TCRLA_Public/091118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, November 18, 2009, Vol. 10, No. 228

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Baseball Stars, Others, to Get Back Funds


A R G E N T I N A

AGROPECUARIA LA MARTINA: Creditors' Proofs of Debt Due on Dec. 15
AGROPOTENCIA SA: Requests for Declaration of Bankruptcy
IMPORT EXPORT: Creditors' Proofs of Debt Due on December 14
IMTANP SA: Requests for Preventive Contest
METROGAS SA: Expects Govt. Intervention if it Defaults on Debt

TRANS GLA: Creditors' Proofs of Debt Due on February 12


B E R M U D A

AIG INTERNATIONAL: Creditors' Proofs of Debt Due on November 20
AIG INTERNATIONAL: Members' Final Meeting Set for December 9
BERNINA FUND: Members' Final Meeting Set for December 10
BERNINA FUND: Creditors' Proofs of Debt Due on November 20
FAYAIR (BERMUDA): Creditors' Proofs of Debt Due on November 20

FAYAIR (BERMUDA): Members' Final Meeting Set for December 11
LOTUS BIOCHEMICAL: Creditors' Proofs of Debt Due on November 20
LOTUS BIOCHEMICAL: Members' Final Meeting Set for December 15
METRO PETROLEUM: Creditors' Proofs of Debt Due on November 20
METRO PETROLEUM: Members' Final Meeting Set for December 11

NORTHERN CROSS: Creditors' Proofs of Debt Due on November 20
NORTHERN CROSS: Members' Final Meeting Set for December 9
XL CAPITAL: Agrees to Sell Stake in Itau-XL Joint Venture


B R A Z I L

BANCO BMG: S&P Changes Outlook to Stable; Affirms 'BB-/B' Rating
BANCO DAYCOVAL: S&P Raises Counterparty Credit Ratings to 'BB/B'
COMPANHIA ENERGETICA: May Ask for Another Waiver
COMPANHIA ENERGETICA: Still Unclear on Belo Monte Bidding Team
CONTROLADORA COMERCIAL: Reaches Agreement With Creditors

ENERGISA SA: Fitch Assigns Long-Term National Ratings on Units
GOL LINHAS: Joins International Biofuel Development Group
JBS SA: Plans to Conclude US$2.5 Billion Private Share Sale
JBS SA: 3Q Profit Drops 78% to BRL151.5 Million
LUPATECH SA: Says Q3 2009 Net Revenue Dropped 23.6%


C A Y M A N  I S L A N D S

BLACK DIAMOND: Members Receive Wind-Up Report
BLOSSOM (CAYMAN): Members Receive Wind-Up Report
DR FINANCE: Members Receive Wind-Up Report
DRAWBRIDGE RV: Members' Final Meeting Set for November 19
EAST AVENUE: Members Receive Wind-Up Report

EAST AVENUE: Members Receive Wind-Up Report
GLANZ CAPITAL: Members' Final Meeting Set for November 19
GLENVIEW CAPITAL: Members Receive Wind-Up Report
GLOBAL DESIGN: Members Receive Wind-Up Report
HSBC INVESTOR: Members Receive Wind-Up Report

J-CASHING III: Members Receive Wind-Up Report
MIZUHO PREFERRED: Members' Final Meeting Set for November 19
NAVIGATOR CDO: Members' Final Meeting Set for November 19
NAVIGATOR CDO: Members' Final Meeting Set for November 19
PB FUNDING: Members' Final Meeting Set for November 19

SANYO CR: Members' Final Meeting Set for November 19
SKYLIGHT HOLDINGS: Members' Final Meeting Set for November 19
STARTS (CAYMAN): Members' Final Meeting Set for November 19
STB PREFERRED: Members' Final Meeting Set for November 23
UBS FINANCE: Members Receive Wind-Up Report

WAKABA: Members Receive Wind-Up Report


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: October Prices Climb 0.23%


E L  S A L V A D O R

BANCO MULTISECTORIAL: Moody's Downgrades Issuer Rating to 'Ba1'
* EL SALVADOR: Moody's Cuts Government Bond Ratings to 'Ba1'


J A M A I C A

CABLE & WIRELESS: LIME 3Q Revenue Drops 10% to JM$5,104 Million
JAMAICA PUBLIC SERVICE: Records US$8MM Profit in Qtr Ended Sept.
* JAMAICA: Expects Big Jump in Export Earnings From Sugar Sector


M E X I C O

BANCO BAC: S&P Affirms 'BB/B' Foreign Counterparty Credit Rating


P A R A G U A Y

VISION BANCO: S&P Affirms Counterparty Credit Rating at 'B'


P E R U

DOE RUN PERU: May Take on Partner in Smelter, Government Says


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Venezuela Assumes Ops. Control Over Tavsa
* VENEZUELA: Economy Contracted 4.5% in Third Quarter 2009
* VENEZUELA: Orinoco Oil Upgrader Failure Lowers Output




                         - - - - -


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


STANFORD INT'L: Baseball Stars, Others, to Get Back Funds
---------------------------------------------------------
Anna Driver at Reuters reports that some of alleged swindler Allen
Stanford's investors, including baseball star Johnny Damon, will
see their funds returned after a U.S. appeals court ruled that the
Stanford Financial Group court-appointed receiver, Ralph Janvey in
the fraud case may not sue them.

"We were pleasantly surprised that the receiver has indicated his
intent to release the money and not pursue further appeals in this
matter," the report quoted Gene Besen, an attorney who helped
recoup US$9.5 million for seven current and former Major League
Baseball players, as saying.

According to the report, other baseball players snared by the
alleged Stanford fraud who will have their funds released include
famed former major league pitcher Greg Maddux and J.D. Drew, an
outfielder with the Boston Red Sox.  The report relates that
Stanford Financial Group sponsored numerous leagues and teams in
such sports as cricket, golf, tennis, basketball, polo and
sailing.

Reuters, citing court documents, says that about US$275 million in
proceeds from certificates of deposit have been frozen in accounts
at Bank of New York Mellon Corp's Person LLC, JP Morgan Chase & Co
and SEI Investments Co.

As reported in the Troubled Company Reporter-Latin America on
November 17, 2009, Caribbean360.com said that the U.S. Court of
Appeals in New Orleans has denied Mr. Janvey to recover about
US$894 million from several hundred investors who got their
money.  The report related 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 added.

According to a TCRLA report on September 18, 2009, citing
Bloomberg News Mr. Janvey's plan to sue Stanford investors was
blocked by a July 31 court order from pursuing so-called clawbacks
against about 600 investors.  Bloomberg News related that 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 investors.  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
=================


AGROPECUARIA LA MARTINA: Creditors' Proofs of Debt Due on Dec. 15
-----------------------------------------------------------------
Rodolfo Torella, the court-appointed trustee for Agropecuaria La
Martina SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 15, 2009.

Mr. Torella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Rodolfo Torella
          Arcos 3726
          Argentina


AGROPOTENCIA SA: Requests for Declaration of Bankruptcy
-------------------------------------------------------
Agropotencia SA requested for the declaration of bankruptcy.  The
company stopped making payments last February 2009.


IMPORT EXPORT: Creditors' Proofs of Debt Due on December 14
-----------------------------------------------------------
The court-appointed trustee for Import Export Service S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 14, 2009.

The trustee will present the validated claims in court as
individual reports on March 1, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 15, 2010.


IMTANP SA: Requests for Preventive Contest
------------------------------------------
IMTANP SA requested for preventive contest.  The company stopped
making payments on June 12, 2009.


METROGAS SA: Expects Govt. Intervention if it Defaults on Debt
--------------------------------------------------------------
Metrogas SA said it fully expects the government to "intervene" in
its business if the company defaults on its debt, Taos Turner at
Dow Jones Newswires reports.

According to the report, the company said operating costs have
risen by 190% over the past decade while its prices have remained
frozen, severely crimping its ability to boost earnings and make
payments on its debt.  "If and when we default, the government
will intervene for sure in the same way they've intervened in
TGN," the report quoted Metrogas General Director Andres Cordero
as saying.

In December, the report relates, Transportadora de Gas del Norte
SA defaulted on a US$22 million debt payment, leading the
government to accuse the company of "grave accounting
irregularities" and appoint a state comptroller to "co-manage" the
company.  The report says that the government officials said the
intervention was necessary to prevent TGN from declaring
bankruptcy and complicating the provision of natural gas services
to customers.

Dow Jones Newswires notes that Metrogas SA blamed Argentina's
natural gas regulator, Enargas, for preventing the company from
raising gas rates.  However, the report relates, Enargas Director
Antonio Pronsato said Metrogas alone is responsible for its
financial problems.  "If Metrogas has a problem with its debt and
it enters into default, we'll intervene harshly because it's a
public service that is in trouble," the report quopted Mr.
Pronsato as saying.

Metrogas SA, Dow Jones newswires points out, said that higher
rates are needed to keep the company afloat.  "Metrogas's
distribution rates haven't been updated in 10 years," the report
quoted Metrogas SA as saying.  "So if Enargas doesn't issue new
rate guidelines . . . the company's financial situation will
continue to deteriorate," the company added.

Dow Jones Newswires adds that Metrogas SA said that its total debt
as of September 30 was ARS350.7 million (US$92 million) from
ARS235 million a year earlier; while total current liabilties were
ARS418 million pesos from ARS296 million a year ago.

                      About Metrogas SA

Metrogas SA is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS 780 million.
Metrogas is controlled by GASA, a holding company that is
controlled by BG Energy Holdings and YPF S.A.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Moody's Latin America has downgraded the
ratings of Metrogas, S.A., including the senior unsecured foreign
currency rating to Caa3 from Caa1, the corporate family rating to
Caa3 from Caa2, and the national scale rating to Caa3.ar from
Ba1.ar.


TRANS GLA: Creditors' Proofs of Debt Due on February 12
-------------------------------------------------------
Juan Jose Romanelli, the court-appointed trustee for Trans GLA
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 12, 2010.

Mr. Romanelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Juan Jose Romanelli
          Gandara 2700
          Argentina


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


AIG INTERNATIONAL: Creditors' Proofs of Debt Due on November 20
---------------------------------------------------------------
The creditors of AIG International Asset Management 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 5, 2009.

The company's liquidator is:

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


AIG INTERNATIONAL: Members' Final Meeting Set for December 9
------------------------------------------------------------
The members of AIG International Asset Management Ltd. will hold
their final general meeting on December 9, 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 5, 2009.

The company's liquidator is:

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


BERNINA FUND: Members' Final Meeting Set for December 10
--------------------------------------------------------
The members of Bernina Fund Limited will hold their final general
meeting on December 10, 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:

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


BERNINA FUND: Creditors' Proofs of Debt Due on November 20
----------------------------------------------------------
The creditors of Bernina Fund Limited 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 4, 2009.

The company's liquidator is:

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


FAYAIR (BERMUDA): Creditors' Proofs of Debt Due on November 20
-------------------------------------------------------------
The creditors of Fayair (Bermuda) 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 4, 2009.

The company's liquidator is:

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


FAYAIR (BERMUDA): Members' Final Meeting Set for December 11
------------------------------------------------------------
The members of Fayair (Bermuda) 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:

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


LOTUS BIOCHEMICAL: Creditors' Proofs of Debt Due on November 20
---------------------------------------------------------------
The creditors of Lotus Biochemical (Bermuda) 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 4, 2009.

The company's liquidator is:

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


LOTUS BIOCHEMICAL: Members' Final Meeting Set for December 15
-------------------------------------------------------------
The members of Lotus Biochemical (Bermuda) Ltd. will hold their
final general meeting on December 15, 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:

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


METRO PETROLEUM: Creditors' Proofs of Debt Due on November 20
-------------------------------------------------------------
The creditors of Metro Petroleum Corporation 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 4, 2009.

The company's liquidator is:

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


METRO PETROLEUM: Members' Final Meeting Set for December 11
-----------------------------------------------------------
The members of Metro Petroleum Corporation 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:

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


NORTHERN CROSS: Creditors' Proofs of Debt Due on November 20
------------------------------------------------------------
The creditors of Northern Cross Assurance, 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 5, 2009.

The company's liquidator is:

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


NORTHERN CROSS: Members' Final Meeting Set for December 9
---------------------------------------------------------
The members of Northern Cross Assurance, Ltd. will hold their
final general meeting on December 9, 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 5, 2009.

The company's liquidator is:

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


XL CAPITAL: Agrees to Sell Stake in Itau-XL Joint Venture
---------------------------------------------------------
XL Capital Ltd. agreed to sell its stake in the Itau-XL joint
venture insurance company to a unit of Itau Unibanco Holding SA
and terminate the joint venture, Bloomberg News reports.

According to the report, the bank, citing a filing with the
Brazilian regulators, said that Itau Seguros SA unit will buy the
stake from XL Swiss Holdings Ltd., a unit of XL Capital, a
Bermuda-based business insurer.  The report relates that the
lender will assume full control of the joint venture and will
continue to provide insurance services to XL clients in Brazil.

Bloomberg News says that the bank did not say how much it paid for
XL's stake.

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

                           *     *     *

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


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


BANCO BMG: S&P Changes Outlook to Stable; Affirms 'BB-/B' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Banco BMG S.A. to stable from negative.  At the same
time S&P has affirmed its ratings on BMG, including its 'BB-/B'
counterparty credit rating.

"The outlook revision reflects Banco BMG's capacity to adjust to
the more-challenging industry environment," said Standard & Poor's
credit analyst Ricardo Brito.  The bank posted higher profits for
the first six months of 2009 than during either the first half of
2008 or the second half of 2008.  At June 30, 2009, core earnings
totaled Brazilian reais 177 million, resulting in a return on
equity of 20% and return on average assets of 2.2%.

The lessening effects of the global financial dislocation in
Brazil sustained BMG's improved performance, as funding costs
returned to levels that allowed BMG to originate new loans.  The
demand for payroll discount loans also increased in the period due
to a change in legislation that permitted retirees to increase the
loan deduction limit to 30% of their paychecks from 20%.  Finally,
BMG's reduction in operational costs in response to the global
financial crisis helped the bank's performance and its efficiency
ratio.  S&P expects the bank to maintain its current profitability
for the rest of 2009 and into 2010, considering current market
conditions.

The ratings on BMG incorporate the risks of a significant product
concentration and the bank's vulnerability to margin pressures in
a less-benign credit and liquidity environment.  Payroll discount
lending represents more than 80% of BMG's loan portfolio and S&P
views this product as susceptible to changes in laws and
regulations from time-to-time, which can affect the results of the
banks operating in this market.  The ratings also factor the
challenge the bank faces to maintain stable and diversified
funding with lower dependence on loan assignments.

BMG's well-defined strategy as a niche bank, its dominant position
in the payroll-discount lending market, good business execution
capabilities, strong technology and distribution channels, and
good asset quality partially offset the risks.

The stable outlook considers the improvement in market conditions,
which led to BMG's better performance, as reflected in its
profitability and capital adequacy ratios.  S&P expects the bank
to maintain its strong origination capacity in its core business
and preserve its still-adequate asset-quality indicators.
Substantially weaker origination capacity, material reduction in
profitability indicators with ROE falling below 15%, aggressive
change in loan portfolio mix to riskier products, and/or failure
to maintain capital ratios at least at the levels of June 2009
could lead us to lower the ratings.

BMG's prospects for an upgrade are limited in the medium term and
would require a solid change in fundamental elements of its credit
profile.  These might include a more balanced funding profile with
lower dependence on loan assignments and expansion in deposit
base; material strengthening of capital adequacy ratios from
current levels; and/or further improvement in profitability
ratios, returning to precrisis levels.


BANCO DAYCOVAL: S&P Raises Counterparty Credit Ratings to 'BB/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
global scale counterparty credit ratings to 'BB/B' from 'BB-/B'
and its Brazil national scale counterparty credit ratings to
'brAA-/brA-1' from 'brA/brA-2' on Brazilian niche bank Banco
Daycoval S.A. The outlook is stable.  S&P is also raising the
long-term foreign currency senior unsecured debt rating to 'BB'.

The ratings upgrade reflects the bank's improvement in funding and
liquidity risk.  Daycoval has shown prudent liquidity management
throughout the recent credit market turmoil, maintaining more than
30% of total assets in cash and money market instruments, and
demonstrated financial flexibility to improve its funding
structure, despite a tighter market for niche banks," said
Standard & Poor's credit analyst Marcelo Peixoto.

Daycoval depends little on loan securitization and has not yet
used its limit of DGPE (time deposits guaranteed by Fundo
Garantidor de Credito ? FGC, the Brazilian deposit insurance
fund).  Moreover, the rating action was also backed by the
enhanced business profile, as its expansion into the retail
segment proved adequate in terms of risk diversification under the
more-challenging economic environment (its loan portfolio is 55%
small and medium-sized enterprises and 45% retail).

The ratings also benefit from Daycoval's strong capitalization and
its consistent track record in its core business: collateral-
backed loans to SMEs, leading to asset quality ratios and
profitability that are both better than peers.  Conversely, the
ratings on Daycoval incorporate the risks related to asset quality
deterioration associated with an economic slowdown.  The bank is
also challenged to expand its loan portfolio under adequate credit
underwriting procedures.

The stable outlook incorporates S&P's expectation that Daycoval
will be able to manage its credit risk adequately through the
recent global financial crisis by presenting asset quality ratios
not far from current levels.  S&P also expect that the bank will
maintain adequate liquidity and asset liability management.  The
ratings could be raised if Daycoval resumes loan growth without
loosening its credit risk practices and, thus, can show better
profitability while maintaining its portfolio's current asset
quality.  On the other hand, the ratings could be lowered if the
bank fails to expand its loan portfolio with adequate asset
quality or better profitability, or if liquidity falls below the
bank's internal policy of keeping a 30% liquid assets-to-deposits
ratio," Mr. Peixoto added.


COMPANHIA ENERGETICA: May Ask for Another Waiver
------------------------------------------------
Companhia Energetica de Minas Gerais (Cemig) might ask for another
waiver to increase its borrowing limits, but will not go beyond
the net debt to capital bylaws set by the board, Kenneth Rapoza at
Dow Jones Newswires reports, citing Chief Financial Officer Luiz
Fernando Rolla.  "We had to ask for a waiver in 2009 to make the
acquisitions we made, but for sure we will not go over what our
bylaws allow so we can keep our good credit standing and tap
international credit markets," the report quoted Mr. Rolla as
saying.

According to the report, the company has an investment limit of
40% of earnings before interest, taxes, depreciation and
amortization.  Dow Jones Newswires notes that Cemig reported a
cash position of BRL2.76 billion (US$1.57 billion) at the end of
the third quarter, down from BRL3 billion in the same period last
year, due to acquisitions.  Cemig acquired a 49% stake in
transmission company Terna Participacoes SA for BRL1.3 billion
this year, the report adds.

Dow Jones Newswires notes that Mr. Rolla said that the company
maintained its strategy of keeping a strong cash position and
growth through mergers and acquisitions.  "What we are doing now
will enable us to reach our goals to be the number two energy
company in Brazil in ten years," the report quoted Mr. Rolla as
saying.

Cemig, the report says, would continue dto cut its labor force to
a target of 9,200 employees by September 2010.  The company now
has slightly under 10,000 employees, Dow Jones Newswires adds.

                  About Companhia Energetica

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.


COMPANHIA ENERGETICA: Still Unclear on Belo Monte Bidding Team
--------------------------------------------------------------
Companhia Energetica de Minas Gerais (Cemig) is still in the
process of figuring out what companies will join forces to bid on
the massive Belo Monte hydroelectric power station next month,
Kenneth Rapoza, Dow Jones Newswires reports, citing Chief
Financial Officer Luiz Fernando Rolla.

According to the report, Mr. Rolla said that the company was
interested in bidding for the 11,000 megawatt power station
because "it would be a strategic investment for Cemig, not only
because of its size, but because of its location in the Amazon
region."

Dow Jones notes that Energy demand has been increasing more in the
north of Brazil, where the Amazon is located, than it has been
increasing in the more mature markets in the south and southeast.

                 About Companhia Energetica

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.


CONTROLADORA COMERCIAL: Reaches Agreement With Creditors
--------------------------------------------------------
Controladora Comercial Mexicana SAB de CV a.k.a Comerci has
reached an agreement with creditors as part of a debt
restructuring, Veronica Navarro Espinosa and Tal Barak Harif at
Bloomberg News report, citing Reuters.

According to Bloomberg News, Reuters reported that company lawyer
Salvador Rocha said Comerci reached an agreement with
?practically? all of its creditors, including bondholders and
those who are owed money from derivatives.  The report relates
that Reuters said that an announcement may be made at the end of
this month.

As reported in the Troubled Company Reporter-Latin America on
September 17, 2009, Bloomberg News said that Comerci proposed to
its creditors the issuance of more than MXN19 billion (US$1.4
billion) in new borrowing as part of a restructuring.  The new
debt would be denominated in U.S. dollars and Mexican pesos and
include some convertible bonds and ?penny warrants,? the company
said in an e-mailed statement obtained by the news agency.
Reuters related 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.

                         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.


ENERGISA SA: Fitch Assigns Long-Term National Ratings on Units
--------------------------------------------------------------
Fitch Ratings has assigned Long-Term National Ratings to Energisa
S.A. subsidiaries' debenture issuances.  The proceeds will be used
to lengthen the companies' debt profile and, to a lesser extent,
to finance their capex programs.

Energisa Paraiba Distribuidora de Energia S.A.

  -- BRL80 million first debentures issuance, due in 2014 with an
     early redemption option in 2012, 'A(bra)'.

Energisa Sergipe Distribuidora de Energia S.A.

  -- BRL60 million second debentures issuance, due in 2014 with an
     early redemption option in 2012, 'A(bra)'.

Energisa Minas Gerais Distribuidora de Energia S.A.

  -- BRL60 million second debentures issuance, due in 2014 with an
     early redemption option in 2012, 'A(bra)'.

The Outlook for all corporate ratings is Stable.

Energisa and its subsidiaries Energisa PB, Energisa SE and
Energisa MG (altogether Energisa Group) have these corporate
ratings assigned by Fitch: Long-Term Local Currency Issuer Default
Ratings 'BB-' and the National Scale Rating 'A(bra)'.  The Outlook
for all corporate ratings is Stable.

The ratings reflect Energisa Group's consolidated credit profile
with moderate leverage, adequate debt profile, robust liquidity,
resilient and predictable operating cash flow from its five
distribution subsidiaries that operate essentially as regulated
natural monopolies and benefit from a diversified and growing
client base.  The ratings further incorporate the expectation that
Energisa's consolidated leverage will increase through 2010,
driven by its continuing investments in distribution and
intensified investments in generation.  In 2011 and 2012, before
the effects of the third-cycle tariff review, leverage is expected
to decrease, remaining consistent with the rating category.
Exposure to foreign exchange movements and derivatives, as well as
regulatory and hydrology risks were also factored in to the
rating.

Credit profile slightly changed by tariff reviews; EBITDA growth
recovery by 2010:

Energisa's credit profile has not been materially changed despite
the negative effects of the second-cycle tariff review process
started in 2008 and concluded in 2009 in its consolidated
operating performance.  This is a result of the mitigating effects
from increased power consumption in the group's concession areas,
the tariff readjustments occurred in 2009, and, to a lesser
extent, the continuous reduction of the group's energy losses,
which have reached 13.04% in the last 12 months ended in third
quarter-2009 (3Q'09).  Consolidated revenues have therefore
increased by 6% in LTM ended in the 3Q'09 as compared to calendar
year 2008 (in 3Q'09 revenues grew 11.1% compared year-over-year to
3Q'08).  Despite consolidated EBITDA margins in LTM ended in 3Q'09
(adjusted by Energisa PB's labor settlement in 4Q'08) having
reduced to 29.1% as compared to 33.2% in 2008, consolidated
adjusted EBITDA reached BRL505 million during that same period,
only 6% lower than the total EBITDA for 2008.  Given the final
approval to the tariff review process and the increased power
consumption expected by 2010, Fitch does not foresee any material
changes in EBITDA margins, but expects that the group's EBITDA
recovers its growth trend in absolute terms by 2010.

Lower free cash flow generation in 2009 and 2010; growth recovery
expected by 2011:

Consolidated cash generation, as measured by Funds from
Operations, reached BRL566 million in LTM ended in 3Q'09, only 3%
lower than the BRL583 million generated in calendar year 2008.
The Free Cash Flow, which already considers the effects of working
capital, capex and dividends, has remained positive in the last
three years, reaching BRL143 million in LTM ended in 3Q'09, above
Fitch's original expectations as a result of lower distribution of
dividends until September 2009 and a longer investment period in
hydraulic generation.  Even after the BRL87.2 million dividends
distributed in October 2009, Fitch expects the group to end 2009
with a positive FCF, even if significantly lower when compared to
2008.  The intensification of investments in generation throughout
2010 should put pressure on FCF and eventually make it negative,
but in case new expansion investments do not happen, the agency
expects FCF to become positive and grow again in 2011 and 2012.

Constant leveraging in 2009 with expected increase in 2010:

In 2009, Energisa's consolidated credit measures were very similar
to those of 2008.  Lower cash generation was more than offset by a
more moderate dividend distribution and, to a lesser extent, by
the lower volume of investments, so that the consolidated adjusted
debt was reduced to BRL1.74 billion in September 2009 from
BRL1.888 billion in December 2008.  Thus, Energisa's consolidated
gross and net leverages remained at 3.4 times and 2.3x in LTM
ended in 3Q'09, compared to very similar figures of 3.5x and 2.3x,
respectively, in 2008.  Fitch expects that gross and net leverage
will increase to around 3.8x and 2.7x, respectively, in 2010,
driven by higher dividend distribution and stronger investments in
generation.  In 2011 and 2012, leverage should again be reduced.

Robust liquidity, adequate debt profile:

Energisa continues to efficiently manage its liquidity and
preserves a robust cash cushion.  Total debt has a long-term
profile, with a maturity concentration only in 2013.  Consolidated
cash position of BRL570 million (not considering investments
maintained until maturity) is strong and sufficient to cover
around 95% of debt amortizations over the next three years:
BRL57 million in 4Q'09; BRL159 million in 2010; BRL176 million in
2011; and BRL207 million in 2012.  Fitch expects the company to
remain disciplined in its financial strategy and use part of
future operating cash flow generation to reduce debt levels.

Exposure to market risk has been decreasing over time:

Even though Energisa has been substantially reducing its
derivatives exposure, the group remains exposed to the risk of a
sharp devaluation of the BRL against the US$.  Management's
foreign exchange hedging practices are characterized by the usage
of short call options to reduce its swap hedge costs and/or Non-
Deliverable Forwards.  The transactions with daily verification of
strike price have a notional value of US$75 million and no cash
verification trigger event occurred in 2009.  These transactions
mature in January 2010 and may be renewed under more strict risk
parameters according to the company's management.  Furthermore, in
October 2009 the company liquidated for US$7.5 million the
derivatives existing on Sept. 30, 2009, related to underlying
loans liquidated in 2007.  These derivatives had a notional value
of US$31 million with decreasing verification until 2012.

According to the company, under a stress scenario with a BRL x US$
devaluation of 50% (based on an exchange rate of BRL1.80/USD1.00),
current exposure to potential losses is below BRL80 million
(BRL120 million on Sept. 30, 2009), and it is partially offset by
the group's strong liquidity position and by the existence of a
portfolio of purchased call options.  The approval of a market
risk management policy in May 2009 is seen as positive, even
though in Fitch's opinion its quantitative parameters do not offer
sufficient protection in high volatility scenarios.  Fitch also
considers positive the fact that Energisa uses specialized
financial risk management third-party consulting services, and has
managed to weather the 2008-2009 F/X volatility with no material
financial events.  As of September 2009, dollar-denominated debt
represented around 22% of the total adjusted debt.

The risk of a supply-demand imbalance is deemed manageable over
the next three years, though it may be fueled by higher than
expected market growth, lower hydrology and heightened natural gas
supply problems.  Regulatory risk has been decreasing over time,
as in Fitch's view, the sector's new model has been generally
positive and supportive of the sector's growth and stability.


GOL LINHAS: Joins International Biofuel Development Group
---------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
joined the Sustainable Aviation Fuel Users Group, which unites
airlines and technology providers in a joint drive to accelerate
the development of new, sustainable aviation fuels for commercial
use.

Initially, the group is working on two preliminary sustainability
research projects, one of which involves a comprehensive
investigation into Jatropha curcas as a sustainable fuel source,
including its life cycle, CO2 emissions and the potential social
or economic impact on growers in developing countries.  The second
project is taking an in-depth look at algae and the associated
fuel production processes, to ensure they are in line with strict
sustainability guidelines.  Both Jatropha curcas and algae have
the potential to become viable biomass aviation fuel sources. The
group plans additional studies on other possible fuel sources in
the future.

The initiative is a groundbreaking step for GOL.  In addition to
actively working to reduce greenhouse gas emissions, the Company
is now also investing in reducing its future fuel costs.  "This is
a major opportunity for GOL to join a select group of aviation
companies actively involved in controlling their own future,
particularly around fuel and the entire fuel production process,
including origin, sustainability and environmental impact," says
GOL's Technical Vice President, Fernando Rockert de Magalhaes.

In joining the group, GOL adopts the premise that any sustainable
biofuel must have an equal or superior performance to that of
kerosene, but with reduced CO2 emissions.  Additionally, the group
stipulates that new biofuels can only be produced from renewable
sources that minimize the impact on biodiversity and do not
compete with food production or the production of drinking water.
SAFUG also requires that the development of new crops for biofuel
production should bring social and economic benefits to the
communities involved.

Among the affiliates of the SAFUG program and a supporter of the
initiative is Boeing Commercial Airplanes, which manufactures and
provides equipment for GOL's standardized fleet of Boeing 737-700
and 800 NGs.  The company will provide technical support for the
development of the new fuels.  "Our top priority is to carry out
and conduct research into sustainable fuel sources. This includes
research into plants as well as their cultivation, harvesting and
economic impact, all of which can help us achieve our goal,"
affirmed Billy Glover, BCA's Managing Director for Environmental
Strategy.

Other global airline partners supporting sustainable fuels are Air
France, Air New Zealand, ANA (All Nippon Airways), Cargolux, Gulf
Air, Japan Airlines, KLM, SAS and Virgin Atlantic Airways.

                         About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$200 million perpetual notes at 'B/RR5';

  -- US$200 million senior notes due 2017 at 'B/RR5'.


JBS SA: Plans to Conclude US$2.5 Billion Private Share Sale
-----------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA expects to
conclude a US$2.5 billion private share sale in its U.S. business
by the end of year and price a US$2 billion initial public
offering for the unit in January.  The report relates that JBS
will give presentations to investors in the U.S. between January 4
and January 8 before setting the price for the public share sale
in the week of January 11, Chief Executive Officer Joesley Batista
said told the news agency in an interview.

?Demand is good,? the report quoted Mr. Batista as saying.  ?BNDES
is one of the investors interested in the private placement,? he
added.

According to the report, JBS SA is raising cash to pay for the
US$800 million acquisition of U.S. poultry producer Pilgrim?s
Pride Corp. and fund a US$2 billion global distribution network.
The report relates that JBS SA said that it was in an ?advanced
process of negotiation? for the US$2.5 billion private share sale,
which would not represent more than 26.3% of the U.S. unit.

Mr. Batista, the report notes, said that JBS SA expects the
purchase of bankrupt Pilgrim?s Pride to win court approval in the
U.S. by December and to complete the operation by the end of the
first quarter.  The company is also buying Brazilian competitor,
he added.

Bloomberg News adds that Chief Financial Officer Marcos Bastos
said that JBS SA, which currently has about US$1 billion of cash,
will ask investors to forgo a right to seek early payments on
US$625 million worth of bonds following the acquisition of Bertin.

                          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.


JBS SA: 3Q Profit Drops 78% to BRL151.5 Million
-----------------------------------------------
Lucia Kassai and Zijing Wu at Bloomberg News report that JBS SA's
third-quarter profit declined 78% to BRL151.5 million (US$87
million) from BRL694 million a year earlier, when the meatpacker
posted gains from currency hedges.  ?Our Argentine operation is
taking longer than expected to return to profitability,? Chief
Executive Officer Joesley Mendonca Batista said in the statement
obtained by the news agency.

According to the report, the company's operating profit dropped to
BRL218.1 million from BRL750.5 million in the year-earlier period.
The report relates that sales climbed 7.8% to BRL8.38 billion
after JBS SA bought companies including U.S.-based Smithfield Beef
Group Inc. last year.  JBS SA, the report notes, has taken control
of about 10% of the world?s beef processing through 30
acquisitions since 1993.

Sales in Brazil also rose as JBS gained market share during the
financial crisis, Denise Messer, an analyst at brokerage Brascan
Corretora in Rio de Janeiro, told the news agency in a telephone
interview.

                          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: Says Q3 2009 Net Revenue Dropped 23.6%
---------------------------------------------------
Lupatech SA posted results for third quarter ended September 30,
2009.

The company's third quarter net revenue dropped 23.6% to
R$128,230,000 from R$167,898,000 in the second quarter 2009.

The company posted third quarter gross profit of R$32,526,000, a
drop of 43.% from R$58,001,000 in the second quarter 2009.

As of September 30, 2009, the company's balance sheet showed total
current assets of R$627,639,000 and total current liabilities of
R$267, 160,000.

The company's balance sheet as of end-September 2009, total assets
of R$1,465,854,000 and total liabilities of R$124,885,000
resulting to a shareholder's equity of R$221,969,000.

A full-text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?495b

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 today,
November 17, 2009, 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.


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


BLACK DIAMOND: Members Receive Wind-Up Report
---------------------------------------------
On November 17, 2009, the members of Black Diamond CLO 2007-1
(Cayman) 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


BLOSSOM (CAYMAN): Members Receive Wind-Up Report
------------------------------------------------
On November 17, 2009, the members of Blossom (Cayman) Limited
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


DR FINANCE: Members Receive Wind-Up Report
------------------------------------------
On November 16, 2009, the members of DR Finance Management 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


DRAWBRIDGE RV: Members' Final Meeting Set for November 19
---------------------------------------------------------
The members of Drawbridge RV Plus Fund Ltd. 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:

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


EAST AVENUE: Members Receive Wind-Up Report
-------------------------------------------
On November 16, 2009, the members of East Avenue Offshore Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EAST AVENUE: Members Receive Wind-Up Report
-------------------------------------------
On November 16, 2009, the members of East Avenue GP (Cayman) Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GLANZ CAPITAL: Members' Final Meeting Set for November 19
---------------------------------------------------------
The members of Glanz Capital Ltd. 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:

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


GLENVIEW CAPITAL: Members Receive Wind-Up Report
------------------------------------------------
On November 17, 2009, the members of Glenview Capital SPC 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


GLOBAL DESIGN: Members Receive Wind-Up Report
---------------------------------------------
On November 17, 2009, the members of Global Design CDO Limited
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


HSBC INVESTOR: Members Receive Wind-Up Report
---------------------------------------------
On November 16, 2009, the members of HSBC Investor Core Plus Fixed
Income Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jan Neveril
          c/o Maples Finance Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


J-CASHING III: Members Receive Wind-Up Report
---------------------------------------------
On November 16, 2009, the members of J-Cashing III Holding Co.,
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


MIZUHO PREFERRED: Members' Final Meeting Set for November 19
------------------------------------------------------------
The members of Mizuho Preferred Capital (Cayman) 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


NAVIGATOR CDO: Members' Final Meeting Set for November 19
---------------------------------------------------------
The members of Navigator CDO 2007-2, Ltd. will hold their final
meeting on November 19, 2009, at 10:20 a.m., to receive 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


NAVIGATOR CDO: Members' Final Meeting Set for November 19
---------------------------------------------------------
The members of Navigator CDO 2007-1, Ltd. will hold their final
meeting on November 19, 2009, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PB FUNDING: Members' Final Meeting Set for November 19
------------------------------------------------------
The members of PB Funding MT Corporation will hold their final
meeting on November 19, 2009, at 10:25 a.m., to receive 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


SANYO CR: Members' Final Meeting Set for November 19
----------------------------------------------------
The members of Sanyo CR Funding Corporation will hold their final
meeting on November 19, 2009, at 10:20 a.m., to receive 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


SKYLIGHT HOLDINGS: Members' Final Meeting Set for November 19
-------------------------------------------------------------
The members of Skylight Holdings, Inc. 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:

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


STARTS (CAYMAN): Members' Final Meeting Set for November 19
-----------------------------------------------------------
The members of Starts (Cayman) Limited 2004-1 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:

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


STB PREFERRED: Members' Final Meeting Set for November 23
---------------------------------------------------------
The members of STB Preferred Capital (Cayman) Limited will hold
their final meeting on November 23, 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:

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


UBS FINANCE: Members Receive Wind-Up Report
-------------------------------------------
On November 16, 2009, the members of UBS Finance Management 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


WAKABA: Members Receive Wind-Up Report
--------------------------------------
On November 16, 2009, the members of Wakaba 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


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


* DOMINICAN REPUBLIC: October Prices Climb 0.23%
------------------------------------------------
Dominican Republic's consumer prices jumped 0.23% in October
compared with September, paced by housing 0.57%, transport (0.30%)
and foods, beverages and tobacco (0.19%), The Dominican Today
reports, citing the central Bank.

According to the report, the cental bank said that the figure
places the January-October accumulated inflation at 4.55%, of
which 70.11% results from rises on oil and energy prices.  ?If the
direct influence from these rises is excluded, the accumulated
variation of the index would be 1.36%, explained mainly by the
abundance of farm products, which has kept the main nutritional
items at low price levels,? the report quoted the Central Bank as
saying.

                           *     *     *

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

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


====================
E L  S A L V A D O R
====================


BANCO MULTISECTORIAL: Moody's Downgrades Issuer Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the foreign
currency issuer rating of Banco Multisectorial de Inversiones,
with a stable outlook.  The action on BMI's rating was triggered
by the downgrade of the foreign-currency government bond rating
and country ceilings for El Salvador.

Moody's noted that BMI's rating is in line with Moody's Ba1
sovereign ratings and ceilings for El Salvador -- its 100%
shareholder through the Central Bank of Reserves, with which BMI
is linked in terms of ownership, management control, and funding.
Nevertheless, Moody's recognizes that BMI's stand-alone
creditworthiness benefits from the bank's role as provider of
long-term loans in the system, and from its sound financial
indicators, notably asset quality and capital.  BMI has a unique
legal ability to obtain repayment for its loans to financial
institutions by directly charging the borrowers' Central Bank
reserve accounts.

BMI is El Salvador's sole development bank.  It was established by
special legislative action in 1994 to support private sector
economic development and investment by lending through the banking
system.  As of December 31, 2008, BMI reported total assets of
US$609.3 million, total shareholders' equity of US$190.1 million,
and earnings of US$5 million.

Moody's last action on BMI's rating was on September 14, 2009 when
BMI's Baa3 foreign-currency issuer rating was placed on review for
possible downgrade following a similar action taken on the foreign
currency government bond rating and country ceilings for El
Salvador.

These ratings were affected:

  -- Long term foreign-currency issuer rating: downgraded to Ba1
     from Baa3, with a stable outlook.


* EL SALVADOR: Moody's Cuts Government Bond Ratings to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has downgraded El Salvador's foreign-
currency government bond ratings to Ba1 with a negative outlook
from Baa3.  This reflects a deterioration in the country's
sovereign credit profile that will likely extend into 2010 as
government debt metrics are projected to increasingly diverge from
those corresponding to Baa-rated governments.

El Salvador's country ceiling for foreign-currency bank deposits
was also downgraded to Ba1 with a negative outlook from Baa3.  The
Baa3 country ceiling for foreign-currency bonds was not affected
by this review.

"Since last year, El Salvador has been subject to severe shocks
that have exposed underlying vulnerabilities associated with its
condition as a small open economy with a high dependence on the
U.S. and a relatively limited degree of diversification," said
Moody's Vice President Mauro Leos, regional credit officer for
Latin America.

Leos explained that, largely as a result of the collapse of
economic activity the government accounts have experienced a
negative revenue shock that has compromised the near-term fiscal
outlook leading to substantially higher deficits and debt ratios.

"Faced with such a complicated fiscal outlook, the authorities
will be forced to adopt forceful corrective measures in order to
assure that positive trends materialize over the medium term,"
said Leos.  However, he explained, with a domestic environment
characterized by low growth rates and persistent economic
weakness, significant challenges will arise as the authorities
attempt to make substantive progress on the fiscal front.

"Throughout the global crisis Moody's have been unwilling to take
rating actions on cyclical developments -- however severe --
basing instead Moody's judgment on what Moody's perceived as
structural trends," said Leos.  "In line with this principle,
deterioration in debt metrics in a context of relatively low
growth creates conditions in El Salvador for a durable divergence
from former Baa peers."

"The government of El Salvador is not facing funding pressures,
and liability management operations to be carried out will likely
improve the debt profile, further reducing short-term refinancing
risks," said Leos.  "Still, on a relative basis, fiscal parameters
and debt metrics appear to be more consistent with a Ba rating
when global comparisons are made against other governments rated
by Moody's."

He said the negative outlook on the Ba1 rating takes into
consideration the current balance of risks, including near-term
difficulties that the authorities are likely to encounter as they
move to improve public finances.  "Additional factors incorporated
into the negative outlook include uncertainty regarding the timing
and the pace of a domestic economic recovery that, to a large
extent, will be dictated by the external conditions," said Leos.

Leos indicated resolution of the negative outlook is likely to
take place within the next 12 to 15 months as (i) details are
finalized on the economic package that the government will submit
to the National Assembly, (ii) information becomes available on
the direction and strength of the economic recovery, and (iii)
tangible evidence emerges on progress in keeping tight controls on
government spending and assuring a sustained increased in tax
revenues.

The last change in El Salvador's ratings was implemented on
September 14, 2009, when the government's Baa3 foreign and local-
currency bond ratings were placed on review for possible
downgrade.


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


CABLE & WIRELESS: LIME 3Q Revenue Drops 10% to JM$5,104 Million
---------------------------------------------------------------
The Board of Directors of LIME (formerly Cable & Wireless Jamaica
Limited) released the unaudited consolidated results of the
company, Jamaica Digiport International Limited (101), and other
subsidiaries, for the quarter ended September 30,2009.

Revenue for the quarter declined 10% to JM$5,104 million from
JMS5,567 million for the same period in 2008.  The company have
grown internet and data revenues and maintained market share on
mobile while growing demand for business products, however the
poor economic environment exerted downward pressure on fixed and
mobile voice minutes of use with a resulting decline in revenue.

The Group continued to see increased demand for its innovative
business solutions from small medium and large customers as the
market transitions to more IP-based and managed services.

The company's gross margin overall declined 12% to JM$3,225
million compared with JM$3,653 million for the same period last
year driven by the reduction in revenue.  Gross margin as a
percentage of revenue remained broadly flat.

A full-text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?49a1

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.


JAMAICA PUBLIC SERVICE: Records US$8MM Profit in Qtr Ended Sept.
----------------------------------------------------------------
Jamaica Public Service Company Limited has reported an improved
profits for the quarter ended September, RadioJamaica reports.

According to the report, although revenue declined during the
three months to September 30, the company realized improved profit
as it benefited from a fall in oil prices.  The report relates
that JPSCO recorded a profit of US$8 million, up from US$1 million
last year.

RadioJamaica notes that revenues were down US$74 million but this
was offset by a US$76 million saving in the company's fuel bill as
oil prices declined and remained stable during the period.

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


* JAMAICA: Expects Big Jump in Export Earnings From Sugar Sector
----------------------------------------------------------------
Despite a disappointing 2008/2009 Sugar Crop, Jamaica will see a
big jump in export earnings from the sector, RadioJamaica reports.

According to the report, the crop, which ended in August, saw
125,000 tonnes of sugar being produced.

The report relates that Karl James, General Manager of Jamaica
Cane Products Sales, said that while the performance of the
industry was less than expected producers stand to benefit from
improved prices for their supplies.  "From all indications, it has
been the best price paid for sugar ever ... paid out 46,424 tonnes
worth of sugar and we paid out JM$8,696 a tonne for molasses so
that, the industry would have put in into circulation an
additional JM$1.1 billion from the earning o sugar," the report
quoted Mr. James as saying.

                           *     *     *

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


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


BANCO BAC: S&P Affirms 'BB/B' Foreign Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'BB/B'
foreign-currency counterparty credit rating on Banco BAC San Jose
S.A. (domiciled in Costa Rica).  S&P also lowered the local-
currency counterparty credit rating to 'BB/B' from 'BB+/B'.  The
outlook is stable.

"S&P equalized its local- and foreign-currency ratings on BAC at
the level of the foreign-currency rating due to its perception
that for highly dollarized financial systems both ratings should
be equalized," said Standard & Poor's credit analyst Laurence
Wattraint.  S&P's criteria defines a local-currency rating as its
opinion of an obligor's willingness and ability to service all
commercial financial obligations on a timely basis, absent direct
sovereign intervention.  For that reason a differentiation between
the foreign- and local-currency ratings is not sustainable
considering the system's and the bank's level of dollarization.  A
significant depreciation of the colon, which is not in its base-
case scenario, could lead to sharp asset-quality deteriorations.

Costa Rica-based BAC has a dollarized balance sheet and is
expanding its lending activities in a small economy with high
inherent risks.  It also faces competitive challenges in a market
where commercial public banks have a 50% penetration.  The ratings
also factor the financial flexibility provided by its holding
company, Credomatic International Corp. (BBB/Stable/A-2).

S&P considers BAC San Jose a strategically important subsidiary
for CIC under its criteria.  The ratings reflect the bank's stand-
alone credit quality, which is limited by Costa Rica's country
risk.  The foreign-currency rating remains at the level of the
Costa Rica sovereign rating (BB/Stable/--).  S&P does not include
any uplift of support from CIC, because S&P does not assume
support from the group during a sovereign stress scenario.

The stable outlook reflects S&P's view of BAC's strong market
position in Costa Rica and its good financial performance despite
the economic environment.  A significant deterioration in the
bank's asset quality could hurt the rating.  A reduction in return
on assets or capitalization could also affect the ratings.  The
ratings would move up with a sovereign upgrade, even in the
absence of improvement in the bank's stand-alone credit quality.
A sovereign downgrade would cause us to downgrade BAC, as the
bank's credit quality would be constrained by a sovereign stress
scenario.


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


VISION BANCO: S&P Affirms Counterparty Credit Rating at 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
long-term counterparty credit rating on Vision Banco S.A.E.C.A.
The outlook is stable.

"Our rating on Vision is constrained by the uncertainty intrinsic
to Paraguay's financial system and the country's high sovereign
risk," said Standard & Poor's credit analyst Delfina Cavanagh.
Vision originates consumer loans and lends to small and
microcompanies in the middle- and lower-income sectors in a highly
competitive environment.  The institution's good market position,
adequate asset quality, good revenue diversification, and
profitable operation partially offset the weaknesses.

The small size of the Paraguayan economy also puts some pressure
on Vision's operating performance and that of other entities
operating in the country.  Paraguay has limited fiscal
flexibility, and its financial system is expanding amid
deficiencies in its institutional and legal framework.

Favorable factors for the rating include adequate asset-quality
indicators and conservative credit risk policies.  As of June
2009, loans more than 60 days past due and the ratio of net
charge-offs to average customer loans increased to a still
adequate 1.6% and 2.8%, respectively, amidst a worsening local
environment during the first half of the year.  The loan-loss
coverage level represented 142% of the nonperforming portfolio.
The bank will face the challenge of continuing to increase its
loan portfolio -- mainly in the microfinance segment -- in a
highly competitive environment, while maintaining healthy asset-
quality indicators.

Vision has historically shown relatively strong profitability
thanks to its ability to generate high interest margins and a
diversified revenue structure.  However, during the first half of
2009, lower interest margins and higher provisions affected
Vision's results.  Nevertheless, with a return on assets of 2.8%,
Vision's profitability is in line with that of most banks.  In the
medium term, S&P expects the recent changes will translate into
new business opportunities, resulting in economies of scale that
would allow Vision to continue improving its overall performance.

Vision has a good market position, especially in the microfinance
segment where it allocates nearly 60% of its portfolio.  As of the
end of June 2009, Vision had 4% of the system's total loans, but
presented the largest distribution network for private banks.
Total assets reached Paraguayan guarani 1,107.2 billion
($220.6 million) as of June 30, 2009.

The stable outlook reflects S&P's expectation that, despite
Paraguay's still-high operating and sovereign risks, the
implementation of changes aimed at consolidating its strategic
position among banks will enable Vision to continue improving its
present competitive position without a significant deterioration
of its credit portfolio.  Rating upside is limited by the close
linkage between the sovereign and financial-system credit quality.
A sovereign upgrade would have a positive impact on S&P's rating
on Vision.  On the other hand, a major decline in Paraguay's
economy or a deterioration in Vision's capitalization level or
asset quality would result in a downgrade.


=======
P E R U
=======


DOE RUN PERU: May Take on Partner in Smelter, Government Says
-------------------------------------------------------------
Doe Run Peru may sell a stake in its shuttered smelter to help
finance the restart of operations, Alex Emery at Bloomberg News
reports, citing the Peruvian government.

According to the report, Deputy Mining Minister Fernando Gala said
that the company is unlikely to be able to reopen the smelter
before February.  ?The company will have to bring in a partner if
it can?t get the financing,? Mr. Gala told the news agency in an
interview.  ?Suppliers aren?t going to give them any more credit,?
Mr. Gala added.

Bloomberg News notes that this is the first time the government
has said that Doe Run could sell a stake in the smelter.  The
company is negotiating with a ?strategic partner? to finance the
purchase of concentrates from suppliers, Doe Run Vice President
Jose Mogrovejo told the news agency in a telephone interview.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, AMM News said that a Doe Run Peru spokesman said
that the company will delay the reopening of its smelter following
reports that Peru's congress voted to give the company a 30-month
extension on its environmental cleanup deadline, which expired on
October.  The report recalled that Doe Run Peru filed for a
government-monitored financial restructuring because it was
worried creditors might try to freeze its assets or operations.
Reuters related that Doe Run Peru owes some US$100 million to its
suppliers and needs to spend another US$150 million to clean up La
Oroya.

                        About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


PETROLEOS DE VENEZUELA: Venezuela Assumes Ops. Control Over Tavsa
---------------------------------------------------------------
Tenaris S.A. disclosed that pursuant to Decree Law 6058 and Decree
6796, Venezuela, acting through PDVSA Industrial S.A., a
subsidiary of Petroleos de Venezuela S.A., formally assumed
exclusive operational control over the assets of Tavsa, Tubos de
Acero de Venezuela S.A.  Following this formal change in
operational control, PDVSA Industrial has assumed complete
responsibility over Tavsa's operations and management, and Tavsa's
operations will thereafter be managed by the transition committee
previously appointed by Venezuela.  Tenaris's representatives in
Tavsa's board of directors will cease in their functions,
effective immediately.

While continuing to reserve all of its rights under investment
treaties and Venezuelan and international law, Tenaris is prepared
to engage in discussions with the Venezuelan government regarding
the fair and adequate terms and conditions for the transfer of
Tavsa to Venezuela.

                          About Tenaris

Tenaris is a leading global supplier of steel tubes and related
services for the world's energy industry and certain other
industrial applications.

                            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: Economy Contracted 4.5% in Third Quarter 2009
----------------------------------------------------------
By Daniel Cancel and Jose Orozco at Bloomberg News report that
Venezuela?s economy fell into recession this year as gross
domestic product contracted for the second consecutive quarter in
the three months through September.  The report, citing the
central bank, relates that the economy shrank 4.5% in the third
quarter from a year earlier after manufacturing and retail sales
plunged.

According to the report, Venezuela?s private sector has atrophied
this year as the government cut back on dollars available at the
official exchange rate and consumption fell.  The report notes
that the government and Petroleos de Venezuela SA have covered a
shortfall in revenue this year by selling US$11.3 billion in bonds
after oil exports plunged 48.5% from a year earlier.

The central bank, Bloomberg News notes, said that the oil sector
shrunk 9.5% in the quarter, while the non-oil sector fell 3%.
Retail sales plunged 11.5% in the third quarter and factory output
declined 9.2%, the bank added.

The report notes that Venezuela posted a current account surplus
of US$5.1 billion.

?The results occurred in an environment strongly affected by the
aftermath of the global financial crisis and the weakening of oil
prices,? the bank said in the statement obtained by the news
agency.  ?The lower supply of imported goods and the fall in
aggregate internal demand affected the figures,? the bank added.

                         *     *     *

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.


* VENEZUELA: Orinoco Oil Upgrader Failure Lowers Output
-------------------------------------------------------
Venezuela's Petroanzoategui oil upgrader is down 44,000 barrels a
day of production since November 13, because of problems with a
boiler, causing storage issues for the field's extra-heavy crude,
Marianna Parraga at Reuters reports.  The report relates that the
Petroanzoategui field and upgrader in the vast Orinoco belt of
tar-like crude was controlled by ConocoPhillips until being
nationalized in 2007.

According to the report, a source at petroleos de venezuela said
that the repair teams had been trying unsuccessfully to fix the
boiler.  The feeding capacity of Petroanzoategui is 130,000 bpd.

The report notes that PDVSA confirmed a water-leak at a boiler,
and said the upgrade should be back to full capacity at some point
this week.

                           *     *     *

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.


                            ***********

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

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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,
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           * * * End of Transmission * * *