TCRLA_Public/091112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, November 12, 2009, Vol. 10, No. 224

                            Headlines



A R G E N T I N A

AUTOPISTAS DEL: To Restructure Interest Payment Due November 23
AUTOPISTAS DEL: S&P Downgrades Corporate Credit Rating to 'CC'
DIEVA SA: Creditors' Proofs of Debt Due on February 9
FAMALL SRL: Creditors' Proofs of Debt Due on December 7
LA GUADANA: Creditors' Proofs of Debt Due on December 21

LOGISTICA PORTUARIA: Requests for Preventive Contest
NYLOTEX SA: Requests for Bankruptcy
ROYAL & SUN: Moody's Affirms 'B2' Insurance Strength Ratings
SAD SA: Creditors' Proofs of Debt Due on February 9
TRANSPORTADORA DE GAS: Records Ps. 25.8MM Net Income in Third Qtr.


B A H A M A S

ULTRAPETROL (BAHAMAS): Posts US$58.5 Million Revenues in 3Q


B E R M U D A

INTELSAT LTD: Posts US$94,784,000 Net Loss for Q3 2009
INTELSAT LTD: Paid US$100 Million Under Contract with Sea Launch
MIDWAY THRUST: Creditors' Proofs of Debt Due on November 26
MIDWAY THRUST: Members to Receive Wind-Up Report on December 15
PROTOSTAR LTD: Intelsat Buys Satellite forUS$210 Million

XL CAPITAL: Unveils Security Policy for Non-Tech Companies


B R A Z I L

BANCO SANTANDER BRASIL: Parent Sees IPO Capital Gain at EUR1.499BB
GERDAU SA: To Sell Benchmark Dollar Bonds Overseas


C A Y M A N  I S L A N D S

CMAT 10393: Members to Receive Wind-Up Report Today
DANAE GOLD: Members Receive Wind-Up Report
DANAE GOLD: Members Receive Wind-Up Report
HANG SENG: Shareholder to Receive Wind-Up Report on November 13
JLF OFFSHORE: Shareholders' Final Meeting Set for November 16

MANTIS REEF: Shareholders' Final Meeting Set for November 13
MAPLE STONE: Shareholders' Final Meeting Set for November 13
MAPLE STONE: Shareholders' Final Meeting Set for November 13
MARATHON PETROLEUM: Shareholders' Final Meeting Set for Nov. 13
MUSKET INVESTMENTS: Shareholders' Final Meeting Set for Nov. 20

PENDVEST FUND: Shareholders' Final Meeting Set for November 13
PENDVEST MASTER: Shareholders' Final Meeting Set for November 13
QALYPSO INVESTMENTS: Shareholders' Final Meeting Set for Nov. 13
SAQR LIMITED: Shareholders' Final Meeting Set for November 13
SIDUS INVESTMENTS: Shareholders' Final Meeting Set for November 13

STRATUM INSURANCE: Shareholders' Final Meeting Set for November 18
TEMPO 05: Shareholders' Final Meeting Set for November 13
ZAHLER FUND: Shareholders' Final Meeting Set for Today
ZAHLER INTERMEDIATE: Shareholders' Final Meeting Set for Today
ZAHLER MASTER: Shareholders' Final Meeting Set for Today


C O L O M B I A

BANCOLOMBIA SA: Loan Portfolio To Grow 5%-6% In 2010, CEO Says


D O M I N I C A N  R E P U B L I C

AES CORP: Faces Lawsuit for Dumping Toxic at Dominican Rep Beach


J A M A I C A

JAMALCO: Union Welcomes Firm's Record Production


M E X I C O

CEMEX SAB: Trading in Credit Default Swaps Frozen
CIE: Seeks to Extend Maturities on Local Debt
SERVICOS CORPORATIVOS: Gets Majority Consent From Note Holders
* MEXICO: Auto Output Falls at Slowest Pace This Year


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


AUTOPISTAS DEL: To Restructure Interest Payment Due November 23
---------------------------------------------------------------
Drew Benson at Bloomberg News reports that Autopistas del Sol SA
will seek to restructure its debt, including interest payments due
on November 23, after a delay in rate increases hurt the company?s
ability to service its debt.  Ausol has US$155 million outstanding
of 11.5% bonds maturing in 2017 and US$215 million outstanding of
3.5% notes due in 2014, according to Bloomberg data.

?Rate adjustments postponed by the Planning Ministry? led to a
decline in revenue, Buenos Aires-based Ausol said in a company
filing obtained by the news agency.

According to the report, the company said its finances also
deteriorated after labor costs rose and the peso?s slide quickened
late last year.  ?Ausol?s financial position and repayment
capacity have continued to further deteriorate in recent quarters,
given lower traffic levels, increasing operational costs, and a
gradual devaluation of Argentina?s currency,? S&P said in a
statement obtained by the news agency.

Bloomberg News notes that Ausol board directors met and proposed
hiring Barclays Plc as financial agent.   The report relates that
the board also recommended law firms Cleary Gottlieb Steen &
Hamilton LLP and Alegria, Buey Fernandez, Fissore & Montemerlo,
according to the company.  Ausol will hold a special shareholders
meeting in Buenos Aires December 18.

                    About Autopistas del Sol

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services lowered its
ratings on Ausol, including its corporate credit rating to 'CCC'
from 'CCC+'.  The outlook is negative.


AUTOPISTAS DEL: S&P Downgrades Corporate Credit Rating to 'CC'
--------------------------------------------------------------
On Nov. 10, 2009, Standard & Poor's Ratings Services lowered its
ratings on Autopistas del Sol S.A., including the corporate credit
rating, to 'CC' from 'CCC'.  The outlook is negative.

The downgrade follows the company's recent announcement that it
will initiate a restructuring of is financial debt, including the
upcoming $9 million interest payment due Nov. 23, 2009.  Ausol
holds the concession to operate and collect tolls until 2020 on
the Autopistas del Sol Highway System, one of the most important
access roads to the city of Buenos Aires.

Ausol's financial position and repayment capacity have continued
to further deteriorate in recent quarters, given lower traffic
levels, increasing operational costs (particularly labor), and a
gradual devaluation of Argentina's currency (the peso), in the
context of pending approval of several issues related to its
concession contract -- mainly tariff adjustments.  The full
renegotiation of the concession contract has been pending since
2002.

S&P expects to lower the ratings to 'D' upon the company's failure
to meet its scheduled payment on Nov. 23, 2009.  As of Sept. 30,
2009, Ausol had about $307 million in total debt: $152.5 million
in notes with final maturity in 2014, and $155 million in notes
with final maturity in 2017.

Ausol's liquidity is very weak.  As of Sept. 30, 2009, the company
had about $14 million in cash and short-term investments, while
its short-term debt totaled about $16 million (including accrued
interests).  In addition, Ausol's financial flexibility is very
limited due to its low cash flow generating ability compared with
its debt service amid high regulatory risk related to the
company's concession contract renegotiation.

The outlook is negative.  S&P expects to lower the ratings to 'D'
once the company fails to meet its scheduled Nov. 23, 2009,
payment in accordance with its recent announcement.

                            Downgraded

                      Autopistas Del Sol S.A.

                               To                 From
                               --                 ----
Corporate Credit Rating
  Foreign Currency             CC/Negative/--     CCC/Negative/--

                      Autopistas Del Sol S.A.

                                         To                 From
                                         --                 ----
   Senior Unsecured                      CC/Negative        CCC


DIEVA SA: Creditors' Proofs of Debt Due on February 9
-----------------------------------------------------
Cristina Alicia Mattioni, the court-appointed trustee for Dieva
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 9, 2010.

Ms. Mattioni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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:

          Cristina Alicia Mattioni
          Uruguay 385


FAMALL SRL: Creditors' Proofs of Debt Due on December 7
-------------------------------------------------------
Olga Pardo, the court-appointed trustee for Famall SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 7, 2009.

Ms. Pardo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, 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:

          Olga Pardo
          Avenida de Mayo 1370
          Argentina


LA GUADANA: Creditors' Proofs of Debt Due on December 21
--------------------------------------------------------
Olga Ester Fagnani, the court-appointed trustee for La Guadana
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 21, 2009.

Ms. Fagnani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

          Olga Ester Fagnani
          General Jose Gervasio de Artigas 2112
          Argentina


LOGISTICA PORTUARIA: Requests for Preventive Contest
----------------------------------------------------
Logistica Portuaria SRL requested for preventive contest.

The company stopped making payments on July 3.


NYLOTEX SA: Requests for Bankruptcy
-----------------------------------
Nylotex SA requested for its own bankruptcy.

The company stopped making payments on July 31.


ROYAL & SUN: Moody's Affirms 'B2' Insurance Strength Ratings
------------------------------------------------------------
Moody's Latin America has affirmed the B2 global local-currency
and the A1.ar Argentine national scale insurance financial
strength ratings of Royal & Sun Alliance Seguros Argentina and
changed its outlook to positive from stable.

According to Moody's, the affirmation of these ratings primarily
reflects the expectation that the parent, RSA Group (based in
London, United Kingdom), will continue to support local operations
through capital injections and risk-sharing arrangements, as well
as through the control over local operations.  Therefore, RSA
Argentina's ratings get some uplift from the company's stand-alone
credit profile, given the expectation of continued support.

The rating agency explained that RSA Argentina's intrinsic credit
strengths include its diversified distribution channels --
including direct and telemarketing, insurance agents, and
international brokers-, as well as its good brand recognition.
Other credit positives are its relatively modest gross
underwriting leverage and its high coverage of local capital
requirements.

Among Moody's credit concerns and identified risks for RSA
Argentina, however, are the company's volatile profitability and
its weak overall asset quality.  The investment portfolio is
primarily comprised of below-investment-grade instruments -largely
affected by regulatory requirements to invest in domestic assets.
Furthermore, the company maintains a relatively high exposure (31%
of equity at June 30, 2009) to reinsurance recoverables with the
Argentine reinsurance monopoly, which is currently in liquidation.

During the last five fiscal years, RSA Argentina has reported weak
profitability, driven by weak investment results, as well as by
underwriting losses.  These losses were concentrated in the
automobile business line, which grew significantly since the
company's merger with La Rep£blica Seguros in 2006.  On a positive
note, the rating agency stated that management reduced its
underwriting losses significantly during the last fiscal year
(ended June 30th 2009).

Finally, Moody's commented that RSA Argentina's weaknesses include
its relatively small market-share (only 2% of the local P&C
segment), its lack of business diversification on a net premium
basis, and Argentina's poor operating environment and high
sovereign risk.  RSA Argentina's operations are highly
concentrated in the automobile business line: 75% of the company's
net premiums written are represented by this segment, although the
insurer offers a wide array of other product lines like homeowners
(10% of net premiums) and transportation (another 6%).

Regarding the outlook change to positive from stable, Moody's said
that it reflects management's capacity to reduce the level of
underwriting losses and the expectation that it will deliver
better financial results in the coming years.  The increase in its
capitalization level and the favorable growth prospects given its
parent company's (RSA Group's) interest in the Latin America
region, are additional factors explaining the change to a positive
outlook.

Based in Buenos Aires, Royal & Sun Alliance Seguros (Argentina)
S.A. reported total gross written premium of AR$334 million during
the last fiscal year, ended on June 30th 2009, which is an 11%
increase from the prior year, and a net loss of AR$5 million.  As
of that date, the company's total assets amounted to
AR$422 million, and its shareholders' equity was reported at
AR$82.6 million.


SAD SA: Creditors' Proofs of Debt Due on February 9
---------------------------------------------------
Manuel Camilo Arias, the court-appointed trustee for SAD SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 9, 2010.

Mr. Arias will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk
No. 1, 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:

          Manuel Camilo Arias
          Congreso 2629
          Argentina


TRANSPORTADORA DE GAS: Records Ps. 25.8MM Net Income in Third Qtr.
------------------------------------------------------------------
Transportadora de Gas del Sur S.A. reported net income of Ps. 25.8
million, or Ps. 0.032 per share (Ps. 0.162 per ADS), for the
three-month period ended September 30, 2009, compared to a net
income of Ps. 37.0 million, or Ps. 0.047 per share (Ps. 0.233 per
ADS), recorded in the same 2008 period.

Lower net income was mainly explained by a significant decline in
export volumes for natural gas liquids.  Net income for the nine-
month period ended September 30, 2009 was Ps. 38.7 million, or Ps.
0.049 per share (Ps. 0.244 per ADS), which compares to Ps. 173.1
million, or Ps. 0.218 per share (Ps. 1.089 per ADS), in the same
previous year period.

The negative variation is partially attributable to a reduction in
revenues associated with the sharp decline of propane, butane and
natural gasoline international prices during the last quarter of
2008.  In addition, the Argentine peso depreciated against US
dollar during the nine-month period ended September 30, 2009
generating a foreign exchange rate loss of Ps. 75.9 million, which
compares with an foreign exchange rate gain of Ps. 4.7 million
reported in the 2008 period.

A full-text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?491a

                          About TGS

Headquartered in Buenos Aires, Argentina, Transportadora de Gas
del Sur SA -- http://www.tgs.com.ar/-- is a transporter of
natural gas; having a 7,419-kilometer (4,610 miles) pipeline
system with a firm contracted capacity of 62.5 million cubic
meters per day (MMm3/d) with an installed power of 538.220
horsepower.  Substantially all of Transportadora de Gas'
capacity is subscribed for under firm long-term transportation
contracts.  Transportadora de Gas is also a processor of natural
gas and marketer of natural gas liquids in Argentina.  The
company operates the General Cerri gas processing complex and
the associated Galvan loading and storage facility in Bahia
Blanca in the Buenos Aires Province where natural gas liquids
are separated from gas transported through the Company's
pipeline system and stored for delivery.  Transportadora de Gas
is engaged in midstream activities and the provision of
telecommunication services in Argentina.  The company operates
the largest pipeline transmission system in Argentina, which
accounts for roughly 60% of the country's total natural gas
consumption.

                        *     *     *

As reported in the Troubled Company Reporter-latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered
Transportadora de Gas del Sur S.A's currency ratings to BB- from
B+.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Posts US$58.5 Million Revenues in 3Q
------------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed financial results for the
third quarter ended September 30, 2009.

       Third Quarter and Year to Date 2009 Highlights

  *  Recorded revenues of US$58.5 million in the third quarter of
     2009;
  *  Recorded adjusted EBITDA, adjusted net loss and corresponding
     earnings per share, or EPS of US$15.8 million, US$0.8 million
     and US$(0.03) per share, for the third quarter of 2009;
  *  Recorded EBITDA of US$14.3 million in the third quarter of
     2009;
  *  Recorded net loss of US$4.2 million, or EPS of US$(0.14) for
     the third quarter of 2009;
  *  During the third quarter of 2009, UP Rubi commenced its
     4-year time charter with Petrobras, as announced.  A one time
     US$1.5 million charge was realized in the third quarter of
     2009 to account for a possible contractual penalty associated
     with the late delivery of this vessel under its charter
     party;
  *  During the third quarter of 2009, the Company entered into
     3-year time charters with Petrobras for UP Agua-Marinha,
     UP Diamante and UP Topazio, which was repositioned in Brazil
     to serve this contract;
  *  Entered into a 17-year fixed interest credit facility with
     the Brazilian Development Bank, or BNDES on August 20, 2009
     for US$18.7 million to partially post-finance the
     construction of our PSV UP Rubi; and
  *  Entered into a Standby Letter of Credit Facility Agreement
     on October 30, 2009 with DVB Bank SE relating to a US$21.5
     million Standby Letter of Credit Facility which will counter
     guarantee the BNDES credit facility entered into on
     August 20, 2009.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?491b

                        About Ultrapetrol

Ultrapetrol -- http://www.ultrapetrol.net/-- is an industrial
transportation company serving the marine transportation needs of
its clients in the markets on which it focuses.  It serves the
shipping markets for grain, forest products, minerals, crude oil,
petroleum and refined petroleum products, as well as the offshore
oil platform supply market with its extensive and diverse fleet of
vessels.  These include river barges and pushboats, platform
supply vessels, tankers and oil-bulk-ore/capesize vessels.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Standard & Poor's Rating Services said that it
revised its outlook on Bahamas-based transportation company
Ultrapetrol (Bahamas) Ltd. to negative from stable.  At the same
time, S&P affirmed the ratings, including the corporate credit
rating on the company, at 'B'.


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


INTELSAT LTD: Posts US$94,784,000 Net Loss for Q3 2009
------------------------------------------------------
Intelsat, Ltd., reported a net loss of US$94,784,000 for the three
months ended September 30, 2009, from a net loss of US$179,291,000
for the same period a year ago.  Intelsat reported a net loss of
US$685,118,000 for the nine months ended September 30, 2009, from
a net loss of US$673,939,000 for the same period a year ago.

Intelsat said revenue was US$617,888,000 for the three months
ended September 30, 2009, from US$598,512,000 for the same period
a year ago.  Revenue was US$1,892,219,000 for the nine months
ended September 30, 2009, from US$1,756,112,000 for the same
period a year ago.

Intelsat had US$17,052,043,000 in total assets against total
current liabilities of US$659,614,000, long-term debt, net of
current portion of US$15,087,524,000, deferred satellite
performance incentives, net of current portion of US$115,607,000,
deferred revenue, net of current portion of US$226,198,000,
deferred income taxes of US$531,913,000, accrued retirement
benefits of US$238,385,000, other long-term liabilities
ofUS$343,554,000 and non-controlling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.

In a news statement, Intelsat generated negative free cash flow
from operations of US$19.5 million during the three months ended
September 30, 2009, as the result of interest and satellite
construction payments as well as changes in working capital during
the period.  Free cash flow from operations is defined as net cash
provided by operating activities, less payments for satellites and
other property and equipment (including capitalized interest).
Payments for satellites and other property and equipment during
the three months ended September 30, 2009 totaled US$172.6
million.

Intelsat generated free cash flow from operations of US$93.3
million during the nine months ended September 30, 2009.  Payments
for satellites and other property and equipment during the nine
months ended September 30, 2009 totaled US$456.0 million.

Intelsat is in the process of procuring and building 11 satellites
that are expected to be launched throughout the next three years,
including the New Dawn joint venture satellite.  The company
expects that 2009 total capital expenditures will range from
approximately US$625 million to US$675 million, however, several
late 2009 contract milestones could result in some expenditures
being delayed into 2010.  The 2009 capital expenditure estimate
excludes capital expenditures related to the New Dawn satellite,
for which Intelsat?s cash contributions in 2009 are expected to be
minimal, and the purchase of the ProtoStar I satellite, for which
all of the US$210 million consideration is expected to be paid in
2009. The company indicated that changes in the overall satellite
launch market could result in increases to expected launch costs
in the future.

A full-text copy of the Company's Form 10-Q report is available at
no charge at http://ResearchArchives.com/t/s?4926

A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?4925

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world?s population.


INTELSAT LTD: Paid US$100 Million Under Contract with Sea Launch
----------------------------------------------------------------
Intelsat, Ltd., disclosed it has made approximately US$100 million
of payments under its contracts and options with Sea Launch
Company L.L.C. for the launch of three satellites.  In August
2009, Intelsat obtained approval from the bankruptcy court to make
payments directly to Space International Services for the two
launches provided by Space International Services.  As of
September 30, 2009, Intelsat had approximately US$43 million
outstanding of payments made to Sea Launch relating to satellite
launches that Sea Launch is still required to provide the Company.

Intelsat contracted Sea Launch for the future launch of three
satellites, one through Sea Launch and two through Space
International Services.  The Company has options for the launch of
four additional satellites through Sea Launch.

"While Sea Launch is continuing to operate as a debtor-in-
possession, and while we may receive full or partial credit for
prior payments relating to the launches, there can be no assurance
that Sea Launch will honor its contractual obligations to us, or
do so without charging us significant additional amounts beyond
what is provided for in our current agreements.  In addition,
should we try to procure alternative launch services for the
satellites involved, there can be no assurance that we will not
incur significant delays and significant additional expenses as a
result," Intelsat said.

                         About Sea Launch

Sea Launch Co. is a satellite-launch services provider that offers
commercial space launch capabilities from the Baikonur Space
Center in Kazakhstan.  Its owners include Boeing Co., RSC Energia,
and Aker ASA.

Sea Launch Company, L.L.C., filed for Chapter 11 on June 22, 2009
(Bankr. D. Del. Case No. 09-12153).  Joel A. Waite, Esq., and
Kenneth J. Enos, Esq., at Young, Conaway, Stargatt & Taylor LLP,
in Wilmington, Delaware, serve as the Debtor's counsel.  At the
time of the filing, the Company said its assets range from
US$100 million to US$500 million and debts are at least US$1
billion.

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world's population.

Intelsat had US$17,052,043,000 in total assets against total
current liabilities of US$659,614,000, long-term debt, net of
current portion of US$15,087,524,000, deferred satellite
performance incentives, net of current portion of US$115,607,000,
deferred revenue, net of current portion of US$226,198,000,
deferred income taxes of US$531,913,000, accrued retirement
benefits of US$238,385,000, other long-term liabilities of
US$343,554,000 and non-controlling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.


MIDWAY THRUST: Creditors' Proofs of Debt Due on November 26
-----------------------------------------------------------
The creditors of Midway Thrust Ltd. are required to file their
proofs of debt by November 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 5, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


MIDWAY THRUST: Members to Receive Wind-Up Report on December 15
---------------------------------------------------------------
The members of Midway Thrust Ltd. will receive, on December 15,
2009, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on November 5, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


PROTOSTAR LTD: Intelsat Buys Satellite forUS$210 Million
--------------------------------------------------------
ProtoStar Ltd. received approval from the Bankruptcy Court on
Nov. 6 to sell the ProtoStar I satellite and related equipment
forUS$210 million to an affiliate of Intelsat Holdings Ltd., Bill
Rochelle at Bloomberg reported.

According to the report, the Official Committee of Unsecured
Creditors has a suit pending where it contends secured lenders
don't have valid liens securing aUS$10 million working capital
loan andUS$183 million in 12.5% and 18% secured notes.  The
creditors believe the noteholders and working capital lenders
filed notices of their security interests in the wrong place, as a
result invalidating their liens.

                         Chapter 11 Plan

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

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

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

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

                       About ProtoStar Ltd.

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

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


XL CAPITAL: Unveils Security Policy for Non-Tech Companies
----------------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd
disclosed the availability of XL Eclipse(SM) -- a new insurance
policy designed to address privacy and security risks of non-tech
companies.  XL Insurance said that an enhanced technology errors &
omission policy, XL EclipsePro(SM), specifically for technology
products and service providers.

XL Eclipse(SM) offers a wide range of cyberliabilty coverage under
one policy form, including:

    -- Network Security Liability
    -- Media Content Services Liability
    -- Privacy Liability
    -- Extortion Threat
    -- Crisis Management
    -- Business Interruption
    -- Credit Monitoring
    -- Privacy Notification Costs
    -- Regulatory fines

The coverage can be tailored to address the specific technology
risks of a variety of industries, especially service providers
such as lawyers, real estate or insurance agents, and medical
offices.

XL EclipsePro(SM) offers these cyberliabilty coverages but also
incorporates technology E&O to address the professional liability
needs of technology products and service providers.

XL Eclipse(SM) and XL EclipsePro(SM) are underwritten by XL
Insurance's Indian Harbor Insurance Company and are available with
liability limits up to $10 million.  These coverages are
administered through XL Insurance's Select Professional unit which
provides various miscellaneous professional liability coverages,
including E&O coverages for lawyers, real estate and insurance
agents, and other service providers.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


BANCO SANTANDER BRASIL: Parent Sees IPO Capital Gain at EUR1.499BB
------------------------------------------------------------------
Banco Santander SA expect its capital gain from the initial public
offering of its Brazilian unit, Banco Santander Brasil SA, to
reach EUR1.499 billion following the partial exercising of a
green-shoe option, Enza Tedesco at Dow Jones Newswires reports.

According to the report, in a filing with the Spanish stock market
regulator, the parent firm said that the investment banks
arranging the IPO over a month ago have exercised less than half
of the green shoe option, subscribing nearly 36 million units out
of the 75 million units available.  The report relates that
following the partial exercising of the green shoe option, the
bank said its has raised, through the IPO, a total of EUR5.092
billion and the free float of its Brazilian unit has now reached
16.45%.

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Dow Jones Newswires said that Banco Santander
Brasil SA raised BRL14.1 billion (US$8.05 billion) from its
initial public offering on the Sao Paulo Stock Exchange.  The
report related that the unit bank sold 600 million shares in the
form of units on the BMFBovespa stock exchange after market hours
on October 6.  The report said that each unit, which is
represented by 55 common shares and 50 preferred shares, was
priced at BRL23.50.  According to the report, Banco Santander
Brasil sold its shares in Brazil and to foreign investors in the
U.S. in the form of American depositary shares.

                About Banco Santander (Brasil)

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                           *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


GERDAU SA: To Sell Benchmark Dollar Bonds Overseas
--------------------------------------------------
Gerdau SA will sell benchmark dollar bonds in overseas markets
after announcing plans to boost investment in its iron-ore
business, Veronica Navarro Espinosa at Bloomberg News reports,
citing an unnamed person familiar with the transaction.

According to the report, the unnamed source said that the company
hired HSBC Holdings Plc, Banco Santander SA, Banco Itau, Bank of
America Corp., Citigroup Inc. and JPMorgan Chase & Co. to arrange
the bond sale.  The company will begin marketing the offering to
investors Nov. 13, he added.

Bloomberg News notes that Gerdau SA said that it plans to invest
BRL9.5 billion (US$5.5 billion) in the next five years as global
demand rebounds.   The report relates that Chief Executive Officer
Andre Gerdau Johannpeter said that the company is stepping up
spending amid forecasts that a demand rebound will continue into
the fourth quarter and 2010.  Gerdau will resume investments in a
1.5 million-ton-a-year iron-ore mine in Brazil that was delayed
because of the global economic slowdown, he added.  ?It?s a
prudently run company, where management is respected,? the report
quoted Bevan Rosenbloom, a corporate debt analyst at RBS
Securities Inc. in Stamford, Connecticut, as saying.  ?Demand will
be strong because economic data coming out of Brazil continues to
be strong,? Mr. Rosenbloom added.

The bonds Gerdau plans to sell will mature in 10 years, and the
company will use proceeds of the issue to refinance debt,
according to Fitch Ratings, the report notes.

                         About Gerdau SA

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

                         *     *     *

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


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


CMAT 10393: Members to Receive Wind-Up Report Today
---------------------------------------------------
The members of CMAT 10393 Ltd. will hold their final meeting
today, November 12, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DANAE GOLD: Members Receive Wind-Up Report
------------------------------------------
On November 11, 2009, the members of Danae Gold Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DANAE GOLD: Members Receive Wind-Up Report
------------------------------------------
On November 11, 2009, the members of Danae Gold Master Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HANG SENG: Shareholder to Receive Wind-Up Report on November 13
---------------------------------------------------------------
The shareholder of Hang Seng Structured Products (Cayman) Limited
will receive on November 13, 2009, at 10:30 a.m., the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


JLF OFFSHORE: Shareholders' Final Meeting Set for November 16
-------------------------------------------------------------
The shareholders of JLF Offshore Fund Ltd. will hold their final
meeting on November 16, 2009, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Fax: 1 345 769-9351


MANTIS REEF: Shareholders' Final Meeting Set for November 13
------------------------------------------------------------
The shareholders of Mantis Reef Pledge Limited will hold their
final meeting on November 13, 2009, at 8:30 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


MAPLE STONE: Shareholders' Final Meeting Set for November 13
------------------------------------------------------------
The shareholders of Maple Stone Credit Opportunity Fund Cayman,
Ltd. will hold their final meeting on November 13, 2009, at
9:45 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MAPLE STONE: Shareholders' Final Meeting Set for November 13
------------------------------------------------------------
The shareholders of Maple Stone Credit Opportunity Master Fund,
Ltd. will hold their final meeting on November 13, 2009, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MARATHON PETROLEUM: Shareholders' Final Meeting Set for Nov. 13
---------------------------------------------------------------
The shareholders of Marathon Petroleum Azul Limited will hold
their final meeting on November 13, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Y. R. Kunetka
           5555 San Felipe St.
           Houston, Texas 77056, U.S.A.


MUSKET INVESTMENTS: Shareholders' Final Meeting Set for Nov. 20
---------------------------------------------------------------
The shareholders of Musket Investments will hold their final
meeting on November 20, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

           Jackie Stirling
           c/o Bessemer Trust Company (Cayman) Limited
           Telephone: (345) 949-6674
           Facsimile: (345) 945-2722
           Bessemer Trust Company (Cayman) Limited
           PO Box 694GT, Dr Roy?s Drive
           Grand Cayman, Cayman Islands


PENDVEST FUND: Shareholders' Final Meeting Set for November 13
--------------------------------------------------------------
The shareholders of The Pendvest Fund will hold their final
meeting on November 13, 2009, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PENDVEST MASTER: Shareholders' Final Meeting Set for November 13
----------------------------------------------------------------
The shareholders of The Pendvest Master Fund will hold their final
meeting on November 13, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


QALYPSO INVESTMENTS: Shareholders' Final Meeting Set for Nov. 13
----------------------------------------------------------------
The shareholders of Qalypso Investments (Cayman) Ltd. will hold
their final meeting on November 13, 2009, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SAQR LIMITED: Shareholders' Final Meeting Set for November 13
-------------------------------------------------------------
The shareholders of SAQR Limited will hold their final meeting on
November 13, 2009, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SIDUS INVESTMENTS: Shareholders' Final Meeting Set for November 13
------------------------------------------------------------------
The shareholders of Sidus Investments Ltd. will hold their final
meeting on November 13, 2009, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


STRATUM INSURANCE: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------------
The shareholders of Stratum Insurance Company, SPC will hold their
final meeting on November 18, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Dugald Macleod
          Caledonian House, 69 Dr Roy1's Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Telephone: 345-914-0050
          Facsimile: 345-814-4875


TEMPO 05: Shareholders' Final Meeting Set for November 13
---------------------------------------------------------
The shareholders of Tempo 05 Fund will hold their final meeting on
November 13, 2009, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ZAHLER FUND: Shareholders' Final Meeting Set for Today
------------------------------------------------------
The shareholders of Zahler Fund Ltd will hold their final meeting
today, November 12, 2009, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ZAHLER INTERMEDIATE: Shareholders' Final Meeting Set for Today
--------------------------------------------------------------
The shareholders of Zahler Intermediate Fund Ltd will hold their
final meeting today, November 12, 2009, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ZAHLER MASTER: Shareholders' Final Meeting Set for Today
--------------------------------------------------------
The shareholders of Zahler Master Fund Ltd will hold their final
meeting today, November 12, 2009, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


BANCOLOMBIA SA: Loan Portfolio To Grow 5%-6% In 2010, CEO Says
--------------------------------------------------------------
Bancolombia S.A. will likely see its loan portfolio growing
between 5% and 6% in 2010, Inti Landauro at Dow Jones Newswires
reports, citing Chief Executive Officer Jorge Londono.

According to the report, the bank's loan portfolio fell 1.7% to
COP39.79 trillion (US$20.22 billion) in the third quarter.  The
report relates Mr. Londono said that the loan portfolio fell as
companies preferred to sell bonds instead of borrowing from
banks,.  Corporate loans accounted for 49.2% of Bancolombia's
total loans, Mr. Londono said added.

Bank Chief Financial Officer Jaime Alberto Velasquez, Bloomberg
News notes, said the bank's total loan portfolio at the end of
2009 likely will contract slightly compared with the end of 2008
as a result of the market conditions in Colombia.  In early 2009,
the report recalls, Mr. Londono had said that the bank's total
portfolio likely would expand 8% this year, down from 18% in 2008.

The report adds Mr. Londono said that the market will improve in
2010 and that companies will have more demand for credit.

                     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.


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


AES CORP: Faces Lawsuit for Dumping Toxic at Dominican Rep Beach
----------------------------------------------------------------
The AES Corporation caused horrendous birth defects, lung
injuries, and other acute and chronic medical problems from
illegally dumping 100 million pounds of toxic coal ash onto a
pristine Caribbean beachfront, according to a groundbreaking mass
tort lawsuit filed late November 4 against the company.

The eight-count lawsuit on behalf of 11 plaintiffs, living and
dead, from the small rural village of Arroyo Barril in the
Dominican Republic was filed in Delaware Superior Court.  Diane
Paolicelli, Esq., of Levy Phillips & Konigsberg LLP in New York
City, said two of the children have died after birth from
catastrophic birth defects; two boys have survived: one with no
arms; the other, born with his stomach outside his body, had to
endure several surgeries; another child was found -- in utero --
to have massive cranial defects and had to be aborted.

Ms. Paolicelli, who leads the firm's medical malpractice and
catastrophic injury practice group, represents birth defect
victims.

AES befouled the environment around Arroyo Barril in 2003 and 2004
by dumping mountains of toxic, heavy metal-laden coal ash waste
from its Puerto Rico plant onto a beachfront hill, according to
the Complaint.  After it was dumped, friable ash blanketed the
area with choking dust that immediately injured lungs and damaged
skin, according to Robert T. Vance, Jr., name partner of the
Philadelphia Law Firm of Robert T. Vance, Jr.

In 2006, AES was sued in the Eastern District of Virginia by the
government of the Dominican Republic.  The matter settled but the
injured residents across Arroyo Barril and the island nation's
Samana region were not compensated since the case had been brought
by the Dominican government for illegal dumping on the island
nation's beach.  That case is believed to have been settled for
approximately US$6 million and remains under seal.

This lawsuit, on behalf of injured plaintiffs, was filed in
Delaware since AES and its companies are registered in the State
of Delaware, according to Ian Connor Bifferato, name partner of
Wilmington, Delaware-based Bifferato LLC.

After the toxic coal ash was dumped and residents began
complaining, AES made repeated false representations to the media
and the public that the coal ash waste it dumped onto the Samana
Bay beachfront was not toxic or harmful to life or health and had
beneficial uses, the Complaint alleges.

Coal ash waste contains arsenic, beryllium, cadmium, chromium,
lead, mercury, nickel and vanadium.  Among the birth defects
suffered by the plaintiffs and detailed in the Complaint are
missing limbs, failed Siamese twinning, severe gastrointestinal
anomalies, bony anomalies, a missing kidney, and severe cranial
anomalies.

"AES turned a rural, natural oceanfront hill into an environmental
crime scene," said Stephen J. Phillips, name partner of Levy
Phillips & Konigsberg, who successfully has pioneered birth defect
and cancer litigation on behalf of semiconductor workers and their
families, as well as groundwater contamination, nuclear radiation
and asbestos litigation.

The Complaint includes counts of Violation of International Law
and Human Rights; Negligence; Wrongful Death; Negligence Per Se;
Nuisance; Fraud and Fraudulent Misrepresentation; Abnormally
Dangerous and/or Hazardous Activities; Intentional Infliction of
Emotional Distress; and Willful and Wanton Misconduct.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


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


JAMALCO: Union Welcomes Firm's Record Production
------------------------------------------------
The Union of Technical Administrative and Supervisory Personnel
(UTASP), which represents approximately 140 of Clarendon based
bauxite/alumina company Jamalco's employees, welcomed the news
that the company will be ending the 2009 financial year with
record production figures, RadioJamaica reports.   The report
relates that Jamalco said it is on track to produce 100,000 metric
tonnes of alumina above its previous record in 2006, despite the
ongoing recession and the closure of other local bauxite/alumina
companies.

According to the report, St. Patrice Ennis, UTASP General
Secretary said the announcement is consistent with what has been
happening since the start of the year.  "The parent company,
Alcoa, recorded third quarter profits of US$75 million.  This is
consisting also with increased efficiency in terms of man hours
per tonne of alumina.  We welcome this news because the union is
currently before the Industrial Disputes Tribunal, for a salary
increase for the 2008/2010 contract period," the report quoted Mr.
Ennis as saying.

The report notes that Adlai Robinson, Jamalco's Production Manager
said the company has risen to the challenge with increased
production and improved efficiencies while reducing maintenance
cost by 50%.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa suffered a net loss
of US$497 million in the three months to March 31, from a net
income of US$303 million in the corresponding period last year,
Radio Jamaica News reports.  The same report related this is the
company's second consecutive quarterly loss, as the global
economic crisis deepens.  Radio Jamaica said Alcoa plans to cut
13,500 jobs, or 13% of the work force, because of the global
slowdown.  Alcoa is also selling four business units and reducing
output to save money, the report noted.  Caribbean Net News
recalled Mr. Golding said the government is holding talks with
potential purchasers for its 45% stake in the Jamalco refinery in
south-central parish of Clarendon.  Aluminum giant Alcoa holds 55%
of the company, which has a production capacity of 1.4 million
tonnes of alumina.


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


CEMEX SAB: Trading in Credit Default Swaps Frozen
-------------------------------------------------
Riva Froymovich at Dow Jones Newswires reports that trading in
CEMEX, S.A.B. de C.V.'s credit default swaps is essentially frozen
as contract holders await a delayed decision by the International
Swaps and Derivatives Association on whether company's US$15
billion debt restructuring was a credit event.  The report relates
that this has been the case for about two months, and will
continue until the question is resolved.

According to the report, a standard voting panel was unable to
reach an 80% supermajority decision on the fate of Cemex's
outstanding CDS, and an external review board will have to make
the final call on whether the refinancing constituted a credit
event.  The report, citing the Depository Trust and Clearing
Corporation, relates that the decision will affect the holders of
1,387 outstanding CDS contracts with a net notional value of just
over US$591 million.

Dow Jones Newswires notes that if the external review votes the
restructuring was a credit event, outstanding CDS holders would
get a percentage of the notional value of those contracts, to be
determined by an auction.  The CDS freeze, the report relates, has
lasted longer than expected as Cemex has kept the terms of its
August debt restructuring private, leaving voters at ISDA
searching long and hard for details to make an educated vote.

As reported in the Troubled Company Reporter-Latin America on
August 17, 2009, CEMEX, S.A.B. de C.V. disclosed that it has
completed its refinancing of the majority of the Company's
outstanding debt.   The refinancing plan extends the maturities of
roughly US$15 billion in syndicated and bilateral obligations with
roughly 75 banks and private placement noteholders, providing for
a semi-annual amortization schedule, with a final maturity of
February 14, 2014.  Final documentation has been signed and all
conditions precedent have been satisfied in full

Dow Jones Newswires notes that ISDA's voting panel, a panel of 15
voters on the Americas Determinations Committee,  was unable to
reach the required majorit.  The report relates that an external
panel is being chosen by members of the determinations committee
to choose advocates to represent their position on the external
panel.

The preference of CDS holders depends on what price they paid for
the contracts, the report says.

Dow Jones Newswires notes that if the Cemex restructuring is
deemed a credit event, CDS holders could get 10 cents on the
dollar, would need to reduce exposure, and would have to pay again
to retake a position.  Alternatively, the report relates, the
holders would just be able to maintain their protection.

                      About Cemex SAB

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


CIE: Seeks to Extend Maturities on Local Debt
---------------------------------------------
Mexican entertainment company CIE said it plans to refinance
portions of its local debt to extend their maturities by up to
five years, Cyntia Barrera Diaz at Reuters reports.  The report
relates that CIE has downsized operations in recent years in a bid
to boost its financial health, but had its debt downgraded by
Standard & Poor's in September.

According to the report, citing filings with the Mexican stock
exchange, CIE faces local debt maturities in December this year
and April and October of 2010.  The report relates that the
company wants to extend maturities on all three tranches through
2014.  Debt holders are expected to vote on CIE's restructuring
proposal on November 18, the report notes.

Reuters notes that CIE had total debt of MXN6.645 billion (US$492
million) as of the end of September, of which more than 80% was
denominated in pesos.

CIE is a Mexican entertainment company that organizes car races
and concerts.


SERVICOS CORPORATIVOS: Gets Majority Consent From Note Holders
--------------------------------------------------------------
Servicios Corporativos Javer, S.A.P.I. de C.V. solicited consents,
upon the terms and subject to the conditions set forth in the
Consent Solicitation Statement dated October 28, 2009 and in the
related Consent Letter, to a waiver of the change of control
provisions of and amendment to the Indenture, dated as of
August 4, 2009, among the company, The Bank of New York Mellon, as
Trustee, and the Subsidiary Guarantors party thereto, pursuant to
which the 13.0% Senior Notes due 2014 were issued.

As of 5:00 p.m., New York City time, on November 9, 2009, valid
consents from holders of a majority in aggregate principal amount
of the outstanding Notes had been received and not withdrawn.
Since the Consent Time has occurred, holders may not revoke their
consents.  The Consent Solicitation will expire at 5:00 p.m., New
York City time, on November 10, 2009.

On November 9, 2009, the Company, the Guarantors and the Trustee
executed a supplemental indenture to effect the Waiver and
Amendment. However, on the terms and subject to the conditions of
the Consent Solicitation, the Waiver and Amendment will not become
operative until the Company pays the Consent Payment and delivers
an officers' certificate to the Trustee certifying such payment
has been made.

The company launched the Consent Solicitation in connection with
the intended sale of the Company's Series "A" and Series "B"
shares representing 60% of the capital stock of the Company.  On
October 24, 2009, the Company, Proyectos del Noreste, S.A. de
C.V., which beneficially owns 99.99% of the Company's capital
stock, and Mr. Salomon Marcuschamer Stavchansky, who owns 99.9% of
the capital stock of the Parent Company, entered into a Stock
Purchase Agreement with Southern Cross Latin America Private
Equity Fund III, L.P., Gestora Metevco Holding Limitada y Compania
en Comandita por Acciones, Degomex Holding, L.P., Evercore Mexico
Capital Partners II, L.P. and ARVX Capital, S.A. de C.V. and other
parties thereto in connection with the sale of the Shares.  Each
of the Purchasers may appoint investment vehicles as designees to
purchase their portion of the Shares.  Upon consummation of the
Stock Purchase, it is anticipated that the Purchasers, and/or
their designees, will own capital stock representing 60% of the
Voting Stock of the Company.  The closing of the Stock Purchase is
conditioned on the consummation of the Consent Solicitation,
approval from Mexican Regulatory Authorities and other customary
conditions.  The Stock Purchase is expected to close in November
2009.  However, closing may be delayed or not occur at all.

By providing the Requisite Consents, holders have agreed to (i)
waive the Company's obligation under the Indenture to make a
Change of Control Offer in connection with the Stock Purchase and
(ii) amend the Indenture to provide that the Purchasers and/or
their respective affiliates, Southern Cross Capital Partners III,
L.P. and/or its affiliates, Evercore Mexico Partners II, L.P.
and/or its affiliates and ARVX Capital, S.A. de C.V. and/or its
affiliates, investment funds or vehicles managed, sponsored or
advised, directly or indirectly, by Southern Cross Capital
Partners III, L.P., Evercore Mexico Partners II, L.P. or ARVX
Capital, S.A. de C.V., or any of their respective affiliates, and
any limited or general partners of, or other investors in, any of
the entities referred to in the foregoing and their respective
affiliates will be "Permitted Holders" under the Indenture.

Following the satisfaction of the conditions contained in the
Consent Solicitation Statement, the Company will pay, prior to the
consummation of the Stock Purchase, to the Information Agent for
transmission to each holder who has validly delivered a valid
consent on or prior to the Expiration Date in respect of such
Notes, US$2.50 for each US$1,000 in principal amount of such
Notes.

In the event that all conditions to the consummation of the Stock
Purchase, including payment of any consideration pursuant to the
Stock Purchase Agreement and other than the consummation of the
Consent Solicitation, have not been met or waived, the Consent
Payment will not be paid or become payable to the holders who have
validly delivered consents in connection with the Consent
Solicitation, and the Waiver and Amendment will not become
operative.

The Company engaged Credit Suisse and BofA Merrill Lynch to act as
the Solicitation Agents for the Consent Solicitation, and Global
Bondholder Services Corporation to act as the Information Agent
for the Consent Solicitation.

                   About Servicios Corporativos

Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico.  The firm
reported assets of $5,380 million Mx pesos and equity of
$1,883 million Mx pesos at March 31, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2009, Fitch Ratings has assigned a 'BB-/RR3' rating to
the proposed senior notes due 2014 of up to US$200 million of
Servicios Corporativos Javer, S.A.P.I. de C.V.  Proceeds from the
issuance will be used to refinance current debt, repay around
US$39 million holding company debt (Proyectos del Noreste, S.A. de
C.V.) via dividend payment and for general corporate purposes.


* MEXICO: Auto Output Falls at Slowest Pace This Year
-----------------------------------------------------
Jens Erik Gould at Bloomberg News reports that Mexico?s production
of vehicles fell 13.9% from a year earlier to 184,769 units last
month, the smallest annual decline since December, and the
country?s auto trade group said the industry is recovering.  The
report relates Automobile Industry Association said that the
country's production fell 23% in September and 34% in August.

According to the report, Mexican auto production plummeted at a
50% rate in the beginning of the year as the recession in the
U.S., which buys about 80% of Mexico?s exports, cut demand for
vehicles and parts.  The report notes that the association said
that output rose 26% in October from the prior month.

Still, Bloomberg News notes, it may take more than two years for
the local auto industry to again produce 2.1 million units a year,
the annual output level before the global economic crisis.

The report says that the industry produced 1.18 million cars and
light trucks in the first 10 months of this year from 1.81 million
vehicles in the first 10 months of 2008, a 35% decline.  The
report adds that domestic sales sank 18.5% to 67,881 vehicles last
month, while exports declined 13% to 145,771 cars and light
trucks.


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


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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *