TCRLA_Public/091117.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

           Tuesday, November 17, 2009, Vol. 10, No. 227

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver Barred From Suing Investors


A R G E N T I N A

YPF SA: Parent to Invest up to US$15 Billion in Brazil by 2020
* ARGENTINA: Wheat Harvest to Plunge on Drought & Locust


B A H A M A S

ROYAL PALM: Closes Doors Due to Lower Tourists Arrival


B E R M U D A

CRUSADER OFFSHORE: Creditors' Proofs of Debt Due on November 23
CRUSADER OFFSHORE: Members' Final General Meeting Set for Dec. 7
FORSYTH GLOBAL: Members' Final General Meeting Set for December 24
FORSYTH GLOBAL: Members' Final General Meeting Set for December 24
FORSYTH GLOBAL: Members' Final General Meeting Set for December 24

FORSYTH INDIAN: Members' Final General Meeting Set for December 24
M.B.E. CONSULTANTS: Members' Final Meeting Set for December 24
RED BAND: Creditors' Proofs of Debt Due on November 20
RED BAND: Members' Final General Meeting Set for December 11
RED BAND: Creditors' Proofs of Debt Due on November 20

RED BAND: Members' Final General Meeting Set for December 11


B R A Z I L

GERDAU SA: Mulls Folding Villares Into its Balance Sheet
JBS SA: JBS USA to Hold 3Q Earnings Call on November 18
LUPATECH SA: S&P Puts 'BB-' Global Rating on CreditWatch Negative
* BRAZIL: IDB Approves US$15 Million Loan for Tourism Industry


C A Y M A N  I S L A N D S

AEC EQUITY: Members Receive Wind-Up Report
ATTICUS SELECT-SPECIALITY: Members' Final Meeting Set for Nov. 27
ATTICUS SELECT-SPECIALITY: Members' Final Meeting Set for Nov. 27
BLUE SKY:  Members Receive Wind-Up Report
COLGAI (HAWII): Shareholder Receives Wind-Up Report

DYNAMIC DECISION: Under Criminal Investigation
KE SWAN: Shareholders Receive Wind-Up Report
LINDOS CAPITAL: Members Receive Wind-Up Report
LINDOS CAPITAL: Members Receive Wind-Up Report
LINDOS CAPITAL: Members Receive Wind-Up Report

MIZUHO PREFERRED: Shareholders' Final Meeting Set for November 19
MIZUHO PREFERRED: Shareholders' Final Meeting Set for November 19
MUTUAL FUND: Shareholders' Final Meeting Set for November 18
MUTUAL FUND: Shareholders' Final Meeting Set for November 18
MUTUAL FUND: Shareholders' Final Meeting Set for November 18

MUTUAL FUND: Shareholders' Final Meeting Set for November 18
MUTUAL FUND: Shareholders' Final Meeting Set for November 18
MUTUAL FUND: Shareholders' Final Meeting Set for November 18
MUTUAL FUND: Shareholders' Final Meeting Set for November 18
MUTUAL FUND: Shareholders' Final Meeting Set for November 18

SAPIC 98: Shareholders' Final Meeting Set for November 18


C H I L E

EMPRESA ELECTRICA: S&P Changes Watch on 'BB-' Rating to Developing


C O L O M B I A

ECOPETROL SA: Rival Technologies Discloses Colombia Opportunity


C O S T A  R I C A

* COSTA RICA: IMF Conducts 2nd Review of Stand-By Arrangement


G U A T E M A L A

* GUATEMALA: Macroeconomic Performance Remains Strong, IMF Says


P A N A M A

* PANAMA: May Sell as Much as US$500 Million of Bonds


U R U G U A Y

* URUGUAY: IDB OKs US$4MM Loan to Assist Central Bank


V E N E Z U E L A

* VENEZUELA: Total VP Believes in Orinoco Oil Belt Potential


X X X X X X X X

K1 INVEST: Taps Grant Thornton as Liquidator
* LATAM: IE Singapore & IDB to Collaborate in Projects
* Large Companies With Insolvent Balance Sheets



                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: Receiver Barred From Suing Investors
----------------------------------------------------
The U.S. Court of Appeals in New Orleans has denied Stanford
Financial Grop court-appointed receiver, Ralph Janvey, to recover
about US$894 million from several hundred investors who got their
money, Caribbean360.com reports.  The report relates that the U.S.
Court of Appeals has ruled that not only should Mr. Janvey not be
allowed to go after the money, but the clients' money has to be
made available to them.

According to the report, the court of appeals agreed that the
money the investors received "came from funds that had been ill-
gotten by the Stanford Group interests", but said "the investor
defendants have legitimate ownership interests in their CD
proceeds".  "Consequently, the district court lacked authority to
freeze the investor defendants' assets," the court appeals said,
the report relates.

Caribbean360.com notes that Michael Stanley, a Houston lawyer who
represents more than 100 Stanford investors and former employees,
told Bloomberg news that the ruling was "fantastic for the
investors".

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Bloomberg News said that Mr. Janvey, asked a
U.S. Court of Appeals in New Orleans for permission to sue
investors for gains they realized before a suspected US$7 billion
Ponzi scheme collapsed.  The report related that Mr. Janvey was
blocked by a July 31 court order from pursuing so-called clawbacks
against about 600 investors.  According to the report, Mr Janvey
said that he is seeking to recoup millions tied to CDS
issued by Stanford International Bank Limited.  Bloomberg News
noted the U.S. SEC and John Little, a lawyer appointed by the
court to represent Stanford investors’ interests, previously urged
Judge Godbey to prevent Mr. Janvey from suing about 300 investors
to recover more than US$600 million.  The report added that
investors' lawyers and Mr. Little claimed the lawsuits would cost
more than they would recover and would punish people who are
already victims.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


YPF SA: Parent to Invest up to US$15 Billion in Brazil by 2020
--------------------------------------------------------------
Helder Marinho at Bloomberg News reports that Repsol YPF SA, the
parent firm of YPF S.A., plans to invest as much as US$15 billion
in Brazil by 2020.  “The company’s plan is to invest between US$10
billion and US$15 billion in Brazil, until 2020,” Claudia Dantas,
a spokeswoman for Repsol in Brazil told Bloomberg News in a
telephone interview.

According to the report, Repsol YPF is increasing exploration
investment in Brazil’s offshore Santos Basin to reverse four years
of declining production and improve profitability.  Chief
Executive Officer Antonio Brufau, the report relates, said that
Repsol’s Brazilian investment over the next 10 or 12 years “may be
US$10 billion, US$12 billion, US$14 billion, it’s too premature to
say.”

Bloomberg News says that Repsol has holdings in Brazil’s offshore
Santos, Campos and Espirito Santo oil basins.  The report notes
that Repsol and partners BG Group Plc and Petroleo Brasileiro SA
have made the offshore Carioca, Guara and Iguacu finds in the BM-
S-9 block of Santos Basin.  "In 2010, I believe we will invest in
Brazil US$380, US$400 million,” the report quoted Mr. Brufau as
saying.  “The investments Repsol will make in Brazil in the next
three or four years are basically in exploration,” Mr. Brufau
added.

                          About Repsol

Repsol YPF, S.A. is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas.  The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.

                          About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008.  (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.


* ARGENTINA: Wheat Harvest to Plunge on Drought & Locust
--------------------------------------------------------
Wheat output in Argentina’s biggest producing region will plunge
70% in the current harvest because of dry weather and locust
swarms, Rodrigo Orihuela at Bloomberg News reports, citing Beatriz
Allan, an analyst at the Bahia Blanca Cereals Exchange.  The
report relates that Ms. Allan said that the south of Buenos Aires
province, which produced about 30% of the country’s wheat in past
years, will supply less than 10% of the grain in the current
harvest.

According to the report, Argentine farmers pared wheat sowing this
year to 2.8 million hectares (6.9 million acres), the smallest
crop on record, after the outlook for drought and government
export curbs discouraged planting.  The report relates that the
Buenos Aires government on Nov. 12 released an alert for wheat
farmers to prepare to fight off locust attacks as the insect
thrives in dry weather.

Bloomberg News notes that most of Argentina’s wheat crops lie
south of the main soy- producing region, which has received above-
average rains.  Wheat harvesting started in October and runs
through January, the report adds.

                           *     *     *

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


ROYAL PALM: Closes Doors Due to Lower Tourists Arrival
------------------------------------------------------
Royal Palm Resort & Suites was closed by hotelier Mario Donato,
CaribbeanWorldNews reports.  The report relates that the closure
comes on the heels of the shuttering of the Four Seasons Resort
Great Exuma, also in the Bahamas.

According to Global Travel Industry News, Tiffany Anderson a
spokeswoman for the Xanadu Beach Resort & Marina on Grand Bahama
Island, said that the hotel was closed as the recession slashes
occupancy rates across the vast archipelago.  The report relates
that Royal Palm Resorts & Suites's guests with reservations have
been moved to another hotel.

Global Travel Industry News says that it was not immediately clear
how many workers have lost their jobs.  A small security staff has
been left at the small resort, the report adds.


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


CRUSADER OFFSHORE: Creditors' Proofs of Debt Due on November 23
---------------------------------------------------------------
The creditors of Crusader Offshore Holdings, Ltd. are required to
file their proofs of debt by November 23, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Roderick M. Forrest
          Victoria Place, 31 Victoria Street
          Hamilton HM 10
          Bermuda


CRUSADER OFFSHORE: Members' Final General Meeting Set for Dec. 7
----------------------------------------------------------------
The members of Crusader Offshore Holdings, Ltd. will hold their
final general meeting on December 7, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

          Roderick M. Forrest
          Victoria Place, 31 Victoria Street
          Hamilton HM 10
          Bermuda


FORSYTH GLOBAL: Members' Final General Meeting Set for December 24
------------------------------------------------------------------
The members of Forsyth Global Private Equity Fund Limited will
hold their final general meeting on December 24, 2009, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

Nigel Chatterjee is the company's liquidator.


FORSYTH GLOBAL: Members' Final General Meeting Set for December 24
------------------------------------------------------------------
The members of Forsyth Global Commodity Fund Limited will hold
their final general meeting on December 24, 2009, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Nigel Chatterjee is the company's liquidator.


FORSYTH GLOBAL: Members' Final General Meeting Set for December 24
------------------------------------------------------------------
The members of Forsyth Global Property Fund Limited will hold
their final general meeting on December 24, 2009, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Nigel Chatterjee is the company's liquidator.


FORSYTH INDIAN: Members' Final General Meeting Set for December 24
------------------------------------------------------------------
The members of Forsyth Indian Opportunities Fund Limited will hold
their final general meeting on December 24, 2009, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Nigel Chatterjee is the company's liquidator.


M.B.E. CONSULTANTS: Members' Final Meeting Set for December 24
--------------------------------------------------------------
The members of M.B.E. Consultants Ltd. will hold their final
general meeting on December 24, 2009, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

Nigel Chatterjee is the company's liquidator.


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

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


RED BAND: Members' Final General Meeting Set for December 11
------------------------------------------------------------
The members of Red Band Ltd. will hold their final general meeting
on December 11, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Roderick M. Forrest
          Victoria Place, 31 Victoria Street
          Hamilton HM 10
          Bermuda


RED BAND: Creditors' Proofs of Debt Due on November 20
------------------------------------------------------
The creditors of Red Band Crewing Ltd. are required to file their
proofs of debt by November 20, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


RED BAND: Members' Final General Meeting Set for December 11
------------------------------------------------------------
The members of Red Band Crewing Ltd. will hold their final general
meeting on December 11, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


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


GERDAU SA: Mulls Folding Villares Into its Balance Sheet
--------------------------------------------------------
Gerdau SA is considering folding its subsidiary Acos Villares into
its balance sheet as part of a program to streamline costs, Steel
Guru News reports, citing Reuters.

According to the report, Reuters said that as per report, Gerdau
SA may exchange one of its shares for between 26 and 30 shares of
Acos Villares as part of the plan.  The report, citing Reuters,
said that it may be noted that Gerdau SA, through some of its
units, owns about 60% of Villares.

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

                         *     *     *

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


JBS SA: JBS USA to Hold 3Q Earnings Call on November 18
-------------------------------------------------------
JBS USA, LLC will hold its third quarter 2009 earnings conference
call Wednesday, November 18, at 10:30 a.m. Eastern (8:30 a.m.
Mountain).  The call will be open to holders of the company's
11.625% Senior Notes due 2014 as well as prospective investors,
securities analysts and market makers who can certify that they
are qualified institutional buyers as defined by the Securities
Act of 1933.

For more information about the call, visit
http://www.jbsswift.com/and refer to the "JBS USA Bond Investors"
link under the Investor Relations tab.  Financial statements for
the third quarter 2009 are also available to qualified
institutional buyers on the company's website.

JBS USA, LLC is a leading processor of beef and pork in the United
States and the number one processor of beef in Australia in terms
of daily slaughtering capacity.  The company processes, prepares,
packages and delivers fresh, processed and value-added beef and
pork products for sale to customers in over 60 countries on six
continents.  The company is an indirect wholly owned subsidiary of
JBS S.A., the world's largest beef producer, which has a daily
slaughtering capacity of 73,940 head of cattle.

                           About JBS SA

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

                           *     *     *

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


LUPATECH SA: S&P Puts 'BB-' Global Rating on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
ratings, including the 'BB-' global scale and 'brA-' Brazilian
national scale corporate credit ratings, on Brazil-based Lupatech
S.A., a supplier of industrial valves, equipment to the oil and
gas industry, and automotive chain products, on CreditWatch with
negative implications.

"The CreditWatch placement reflects S&P's uncertainty that the
company can improve its credit measures as quickly as S&P
originally expected," said Standard & Poor's credit analyst Piero
Parolin.  "Its profitability and cash flow deteriorated
significantly in third-quarter 2009 because of order postponements
and increasing debt leverage."

Lupatech depends on Petróleo Brasileiro S.A. – Petrobras for the
bulk of its orders.

S&P expects to resolve the CreditWatch listing in the next few
months, once S&P better understand Lupatech's plans to adjust to
market conditions and the company's ability to reach the credit
measures S&P expects for the rating.

S&P's rating assumption currently incorporates an expectation of
gradual deleveraging.  S&P could lower the ratings by one or more
notches if S&P conclude that, despite its efforts, Lupatech will
have significant difficulty adjusting its operations and, as a
result, don't conform to S&P's target credit metrics for the
current rating category.


* BRAZIL: IDB Approves US$15 Million Loan for Tourism Industry
--------------------------------------------------------------
The Inter-American Development Bank approved a US$15 million loan
to help Brazil's tourism industry expand at national, state, and
municipal level in order to take full advantage of its potential.

While international tourism receipts have tripled to $5.8 billion
between 2000 and 2008, the tourism supply remains essentially
concentrated along the country's coastline at the expense of other
high-quality attractions primarily due to  lack of direct
connections to many destinations, infrastructure and service
shortcomings, and insufficient access to, up-to-date market data,
skilled human resources and effective marketing formulas.
Brazilian tourism is also hobbled by a scarce coordination between
the different government levels.

The IDB loan will support the government's National Tourism
Development Program designed to overcome such challenges by making
Brazilian tourism destinations more competitive and to consolidate
national tourism policy through decentralized, cooperative public
management.

The program has three components:

    * Strengthening of national tourism governance by improving
      the market information and statistics system and training
      for Tourism Ministry staff on investment projects.
    * Support for the preparation of tourism development plans
      at state and municipal levels, under consistent strategic
      and technical guidelines.
    * Support for state and municipal investments under
      PRODETUR, including the setting up of a technical
      structure integrated by different specialists that will
      help to implement local projects under shared and common
      methodologies.

The loan is for a 20-year term, including a 4-year grace period,
and carries a LIBOR-based variable interest rate.  An additional
US$10 million will be provided in local counterpart funds.

                        *     *     *

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


AEC EQUITY: Members Receive Wind-Up Report
------------------------------------------
On November 16, 2009, the members of AEC Equity Investments I Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ATTICUS SELECT-SPECIALITY: Members' Final Meeting Set for Nov. 27
-----------------------------------------------------------------
The members of Atticus Select-Speciality Finance Ltd will hold
their final meeting on November 27, 2009, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


ATTICUS SELECT-SPECIALITY: Members' Final Meeting Set for Nov. 27
-----------------------------------------------------------------
The members of Atticus Select-Speciality Finance Fund Ltd will
hold their final meeting on November 27, 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:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


BLUE SKY:  Members Receive Wind-Up Report
-----------------------------------------
On November 16, 2009, the members of Blue Sky (Cayman) Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COLGAI (HAWII): Shareholder Receives Wind-Up Report
---------------------------------------------------
On November 12, 2009, the sole shareholder of Colgai (HAWII)
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Commerce Corporate Services Limited
           Telephone: 949 8666
           Facsimile: 949 7904
           PO Box 694GT, Grand Cayman
           Telephone: 949 8666
           Facsimile: 949 7904



DYNAMIC DECISION: Under Criminal Investigation
----------------------------------------------
Dynamic Decisions' US$550-million hedge fund, which went into
liquidation in May after investors raised questions about some of
its bond holdings, is now at the center of a criminal
investigation launched by the United Kingdom's Serious Fraud
Office, Caribbean360.com reports.

According to the report, SFO said that it started the probe into
Dynamic Decisions Capital Management Ltd, in connection with the
hedge fund known as Dynamic Decisions Growth Premium Master Fund
Ltd, following a formal referral of the matter by the UK's
Financial Services Authority.  "Following complaints received
about the investment activities of Dynamic Decisions Capital
Management Ltd, the Serious Fraud Office has opened an
investigation and wants to hear from anyone with information that
might help with enquiries," it said in a statement obtained by the
news agency.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Bloomberg News said a petition was filed seeking
provisional liquidator to safeguard DD Growth Premium Master Fund,
after investors accused manager of “gross mismanagement and
misfeasance.”  “Dynamic Decisions founder Mr. Micalizzi vehemently
denies these allegations and believes that they are unfounded,”
Raul Guerrero, a Boston- based spokesman for Dynamic Decisions,
told Bloomberg News in a telephone interview.  According to the
court filing, Bloomberg News related, Mr. Micalizzi had stated
that the fund had “substantial” losses in 2008, and assets may
have fallen to as low as US$20 million, excluding illiquid
investments.  Bloomberg News said the petition was submitted by
Zolfo Cooper, a restructuring firm appointed to oversee two so-
called feeder funds set up to invest in the Cayman-incorporated DD
Growth Premium Master Fund, at the request of investors London-
based Strathmore Capital LLP and Cadogan Management LLC of New
York.

                      About Dynamic Decisions

Dynamic Decisions was started in 2005 by Alberto Micalizzi, a
professor of finance at Bocconi University in Milan. The company
is registered in the Cayman Islands but gives a London address as
the location of its offices.


KE SWAN: Shareholders Receive Wind-Up Report
--------------------------------------------
On November 16, 2009, the shareholders of KE Swan III Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LINDOS CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
On November 12, 2009, the members of Lindos Capital General
Partner Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LINDOS CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
On November 12, 2009, the members of Lindos Capital International
Fund received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LINDOS CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
On November 12, 2009, the members of Lindos Capital Master Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MIZUHO PREFERRED: Shareholders' Final Meeting Set for November 19
-----------------------------------------------------------------
The shareholders of Mizuho Preferred Capital (Cayman) D Limited
will hold their final meeting on November 19, 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:

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


MIZUHO PREFERRED: Shareholders' Final Meeting Set for November 19
-----------------------------------------------------------------
The shareholders of Mizuho Preferred Capital (Cayman) 4 Limited
will hold their final meeting on November 19, 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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-B)
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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-C)
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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-D)
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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-E)
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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-F)
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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-G)
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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (2-A)
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:

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


MUTUAL FUND: Shareholders' Final Meeting Set for November 18
------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (2-B)
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:

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


SAPIC 98: Shareholders' Final Meeting Set for November 18
---------------------------------------------------------
The shareholders of Sapic 98 Holding Company 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:

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


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


EMPRESA ELECTRICA: S&P Changes Watch on 'BB-' Rating to Developing
------------------------------------------------------------------
On Nov. 13, 2009, Standard & Poor's Ratings Services revised its
CreditWatch implications on Edelnor's 'BB-' ratings to developing
from positive.  The CreditWatch listing follows the company's
recent announcements that the main shareholders, Suez-Tractebel
and Codelco (A/Stable/--), agreed to merge their stakes in several
assets in Chilean electricity generation and gas transportation
sectors.  This merger might result in an important consolidation
in the company's position in the SING in Chile.  S&P expects to
resolve the CreditWatch listing within the next 90 days pending
S&P's evaluation of the final impact of the merger and of the
company's future business strategy and financial policy.  S&P
could raise the ratings if S&P considers that Edelnor's business
plan and financial policy after the merger can reduce its cash
flow volatility and help it to exhibit relatively strong debt
service coverage ratios consistently.  S&P could lower the ratings
if financial metrics deteriorate significantly due to the merger
and if the financial profile is challenged in the intermediate
term.

The ratings on Edelnor mainly reflect its volatile cash flow
generation and the market in which the company operates, partly
due to frequent natural gas shortages and volatile diesel oil
prices.  These weaknesses are mainly offset by Edelnor's
diversified generation base, its larger contract base, and low
debt.  In addition, in September 2009, the company awarded several
contracts to distribution companies in the SING to provide 1,800
gigawatts per hour to 2,300 GWh between 2012 and 2026.  These
contracts are expected to increase revenues by about 50% and will
be served with existing generation capacity operated with
liquefied natural gas).  Nevertheless, S&P believes future
performance will be conditioned by the upcoming merger, and S&P
will analyze the improvement in revenues in line with Edelnor's
financial profile.  Edelnor operates in Chile's SING where about
60% of the nearly 3,600 MW of total installed generation capacity
is operated with natural gas imported from Argentina.  However,
the SING has been facing natural gas shortages since 2004, with
very little natural gas availability to produce power since 2007.
A majority of natural gas-fired capacity can run on diesel oil,
but at a higher variable cost.  The higher use of diesel oil and
the increases in diesel prices resulted in a significant rise in
spot and contracted prices in the SING in 2008.  During the nine
months of 2009, although at lower levels than in 2008, power
prices remained high.  S&P expects this situation to continue for
the rest of 2009 and in 2010, as S&P foresees restrictions on
natural gas exports from Argentina to persist.  Gas restrictions
would be mitigated by the entry in operations of Mejillone's
liquefied natural gas plant in 2010.  In the 12 months ended
September 2009, despite the lower cash generation (due to lower
price and volume sales, partly compensated by lower fuel prices)
than in 2008, the company's financial metrics improved.  This
resulted from the June 2009 prepayment of $187 million debt (under
its novation loan agreement), financed mainly with cash holdings
and $50 million short-term bank lines.  As a result, adjusted
funds from operations interest coverage and adjusted FFO to total
debt were 11.6x and 110.6%, respectively, compared with 14.9x and
96.0% in 2008, and 11.7x and 47.8% in 2007.  Adjusted FFO to total
debt includes cash flows from Edelnor's 21%-owned Norandino
pipeline and a $38.9 million debt to shareholders.  The company
repaid this debt in October 2009.  S&P will analyze financial
metrics and Edelnor's credit quality considering the asset merger,
the business plan, and the developments in financial policy.  A
Chilean holding company, Inversiones Mejillones S.A. (not rated),
owns 82.34% of Edelnor.  Another Chilean holding company,
Inversiones Tocopilla Ltda. (not rated), owns 65.2% of Inversiones
Mejillones, and Chilean copper producer Codelco owns the
remainder.  Belgium-based Suez-Tractebel S.A. (not rated) owns 51%
of Inversiones Tocopilla, and Codelco owns the remainder.  After
the merger, Suez Tractebel would have a 52.4% participation in
Edelnor and Codelco 40%. S&P believes that Edelnor's liquidity
position is adequate.  As of June 2009, the company had cash
holdings of $63.2 million, compared with $50 million short-term
debt.  The company used about $39 million of cash holdings to
repay loans from its parent, Inversiones Mejillones, in October
2009.  The prepayment of debt resulted in an improvement in
Edelnor's financial flexibility because it released it from the
relatively restrictive conditions under the terms of the novation
loan agreement.  These included limitations on additional debt,
dividend distributions, and capital expenditures.  Nevertheless,
S&P expects the company to maintain its adequate liquidity
position.

              Empresa Electrica del Norte Grande S.A.

                            To                 From
                            --                 ----
    Corporate credit rating BB-/Watch Dev/--   BB-/Watch Pos/--
    Senior secured          BB-/Watch Dev      BB-/Watch Pos


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


ECOPETROL SA: Rival Technologies Discloses Colombia Opportunity
---------------------------------------------------------------
Rival Technologies Inc. disclosed that through its Colombian
business partner, it is working towards commercialization of its
proprietary heavy oil upgrading process with Ecopetrol SA (US$$54
billion market cap).

Previously announced technical due diligence completed by
Ecopetrol SA has moved discussions towards completing a
contractual arrangement for the purchase of a continuous feed
pilot plant utilizing the TRU(R) technology.  The contract will
put the TRU(R) process at the forefront of an initiative to
achieve increased production goals.  Negotiations are expected to
conclude with a contractual agreement soon.

Total oil resources worldwide are estimated at roughly 9 to 13
trillion barrels, of which 70% are oil sands, heavy oil and
bitumen.  Before moving from the field to the refinery these
resources will need to be upgraded and represent the prime market
for Rival's technology.

                      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.


==================
C O S T A  R I C A
==================


* COSTA RICA: IMF Conducts 2nd Review of Stand-By Arrangement
-------------------------------------------------------------
A staff team from the International Monetary Fund visited Costa
Rica from November 2 to 11, 2009, to conduct the second review of
the Stand-By Arrangement approved in April 2009.  The mission met
with Finance Minister Jenny Phillips, Central Bank Governor
Francisco de Paula Gutierrez, other senior officials,
representatives of the financial sector, and economic advisors of
the leading presidential candidates.

After the conclusion of the discussions, Mr. Andreas Bauer, the
IMF mission chief for Costa Rica, made the following statement:

“The Costa Rican economy is showing clearer signs of recovery.
Economic activity has been growing for several months on a
seasonally adjusted basis, even though the expansion has not yet
reached all sectors.  Inflation has moderated to a historically
low level, there have been no balance of payments pressures, and
the financial sector remains stable.  Overall, these developments
are consistent with the staff’s projections at the time of the
first program review in September.

“The outlook of a gradual recovery in a context of domestic and
external stability is becoming firmer.  The mission expects real
GDP to grow by more than 2 percent in 2010, following a 1 1/2%
contraction in 2009.  Annual inflation is on track to fall to 5%
by end-2009, and remains within the central bank’s target band of
4–6% in 2010.

“Performance under the precautionary SBA with the Fund has
continued to be very strong, as the authorities met all
quantitative performance criteria for end September.  Immediate
risks to the program, including disruptive exchange rate
movements, have declined further.  Weak tax revenue performance
remains the main risk to the program, as it could result in higher
fiscal deficits and government financing requirements.

“The mission expects that the IMF Executive Board will consider
the second review of the Stand-By Arrangement in mid-December. The
authorities have indicated that they will continue to treat the
Stand-By Arrangement as precautionary.”

                            *     *     *

As of July 28, 2009, the country continues to carry Moody's Ba1
foreign currency rating with stable outlook.


=================
G U A T E M A L A
=================


* GUATEMALA: Macroeconomic Performance Remains Strong, IMF Says
---------------------------------------------------------------
A staff team from the International Monetary Fund visited
Guatemala during November 2-12, 2009 to conduct the second review
of the Stand-By Arrangement approved last April and the 2009
Article IV consultation.  The mission met with President Alvaro
Colom; Minister of Finance Juan Alberto Fuentes Knight; Central
Bank Governor Maria Antonieta de Bonilla; Superintendent of Banks
Edgar Barquin; members of the Cabinet and the Congress of the
Republic, and representatives of the private sector.

At the end of the visit Mr. Alejandro Lopez-Mejia, the IMF mission
chief for Guatemala, made the following statement:

“Macroeconomic performance under the precautionary SBA remains
very strong, and the authorities have met all quantitative
performance criteria for the second review.  Like the rest of the
region, Guatemala has been affected by the global crisis, though
to a lesser extent than neighboring countries.  Its moderately
countercyclical fiscal and monetary policies have helped mitigate
the effects of the slowdown and protect the neediest segments of
the population, while preserving macroeconomic stability.

“There are signs that the Guatemalan economy is starting to
recover.  The mission expects real GDP growth to be moderately
positive in 2009 and exceed 1 percent in 2010.  Inflation is
likely to remain subdued, and is projected to close 2009 below 1
percent and rise to about 4% during 2010.  Exports, remittances,
and net private capital flows have stabilized and imports have
begun to recover.  International reserves are higher than in 2008.

“Fiscal policy is striking a balance between supporting domestic
demand and debt sustainability.  The central government deficit in
2009 will reach about 3.3% of GDP (somewhat lower than envisaged)
and is expected to decline to about 3 percent in 2010, preserving
social spending. The approval of the 2010 budget bill during
November would reduce uncertainties in the fiscal policy outlook.

“Continued macroeconomic stability will hinge on stabilizing
public debt dynamics.  In this connection, the authorities’ plans
to raise revenues through changes in direct taxes are welcome.
Strengthening revenue administration and continuing to improve the
transparency and efficiency of public spending also will be
important.  Over the medium term, a comprehensive revenue reform
remains justified to address longstanding weaknesses in education,
health, security, and infrastructure.

“The gradual lowering of interest rates and the flexible exchange
rate have helped cushion the impact of the global crisis.
Monetary policy is expected to remain vigilant, adjusting the
policy rate as needed to anchor inflation expectations around the
inflation target.  The authorities’ plans to continue
strengthening the monetary policy transmission channels (including
through the development of securities markets) and the inflation-
targeting framework are most welcome.

“The banking sector remains sound. Supervision and regulation are
strong and the banking sector has been resilient to the global
financial crisis.  Implementation of the amendments to the banking
law (expected to be approved in early 2010) will help reduce risks
from offshore operations and connected lending, enhance
supervision, and improve resolution procedures.  The authorities’
commitment to begin implementing the new regulations on liquidity
and foreign credit management in 2010 is also encouraging.

“The authorities reiterated their intention to continue treating
the SBA as precautionary.  The mission expects that the IMF
Executive Board will consider completion of the second review of
the SBA and 2009 Article IV consultation in December 2009.”

                       *     *     *

As of July 28, 2009, the country continues to carry Moody's Ba1
foreign currency rating with stable outlook.


===========
P A N A M A
===========


* PANAMA: May Sell as Much as US$500 Million of Bonds
-----------------------------------------------------
Eric Sabo at Bloomberg News reports that Finance Minister Alberto
Vallarino said that Panama may sell as much as US$500 million of
bonds to finance construction of a subway and other infrastructure
projects.  “We have enough money for the budget now,” Mr.
Vallarino told the news agency in an interview. “But if the timing
is right, we will take advantage of it,” Mr. Vallarino added.

According to the report, Panama is preparing to return to overseas
credit markets after Standard & Poor’s boosted the outlook on its
BB+ credit rating to positive on Nov. 9.

Panama, the report recalls, last sold bonds in international
markets in March, when it issued US$323 million in a reopening of
7.25 percent securities due in 2015.

Mr. Vallarino, the report notes, said that the economy will
probably expand 3 percent in 2009, before reaching as high as 5%
growth in 2010.

Bloomberg News, citing a data compiled by CMA Datavision, says
that the cost of protecting Panama’s debt against default for five
years is 1.37 percentage points, according to data compiled by CMA
Datavision.

Panama filed a form with the U.S. Securities and Exchange
Commission saying it may sell up to US$2.5 billion of bonds and
warrants overseas, the report adds.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency and local currency Issuer Default
Ratings of 'BB+' and simultaneously revised the Rating Outlook
to Positive from Stable.  Fitch also affirmed the short-term
foreign currency IDR of 'B'.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB
long-term sovereign local and foreign currency ratings on Panama.
S&P said the outlook for all the ratings is positive.


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


* URUGUAY: IDB OKs US$4MM Loan to Assist Central Bank
-----------------------------------------------------
The Inter-American Development Bank approved a US$4 million loan
to help the Central Bank of Uruguay improve financial regulation
and supervision to provide better consumer protection and boost
the financial system's stability and efficiency.

The funds will strengthen the role of the BCU's Financial Services
Superintendency that was created in 2008 and given ample
regulatory and control authority over financial agents and
services, including banks, insurance companies, securities firms,
and pension savings funds (AFAPs).

The program will help improve the effectiveness and efficiency of
the SSF in carrying out prudential and conduct-of-business
financial regulation and supervision under an integrated
institutional approach and in accordance with best international
practices.

The IDB loan will finance the implementation of a strategic plan
for the SSF, personnel training, introduction of new technology
and adoption of international standards in all areas involved.  In
addition, the project will also support the implementation of an
integrated approach for regulation and supervision, and the
implementation of methods for dealing with consumer complaints.

The goals of the four-year program include:

    * The institutional structure will be adapted to allow
      effective and efficient integrated regulation and
      supervision consistent with a well-functioning financial
      safety net.

    * The regulatory framework will provide financial
      institutions with appropriate incentives.

    * Financial supervision will be based on comprehensive
      risk analysis and evaluation of financial institution
      performance.

    * Conduct-of-business regulation will provide better
      consumer protection and promote competition.

    * Consumer defense regulations for insurance, securities,
      and pensions sectors will be published.

                        *     *     *

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


* VENEZUELA: Total VP Believes in Orinoco Oil Belt Potential
------------------------------------------------------------
“The Orinoco Oil Belt represents an important reservoir of
hydrocarbons; we believe in its potential and want to develop it
through joint projects,” Jean-Jaques Mosconi, vice president of
strategic planning for France’s Total, said at the 3rd World Heavy
Oil Congress held in the city of Porlamar, Venezuela.

In his presentation, Mr. Mosconi referred to the significance of
the development of new technologies during the heavy crude
extraction process, as well as to the need to increase oil
production, and pointed out the key role of heavy oil production
for long-term projects.

During his speech, the French expert explained that fossil fuels
are expected to continue to represent the main energy source by
2030, with 75% of the demand, whereas non-fossil fuels will reach
25% of energy consumption.

Mr. Mosconi added that they are developing long-term projects with
PDVSA to implement new techniques to optimize energy production.
An example of this is a pilot project they are developing with
PDVSA Intevep to increase hydrocarbon recovery factor from 7% to
20%.  Total estimates that by 2025 reserves in Venezuela and
Canada will contribute 8 million b/d to global consumption, a
figure close to 10% of world hydrocarbon production.

Mr. Mosconi informed that Total, which has operated for many years
in Venezuela, is interested in bidding for new areas to continue
to work and contribute technology and human talent for the
development of new oil and gas projects in Venezuela.


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


K1 INVEST: Taps Grant Thornton as Liquidator
--------------------------------------------
Bermuda-based K1 Invest Limited, which regulator BaFin tried to
ban from doing business in Germany in 2004, has hired accountancy
firm Grant Thornton to liquidate it, Edward Taylor at Reuters
reports.  The report, citing a letter to distributors by the
fund's director dated November 10, said that the group will go
into liquidation after its assets were frozen.

According to the report, prosecutors said that K1 Invest is
managed by Helmut Kiener, K1 Group's jailed founder, whom they
suspect of committing fraud and breach of trust.  Mr. Kiener has
denied all he charged against him.  Reuters relates that Barclays
and BNP Paribas may have lost millions of dollars in the case,
which prosecutors in Wuerzburg, Germany say spanned the Atlantic
and featured lavish personal spending on planes, a helicopter and
luxury properties.

The letter, the report notes, said that the freezing of assets on
its bank account and the resulting inability to pay its
obligations has led K1 Invest to determine that "voluntary
liquidation is in the best interest of the company and the
investors"


* LATAM: IE Singapore & IDB to Collaborate in Projects
------------------------------------------------------
The Inter-American Development Bank has formed a partnership with
International Enterprise Singapore to collaborate in projects
related to urban planning, infrastructure as well as information
and communication technologies in Latin America and the Caribbean.

The Memorandum of Understanding, signed yesterday with IE
Singapore during the 6th Latin Asia Business Forum in Singapore,
will increase economic ties and promote business relations between
Singapore and the 26 borrowing nations of the IDB.  IE Singapore
is the lead agency that promotes the overseas growth of Singapore-
based enterprises and international trade.

The collaboration will focus on e-government solutions, urban
planning, logistics, trade facilitation and trade promotion,
education and competitiveness solutions for micro and small
enterprises in the region.

The partnership opens opportunities to facilitate investment and
experience sharing in a region that has become in recent years an
increasingly important market for Singapore companies.


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


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

ACO ALTONA           EALT3 BZ          80647079.55    -12603367.15
ACO ALTONA SA        EAAON BZ          80647079.55    -12603367.15
ACO ALTONA-PREF      EALT4 BZ          80647079.55    -12603367.15
ACO ALTONA-PREF      EAAPN BZ          80647079.55    -12603367.15
ALL MALHA PAULIS     GASC3B BZ        881202387.66    -501612577.9
ALL MALHA PAULIS     GASC3 BZ         881202387.66    -501612577.9
ARTHUR LAN-DVD C     ARLA11 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD P     ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RC C     ARLA9 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P     ARLA10 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT C     ARLA1 BZ          21333792.82    -16295577.05
ARTHUR LANG-RT P     ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANGE         ARLA3 BZ          21333792.82    -16295577.05
ARTHUR LANGE SA      ALICON BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF     ARLA4 BZ          21333792.82    -16295577.05
ARTHUR LANGE-PRF     ALICPN BZ         21333792.82    -16295577.05
AUTOPISTAS SOL       AUSO AR          351681166.85      -2858782.1
AUTOPISTAS SOL       APDSF US         351681166.85      -2858782.1
AZEVEDO              AZEV3 BZ          58171856.05     -4288079.64
AZEVEDO E TRA-PR     AZEVPN BZ         58171856.05     -4288079.64
AZEVEDO E TRAVAS     AZEVON BZ         58171856.05     -4288079.64
AZEVEDO-PREF         AZEV4 BZ          58171856.05     -4288079.64
B&D FOOD CORP        BDFC US              15779763         -588840
B&D FOOD CORP        BDFCE US             15779763         -588840
BALADARE             BLDR3 BZ         141215707.17    -12257915.87
BOMBRIL              BOBR3 BZ         239716189.99   -242287717.11
BOMBRIL              BMBBF US         239716189.99   -242287717.11
BOMBRIL CIRIO SA     BOBRON BZ        239716189.99   -242287717.11
BOMBRIL CIRIO-PF     BOBRPN BZ        239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBBY US         239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBPY US         239716189.99   -242287717.11
BOMBRIL-PREF         BOBR4 BZ         239716189.99   -242287717.11
BOMBRIL-RGTS PRE     BOBR2 BZ         239716189.99   -242287717.11
BOMBRIL-RIGHTS       BOBR1 BZ         239716189.99   -242287717.11
BOTUCATU TEXTIL      STRP3 BZ          31385624.73     -9890708.41
BOTUCATU-PREF        STRP4 BZ          31385624.73     -9890708.41
BUETTNER             BUET3 BZ          86940610.88    -37817234.67
BUETTNER SA          BUETON BZ         86940610.88    -37817234.67
BUETTNER SA-PRF      BUETPN BZ         86940610.88    -37817234.67
BUETTNER SA-RT P     BUET2 BZ          86940610.88    -37817234.67
BUETTNER SA-RTS      BUET1 BZ          86940610.88    -37817234.67
BUETTNER-PREF        BUET4 BZ          86940610.88    -37817234.67
CAF BRASILIA         CAFE3 BZ          18218224.29   -631269432.16
CAF BRASILIA-PRF     CAFE4 BZ          18218224.29   -631269432.16
CAFE BRASILIA SA     CSBRON BZ         18218224.29   -631269432.16
CAFE BRASILIA-PR     CSBRPN BZ         18218224.29   -631269432.16
CAMBUCI SA           CAMBON BZ         87269252.24    -22493566.05
CAMBUCI SA           CAMB3 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMB4 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMBPN BZ         87269252.24    -22493566.05
CAMBUCI SA-PREF      CXDOF US          87269252.24    -22493566.05
CEEE-D               CEED3B BZ       1090886626.84    -15249815.85
CEEE-D               CEED3 BZ        1090886626.84    -15249815.85
CEEE-D-PREF          CEED4 BZ        1090886626.84    -15249815.85
CHIARELLI SA         CCHI3 BZ          22274026.77    -44537138.21
CHIARELLI SA         CCHON BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHI4 BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHPN BZ          22274026.77    -44537138.21
CHILESAT CO-ADR      TL US            450943844.68    -52392581.33
CHILESAT CO-RTS      CHISATOS CI      450943844.68    -52392581.33
CHILESAT CORP SA     TELEX CI         450943844.68    -52392581.33
CIA PETROLIF-PRF     MRLM4 BZ         377602195.17     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195.17     -3014291.72
CIA PETROLIFERA      MRLM3B BZ        377602195.17     -3014291.72
CIA PETROLIFERA      MRLM3 BZ         377602195.17     -3014291.72
CIA PETROLIFERA      1CPMON BZ        377602195.17     -3014291.72
CIMOB PART-PREF      GAFP4 BZ          36817394.78    -33083086.54
CIMOB PART-PREF      GAFPN BZ          36817394.78    -33083086.54
CIMOB PARTIC SA      GAFON BZ          36817394.78    -33083086.54
CIMOB PARTIC SA      GAFP3 BZ          36817394.78    -33083086.54
COMERCIAL PL-ADR     SCPDS LI         146090772.51    -255079026.8
COMERCIAL PL-C/E     COMEC AR         146090772.51    -255079026.8
COMERCIAL PLA-BL     COMEB AR         146090772.51    -255079026.8
COMERCIAL PLAT-$     COMED AR         146090772.51    -255079026.8
D H B                DHBI3 BZ         108241401.93   -350596880.48
D H B-PREF           DHBI4 BZ         108241401.93   -350596880.48
DHB IND E COM        DHBON BZ         108241401.93   -350596880.48
DHB IND E COM-PR     DHBPN BZ         108241401.93   -350596880.48
DOC IMBITUB-PREF     IMBI4 BZ         105243414.69    -12993146.26
DOC IMBITUBA         IMBI3 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTC     IMBI1 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTP     IMBI2 BZ         105243414.69    -12993146.26
DOCA INVESTI-PFD     DOCA4 BZ          88417960.92    -18059127.86
DOCA INVESTIMENT     DOCA3 BZ          88417960.92    -18059127.86
DOCAS IMBITUB-PR     IMBIPN BZ        105243414.69    -12993146.26
DOCAS IMBITUBA       IMBION BZ        105243414.69    -12993146.26
DOCAS SA             DOCAON BZ         88417960.92    -18059127.86
DOCAS SA-PREF        DOCAPN BZ         88417960.92    -18059127.86
DOCAS SA-RTS PRF     DOCA2 BZ          88417960.92    -18059127.86
ESTRELA SA           ESTR3 BZ          61011893.59    -54580283.64
ESTRELA SA           ESTRON BZ         61011893.59    -54580283.64
ESTRELA SA-PREF      ESTR4 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF      ESTRPN BZ         61011893.59    -54580283.64
FABRICA RENAUX       FTRX3 BZ           61543317.9     -41332379.8
FABRICA RENAUX       FRNXON BZ          61543317.9     -41332379.8
FABRICA RENAUX-P     FRNXPN BZ          61543317.9     -41332379.8
FABRICA RENAUX-P     FTRX4 BZ           61543317.9     -41332379.8
FABRICA TECID-RT     FTRX1 BZ           61543317.9     -41332379.8
FER C ATL-RCT CM     VSPT9 BZ        1189275625.36    -35605725.65
FER C ATL-RCT PF     VSPT10 BZ       1189275625.36    -35605725.65
FER C ATLANT         VSPT3 BZ        1189275625.36    -35605725.65
FER C ATLANT-PRF     VSPT4 BZ        1189275625.36    -35605725.65
FER HAGA-PREF        HAGA4 BZ          16483114.08    -62923101.98
FERRAGENS HAGA       HAGAON BZ         16483114.08    -62923101.98
FERRAGENS HAGA-P     HAGAPN BZ         16483114.08    -62923101.98
FERROVIA CEN-DVD     VSPT12 BZ       1189275625.36    -35605725.65
FERROVIA CEN-DVD     VSPT11 BZ       1189275625.36    -35605725.65
GASCOIGNE EMP-PF     GASC4B BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF     GASC4 BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF     1GASPN BZ        881202387.66    -501612577.9
GASCOIGNE EMPREE     1GASON BZ        881202387.66    -501612577.9
GAZOLA               GAZO3 BZ          12452143.07    -40298506.25
GAZOLA SA            GAZON BZ          12452143.07    -40298506.25
GAZOLA SA-DVD CM     GAZO11 BZ         12452143.07    -40298506.25
GAZOLA SA-DVD PF     GAZO12 BZ         12452143.07    -40298506.25
GAZOLA SA-PREF       GAZPN BZ          12452143.07    -40298506.25
GAZOLA-PREF          GAZO4 BZ          12452143.07    -40298506.25
GAZOLA-RCPT PREF     GAZO10 BZ         12452143.07    -40298506.25
GAZOLA-RCPTS CMN     GAZO9 BZ          12452143.07    -40298506.25
HAGA                 HAGA3 BZ          16483114.08    -62923101.98
HOPI HARI SA         PQTM3 BZ          60697522.73     -51330086.4
HOPI HARI-PREF       PQTM4 BZ          60697522.73     -51330086.4
IMPSAT FIBER NET     330902Q GR          535007008       -17165000
IMPSAT FIBER NET     XIMPT SM            535007008       -17165000
IMPSAT FIBER NET     IMPTQ US            535007008       -17165000
IMPSAT FIBER-$US     IMPTD AR            535007008       -17165000
IMPSAT FIBER-BLK     IMPTB AR            535007008       -17165000
IMPSAT FIBER-C/E     IMPTC AR            535007008       -17165000
IMPSAT FIBER-CED     IMPT AR             535007008       -17165000
LAEP INVESTMENTS     LEAP LX          394093845.55    -11420162.73
LAEP-BDR             MILK11 BZ        394093845.55    -11420162.73
LATTENO FOOD COR     LATF US              15779763         -588840
MINUPAR              MNPR3 BZ          89611489.39    -20702110.72
MINUPAR SA           MNPRON BZ         89611489.39    -20702110.72
MINUPAR SA-PREF      MNPRPN BZ         89611489.39    -20702110.72
MINUPAR-PREF         MNPR4 BZ          89611489.39    -20702110.72
MMX MINERACA-GDR     XMM CN          1018389001.17   -160218400.52
MMX MINERACA-GDR     MMXMY US        1018389001.17   -160218400.52
MMX MINERACA-GDR     3M11 GR         1018389001.17   -160218400.52
MMX MINERACAO        MMXM3 BZ        1018389001.17   -160218400.52
MMX MINERACAO        TRES3 BZ        1018389001.17   -160218400.52
MMX MINERACAO        MMXCF US        1018389001.17   -160218400.52
NORDON MET           NORD3 BZ           14029500.1    -17709728.15
NORDON MET-RTS       NORD1 BZ           14029500.1    -17709728.15
NORDON METAL         NORDON BZ          14029500.1    -17709728.15
NOVA AMERICA SA      NOVAON BZ            21287489   -183535527.21
NOVA AMERICA SA      NOVA3 BZ             21287489   -183535527.21
NOVA AMERICA SA      1NOVON BZ            21287489   -183535527.21
NOVA AMERICA SA      NOVA3B BZ            21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4B BZ            21287489   -183535527.21
NOVA AMERICA-PRF     1NOVPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF     NOVAPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4 BZ             21287489   -183535527.21
PARMALAT             LCSA3 BZ         353615264.63    -165164436.3
PARMALAT BR-RT C     LCSA5 BZ         353615264.63    -165164436.3
PARMALAT BR-RT P     LCSA6 BZ         353615264.63    -165164436.3
PARMALAT BRAS-PF     LCSAPN BZ        353615264.63    -165164436.3
PARMALAT BRASIL      LCSAON BZ        353615264.63    -165164436.3
PARMALAT-PREF        LCSA4 BZ         353615264.63    -165164436.3
PARQUE TEM-DV CM     PQT5 BZ           60697522.73     -51330086.4
PARQUE TEM-DV PF     PQT6 BZ           60697522.73     -51330086.4
PARQUE TEM-RCT C     PQTM9 BZ          60697522.73     -51330086.4
PARQUE TEM-RCT P     PQTM10 BZ         60697522.73     -51330086.4
PARQUE TEM-RT CM     PQTM1 BZ          60697522.73     -51330086.4
PARQUE TEM-RT PF     PQTM2 BZ          60697522.73     -51330086.4
PET MANG-RECEIPT     RPMG10 BZ         76852724.18   -212528966.16
PET MANG-RECEIPT     RPMG9 BZ          76852724.18   -212528966.16
PET MANG-RIGHTS      RPMG1 BZ          76852724.18   -212528966.16
PET MANG-RIGHTS      RPMG2 BZ          76852724.18   -212528966.16
PET MANGUINH-PRF     RPMG4 BZ          76852724.18   -212528966.16
PETRO MANGUIN-PF     MANGPN BZ         76852724.18   -212528966.16
PETRO MANGUINHOS     MANGON BZ         76852724.18   -212528966.16
PETRO MANGUINHOS     RPMG3 BZ          76852724.18   -212528966.16
PROMAN               PRMN3B BZ         12167222.17      -207882.19
PROMAN               PRMN3 BZ          12167222.17      -207882.19
REII INC             REIC US              15779763         -588840
RENAUXVIEW SA        TXRX3 BZ          50909736.38    -79601048.99
RENAUXVIEW SA-PF     TXRX4 BZ          50909736.38    -79601048.99
RIMET                REEM3 BZ          63757621.65   -107162239.91
RIMET                REEMON BZ         63757621.65   -107162239.91
RIMET-PREF           REEM4 BZ          63757621.65   -107162239.91
RIMET-PREF           REEMPN BZ         63757621.65   -107162239.91
RIOSULENSE SA        RSUL3 BZ          56866478.19     -9053574.99
RIOSULENSE SA        RSULON BZ         56866478.19     -9053574.99
RIOSULENSE SA-PR     RSULPN BZ         56866478.19     -9053574.99
RIOSULENSE SA-PR     RSUL4 BZ          56866478.19     -9053574.99
SANESALTO            SNST3 BZ          24569561.13      -754460.51
SANSUY               SNSY3 BZ         100279114.92    -45812488.77
SANSUY SA            SNSYON BZ        100279114.92    -45812488.77
SANSUY SA-PREF A     SNSYAN BZ        100279114.92    -45812488.77
SANSUY SA-PREF B     SNSYBN BZ        100279114.92    -45812488.77
SANSUY-PREF A        SNSY5 BZ         100279114.92    -45812488.77
SANSUY-PREF B        SNSY6 BZ         100279114.92    -45812488.77
SCHLOSSER            SCLO3 BZ          10818026.01    -65846678.92
SCHLOSSER SA         SCHON BZ          10818026.01    -65846678.92
SCHLOSSER SA-PRF     SCHPN BZ          10818026.01    -65846678.92
SCHLOSSER-PREF       SCLO4 BZ          10818026.01    -65846678.92
SNIAFA SA            SNIA AR           11489328.24      -840226.12
SNIAFA SA-B          SNIA5 AR          11489328.24      -840226.12
SNIAFA SA-B          SDAGF US          11489328.24      -840226.12
SOC COMERCIAL PL     CAD IX           146090772.51    -255079026.8
SOC COMERCIAL PL     CADN SW          146090772.51    -255079026.8
SOC COMERCIAL PL     CVVIF US         146090772.51    -255079026.8
SOC COMERCIAL PL     COME AR          146090772.51    -255079026.8
SOC COMERCIAL PL     SCDPF US         146090772.51    -255079026.8
SOC COMERCIAL PL     CADN EO          146090772.51    -255079026.8
STAROUP SA           STARON BZ         31385624.73     -9890708.41
STAROUP SA-PREF      STARPN BZ         31385624.73     -9890708.41
TECEL S JOSE         SJOS3 BZ          17924946.14    -18569451.23
TECEL S JOSE         FTSJON BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF     FTSJPN BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF     SJOS4 BZ          17924946.14    -18569451.23
TEKA                 TKTQF US         219773260.95   -306726075.74
TEKA                 TEKAON BZ        219773260.95   -306726075.74
TEKA                 TEKA3 BZ         219773260.95   -306726075.74
TEKA-ADR             TEKAY US         219773260.95   -306726075.74
TEKA-ADR             TKTPY US         219773260.95   -306726075.74
TEKA-ADR             TKTQY US         219773260.95   -306726075.74
TEKA-PREF            TEKAPN BZ        219773260.95   -306726075.74
TEKA-PREF            TEKA4 BZ         219773260.95   -306726075.74
TEKA-PREF            TKTPF US         219773260.95   -306726075.74
TELEBRAS SA          TLBRON BZ        219200060.46     -3774997.87
TELEBRAS SA          TBASF US         219200060.46     -3774997.87
TELEBRAS SA          TELB3 BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF     TELB4 BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF     TLBRPN BZ        219200060.46     -3774997.87
TELEBRAS SA-RT       TELB9 BZ         219200060.46     -3774997.87
TELEBRAS-ADR         TBX GR           219200060.46     -3774997.87
TELEBRAS-ADR         RTB US           219200060.46     -3774997.87
TELEBRAS-ADR         TBASY US         219200060.46     -3774997.87
TELEBRAS-ADR         TBAPY US         219200060.46     -3774997.87
TELEBRAS-ADR         TBH US           219200060.46     -3774997.87
TELEBRAS-ADR         TBRAY GR         219200060.46     -3774997.87
TELEBRAS-BLOCK       TELB30 BZ        219200060.46     -3774997.87
TELEBRAS-CED C/E     RCT4C AR         219200060.46     -3774997.87
TELEBRAS-CED C/E     TEL4C AR         219200060.46     -3774997.87
TELEBRAS-CEDE BL     RCT4B AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF     RCTB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF     TELB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $     RCT4D AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $     TEL4D AR         219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB31 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB30 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB32 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT     TBRTF US         219200060.46     -3774997.87
TELEBRAS-CM RCPT     TELE31 BZ        219200060.46     -3774997.87
TELEBRAS-COM RT      TELB1 BZ         219200060.46     -3774997.87
TELEBRAS-PF BLCK     TELB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     CBRZF US         219200060.46     -3774997.87
TELEBRAS-PF RCPT     TLBRUP BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB42 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     TELE41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     TBAPF US         219200060.46     -3774997.87
TELEBRAS-RCT         RCTB33 BZ        219200060.46     -3774997.87
TELEBRAS-RCT PRF     TELB10 BZ        219200060.46     -3774997.87
TELEBRAS-RECEIPT     TLBRUO BZ        219200060.46     -3774997.87
TELEBRAS-RTS CMN     TCLP1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS CMN     RCTB1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF     TLCP2 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF     RCTB2 BZ         219200060.46     -3774997.87
TELEBRAS/W-I-ADR     TBH-W US         219200060.46     -3774997.87
TELECOMUNICA-ADR     81370Z BZ        219200060.46     -3774997.87
TELEX-A              TELEXA CI        450943844.68    -52392581.33
TELEX-RTS            TELEXO CI        450943844.68    -52392581.33
TELMEX CORP SA       CHILESAT CI      450943844.68    -52392581.33
TELMEX CORP-ADR      CSAOY US         450943844.68    -52392581.33
TEXTEIS RENA-RCT     TXRX10 BZ         50909736.38    -79601048.99
TEXTEIS RENA-RCT     TXRX9 BZ          50909736.38    -79601048.99
TEXTEIS RENAU-RT     TXRX2 BZ          50909736.38    -79601048.99
TEXTEIS RENAU-RT     TXRX1 BZ          50909736.38    -79601048.99
TEXTEIS RENAUX       RENXON BZ         50909736.38    -79601048.99
TEXTEIS RENAUX       RENXPN BZ         50909736.38    -79601048.99
TRESSEM PART SA      1TSSON BZ       1018389001.17   -160218400.52
VARIG PART EM SE     VPSC3 BZ         101177852.25   -318442006.32
VARIG PART EM TR     VPTA3 BZ          49432124.18   -399290425.77
VARIG PART EM-PR     VPSC4 BZ         101177852.25   -318442006.32
VARIG PART EM-PR     VPTA4 BZ          49432124.18   -399290425.77
VARIG SA             VARGON BZ        966298025.55  -4695211316.33
VARIG SA             VAGV3 BZ         966298025.55  -4695211316.33
VARIG SA-PREF        VARGPN BZ        966298025.55  -4695211316.33
VARIG SA-PREF        VAGV4 BZ         966298025.55  -4695211316.33
WETZEL SA            MWELON BZ         69983432.56     -6279264.91
WETZEL SA            MWET3 BZ          69983432.56     -6279264.91
WETZEL SA-PREF       MWET4 BZ          69983432.56     -6279264.91
WETZEL SA-PREF       MWELPN BZ         69983432.56     -6279264.91
WIEST                WISA3 BZ          39838113.86    -93371563.06
WIEST SA             WISAON BZ         39838113.86    -93371563.06
WIEST SA-PREF        WISAPN BZ         39838113.86    -93371563.06
WIEST-PREF           WISA4 BZ          39838113.86    -93371563.06


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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