TCRLA_Public/091111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, November 11, 2009, Vol. 10, No. 223

                            Headlines

A R G E N T I N A

TELECOM ARGENTINA: Records P$8,861MM Net Revenue for Third Quarter


B E L I Z E

* BELIZE: IDB Approves US$5MM Loan for Agricultural Innovation


B E R M U D A

EAGLE CAPITAL: Creditors' Proofs of Debt Due on November 19
EAGLE CAPITAL: Members to Receive Wind-Up Report on December 8
HELIX 04: Creditors' Proofs of Debt Due on November 19
HELIX 04: Member to Receive Wind-Up Report on December 8
GLOBAL FUTURES: Creditors' Proofs of Debt Due on November 19

GLOBAL FUTURES: Members to Receive Wind-Up Report on December 10
GLOBAL FUTURES: Creditors' Proofs of Debt Due on November 19
GLOBAL FUTURES: Members to Receive Wind-Up Report on December 10
SMOKE SHOP: Creditors' Proofs of Debt Due on December 7
SMOKE SHOP: Member to Receive Wind-Up Report on December 8


B O L I V I A

* BOLIVIA: IDB Supports Food Production by Bolivian Farmers


B R A Z I L

BANCO HIPOTECARIO: Posts Ps.35.5 Million in Third Quarter
BRASKEM SA: Signs Supply Pact for Ethlyene Plant
BRASKEM SA: Venture Discusses Financing With IFC, IDB, BNDES Bank
BRASKEM SA: Records R$645 Million Net Earnings in Third Quarter
COSAN SA: Chairman Settles Dispute With Brazil's CVM

GOL LINHAS: Records R$77.9MM Net Income in Third Quarter


C A Y M A N  I S L A N D S

AEC EQUITY: Creditors' Proofs of Debt Due on November 12
BLUE SKY: Creditors' Proofs of Debt Due on November 12
DR FINANCE: Creditors' Proofs of Debt Due on November 12
EAST AVENUE: Creditors' Proofs of Debt Due on November 12
FRONTIER IX: Shareholders' Final Meeting Set for November 13

HALCYON LOAN: Shareholders' Final Meeting Set for November 13
MANTIS REEF: Shareholders' Final Meeting Set for November 13
NAVIGATOR CDO: Creditors' Proofs of Debt Due on November 12
NAVIGATOR CDO: Creditors' Proofs of Debt Due on November 12
PB FUNDING: Creditors' Proofs of Debt Due on November 12

SANYO CR: Creditors' Proofs of Debt Due on November 12
SIDUS INVESTMENTS: Creditors' Proofs of Debt Due Today
SKYLIGHT HOLDINGS: Creditors' Proofs of Debt Due on November 12
STARTS (CAYMAN): Creditors' Proofs of Debt Due on November 12
STB PREFERRED: Creditors' Proofs of Debt Due on November 12

UBS FINANCE: Creditors' Proofs of Debt Due on November 12
WAKABA: Creditors' Proofs of Debt Due on November 12


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: IMF OKs US$1.7 Billion Stand-By Arrangement


J A M A I C A

CABLE & WIRLESS: Discloses Intention to Demerge
* JAMAICA: Discusses Stand-By Arrangment With IMF


M E X I C O

GRUPO MEXICO: To Launch a US$1.5 Billion Facility
INDUSTRIAS UNIDAS: S&P Retains 'SD' Rating on Payment Concerns
URBI DESARROLLOS: Moody's Reviews 'Ba3' Senior Unsec. Debt Rating
* MEXICO: Moody's Assigns 'Ba2' Rating on Nicolas Romero's Loans


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Mulls Joint Venture with PetroVietnam
PETROLEOS DE VENEZUELA: Correa Defends Alliance With Petroecudor


                         - - - - -


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


TELECOM ARGENTINA: Records P$8,861MM Net Revenue for Third Quarter
------------------------------------------------------------------
Telecom Argentina S.A. posted consolidated nine-month period and
third quarter results for fiscal year 2009.

   * Consolidated Net Revenues amounted to P$8,861 million
     (+14% vs. 9M08); Internet +47% vs. 9M08; Mobile business in
      Argentina +15% vs. 9M08.

   * Mobile subscribers: 15.8 million (+15% vs. 9M08);
     Broadband subscribers: 1.2 million (+21% vs. 9M08);
     Fixed lines in service: 4.3 million (+1% vs. 9M08).

   * Operating Profit Before Depreciation and Amortization
     reached P$2,855 million (+14% vs. 9M08),
     32% of Net Revenues.  Growth was mainly fueled by mobile
     services and broadband in Argentina.

   * Operating Profit amounted to P$2,035 million
     (+32% vs. 9M08), 23% of Net Revenues.

   * Net Income reached P$1,006 million (+21% vs. 9M08).

   * Investments (excluding materials) totaled P$1,022 million.

   * Net Financial Debt (before NPV effect) reached
     P$143 million (-P$1,048 million vs. 9M08).
     Net Financial Debt to OPBDA ratio declined from 0.4x as
     of the end of September 2008 to 0.04x as of the end of
     September 2009.

   * As of October 15, 2009 Telecom Argentina S.A. has paid
     off all its outstanding financial debt.

A full text copy of the company's third quarter results is
available free at: http://ResearchArchives.com/t/s?4912

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating


===========
B E L I Z E
===========


* BELIZE: IDB Approves US$5MM Loan for Agricultural Innovation
--------------------------------------------------------------
The Inter-American Development Bank approved a US$5 million loan
to promote Belize's agricultural innovation and animal and plant
health protection to boost competitiveness, stimulate growth, and
expand market access for its products.

Belize has long relied on traditional commodities that benefited
from trade preferences that are now waning.  Sugar, citrus and
bananas account for 75% of total farm exports.  Additionally,
Belize's agricultural innovation system lags behind both in staff
training levels and in research and development (R&D) funding. As
a result, output per hectare is well below regional levels.

In light of this, the government in 2008 launched the National
Export Strategy to promote increased market and product
diversification, focusing on continued expansion of non-
traditional products, notably tilapia, shrimp, papayas and more
processed goods such as hot pepper sauce.

The IDB said it will support these efforts by providing funding
for two key components.  The Applied Agricultural Production
Innovation component will provide matching grants of up to
$100,000 to a series of research and extension projects.

The Plant, Animal and Food Safety Risk Management component will
provide staff training on sanitary and phytosanitary standards
(SPS) and other issues.

Results expected at the end of the five-year program include:

    * Achieving official status of country free from:
      brucellosis, tuberculosis, Newcastle disease, white spot;
      yellow head; and mad-cow disease; official status
      maintained and certified free from: foot and mouth
      disease, rinderpest; and classic swine fever.
    * Boosting competencies in four key areas measured by
      the World Organization for Animal Health from current
      "good" to "fully satisfactory" levels.
    * Completion of four export protocols and ISO17025
      certifications.
    * Advances in agricultural innovation in order to close
      the yield gap with other regional nations in weak areas
      such as maize, sorghum and bananas.

The loan is for a 25-year term, with a five-year grace period, and
carries a Libor-based interest rate.  The government of Belize
will provide $500,000 in local counterpart funds.

                         *     *     *

According to Moody's, the country continues to carry a B3 currency
ratings with stable outlook.


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


EAGLE CAPITAL: Creditors' Proofs of Debt Due on November 19
-----------------------------------------------------------
The creditors of The Eagle Capital Partners Fund Limited are
required to file their proofs of debt by November 19, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

           Robin J. Mayor
           Clarendon House
           Church Street, Hamilton
           Bermuda


EAGLE CAPITAL: Members to Receive Wind-Up Report on December 8
--------------------------------------------------------------
The members of The Eagle Capital Partners Fund Limited will
receive, on December 8, 2009, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

           Robin J. Mayor
           Clarendon House
           Church Street, Hamilton
           Bermuda


HELIX 04: Creditors' Proofs of Debt Due on November 19
------------------------------------------------------
The creditors of Helix 04 Limited are required to file their
proofs of debt by November 19, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

           Robin J. Mayor
           Clarendon House
           Church Street, Hamilton
           Bermuda


HELIX 04: Member to Receive Wind-Up Report on December 8
--------------------------------------------------------
The member of Helix 04 Limited will receive, on December 8, 2009,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

           Robin J. Mayor
           Clarendon House
           Church Street, Hamilton
           Bermuda


GLOBAL FUTURES: Creditors' Proofs of Debt Due on November 19
------------------------------------------------------------
The creditors of Global Futures IX Trading Limited are required to
file their proofs of debt by November 19, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 4, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GLOBAL FUTURES: Members to Receive Wind-Up Report on December 10
----------------------------------------------------------------
The members of Global Futures IX Trading Limited will receive, on
December 10, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 4, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GLOBAL FUTURES: Creditors' Proofs of Debt Due on November 19
------------------------------------------------------------
The creditors of Global Futures Fund IX Limited are required to
file their proofs of debt by November 19, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 4, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GLOBAL FUTURES: Members to Receive Wind-Up Report on December 10
----------------------------------------------------------------
The members of Global Futures Fund IX Limited will receive, on
December 10, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 4, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


SMOKE SHOP: Creditors' Proofs of Debt Due on December 7
-------------------------------------------------------
The creditors of The Smoke Shop 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


SMOKE SHOP: Member to Receive Wind-Up Report on December 8
----------------------------------------------------------
The member of The Smoke Shop Limited will receive, on December 8,
2009, at 3:00 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


=============
B O L I V I A
=============


* BOLIVIA: IDB Supports Food Production by Bolivian Farmers
-----------------------------------------------------------
The Inter-American Development Bank approved a US$20 million loan
to help Bolivia's farmers adopt agricultural technologies to boost
productivity, increase food production and develop market-oriented
enterprises.

The project will help raise the income and food security of
indigenous and campesino men and women engaged in small-scale and
family agriculture in areas where 80% of the population is poor.
These farmers typically have limited access to modern technologies
and their crops have poor yields.

The project will initially target communities in 43 municipalities
with high food insecurity levels but good production potential. It
will have two components:

    * Component 1 will transfer direct payments (subsidies) to
      farmers to purchase one or more eligible technological
      goods and services including fruit dehydration,
      dual-purpose storage, power feed milling, mechanized
      sowing, live barriers, drip irrigation, and sprinkler
      irrigation.

    * Component 2 will extend matching grants for
      implementing agrifood enterprise plans to add value
      to production, increase market access, and strengthen
      management capacity.

The expected outcome is that at least 80% of early recipients
obtain returns of 12 percent or more; no less than 13,600
beneficiaries adopt one or more technologies; and 4,000 producers
participate in a selected enterprise.

The IDB concessional loan consists of a US$14 million financing
from the Bank's ordinary capital for a 30-year term with a 6-year
grace period, and a US$6 million financing from the Fund for
Special Operations for a 40-year term with a 40-year grace period.
Local counterpart funding will amount to the equivalent of US$5
million.

                         *     *     *

As reported in the Troubled Company Reoprter-Latin America on
September 30, 2009, Moody's Investors Service has upgraded
Bolivia's foreign- and local-currency government bond ratings to
B2 from B3.  The outlook is stable.


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


BANCO HIPOTECARIO: Posts Ps.35.5 Million in Third Quarter
---------------------------------------------------------
Banco Hipotecario SA recorded a net income for the third quarter
of 2009 was Ps.35.5 million, compared to Ps.52.9 million for the
previous quarter and Ps.(47.2) million for the same quarter of
2008.  Aggregated net income for the nine month period of 2009 was
Ps. 118.5 million, compared to Ps.(37.7) million for the same
period of 2008.

The bank posted financial margins of Ps.95.3 million, compares to
Ps.161.6 million of the previous quarter and Ps. 20.4 of the same
quarter of 2008.  Aggregated financial margins for the nine month
period of 2009 of Ps.383.6 million was 215.5% higher than the
Ps.121.7 million for the same period of 2008.

The bank's net income from services of Ps.68.6 million was 28.4%
and 69.3% higher than the previous quarter and same quarter of
last year, respectively.  Aggregated net income from services for
the nine month period of 2009 of Ps.177.6 million was 37.1% higher
than the same period of 2008.  Deposits remained stable in the
quarter and increased 58.5% YoY.

NPL ratio decreased from 6.8% to 6.0% in the quarter, while
coverage ratio increased from 77.7% to 91.6% in the same period.
Equity ratio of 23.1% was lower than the 24.2% of September 2008.

BH ranks ninth in terms of assets, seventh in terms of household
financing and third in terms of net worth in the local financial
system.

                      About Banco Hipotecario

Banco Hipotecario SA attracts deposits and offers commercial
banking services.  The bank offers mortgage, personal, and
corporate loans, credit cards, and insurance service.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, Moody's Investors Service has lowered the
global local currency deposit ratings of sixteen Argentinean banks
and the local currency debt ratings of four banks.  The outlooks
on the ratings were changed to stable, with the exception of those
of Banco Hipotecario S.A. which remain on negative outlook.  These
rating actions conclude the review for possible downgrade
initiated on May 29, 2009.


BRASKEM SA: Signs Supply Pact for Ethlyene Plant
------------------------------------------------
Mexico state oil company Pemex said that it signed a letter of
intent with a consortium led by Braskem SA to supply raw materials
for a proposed petrochemicals plant the consortium may build in
Mexico, Robert Campbell at Reuters reports.

According to the report, Pemex said it would supply 66,000 barrels
per day of ethane to the project which would allow the consortium
to build a world-scale 1 million tonnes per year ethylene cracker
on the coast of the Gulf of Mexico.  The report relates that
Braskem will partner with privately-held Mexican petrochemicals
firm Grupo IDESA in the proposed cracker.

The Mexican government, Reuters notes, has been trying to launch
the so-called Ethylene 21 project for some time as a means of
revitalizing its petrochemicals industry.

                        About Braskem S.A.

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

                           *     *     *

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


BRASKEM SA: Venture Discusses Financing With IFC, IDB, BNDES Bank
------------------------------------------------------------------
Braskem S.A. and Mexico’s Grupo Idesa SA are discussing financing
a US$2.5 billion venture with the International Finance Corp.,
Inter-American Development Bank and U.S. Export-Import Bank,
Andres R. Martinez at Bloomberg News reports, citing Grupo Idesa
Chief Executive Officer Jose Luis Uriegas.  The report relates
that Mr. Uriegas said that financing talks have also occurred with
state financing banks BNDES in Brazil and Nacional Financiera SA
in Mexico.

According to the report, Mr. Uriegas said that Braskem hopes to
attain financing for the project by the second-half of next year.
The report relates that Braskem will finance 70% of the project
with debt; and the remainder will be funded with cash on hand.

Braskem SA, the report notes, said that it plans to join Mexico’s
Idesa to supply polyethylene to the Mexican market.  The project
is subject to Braskem board approval by December 2010.

                      About Braskem S.A.

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

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating.


BRASKEM SA: Records R$645 Million Net Earnings in Third Quarter
---------------------------------------------------------------
Braskem S.A.'s operational and financial performance showed strong
positive evolution in the third quarter against the previous
period, signaling the return of the levels of demand for
petrochemical products in the domestic market before the onset of
the global financial crisis.  As main evidence of this evolution,
the company’s Ebitda (earnings before interests, taxes,
depreciation and amortization) grew by 48% compared to the
previous quarter, totaling R$838 million.  The Ebitda margin
reached 20.7%, representing an extraordinary result for the
quarter and a challenge to be beaten in the coming periods.

The demand of the Brazilian resin market increased by 9% in the
third quarter in relation to the 2nd quarter of 2009. Braskem, in
turn, showed increase of 10% in the domestic sales, with highlight
on the volumes sold of polypropylene and PVC, which rose by 15%
and 17% respectively.  With a PP sales volume in the domestic
market of 202 thousand tons , the company beat the sales record
for this resin in one quarter. The growth of the demand was
sustained by high occupancy rates of capacity, which remained at
about 97% in average in the ethene crackers and reached 98% in the
polypropylene units, surpassing historical records in several of
its plants.  The profitability of aromatics was higher than
expected.

"Braskem showed agility in the adjustment of production and stocks
during the crisis period, and also responded to opportunities for
quick recovery of the domestic and international market,
supporting its Customers and the Value Chain.  In a year that
began full of challenges, the company's accrued Ebitda already
reaches almost US$1 billion", says Bernardo Gradin, president of
Braskem.  "The excellent recovery of domestic demand contributed
toward this overcoming, including a scenario of international
prices of basic resins and petrochemicals higher than expected and
the personal investment of the entire team in approaching the
Customer and optimization of productivity and operational
efficiency", added Mr. Gradin.

Due to the acceleration of the domestic demand, Braskem
prioritized its sales efforts to supply the domestic market and
reduced the volume of resins destined for exportation.  Even thus,
the rise in the prices of basic resins and petrochemicals in the
international market, followed by higher volumes in the second
case, led to an income of US$579 million with exports in the third
quarter, 7% greater than in the previous quarter.  In the amount
accrued over nine months, the exports totaled US$1.5 billion, 20%
less than in an equal period in 2008.

Braskem’s net income in the 3rd quarter of 2009 was R$4.0 billion,
10% higher than the income recorded in the previous quarter, or
US$2.2 billion, with growth of 22% in North-American currency.  It
was the third consecutive quarter with increase in this indicator.
From January to September 2009, the net income reached R$11
billion, or US$5.4 billion.

Braskem recorded a net profit of R$645 million in the 3rd quarter
and R$1.8 billion in the accrued total of the first nine months of
the year, R$2.1 billion above that recorded in the first nine
months of 2008, positively impacted by the exchange variation on
the balance of the debt in dollar.  The best operational results,
reflected especially on the growth of the Ebitda
margin, and the positive impact of the exchange variation, with
appreciation of the real [Brazilian currency] by 9% in the third
quarter, contributed toward this important improvement in the net
result.

In the closing of the 3rd quarter of 2009, Braskem maintained
R$3.2 billion in cash balance and applications, which is
compatible with the company’s goal of maintaining its strategic
and financial flexibility.  The net debt was reduced by 9%
compared to the 30th of June, to R$6.7 billion, as result of the
loss in value of the dollar in the period, and had an average term
of 9.8 years.  The financial leverage, measured by the net
debt/Ebitda indicator of the last 12 months, also reduced from
3.16 times to 2.74 times, when measured in reais.

"The moment of the industry continues to demand caution and
austerity to overcome the challenges of the low cycle that is
announced for 2010 and 2011.  In this wise, Braskem remains
committed to sustainable generation of results for its
Stockholders, with satisfaction of its Customers and
competitiveness of the chain, and determined in its strategy to
seek growth opportunities that enable increasing profitability
through access to competitive raw material and the more attractive
consumer market", Mr. Gradin concluded.

                        About Braskem S.A.

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

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating.


COSAN SA: Chairman Settles Dispute With Brazil's CVM
-----------------------------------------------------
The chairman and controlling shareholder of Brazil's Cosan SA,
Rubens Ometto Silveira Mello, agreed to pay a fine of BRL200,000
(US$117,000) to settle a dispute with Brazilian securities
regulator CVM,  Inae Riveras at Reuters reports.

According to the report, Mr. Ometto, who resigned as Cosan's
executive officer in October, was accused of having spoken to the
press about the group's initial public offering on the Sao Paulo
stock exchange while the process was in the works.

                          About Cosan SA

Headquartered in Brazil, Cosan SA Industria e Comercio --
http://www.cosan.com.br/-- is a Brazil-based company active in
the research and production of sugar, ethanol and derivatives.
The company cultivates harvests and processes sugarcane - the main
raw material used to produce sugar and ethanol.  In addition, it
is engaged in the production of sustained energy from renewable
sources.  It operates 18 production units located in the state of
Sao Paulo.  The Company also operates port terminals.  As of
March 31, 2009, Cosan was the parent company of a number of
controlled entities, such as TEAS -- Terminal Exportador de Alcool
de Santos SA, Cosan SA Bioenergia, Radar Propriedades Agricolas SA
and Cosanpar Participacoes SA, among others.   Cosan SA is a
subsidiary of Bermuda-based Cosan Limited.

                           *     *     *

As reported in the Troubled Company July 27, 2009, Fitch Ratings
has assigned 'BB-' local and foreign currency Issuer Default
Ratings and a 'A-(bra)' National Scale Rating to Cosan S.A.
Industria e Comercio and its subsidiary Cosan Combustiveis e
Lubrificantes Ltda.  Fitch has also assigned a 'BB-' rating to
CCL's proposed US$300 million senior unsecured notes due 2014
issued through its wholly owned subsidiary, CCL Finance Ltd.  The
notes will be unconditionally and irrevocably guaranteed by CCL.
The Rating Outlook for Cosan and CCL is Stable.


GOL LINHAS: Records R$77.9MM Net Income in Third Quarter
--------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. posted its results for the
third quarter of 2009.

GOL Linhas posted a 3Q09 net income of R$77.9 million, with a net
margin of 5.2%, versus a net loss of R$510.7 million in 3Q08 and
net income of R$353.7 million in 2Q09.

Reflecting the optimization of its cost structure and the focus on
more profitable markets, GOL’s 3Q09 operating result (EBIT) was
positive for the fifth consecutive quarter, totaling R$99.1
million, with an operating margin of 6.6%

The EBITDAR margin stood at 20.0% (R$298.7 million), versus 14.2%
in 3Q08 (R$253.7 million) and 18.6% (R$258.8 million ) in 2Q09.

Operating costs and expenses totaled R$1,397.5 million in 3Q09,
17.0% down year-over-year

On August 25, GOL announced a global share offering designed to
strengthen its financial position and reposition it among the most
competitive airlines in the world, with a cash position of more
than 20% of net revenue.  The offering was successfully concluded
on October 19, having raised R$627.1 million from the issue of
38.0 million shares at R$16.50 per share.  In addition, a further
5.2mm preferred shares were sold at the same price through an
over-allotment option (green shoe).  As a result, GOL’s free float
increased from 44.5% of preferred stock to 70.5% and from 22.2% of
total capital to 35.3%.

As of July 31, VoeFacil, GOL’s air transport popularization
program which allows passengers to acquire their tickets in up to
36 installments, became available in travel agencies.

In 3Q09, GOL received IOSA certification (IATA Operational Safety
Audit) from the IATA, recognized as the global benchmark for
assessing airlines’ operational safety management and controls. Up
to November 2009, GOL had signed 4 code-share agreements, which
involve the sharing of flights and the gradual integration of
SMILES with the mileage programs of the world’s leading long-haul
airlines:

   -- American Airlines,
   -- AirFrance/KLM,
   -- Iberia,
   -- AeroMexico.

All in all, these companies carried more than 1.2 million
passengers in 2008 from Brazil to foreign countries, or 18.6% of
the total on international flights to Brazil.

At the beginning of June, the Company became the first airline in
Brazil to introduce Buy on Board, once again underlining its
pioneering vocation.

Also in October, GOL became the first airline in Latin America to
issue UATPs.  This is a new means of payment designed to cut sales
costs by reducing or eliminating credit card operating charges for
airlines. UATPs are accepted by more than 250 associated airlines,
representing more than 95% of worldwide seat supply.


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


AEC EQUITY: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------
The creditors of AEC Equity Investments I, 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 liquidation proceedings on September 28,
2009.

The company's liquidator is:

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


BLUE SKY: Creditors' Proofs of Debt Due on November 12
------------------------------------------------------
The creditors of Blue Sky (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 liquidation proceedings on September 25,
2009.

The company's liquidator is:

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


DR FINANCE: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------
The creditors of DR Finance Management 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 liquidation 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


EAST AVENUE: Creditors' Proofs of Debt Due on November 12
---------------------------------------------------------
The creditors of East Avenue GP (Cayman) 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 liquidation 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


FRONTIER IX: Shareholders' Final Meeting Set for November 13
------------------------------------------------------------
The shareholders of Frontier IX Limited will hold their final
meeting on November 13, 2009, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HALCYON LOAN: Shareholders' Final Meeting Set for November 13
-------------------------------------------------------------
The shareholders of Halcyon Loan Investors CLO V, Ltd. will hold
their final meeting on November 13, 2009, at 8:30 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MANTIS REEF: Shareholders' Final Meeting Set for November 13
------------------------------------------------------------
The shareholders of Mantis Reef Limited will hold their final
meeting on November 13, 2009, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NAVIGATOR CDO: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------
The creditors of Navigator CDO 2007-2, 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 liquidation proceedings on October 2, 2009.

The company's liquidator is:

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


NAVIGATOR CDO: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------
The creditors of Navigator CDO 2007-1, 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 liquidation proceedings on October 2, 2009.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on October 2, 2009.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on October 2, 2009.

The company's liquidator is:

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


SIDUS INVESTMENTS: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Sidus Investments Ltd. are required to file their
proofs of debt by today, November 11, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 17,
2009.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on October 1, 2009.

The company's liquidator is:

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


STARTS (CAYMAN): Creditors' Proofs of Debt Due on November 12
-------------------------------------------------------------
The creditors of Starts (Cayman) Limited 2004-1 are required to
file their proofs of debt by November 12, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 28,
2009.

The company's liquidator is:

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


STB PREFERRED: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------
The creditors of STB 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 liquidation proceedings on September 30,
2009.

The company's liquidator is:

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


UBS FINANCE: Creditors' Proofs of Debt Due on November 12
---------------------------------------------------------
The creditors of UBS Finance Management 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 liquidation 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


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

The company commenced liquidation proceedings on September 25,
2009.

The company's liquidator is:

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


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


* DOMINICAN REPUBLIC: IMF OKs US$1.7 Billion Stand-By Arrangement
-----------------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
28-month Stand-By Arrangement for the Dominican Republic in the
amount of SDR1,094.5 million (about US$1.7 billion) to support the
country’s strategy to cope with the adverse effects of the global
economic environment.

The authorities’ program aims to pursue short-term countercyclical
policies; strengthen medium-term sustainability; reduce
vulnerabilities exposed during the global crisis; and lay the
foundations for a gradual recovery and sustained growth.  The
Stand-By Arrangement is designed to bolster confidence in the
policy framework and catalyze additional financing from other
multilateral sources.

Following the Executive Board discussion on the Dominican
Republic, Mr. Murilo Portugal, Deputy Managing Director and Acting
Chair, made the following statement:

“Following several years of rapid growth, the Dominican economy
has weakened significantly in 2009, due to the global economic
recession.  The authorities timely adjusted their monetary policy
stance to stimulate economic activity on the back of subdued
inflation.  The financial system has weathered the recent global
crisis relatively well, as a result of reforms undertaken after
the 2003 financial crisis.  The lack of adequate financing,
however, constrained the conduct of countercyclical fiscal policy.

“The authorities’ macroeconomic framework, supported by a Stand-by
Arrangement with the Fund, aims to limit the effects of the global
recession on the economy through the implementation of short-term
countercyclical polices, while establishing the conditions for
robust, sustainable growth.  Successful implementation of this
program will unlock significant financing from other multilateral
sources, creating space for an adequate fiscal response.  It will
be important that the authorities follow through with their fiscal
consolidation plan and structural reform agenda critical for
medium-term sustainability.

“The planned fiscal stimulus will focus on high-return investment
projects and current expenditures to strengthen social safety
nets.  The authorities are committed to addressing deficiencies in
the revenue administration, and implementing a comprehensive plan
to tackle structural issues in the electricity sector, aimed at
abolishing untargeted subsidies while providing adequate service
to the public.

“Monetary policy will continue to support economic activity and
build up international reserves, with exchange rate flexibility to
help cushion against external shocks.  Implementing the plan for
central bank recapitalization remains an important priority,
crucial for the credibility of the monetary policy framework.  The
central bank intends to adopt full-fledged inflation targeting
over the medium term.

“The Dominican banking system remains liquid, solvent, and
profitable, despite the global credit crunch.  The authorities
continue to monitor the impact of the economic slowdown, and plan
to advance the implementation of risk-based consolidated bank
supervision and regulation,” Mr. Portugal said.

                   Recent Economic Developments

The global economic and financial crisis has significantly
worsened short-term economic prospects and may jeopardize some of
the achievements of the last 5 years.  Economic recovery from the
2003 financial crisis has been impressive.  Real GDP grew 40% in
the last 5 years, one of the highest expansions in Latin America
and the best performance of the Dominican economy in the last
quarter of a century.  Inflation fell from over 40% in 2003 to
4.5% in 2008.  Fiscal deficits have been cut in half, from almost
9% of GDP for the consolidated public sector in 2003 to about 4.5%
in 2008.  The public debt-to-GDP ratio was reduced by almost one-
half, from about 60% in 2003 to 35% in 2008.  However, social
progress remains a challenge, and despite recent improvements,
poverty indicators are still weaker than before the 2003 crisis.

                       Program Summary

According to IMF, to safeguard the achievements of the last
several years, and against the background of unfavorable external
conditions, large uncertainties and a sizable balance of payments
need, the authorities are requesting a 28-month SBA for 500% of
quota (SDR1,094.5 million).  The objectives of the program are
twofold: first, to conduct countercyclical policies at the
beginning of the program (including the last quarter 2009 and the
first half 2010) to mitigate the drastic economic downturn; and
second, to implement actions to address debt and fiscal
sustainability issues in the latter part of the program (starting
in mid-2010), while embracing an ambitious structural reform
agenda.

                         *     *     *

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

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

                           *     *     *

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


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


CABLE & WIRLESS: Discloses Intention to Demerge
-----------------------------------------------
Cable and Wireless plc disclosed its intention to separate into
its two businesses, Worldwide and CWI.  This separation is
expected to be effected by a demerger of Worldwide.

Richard Lapthorne, Chairman of Cable & Wireless, commented: “As a
result of the emerging signs of more settled conditions in
financial markets, we are now moving forward to list the
two businesses as independent, publicly-quoted companies.  The
Board believes that a demerger is the right structure to drive
further growth and value for shareholders by enabling both
businesses to pursue their strategies independently, and it is
keen to push ahead as quickly as possible.  We are making good
progress and will provide further details before the end of the
month.”  Cable & Wireless intends to publish further information
before the end of November 2009 which will include indicative
timing.

                      About Cable & Wireless

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


* JAMAICA: Discusses Stand-By Arrangment With IMF
-------------------------------------------------
Trevor Alleyne, Chief of the Caribbean division of the
International Monetary Fund and head of the mission to Jamaica,
issued the following statement in Kingston:

“An IMF team visited Kingston during October 27–November 6 to
continue discussions toward a Stand-By Arrangment with the Fund.
The team met with Prime Minister Bruce Golding, Minister of
Finance Audley Shaw, and senior officials at the Ministery of
Finance and the Bank of Jamaica, including Dr. Wesley Hughes,
Financial Secretary, and Audrey Anderson, Acting Governor of the
Bank of Jamaica.

“The IMF appreciates the significant challenges faced by Jamaica
and is working closely with the authorities in support of their
efforts to formulate a plan to overcome these challenges.  The
focus of the discussions has been on the appropriate set of policy
measures for both the short and medium term that would credibly
address the key macroeconomic imbalances and thus help set the
stage for robust economic growth.

“In particular, this has meant a focus on how to reduce the large
fiscal deficit and put the debt on a clear downward path.  In this
regard, marked progress has been made during this mission.  We
will continue to be in close contact and discussions are expected
to continue at Fund Headquarters in Washington, D.C.”


                         *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


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


GRUPO MEXICO: To Launch a US$1.5 Billion Facility
-------------------------------------------------
Grupo Mexico SA de C.V. is expected to launch a US$1.5 billion
facility in two tranches soon as it prepares to take control of
bankrupt U.S. copper miner Asarco, Paul Kilby at Reuters reports,
citing IFR, a Thomson Reuters company.

According to the report, IFR said that the facility "is expected
to be launched into retail syndication over the next couple of
days."  The report relates that Grupo Mexico seeks to place a 3-
year tranche at Libor+375 and another 5-year tranche at
Libor+425bp.

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Dow Jones Newswires said Grupo Mexico has
increased its bid for U.S. Asarco LLC to US$2.2 billion plus a
US$280 million note during proceedings in a Texas courtroom,
adding about another US$500 million to its bet against Indian
metals giant Vedanta Resources PLC.  The report related that this
is Grupo Mexico's latest offer a long-running battle for the U.S.
company and may put Asarco LLC back under the control of the
Mexican billionaire German Larrea who forced it into bankruptcy
proceeding.  Steven Church at Bloomberg reported that Grupo Mexico
SAB told a Bankruptcy Court in Texas that it has a definitive term
sheet with five banks for a US$1.5 billion in financing to acquire
ASARCO LLC.  Grupo Mexico said it is ready to pay a US$22.5
million commitment fee to the unnamed banks if its proposed
Chapter 11 Plan for ASARCO is selected.  According to Dow Jones
Newswires, Grupo Mexico and India's Sterlite Industries Ltd., a
unit of Vedanta, dueled throughout last week, raising their
competing offers that each said it was committed to pay to settle
creditors' demands.

                         About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


INDUSTRIAS UNIDAS: S&P Retains 'SD' Rating on Payment Concerns
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on
Industrias Unidas S.A. de C.V. ('SD') remains unchanged, but S&P
is concerned about the company's ability to meet its upcoming
coupon payment.  Failure to pay its senior unsecured notes coupon
scheduled for Nov. 15, 2009, could lead to a general default of
its financial obligations.

IUSA's financial flexibility is very tight and the continued
economic weakness in the U.S. and Mexico -- IUSA's principal
markets —- is still affecting its performance.  For the 12 months
ended June 30, 2009, IUSA posted EBITDA interest coverage, total
debt-to-EBITDA, and funds from operations-to-total debt ratios of
about negative 0.4x, 17.6x, and negative 24.5%, respectively.  To
date, the issuer has not released its third-quarter results.


URBI DESARROLLOS: Moody's Reviews 'Ba3' Senior Unsec. Debt Rating
-----------------------------------------------------------------
Moody's has lowered Urbi Desarrollos Urbanos, S.A.B. de C.V.'s
national scale senior unsecured debt rating to Baa1.mx, from A3.mx
and the rating was placed under review for possible downgrade.
Urbi's Ba3 global scale senior unsecured debt rating (local and
foreign currency), Ba3 corporate family rating and short-term MX-2
national scale rating were also placed under review for possible
downgrade.

The ratings actions reflect Urbi's breach of a leverage covenant
in its $1.06 billion Mexican pesos (US$79.8 million) of local
bonds for the 3Q09.  Urbi was required to keep its ratio of debt
to earnings before interest (excluding capitalized interest),
taxes, depreciation and amortization (including deferred financing
fees) or Adjusted EBITDA, below 2x.  Changes in the accounting
policy under MFRS D-6 in the last two years combined with the
adverse operating environment derived from the current and
expected to be protracted financial crisis as well as the
significant global economic contraction has depleted liquidity and
lowered the availability of bridge financing, and has pressured
Urbi's earnings.

Urbi has 40 days to cure this breach, and thus the bondholders
have not declared a default.  The company expects to either change
or waive debt covenants.  During its review Moody's will closely
monitor the amendment process, which is expected to close no later
than 40 days.  Failure to correct the covenant breach could result
in the acceleration of this indebtedness before its stated
maturity and create more negative pressure on the ratings.
Moody's will most likely affirm Urbi's ratings upon a successful
resolution of the covenant breach within the cure period.

Moody's notes Urbi has maintained a diverse, top-10 competitive
position, which has helped it to respond effectively to the
volatile Mexican property market.  Furthermore, Urbi has produced
consistent, sound profitability and maintained solid liquidity
with a conservative capital structure.  The company is publicly
held, with a solid corporate infrastructure, which enhances
transparency and governance.  Urbi's large land bank, good cost
controls, and sophisticated construction and sales management
platforms support its solid operating margins.

These ratings were placed under review down for possible
downgrade:

* Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Senior unsecured
  debt rating at Ba3 (global local and foreign currency);
  corporate family rating at Ba3; senior unsecured MTN program at
  Ba3 (global local currency); commercial paper program at MX-2
  (national scale)

These ratings were downgraded and placed under review down for
possible downgrade:

* Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
  senior unsecured debt rating to Baa1.mx, from A3.mx

Moody's last rating action with respect to Urbi took place on
October 21, 2009, when Moody's affirmed Urbi's Ba3 global scale,
local and foreign currency, senior unsecured debt rating and A3.mx
national scale rating, as well as Urbi's short-term MX-2 national
scale rating (Not Prime, global scale).  The company's Ba3
corporate family rating was also affirmed.  The rating outlook
remained stable.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $33 billion Mexican pesos and equity of
approximately $16.5 billion Mexican pesos at September 30, 2009.


* MEXICO: Moody's Assigns 'Ba2' Rating on Nicolas Romero's Loans
----------------------------------------------------------------
Moody's de México placed the A2.mx (Mexican National Scale) debt
rating assigned to the Municipality of Nicolas Romero's
MXN68 million loan from Banco Interacciones on review for possible
downgrade.  Moody's Investors Service placed the Ba2 (Global
Scale, local currency) debt rating assigned to the Municipality of
Nicolas Romero's MXN68 million loan from Banco Interacciones on
review for possible downgrade.

Issuer ratings of Baa2.mx (Mexican National Scale) and B1 (Global
Scale, local currency) for the Municipality of Nicolas Romero are
not affected.  The rating outlook on the issuer ratings is stable.

In February 4, 2009, Moody's assigned ratings of A2.mx (Mexican
National Scale) and Ba2 (Global Scale, local currency) to a
MXN68 million loan obtained by Nicolas Romero from Banco
Interacciones, reflecting legal and credit enhancements embedded
in the loan structure, which is backed by a trust that receives
federal participation transfers for debt service.  At that time,
Moody's also identified, as a credit weakness, the existence of
certain early amortization clauses.

One of these clauses states that, if the municipality is
registered in the Credit Bureau, the bank could trigger the early
amortization of the loan.  Since any third party supplier with
overdue receivables with Nicolas Romero could potentially register
the municipality, this clause could, potentially, bring forward
the maturity date of this loan and expose the municipality to
refinancing risk.  This risk is enhanced by the absence, under the
contract, of a defined cure period to remedy events of non-
compliance.

Recent developments amplify risks related to this clause,
specifically a generalized increase in accounts payable across the
Mexican municipal sector in 2009 and the apparent recent registry
of various municipalities with the Credit Bureau.  Accordingly,
Moody's intends to review the analytical implications of this
clause and its impact on the A2.mx and Ba2 debt ratings assigned
to the MXN68 million loan.

The placement of the ratings on review for possible downgrade
reflects the above developments, which could lead to a downward
revision in the debt ratings to coincide with the municipality's
issuer ratings, counterbalanced by Moody's understanding, based on
recent discussions with Nicolas Romero, that the municipality may
attempt to have this early amortization clause amended to avoid
unintended financial stress on the municipality.  If the
municipality succeeds in having this early amortization clause
amended the ratings could be unaffected.  Moody's will monitor
developments and conclude its review by mid December 2009.

Last rating action with respect to Nicolas Romero was taken on
February 4, 2009, when the debt ratings on the MXN68 million loan
were assigned.


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


PETROLEOS DE VENEZUELA: Mulls Joint Venture with PetroVietnam
-------------------------------------------------------------
Petroleos de Venezuela and state-run Vietnam Oil & Gas Group
(PetroVietnam) are considering the establishment of a joint
venture for oil production in the Maracaibo area of western
Venezuela, Vu Trong Khanh at Dow Jones Newswires reports.

According to the report, PetroVietnam Exploration Production Corp.
and PDVSA subsidiary Corporacion Venezolana del Petroleo would
also join the joint venture, the company said in a statement.
Under an earlier agreement, the report relates, PetroVietnam and
PDVSA have conducted joint studies of oil production at the
Lagomar, Lagomedio and Centro Lago fields in Maracaibo.

Dow Jones notes that the studies started in September 2007.

                           About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Correa Defends Alliance With Petroecudor
----------------------------------------------------------------
Ecuadorian President Rafael Correa defended the strategic alliance
between Petroecuador and Petroleos de Venezuela for the operation
of the Amazon’s Sacha field, Latin America Herald Tribune reports.

According to the report, Pres. Correa criticized politicians who
oppose the alliance, arguing that Petroecuador holds a 70% stake
in the venture while PDVSA has only a 30% interest.  The state-
owned companies formed the Rio Napo consortium, which will be a
“service provider” in the Sacha field, President Correa told the
news agency in an interview.

President Correa, the Herals notes, said that Rio Napo will only
receive reimbursement for production costs from the 50,000 barrels
per day (bpd) currently produced at Sacha, adding that the
benefits from the deal would come from increased production due to
new investment by the consortium.  The alliance will make it
possible to increase Sacha’s output by some 20,000 bpd, with Rio
Napo barely receiving US$1 for each additional barrel produced and
Petroecuador getting 70 cents out of each of those dollars, he
added.

                             About PDVSA

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

                           *     *     *

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

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


                            ***********


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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *