TCRLA_Public/091113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, November 13, 2009, Vol. 10, No. 225

                            Headlines

A R G E N T I N A

BUENOS AIRES: Creditors' Proofs of Debt Due on December 16
DAFER DISTRIBUCIONES: Creditors' Proofs of Debt Due on February 12
FARO DEL SUR: Asks for Preventive Contest
IRSA INVERSIONES: Returns to Profit With ARS131MM in 1Q
PETROBRAS ENERGIA: Posts ARS131 Million Profit in Third Qtr.

TONEL SRL: Creditors' Proofs of Debt Due on December 21


B E R M U D A

CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B-'


B R A Z I L

BANCO SANTANDER: Shares Rated "Overweight" at JPMorgan
BR FOODS: JPMorgan Predicts "Weak" Profit
MARFRIG ALIMENTOS: Selling Up to US$793 Million in New Shares
* BRAZIL: Monthly Inflation Accelerates Most Since June
* BRAZIL: Won't Build More Thermal Power Plants Despite Blackout


C A Y M A N  I S L A N D S

ASHBY INVESTMENTS: Shareholders to Hear Wind-Up Report on Dec. 29
BLUE WINGS: Shareholders to Receive Wind-Up Report Today
BRYAN GARNIER: Shareholders to Receive Wind-Up Report on Nov. 17
CLOUD INVESTMENTS: Shareholders to Hear Wind-Up Report on Dec. 29
FREEWAY PARTNERS: Shareholders to Receive Wind-Up Report Today

FRONTIER VIII: Shareholders to Receive Wind-Up Report Today
GAIA FUND: Shareholders to Receive Wind-Up Report on November 16
KPB CAPITAL: Shareholders to Receive Wind-Up Report Today
MCT SPECIAL: Shareholders to Receive Wind-Up Report Today
PERIDOT PROPERTIES: Shareholders to Receive Wind-Up Report Today

SEASHELL INT: Shareholders to Hear Wind-Up Report on December 29
SOLAR GREEN: Shareholders to Receive Wind-Up Report Today
SWATCH INVESTMENT: Shareholders to Hear Wind-Up Report on Dec. 29
TANDO INTERNATIONAL: Shareholders' Meeting Set for December 29
TE CANNELL: Shareholders to Receive Wind-Up Report Today

TE CANNELL: Shareholders to Receive Wind-Up Report Today
TE MCM: Shareholders to Receive Wind-Up Report Today
TE MCM: Shareholders to Receive Wind-Up Report Today
TE SLS: Shareholders to Receive Wind-Up Report Today
TE SLS: Shareholders to Receive Wind-Up Report Today


C O L O M B I A

BANCO DE BOGOTA: Moody's Makes Assessment on Capital Adequacy
BANCOLOMBIA SA: Moody's Makes Assessment on Capital Adequacy
* COLOMBIA: Debt Yield Falls to Lowest Level Since 2006
* COLOMBIA: San Andres Archipelago Gets US$3 Million IDB Grant


E C U A D O R

ECUADOR: Posts US$510MM Trade Deficit in First Nine Months 2009


M E X I C O

URBI DESARROLLOS: To Begin Operations in Altamira


U R U G U A Y

* URUGUAY: Economy Holds Up Well Amid Recession, IMF Says


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Form Joint Venture With Iran's NIOC
PETROLEOS DE VENEZUELA: Spill Discovered at Palito Refinery
PETROLEOS DE VENEZUELA: Did Not Ask Local Bank to Sell More Bonds


                         - - - - -


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


BUENOS AIRES: Creditors' Proofs of Debt Due on December 16
----------------------------------------------------------
Ruben Suez, the court-appointed trustee for Buenos Aires New
Travel S.R.L.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 16, 2009.

Mr. Suez 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:

          Ruben Suez
          General Cesar Díaz 2324
          Argentina


DAFER DISTRIBUCIONES: Creditors' Proofs of Debt Due on February 12
------------------------------------------------------------------
Antonio Florencio Canada, the court-appointed trustee for Dafer
Distribuciones S.R.L.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 12, 2010.

Mr. Canada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk No.
27, 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:

          Antonio Florencio Canada
          Luis Belaustegui 4531
          Argentina


FARO DEL SUR: Asks for Preventive Contest
-----------------------------------------
Faro del Sur Trading S.A. asked for preventive by cessation of
payments.


IRSA INVERSIONES: Returns to Profit With ARS131MM in 1Q
-------------------------------------------------------
IRSA Inversiones Representaciones SA posted a fiscal first-quarter
profit of ARS131 million (US$34 million) compared with an ARS70
million loss a year earlier, Dow Jones Newswires reports.

According to the report, the company said the profit for the
quarter ended Sept. 30 was due mainly to an improvement in the
operating result and earnings from the company's affiliate Banco
Hipotecario.  The report relates that operating income during the
quarter rose to ARS112 million, compared with an ARS1 million loss
a year earlier.  Better consumer financing results were the main
reason for the turnaround, IRSA added.

Dow Jones Newswires notes that total income during the period rose
20.5% on the year to ARS263 million.

                           About IRSA

IRSA Inversiones Representaciones SA is an Argentinean company
active in the real estate sector.  The main activity of the
Company is the acquisition of undeveloped land in areas for
future development or sale; as well as the acquisition of offices
and other properties primarily for rental purposes.  The company
owns 11.8% of Banco Hipotecario SA.  On August 2007, the company
bought 50% of the property known as Bank Boston.  Together with
CYRELA SA, a Brazilian real estate developer, the company created
IRSA-CYRELA (CYRSA), engaged in the house development in
Argentina.  The company is also involved in purchasing and
managing shopping centers through its subsidiary, Alto Palermo SA,
which owns 10 shopping centers located in Buenos Aires and other
provinces.  The company is also involved in the purchase and
operation of luxury hotels.

                           *     *     *

As of September 11, 2009, the company continues to Standard and
Poor's B- LT Issuer Credit ratings.  The company also continues to
carry Fitch B LT FC Issuer Default and Senior Unsecured Debt
ratings; and B+ LT LC Issuer Default rating.


PETROBRAS ENERGIA: Posts ARS131 Million Profit in Third Qtr.
------------------------------------------------------------
Petrobras Energia S.A. posted a third-quarter profit of ARS131
million (US$34.3 million), compared with ARS376 million a year
earlier, Taos Turner at Dow Jones Newswires reports.  The report
relates that net sales for the quarter ended Sept. 30 fell to
ARS3.107 billion from ARS4.428 billion a year earlier, while
operating income declined to ARS292 million from ARS771 million.

According to the report, refining and distribution topped the
company's sales categories at ARS1.4 billion versus ARS2.1 billion
a year ago.  Exploration and production related sales totaled
ARS873 million, down from ARS1.19 billion a year earlier, the
report says.

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
-- http://www.petrobras.com.ar/-- is an integrated company
engaged in energy sector.  The company's activities are divided
into four segments.  The oil and gas exploration and production
segment is responsible for the acquisition, exploration and
maintenance of oil and gas reserves, as well as the production
of fuels.  The refining and distribution segment is engaged in
the refining of crude oils and their processing into lubricants.
It is represented by Refineria del Norte SA and Empresa
Boliviana de Refinacao SA.  The petrochemistry segment is
engaged in the production of styrene, polystyrene, rubber,
fertilizers and polypropylene through Innova SA and Petroquimica
Cuyo SA.  The gas and energy segment is involved in the
production of gas and electric energy, and energy transportation
through Transportadora de Gas del Sur SA.  The company also
operates in Bolivia, Ecuador, Peru, Colombia and Venezuela.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 16, 2009, Standard & Poor's Ratings Services said that it
lowered or affirmed the global scale ratings on 15 Argentine
entities.  Some of these ratings were removed from CreditWatch,
where they were placed with negative implications on Nov. 5, 2008.
The outlooks on all ratings are stable.


TONEL SRL: Creditors' Proofs of Debt Due on December 21
-------------------------------------------------------
Carlos Alberto Menendez, the court-appointed trustee for Tonel
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 21, 2009.

Mr. Menendez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk No.
32, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Carlos Alberto Menendez
          Neuquen 2936
          Argentina


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


CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit rating on Bermuda-based emerging markets TV
broadcaster Central European Media Enterprises Ltd. to 'B-' from
'B'.  The outlook is negative.

S&P also lowered to 'B-' from 'B' the issue ratings on CME's
$475 million senior secured convertible notes due 2013,
EUR200 million notes due 2016, and EUR150 million notes due 2014.
At the same time, S&P assigned a 'B-' rating to the recently
issued EUR240 million add-on notes due 2016, and withdrew the 'B'
rating on the EUR245 million notes due 2012, which were repaid
using the proceeds from the EUR240 million add-on notes.

"Our downgrade incorporates CME's latest announced guidance on
significantly lower-than-anticipated full-year 2009 revenues and
earnings, along with the already weak operating performance posted
in the first three quarters of the year," said Standard & Poor's
credit analyst Melvyn Cooke.  "We consequently expect CME's
liquidity and credit measures to weaken materially in the next few
quarters, to the extent that they would likely no longer be
commensurate with S&P's previous 'B' rating."

S&P believes that CME's adjusted consolidated gross leverage is
likely to jump to over 20x at year-end 2009, versus 3.7x at year-
end 2008, and that it could remain very high throughout 2010.  S&P
also think CME's liquidity could decrease meaningfully in 2010,
owing to continued substantial negative free cash flow during the
year, despite ongoing refinancing activity and potential
improvements in some of the company's advertising markets.

CME reported a 33% fall in consolidated revenues and an EBITDA
loss of $14.4 million for the third quarter of 2009, as well as
37% and 86% drops, year on year, in consolidated revenues and
EBITDA in the first nine months of 2009.  The company has
indicated its belief, however, that its operating performance has
bottomed out, and that it should be able to generate consolidated
EBITDA of between $60 million and $70 million for full-year 2009.
EBITDA in this area would still represent an over 75% plunge
against the 2008 figure, and would be materially lower than S&P's
expectations underpinning its previous 'B' rating on CME.

"The negative outlook reflects S&P's perception that CME's
liquidity could materially weaken throughout 2010, given the
anticipated sizable operational challenges the company's local
operations will face to restore adequate profitability over the
next few quarters," said Mr. Cooke.

S&P also think that the timing and breadth of meaningful
improvement in CME's various advertising markets in 2010 and 2011
is uncertain.  In addition, S&P has factored in the refinancing of
the Czech and Slovenian facilities and significant gross adjusted
leverage reduction for CME in 2010, versus the current level,
through EBITDA growth.  A cash balance in excess of $100 million
at the "restricted" group at year-end 2010 will be crucial to
maintain the current ratings.  S&P has not incorporated the
possibility of a distressed exchange offer in the medium term in
S&P's outlook.

Downward rating pressure could arise if S&P perceive faster-than-
anticipated deterioration in CME's liquidity position in the next
few quarters, either resulting from higher-than-expected cash burn
or from an aggressive financial policy.

S&P could revise the outlook to stable if CME were able to
stabilize liquidity at a level significantly above S&P's
expectations by year-end 2010, meaningfully improve operating
performance and cash burn, and decrease gross adjusted leverage
during the period.


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


BANCO SANTANDER: Shares Rated "Overweight" at JPMorgan
------------------------------------------------------
Tian Huang at Bloomberg News reports that the shares of Banco
Santander (Brasil) SA, the Brazilian unit of Banco Santander, were
rated to "overweight" at JPMorgan Chase & Co. on November 11.

The stock is inexpensive "any way you slice it," Saul Martinez, a
New York-based analyst with JPMorgan, wrote in a note obtained by
the news agency.  The report relates that Mr. Martinez made the
company his top pick among Brazilian banks, saying the valuation
doesn't reflect growth in return on equity or earnings per share.

"The crux of our call is valuation driven," the report quoted Mr.
Martinez as saying.  "Santander Brasil should benefit from growth
in financial services penetration in the coming years," Mr.
Martinez added.

According to Bloomberg News, Santander Brasil, which raised
BRL12.3 billion (US$7.2 billion) in its sale, has yet to close
above its initial pricing of BRL23.50 since trading began Oct. 7.
The report relates that MSCI Brazil Financials Index has climbed
3.3% since the IPO.

Mr. Martinez, the report adds, estimates the shares will rise to
BRL28 by the end of 2010.

                 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.


BR FOODS: JPMorgan Predicts "Weak" Profit
-----------------------------------------
Paulo Winterstein at Bloomberg News reports that JPMorgan Chase &
Co. said that BRF Brasil Foods SA's third-quarter earnings will be
"weak" on lower sales than previously estimated.  "Previously we
were estimating a stronger export volume recovery in 2H09, which
is not happening as fast as we had anticipated," New York-based
analyst Alan Alanis wrote in a note obtained by the news agency.
"We now downwardly revise our poultry export volume and price
expectations for 3Q09."

According to the report, Mr. Alanis said that reduced global
demand will outweigh a "resilient" domestic market.  A
strengthening real will also hurt export revenue, although it will
likely boost the company's financial results as the cost of
financing dollar-denominated debt falls, he added.  More than 60%
of the company's debt is dollar-denominated, Bloomberg News notes.

Analyst, the report points out, said that Brasil Foods's third-
quarter net income likely will be BRL285 million (US$165.4
million), 30% less than the previous estimate of BRL405 million.
Revenue probably fell from the year-earlier quarter to BRL5.6
billion from a previous estimate for growth in sales to BRL6.2
billion, the analysts added.

                       About BRF-Brasil Foods

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

                           *     *     *

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


MARFRIG ALIMENTOS: Selling Up to US$793 Million in New Shares
-------------------------------------------------------------
Lucia Kassai and Heloiza Canassa at Bloomberg News report that
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) is selling as much as BRL1.36 billion
(US$793 million) of new shares, reviving an offering delayed two
weeks ago after Brazil imposed a tax on foreign investments.  The
report, citing a data by Brazil's securities regulator (CVM),
relates that the company is selling as many as 71.7 million shares
for BRL19 each, according to data posted on the Web site of
Brazil's securities regulator.

As reported in the Troubled Company Reporter-Latin America on
November 3, 2009, Bloomberg News said that Marfrig Alimentos
reduced the size of a planned share sale and delayed the pricing
after a tax on foreign investments contributed to a rout in the
Brazilian stock market.

According to Bloomberg News, Marfrig is selling the shares for
3.1% less than November 13's closing price of BRL19.60.  The
stock, the report recalls, tumbled 13% since the tax was announced
on October 19.  The report notes that about three-quarters of the
proceeds of the share sale will be used to pay for the purchase of
Cargill Inc.'s Brazilian poultry and pork business, which is
priced at US$706.2 million.

Banco Bradesco SA and Banco do Brasil SA are the managers of
Marfrig's sale.

                       About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Brazil-based meat processor
Marfrig Alimentos S.A. following Marfrig's announcement that it
has acquired meat processor Seara Alimentos Ltda. and its
subsidiaries in Brazil and Europe from Minnetonka-based Cargill
Inc. for US$706.2 million in cash plus US$193.8 million in debt.
The outlook is negative.


* BRAZIL: Monthly Inflation Accelerates Most Since June
-------------------------------------------------------
Brazil's monthly inflation accelerated the most in four months in
October on higher fuel and food prices, Adriana Brasileiro at
Bloomberg News reports.  The report, citing the national
statistics agency, relates that consumer prices rose 0.28% in
October from September.  Annual inflation slowed for an eighth
month to 4.17% from 4.34% a month earlier.

Economists in Bloomberg surveys expected a monthly inflation rate
of 0.23% and an annual rate of 4.11%.

"The result was worse than expected, but it doesn't change the
overall trend of relatively benign inflation in the short term,"
Roberto Padovani, chief strategist at Banco WestLB do Brasil SA,
told the news agency in a telephone interview.

According to the report, Brazilian policy makers ended seven
months of rate cuts in September on signs the country's economy
was recovering faster than expected, with strong domestic demand
fueling a rebound in sales and production.  Still, the report
notes that the central bank won't need to start raising the so-
called Selic rate from the current 8.75% until April.

Mr. Padovani, the report adds, expects Brazil to end 2010 with a
benchmark rate of 10.25%.
                          *     *     *

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


* BRAZIL: Won't Build More Thermal Power Plants Despite Blackout
----------------------------------------------------------------
Brazil's Environment Minister Carlos Minc said that the country's
massive blackout on November 10 will not increase pressure on the
government to build more thermal power plants, Xinhua News
reports.  "Thermal power plants fuelled by coal and oil emit too
much carbon dioxide and cause too much pollution," the report
quoted Mr. Minc as saying.  "We need more good hydroelectric
plants," he added.

According to the report, Mr. Minc said that the blackout was not
caused by any flaw in energy generation but it was due to a
problem in three transmission lines which distribute the
electricity produced by Itaipu hydroelectric station on the border
with Paraguay.

Xinhua News notes that the blackout affected 18 states, disrupting
traffic and leaving tens of millions of people without power in
major cities like Sao Paulo and Rio de Janeiro.  The report
relates that the nuclear power plants of Angra 1 and Angra 2, also
suspended operations and are expected to restart working on soon.

The blackout, the report adds, also caused problems in water
supply in the southeastern states of Rio de Janeiro, Sao Paulo and
Espirito Santo.

                          *     *     *

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


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


ASHBY INVESTMENTS: Shareholders to Hear Wind-Up Report on Dec. 29
-----------------------------------------------------------------
The shareholders of Ashby Investments Ltd. will receive, on
December 29, 2009, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BLUE WINGS: Shareholders to Receive Wind-Up Report Today
--------------------------------------------------------
The shareholders of Blue Wings Ltd will receive today,
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


BRYAN GARNIER: Shareholders to Receive Wind-Up Report on Nov. 17
----------------------------------------------------------------
The shareholders of Bryan Garnier – European Growth Long/Short
Fund will receive, on November 17, 2009, at 11:00 a.m., 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
          Facsimile: 1 345 769-9351


CLOUD INVESTMENTS: Shareholders to Hear Wind-Up Report on Dec. 29
-----------------------------------------------------------------
The shareholders of Cloud Investments Ltd. will receive, on
December 29, 2009, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FREEWAY PARTNERS: Shareholders to Receive Wind-Up Report Today
--------------------------------------------------------------
The shareholders of Freeway Partners, Ltd. will receive today,
November 13, 2009, at 1:15 a.m., 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


FRONTIER VIII: Shareholders to Receive Wind-Up Report Today
-----------------------------------------------------------
The shareholders of Frontier VIII Limited will receive today,
November 13, 2009, at 11:15 a.m., 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


GAIA FUND: Shareholders to Receive Wind-Up Report on November 16
----------------------------------------------------------------
The shareholders of Gaia Fund Ltd. will receive, on November 16,
2009, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: 345 949 9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman KY1-1105, Cayman Islands


KPB CAPITAL: Shareholders to Receive Wind-Up Report Today
---------------------------------------------------------
The shareholders of KPB Capital will receive today, November 13,
2009, at 1:00 p.m., 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


MCT SPECIAL: Shareholders to Receive Wind-Up Report Today
---------------------------------------------------------
The shareholders of MCT Special Opportunities Fund will receive
today, November 13, 2009, at 1:30 p.m., 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


PERIDOT PROPERTIES: Shareholders to Receive Wind-Up Report Today
----------------------------------------------------------------
The shareholders of Peridot Properties Corporation will receive
today, November 13, 2009, at 1:45 p.m., 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


SEASHELL INT: Shareholders to Hear Wind-Up Report on December 29
----------------------------------------------------------------
The shareholders of Seashell Int. Ltd. will receive, on
December 29, 2009, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SOLAR GREEN: Shareholders to Receive Wind-Up Report Today
---------------------------------------------------------
The shareholders of Solar Green Limited will receive today,
November 13, 2009, at 11:15 a.m., 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


SWATCH INVESTMENT: Shareholders to Hear Wind-Up Report on Dec. 29
-----------------------------------------------------------------
The shareholders of Swatch Investment Company Ltd. will receive,
on December 29, 2009, at 12:00 noon, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TANDO INTERNATIONAL: Shareholders' Meeting Set for December 29
--------------------------------------------------------------
The shareholders of Tando International Ltd. will receive, on
December 29, 2009, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TE CANNELL: Shareholders to Receive Wind-Up Report Today
--------------------------------------------------------
The shareholders of TE Cannell Investors, Ltd. will receive today,
November 13, 2009, at 12:45 p.m., 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


TE CANNELL: Shareholders to Receive Wind-Up Report Today
--------------------------------------------------------
The shareholders of TE Cannell Portfolio, Ltd. will receive today,
November 13, 2009, at 12:30 p.m., 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


TE MCM: Shareholders to Receive Wind-Up Report Today
----------------------------------------------------
The shareholders of TE MCM Portfolio, Ltd. will receive today,
November 13, 2009, at 12:00 noon, 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


TE MCM: Shareholders to Receive Wind-Up Report Today
----------------------------------------------------
The shareholders of TE MCM Investors, Ltd. will receive today,
November 13, 2009, at 12:15 p.m., 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


TE SLS: Shareholders to Receive Wind-Up Report Today
----------------------------------------------------
The shareholders of TE SLS Investors, Ltd. will receive today,
November 13, 2009, at 11:45 a.m., 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


TE SLS: Shareholders to Receive Wind-Up Report Today
----------------------------------------------------
The shareholders of TE SLS Portfolio, Ltd. will receive today,
November 13, 2009, at 11:30 a.m., 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


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


BANCO DE BOGOTA: Moody's Makes Assessment on Capital Adequacy
-------------------------------------------------------------
In its forward-looking assessment of Colombian banks' asset
quality under changing credit conditions, Moody's Investors
Service used scenario analysis to evaluate the adequacy of their
present capital, and confirmed their soundness even under its
harsher scenario.  In this report, the rating agency reviews both
the assumptions and approaches applied in reaching that
conclusion.

"As a result of this exercise," says Analyst Felipe Carvallo, "we
were able to determine that the capitalization levels of Moody's
rated banks are adequate; consequently, Moody's maintained the
bank financial strength rating of D+ for Bancolombia S.A. and C-
for Banco de Bogota, both of which carry a stable outlook."

"Under Moody's forward-looking framework for determining banks'
credit losses" Mr. Carvallo explains, "we have been placing
greater emphasis on capital and on managements' ability to
replenish it with core earnings after absorbing Moody's 'estimated
expected credit losses'."

According to the analyst, the new special comment gives a detailed
presentation of just how these estimated expected credit losses in
the Colombian banks' loan portfolios were reckoned under
anticipated and stressed scenarios.  "Both the national data on
reserve coverage and the information from the late 1990s earnings
contraction were used to set a benchmark for Moody's worst-case
scenario," the analyst notes, "and then losses were folded into
the capital ratios of the banks, after accounting for their
internal capital generation."

Moody's found the existing reserves and capitalization levels of
the rated banks to be robust and to be able to withstand losses,
even under the difficult stress scenarios applied in the context
of the nation's present economic downturn.

For two consecutive quarters, Colombia's GDP has contracted,
technically placing the country in a recession, with unemployment
expected to reach a lofty 13.4% as of year end 2009.  Current
projections point towards 0% growth (or to a 0.4% contraction) by
the end of 2009, which is much milder than Colombia's late-1990s
recession.  "Credit strains have also been contained because the
nation's banks entered the economic crisis with high core
earnings, relatively low levels of past due loans, no housing
bubble, and ample reserve coverages," Mr. Carvallo points out.


BANCOLOMBIA SA: Moody's Makes Assessment on Capital Adequacy
------------------------------------------------------------
In its forward-looking assessment of Colombian banks' asset
quality under changing credit conditions, Moody's Investors
Service used scenario analysis to evaluate the adequacy of their
present capital, and confirmed their soundness even under its
harsher scenario.  In this report, the rating agency reviews both
the assumptions and approaches applied in reaching that
conclusion.

"As a result of this exercise," says Analyst Felipe Carvallo, "we
were able to determine that the capitalization levels of Moody's
rated banks are adequate; consequently, Moody's maintained the
bank financial strength rating of D+ for Bancolombia S.A. and C-
for Banco de Bogota, both of which carry a stable outlook."

"Under Moody's forward-looking framework for determining banks'
credit losses" Mr. Carvallo explains, "we have been placing
greater emphasis on capital and on managements' ability to
replenish it with core earnings after absorbing Moody's 'estimated
expected credit losses'."

According to the analyst, the new special comment gives a detailed
presentation of just how these estimated expected credit losses in
the Colombian banks' loan portfolios were reckoned under
anticipated and stressed scenarios.  "Both the national data on
reserve coverage and the information from the late 1990s earnings
contraction were used to set a benchmark for Moody's worst-case
scenario," the analyst notes, "and then losses were folded into
the capital ratios of the banks, after accounting for their
internal capital generation."

Moody's found the existing reserves and capitalization levels of
the rated banks to be robust and to be able to withstand losses,
even under the difficult stress scenarios applied in the context
of the nation's present economic downturn.

For two consecutive quarters, Colombia's GDP has contracted,
technically placing the country in a recession, with unemployment
expected to reach a lofty 13.4% as of year end 2009.  Current
projections point towards 0% growth (or to a 0.4% contraction) by
the end of 2009, which is much milder than Colombia's late-1990s
recession.  "Credit strains have also been contained because the
nation's banks entered the economic crisis with high core
earnings, relatively low levels of past due loans, no housing
bubble, and ample reserve coverages," Mr. Carvallo points out.


* COLOMBIA: Debt Yield Falls to Lowest Level Since 2006
-------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that the yield on the
benchmark Colombian local sovereign debt maturing in 2020 fell
Wednesday as investors expect lower inflation.

According to the report, the yield on the benchmark domestic bond
maturing in 2020 ended at 8.101% on November 11, down from 8.13%
on November 10.  The yield ended at its lowest level since the
first quarter of 2006, said Ricardo Perez, a market analyst with
local brokerage Alianza Valores SA, the report relates.

"The central bank's monthly surveys showed both the short-term and
long-term inflation expectations are falling," the report quoted
Mr. Perez as saying.  "Additionally, the bank said last month it
will buy government bonds by the end of the year, which means even
more demand in the future," he added.

Mr. Perez, the report notes, said that the yield will likely keep
falling to close to 7.50%.

Dow Jones Newswires notes that the central bank released its
monthly survey showing analysts expect inflation is likely to end
2009 at 2.47%, which would be the lowest level in more than 50
years.  The inflation for 2010 would be below 4%, which is also
historically very low, the report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'BB+' to the Republic of Colombia's US$1
billion Eurobond (6.125% coupon) maturing in 2041.


* COLOMBIA: San Andres Archipelago Gets US$3 Million IDB Grant
--------------------------------------------------------------
A carefully designed management plan for the ecological protection
and economic use of the rich biodiversity in the Colombian
Caribbean gets funding to start implementation.

The Inter-American Development Bank disclosed that the approval of
a US$3 million grant to Colombia for the protection, conservation,
and sustainable use of important marine and coastal ecosystems and
biodiversity in the archipelago of San Andres, Old Providence and
Santa Catalina, in the Caribbean Sea.

The IDB grant, funded by the Global Environment Facility, will
help implement a management plan for the marine protected area
(MPA) established on the archipelago.  The management plan was
carefully designed in a highly participatory process with the
local communities, and it simultaneously seeks preservation of the
biodiversity and long-term economic use of marine and coastal
resources.

The archipelago comprises one of the most extensive marine
protected areas in the Western Atlantic Ocean, known as Seaflower.

"Management of the Seaflower marine protected area is based on the
best available biological and socioeconomic information," said IDB
project team leader Annette Killmer, "combined with strong
stakeholder ownership of its management plan."

Putting in place the elements required to sustainably manage
Seaflower in the lon-term, as defined in that management plan, is
a US$9.2 million, 5-year long project in search of financing since
the MPA's declaration in 2005.  The US$3 million IDB-GEF grant
announced today is part of a financial package that enables the
full and very timely implementation of these elements.

IDB said that an additional US$1 million grant from the IDB's
Multilateral Investment Fund is in the pipeline, and the remaining
US$5.2 million will be provided by several Colombian organizations
led by Coralina, the governmental agency for the sustainable
development of the archipelago that was also pivotal in the design
of the management plan.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'BB+' to the Republic of Colombia's US$1
billion Eurobond (6.125% coupon) maturing in 2041.


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


ECUADOR: Posts US$510MM Trade Deficit in First Nine Months 2009
---------------------------------------------------------------
Ecuador posted a trade deficit of US$510 million in the first nine
months of 2009, from a surplus of US$2.4 billion a year earlier,
Mercedes Alvaro at Dow Jones Newswires reports, citing the central
bank.  The report relates that the central Bank of Ecuador said
that exports fell 37% to about US$9.62 billion between January and
September from US$15.3 billion a year earlier; while imports fell
21% to about US$10.13 billion in the first nine months of 2009
from US$12.89 billion in the year-earlier period.

According to the report, the central bank said that the Andean
country posted a trade deficit of US$31.05 million in September
from a deficit of US$218.69 million a year earlier.  The report
relates that oil exports totaled US$4.76 billion between January
and September, while non-petroleum products reached US$4.86
billion, or 51%.

Dow Jones Newswires says that during the January-September period,
Ecuador posted an oil trade surplus of US$3.21 billion and a non-
oil trade deficit of US$3.72 billion.   The report relates that of
total imports between January and September, raw materials were
US$3.42 billion, capital goods were US$2.89 billion and consumer
goods were US$2.22 billion.

Ecuador Finance Minister Maria Elsa Viteri, the report adds, that
Ecuador will close 2009 with a trade deficit of US$1.3 billion.

                           *     *     *

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


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


URBI DESARROLLOS: To Begin Operations in Altamira
-------------------------------------------------
Urbi Desarrollos Urbanos S.A.B. de C.V. disclosed the beginning of
operations in Altamira through its innovative City Licensee
Manager scheme, where over the next four years more that 44,000
direct and indirect jobs are expected to be created and which will
allow more than 5,500 new families to own a home in the important
industrial petrochemical area.

"Over the past five years, our state has positioned itself as a
top domestic and foreign investment destination.  During this
time, 120 companies have made investments of over three billion
dollars," said Javier Lamelas, Urbi's City Licensee Manager in
Tampico.

"We are very excited to be able to serve a wide segment of the
local working population through the differential value offered by
our VidaResidencial(R) concept, which will help us offer more than
a house: a community master plan that fosters participation and
the integration of the population," Mr. Lamelas added.

"Urbi is doing more than just offering its differential value to
Tamaulipas' Infonavit beneficiaries; the company has come to
strengthen our mortgage goals, particularly for the lower income
population," noted Victor Manuel Martinez, Infonavit's Regional
Assistant Representative.

Tamaulipas, and more specifically, the Altamira municipality, has
stood out as one of the most important economic development areas
in Mexico because of its geographical location, strategic
infrastructure and production capabilities.  The port's industrial
area generates 30% of Mexico's petrochemical production.

"We are very excited with the arrival of companies with the
history and leadership of Urbi, a company that goes beyond
creating jobs and responds to the housing needs of our population,
particularly of those who need it most.  It is also a leading
company committed to the sustainable development of communities,"
said Hector Villarreal, Altamira's Mayor.

"By the end of 2009, the increase in our geographical
diversification towards the most dynamic defensive markets in the
country through the City Licensee Manager and Landowner
Partnerships will allow Urbi to be present in 29 cities, including
Mexico City, an expansion of 40% in only two years.  We are
confident that our strategy of prudence and liquidity has been the
right one for this transition period, which will strengthen the
company to resume growth for 2010," said Salvador Gonzalez, Urbi's
Business Development Director.

                       About Urbi Desarrollos

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 $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.

                           *     *     *

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


=============
U R U G U A Y
=============


* URUGUAY: Economy Holds Up Well Amid Recession, IMF Says
---------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
the Article IV consultation with Uruguay.

                            Background

The Uruguayan economy has held up considerably well in the face of
the global recession.  In recent years, Uruguay had taken
advantage of favorable global economic conditions to consolidate
macroeconomic stability while building up significant buffers.
Improved fundamentals included a more robust and well-regulated
banking system, substantial international reserves, a more
flexible exchange rate regime, external current account deficits
more than financed by Foreign Direct Investment, as well as
reduced debt vulnerabilities.  Together with low private sector
leverage levels, these factors have helped to dampen the impact of
the global recession.

The impact of the crisis appears to have been relatively short-
lived.  Real GDP contracted by 2.3% (quarter-over-quarter,
seasonally adjusted) during the first quarter of 2009, as the
decline in external demand leaned on key export-oriented sectors,
and a severe drought affected activity in the agriculture,
livestock and energy sectors.  Private consumption and investment
decelerated while the unemployment rate rose only little, and
temporarily.  In the second quarter, real GDP expanded again, by
0.5% (quarter-over-quarter, seasonally adjusted), led by a
recovery in manufacturing and commerce.  Overall, the economy is
now expected to grow by at least 0.6% in 2009.

The policy response to the crisis has sought to balance different
risks.  Concerns about an overshooting of the exchange rate during
the period of financial turbulence led to forceful but temporary
intervention.  Persistent inflationary pressures resulted in a
more restrictive monetary stance than in other emerging markets.
After coming under pressure late last year, the peso has been
appreciating again in recent months and capital inflows have
resumed, while yields and country risk have stabilized near pre-
crisis levels.  Core inflation remains in the upper half of the
target range in an economy that is still operating around
potential.

Fiscal policy has been maintained at keeping nominal expenditure
growth as planned.  The authorities have not implemented any
discretionary stimulus plans, besides specific, limited measures
to support particularly affected sectors.  However, with strong
expenditure growth, lower-than-expected revenues and drought-
related costs (of 1.6% of GDP), the overall fiscal deficit is
projected to deteriorate further in 2009 to 2.6% of GDP.

IDB said that in 2010, the recovery is expected to strengthen,
with growth projected to reach 3.5%.  Medium term-prospects are
good, as considerable FDI in recent years has contributed to
substantial productivity improvements in the tradable sectors.

                 Executive Board Assessment

Executive Directors commended the authorities' achievements in
reducing Uruguay's vulnerabilities, whic h have enabled the
economy to withstand well the global recession. Directors praised
in particular Uruguay's sound macroeconomic policies and skilful
public debt management; its robust and well-regulated banking
system; its solid external position—underpinned by a flexible
exchange rate regime; and its advances in poverty alleviation.
Low private sector leverage and minimal bank exposure to foreign
toxic assets have also helped to limit the transmission of the
global crisis to Uruguay.  Directors noted the quick turnaround in
the Uruguayan economy, welcoming the resumption of growth in the
second quarter of 2009.

Directors commended the authorities' policy response to the global
recession.  The monetary policy stance was appropriately tighter
than in other emerging markets in light of inflation concerns,
while fiscal policy was geared to broadly maintaining the
significant increase in nominal expenditure as planned, allowing
automatic stabilizers to work.  Directors agreed that there is no
clear case for strengthening domestic demand further, given that
the Uruguayan economy is still operating around potential.
Looking forward, the recent sizable inflows of foreign investment
and associated productivity improvements should enable Uruguay to
benefit from the recovery of global demand for its exports.

Directors agreed that fiscal policy should continue to aim at debt
reduction.  While recognizing that the recent increase in the
fiscal deficit reflected largely temporary factors, they
considered that the still high levels of public debt call for a
cautious approach going forward.  Directors therefore welcomed the
authorities' intention to contain growth in non-priority areas in
the near term, while preserving room for much-needed
infrastructure and social outlays, and encouraged the authorities
to seek to return to more ambitious fiscal targets over the medium
term.

Directors welcomed the achievement of single-digit inflation over
the last several years, while noting that inflation remains
relatively high.  Against this backdrop, they did not see room for
monetary easing in the near term, and encouraged the authorities
to aim for lower inflation rates over the medium term.  This would
allow Uruguay to reap associated growth benefits, protect the
poor, promote de-dollarization, and avoid the need to resort to
costly measures should inflation threaten to reach the 10%
threshold.  Directors noted the staff assessment that the real
effective exchange rate is broadly in line with fundamentals.

Directors considered that, building on recent improvements,
Uruguay's monetary policy framework could be strengthened further.
This could be achieved through an even stronger commitment to the
inflation target range, while ensuring that exchange-rate
intervention remains limited to addressing volatility and
consistent with the inflation objective. Consideration could also
be given to strengthening the central bank's autonomy, enhancing
accountability, and improving communication. Strengthening
credibility would be key to de-dollarize the economy further.

Directors welcomed Uruguay's achievement in bringing prudential
regulation and supervision of the banking sector up to
international best practices, drawing on Financial Sector
Assessment Program recommendations. T hey supported the
authorities' intention to move towards consolidated supervision of
financial groups starting next year, and encouraged them to
continue strengthening the framework as needed.

Directors supported the authorities' commitment to improve
productivity and the business climate.  They welcomed the efforts
to promote public sector efficiency, reduce red tape, and improve
the governance of public enterprises. It will be important to
further strengthen efforts to promote private investment in the
electricity sector.  Directors agreed that planning for energy-
related contingencies could be improved to avoid bottlenecks and
enhance the growth potential.

Directors commended the authorities' achievements in reducing
poverty.  They highlighted the need for further fostering social
inclusion and improving targeted social programs through budget
re-prioritization.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings revised the Outlook for Uruguay's
ratings to Positive from Stable.  In addition, Fitch affirmed
Uruguay's foreign currency Issuer Default Rating at 'BB-' and its
local currency IDR at 'BB'.  Fitch also affirmed Uruguay's country
ceiling at 'BB+' and the short-term IDR at 'B'.


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


PETROLEOS DE VENEZUELA: To Form Joint Venture With Iran's NIOC
--------------------------------------------------------------
Petroleos de Venezuela and NIOC are considering a joint venture
company to bust their down-stream operations and import up to
20,000 barrels a day of gasoline from Venezuela,
Petroleumworld.com reports, citing UPI.

According to the report, the joint venture company will put up its
headquarters in Spain with the agreement of the Spanish
government.

According to the report, UPI said that Venezuela and Iran are
discussing various new deals that will provide for Iranian
investments in Venezuela.  The gasoline exports to Iran are part
of a financial deal in which Iran will repay for its imports from
Venezuela by investing an equal amount in the country, the report
relates.

                           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: Spill Discovered at Palito Refinery
-----------------------------------------------------------
Petroleos de Venezuela said that a spill of about 50 barrels of a
mix of oil and water was discovered Wednesday at the El Palito
refinery due to the overflow of a containing wall for effluents,
Dan Molinski at Dow Jones Newswires reports.  The report relates
that PdVSA didn't indicate whether the 140,000-barrel-a-day
refinery was shut down after the spill was found during a routine
inspection.

According to the report, the plant just began to power back up in
late September following a shutdown in March to expand processing
capabilities, and it won't be until at least next year that it
returns to operating at full capacity.

PDVSA, the report notes, the refinery hasn't made a final
assessment of how much was spilled.  However, the report relates,
PDVSA said that it has "begun a local containment plan against
spilling of hydrocarbons and a cleaning and sanitizing to ...
minimize environmental impact."

                           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: Did Not Ask Local Bank to Sell More Bonds
-----------------------------------------------------------------
Steven Bodzin and Daniel Cancel at Bloomberg News report that the
Venezuelan Central Bank President Nelson Merentes said the bank
hasn't received a request from state oil company Petroleos de
Venezuela SA to issue more bonds this year.  The report relates
that PDVSA President Rafael Ramirez said on Nov. 4 that the
company will issue more bonds before the end of the year to pay
down debts with service suppliers that stand at as much as US$5
billion.

"Up until now, we haven't received a new petition from PDVSA," the
report quoted Mr. Merentes as saying.  "If we receive one, we'll
review it," he added.

According to the report, rising oil prices are reducing fiscal
pressure on the state oil company.  The report, citing figures
from the country's energy and oil ministry, relates that the
average Venezuelan export price has more than doubled this year to
US$72.82.

The Venezuelan government and PDVSA, the report says, have sold a
combined $11.3 billion in bonds this year, after declines in oil
prices last year dragged down revenue.  The government needs money
to cover budget shortfalls, pay suppliers and meet demand for
foreign currency in the local market, Bloomberg News adds.

                            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.


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