TCRLA_Public/091119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, November 19, 2009, Vol. 10, No. 229

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Defendants Clash With Lloyd’s Over Payments
STANFORD INT'L: U.S. Receivers Challenge U.K. Ruling Over Assets


A R G E N T I N A

METROGAS SA: S&P Downgrades Corporate Credit Rating to 'CCC-'
TRANSPORTADORA GAS: Fitch Puts 'CCC' Rating on US$247.3 Bil. Notes


B E R M U D A

BURGAN MAN: Creditors' Proofs of Debt Due on November 27
BURGAN MAN: Members' Final Meeting Set for December 15
BURGAN MAN: Members' Final Meeting Set for December 15
CGA GROUP: Creditors' Proofs of Debt Due on November 27
CGA GROUP: Members' Final Meeting Set for December 17

PRB LIMITED: Creditors' Proofs of Debt Due on December 3
PRB LIMITED: Members' Final Meeting Set for December 21


B R A Z I L

BANCO NACIONAL: Approves US2.6 Billion Loan for Telecom Group Oi
GERDAU SA: Sells US$1.25BB of 10-Year Bonds in Overseas Markets
* BRAZIL: 3rd Qtr GDP Grew at "Chinese Pace", President Says


C A Y M A N  I S L A N D S

CASTLEHILL LIMITED: Commences Wind-Up Proceedings
COPENHAGEN CAPITAL: Members Receive Wind-Up Report
COPENHAGEN CAPITAL: Members Receive Wind-Up Report
COPENHAGEN CAPITAL: Members Receive Wind-Up Report
DIALOGUE DIRECTORS: Creditors' Proofs of Debt Due on November 26

GOROH LTD: Commences Wind-Up Proceedings
LESLI LIMITED: Commences Wind-Up Proceedings
MARLEBONE INVESTMENTS: Commences Wind-Up Proceedings
NITE CAPITAL: Creditors' Proofs of Debt Due on November 25
NITE CAPITAL: Creditors' Proofs of Debt Due on November 25

PICCADILLY CAYMAN: Creditors' Proofs of Debt Due on November 26
PICCADILLY DIRECTORS: Creditors' Proofs of Debt Due on November 26
POST DISTRESSED: Creditors' Proofs of Debt Due on November 25
PREMIUM PORTFOLIO: Creditors' Proofs of Debt Due on November 24
PRINCESS ROSE: Creditors' Proofs of Debt Due on January 5

PROMETHEAN I: Creditors' Proofs of Debt Due on November 26
RIGHT CHANCE: Commences Wind-Up Proceedings
SESAME LIMITED: Commences Wind-Up Proceedings
SUCCESSOR I: Creditors' Proofs of Debt Due on November 27
TOSCANINI LIMITED: Commences Wind-Up Proceedings


C H I L E

EMPRESA ELECTRICA: Shareholders Agrees to Combine Assets to Firm


C O L O M B I A

ECOPETROL SA: Government Rules Out Sale of Firm's Shares


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: World Bank OKs US$300 Million Loan
* DOMINICAN REPUBLIC: Economy Badly Affected by Crisis, IMF Says


M E X I C O

CONTROLADORA COMERCIAL: Still in Talks With Creditors
STATE OF VERACRUZ: Moody's Downgrades Issuer Rating to 'Ba2'
* MEXICO: To Support Private Enterprises with IDB Credit Line


P A N A M A

PANAMA: Fitch Assigns 'BB+' Rating on US$1 Bil. Global Bonds


V E N E Z U E L A

* VENEZUELA: 2009 Exports to U.S. Fall by 60%


X X X X X X X X

* LATAM: Inter-American Discusses Impact of Water Crisis
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


STANFORD INT'L: Defendants Clash With Lloyd’s Over Payments
-----------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that Lloyd’s of London said the admission made by former
Stanford International Bank Limited Chief Financial Officer, James
"Jim" Davis when he pleaded guilty relieves the insurance
syndicate of the obligation to pay defense costs for Robert Allen
Stanford and his codefendants.  The report relates that Lloyd’s
lawyers told U.S. District Court Judge David Hittner that the
statements reveal criminal activity that takes the defendants
actions outside the terms of their directors’ and officers’
insurance coverage.

“We’re in uncharted territory,” Judge Hittner told the lawyers for
each side after hearing more than three hours of argument, the
report relates.  “I know we’re dealing with a matter of law, but
there’s an issue of fairness here,’’ he added.  Judge Hittner, the
report notes, repeatedly said Lloyd’s decision to deny coverage
was based “not on facts but on someone who stated something under
oath.’’

According to Bloomberg News, Judge Hittner ordered both sides to
submit proposed orders to him no later than Dec. 4, one of which
he would adopt as his decision.

Bloomberg News relates that Lloyd’s lawyer Barry Chasnoff, a
partner in the San Antonio office of Washington-based Akin Gump
Strauss Hauer & Feld LLP, said that: “We made a contract and
believe we paid what we owe.”  “We’ve paid a total of $4.2 million
for work done prior to Aug. 27.  We believe under the contract we
don’t owe anymore,” Mr. Chasnoff added.

Judge Hittner in September appointed the Houston Federal Public
Defender’s Office to represent Stanford while his assets remained
frozen by order of the Dallas federal court, where a U.S.
Securities and Exchange Commission case against the financier is
pending.

As reported in the Troubled Company Reporter-Latin America on
October 13, 2009, Bloomberg News said that U.S. District Judge
David Godbey of Dallas ruled that Robert Allen Stanford, the
financier accused of orchestrating a multi-billion Ponzi scheme,
can use corporate insurance policy proceeds to pay defense
lawyers.  The report related that Mr. Stanford and other Stanford
Group executives can draw from Lloyds of London officers' and
directors' coverage said to be worth at least US$50 million.

"The court finds it in the interest of fairness to allow directors
and officers to access insurance proceeds to which they are
entitled for several reasons," Bloomberg News quoted Judge Godbey
as saying.  "The potential harm to them if denied coverage is not
speculative but real and immediate; they may be unable to defend
themselves in civil actions in which they do not have a right to
court-appointed counsel," Judge Godbey added.

               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).


STANFORD INT'L: U.S. Receivers Challenge U.K. Ruling Over Assets
----------------------------------------------------------------
James Lumley at Bloomberg News reports that Robert Allen
Stanford’s U.S. receivers asked a London appeals court to overturn
a ruling that gave control of millions of pounds held in U.K. bank
accounts to Antiguan liquidators.

According to the report, Stuart Isaacs, lawyer for the U.S. court-
appointed receiver Ralph Janvey, told a three-judge panel at the
Court of Appeal in London that the U.S. receiver should have
control of the assets since Mr. Stanford’s alleged crimes were
carried out from the U.S. Stanford has been in custody since June.

The liquidators, the report notes, have clashed in London and in a
federal court in Houston over who should have authority to recover
Stanford’s global assets

It’s the U.S. receiver “and he alone who is the proper person to
deal with Stanford International Bank Limited's assets in the U.K.
and elsewhere,” Mr. Isaacs was quoted by the report as saying.
The alleged Ponzi scheme was operated from the U.S. and “the vast
majority of SIB’s identifiable assets were in jurisdictions other
than Antigua,” he added.

Bloomberg News notes that lawyers for the Antiguan liquidator said
they would fight the appeal later in the hearing.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, a trial court in the United Kingdom issued a
decision that recognized the Antiguan Liquidators as "foreign
representatives" in the U.K. for Stanford International Bank
Limited, and recognized the Antiguan liquidation proceeding for
SIBL as the "foreign main proceeding" for SIBL, at least so far as
UK law goes.  In the same decision, the court also recognized, as
a matter of U.K. law, the Receiver as the receiver for the other
defendants in the U.S. receivership.  If the decision is not
reversed on appeal, and ignoring any asset freezes, the decision
would give the Antiguan Liquidators powers over assets of SIB that
are located in the United Kingdom.

                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
=================


METROGAS SA: S&P Downgrades Corporate Credit Rating to 'CCC-'
-------------------------------------------------------------
On Nov. 17, 2009, Standard & Poor's Ratings Services lowered its
ratings on Metrogas, including its corporate credit rating to
'CCC-' from 'CCC'.   The outlook is negative.  The downgrade
reflects the company's weakening financial metrics due to the
increasing operating and financial costs and debt levels (measured
in Argentine pesos, ARP) amid tariff freeze (since January 2002),
inflation, and the ARP devaluation.  As a result, S&P expects
Metrogas to face increasing financial challenges due to its
growing debt maturity payments of $21 million in 2010 and
$42 million in 2011.

The ratings on Metrogas are not affected at this point by the May
2009 filing for reorganization (Concurso Preventivo de Acreedores)
by its controlling shareholder, Gas Argentino S.A. mainly because
it causes neither a revocation of its license nor an event of
default under the terms and conditions of Metrogas' debt.  Also,
the ratings do not incorporate a potential financial support from
Metrogas' parents or cash distributions to Metrogas shareholders.

The ratings on Metrogas mainly reflect the high political and
regulatory risk in Argentina (based on the uncertainties about the
still pending renegotiation of the company's license after
pesification and tariff freeze), the significant mismatch between
the company's revenues in ARP and debt in foreign currency, mostly
in dollars, its high leverage, and weak financial flexibility.

In September 2008, the Argentine government announced a 10%-30%
tariff increase for Metrogas depending on the type of customer and
its consumption level, which was expected to be at least
ARP35 million - ARP45 million higher in annual cash generation.
The tariff increase has not been implemented yet.  Proceeds are
expected to go to a trust fund to finance network maintenance and
expansion.  Thus, the company would not discretionally dispose of
that cash until one of its main shareholders, the BG Group,
withdraws its legal claim (related to the pesification and tariff
freeze) against Argentina in international courts.

Metrogas' financial risk profile has been gradually weakening
during the past three years due to increasing operating and
financial costs and debt levels.  Metrogas' debt to EBITDA has
deteriorated to 5.3x in the 12 months ended Sept. 30, 2009 from
3.8x for the same period in 2008.  In addition, funds from
operations interest coverage and FFO to total debt have weakened
to 1.8x and 12.9% from 2.6x and 28.3%, respectively.  S&P expects
Metrogas to face increasing challenges in meeting its growing debt
maturity schedule: principal maturities of about $10.5 million in
June 2010 and December 2010, and $21.1 million in June 2011 and
December 2011.

Metrogas is Argentina's largest distributor of natural gas that
serves more than 2 million customers through a 35-year exclusive
license to distribute natural gas in the Buenos Aires metropolitan
region, which is the country's most densely populated area.

In Standard & Poor's opinion, Metrogas' liquidity is weak and has
gradually deteriorated in the past months due to the company's
weaker financial performance.  Total cash reserves reached $22.0
million as of Sept. 30, 2009 ($14.2 million as of Dec. 31, 2008),
compared with a $15.9 million short-term debt, including holdouts
and accrued interests.  A further devaluation of the Argentine
peso could continue squeezing the company's liquidity and
financial flexibility.

The negative outlook reflects S&P's expectations that Metrogas'
financial performance could be further impaired due to higher
operating and financial costs and debt levels due to inflation and
peso devaluation within a context of tariff freeze.  S&P could
lower the ratings if cash generation and liquidity continue to
decrease and if debt levels and refinancing risk keep rising.
Potential ratings upgrade would require a tariff increase,
resulting in a significant improvement of the company's debt
repayment capacity.

                            Downgraded

                           Metrogas S.A.

                     Corporate Credit Rating

                            To                  From
                            --                  ----
     Foreign Currency       CCC-/Negative/--    CCC/Negative/--
     Local Currency         raCCC+/Negative/--  raB/Negative/--
     Senior unsecured notes CCC-                CCC


TRANSPORTADORA GAS: Fitch Puts 'CCC' Rating on US$247.3 Bil. Notes
------------------------------------------------------------------
Fitch Ratings has assigned Transportadora Gas del Norte's proposed
exchange note offering of US$247.3 million seven year notes (new
notes) a rating of the 'CCC' and a recovery rating of 'RR4'.  The
new notes have been assigned a long-term national scale rating of
'BB(arg)'.  The Rating Outlook is Stable.  In addition, Fitch has
assigned preliminary local and foreign currency Issuer Default
Ratings of 'CCC', which would replace the currently outstanding
local and foreign currency IDRs of 'D' upon completion of the debt
restructuring.

The new US$247.3 notes are part of TGN's proposal to restructure
US$347.3 million of existing debt, which includes currently
outstanding notes for US$344.9 million and commercial debt of
US$2.4 million.  Existing creditors have been offered two exchange
options, 1) up to US$40 million in cash for US$100 million par
value of existing note, or 2) new notes for up to US$247.3 million
for existing note of equal par value; oversubscription of either
option will be prorated to the other option.  The new notes will
carry a coupon rate that steps-up over the course of the notes and
are 6.5% for years one to three, 7.5% for years four and five, and
8.5% for years six and seven.  The notes have a minimum cash
interest payment of 3.5% per annum, with the option for TGN to
capitalize the remainder.  Principal will be amortized in bi-
annual installments beginning in year five equivalent to 7.5% each
in year five, 10% each in year six, and 65% in year seven.

Following the debt restructuring, TGN's total debt will be reduced
by US$100 million to US$247.3 million and net debt will be reduced
by US$60 million, somewhat reducing leverage.  Positively, the
restructuring significantly lowers short term debt service
requirements for the first four years following completion by
lowering cash interest expense to 3.5% and eliminating principal
payments until 2015.  However, as principal amortizations begin in
year five, absent tariff increases or other factors that add to
positive cash flow, which remain highly uncertain at this time,
cash flow would likely become negative and could result in
pressure on credit quality and add to financial distress.  Since
2002, the company's cash generation has been negatively impacted
by continued frozen tariffs, reduction in export revenues, and
increase in its cost structure and peso devaluation; many of these
negative operating factors are expected to continue to adversely
impact the company's operating performance over the next several
years.

The time of the restructuring remains uncertain.  First, the APE
court will need to issue the initial endorsement approving the
restructuring agreement.  After such endorsement is issued, TGN
will restructure the outstanding debt held by consenting creditor
and restructure the remaining outstanding debt at a later date in
accordance with the final endorsement.  The state owned
institutional investor, ANSES, is amongst the non-consenting
creditors.  On Oct. 14, 2009, TGN announced that around 87% of
outstanding principal has agreed to its debt restructuring
proposal and has subsequently filed the restructuring agreement
with an APE Court for its approval pursuant to the Argentine
Bankruptcy Law.  Consenting creditors have the option to withdraw
its consent to the offer on July 14, 2010.

As of September 2009, TGN's cash and marketable securities was
US$78 million.  In the nine month period ended in September 2009,
free cash flow was ARP218 million; Fitch expects next year's cash
generation will deteriorate as a result of the recent suspension
of payments under Metrogas' and YPF's export contracts.
Positively, TGN has come to terms with its Chilean off-taker San
Isidro and revenues of approximately US$11 million per year have
been agreed until January 2014, although this will not be
sufficient to help maintain a stable cash generation.

TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total gas
consumption and more than 50% of Argentine total gas exports.  TGN
has an exclusive license to operate the northern Argentina gas
pipeline system for a term of 35 years, which may be extended for
an additional 10-year period.  The Argentine government has
intervened into TGN's administration since December 2008.  The
designated government's interventor is responsible for supervising
all actions related to the public service.  TGN's main
shareholders are Gasinvest S.A. (56.35%) and Blue Ridge
Investments LLC (23.53%), while 20% is floating in the market.
Gasinvest S.A. is in turn owned by TecPetrol Internacional SL
(27.2%), Transcogas Inversora S.A. (22.3%), Total Gas y
Electricidad Argentina S.A (20.6%), Petronas Argentina S.A(18.3%).
Total Gasandes (6.6%), and Compania General de Combustibles S.A.
(5%).


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


BURGAN MAN: Creditors' Proofs of Debt Due on November 27
--------------------------------------------------------
The creditors of Burgan Man Multi-Strategy Guaranteed Ltd are
required to file their proofs of debt by November 27, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


BURGAN MAN: Members' Final Meeting Set for December 15
------------------------------------------------------
The members of Burgan Man Multi-Strategy Guaranteed Ltd will hold
their final 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 9, 2009.

The company's liquidator is:

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


BURGAN MAN: Members' Final Meeting Set for December 15
------------------------------------------------------
The members of Burgan Man Multi-Strategy Trading Ltd will hold
their final 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 9, 2009.

The company's liquidator is:

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


CGA GROUP: Creditors' Proofs of Debt Due on November 27
-------------------------------------------------------
The creditors of CGA Group, Ltd. are required to file their proofs
of debt by November 27, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 6, 2009.

The company's liquidator is:

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


CGA GROUP: Members' Final Meeting Set for December 17
-----------------------------------------------------
The members of CGA Group, Ltd will hold their final meeting on
December 17, 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 6, 2009.

The company's liquidator is:

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


PRB LIMITED: Creditors' Proofs of Debt Due on December 3
--------------------------------------------------------
The creditors of PRB Limited are required to file their proofs of
debt by December 3, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 13, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canone Court, 22 Victoria Street
          Hamilton, Bermuda


PRB LIMITED: Members' Final Meeting Set for December 21
-------------------------------------------------------
The members of PRB Limited will hold their final meeting on
December 21, 2009, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 13, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canone Court, 22 Victoria Street
          Hamilton, Bermuda


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


BANCO NACIONAL: Approves US2.6 Billion Loan for Telecom Group Oi
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA approved
BRL4.4 billion (US$2.6 billion) in loans to local telecom group Oi
for expansion plans through 2011, Guillermo Parra-Bernalat at
Reuters reports.

According to the report, Oi will use the funds to implement
broadband Internet services in more than 3,000 Brazilian
municipalities and 28,000 schools by the end of next year.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                           *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


GERDAU SA: Sells US$1.25BB of 10-Year Bonds in Overseas Markets
---------------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that Gerdau SA
sold US$1.25 billion of 10-year bonds in overseas markets as the
company prepares to boost investment in its iron-ore business,
said a person familiar with the transaction.

According to the report, citing an unnamed source, relates that
the bonds yield 7.25%.  HSBC Holdings Plc, Banco Santander SA,
Banco Itau, Bank of America Corp., Citigroup Inc. and JPMorgan
Chase & Co. arranged the offering, the source added.

As reported in the Troubled Company Reporter-Latin America on
November 12, 2009, Bloomberg News said that Gerdau SA said that it
plans to invest BRL9.5 billion (US$5.5 billion) in the next five
years as global demand rebounds.   The report related that Chief
Executive Officer Andre Gerdau Johannpeter said that the company
is stepping up spending amid forecasts that a demand rebound will
continue into the fourth quarter and 2010.  Gerdau will resume
investments in a 1.5 million-ton-a-year iron-ore mine in Brazil
that was delayed because of the global economic slowdown, he
added.

                        About Gerdau SA

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

                         *     *     *

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


* BRAZIL: 3rd Qtr GDP Grew at "Chinese Pace", President Says
------------------------------------------------------------
Helder Marinho and Iuri Dantas at Bloomberg News report that
President Luiz Inacio Lula da Silva said that Brazil’s economy is
expanding at a “Chinese pace” and quarter-on-quarter growth may
have quickened to an annualized rate of about 9% in the July to
September period.  The report relates that President Lula, in his
weekly newspaper column, said the country’s US$233 billion of
international reserves have brought stability that guarantees
funding for investment in social programs and infrastructure.

“Among several indicators that resulted from this highly favorable
scenario, I can cite the surplus, in a year of crisis, of 1
million government-registered jobs and third-quarter gross
domestic product, which should register growth at a Chinese pace
of about 9 percent,” President Lula wrote in a column obtained by
the news agency.  Brazil is scheduled to report third-quarter
gross domestic product on Dec. 10.

According to the report, Brazil’s economy emerged from its first
recession since 2003 in the second quarter, expanding 1.9% from
the previous three months, for an annualized pace of 7.6%. The
report relates that Brazil’s GDP contracted 1.2% in the second
quarter compared with the same quarter in 2008, while China’s
economy expanded 8.9% in the third quarter from the same period a
year ago.

Bloomberg News notes that growth in China has averaged 9.2% this
decade from 3.6% annual average rate in Brazil.  Finance Minister
Guido Mantega, the report relates, said that the country’s economy
may be able to achieve annual growth of between 6% and 6.5%
through 2017.

"While Brazil’s recovery may gain momentum in the coming months,
it’s a far cry from Chinese growth rates,” the report quoted
Douglas Smith, chief economist for the Americas at Standard
Chartered Bank in New York, as saying.  If Chinese-like growth
rates ever arose in Brazil it would provoke a return of inflation,
he added

“There’s no way Lula could be talking about that kind of growth.
It’s not sustainable,” in Brazil’s case, Mr. Smith said, the
report notes.

Bloomberg News, citing the latest median estimate among 100
economists surveyed by the central bank, adds that as the
government and central bank pull back on fiscal and monetary
stimulus measures, Brazil should grow 5% next year, compared with
0.2% for 2009.

                           *     *     *

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


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


CASTLEHILL LIMITED: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on October 7, 2009, the
shareholders of Castlehill Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
November 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


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

The company's liquidator is:

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


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

The company's liquidator is:

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


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

The company's liquidator is:

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


DIALOGUE DIRECTORS: Creditors' Proofs of Debt Due on November 26
----------------------------------------------------------------
The creditors of Dialogue Directors Limited are required to file
their proofs of debt by November 26, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Darren Riley
          c/o Ellen J. Christian
          Telephone: 345 945 9208
          Facsimile: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


GOROH LTD: Commences Wind-Up Proceedings
----------------------------------------
At an extraordinary general meeting held on October 7, 2009, the
shareholders of Goroh Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
November 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


LESLI LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
At an extraordinary general meeting held on October 7, 2009, the
shareholders of Lesli Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
November 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


MARLEBONE INVESTMENTS: Commences Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on October 7, 2009, the
shareholders of Marlebone Investments Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
November 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


NITE CAPITAL: Creditors' Proofs of Debt Due on November 25
----------------------------------------------------------
The creditors of Nite Capital Offshore Ltd. are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9005, Cayman Islands


NITE CAPITAL: Creditors' Proofs of Debt Due on November 25
----------------------------------------------------------
The creditors of Nite Capital Master, Ltd. are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9005, Cayman Islands


PICCADILLY CAYMAN: Creditors' Proofs of Debt Due on November 26
---------------------------------------------------------------
The creditors of Piccadilly Cayman Limited are required to file
their proofs of debt by November 26, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Darren Riley
          c/o Ellen J. Christian
          Telephone: 345 945 9208
          Facsimile: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


PICCADILLY DIRECTORS: Creditors' Proofs of Debt Due on November 26
------------------------------------------------------------------
The creditors of Piccadilly Directors Limited are required to file
their proofs of debt by November 26, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Darren Riley
          c/o Ellen J. Christian
          Telephone: 345 945 9208
          Facsimile: 345 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


POST DISTRESSED: Creditors' Proofs of Debt Due on November 25
-------------------------------------------------------------
The creditors of Post Distressed Offshore Fund II, Ltd. are
required to file their proofs of debt by November 25, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 25, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9005, Cayman Islands


PREMIUM PORTFOLIO: Creditors' Proofs of Debt Due on November 24
---------------------------------------------------------------
The creditors of Premium Portfolio Limited are required to file
their proofs of debt by November 24, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Maricorp Services Ltd
          31 The Strand, P.O. Box 2075
          Grand Cayman KY1-1105


PRINCESS ROSE: Creditors' Proofs of Debt Due on January 5
---------------------------------------------------------
The creditors of Princess Rose Co. Ltd. are required to file their
proofs of debt by January 5, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


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

The company commenced wind-up proceedings on September 30, 2009.

The company's liquidator is:

          Maricorp Services Ltd
          J. Andrew Murray
          Telephone: 345 949 9710
          Facsimile: 345 945 2188
          31 The Strand, P O Box 2075
          Grand Cayman KY1-1105


RIGHT CHANCE: Commences Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on October 7, 2009, the
shareholders of Right Chance Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
November 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


SESAME LIMITED: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on October 7, 2009, the
shareholders of Sesame Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
November 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


SUCCESSOR I: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of Successor I Ltd are required to file their proofs
of debt by November 27, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 7, 2009.

The company's liquidators are:

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


TOSCANINI LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting held on October 7, 2009, the
shareholders of Toscanini Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
November 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


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


EMPRESA ELECTRICA: Shareholders Agrees to Combine Assets to Firm
----------------------------------------------------------------
Nathan Gill at Bloomberg News reports that the controlling
shareholders of Empresa Electrica Del Norte Grande S.A. (Edelnor)
agreed to combine their northern Chilean energy assets into the
company.

According to the report, citing a November 6 statement, Codelco
said it reached an agreement with Paris-based GDF Suez to merge
their northern Chilean energy assets into Edelnor.  The report
relates that GDF Suez will pay Codelco US$172.5 million to acquire
a controlling interest of 52.4% in Edelnor which will control
about half of the power capacity on Chile’s northern grid.

“The current share price doesn’t completely reflect the value of
minority participation in the combined company,” William Baeza, an
analyst at Euroamerica Corredores de Bolsa SA, wrote today in note
to clients obtained by the news agency.  “We still see space for
Edelnor’s share price to continue rising,” Mr. Baeza added.

                           About Edelnor

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 17, 2009, Standard & Poor's Ratings Services revised its
CreditWatch implications on Edelnor's 'BB-' ratings to developing
from positive.  The CreditWatch listing follows the company's
recent announcements that the main shareholders, Suez-Tractebel
and Codelco (A/Stable/--), agreed to merge their stakes in several
assets in Chilean electricity generation and gas transportation
sectors.


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


ECOPETROL SA: Government Rules Out Sale of Firm's Shares
--------------------------------------------------------
Colombia Finance Minister Oscar Ivan Zuluaga said the second phase
of Ecopetrol SA's capitalization must be procured before
considering the sale of up to 10% of the shares the state owns in
the company, Poder360.com reports.

According to the report, Mr. Zuluaga said that so far this
precludes the possibility of submitting a bill to sell up to 10%
of the shares the nation has in Ecopetrol SA.  The report relates
that Mr. Zuluaga maintained that the second phase of the oil
company’s capitalization must first be undertaken to then consider
selling up to 10% of shares the state has in the company and added
that, in the best case scenario, it would occur in 2011.

Mr. Zuluaga, Poder360.com notes, also said that the government's
priority right now is focused on the adoption of tax reform.
These statements came after President Alvaro Uribe disclosed that
the government will sell another 10% of Ecopetrol shares.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Bloomberg News said that Colombia may sell as
much as 10% of its stake in Ecopetrol SA to help fund COP10
trillion (US$5.2 billion) of highway spending.  The report related
Finance Minister Oscar Ivan Zuluaga said that Colombia is likely
to sell the stake “gradually” between 2011 and 2014, depending on
the speed of Colombia’s economic recovery.  Selling the shares
would prevent Colombia from having to increase debt to fund the
investments, Mr. Zuluaga added.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

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

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


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


* DOMINICAN REPUBLIC: World Bank OKs US$300 Million Loan
--------------------------------------------------------
The World Bank Board of Directors approved two loans totaling
US$300 million to support reforms aimed at improving results in
social sectors -- mainly social protection, education and health
-- as well as the quality and efficiency of public spending, while
mitigating the impact of the global downturn on Dominican
Republic’s public finances.

“These operations will contribute to the Government’s efforts to
reactivate the economy by helping to cover the fiscal gap for this
year and by raising public investment, according to what is
established in the budget approved by the National Congress,” said
Vicente Bengoa, the Dominican Republic Minister of Finance.

The Public Finance and Social Sector and the First Performance and
Accountability of Social Sectors Development Policy Loans are part
of the World Bank’s 2010-2013 Country Partnership Strategy for the
Dominican Republic and will support Government reforms in three
main policy areas: quality and efficiency of public spending,
fiscal sustainability, and social protection.

“The projects will help reduce the country’s vulnerability to
future shocks by minimizing inefficient subsidies, recovering
costs in the energy sector and improving tax and revenue
administration,” said Yvonne Tsikata, World Bank Director for the
Caribbean.  “In addition, these projects will provide poor
families better access to education, health and nutrition while
enhancing results, transparency and accountability in social
spending,” she added.

“These new operations are aimed at supporting a series of reforms
very necessary to promote greater competitiveness levels, foster a
results-based public administration and protect the poorest
citizens during this international crisis,” said Roby
Senderowitsch, World Bank Country Manager for the Dominican
Republic.  “It is urgent for the Dominican Republic to preserve
the human capital of the poor, especially through the protection
of education and primary health care services and the Solidaridad
Program, which already covers about two million people,” he added.

The two loans of US$150 million each will be directly disbursed
to the national budget in one single tranche.  The loans are
fixed-spread, payable in 23 years, including a 12.5-year grace
period.

                           *     *     *

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'.


* DOMINICAN REPUBLIC: Economy Badly Affected by Crisis, IMF Says
----------------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
on November 9, 2009, the 2009 Article IV consultation with the
Dominican Republic.1

                              Background

The Dominican economy has been adversely affected by the global
crisis.  Output has been below potential as real Gross Domestic
Product growth is decelerating rapidly from over 5% in 2008 to an
estimated 0.5 to 1.5% in 2009.  Inflation has fallen rapidly to
-0.3% year-over-year in October 2009 as the supply shocks of last
year have unwound.  The external current account deficit is
estimated to be around 6 percent of GDP in 2009, about 4
percentage points lower than in 2008, as imports have fallen more
than exports, tourism and remittances.  The banking system has
withstood the global crisis and remains liquid, well-capitalized
and profitable.

Monetary authorities have responded to the crisis in a timely
manner, but fiscal policy has been constrained by a lack of
external financing.  The Central Bank lowered its policy interest
rate by 550 basis points to 4 percent during 2009, and reserve
requirements were also lowered by 250 basis points to 17.5%.
Following a relaxed stance in 2008, fiscal policy has been tight
in the first 3 quarters of 2009, as a decline in tax revenues of
10% to September (with respect to January–September 2008) was met
with a larger decline in expenditures.  The deficit of the
consolidated public sector was about 2% of GDP during the first
three quarters of 2009, or around 1 percentage point of GDP lower
than during the first three quarters of 2008.

Structural impediments in the fiscal and electricity sector put a
heavy burden on public finances.  There is a risk that the decline
in tax revenues observed in 2008-09 (of more than 10%) may be
partly related to undue use of tax exemptions contained in
competitiveness laws.  Serious structural weaknesses continue to
leave the state-owned electricity distribution companies with
large losses.  Untargeted subsidies to cover these losses remain a
drain on public finances, absorbing over one percent of GDP in
2009. Notwithstanding these subsidies, the quality of service to
citizens in the electricity sector remains very poor.

The authorities’ program aims to limit the effects of the global
slowdown on the economy while establishing the conditions for
robust and sustainable growth.  The program is expected to
catalyze financing from multilaterals for the conduct of a
countercyclical fiscal policy in the short term, while monetary
policy will remain flexible to respond to the liquidity needs of
the economy.  The medium-term program calls for a gradual fiscal
consolidation to ensure sustainability as the economic activity
rebounds.  International reserves will also be increased to
comfortable levels as the exchange rate is gradually made more
flexible and the Central Bank adopts a full-fledged inflation
targeting regime in the medium-term.  The authorities’ program
also aims to address fiscal impediments, especially in the area of
revenue collection, and to eliminate untargeted electricity
subsidies.  The authorities' economic program is supported by a
Stand-By Arrangement with the IMF, which was also approved by the
Executive Board on November 9 (see Press Release 09/393).

                      Executive Board Assessment

Executive Directors agreed with the thrust of the staff appraisal.
They noted that the global economic recession has significantly
weakened the Dominican economy, with growth declining markedly in
2009.  Inflation has remained subdued and the current account
deficit narrowed.  Directors welcomed the authorities’ economic
program, which aims at returning the economy to its high,
sustainable growth path, through flexible, countercyclical
policies in the short run, and pursuing over the medium term a
fiscal consolidation strategy and an ambitious structural reform
agenda.

Directors supported the temporary fiscal stimulus in 2009-10,
including the full play of automatic stabilizers, in light of well
below potential output and as financing constraints are relieved.
Fiscal policy could be relaxed as additional external financing is
secured, targeting investment projects with high social returns
while strengthening social safety nets.  At the same time,
Directors called on the authorities to follow through on their
commitment to medium-term sustainability by shifting to a fiscal
consolidation effort beginning in the second half of 2010.  Work
should start promptly on the planned structural measures, in
particular improvements in tax administration, with Fund technical
assistance, and on the elimination of untargeted electricity
subsidies.  The finalization and implementation of a comprehensive
plan to address structural impediments in the electricity sector
also remain a high priority.

Directors welcomed the flexible implementation of monetary policy,
with a timely shift to an accommodative stance in 2009 to
stimulate economic activity.  While this stance remains
appropriate at present, Directors noted the limited scope for
further reducing policy interest rates, as well as banks’ high
liquidity preference. Directors encouraged the monetary
authorities to remain vigilant and stand ready to withdraw
liquidity gradually as private credit picks up. They commended the
authorities for the progress in strengthening the central bank as
an effective monetary authority, and stressed the importance of
proceeding with the recapitalization plan to enhance its
credibility further.

Directors welcomed the monetary authorities’ commitment to a
flexible exchange rate, and took note of the staff assessment that
the real effective exchange rate is broadly in line with
fundamentals.  Given the relatively low level of international
reserves, gradually introducing more flexibility within the
current managed floating regime would help cushion potential
external shocks. Consideration would also need to be given to
continued strengthening of the monetary anchor, and Directors
supported the authorities’ intention to move to an inflation-
targeting regime once the supporting institutional framework has
been put in place.

Directors welcomed significant improvements in the regulation,
supervision, and financial strength of the banking system.  As a
result of previous reforms, the Dominican banking system remains
liquid, solvent, and profitable, despite the global credit crunch.
Directors emphasized the need to continue monitoring the system
closely and stand ready to take necessary measures to prevent
systemic problems.  They encouraged the authorities to advance the
implementation of risk-based consolidated bank supervision and
regulation, and to formulate strategies for domestic capital
market development and debt management.

                         *     *     *

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'.


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


CONTROLADORA COMERCIAL: Still in Talks With Creditors
-----------------------------------------------------
Peter Millard at Bloomberg News reports that Controladora
Comercial Mexicana SAB said that it is still in talks with
creditors and no agreement has been reached.

According to the report, the company said that the market will be
informed when there is an accord.

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.


STATE OF VERACRUZ: Moody's Downgrades Issuer Rating to 'Ba2'
------------------------------------------------------------
Moody's de Mexico downgraded the issuer rating of the State of
Veracruz to A2.mx (Mexico National Scale) from A1.mx.  Moody's
Investors Service downgraded the issuer rating of the State of
Veracruz to Ba2 (Global Scale, local currency) from Ba1.  At the
same time the issuer ratings have been placed under review for
possible downgrade.

The rating action reflects three developments: 1) the misalignment
of revenue and expenditure growth, leading to the recording of
cash financing requirements; 2) current borrowing plans that are
expected to trigger increases in debt and debt servicing levels
above the median levels for Ba rated Mexican states and 3) a
weakening of the state's liquidity position in 2009.

Between 2004 and 2008, Veracruz registered cash financing
requirements that averaged -3.4% of total revenues, owing to the
misalignment of revenue and expenditure growth.  Moody's
anticipates that the current economic environment will exert
additional pressure on financial results in 2009 and 2010, via
cyclical reductions in the pool of transfers available for states
and slower own-source revenue growth.  Given Veracruz´s high
dependence on federal transfers, coupled with the state's
intention to maintain its current capital expenditure program,
fiscal challenges to rebalance its financial results over the
medium term remain significant.

As a result of the expected cash financing requirements in 2009,
the state is planning to issue new debt of MXN6.8 billion in the
near term.  As a result of this planned issuance, Moody's
estimates that net direct and indirect debt may increase to
roughly 22.0% of total revenues in 2009, from 10.6% in 2008.  Debt
service is expected to grow from 0.7% of total revenue in 2008,
reflecting limited initial principal payments under current debt
obligations, to roughly 3.0% in 2010.  Although these debt and
debt servicing metrics remain manageable within Veracruz's current
financial framework, they are expected to exceed the median levels
for Ba-rated Mexican states.

While Veracruz maintained modest liquidity levels in recent years,
the state's third quarter results in 2009 indicate a sharp
deterioration.  In the third quarter of 2009, net working capital
(measuring current assets minus current liabilities) decreased to
a negative MXN919 million (-1.4% of total 2008 expenditures), from
a positive MXN925 million at the end of 2008 (1.4%).  This
weakening reflects, predominantly, a rapid increase in accounts
payable and constitutes a significant credit challenge.

The placing of the issuer ratings under review for possible
downgrade reflects downside risks related to greater than expected
cash financing requirements and potential refinancing risk.
Accordingly, the review will focus on an assessment of expected
adjustments to the state's fiscal policy strategy and the extent
to which these adjustments redress fiscal balances on a forward
looking basis.  At the same time, the review will also assess
risks related to the potential triggering of an early amortization
clause in the state's MXN6.8 billion bond issue (100% of the
state's current direct debt).  The early amortization clause could
be triggered if further downward actions are taken on the rating
of the transaction, which would expose the state to significant
refinancing risk in the current tight credit market.  Moody's will
monitor developments and conclude its review by mid February 2010.

The last rating action with respect to the State of Veracruz was
taken on November 14, 2006, when A1.mx (Mexico National Scale
Rating) and Ba1 (Global Scale, Local Currency) issuer ratings were
affirmed.


* MEXICO: To Support Private Enterprises with IDB Credit Line
-------------------------------------------------------------
A first operation of US$301 million to support small and medium
enterprises in the oil industry and projects to reduce greenhouse
gas emissions in the oil sector

Mexico will make its small-and mid-sized enterprises in the oil
industry’s value chain more competitive by channeling medium- and
long-term financing with a US$301 million loan from the Inter-
American Development Bank.  This is the first operation under a
US$1.2 billion conditional credit line for investment projects
which seeks to fund productive investment by the private sector.

The initial loan approved by the Bank's Board of Directors was
extended to Nacional Financiera, a credit institution established
in 1934 to promote savings and investment and channel financial
and technical support for Mexico's industrial and economic
development.

The operation seeks to leverage the critical importance of the oil
sector in Mexico, its largest industry representing nearly 5% of
GDP.  The aim is to promote SMEs development and investment, as a
public policy response to the requirements of the new Petroleos
Mexicanos Act of November 29, 2008.  It also complements the
Government’s strategies and commitments to promote linkages among
suppliers and larger companies as a means to develop SMEs.

The Bank's funds come at a time when the international financial
crisis and the consequences of the influenza outbreak have dealt a
major blow to credit access, especially for SMEs, which generate
over 50% of Mexico's gross domestic product and provide nearly 75%
of all jobs.

In addition to helping small suppliers and contractors in the oil
industry's value chain, NAFIN will also finance private projects
to increase energy efficiency and reduce greenhouse gas emissions
associated with fossil fuels production, under the National
Strategy on Climate Change.

Expected results by end 2012 include: support an increase in the
domestic content of oil industry suppliers from 35 to 35%; 150 new
medium- and long-term annual loans approved using NAFIN lines to
oil sector SMEs; $125 million in medium- and long-term annual
loans approved for SMEs; and GHG emissions reductions of 100,000
tons of carbon dioxide equivalent.

The loan is for a 25-year term, including a five-year grace
period, and carries a variable interest rate based on Libor.
Subsequent operations under the CCLIP will be available for both
NAFIN and BANCOMEXT, the national development bank that supports
SME’s involved in the export sector.


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


PANAMA: Fitch Assigns 'BB+' Rating on US$1 Bil. Global Bonds
------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the Republic of
Panama's US$1 billion global bond issuance maturing in January
2020 (5.2% coupon).  The rating is in line with Panama's Long-term
Foreign Currency Issuer Default Rating of 'BB+' with a Positive
Rating Outlook.  The proceeds will go toward refinancing domestic
public debt.

"In spite of a cyclical downturn, Panama's macroeconomic and
structural strengths continue to set it apart from sovereigns
rated in the 'BB-', 'BB', and 'BB+' categories," said Theresa Paiz
Fredel, Senior Director at Fitch Ratings.  "This has contributed
to the convergence of per capita income with that of low
investment grade sovereigns."

Official dollarization, a stable financial system, low public
sector debt service needs as well as the government's considerable
financial and land assets support the sovereign's 'BB+' IDR.
Furthermore, dollarization underpins an established track record
of macroeconomic stability unrivaled by sub-investment grade
emerging markets, as illustrated by an extended period of high
growth in conjunction with single-digit inflation.

Panama's main credit weakness remains its high level of government
debt, although key public debt metrics have been improving at a
steady pace over the past five years.  "The recent approval of
modifications to Panama's tax code in the midst of the worst
economic slowdown since 2001 sends a positive signal about the
government's commitment to sustainable fiscal policies and bodes
well for Panama's creditworthiness," added Ms. Fredel.
Furthermore, liability management operations are expected to
reduce Panama's debt service burden over Fitch's rating horizon
without increasing gross government debt.

Continued growth momentum and resilience of Panama's macroeconomic
policy framework in the context of the current global economic and
financial crisis could be positive for creditworthiness.  Given
the small size of Panama's economy, its vulnerability to external
shocks and rigidity in public finances, a sustained reduction in
the government's debt burden over the medium term could also
benefit creditworthiness.


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


* VENEZUELA: 2009 Exports to U.S. Fall by 60%
---------------------------------------------
Venezuela's exports to the United States have dropped 60.4% so far
this year, due largely to lower oil prices, The Associated Press
reports.

According to The AP, citing a report by The Venezuelan-American
Commerce and Industry Chamber, trade between the two countries
reached US$20.3 billion between January and September, compared to
US$51.4 billion during the first nine months of 2008.  The report
relates that oil sales reached US$19.5 billion, about 96% of total
commerce.

The AP notes that the sharp drop in trade is a result of lower
petroleum prices on the international market following
historically high prices last year.

The United States is Venezuela's No. 1 trade partner.

                           *     *     *

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


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


* LATAM: Inter-American Discusses Impact of Water Crisis
--------------------------------------------------------
Latin America is facing multiple water crises with far-reaching
consequences for health, food security, renewable energy sources
and export competitiveness, Inter-American Development Bank
President Luis Alberto Moreno said today.

“In Latin America, water is more intimately linked to development
than any other region of the world,” Mr. Moreno said during a
multimedia presentation, Latin American Solutions to the Water and
Sanitation Crisis, made for the first time before the Development
Congress of the International Water Association, which is being
held here Nov. 15 to 18.

The cross-sector importance of water in Latin America has become
dramatically more evident in recent years.  Droughts of historic
proportions have caused electricity blackouts, crop losses,
starvation and water rationing in countries as diverse as
Argentina, Brazil, Guatemala, Venezuela and Mexico.

Nicaragua and El Salvador were reeling from the impact of
Hurricane Ida last week, underscoring the potential for damage
from weather-related disasters, which scientists say may become
more frequent and more severe due to global warming.

Andean glaciers, which supply 70 million persons with water, have
shrunk by 30% over the past three decades.  These glaciers are
likely to disappear by 2030.

Even though Latin America is in a position to meet the United
Nations Millennium Development Goals for access to safe water,
around 85 million persons in this region still lack a water
connection to their homes and 110 million lack access to proper
sewage.  Almost 38,000 children die per year of intestinal
diseases attributable to contaminated water.

Moreno’s presentation coincided with the opening of a food
security summit of the Food and Agriculture Organization in Rome,
where delegates are promoting the goal of increasing food
production by 50% over the next 15 years.  In December, countries
will discuss ways to tackle climate change in a UN summit in
Copenhagen.

“In Latin America, all these issues converge around water,” Moreno
said.

                      Comparative Advantage

While water management poses huge challenges, this resource
represents a competitive advantage for the Latin American and
Caribbean economies, Mr. Moreno said.  The region has 8% of the
world’s population but holds 31 percent of its fresh water
reserves.  Water provides a full 68% of the electricity generated
in the region, compared 16 percent on average in other parts of
the globe.

“This hydro advantage does not manifest itself solely in
electricity,” Mr. Moreno said.  “We all know that Latin America is
one of the world’s major producers of grains.  Still, few
understand that we have specialized in foods that require large
quantities of water.”

The region contributes 60% of the global exports of soybeans, 51%
of sugar exports and 50% of beef exports.  Latin America has an
enormous untapped potential to produce even more, since only one
percent of its water resources are used for agricultural
production, compared with 53 percent in the Middle East and North
Africa.

The IDB is working with several governments to create climate
change mitigation plans and help build infrastructure that can
withstand more inclement weather.

But in the short term, Mr. Moreno called for a renewed effort to
close the gap in the water and sanitation coverage.  “The question
today is not how we are going to guarantee these services to 100
percent of the population,” he said, “but how long we are going to
take to get it done.”

Mr. Moreno said cities like Monterrey in Mexico, Medellin in
Colombia, Montero in Bolivia and Sao Paulo in Brazil produced
successful models that showed that public, private and mixed
capital operators have come up with innovative ways to improve
water access sustainably.

“Some say that there are only mutually exclusive alternatives in
the water debate,” Mr. Moreno said.  “Private sector versus public
sector. Subsidies versus market prices.”

“At the IDB we do not share that polarized and conflictive view of
water,” he added.  “We have learned that, in this industry,
success doesn’t depend on an ideological option or a specific
business model.”

Mr. Moreno recognized that the investments needed to close the
coverage gap exceed US$50 billion.  For this, the IDB in 2007
launched its Water and Sanitation initiative “to give the sector a
boost.”


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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *