly will manage the plant.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.


SADIA SA: Brasil Foods Board Approves Delisting of Firm's Shares
----------------------------------------------------------------
BRF-Brasil Foods SA's board has approved the delisting of the
shares of its subsidiary Sadia SA, Rogerio Jelmayer at Dow Jones
Newswires reports, citing a company statement.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction.  After the take
over, the new company will be known as BRF Brasil Foods SA and
incorporate Sadia shares owned by HFF Participacoes SA -– a
holding company formed by investors who have more than 51% of
Sadia’s voting stock.

According to Doe Jones Newswires, the approval of the Perdigao-
Sadia merger is still pending.

                       About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


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


BLACK DIAMOND: Creditors' Proofs of Debt Due Today
--------------------------------------------------
The creditors of Black Diamond CLO 2007-1 (Cayman) Ltd. are
required to file their proofs of debt by today, November 10, 2009,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 2, 2009.

The company's liquidator is:

           Victor Murray
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


COLGAI (HAWII): Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary genera meeting held on October 1, 2009, the
shareholder of Colgai (Hawii) Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

           Commerce Corporate Services Limited
           P.O. Box 694GT, Grand Cayman
           Cayman Islands
           Telephone: 949 8666
           Facsimile: 949 0626
           P.O. Box 694GT, Grand Cayman
           Cayman Islands
           Telephone: 949 8666
           Facsimile: 949 0626


EAST AVENUE: Creditors' Proofs of Debt Due on November 12
---------------------------------------------------------
The creditors of East Avenue Offshore 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 29, 2009.

The company's liquidator is:

          Peter Gerhard
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


GLANZ CAPITAL: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------
The creditors of Glanz Capital 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 30, 2009.

Takao Ando and Kenichi Yamagishi of Sakura & Co. are the company's
liquidators.


J-CASHING III: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------
The creditors of J-Cashing III Holding Co., 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 October 2, 2009.

The company's liquidator is:

           Victor Murray
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


KE SWAN: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------
The creditors of Ke Swan III 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 24, 2009.

The company's liquidator is:

           Victor Murray
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


LINDOS CAPITAL: Creditors' Proofs of Debt Due on November 12
------------------------------------------------------------
The creditors of Lindos Capital General Partner 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 October 1, 2009.

The company's liquidator is:

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


LINDOS CAPITAL: Creditors' Proofs of Debt Due on November 12
------------------------------------------------------------
The creditors of Lindos Capital International 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 October 1, 2009.

The company's liquidator is:

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


LINDOS CAPITAL: Creditors' Proofs of Debt Due on November 12
------------------------------------------------------------
The creditors of Lindos Capital Master 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 October 1, 2009.

The company's liquidator is:

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


MIZUHO PREFERRED: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------------
The creditors of Mizuho Preferred Capital (Cayman) 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 October 1, 2009.

The company's liquidator is:

           Victor Murray
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


MIZUHO PREFERRED: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------------
The creditors of Mizuho Preferred Capital (Cayman) D 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 October 1, 2009.

The company's liquidator is:

           Victor Murray
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


MIZUHO PREFERRED: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------------
The creditors of Mizuho Preferred Capital (Cayman) 4 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 October 1, 2009.

The company's liquidator is:

           Victor Murray
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-C) 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 October 1, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-D) 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 October 1, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-E) 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 October 1, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-F) 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 October 1, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-G) 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 October 1, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (2-A) 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 October 1, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (2-B) 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 October 1, 2009.

The company's liquidator is:

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


SAPIC 98: Creditors' Proofs of Debt Due on November 11
------------------------------------------------------
The creditors of Sapic 98 Holding Company 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 October 1, 2009.

The company's liquidator is:

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


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


BACOLOMBIA SA: Posts COP321.2BB Net Income for Qtr Ended Sept.
--------------------------------------------------------------
Bancolombia S.A. recorded consolidated net income of COP321.2
billion for the quarter ended September 30, 2009 or COP 408 per
share -- U.S. $0.85 per ADR. Net income for 3Q09 increased 27% as
compared to the results for the quarter ended June 30, 2009 and
decreased 12% as compared to the results for the quarter ended
September 2008.  Bancolombia’s annualized return on average
shareholders’ equity ("ROE") for 3Q09 was 20.1%, improving from
16.5% in 2Q09.

For the first nine months of 2009, net income totaled COP 885.4
billion (COP 1,124 per share -- USD 2.33 per ADR), decreasing 11%
as compared to the same period last year.

The main components of revenue presented mixed results in 3Q09:

   -- Net interest income totaled COP 849.2 billion,
      decreasing 8% as compared to 2Q09 driven by lower loan
      volumes and lower margins resulting from lower market
      interest rates.

   -- Net fees and income from services totaled
      COP368.6 billion, down 3% as compared to 2Q09.

   -- On the positive side, other operating income totaled
      COP102.4 billion, significantly higher than the COP20
      billion for 2Q09.  Bancolombia notes that it finished
      amortizing the effects generated by methodology
      changes in the valuation of derivatives in 2Q09.

   -- Overall, total revenue amounted to COP1,320 billion,
      remaining stable as compared to COP1,326 billion
      for 2Q09.

Bancolombia SA ended 3Q09 with COP 60,087 billion in assets, down
5% as compared to 2Q09.  Assets denominated in currencies other
than COP (primarily U.S. dollars "USD") represented 26% of total
assets by the end of 3Q09.  Therefore, the 10% appreciation of the
COP against the U.S. dollar during 3Q09 explained, to an extent,
the reduction in assets.  Nonetheless, loan volumes were lower
than expected in 3Q09.  COP-denominated loans decreased 4.3% while
USD-denominated loans remained flat during 3Q09.  This performance
is explained by higher than anticipated prepayments on corporate
loans motivated by increased activity of non-financial firms in
the domestic and international debt markets.  Additionally, credit
demand remained weak due to low levels of economic activity,
further contributing to the sluggish performance of volumes.

On a positive note, the pace of asset deterioration slowed down
for the second consecutive quarter.  The increase in past due
loans before charge-offs for 3Q09 was COP 192.2 billion, down from
COP 237.9 billion and COP 389 billion for 2Q09 and 1Q09
respectively.  Consequently, and helped by recoveries, net
provision charges were significantly lower in 3Q09, totaling COP
168 billion, half the amount of charges for 2Q09. Despite the
lower deterioration, past due loans ("PDLs"), those overdue more
than 30 days, represented 4.1% of gross loans, up from 3.9% in
2Q09. The PDL increase was primarily driven by the loan portfolio
reduction presented in 3Q09.

Above all, Bancolombia maintained a strong balance sheet during
3Q09. The Bank’s reserves for loan losses represented 5.5% of
total loans by the end of 3Q09 while coverage, measured by the
ratio of allowances for loans and accrued interest losses to past
due loans (overdue more than 30 days) ended the quarter at 135%.
Likewise, the Bank’s capital ratio increased during 3Q09. Capital
adequacy (tier 1 + 2 capital ratio) finished at 13.8% in 3Q09,
considerably higher than the 11.4% presented in 3Q08.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


ECOPETROL SA: Reduces Gas Exports to Venezuela in Late October
--------------------------------------------------------------
Ecopetrol SA and its partner U.S.-based Chevron Corp., in late
October, reduced shipments of natural gas to Venezuela to about 70
million cubic feet a day, from about 220 million cubic feet a day
as demand in Colombia increased, Inti Landauro at Dow Jones
Newswires reports, citing an unnamed Ecopetrol spokeswoman.  The
report relates that the spokeswoman said that the reduction of gas
exports is independent of the diplomatic clash between the
governments of both countries.

According to the report, the demand for natural gas increased in
Colombia as several gas-fired power-generation plants boosted
electricity production as a drought reduced the amount of water
available in hydro-power plants' reservoirs.  Both companies
export natural gas from the Ballena gas field on in northern
Colombia to Maracaibo in Venezuela through a 224-kilometer
pipeline.

Petroleos de Venezuela SA, the report notes, spent US$467 million
to build the pipeline to ship Colombian gas to Maracaibo.  The
report relates that Venezuela needs to import natural gas, despite
its own huge reserves, because it lacks the infrastructure and
sufficient investment in its natural gas output.

Dow Jones Newswires points out that PDVSA Vice President Asdrubal
Chavez said the company was prepared to face a possible reduced
supply of natural gas.

                            *     *     *

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

                       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.


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


* ECUADOR: Negotiates Emergency Electricity Imports With Peru
-------------------------------------------------------------
Ecuador is negotiating with Peru to import between 90 and 100
megawatts of electricity to confront ongoing power shortages,
Mercedes Alvaro at Dow Jones Newswires reports, citing a unnamed
high-level official from Ecuador's Ministry of Electricity.

According to the report, Ecuador started rationing electricity for
between two and six hours per day due to insufficient water levels
at hydroelectric plants.  The report relates that the government
declared an emergency in the electricity sector due to a
generating shortfall at Paute, the nation's biggest hydroelectric
plant.  The emergency, the report says, will allow the Finance
Ministry to seek to guarantee fuel imports for thermoelectric
plants.

Dow Jones Newswires notes that Pablo Cisneros, Ecuador's deputy
minister for electricity, said that electricity rationing could
last for about one month as the the area where the Paute
hydroelectric plant is located is facing one of the worst
droughts.  Dow Jones Newswires says that Paute normally supplies
around 35% of the country's electricity generation, but  now it
currently supplies about 15% of the total.

                           *     *     *

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


AIR JAMAICA: NWU Seeks Update on Divestment Amid Gov't Silence
--------------------------------------------------------------
The National Workers Union, which represents most of Air Jamaica
Limited's workers, is seeking a comprehensive update from the
government on the status of the proposed sale of the cash-strapped
airline, RadioJamaica reports.  The report relates that NWU said
that there are obvious signs that the Air Jamaica Divestment
Committee has hit a stumbling block and is remaining silent on the
matter.

"We are also concern over the fact that we hear news coming out of
Government that the deal between them and Indigo Partners has
fallen through.  We haven't gotten any official word on that yet
and indeed, we're surprised that the administration has not yet
said anything about this to the country and by a lesser extent to
the Air Jamaica Steering Committee," the report quoted Granville
Valentine, NWU Vice-President, as saying.

According to the report, Dr. Omar Davies, Opposition Spokesman on
Finance, said he received information that Air Jamaica had been
taken off the auction block.

The report notes that Bustamante Industrial Trade Union said is
urging the Divestment Committee to seriously consider a bid from
the airline's pilots amid signs that the government is struggling
to find a buyer for Air Jamaica.  "We know that the (Association
submitted their bid for the airline) some three or four weeks ago
(and) we have been advised that the pilots have had no response
whether from the Government or the Divestment Committee.  We
believe that since this submission was an employee driven
submission in terms of acquiring the national airline, the
Divestment Committee should at least give the pilots an invitation
to outline what their proposals are," the report quoted Kavon
Gyale, BITU President-General, as saying.

As reported in the Troubled Company Reporter-Latin America on
October 27, 2009, Jamaica Observer said that the Jamaica Airline
Pilots Association is now waiting a reply from the Jamaican
government after submitting a bid to acquire Air Jamaica Limited.
The report related JALPA President Captain Russell Capleton said
the association, which comprises the airline's 140 pilots, is
spearheading the acquisition effort on behalf of the national
carrier's staff.  The Observer noted that JALPA's bid will give
the government a considerable extension on the time it will need
to find the US$400 million it will cost to rid itself of the
airline, while injecting capital into the ailing carrier.

                          About Air Jamaica

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term corporate credit rating on Air Jamaica Ltd.
to 'CCC' from 'CCC+'.  The outlook is negative.


NATIONAL COMMERCIAL BANK: Posts JM$10.2BB Profit in Yr-Ended Sept
-----------------------------------------------------------------
The National Commercial Bank Jamaica Limited posted net profit of
JM$10.2 billion for the financial year ended September 30, 2009 an
increase of JM$1.5 billion or 18% when compared to the
corresponding period.  The Bank and its Subsidiaries demonstrated
that in spite of the very challenging and difficult financial
environment faced over the past year its continued financial
strength, relevant customer focus and robust operating framework
produced credible and satisfactory results.

Patrick Hylton, NCB Group Managing Director attributes the Bank’s
positive outcomes for the financial year to three tenets: 1)
capital strength, 2) having strong levels of liquidity and most
importantly 3) having a strong governance framework.  Mr. Hylton
emphasized that high importance was placed on this framework which
is necessary in this current financial environment to manage risks
and avoid excesses.

Mr. Hylton recognized and noted that the competences of the Bank’s
management and staff also attributed to the successes of the Bank
for the past financial year.  Mr. Hylton stressed “The results
underscore that we have been busy building a fortress of a
financial institution.  A fortress, which is underpinned by strong
capital; strong liquidity; strong management; a strong and robust
governance; a highly motivated, highly competent and committed
staff.”

Based on the latest Bank of Jamaica Commercial Banking Industry
Review (June 2009) NCB had the largest market share of net loans
recording a 25% growth over the prior year which exceeded the
industry’s growth of 20%.  The Earnings per Stock Unit of JM$4.16
grew by JM$0.62 or 18%. Most notably, the Wealth Management arm of
the Bank, NCB Capital Markets, showed an increase of JM$1.6
Billion and NCB Insurance Company contributed a net profit of
JM$1.7 Billion.  Overall, these Business segments results
represent the strategic management of customer relationships and
needs and the careful management of interest rate spreads along
with the Bank’s risks and costs.

The Group Chief Financial Officer, Yvonne Clarke in her
presentation of the overall financial performance of the Group,
stressed the major initiatives which were pivotal in maintaining
the valued customer relationships namely: the Money Matters
Campaign which sought to proactively encourage and work with
customers in managing their debts to avoid delinquency; as well as
to provide tools and options to ensure financial stability.  In
closing she outlined the Corporate Social Initiatives undertaken
for the year which were in excess of $38.6m concentrated in
education, sports and community development.

Dennis Cohen, Deputy Group Managing Director, in closing effused
“We will remain nimble as we are building a sustainable
institution that will take advantage of the opportunities
regardless of the conditions and challenges which we face.  We
remain opportunistic as we continue to build on this venerable
organization.” Mr. Cohen continued, “The key tenet in our drive is
Strength and our capital numbers are impressive ensuring that we
are sustainable and remain committed in keeping the institution
strong for all our stakeholders.”

On November 5, 2009, the Board declared an interim dividend of
JM$0.89 per ordinary stock unit.  The dividend is payable on 03
December 2009 for stockholders on record as at November 20, 2009.

                        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.


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


BANCO DE CREDITO: S&P Affirms 'BB' Rating On $250 Mil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
subordinated debt rating on Banco de Credito del Peru's
$250 million noncumulative fixed/floating-rate step-up junior
subordinated notes due 2069.  Proceeds from the issuance will be
used for general corporate purposes.

The rating affirmation followed the increase in the issuance
amount to $250 million from an original expected amount of
$225 million.  S&P sees the debt increase resulting from this
issuance as not significant.  The notes will have a 9.75% fixed
interest rate for the first 10 years and will accrue interest at
three-month LIBOR plus a spread of 816.7 basis points (bps)
thereafter.  S&P characterizes the notes as having "intermediate
strong" equity credit for the first 40 years due to the
securities' flexibility of payments, the step-up in interest rates
at year 10 of 200 bps, the long-dated maturity, and significant
subordination.

S&P's rating on the securities is two notches below S&P's long-
term counterparty credit rating on BCP to reflect the incremental
risk to investors related to the notes' subordinated position in
the capital structure and the issuer's flexibility in making
payments.  S&P's ratings on this type of hybrid security generally
incorporate the risk of nonpayment despite the permissibility of
that under the terms of the issue.  BCP may opt to suspend
interest payments on this issue subject to a restriction on paying
interest on pari passu or more junior securities or dividends and
a restriction on repurchasing such securities during and for 12
months following such suspension.

In addition, interest on this security will be mandatorily
suspended if BCP is not in compliance with applicable regulatory
capital requirements, if there is a prohibition mandated by the
sector's regulatory body (Superintendency of Banks, Insurance, and
Private Pension Fund Administrators), or if there are no
distributable profits as of the latest fiscal year end.  Despite
this flexibility, S&P views the risk of a suspension of interest
as remote and thus rate the issue two notches below the
counterparty credit rating.  If circumstances lead to an increased
risk of a suspension of payments, S&P could further widen the
notching on this issue.

BCP faces the risks inherent to the Peruvian economy, which is
feeling the effects of the global recession amid a relatively high
poverty level and high competitive pressures in the banking
system.  However, S&P believes BCP is well positioned to face
these conditions.

BCP is the largest financial institution in Peru.  The bank enjoys
a well-diversified business profile in retail and wholesale
banking, asset management, private banking, and treasury
activities.

                           Ratings List

                     Banco de Credito del Peru

     Counterparty Credit Rating               BBB-/Stable/A-3

                         Ratings Affirmed

                     Banco de Credito del Peru

           Junior Subordinated Debt                 BB


* PERU: Ecuador Negotiates Emergency Electricity Imports
--------------------------------------------------------
Ecuador is negotiating with Peru to import between 90 and 100
megawatts of electricity to confront ongoing power shortages,
Mercedes Alvaro at Dow Jones Newswires reports, citing a unnamed
high-level official from Ecuador's Ministry of Electricity.

According to the report, Ecuador started rationing electricity for
between two and six hours per day due to insufficient water levels
at hydroelectric plants.  The report relates that the government
declared an emergency in the electricity sector due to a
generating shortfall at Paute, the nation's biggest hydroelectric
plant.  The emergency, the report says, will allow the Finance
Ministry to seek to guarantee fuel imports for thermoelectric
plants.

Dow Jones Newswires notes that Pablo Cisneros, Ecuador's deputy
minister for electricity, said that electricity rationing could
last for about one month as the the area where the Paute
hydroelectric plant is located is facing one of the worst
droughts.  Dow Jones Newswires says that Paute normally supplies
around 35% of the country's electricity generation, but  now it
currently supplies about 15% of the total.

                           *     *     *

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-'.


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


MERCANTIL CA: Moody's Downgrades Local Currency Ratings to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service downgraded both the long term local
currency deposit rating of Mercantil, C.A., Banco Universal to
Ba3, from Ba2, and that of Banco de Venezuela to Ba2, from Ba1.
The outlook is stable for both these ratings.  At the same time,
Moody's confirmed Banvenez's bank financial strength rating at D-,
with a negative outlook.

The downgrade of the local currency deposit ratings is driven by
the rating agency's reassessment of a government's ability to
support its banks during a protracted, systemic event, such as
during the ongoing global crisis.  The likelihood of such support
is an important part of Moody's credit analysis, and it provides
uplift to deposit ratings above the floor implied by a banks' own
financial strength.  The local currency deposit rating downgrades
bring both banks' ratings closer in line with that of the
Venezuelan government's own B1 local currency bond rating.  These
rating actions conclude the review for possible downgrade of the
deposit ratings initiated on July 1, 2009.

Moody's noted that the rating action on Mercantil's deposits does
not reflect a change in the bank's intrinsic financial strength.
In fact, on July 1, 2009, Moody's had affirmed Mercantil's D- bank
financial strength rating and its Ba3 unsupported baseline credit
assessment to reflect the adequacy of the bank's balance sheet.
The bank financial strength rating measures a bank's intrinsic
safety and soundness and, as such, excludes external credit-
support elements.  Mercantil's Ba3 deposit local currency rating
benefits from no uplift due to systemic support.

The confirmation of Banvenez's D- bank financial strength rating
reflects Moody's view of its potentially enhanced importance in
the system, which could result from its intended role as a
consolidator of other Venezuelan public sector banks, under the
newly created Corporacion de la Banca Pública.

However, Moody's believes Banvenez's new role is also likely to
result in changes in the bank's risk management and thus its asset
allocation, as greater emphasis is placed on executing public
policy at the expense of risk-adjusted returns.  Over the medium
term Bavenez's new public policy role may have a negative effect
on the bank's financial metrics, Moody's said -- particularly
asset quality, profitability and capitalization -- which it
assesses in its analysis of a bank's intrinsic financial strength.
The rating agency therefore has assigned a negative outlook to
Banvenez's financial strength rating, indicating that it would
monitor the bank's financial fundamentals closely during the next
several quarters.

Banvenez's new Ba2 deposit rating reflects full systemic support
for the bank's local currency obligations as a government-owned
bank, which adds one notch of uplift to the bank's unsupported
baseline credit assessment.

        Deposit Rating Changes Reflect Revised Approach to
                          Systemic Support

Moody's has refined its assessment to better reflect the capacity
of governments to support their banking systems as a whole in the
event of a systemic crisis.  Moody's continues to believe that
most governments are likely to support their banking systems
during a crisis to avoid a meltdown of the local payment system.

Nevertheless, the agency also views the capacity of a country and
its central bank to support the nation's banks to be more closely
aligned with the government's own creditworthiness, especially in
times of crisis like these.

Moody's said that the new systemic support indicator for Venezuela
has been established at Ba2, thus replacing the current Baa1 local
currency deposit ceiling.  Despite the downgrade, the Ba2 systemic
support indicator remains two notches above the government's B1
local currency bond rating.

The two-notch differential reflects Moody's assessment of the
Venezuelan government's high willingness and ability to support
its banking system.  This attitude is demonstrated by these: (i) a
history of no local currency deposit defaults in the past 20
years; (ii) the small size of the banking system in relation to
GDP -- a very modest 19%; (iii) the virtual lack of foreign
currency obligations by banks, given that foreign currency lending
or deposit-taking is not allowed in Venezuela; and iv) a very high
level of central government intervention in the bank industry,
which suggests a high likelihood that the government will continue
to support the banking system as a whole.

Moody's also pointed out that Venezuelan banks have for some time
successfully managed their operations in a highly unpredictable
legal, political, and economic environment.  Continued high
inflation, coupled with negative economic growth, will cause lower
business volumes and declining asset quality, thus continuing to
stress the banking system's performance.

Moody's last rating action on Mercantil and Banvenez was on
July 1, 2009.  At this time, Moody's placed the local currency
deposit ratings of both banks on review for possible downgrade.
At the same time, Moody's affirmed Mercantil's D- bank financial
strength rating with a stable outlook and placed Banvenez's D-
bank financial strength rating on review for possible downgrade.

These ratings were affected:

Mercantil, C.A., Banco Universal

  -- Local currency deposit rating downgraded to Ba3, from Ba2

Banco de Venezuela

  -- Local currency deposit rating downgraded to Ba2, from Ba1

  -- Bank financial strength rating of D-, confirmed with a
     negative outlook


* VENEZUELA: Allows Central Bank to Trade PDVSA Bonds
-----------------------------------------------------
Telmo Almada and Jose Orozco at Bloomberg News report that the
Venezuelan government authorized the central bank to buy and sell
bonds issued by Petroleos de Venezuela, setting the stage for
increased intervention to strengthen the bolivar.

The report relates that Asdrubal Oliveros, a director at Caracas-
based consulting firm Ecoanalitica, said that with the initiative,
the central bank may become the biggest player in the local
currency market.  The central bank may use 10 percent to 15
percent of its international reserves of $32 billion to buy PDVSA
bonds, increasing the supply of dollars in the local market, Mr.
Oliveros added.  “The main objective of this law reform is to
allow the government to take control of the parallel foreign
exchange market,” the report quoted Mr. Oliveros as saying.

According to the report, Mr. Oliveros said that the central bank’s
participation in the currency market may allow the government to
maintain the bolivar at about 5.5 per dollar.

Central bank President Nelson Merentes, the report recalls, said
on October 8 that his target for the unofficial rate is a
difference of no more than 60 percent.
Currency Restrictions

Venezuelans, the report says, can purchase the securities locally
with bolivars and re-sell them abroad in international markets for
dollars.  Under restrictions imposed by President Hugo Chavez in
2003, Bloomberg News recalls, the government controls the sale of
dollars at the official exchange rate of 2.15.  Venezuelans buy
dollars in the parallel unregulated market when they can’t get
government authorization to purchase them at the official rate,
the report 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


* VENEZUELA: Ecopetrol & Chevron Reduce Gas Exports in Late Oct.
----------------------------------------------------------------
Ecopetrol SA and its partner U.S.-based Chevron Corp., in late
October, reduced shipments of natural gas to Venezuela to about 70
million cubic feet a day, from about 220 million cubic feet a day
as demand in Colombia increased, Inti Landauro at Dow Jones
Newswires reports, citing an unnamed Ecopetrol spokeswoman.  The
report relates that the spokeswoman said that the reduction of gas
exports is independent of the diplomatic clash between the
governments of both countries.

According to the report, the demand for natural gas increased in
Colombia as several gas-fired power-generation plants boosted
electricity production as a drought reduced the amount of water
available in hydro-power plants' reservoirs.  Both companies
export natural gas from the Ballena gas field on in northern
Colombia to Maracaibo in Venezuela through a 224-kilometer
pipeline.

Petroleos de Venezuela SA, the report notes, spent US$467 million
to build the pipeline to ship Colombian gas to Maracaibo.  The
report relates that Venezuela needs to import natural gas, despite
its own huge reserves, because it lacks the infrastructure and
sufficient investment in its natural gas output.

Dow Jones Newswires points out that PDVSA Vice President Asdrubal
Chavez said the company was prepared to face a possible reduced
supply of natural gas.

                            *     *     *

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

                       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.


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


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

                                                        Total
                                        Total        Shareholders
                                        Assets         Equity
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------


ACO ALTONA           EALT3 BZ         80647079.55    -12603367.15
ACO ALTONA SA        EAAON BZ         80647079.55    -12603367.15
ACO ALTONA-PREF      EALT4 BZ         80647079.55    -12603367.15
ACO ALTONA-PREF      EAAPN BZ         80647079.55    -12603367.15
ALL MALHA PAULIS     GASC3B BZ       881202387.66    -501612577.9
ALL MALHA PAULIS     GASC3 BZ        881202387.66    -501612577.9
ARTHUR LAN-DVD C     ARLA11 BZ        21333792.82    -16295577.05
ARTHUR LAN-DVD P     ARLA12 BZ        21333792.82    -16295577.05
ARTHUR LANG-RC C     ARLA9 BZ         21333792.82    -16295577.05
ARTHUR LANG-RC P     ARLA10 BZ        21333792.82    -16295577.05
ARTHUR LANG-RT C     ARLA1 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT P     ARLA2 BZ         21333792.82    -16295577.05
ARTHUR LANGE         ARLA3 BZ         21333792.82    -16295577.05
ARTHUR LANGE SA      ALICON BZ        21333792.82    -16295577.05
ARTHUR LANGE-PRF     ALICPN BZ        21333792.82    -16295577.05
ARTHUR LANGE-PRF     ARLA4 BZ         21333792.82    -16295577.05
AZEVEDO              AZEV3 BZ         58171856.05     -4288079.64
AZEVEDO E TRA-PR     AZEVPN BZ        58171856.05     -4288079.64
AZEVEDO E TRAVAS     AZEVON BZ        58171856.05     -4288079.64
AZEVEDO-PREF         AZEV4 BZ         58171856.05     -4288079.64
B&D FOOD CORP        BDFC US             15779763         -588840
B&D FOOD CORP        BDFCE US            15779763         -588840
BALADARE             BLDR3 BZ        141215707.17    -12257915.87
BOMBRIL              BOBR3 BZ        239716189.99   -242287717.11
BOMBRIL              BMBBF US        239716189.99   -242287717.11
BOMBRIL CIRIO SA     BOBRON BZ       239716189.99   -242287717.11
BOMBRIL CIRIO-PF     BOBRPN BZ       239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBBY US        239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBPY US        239716189.99   -242287717.11
BOMBRIL-PREF         BOBR4 BZ        239716189.99   -242287717.11
BOMBRIL-RGTS PRE     BOBR2 BZ        239716189.99   -242287717.11
BOMBRIL-RIGHTS       BOBR1 BZ        239716189.99   -242287717.11
BOTUCATU TEXTIL      STRP3 BZ         31385624.73     -9890708.41
BOTUCATU-PREF        STRP4 BZ         31385624.73     -9890708.41
BUETTNER             BUET3 BZ         86940610.88    -37817234.67
BUETTNER SA          BUETON BZ        86940610.88    -37817234.67
BUETTNER SA-PRF      BUETPN BZ        86940610.88    -37817234.67
BUETTNER SA-RT P     BUET2 BZ         86940610.88    -37817234.67
BUETTNER SA-RTS      BUET1 BZ         86940610.88    -37817234.67
BUETTNER-PREF        BUET4 BZ         86940610.88    -37817234.67
CAF BRASILIA         CAFE3 BZ         18218224.29   -631269432.16
CAF BRASILIA-PRF     CAFE4 BZ         18218224.29   -631269432.16
CAFE BRASILIA SA     CSBRON BZ        18218224.29   -631269432.16
CAFE BRASILIA-PR     CSBRPN BZ        18218224.29   -631269432.16
CAMBUCI SA           CAMBON BZ        87269252.24    -22493566.05
CAMBUCI SA           CAMB3 BZ         87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMB4 BZ         87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMBPN BZ        87269252.24    -22493566.05
CAMBUCI SA-PREF      CXDOF US         87269252.24    -22493566.05
CHIARELLI SA         CCHI3 BZ         22274026.77    -44537138.21
CHIARELLI SA         CCHON BZ         22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHPN BZ         22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHI4 BZ         22274026.77    -44537138.21
CHILESAT CO-ADR      TL US           450943844.68    -52392581.33
CHILESAT CO-RTS      CHISATOS CI     450943844.68    -52392581.33
CHILESAT CORP SA     TELEX CI        450943844.68    -52392581.33
CIA PETROLIF-PRF     1CPMPN BZ       377602195.17     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ       377602195.17     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ        377602195.17     -3014291.72
CIA PETROLIFERA      1CPMON BZ       377602195.17     -3014291.72
CIA PETROLIFERA      MRLM3B BZ       377602195.17     -3014291.72
CIA PETROLIFERA      MRLM3 BZ        377602195.17     -3014291.72
CIMOB PART-PREF      GAFP4 BZ         36817394.78    -33083086.54
CIMOB PART-PREF      GAFPN BZ         36817394.78    -33083086.54
CIMOB PARTIC SA      GAFON BZ         36817394.78    -33083086.54
CIMOB PARTIC SA      GAFP3 BZ         36817394.78    -33083086.54
COMERCIAL PL-ADR     SCPDS LI        146090772.51    -255079026.8
COMERCIAL PL-C/E     COMEC AR        146090772.51    -255079026.8
COMERCIAL PLA-BL     COMEB AR        146090772.51    -255079026.8
COMERCIAL PLAT-$     COMED AR        146090772.51    -255079026.8
D H B                DHBI3 BZ        108241401.93   -350596880.48
D H B-PREF           DHBI4 BZ        108241401.93   -350596880.48
DHB IND E COM        DHBON BZ        108241401.93   -350596880.48
DHB IND E COM-PR     DHBPN BZ        108241401.93   -350596880.48
DOC IMBITUB-PREF     IMBI4 BZ        105243414.69    -12993146.26
DOC IMBITUBA         IMBI3 BZ        105243414.69    -12993146.26
DOC IMBITUBA-RTC     IMBI1 BZ        105243414.69    -12993146.26
DOC IMBITUBA-RTP     IMBI2 BZ        105243414.69    -12993146.26
DOCA INVESTI-PFD     DOCA4 BZ         88417960.92    -18059127.86
DOCA INVESTIMENT     DOCA3 BZ         88417960.92    -18059127.86
DOCAS IMBITUB-PR     IMBIPN BZ       105243414.69    -12993146.26
DOCAS IMBITUBA       IMBION BZ       105243414.69    -12993146.26
DOCAS SA             DOCAON BZ        88417960.92    -18059127.86
DOCAS SA-PREF        DOCAPN BZ        88417960.92    -18059127.86
DOCAS SA-RTS PRF     DOCA2 BZ         88417960.92    -18059127.86
ESTRELA SA           ESTRON BZ        61011893.59    -54580283.64
ESTRELA SA           ESTR3 BZ         61011893.59    -54580283.64
ESTRELA SA-PREF      ESTRPN BZ        61011893.59    -54580283.64
ESTRELA SA-PREF      ESTR4 BZ         61011893.59    -54580283.64
FABRICA RENAUX       FRNXON BZ         61543317.9     -41332379.8
FABRICA RENAUX       FTRX3 BZ          61543317.9     -41332379.8
FABRICA RENAUX-P     FTRX4 BZ          61543317.9     -41332379.8
FABRICA RENAUX-P     FRNXPN BZ         61543317.9     -41332379.8
FABRICA TECID-RT     FTRX1 BZ          61543317.9     -41332379.8
FER C ATL-RCT CM     VSPT9 BZ       1189275625.36    -35605725.65
FER C ATL-RCT PF     VSPT10 BZ      1189275625.36    -35605725.65
FER C ATLANT         VSPT3 BZ       1189275625.36    -35605725.65
FER C ATLANT-PRF     VSPT4 BZ       1189275625.36    -35605725.65
FER HAGA-PREF        HAGA4 BZ         16483114.08    -62923101.98
FERRAGENS HAGA       HAGAON BZ        16483114.08    -62923101.98
FERRAGENS HAGA-P     HAGAPN BZ        16483114.08    -62923101.98
FERROVIA CEN-DVD     VSPT12 BZ      1189275625.36    -35605725.65
FERROVIA CEN-DVD     VSPT11 BZ      1189275625.36    -35605725.65
GASCOIGNE EMP-PF     GASC4 BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF     GASC4B BZ       881202387.66    -501612577.9
GASCOIGNE EMP-PF     1GASPN BZ       881202387.66    -501612577.9
GASCOIGNE EMPREE     1GASON BZ       881202387.66    -501612577.9
GAZOLA               GAZO3 BZ         12452143.07    -40298506.25
GAZOLA SA            GAZON BZ         12452143.07    -40298506.25
GAZOLA SA-DVD CM     GAZO11 BZ        12452143.07    -40298506.25
GAZOLA SA-DVD PF     GAZO12 BZ        12452143.07    -40298506.25
GAZOLA SA-PREF       GAZPN BZ         12452143.07    -40298506.25
GAZOLA-PREF          GAZO4 BZ         12452143.07    -40298506.25
GAZOLA-RCPT PREF     GAZO10 BZ        12452143.07    -40298506.25
GAZOLA-RCPTS CMN     GAZO9 BZ         12452143.07    -40298506.25
HAGA                 HAGA3 BZ         16483114.08    -62923101.98
HOPI HARI SA         PQTM3 BZ         60697522.73     -51330086.4
HOPI HARI-PREF       PQTM4 BZ         60697522.73     -51330086.4
IMPSAT FIBER NET     IMPTQ US           535007008       -17165000
IMPSAT FIBER NET     330902Q GR         535007008       -17165000
IMPSAT FIBER NET     XIMPT SM           535007008       -17165000
IMPSAT FIBER-$US     IMPTD AR           535007008       -17165000
IMPSAT FIBER-BLK     IMPTB AR           535007008       -17165000
IMPSAT FIBER-C/E     IMPTC AR           535007008       -17165000
IMPSAT FIBER-CED     IMPT AR            535007008       -17165000
LAEP INVESTMENTS     LEAP LX         394093845.55    -11420162.73
LAEP-BDR             MILK11 BZ       394093845.55    -11420162.73
LATTENO FOOD COR     LATF US             15779763         -588840
MINUPAR              MNPR3 BZ         89611489.39    -20702110.72
MINUPAR SA           MNPRON BZ        89611489.39    -20702110.72
MINUPAR SA-PREF      MNPRPN BZ        89611489.39    -20702110.72
MINUPAR-PREF         MNPR4 BZ         89611489.39    -20702110.72
MMX MINERACA-GDR     MMXMY US       1060478942.97   -123550800.05
MMX MINERACA-GDR     XMM CN         1060478942.97   -123550800.05
MMX MINERACA-GDR     3M11 GR        1060478942.97   -123550800.05
MMX MINERACAO        TRES3 BZ       1060478942.97   -123550800.05
MMX MINERACAO        MMXM3 BZ       1060478942.97   -123550800.05
MMX MINERACAO        MMXCF US       1060478942.97   -123550800.05
NORDON MET           NORD3 BZ          14029500.1    -17709728.15
NORDON MET-RTS       NORD1 BZ          14029500.1    -17709728.15
NORDON METAL         NORDON BZ         14029500.1    -17709728.15
NOVA AMERICA SA      NOVA3B BZ           21287489   -183535527.21
NOVA AMERICA SA      NOVA3 BZ            21287489   -183535527.21
NOVA AMERICA SA      1NOVON BZ           21287489   -183535527.21
NOVA AMERICA SA      NOVAON BZ           21287489   -183535527.21
NOVA AMERICA-PRF     NOVAPN BZ           21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4B BZ           21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4 BZ            21287489   -183535527.21
NOVA AMERICA-PRF     1NOVPN BZ           21287489   -183535527.21
PARMALAT             LCSA3 BZ        353615264.63    -165164436.3
PARMALAT BR-RT C     LCSA5 BZ        353615264.63    -165164436.3
PARMALAT BR-RT P     LCSA6 BZ        353615264.63    -165164436.3
PARMALAT BRAS-PF     LCSAPN BZ       353615264.63    -165164436.3
PARMALAT BRASIL      LCSAON BZ       353615264.63    -165164436.3
PARMALAT-PREF        LCSA4 BZ        353615264.63    -165164436.3
PARQUE TEM-DV CM     PQT5 BZ          60697522.73     -51330086.4
PARQUE TEM-DV PF     PQT6 BZ          60697522.73     -51330086.4
PARQUE TEM-RCT C     PQTM9 BZ         60697522.73     -51330086.4
PARQUE TEM-RCT P     PQTM10 BZ        60697522.73     -51330086.4
PARQUE TEM-RT CM     PQTM1 BZ         60697522.73     -51330086.4
PARQUE TEM-RT PF     PQTM2 BZ         60697522.73     -51330086.4
PET MANG-RECEIPT     RPMG9 BZ         76852724.18   -212528966.16
PET MANG-RECEIPT     RPMG10 BZ        76852724.18   -212528966.16
PET MANG-RIGHTS      RPMG2 BZ         76852724.18   -212528966.16
PET MANG-RIGHTS      RPMG1 BZ         76852724.18   -212528966.16
PET MANGUINH-PRF     RPMG4 BZ         76852724.18   -212528966.16
PETRO MANGUIN-PF     MANGPN BZ        76852724.18   -212528966.16
PETRO MANGUINHOS     RPMG3 BZ         76852724.18   -212528966.16
PETRO MANGUINHOS     MANGON BZ        76852724.18   -212528966.16
PROMAN               PRMN3 BZ         12167222.17      -207882.19
PROMAN               PRMN3B BZ        12167222.17      -207882.19
REII INC             REIC US             15779763         -588840
RENAUXVIEW SA        TXRX3 BZ         50909736.38    -79601048.99
RENAUXVIEW SA-PF     TXRX4 BZ         50909736.38    -79601048.99
RIMET                REEM3 BZ         63757621.65   -107162239.91
RIMET                REEMON BZ        63757621.65   -107162239.91
RIMET-PREF           REEM4 BZ         63757621.65   -107162239.91
RIMET-PREF           REEMPN BZ        63757621.65   -107162239.91
RIOSULENSE SA        RSUL3 BZ         56866478.19     -9053574.99
RIOSULENSE SA        RSULON BZ        56866478.19     -9053574.99
RIOSULENSE SA-PR     RSUL4 BZ         56866478.19     -9053574.99
RIOSULENSE SA-PR     RSULPN BZ        56866478.19     -9053574.99
SANESALTO            SNST3 BZ         24569561.13      -754460.51
SANSUY               SNSY3 BZ        100279114.92    -45812488.77
SANSUY SA            SNSYON BZ       100279114.92    -45812488.77
SANSUY SA-PREF A     SNSYAN BZ       100279114.92    -45812488.77
SANSUY SA-PREF B     SNSYBN BZ       100279114.92    -45812488.77
SANSUY-PREF A        SNSY5 BZ        100279114.92    -45812488.77
SANSUY-PREF B        SNSY6 BZ        100279114.92    -45812488.77
SCHLOSSER            SCLO3 BZ         10818026.01    -65846678.92
SCHLOSSER SA         SCHON BZ         10818026.01    -65846678.92
SCHLOSSER SA-PRF     SCHPN BZ         10818026.01    -65846678.92
SCHLOSSER-PREF       SCLO4 BZ         10818026.01    -65846678.92
SNIAFA SA            SNIA AR          11489328.24      -840226.12
SNIAFA SA-B          SDAGF US         11489328.24      -840226.12
SNIAFA SA-B          SNIA5 AR         11489328.24      -840226.12
SOC COMERCIAL PL     SCDPF US        146090772.51    -255079026.8
SOC COMERCIAL PL     CAD IX          146090772.51    -255079026.8
SOC COMERCIAL PL     CADN SW         146090772.51    -255079026.8
SOC COMERCIAL PL     COME AR         146090772.51    -255079026.8
SOC COMERCIAL PL     CADN EO         146090772.51    -255079026.8
SOC COMERCIAL PL     CVVIF US        146090772.51    -255079026.8
STAROUP SA           STARON BZ        31385624.73     -9890708.41
STAROUP SA-PREF      STARPN BZ        31385624.73     -9890708.41
TECEL S JOSE         FTSJON BZ        17924946.14    -18569451.23
TECEL S JOSE         SJOS3 BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF     FTSJPN BZ        17924946.14    -18569451.23
TECEL S JOSE-PRF     SJOS4 BZ         17924946.14    -18569451.23
TEKA                 TKTQF US        219773260.95   -306726075.74
TEKA                 TEKA3 BZ        219773260.95   -306726075.74
TEKA                 TEKAON BZ       219773260.95   -306726075.74
TEKA-ADR             TEKAY US        219773260.95   -306726075.74
TEKA-ADR             TKTPY US        219773260.95   -306726075.74
TEKA-ADR             TKTQY US        219773260.95   -306726075.74
TEKA-PREF            TKTPF US        219773260.95   -306726075.74
TEKA-PREF            TEKAPN BZ       219773260.95   -306726075.74
TEKA-PREF            TEKA4 BZ        219773260.95   -306726075.74
TELEBRAS SA          TELB3 BZ        219200060.46     -3774997.87
TELEBRAS SA          TLBRON BZ       219200060.46     -3774997.87
TELEBRAS SA          TBASF US        219200060.46     -3774997.87
TELEBRAS SA-PREF     TELB4 BZ        219200060.46     -3774997.87
TELEBRAS SA-PREF     TLBRPN BZ       219200060.46     -3774997.87
TELEBRAS SA-RT       TELB9 BZ        219200060.46     -3774997.87
TELEBRAS-ADR         TBX GR          219200060.46     -3774997.87
TELEBRAS-ADR         TBRAY GR        219200060.46     -3774997.87
TELEBRAS-ADR         TBASY US        219200060.46     -3774997.87
TELEBRAS-ADR         TBH US          219200060.46     -3774997.87
TELEBRAS-ADR         RTB US          219200060.46     -3774997.87
TELEBRAS-ADR         TBAPY US        219200060.46     -3774997.87
TELEBRAS-BLOCK       TELB30 BZ       219200060.46     -3774997.87
TELEBRAS-CED C/E     TEL4C AR        219200060.46     -3774997.87
TELEBRAS-CED C/E     RCT4C AR        219200060.46     -3774997.87
TELEBRAS-CEDE BL     RCT4B AR        219200060.46     -3774997.87
TELEBRAS-CEDE PF     TELB4 AR        219200060.46     -3774997.87
TELEBRAS-CEDE PF     RCTB4 AR        219200060.46     -3774997.87
TELEBRAS-CEDEA $     TEL4D AR        219200060.46     -3774997.87
TELEBRAS-CEDEA $     RCT4D AR        219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB31 BZ       219200060.46     -3774997.87
TELEBRAS-CM RCPT     TELE31 BZ       219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB30 BZ       219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB32 BZ       219200060.46     -3774997.87
TELEBRAS-CM RCPT     TBRTF US        219200060.46     -3774997.87
TELEBRAS-COM RT      TELB1 BZ        219200060.46     -3774997.87
TELEBRAS-PF BLCK     TELB40 BZ       219200060.46     -3774997.87
TELEBRAS-PF RCPT     TELE41 BZ       219200060.46     -3774997.87
TELEBRAS-PF RCPT     TLBRUP BZ       219200060.46     -3774997.87
TELEBRAS-PF RCPT     TBAPF US        219200060.46     -3774997.87
TELEBRAS-PF RCPT     CBRZF US        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB42 BZ       219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB40 BZ       219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB41 BZ       219200060.46     -3774997.87
TELEBRAS-RCT         RCTB33 BZ       219200060.46     -3774997.87
TELEBRAS-RCT PRF     TELB10 BZ       219200060.46     -3774997.87
TELEBRAS-RECEIPT     TLBRUO BZ       219200060.46     -3774997.87
TELEBRAS-RTS CMN     RCTB1 BZ        219200060.46     -3774997.87
TELEBRAS-RTS CMN     TCLP1 BZ        219200060.46     -3774997.87
TELEBRAS-RTS PRF     TLCP2 BZ        219200060.46     -3774997.87
TELEBRAS-RTS PRF     RCTB2 BZ        219200060.46     -3774997.87
TELEBRAS/W-I-ADR     TBH-W US        219200060.46     -3774997.87
TELECOMUNICA-ADR     81370Z BZ       219200060.46     -3774997.87
TELEX-A              TELEXA CI       450943844.68    -52392581.33
TELEX-RTS            TELEXO CI       450943844.68    -52392581.33
TELMEX CORP SA       CHILESAT CI     450943844.68    -52392581.33
TELMEX CORP-ADR      CSAOY US        450943844.68    -52392581.33
TEXTEIS RENA-RCT     TXRX10 BZ        50909736.38    -79601048.99
TEXTEIS RENA-RCT     TXRX9 BZ         50909736.38    -79601048.99
TEXTEIS RENAU-RT     TXRX2 BZ         50909736.38    -79601048.99
TEXTEIS RENAU-RT     TXRX1 BZ         50909736.38    -79601048.99
TEXTEIS RENAUX       RENXPN BZ        50909736.38    -79601048.99
TEXTEIS RENAUX       RENXON BZ        50909736.38    -79601048.99
TRESSEM PART SA      1TSSON BZ      1060478942.97   -123550800.05
VARIG PART EM SE     VPSC3 BZ        101177852.25   -318442006.32
VARIG PART EM TR     VPTA3 BZ         49432124.18   -399290425.77
VARIG PART EM-PR     VPSC4 BZ        101177852.25   -318442006.32
VARIG PART EM-PR     VPTA4 BZ         49432124.18   -399290425.77
VARIG SA             VAGV3 BZ        966298025.55  -4695211316.33
VARIG SA             VARGON BZ       966298025.55  -4695211316.33
VARIG SA-PREF        VARGPN BZ       966298025.55  -4695211316.33
VARIG SA-PREF        VAGV4 BZ        966298025.55  -4695211316.33
WETZEL SA            MWELON BZ        69983432.56     -6279264.91
WETZEL SA            MWET3 BZ         69983432.56     -6279264.91
WETZEL SA-PREF       MWET4 BZ         69983432.56     -6279264.91
WETZEL SA-PREF       MWELPN BZ        69983432.56     -6279264.91
WIEST                WISA3 BZ         39838113.86    -93371563.06
WIEST SA             WISAON BZ        39838113.86    -93371563.06
WIEST SA-PREF        WISAPN BZ        39838113.86    -93371563.06
WIEST-PREF           WISA4 BZ         39838113.86    -93371563.06


                            ***********

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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