TCRLA_Public/091116.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

           Monday, November 16, 2009, Vol. 10, No. 226

                            Headlines



A R G E N T I N A

* ARGENTINA: Inflation Quickens to Fastest in 8 Months


B E R M U D A

DCS CORPORATION: Creditors' Proofs of Debt Due on November 26
DCS CORPORATION: Members to Receive Wind-Up Report on December 10


B R A Z I L

BANCO BVA: Moody's Affirms 'B2' Global Currency Deposit Ratings
AES CORP: AES Eletropaulo's 3Q Net Profit Up 58.7% to BRL235MM
BRF-BRASIL: Posts BRL211 Million Profit in Third Quarter
BROOKFIELD INCORPORACOES: Foreigners Buy 43.2% of Share Offer
COMPANHIA ENERGETICA: To Release 3Q 2009 Results Today

CESP: To Pay BRL35 Million in Dividends
COSAN SA: Posts BRL173.4 Million Net Income Second Quarter
KLABIN SA: S&P Affirms Corporate Credit Rating at 'BB'
LUPATECH SA: Ratings Cut at Itau Unibanco
LUPATECH SA: Moody's Reviews 'B1' Corporate Family Rating


C A Y M A N  I S L A N D S

1903 OFFSHORE: Shareholders Receive Wind-Up Report
ARCADIA PRIME-RETAIL: Shareholders Receive Wind-Up Report
AUDA EQUITY: Shareholder Receives Wind-Up Report
AUDA STAR: Shareholder Receives Wind-Up Report
CAYMAANZ INSURANCE: Members Receive Wind-Up Report

CENTURION CDO I: Shareholders Receive Wind-Up Report
CLAREVILLE HOLDINGS: Shareholders' Meeting Set for November 18
DECLARATION FUNDING: Shareholders Receive Wind-Up Report
EP CAYMAN: Shareholders Receive Wind-Up Report
EP CRANE: Shareholders Receive Wind-Up Report

FUSE LIMITED: Shareholders Receive Wind-Up Report
LIGHT FINANCIAL: Shareholders Receive Wind-Up Report
MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30
MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30
MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30

MERIDIAN DIVERSIFIED: Shareholders Receive Wind-Up Report
SAAD INVESTMENTS: Liquidators File Chapter 15 in Delaware
SAPPHIRE PROPERTIES: Shareholders Receive Wind-Up Report
SELECTIUM OPPORTUNITIES: Shareholders Receive Wind-Up Report
TRADE RECEIVABLES: Members Receive Wind-Up Report

WEST HIGHLAND: Shareholders Receive Wind-Up Report


C H I L E

EMPRESAS IANSA: S&P Affirms 'CCC+' Counterparty Credit Rating


C O L O M B I A

ECOPETROL SA: Takes Over Cupiagua Fields Ops. Beginning July 2010


J A M A I C A

CABLE & WIRELESS: Chris Dehring Taps as LIME Board Chairman


M E X I C O

CEMEX SAB: Starts Swap of Up to US$951 Million in Securities
COMERCI: To Swap Defaulted Short-Term Debt for Commercial Paper


V E N Z U E L A

PETROLEOS DE VENEZUELA: Beach Cleaned After Minor Oil Spill
PETROLEOS DE VENEZUELA: Reveals Breakthroughs at Oil Belt
* VENEZUELA: Boosts Technology Dev't in the Area of Heavy Crudes


X X X X X X X X

* BOND PRICING: For the Week November 9 to November 13, 2009




                         - - - - -


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


* ARGENTINA: Inflation Quickens to Fastest in 8 Months
------------------------------------------------------
Eliana Raszewski and Silvia Martinez at Bloomberg News report that
Argentina?s annual inflation accelerated in October to the fastest
pace since February, led by increases in tuition and clothing
costs.  The report, citing the National Statistics Institute,
relates that prices climbed 6.5% last month from the same month a
year earlier and 0.8% from September.

According to the report, the government?s numbers trail estimates
by research company Ecolatina, which reported that prices climbed
14.1% in October from a year earlier and 1.3% from September.
The report notes that analysts and politicians such have
questioned the official inflation reports, saying the national
statistics agency has underreported price increases since former
President Nestor Kirchner made personnel changes in 2007.

Bloomberg News notes that Ecolatina forecasts inflation will slow
to 14.5% this year from 23.5% in 2008.

In a bid to restore faith in the accuracy of its statistics, the
report says, the government has appointed a board of academics to
review the prices of goods and services that make up the inflation
index.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


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


DCS CORPORATION: Creditors' Proofs of Debt Due on November 26
-------------------------------------------------------------
The creditors of DCS Corporation Limited 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 9, 2009.

The company's liquidator is:

          Mark W.R. Smith
          City of Hamilton
          Bermuda


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

The company commenced wind-up proceedings on November 9, 2009.

The company's liquidator is:

          Mark W.R. Smith
          City of Hamilton
          Bermuda


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


BANCO BVA: Moody's Affirms 'B2' Global Currency Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed at B2 the long-term global
local- and foreign-currency deposit ratings of Banco BVA S.A. and
changed the outlook on these ratings to positive from stable.
Moody's also affirmed the bank's long-term Brazilian national
scale rating of Ba1.br, and changed its outlook to positive from
stable.  At the same time, Moody's affirmed BVA's bank financial
strength rating at E+ and its baseline credit assessment at B2.

In assigning the positive outlook to BVA's deposit ratings,
Moody's recognized the bank's efforts to improve its deposit base
and to diversify the composition of its funding structure over the
past 12 months.  The ongoing strengthening of the bank's franchise
within the niche segment of small- and mid-sized corporate lending
and its loan origination-and-sell platform are also considered
positive factors for ratings, Moody's said.

Nonetheless, the rating agency emphasized that an upward movement
in BVA's ratings would depend on management's ability to sustain
its recent good financial indicators, particularly profitability
and liquidity.  Increasing competition for deposits and lending
operations in a scenario of economic recovery in Brazil could
challenge the recurrence of profit margins as spreads compress, as
well as the bank's funding dynamics (both availability and cost).
Important steps towards more robust ratings would include a more
granular deposit base, with less concentration on individual
depositors, and improvements in corporate governance practices,
Moody's noted.

Moody's last rating action on BVA took place on May 22, 2008, when
it assigned ratings to the bank for the first time.  The ratings
were a BFSR of E+, global local- and foreign-currency deposit
ratings of B2 and Not Prime and Brazilian national scale deposit
ratings of Ba1.br and BR-3.  All ratings had a stable outlook.

Banco BVA S.A. is headquartered in S?o Paulo, Brazil.  As of June
2009, the bank had total assets of approximately R$1.7 billion
(US$878 million) and equity of R$191 million (US$97.8 million).

These ratings were affected:

  -- Long-term global local-currency deposit rating of B2: outlook
     changed to positive from stable

  -- Long-term foreign-currency deposit rating of B2: outlook
     changed to positive from stable

  -- Long-term Brazilian national scale deposit rating of Ba1.br:
     outlook changed to positive from stable

  -- Bank Financial Strength Rating: affirmed at E+, with stable
     outlook


AES CORP: AES Eletropaulo's 3Q Net Profit Up 58.7% to BRL235MM
--------------------------------------------------------------
AES Eletropaulo, a unit of The AES Corporation, posted a 58.7%
rise in third quarter net profits to BRL235.3 million (US$135.2
million), John Kolodziejski at Dow Jones Newswires reports.

According to the report, a 14.9% rise in average tariffs from July
4 this year helped raise net revenues to BRL2.11 billion in the
third quarter, 7.7% more than the BRL1.96 billion registered in
the same quarter last year.  The report relates that earnings
before interest taxes depreciation and amortization (Ebitda),
jumped 15.5% to BRL445.1 million.

AES Eletropaulo is a major Brazilian power distributor in the
state of Sao Paulo, created in the breakup of the old state-owned
power distribution company Eletropaulo that monopolized
electricity distribution in Sao Paulo from 1981 to 1999.  The
similarity of the names makes most old customers call it simply
Eletropaulo.

Eletropaulo has around 5 million customers, and its stock is
traded on Bovespa, where it is part of the Ibovespa index.  The
company is majority owned by AES Corporation.

                      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.


BRF-BRASIL: Posts BRL211 Million Profit in Third Quarter
--------------------------------------------------------
BRF-Brasil Foods SA posted a third-quarter profit of BRL211
million (US$121 million) after it acquired Sadia SA, Lucia Kassai
at Bloomberg News reports.  The report relates that the net income
of 49 centavos a share compares with a year- earlier net loss of
BRL52 million, or 25 centavos, for Perdigao, as the company was
formerly known.

According to the report, the company said that Perdigao and Sadia
reported a combined net loss of BRL1.63 billion in the year-
earlier period.  The report relates that revenue surged 74% to
BRL5.29 billion.  Sales in the domestic market climbed 84% after
the company passed on higher grain and packaging costs to
customers, the report notes.  ?The company?s capacity to pass on
price increases is greater than the rest of the market due to its
scale and strength of its brands,? Banco Fator Corretora analysts
led by Renato Prado said in an Oct. 29 note obtained by the news
agency.  ?The main asset of the new company is the power of
negotiation,? Mr. Prado added.

Brasil Foods was forecast to report profit excluding some items of
293.6 million reais, the average estimate of seven analysts in a
Bloomberg survey.

Bloomberg News adds that the company reported a net financial gain
of BRL223 million in the quarter from an expense of BRL244
million.

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

                      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.


BROOKFIELD INCORPORACOES: Foreigners Buy 43.2% of Share Offer
-------------------------------------------------------------
Foreign investors purchased 43.2% of the shares offered by
Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) through a primary and secondary share offer on BMFBovespa,
Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the company raised BRL664.7 million
(US$386 million) from the offer.  The report notes that the
company sold a total of 97.75 million shares, with each share
priced at BRL6.80.

Foreign investors, the report says, acquired 42.26 million shares
under the offer.

Itau BBA, Credit Suisse, BTG Pactual, Bradesco BBI and HSBC
coordinated the operation.

Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) is a Brazil-based company engaged in real estate sector. The
Company is the developer of high-end and luxury residential
buildings, houses, as well as office buildings in Sao Paulo and
Rio de Janeiro metropolitan regions.  Its operations include land
acquisition, planning, construction, sales, financing, customer
service, design, development and management of real estate
projects targeted at mainstream, luxury homebuyers.  The company's
buildings include Reserva de Itauna, Edificio San Francisco,
Chacara de Pinheiros, Time Square and Saint Tropez, among others.
As of June 22, 2009, the Company had its name changed after the
merger of three companies: Brascan Residential, Company and MB
Engenharia.  The company's major shareholder is Brookfield Asset
Management.  In July 2009, Companhia Energetica de Minas Gerais
95% interest in the company.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Fitch Ratings has assigned the national long-
term debt rating of 'A+(bra)' to the proposed first simple
debentures issuance, not convertible into shares, of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount
of BRL100 million, with final maturity on September 1, 2013.  The
proceeds will be used for company general purposes.  Fitch has
already rated Brookfield Incorporacoes' foreign and local currency
Issuer Default Ratings 'BB-', and national long-term rating 'A+
(bra)'.  The Rating Outlook of the corporate ratings is Negative.


COMPANHIA ENERGETICA: To Release 3Q 2009 Results Today
------------------------------------------------------
Companhia Energetica de Minas Gerais will post its third quarter
2009 results today, November 16, 2009 at 08:30 AM ET.  Investors
are asked to log in at
http://prnewswire.mediatown.com.br/player/?id=145.

   Ana Paula Delgado
   +55 31 3506-5024,
   ana.teixeira@cemig.com.br

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.


CESP: To Pay BRL35 Million in Dividends
---------------------------------------
Companhia Energetica de Sao Paulo said that it will pay a total
BRL35 million (US$20.4 million) in dividends, Rogerio Jelmayer at
Dow Jones Newswires reports.  The report relates that the company
will pay BRL0.11 a share to shareholders on record as of
November 11.

According to the report, CESP, however, didn't disclose the
payment date.

Companhia Energetica de Sao Paulo is the fourth largest
electricity generation company in Brazil, operating six hydro
power plants in the state of Sao Paulo with an installed capacity
of 7,456 MW and 3,916 MW of assured energy.  The government of the
state of Sao Paulo is CESP's major shareholder with 94.08% of its
voting capital and 35.98% of its  total capital.  In the last
twelve months ended on June 30, 2009, CESP posted Net Revenues of
BRL2,616 million and a Net Loss of BRL1,652 million.

                           *     *     *

As of November 13, 2009, the company cotinues to carry Moody's Ba2
LT Corp Family Rating and Senior Unsecured Debt.  The company also
continues to carry Standard and Poor's B LT Issuer Credit ratings.


COSAN SA: Posts BRL173.4 Million Net Income Second Quarter
----------------------------------------------------------
Lucia Kassai and Laura Price at Bloomberg News reports that
Cosan SA Industria & Comercio posted a profit in its fiscal second
quarter after sugar prices rose and an acquisition of Brazilian
service stations boosted sales.

According to the report, the company's net income in the three
months that ended Sept. 30 was BRL173.4 million (US$100 million).
The report relates that Cosan SA had a net loss of BRL380.7
million in the year-earlier quarter that ended Oct. 31, 2008.

Margins were ?fueled by strong sugar prices and higher sugar
volumes,? Itau Securities analysts led by Paula Kovarsky wrote in
an Oct. 19 note to clients that was obtained by the news agency.
Costs of goods sold were ?likely to be negatively impacted by the
above-average rains in the quarter,? Mr. Kovarsky added.

According to the report, net sales rose almost five-fold to
BRL3.58 billion after sugar futures averaged 61% higher than in
the year- earlier period.  The report relates that revenue also
climbed after Cosan acquired fuel- distribution assets in Brazil
from Exxon Mobil Corp. for US$715 million in December.

Profit excluding some items was expected to be BRL146.6 million,
the average of five estimates compiled by Bloomberg.

Profit, the report notes, was bolstered after the Brazilian real?s
10 percent rally in the quarter cut the value of dollar debt in
local- currency terms, which is booked as a gain under local
accounting rules.  Cosan SA posted a net financial gain of BRL78.9
million in the fiscal second quarter from a loss of BRL551.8
million a year earlier, the report adds.

                          About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 14, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on sugar and ethanol producer Cosan Ltd.
and its Brazilian operating subsidiary, Cosan S.A. Industria e
Comercio (jointly referred to as Cosan), to 'BB-' from 'BB'.  At
the same time, S&P removed the ratings from CreditWatch, where
they were placed with negative implications on April 24, 2008.


KLABIN SA: S&P Affirms Corporate Credit Rating at 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB' corporate credit rating on Brazil-based packaging paper
producer Klabin S.A.  The outlook is stable.

"The rating on Klabin reflects the company's aggressive financial
risk profile arising from its heavy levels of investment, exposure
to volatile input costs, and challenging market conditions.  These
risks are partially offset by Klabin's strong liquidity,
competitive cost position, product mix, and adequate liquidity,"
said Standard & Poor's credit analyst Reginaldo Takara.

Klabin's third-quarter 2009 results improved from previous
quarters, with higher volumes and net sales, as domestic economic
activity improved and export markets recovered.  Sales of kraft
liner, carton board, and packaging paper improved in the quarter,
with increases in both year-over-year and quarter-over-quarter
volumes.  S&P believes this recovery is sustainable and bodes well
for improving credit metrics in 2010.  Indeed, since Klabin's
current credit metrics are still aggressive for the rating
category, a key assumption on the ratings is that the company will
be successful in reducing financial leverage over the next several
years by using internal cash generation to pay down debt.

The stable outlook reflects S&P's expectation that Klabin will
strive to pay down debt with free cash flow and, thus, bring its
credit metrics to projected levels by year-end 2010.  Downside
risks include operating challenges in increasing production at its
new plant or deterioration in volumes and prices leading to
declines in cash generation in 2010 due to market conditions.  S&P
would have a negative view of any changes in investment plans that
would postpone the firm's deleveraging.

"We could lower the rating if Klabin's credit measures do not
improve consistently, if they diverge from S&P's 2010
expectations, or if liquidity is squeezed due to market conditions
or working capital pressures.  S&P will closely monitor the
company's refinancing needs in 2011 and 2012, and will track its
short-term debt balances over the next several quarters.  S&P
currently believes that a positive rating action is not likely,
since the company needs to reduce its financial leverage --
something it will accomplish only gradually," Mr. Takara added.


LUPATECH SA: Ratings Cut at Itau Unibanco
-----------------------------------------
Paulo Winterstein at Bloomberg News report that Lupatech SA's
rating was cut at Itau Unibanco Holding SA after it posted a slump
in its third-quarter revenue.  The report relates that the company
won?t meet its growth forecasts.

According to the report, the company was cut to ?market perform?
from ?outperform.?  ?Net revenue came in really weak, 25 percent
below our expectations,? Itau analyst Paula Kovarsky wrote in a
note obtained by the news agency.  ?At this point, we find it
really hard for the company to close the year anywhere near the
low end of its guidance,? he added.

Bloomberg News notes that Lupatech was rated ?neutral? in new
coverage at JPMorgan Chase & Co., which cited ?anemic? third-
quarter earnings.

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments:
Energy Products, Flow Control and Metallurgy.  In the Energy
Products segment, the company provides such products as deepwater
platform anchoring ropes, valves, tools for oil exploration and
tube coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA?s
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Moody's Investors Service has downgraded
Lupatech S.A.'s corporate family ratings to B1 from Ba3 on the
global scale and to Baa2.br from A3.br on the Brazilian national
scale.  Simultaneously, Moody's has downgraded to B2 from Ba3 the
foreign currency rating of the US$275 million senior unsecured
perpetual notes issued by Lupatech Finance Ltd. (Cayman Islands)
and jointly and severally guaranteed by Lupatech and its operating
subsidiaries.


LUPATECH SA: Moody's Reviews 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has placed all ratings related to
Lupatech S.A. on review for possible downgrade.  Simultaneously,
Moody's downgraded Lupatech's corporate family rating on the
Brazilian national scale to Baa3.br from Baa2.br.

The rating downgraded and placed on review for possible downgrade
is:

Issuer: Lupatech S.A.

  -- Corporate Family Rating: to Baa3.br from Baa2.br (Brazil
     national scale)

The ratings placed on review for possible downgrade are:

Issuer: Lupatech S.A.

  -- Corporate Family Rating: B1 (global scale)

Issuer: Lupatech Finance Ltd. (Cayman Islands):

  -- US$275 million Senior Unsecured Guaranteed Perpetual Notes:
     B2 (Foreign Currency Rating)

The rating action follows the release of Lupatech's weaker than
expected third quarter 2009 results, with a 22% q-o-q decline in
net revenues and a drop in EBITDA margin (as defined by Moody's)
to 14% from 20%.  Revenues in the quarter were negatively impacted
primarily by lower exports in the energy products division,
reflecting the slowdown in demand for anchoring ropes, valves and
completion tools.  The deterioration in operating performance
caused Total Adjusted Net Debt (including the US$275 million
perpetual notes) to EBITDA to increase to 7.6x and EBIT to
Interest Expense to drop to 0.7x, both on a last twelve month
basis as of September 30, 2009.  Weaker credit metrics caused the
company to breach covenants for one of its working capital bank
loans, although waivers have already been granted.  Headroom under
the LTM financial covenants for the BRL 320 million convertible
debentures due 2018, which were 90% subscribed by the Banco
Nacional de Desenvolvimento Economico e Social S.A. -- BNDES (A3,
outlook stable), and BRL121 million BNDES secured loan has
tightened considerably during 3Q09 and will likely be breached as
of December 31, 2009, as 4Q08 rolls off.  The full proceeds from
the debentures were received during the second and third quarters
of 2009 and the company also received the first disbursements
under the BNDES loan facility in the most recent quarter.

Lupatech's liquidity has been supported by a sizeable cash
position, although cash coverage of short term debt declined to
0.9x as of September 30, 2009 (1.8x as of June 30, 2009).
Considering that the company has historically experienced negative
free cash flow, the disbursement during 4Q09 of the remaining
BRL99 million under BNDES's approved BRL121 million facility is
crucial, since the company intends to use the proceeds for short
term debt amortization and the maintenance of an adequate
liquidity profile.

The review process will focus primarily on the key drivers of the
weak third quarter results, the likelihood of free cash flow for
debt reduction in 2010 and the company's liquidity profile.

The last rating action on Lupatech was on September 20, 2009, when
Moody's downgraded its corporate family ratings to B1 from Ba3 on
the global scale and to Baa2.br from A3.br on the Brazilian
national scale, and the foreign currency rating of its guaranteed
perpetual notes to B2 from Ba3.

Headquartered in Caxias do Sul, Brazil, Lupatech S.A. is a leading
equipment manufacturer and service provider to the oil & gas
industry in Brazil, besides producing industrial valves and
casting parts.  Lupatech reported net revenues of BRL 643 million
(US$300 million using the average exchange rate) in the last
twelve months ended September 30, 2009.


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


1903 OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------
On November 13, 2009, the shareholders of 1903 Offshore SPV, Ltd.
received 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


ARCADIA PRIME-RETAIL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On November 13, 2009, the shareholders of Arcadia Prime-Retail
Fund received 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


AUDA EQUITY: Shareholder Receives Wind-Up Report
------------------------------------------------
On November 10, 2009, the shareholder of Auda Equity Long/Short
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          Susan Taylor
          Telephone: (345) 815-1898
          Facsimile: (345) 949 1986


AUDA STAR: Shareholder Receives Wind-Up Report
----------------------------------------------
On November 10, 2009, the shareholder of Auda Star Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Susan Taylor
          Telephone: (345) 815-1898
          Facsimile: (345) 949 1986


CAYMAANZ INSURANCE: Members Receive Wind-Up Report
--------------------------------------------------
On November 11, 2009, the members of Caymaanz Insurance Company
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Douglas Lilak
          c/o Strategic Risk Solutions (Cayman) Limited
          Governors Square, 2nd Floor, Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 1159, Grand Cayman KY1-1159
          Cayman Islands
          Ron Sulisz
          Telephone: (345) 946-6611


CENTURION CDO I: Shareholders Receive Wind-Up Report
----------------------------------------------------
On November 13, 2009, the shareholders of Centurion CDO I, Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


CLAREVILLE HOLDINGS: Shareholders' Meeting Set for November 18
--------------------------------------------------------------
The shareholders of Clareville Holdings Limited 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:

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


DECLARATION FUNDING: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On November 13, 2009, the shareholders of Declaration Funding I
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


EP CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------
On November 13, 2009, the shareholders of EP Cayman II, Ltd.
received 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


EP CRANE: Shareholders Receive Wind-Up Report
---------------------------------------------
On November 13, 2009, the shareholders of EP Crane Ltd. received
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


FUSE LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
On November 13, 2009, the shareholders of Fuse Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


LIGHT FINANCIAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On November 13, 2009, the shareholders of Light Financial
Corporation Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30
-----------------------------------------------------------------
The shareholders of Makara Special Situations Asia (US) Fund will
hold their final meeting on November 30, 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:

          M. Eddi Danusaputro
          3 Pickering Street
          #03-53, 048660, Singapore
          Telephone: +65 6220 1711
          Facsimile: +65 6438 0187


MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30
-----------------------------------------------------------------
The shareholders of Makara Special Situations Asia Fund will hold
their final meeting on November 30, 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:

          M. Eddi Danusaputro
          3 Pickering Street
          #03-53, 048660, Singapore
          Telephone: +65 6220 1711
          Facsimile: +65 6438 0187


MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30
-----------------------------------------------------------------
The shareholders of Makara Special Situations Asia Master Fund
will hold their final meeting on November 30, 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:

          M. Eddi Danusaputro
          3 Pickering Street
          #03-53, 048660, Singapore
          Telephone: +65 6220 1711
          Facsimile: +65 6438 0187


MERIDIAN DIVERSIFIED: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On November 13, 2009, the shareholders of Meridian Diversified
Portable Alpha Fund, Ltd. received 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


SAAD INVESTMENTS: Liquidators File Chapter 15 in Delaware
---------------------------------------------------------
The Cayman Islands liquidators for Saad Investments Finance Co.
(No. 5) Ltd. filed a Chapter 15 petition November 11 in Delaware
(Bankr. D. Del. Case No. 09-13985).  The petition says that assets
range from $50 million to $100 million while debts are between
$1 million and $10 million.

Bill Rochelle at Bloomberg News reports that the Chapter 15 filing
is as an offshoot of action taken in May by the Saudi Arabian
Monetary Authority to freeze accounts of Maan Al-Sanea, the
controlling shareholder of Saad Investments.  The liquidators were
appointed by the Cayman court in September to wind up the company
up amid what they characterized in a bankruptcy court filing as
"wide-ranging allegations of fraud and misappropriation of funds."
Al-Sanea denied allegation of improprieties.

According to the report, the liquidators said they believe the
assets of Saad Investments consist of 57 private-equity vehicles,
of which 20 are in the U.S. and had an estimated value in June of
$41.5 million. The liquidators say that the June estimated value
of all 57 funds was $146 million, including 16 in the Cayman
Islands worth $56.4 million.

The liquidators are asking the Delaware bankruptcy court to halt
creditor actions in the U.S. in the course of finding that the
court in the Cayman Islands is in charge of the "foreign main
proceeding."

The liquidators, according to Mr. Rochelle, say they are facing
cash calls from some of the private-equity funds.  The liquidators
will decide which calls to meet.  If they don't, they say their
existing investments may be forfeit.


SAPPHIRE PROPERTIES: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On November 13, 2009, the shareholders of Sapphire Properties
Corporation received 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


SELECTIUM OPPORTUNITIES: Shareholders Receive Wind-Up Report
------------------------------------------------------------
On November 11, 2009, the shareholders of Selectium Opportunities
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Mourant Cayman Liquidators, Ltd.
          Harbour Centre, Third Floor
          42 North Church Street
          George Town, P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands


TRADE RECEIVABLES: Members Receive Wind-Up Report
-------------------------------------------------
On November 13, 2009, the members of Trade Receivables Purchase
Company received 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


WEST HIGHLAND: Shareholders Receive Wind-Up Report
--------------------------------------------------
On November 13, 2009, the shareholders of West Highland Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


=========
C H I L E
=========


EMPRESAS IANSA: S&P Affirms 'CCC+' Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on Chilean sugar producer Empresas Iansa S.A., including
the 'CCC+' long-term counterparty credit rating.  S&P also revised
the outlook to stable from negative.

"S&P revised its outlook on IANSA because S&P see its financial
flexibility as slightly improving, given that it has withstood the
harvest season (which often demands additional working capital)
and been able to reduce debt levels slightly," said Standard &
Poor's credit analyst Diego Ocampo.  This has lessened the impact
of covenants on its rated notes that restrict additional debt.
Increasing sugar prices during the second half of 2009, boosted by
adverse climate conditions in some of the main producing countries
(namely Brazil and India), helped IANSA's situation.

The ratings reflect the challenges the company has faced during
the 2008-2009 season, when sugar beet shortages made production
costs soar.  These shortages, its fruit juice business's
(Patagonia Fresh) underperformance in 2008, and the need to
restore inventory levels resulted in a material weakening of
IANSA's profitability, financial flexibility, and total leverage.
Debt levels remain close to the maximum allowed by financial
covenants in its bonds' terms and conditions.

The ratings also incorporate IANSA's less-efficient production
process (sugar-beet processing) when compared with other rated
sugar producers (mainly sugar-cane processors), and its relatively
low portion of owned land (or its lack of long-term supply
agreements).  This makes IANSA rely on independent farmers for
beet sources.  These factors translate into volatile profit
margins and cash-flow generation.  The company's leading position
as Chile's only sugar producer and main importer (providing for
close to 60% of the country's sugar market), its long-dated
commercial relationships with beet farmers, and its nation-wide
distribution network partly mitigate negative factors.

S&P believes IANSA's business performance may improve in 2010,
given that beet prices for the upcoming season have decreased 25%
and IANSA's land availability is likely to increase 25% year-over-
year.  Farmers are increasingly switching its crops to beets after
disappointing results in alternative crops.  According to S&P's
estimates, this could result in lower production costs of about
20% compared to 2008 levels.  However, in the next few quarters,
the company's narrowed financial flexibility is likely to
constrain its credit quality.

The stable outlook reflects S&P's views regarding IANSA's business
environment for 2010.  Because S&P's main concern regarding
IANSA's credit quality is its limited financial flexibility,
upgrade potential in coming quarters is linked to IANSA's ability
to continue generating free cash flow and reducing its sizable
short-term debt maturities.  Conversely, S&P may revise the
outlook downwards or even downgrade IANSA if its short-term
financial flexibility deteriorates.


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


ECOPETROL SA: Takes Over Cupiagua Fields Ops. Beginning July 2010
-----------------------------------------------------------------
Ecopetrol S.A. disclosed that on July 1, 2010, it will take over
operation of the Cupiagua and Cupiagua Sur fields in the
municipality of Aguazul, department of Casanare, Colombia,
following the expiration of the Santiago de las Atalayas
Association Contract, whose partners are Ecopetrol (50%), BP
Exploration Company-Colombia Ltd. and BP Santiago Oil Company
(31%), and Tepma (19%).

In September 2009, the Cupiagua field produced an average of
17,087 barrels of oil per day (bpd) and the Cupiagua Sur field
produced 12,208 bpd.  Ecopetrol?s share is 50% of production after
royalties; as of July, 2010, Ecopetrol?s share will increase to
100% after royalties.

The Cusiana field operates under a structure shared by the
Santiago de las Atalayas, Tauramena and Rio Chitamena Association
Contracts under which the field would continue to be operated by
BP Exploration, subject to the relevant contractual adjustments.

The Santiago de las Atalayas Association Contract was entered into
in 1982 and will expire on June 30, 2010.  This is the first
association contract that expires in the Llanos Foothills.  The
other association contracts expire between the years 2016 and
2020, and include, among others, Cusiana, Cupiagua in Recetor,
Volcanera, Pauto and Florena fields.

                         About Ecopetrol S.A.

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

                           *     *     *

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


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


CABLE & WIRELESS: Chris Dehring Taps as LIME Board Chairman
-----------------------------------------------------------
Chris Dehring has been appointed chairman of the Board of Lime
(formerly Cable & Wireless Jamaica), a unit of Cable & Wireless
plc, succeeding Englishman Leonardo 'Len' de Barros, who served in
the position for six years, Jamaica Gleaner reports.  The report
relates that Mr. Barros' exit comes days into confirmation by
Cable and Wireless, that the telecoms was demerging its operations
to create two new units, CW International and CW Worldwide.

According to the report, Mr. Dehring, who executes his job as
chief marketing officer from LIME Jamaica's corporate offices in
Kingston, effectively becomes Geoff Houston's immediate boss.
But, the report relates, that within the broader regional
operation, both Houston and Dehring report to David Shaw, chief
executive officer of LIME Caribbean, whose offices are in
Barbados.  Within LIME Caribbean's corporate structure, Mr.
Houston is also an executive vice-president, the report notes.

LIME Jamaica said that Mr. Dehring's appointment created no
confusion in the organizational structure, as chairman, he leads
the board and that the board's role was 'company governance and
ensuring the long-term development goals of the firm in the
interest of its shareholders'.

The report notes that as CMO, Mr. Dehring's ideas for the 'One
Caribbean' branding and marketing, would need buy-in from Houston
? who manages LIME's largest Caribbean market ? and other country
managers, who together oversee 13 operating zones.

As reported in the Troubled Company Reporter-Latin America on
November 3, 2009, Jamaica Observer said that Lime appointed Chris
Dehring as Chief Marketing Officer effective November 1, Jamaica
Observer reports.  The report related that Mr. Dehring, a Jamaican
national, will be responsible for LIME's brand and the company's
One Caribbean marketing strategy across the region.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

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

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


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


CEMEX SAB: Starts Swap of Up to US$951 Million in Securities
------------------------------------------------------------
CEMEX, S.A.B. de C.V. offered to replace commercial paper with up
to MXN12.5 billion (US$951 million) in convertible securities as
part of its debt refinancing, Gabriela Lopez at Reuters reports.
The report relates that Cemex convinced its creditors to refinance
$15 billion in bank and bondholder debt until 2014, but has agreed
to sell assets and raise capital via equity and bond issues.

"The amount of the offer is for a minimum of MXN3 billion and a
maximum of MXN12.5 billion," the company said in a statement
obtained by the news agency.  The company said the offer would be
from Nov. 11 through Dec. 9, the statement added.

According to the report, under the terms of the deal, Cemex will
issue 10-year securities that can be converted into a maximum of
400 million shares on the Mexican bourse.

As reported in the Troubled Company Reporter-Latin America on
March 11, 2009, Reuters said that Cemex SAB has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.

                         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)'.


COMERCI: To Swap Defaulted Short-Term Debt for Commercial Paper
---------------------------------------------------------------
Controladora Comercial Mexicana SAB de CV a.k.a Comerci has
started the process to swap around US$100 million worth of
defaulted short-term debt for new commercial paper maturing in
seven years, Cyntia Barrera Diaz at Reuters reports.

According to the report, the move, announced in a filing with the
Mexican stock exchange, is part of a recent restructuring deal
with a group of creditors that included local pension funds and
retirees.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2009, Reuters said that Comerci defaulted in October
after massive derivatives losses sent its debt soaring above US$2
billion.  On Oct. 9, 2008, Comerci filed for protection under
Mexico's bankruptcy code Ley de Concurso Mercantil.

Reuters notes that after long and difficult negotiations the
company offered to pay back US$1.535 billion to all creditors, in
a mix of cash from ongoing operations, notes guaranteed with
assets and convertible bonds.  The report relates that while the
general terms of the debt restructuring have been agreed upon with
most key creditors, a smaller group of bond holders are still
negotiating with Comerci over their payment.

                         About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


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


PETROLEOS DE VENEZUELA: Beach Cleaned After Minor Oil Spill
-----------------------------------------------------------
Petroleos de Venezuela said that it has cleaned up a beach after
water tainted with oil spilled along the Caribbean coast,
Associated Press reports.

As reported in the Troubled Company Reporter-Latin America on
November 13, 2009, the Dow Jones Newswires related that PDVSA said
a spill of about 50 barrels of a mix of oil and water was
discovered at the El Palito refinery due to the overflow of a
containing wall for effluents.  The report related that 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.

                          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: Reveals Breakthroughs at Oil Belt
---------------------------------------------------------
Petroleos de Venezuela, S.A. through the Exploration and
Production Division of the Orinoco Oil Belt, presented 9 technical
works that include breakthroughs made in heavy and extra-heavy
crude exploration and production in the Orinoco Oil Belt.

One example of this is the new technology employed by the
Division?s workers for thin sand drilling in the Orinoco Oil Belt,
which allows for saving about 310 thousand dollars, equivalent to
36 drilling operational hours.  PDVSA said that this technique is
used to more accurately determine sand thickness and the volume of
reserves in a deposit and will be used in the future to work on
improved recovery projects, Pedro Machado explained in his
presentation on geo-navigation in complex sands with azimuth
receptivity tools.

Other works presented dealt with electric heating in heavy wells
and examples of oil production increase through an automated
control system applied in extra-heavy crude wells.  The importance
of these works relies on optimization and better utilization
during hydrocarbon extraction process.

In this regard, the E&P General Manager, Orinoco Oil Belt
Division, Carlos Valero, described the Congress as ?a unique
opportunity to present the breakthroughs achieved.  A window that
shows advances in the heavy and extraheavy crude area and in all
phases, from hydrocarbon exploration to marketing,? he stated.

Mr. Valero also informed that PDVSA is making almost 30 technical
presentations where oil experts share knowledge and experiences in
the oil production process, new technologies and developed
strategies.

                           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


* VENEZUELA: Boosts Technology Dev't in the Area of Heavy Crudes
----------------------------------------------------------------
Venezuela has emerged as one of the leading countries in terms of
promotion of new technologies for the exploitation of extra heavy
hydrocarbons, parallel to the world?s largest oil producing
powers.  This reality was made evident at the 3rd World Heavy Oil
Congress that is being held in Margarita Island.

During the second day of conferences, representatives of the
Venezuelan oil industry presented a large part of technical
breakthroughs and field tests that are being developed in the
Orinoco Oil Belt as the world?s largest heavy crude reservoir,
where pilot tests are currently being conducted in different areas
of hydrocarbon production and transportation.

In this regard, Carlos Brunings, from the Technology Management,
PDVSA E&P, Orinoco Oil Belt Division, explained that increasing
productivity in hydrocarbon recovery is the cornerstone that moves
the large oil corporation in the world, in order to guarantee
higher recovery rates of heavy crudes that, due to their viscosity
and characteristics, are difficult to process and transport.

?All oil companies work to optimize the recovery factor, and to
this end they develop new and advanced technologies. Through the
exchange with other countries, we have perceived that our pilot
projects and design are at the same level of those of the large
powers in hydrocarbon production,? Mr. Brunings pointed out.

Mr. Brunings added that marketing of these new technologies, which
have been developed and successfully proven in the Belt, is one of
the challenges faced by the Venezuelan state-owned oil company
that is determined to export domestically produced talent and
innovation.

?The challenge and the next step are to successfully export our
new projects and proven technologies, which implies strengthening
our marketing strategy.  At least 70% of these techniques are
being applied in our processes with great success, and this know-
how is required by other countries that, like use, are operating
in the heavy oil business,? Mr. Brunings stressed.

                           *     *     *

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


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


* BOND PRICING: For the Week November 9 to November 13, 2009
------------------------------------------------------------


  Issuer               Coupon       Maturity   Currency    Price
  ------               ------       --------   --------    -----

ARGENTINA

Argentina
ARGENT-PAR              1.18         12/31/38   ARS         35.44
ARGNT-BOCON PRE8           2         01/03/10   ARS         10.88
ARGNT-BOCON PR13           2         03/15/24   ARS         72.22
MENDOZA PROVINCE         5.5         09/04/18   USD          72.5
MULTICANAL SA              7         07/20/13   USD         74.75
BODEN 2015                 7         10/03/15   USD         74.29
BONAR X                    7         04/17/17   USD         73.98
ARGENT-=DIS             7.82         12/31/33   EUR         57.84
ALTO PALERMO SA         7.88         05/11/17   USD         80.25
MASTELLONE HERMA           8         06/30/12   USD         60.84
ARGENT-$DIS             8.28         12/31/33   USD         60.88
ARGENT-$DIS             8.28         12/31/33   USD         68.53
TRANSENER               8.88         12/15/16   USD         81.25
BUENOS-$DIS             9.25         04/15/17   USD          71.1
BUENOS AIRE PROV        9.38         09/14/18   USD         67.25
BUENOS AIRE PROV        9.63         04/18/28   USD            64
BANCO MACRO SA          9.75         12/18/36   USD         82.25
AUTOPISTAS DEL S        11.5         05/23/17   USD            35

BRAZIL

CESP                    9.75         01/15/15   BRL          69.1

CAYMAN ISLAND

BARION FUNDING           0.1         12/20/56   EUR          8.66
MAZARIN FDG LTD          0.1         09/20/68   EUR          5.33
BARION FUNDING          0.25         12/20/56   USD          6.49
BARION FUNDING          0.25         12/20/56   USD          6.49
BARION FUNDING          0.25         12/20/56   USD          6.49
BARION FUNDING          0.25         12/20/56   USD          6.54
BARION FUNDING          0.25         12/20/56   USD          6.49
BARION FUNDING          0.25         12/20/56   USD          6.49
MAZARIN FDG LTD         0.25         09/20/68   USD          4.86
MAZARIN FDG LTD         0.25         09/20/68   USD           4.8
MAZARIN FDG LTD         0.25         09/20/68   USD           4.8
MAZARIN FDG LTD         0.25         09/20/68   USD           4.8
MAZARIN FDG LTD         0.25         09/20/68   USD           4.8
MAZARIN FDG LTD         0.25         09/20/68   USD           4.8
BARION FUNDING          0.63         12/20/56   GBP         17.05
MALACHITE FDG           0.63         12/21/56   EUR         20.98
MAZARIN FDG LTD         0.63         09/20/68   GBP         14.05
BARION FUNDING          1.44         12/20/56   GBP         30.05
MAZARIN FDG LTD         1.44         09/20/68   GBP         27.52
SUNTECH POWER              3         03/15/13   USD            74
CHINA MED TECH             4         08/15/13   USD         69.83
JA SOLAR HOLD CO         4.5         05/15/13   USD            71
LDK SOLAR CO LTD        4.75         04/15/13   USD            53
CHINA SUNERGY           4.75         06/15/13   USD         61.81
BISHOPSGATE ASSE        4.81         08/14/44   GBP         67.32
REG DIV FUNDING         5.25         01/25/36   USD         72.89
SHINSEI FIN CAYM        6.42                    USD         57.43
XL CAPITAL LTD           6.5                    USD         72.94
PUBMASTER FIN           6.96         06/30/28   GBP          65.4
SHINSEI FINANCE         7.16                    USD         59.99
SHINSEI FINANCE         7.16                    USD         57.68
FERTINITRO FIN          8.29         04/01/20   USD            70
PUBMASTER FIN           8.44         06/30/25   GBP         70.68
GOL FINANCE             8.75                    USD         78.88
CHINA PROPERTIES        9.13         05/04/14   USD         75.84
IMCOPA INTL CAYM       10.38         11/27/09   USD          70.5

ECUADOR

REP OF ECUADOR          9.38         12/15/15   USD         91.26


JAMAICA

AIR JAMAICA LTD         8.13         06/14/27   USD            72
JAMAICA GOVT               8         03/15/39   USD         69.25
JAMAICA GOVT             8.5         02/28/36   USD         72.17
JAMAICA GOVT LRS       12.75         06/29/22   JMD         61.75
JAMAICA GOVT LRS       12.75         06/29/22   JMD         61.77
JAMAICA GOVT LRS       12.85         05/31/22   JMD          62.4
JAMAICA GOVT LRS       13.38         12/15/21   JMD         65.67
JAMAICA GOVT           13.38         04/27/32   JMD         61.34
JAMAICA GOVT LRS       13.58         12/15/26   JMD         62.26
JAMAICA GOVT LRS          14         06/30/21   JMD         69.42
JAMAICA GOVT LRS        14.4         08/03/27   JMD         67.88
JAMAICA GOVT LRS          15         11/15/21   JMD         73.28
JAMAICA GOVT LRS          15         08/30/32   JMD         70.65
JAMAICA GOVT LRS          15         09/06/32   JMD            70
JAMAICA GOVT LRS        15.5         03/24/28   JMD         71.03
JAMAICA GOVT LRS          16         12/06/32   JMD         73.37
JAMAICA GOVT LRS       16.25         05/22/27   JMD         74.59
JAMAICA GOVT LRS       16.25         07/26/32   JMD         74.49

PUERTO RICO

PUERTO RICO CONS         6.1         05/01/12   USD            62
PUERTO RICO CONS         6.2         05/01/17   USD            48
PUERTO RICO CONS         6.5         04/01/16   USD          48.5
DORAL FINL CORP            7         04/26/12   USD          64.5
DORAL FINL CORP          7.1         04/26/17   USD            49
DORAL FINL CORP         7.15         04/26/22   USD         41.13
DORAL FINL CORP         7.65         03/26/16   USD          53.5

VENEZUELA

PETROLEOS DE VEN         4.9         10/28/14   USD         56.04
PETROLEOS DE VEN           5         10/28/15   USD         52.14
PETROLEOS DE VEN        5.13         10/28/16   USD         49.55
PETROLEOS DE VEN        5.25         04/12/17   USD         53.29
PETROLEOS DE VEN        5.38         04/12/27   USD         43.94
PETROLEOS DE VEN         5.5         04/12/37   USD         43.73
VENEZUELA               5.75         02/26/16   USD         66.17
VENEZUELA                  6         12/09/20   USD         55.56
VENEZUELA                  7         12/01/18   USD         64.44
VENEZUELA                  7         03/31/38   USD         53.98
VENEZUELA               7.65         04/21/25   USD         59.53
VENEZUELA               7.75         10/13/19   USD         64.82
VENEZUELA               8.25         10/13/24   USD         62.28
VENEZUELA                  9         05/07/23   USD         68.86
VENEZUELA               9.25         09/15/27   USD         67.47
VENEZUELA               9.25         05/07/28   USD         68.56
VENZOD - 189000         9.38         01/13/34   USD         70.58


                            ***********

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 * * *