TCRLA_Public/091124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, November 24, 2009, Vol. 10, No. 232

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Investors Urge Antigua Court to Oust Liquidator
* ANTIGUA & BARBUDA: SIBL Investors Urge Court to Oust Liquidator


A R G E N T I N A

AUTOPISTA DEL SOL: Bond Default May Widen Argentina's Deficit
BAIRES MEAT: Trustee Verifying Proofs of Claim Until March 3
BCM SA: Trustee Verifying Proofs of Claim Until February 3
MEWAR Y ASOCIADOS: Trustee Verifying Proofs of Claim Until Feb. 10
PETROBRAS ENERGIA: To Pay ARS$268.8 Million Cash Dividend

* ARGENTINA: Autopistas del Sol Bond Default May Widen Deficit


B E R M U D A

CLARIUM CAPITAL: Creditors' Proofs of Debt Due on December 11
CLARIUM CAPITAL: Members to Receive Wind-Up Report on December 18
DIGICEL GROUP: To Launch Private Placement of US$500MM 2017 Notes
EFG SELECT: Supreme Court Appoints Receiver as Liquidator
EMERALD STRATEGIC: Supreme Court Appoints Receiver as Liquidator

GIPOIA ADMINISTRADORA: Creditors' Proofs of Debt Due on Nov. 27
GIPOIA ADMINISTRADORA: Members' Meeting Set for December 16
JUAN B. MARTINEZ: Creditors' Proofs of Debt Due on November 27
JUAN B. MARTINEZ: Members' Meeting Set for December 16
JUAN B. MARTINEZ: Creditors' Proofs of Debt Due on November 27

JUAN B. MARTINEZ: Members' Meeting Set for December 16
LAIF VII: Creditors' Proofs of Debt Due on November 27
LAIF VII: Members' Meeting Set for December 14
RAK PETROLEUM: Creditors' Proofs of Debt Due on November 27
RAK PETROLEUM: Sole Member to Receive Wind-Up Report on Dec. 16

XL CAPITAL: Plans to Establish Operations in China


B R A Z I L

BANCO BRADESCO: To Hold New York Webcast Today
BRF-BRASIL: To Acquire Remaining Stake in Sadia
COMPANHIA DE SANEAMENTO: Approves 4th Issuance of Promissory Notes
FORD MOTOR: To Invest US$2.3 Billion for Expansion in Brazil
JBS SA: Unit to Buy Marshalltown's Park for Future Expansion

JBS SA: Expects to Sell Shares of U.S. Unit in January


C A Y M A N  I S L A N D S

ACHILLES (CAYMAN): Creditors' Proofs of Debt Due on November 25
ALPHEUS (CAYMAN): Creditors' Proofs of Debt Due on November 25
AOZORA CLO: Creditors' Proofs of Debt Due on November 25
BLACK INVESTMENTS: Creditors' Proofs of Debt Due on November 25
BLUE RIDGE: Creditors' Proofs of Debt Due on November 25

CADWYN GLOBAL: Creditors' Proofs of Debt Due on November 26
CADWYN GLOBAL: Creditors' Proofs of Debt Due on November 26
CAPTAIN (NO. 1): Creditors' Proofs of Debt Due on November 25
CONSERVATIVE CONCEPT: Creditors' Proofs of Debt Due on November 27
LUBERT-ADLER IGY: Commences Liquidation Proceedings

MAC SPC: Creditors' Proofs of Debt Due on November 26
MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
MUTUAL FUND: Creditors' Proofs of Debt Due on November 25

OPTIMALITY OFFSHORE: Commences Liquidation Proceedings
PENDVEST CAPITAL: Creditors' Proofs of Debt Due on November 25
R.C.P. GENERAL: Creditors' Proofs of Debt Due on November 25
REX FUNDING: Creditors' Proofs of Debt Due on November 25
SMITH POINT: Creditors' Proofs of Debt Due on November 25


C O L O M B I A

ECOPETROL SA: Government Insists on Selling Firm's Shares
EMPRESA DE ENERGIA: Fitch Affirms Issuer Default Rating at 'BB'
TRANSPORTADORA DE GAS: Fitch Affirms 'BB' Issuer Default Ratings


J A M A I C A

JAMAICAN URBAN: Plan to Sub-Franchise Bus Routes Hits Block


N I C A R A G U A

* NICARAGUA: IDB OKs US$15.6MM Loan to Refinance Short-Term Debt


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Agro-Business Complexes Show 25% Progress
PETROLEOS DE VENEZUELA: Signs Manufacturing Deal with Dien Quang


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Investors Urge Antigua Court to Oust Liquidator
---------------------------------------------------------------
A group of Stanford investors led by Florida businessman Alexander
Fundorais is urging the High Court of Antigua to remove Antigua-
based Vantis Business Recovery Services, a British accounting
firm, as liquidator of Stanford International Bank Limited because
a Canadian court found earlier this year that it had deleted data
from computers in a Montreal branch, Business Week News reports,
citing Martin Kenney, a lawyer for the group.

"In order to recover and apportion the bank's assets in the
fairest and most efficient way possible for the victims of this
apparent grand fraud, it is crucial to have Vantis removed and
replaced as soon as possible," the report quoted Mr. Kenney as
saying.

As reported in the Troubled Company Reporter-Latin America on
September 15, 2009, The Globe and Mail said Vantis Business
Recovery Services has been removed from the Stanford fraud case
and severely reprimanded by Quebec Judge Justice Claude Auclair
after destroying original computer evidence from the Montreal
offices of SIBL, and refusing to share the copies with Canadian
and U.S. authorities.  Judge Auclair, citing his orally rendered
reasons in two separate but closely linked ruling, said Vantis
acted improperly and abused its power in efforts to locate the
missing funds at SIBL and elsewhere in Canada.  According to the
report, Judge Auclair ordered Vantis to hand over its receivership
of SIBL's Canadian operations to Ernst & Young Canada as the new
court-appointed interim receiver in the case.

According to Business Week News, the Canadian court subsequently
replaced Vantis with U.S. court-appointed receiver, Ralph Janvey.
The report relates that Vantis and Mr. Janvey have been fighting
for jurisdiction over the assets, frustrating investors who are
eager to recover money they invested in what have alleged as a
massive Ponzi scheme.

                         About Vantis

Vantis Business Recovery Services --- www.vantisplc.com/ --- is a
trading division of Vantis Group Ltd, which is regulated by the
Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                   About Stanford International

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).


* ANTIGUA & BARBUDA: SIBL Investors Urge Court to Oust Liquidator
-----------------------------------------------------------------
A group of Stanford investors led by Florida businessman Alexander
Fundorais is urging the High Court of Antigua to remove Antigua-
based Vantis Business Recovery Services, a British accounting
firm, as liquidator of Stanford International Bank Limited because
a Canadian court found earlier this year that it had deleted data
from computers in a Montreal branch, Business Week News reports,
citing Martin Kenney, a lawyer for the group.

"In order to recover and apportion the bank's assets in the
fairest and most efficient way possible for the victims of this
apparent grand fraud, it is crucial to have Vantis removed and
replaced as soon as possible," the report quoted Mr. Kenney as
saying.

As reported in the Troubled Company Reporter-Latin America on
September 15, 2009, The Globe and Mail said Vantis Business
Recovery Services has been removed from the Stanford fraud case
and severely reprimanded by Quebec Judge Justice Claude Auclair
after destroying original computer evidence from the Montreal
offices of SIBL, and refusing to share the copies with Canadian
and U.S. authorities.  Judge Auclair, citing his orally rendered
reasons in two separate but closely linked ruling, said Vantis
acted improperly and abused its power in efforts to locate the
missing funds at SIBL and elsewhere in Canada.  According to the
report, Judge Auclair ordered Vantis to hand over its receivership
of SIBL's Canadian operations to Ernst & Young Canada as the new
court-appointed interim receiver in the case.

According to Business Week News, the Canadian court subsequently
replaced Vantis with U.S. court-appointed receiver, Ralph Janvey.
The report relates that Vantis and Mr. Janvey have been fighting
for jurisdiction over the assets, frustrating investors who are
eager to recover money they invested in what have alleged as a
massive Ponzi scheme.

                         About Vantis

Vantis Business Recovery Services --- www.vantisplc.com/ --- is a
trading division of Vantis Group Ltd, which is regulated by the
Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                   About Stanford International

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


AUTOPISTA DEL SOL: Bond Default May Widen Argentina's Deficit
-------------------------------------------------------------
Autopistas del Sol S.A.'s bond default is adding to concern that
Argentina's budget gap will swell to the widest in nine years as
the government takes over unprofitable companies, Drew Benson and
Eliana Raszewski at Bloomberg News report, citing Moody’s
Economy.com.

According to the report, Autopistas said the government’s failure
to let it raise toll rates led to a “progressive deterioration” of
its finances that will force the company to miss an interest
payment on US$155 million of bonds.  The report relates that the
country's Planning Ministry said that it may name an overseer to
Autopistas.

“Once the government enters the companies, it will have more
pressure to cover the companies’ deficits,” Moody’s economist Juan
Pablo Fuentes told the news agency in a telephone interview.
“That will cause an already difficult fiscal outlook to further
deteriorate.  We aren’t seeing any action by the government to
slow spending,” he added.

Bloomberg News, citing Moody's, notes that the country's deficit
will swell to the equivalent of 3% of gross domestic product in
2010 from about 2% in 2009.

Boris Segura, an economist at RBS Securities Inc. in Stamford,
Connecticut, the report adds, said that Autopistas’s missed debt
payment is “a policy-induced default,”  “It’s an otherwise
profitable business turned into a loss-making enterprise because
the government doesn’t want to adjust tolls for political
reasons,” the report quoted Mr. Segura as saying.


                    About Autopistas del Sol

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services lowered its
ratings on Ausol, including its corporate credit rating to 'CCC'
from 'CCC+'.  The outlook is negative.


BAIRES MEAT: Trustee Verifying Proofs of Claim Until March 3
------------------------------------------------------------
The court-appointed trustee for Baires Meat S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 3, 2010.


BCM SA: Trustee Verifying Proofs of Claim Until February 3
----------------------------------------------------------
The court-appointed trustee for Bcm S.A.'s bankruptcy proceedings
will be verifying creditors' proofs of claim until February 3,
2010.

The trustee will present the validated claims in court as
individual reports on March 18, 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 30, 2010.


MEWAR Y ASOCIADOS: Trustee Verifying Proofs of Claim Until Feb. 10
------------------------------------------------------------------
The court-appointed trustee for Mewar y Asociados S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until February 10, 2010.


PETROBRAS ENERGIA: To Pay ARS$268.8 Million Cash Dividend
---------------------------------------------------------
Petrobras Energia, the Argentine unit of Brazil's Petrobras SA,
said it would pay a cash dividend of ARS$268.8 million (US$70.5
million) for the fiscal year ended Dec. 31, 2008, Walter Bianchi
at Reuters reports.

According to the report, citing a statement to the Buenos Aires
Stock Exchange, the company will pay about ARS$0.266 per
outstanding share beginning on November 30.

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

                         *     *     *

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


* ARGENTINA: Autopistas del Sol Bond Default May Widen Deficit
--------------------------------------------------------------
Autopistas del Sol S.A.'s bond default is adding to concern that
Argentina's budget gap will swell to the widest in nine years as
the government takes over unprofitable companies, Drew Benson and
Eliana Raszewski at Bloomberg News report, citing Moody’s
Economy.com.

According to the report, Autopistas said the government’s failure
to let it raise toll rates led to a “progressive deterioration” of
its finances that will force the company to miss an interest
payment on US$155 million of bonds.  The report relates that the
country's Planning Ministry said that it may name an overseer to
Autopistas.

“Once the government enters the companies, it will have more
pressure to cover the companies’ deficits,” Moody’s economist Juan
Pablo Fuentes told the news agency in a telephone interview.
“That will cause an already difficult fiscal outlook to further
deteriorate.  We aren’t seeing any action by the government to
slow spending,” he added.

Bloomberg News, citing Moody's, notes that the country's deficit
will swell to the equivalent of 3% of gross domestic product in
2010 from about 2% in 2009.

Boris Segura, an economist at RBS Securities Inc. in Stamford,
Connecticut, the report adds, said that Autopistas’s missed debt
payment is “a policy-induced default,”  “It’s an otherwise
profitable business turned into a loss-making enterprise because
the government doesn’t want to adjust tolls for political
reasons,” the report quoted Mr. Segura as saying.


                    About Autopistas del Sol

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services lowered its
ratings on Ausol, including its corporate credit rating to 'CCC'
from 'CCC+'.  The outlook is negative.


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


CLARIUM CAPITAL: Creditors' Proofs of Debt Due on December 11
-------------------------------------------------------------
The creditors of Clarium Capital Ltd. are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 10,
2009.

The company's liquidator is:

          Nicholas Hoskins
          Victoria Place
          31 Victoria Street, Hamilton HM 10
          Bermuda


CLARIUM CAPITAL: Members to Receive Wind-Up Report on December 18
-----------------------------------------------------------------
The members of Clarium Capital Ltd. will receive on December 18,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on November 10,
2009.

The company's liquidator is:

          Nicholas Hoskins
          Victoria Place
          31 Victoria Street, Hamilton HM 10
          Bermuda


DIGICEL GROUP: To Launch Private Placement of US$500MM 2017 Notes
-----------------------------------------------------------------
Digicel Group Limited disclosed its intention to launch a private
placement of US$500 million senior notes due 2017.  Digicel Group
Limited is a Bermuda incorporated company owned by Mr. Denis
O'Brien.

The use of proceeds of this offering will be to repurchase the
company's outstanding $450 million of 9.25% senior notes due 2012
in a tender offer or through redemption, with any balance retained
by the company for general corporate purposes.

The notes have not been, and will not be, registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.

                     About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


EFG SELECT: Supreme Court Appoints Receiver as Liquidator
---------------------------------------------------------
On November 12, 2009, the Supreme Court appointed EFG Select Funds
Limited's official receiver as liquidator to act without a
Committee of Inspection.


EMERALD STRATEGIC: Supreme Court Appoints Receiver as Liquidator
----------------------------------------------------------------
On November 12, 2009, the Supreme Court appointed Emerald
Strategic Focus Funds Limited's official receiver as liquidator
to act without a Committee of Inspection.


GIPOIA ADMINISTRADORA: Creditors' Proofs of Debt Due on Nov. 27
---------------------------------------------------------------
The creditors of Gipoia Administradora 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 liquidation proceedings on November 12,
2009.

The company's liquidator is:

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


GIPOIA ADMINISTRADORA: Members' Meeting Set for December 16
-----------------------------------------------------------
The members of Gipoia Administradora Ltd. will hold their meeting
on December 16, 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 liquidation proceedings on November 12,
2009.

The company's liquidator is:

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


JUAN B. MARTINEZ: Creditors' Proofs of Debt Due on November 27
--------------------------------------------------------------
The creditors of Juan B. Martinez Leasing 1 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 liquidation proceedings on November 5, 2009.

The company's liquidator is:

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


JUAN B. MARTINEZ: Members' Meeting Set for December 16
------------------------------------------------------
The members of Juan B. Martinez Leasing 1 Ltd. will hold their
meeting on December 16, 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 liquidation proceedings on November 5, 2009.

The company's liquidator is:

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


JUAN B. MARTINEZ: Creditors' Proofs of Debt Due on November 27
--------------------------------------------------------------
The creditors of Juan B. Martinez Leasing 2 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 liquidation proceedings on November 5, 2009.

The company's liquidator is:

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


JUAN B. MARTINEZ: Members' Meeting Set for December 16
------------------------------------------------------
The members of Juan B. Martinez Leasing 2 Ltd. will hold their
meeting on December 16, 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 liquidation proceedings on November 5, 2009.

The company's liquidator is:

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


LAIF VII: Creditors' Proofs of Debt Due on November 27
------------------------------------------------------
The creditors of LAIF VII 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 liquidation proceedings on November 6, 2009.

The company's liquidator is:

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


LAIF VII: Members' Meeting Set for December 14
----------------------------------------------
The members of LAIF VII Ltd. will hold their meeting on
December 14, 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 liquidation proceedings on November 6, 2009.

The company's liquidator is:

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


RAK PETROLEUM: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------
The creditors of RAK Petroleum (Bermuda) Limited are required to
file their proofs of debt by November 27, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 12,
2009.

The company's liquidator is:

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


RAK PETROLEUM: Sole Member to Receive Wind-Up Report on Dec. 16
---------------------------------------------------------------
The sole member of RAK Petroleum (Bermuda) Limited will receive on
December 16, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on November 12,
2009.

The company's liquidator is:

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


XL CAPITAL: Plans to Establish Operations in China
--------------------------------------------------
XL Capital Ltd has received approval from the China Insurance
Regulatory Commission to start preparation work to set up a P&C
(non-life) company in China.

In line with CIRC's license approval process and under the
leadership of Andrew Vigar, Regional Manager Asia for XL's
Insurance Operations, XL now has a year to prepare to establish
its operations in China.  After this period and upon receipt of
all regulatory approvals and granting of the license, XL plans to
establish an insurance subsidiary dedicated to serving both local
international corporations, as well as its Global Program clients
with operations in China.

Mike McGavick, XL's Chief Executive Officer, said: "China's
importance to any global company is obvious, and we could not be
more proud to have received this critical approval.  We are
committed to work closely with CIRC to ensure we fulfill all
regulatory requirements to attain the operating license in due
course."

Dave Duclos, XL's Chief Executive of Insurance Operations, said:
"The increasing number of local companies with international
activities, and the importance of this market to our Global
Program clients with activities there make it critical for us to
be present in China.  We look forward to the chance of bringing
our global underwriting expertise and service capabilities to bear
in this important market in the future."

XL has had a representative office in Beijing since 2005 which is
dedicated to deepening the Company's understanding of the market.

                      About XL Capital

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 BRADESCO: To Hold New York Webcast Today
----------------------------------------------
Banco Bradesco S.A. will hold a Bradesco Day in New York webcast
today, November 24, 2009 at 12:30 PM ET at
http://www.mediatown.com.br/prnewswire/player/?id=141.

   Carlos Tsuyoshi Yamashita
   Katia Tsai Wen I
   (55 11) 2178-6204
   (55 11) 2178-6224,
   4823.carlos@bradesco.com.br,
   4823.tsai@bradesco.com.br

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.


BRF-BRASIL: To Acquire Remaining Stake in Sadia
-----------------------------------------------
BRF-Brasil Foods SA's management and SADIA S.A. disclosed that the
exercise of withdrawal rights regarding SADIA's common shares has
expired on September 18, 2009, Trading Markets reports.  The
report relates that as a consequence of the shareholder's
resolution, BRF has received an approval to acquire the remaining
SADIA's shares, Trading Markets reports.  Under the approved
exchange ratio SADIA's shareholders will receive, in exchange for
each common and preferred share, 0.132998 common share issued by
BRF, the report says.

According to the report, BRF's shares that are not allocated in
whole to each of SADIA's shareholders will be sold on the
BM&FBOVESPA S.A. -- Bolsa de Valores, Mercadorias e Futuros in an
auction, dividing the proceeds, proportionally, between the owners
of fractions of shares.  The report relates that SADIA's
shareholders who own positions resulting in fractions and who have
already indicated bank accounts for the deposit of dividends will
have immediately credited to the same bank accounts the proceeds
of the sale of such fractions within thirty business days from the
receipt of funds arising from the disposal of shares corresponding
to these fractions on the BM&F BOVESPA.

The report notes that for those that have not indicated a bank
account or have an outdated record, the amount corresponding to
the sale shall remain available on the Itau Corretora de Valores
S.A., as of the same date, which will make payment upon
presentation of the relevant identification or ownership
documentation, as the case may be.  SADIA's shareholders who own
positions resulting in fractions of shares and whose positions are
deposited on BM&FBOVESPA shall receive the proceeds from the sale
of such shares through their custodial agents, the report adds.

                     About BRF-Brasil Foods

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

                           *     *     *

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


COMPANHIA DE SANEAMENTO: Approves 4th Issuance of Promissory Notes
------------------------------------------------------------------
Companhia de Saneamento Basico do Estado de Sao Paulo - Sabesp
pursuant to the provisions of Instruction 358, of January 3, 2002,
of the Brazilian Securities and Exchange Commission, as amended,
hereby informs its shareholders and the market in general that
SABESP's Board of Directors, at a meeting held on November 5,
2009, approved the 4th issuance of promissory notes of the
Company, for public offering, on a firm commitment and restricted
efforts placement basis, pursuant to CVM Instruction 476, of
January 16, 2009, in the total amount of BRL900 million.

The Promissory Notes' maturity term shall be 180 days, as of its
issue date, and the funds raised by the Company through the
promissory notes' payment shall be allocated for settling the 3rd
issue of promissory notes, in the amount of BRL600 million, as
well as for settling other financial commitments and reinforcing
the Company's budget.

The structuring and distribution process is being conducted by a
pool of financial institutions under the leadership of BB-Banco de
Investimento S.A., also having as coordinators Caixa Economica
Federal, HSBC Corretora de Titulos e Valores Mobiliarios S.A. and
Banco Votorantim S.A.

The Promissory Notes shall be paid with funds to be raised by the
Company through a public issue of Debentures, which is currently
being structured by the Coordinators on a firm commitment basis,
pursuant to CVM Instruction 400.

                          About Sabesp

Companhia de Saneamento Basico do Estado de Sao Paulo, a.k.a.
Sabesp (Bovespa: SBSP3; NYSE: SBS) -- http://www.sabesp.com.br
-- is one of the largest water and sewage service providers in
the world based on the population served in 2005.  It operates
water and sewage systems in Sao Paulo, Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Fitch Ratings has affirmed these ratings on
Companhia de Saneamento Basico do Estado de Sao Paulo:

  -- Local currency long-term Issuer Default Rating at 'BB';

  -- Foreign Currency long-term IDR at 'BB';

  -- International long-term rating for the $140 million notes
     issued at 'BB';


FORD MOTOR: To Invest US$2.3 Billion for Expansion in Brazil
------------------------------------------------------------
Keith Naughton at Bloomberg News reports that Ford Motor Co. said
it will spend BRL4 billion (US$2.3 billion) to expand in the
growing Brazilian market.  The report relates that company
spokeswoman Jennifer Flake said that the five-year plan includes
boosting the capacity of the Camacari factory that makes the
Fiesta small car and modernizing the Troller plant that builds
utility vehicles.  The company will also invest in new models for
Brazil, she added.

According to the report, the country’s automakers association said
that the auto industry in Brazil is headed for record sales this
year.  “Ford understands the importance of Brazil and Argentina
and they continue to invest in those markets,” Michael Robinet, an
analyst at consulting firm CSM Worldwide in Northville, Michigan,
told the news agency in an interview.  “Every automaker is taking
Brazil seriously and they should, because it’s a market with an
expanding middle class,” he added.

Bloomberg News notes that Marcos de Oliveira, Chief executive
officer of Ford’s Brazilian unit, said that the Camacari factory,
in Bahia state in northeastern Brazil, will be able to build
300,000 cars annually after the expansion, an increase from
250,000 now.  “This is a very large investment for Ford,” the
report quoted Mark Fields, Ford’s president for the Americas, as
saying.  “We’re investing because we want to continue to grow and
to improve our competitiveness,” he added.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

                           *     *     *

As reported by the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.

Ford Motor Co. carries a long-term issuer default rating of 'CCC',
with a positive outlook, from Fitch Ratings.


JBS SA: Unit to Buy Marshalltown's Park for Future Expansion
------------------------------------------------------------
JBS USA, L.L.C., a unit of JBS SA, will buy Marshalltown's
Margaret T. French Park for an estimated cost of US$223,759 for
future its expansion, Times Republican reports.  The report
relates that the company must conform to stipulations of a
building at least 100,000 square feet for purposes of a
distribution center, and adding jobs to its operational staff.

According to the report, the company must also replace the
facilities on the park property by erecting restroom facilities,
relocating playground equipment, and constructing hard-court
surfaces.  The report relates that the Parks & Recreation
Department is currently trying to determine various locations
where the facilities can be replaced within that portion of town.

The report notes that if the project isn't completed by
December 31, 2011 the property would revert back to city based
upon a reversionary clause and the park would be re-established.

                          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: Expects to Sell Shares of U.S. Unit in January
------------------------------------------------------
JBS SA expects to hold an initial public offering of its U.S. unit
in January, Lucia Kassai at Bloomberg News reports, citing Chief
Executive Officer Joesley Batista.

According to the report, Mr. Batista said that the company will
hold presentations to investors in the U.S. between January 4 and
January 8.  The price for the offering will be set the week of
Jan. 11, he added.

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.


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


ACHILLES (CAYMAN): Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------------
The creditors of Achilles (Cayman) Limited are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


ALPHEUS (CAYMAN): Creditors' Proofs of Debt Due on November 25
--------------------------------------------------------------
The creditors of Alpheus (Cayman) Limited are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


AOZORA CLO: Creditors' Proofs of Debt Due on November 25
--------------------------------------------------------
The creditors of Aozora CLO TMK Holdings are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


BLACK INVESTMENTS: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------------
The creditors of Black Investments (Cayman) 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 liquidation proceedings on October 15, 2009.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


BLUE RIDGE: Creditors' Proofs of Debt Due on November 25
--------------------------------------------------------
The creditors of Blue Ridge International are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

          Philip Mosely
          P.O. Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Telephone: (345) 949 4018
          Facsimile: (345) 949 7891
          email: general@caymanmanagement.ky


CADWYN GLOBAL: Creditors' Proofs of Debt Due on November 26
-----------------------------------------------------------
The creditors of Cadwyn Global are required to file their proofs
of debt by November 26, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          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


CADWYN GLOBAL: Creditors' Proofs of Debt Due on November 26
-----------------------------------------------------------
The creditors of Cadwyn Global Master Fund are required to file
their proofs of debt by November 26, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          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


CAPTAIN (NO. 1): Creditors' Proofs of Debt Due on November 25
-------------------------------------------------------------
The creditors of Captain (No. 1) Limited are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


CONSERVATIVE CONCEPT: Creditors' Proofs of Debt Due on November 27
------------------------------------------------------------------
The creditors of Conservative Concept Hedge Fund 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 liquidation proceedings on October 15, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


LUBERT-ADLER IGY: Commences Liquidation Proceedings
---------------------------------------------------
On October 15, 2009, a special resolution was passed that
voluntarily liquidates the business of Lubert-Adler IGY IV
Holdings, Ltd.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          R. Eric Emrich
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


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

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-J) Limited
are required to file their proofs of debt by November 25, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-K) Limited
are required to file their proofs of debt by November 25, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-L) Limited
are required to file their proofs of debt by November 25, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-M) Limited
are required to file their proofs of debt by November 25, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


OPTIMALITY OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------------
On October 15, 2009, a resolution was passed that voluntarily
liquidates the business of Optimality Offshore Fund Ltd.

Only creditors who were able to file their proofs of debt by
November 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Enrique Z. Fenig
          Brookfield Place, 181 Bay Street, Suite 250
          Toronto, ON M5J 2T3, Canada


PENDVEST CAPITAL: Creditors' Proofs of Debt Due on November 25
--------------------------------------------------------------
The creditors of Pendvest Capital International 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 liquidation proceedings on October 15, 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 KY1-9002, Cayman Islands


R.C.P. GENERAL: Creditors' Proofs of Debt Due on November 25
------------------------------------------------------------
The creditors of R.C.P. General Partner Limited are required to
file their proofs of debt by November 25, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 6, 2009.

The company's liquidator is:

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


REX FUNDING: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Rex Funding II Limited are required to file their
proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


SMITH POINT: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Smith Point Offshore Fund SPC, 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 liquidation proceedings on October 12, 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 KY1-9002, Cayman Islands


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


ECOPETROL SA: Government Insists on Selling Firm's Shares
---------------------------------------------------------
Colombia Finance Minister Oscar Ivan Zuluaga confirmed that the
Ministry of Transport’s previous claim of selling 10% of state-
owned shares in Ecopetrol SA will now actually be 15%,
Petroleumworld.com reports.

According to the report, President Alvaro Uribe disclosed the
intention at a municipal council, but these claims were initially
refuted by Treasury and Mines Minister Hernan Martinez who said he
was unaware of the decision.

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-'.


EMPRESA DE ENERGIA: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed Empresa de Energia de Bogota S.A. ESP's
foreign and local currency Issuer Default Ratings and outstanding
debt ratings:

  -- Foreign currency IDR at 'BB';
  -- Local currency IDR at 'BB';
  -- US$610 million senior unsecured notes due 2014 at 'BB'.

The Rating Outlook is Negative.

Stable Cash Flow Generation and Solid Business Position:

EEB's ratings reflect the company's diversified portfolio of
assets, which have a low business-risk profile, and stable and
predictable cash flow generation.  EEB's low business-risk profile
stems from its diversified portfolio of energy assets, which for
the most part operate as regulated natural monopolies.  EEB owns
non-controlling majority participations in Colombia's largest
electric generation company, Emgesa, as well as in the country's
largest electric distribution company, Codensa, which operates in
the city of Bogota.  The company also owns a majority
participation in Transportadora de Gas Internacional S.A. ESP,
Colombia's largest natural gas pipeline transportation company,
which provides natural gas to the country's major cities.

All of EEB's assets are in a strong competitive position, which
bodes well for the company's credit profile.  The electricity and
gas distribution and transmission/transportation businesses are
regulated natural monopolies with stable cash flow generation and
low leverage.  The electricity generation business in Colombia is
competitive, given the country's significant low-cost
hydroelectric generation and overcapacity.  EEB's energy
generation business is also competitively well-positioned, given
its low-cost profile and capacity generation mix of 88.5% hydro
11.5% thermo.

Aggressive Growth Strategy Demand for Funds:

EEB's growth strategy is considered aggressive and will require
approximately US$850 million of capital investment to carry it on.
EEB has been funding a portion of its capital expenditures with
cash on hand, which as of Sept. 30, 2009, amounted to
approximately US$384 million.  Yet, EEB is expected to either
issue new debt or raise equity through an initial public offering
(IPO) at TGI to fund the remaining capital expenditures.
Depending on the size and timing of these potential capital
investments and the funding used, consolidated debt to EBITDA
could increase by more than one time to more than 4x, which may
pressure credit quality.

Negative Outlook Driven by Potential Leverage Increase:

The Negative Outlook reflect weakening prospects for EEB to reduce
debt leverage over the near to medium term, as well as the
potential increase in leverage to finance the company's aggressive
growth strategy.  In the short term, EEB is likely to fund its
pipeline capital expenditure with debt and cash on hand.  EEB
plans to shortly repay this debt with the proceeds of an IPO at
TGI, which the company expects to finish during first half-2010.
Should EEB successfully complete the IPO and raise sufficient
funds to maintain leverage in line with the assigned rating, Fitch
may revise the company's Rating Outlook to Stable.

Strong Liquidity Position:

EEB's leverage is moderate and liquidity is manageable with
approximately US$384 million of cash on hand and the bulk of debt
coming due in 2014.  As of the last 12 months (LTM) ended
Sept. 30, 2009, EEB's consolidated leverage as measured by total
consolidated debt to EBITDA plus dividends received was 3.1x.
During this period, LTM consolidated EBITDA plus dividends equaled
approximately COP955 billion (US$428 million) and debt totaled
COP2,963 billion (US$1.5 billion).  Holding company leverage
(excluding TGI's debt and cash flow generation) was approximately
3.4x and net debt to dividends was 2.2x as of the LTM ended
Sept. 30, 2009.

Holding company debt at Sept. 30, 2009, totaled US$813 million,
consisting mainly of the US$610 million notes due 2014 and a
US$100 million loan from Corporacion Andina de Fomento.  The vast
majority of the holding company's cash flow is generated from
dividends received from electric investments in Emgesa and
Codensa.  Annual dividends to the holding company approximate
US$210 million; TGI does not, and is not expected to pay dividends
to EEB for the foreseeable future.  Capital expenditures are
expected to increase, which will pressure credit metrics.


TRANSPORTADORA DE GAS: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Transportadora de Gas Internacional
S.A. E.S.P.'s foreign and local currency Issuer Default Ratings at
'BB'.  The rating action applies to US$750 million of outstanding
senior unsecured notes due 2017.  The Rating Outlook is Negative.

Solid Contracted Position Adds to Cash Flow Predictability:

TGI's ratings reflect the company's low business-risk profile
resulting from its strong competitive position and the stability
of its revenue resulting from the company's take or pay contracts.
TGI's revenue flow is stable and predictable as approximately 80%
of the revenues are from capacity payments under long-term take or
pay contracts with a diversified portfolio of off-takers.  The
company has low exposure to volume risk with only 20% of revenue
derived from the volume of gas transported.  TGI's pipeline
location, the importance of its service area, where 70% of the
Colombian population resides, and which represents great growth
potential, help support the company's credit profile and credit
rating.

TGI is exposed to regulatory risk, as the bulk of its revenue
comes from tariffs set by the regulator.  TGI benefits from a
solid and independent Colombian regulatory framework.  TGI's
revenue is determined by the maximum allowable income set by the
regulator every five years and adjusted by inflation every year.
Regulatory risks, and more specifically the risk of significant
reductions in the company's maximum allowable revenue, are
mitigated by the capital-intensive nature of the gas pipeline
transportation business and the marginal cost that gas
transportation represents relative to overall cost of gas.

Higher Leverage and Parent Support:

TGI's leverage level is moderately high and has been improving
during recent months due to higher contracted capacity and peso
appreciation against US$.  The company reported leverage, as
measured by total senior debt to EBITDA as of the last 12 months
ended Sept. 30, 2009 of 3.4 times, down from 4.3x as of December
2008 and excluding a subordinated intercompany loan from its
parent company, Empresa de Energia de Bogota S.A., of
US$370 million.  Total debt to EBITDA including the subordinated
intercompany loan is 5.0x.  At the LTM ending Sept. 30, 2009,
EBITDA was COP434 billion (US$194 million).  TGI's debt consists
of US$750 million of unsecured notes issued to finance EEB's
acquisition of Ecogas assets thought TGI.

TGI's covenant package includes a maintenance covenant stipulating
that net senior debt to EBITDA cannot exceed 4.8x after 2012.  The
company is well below this level given the method by which the
ratio is calculated, which excludes intercompany debt.  TGI
somewhat benefit by its parent its parent explicit and implicit
support.  EEB owns 97.91% of TGI and in turn, the District Capital
of Bogota (Bogota DC) (rated 'BB+' by Fitch) owns 81.5% of EEB.

Strong Liquidity and Low Refinancing Risk:

Liquidity is strong with virtually all of the debt coming due
2017.  On Sept. 30, 2009, TGI's cash and marketable securities
were US$110 million; cash at the parent company was
US$274 million.  Capital expenditures are expected to be high over
the next few years, limiting debt reductions over the medium term.
TGI is not expected to pay dividends over the medium term and does
not have any derivative exposure.  TGI's regulated revenues are
partially indexed to the U.S. dollar which somewhat mitigates the
risk from currency fluctuations.

Negative Outlook Driven by Potential Leverage Increase:

The Negative Outlook reflects the weakening prospects for TGI and
EEB (IDR 'BB' with a Negative Outlook by Fitch) to reduce debt
leverage over the near to medium term as had been originally
expected.  The Negative Outlook also reflects the potential
increase in leverage at either the parent or operating company
level to finance the company's aggressive growth strategy.  In the
short term, EEB is likely to fund its pipeline capital expenditure
with debt and cash on hand.  The company plans to shortly repay
this debt with the proceeds of an IPO from TGI, which the company
expects to finish during the first half of 2010.  Should the
company successfully complete the IPO and raise sufficient funds
to maintain leverage in line with the assigned rating, the
Negative Rating Outlook may be revised to Stable.


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


JAMAICAN URBAN: Plan to Sub-Franchise Bus Routes Hits Block
-----------------------------------------------------------
Jamaica Urban Transit Company has encountered problems with its
plan to sub-franchise the bus routes which are controlled by the
National Transport Co-operative Society, RadioJamaica reports.

According to the report, the company is trying to find new
operators to service routes in the Corporate Area which will be
left out so service when the Ezroy Millwood-led NTCS winds up
operations on December 2.  The report relates that the deadline
for the submissions of proposals ended but while there was an
overwhelming response, most of the applications did not meet the
criteria.

Meanwhile, the report notes that the deadline for the submission
of bids for another set of routes closed on November 20.  The
report relates that the routes included were:

   -- Constant Spring to downtown Kingston,
   -- Christian Gardens in St. Catherine to downtown Kingston,
   -- Christian Gardens to Half-Way-Tree,
   -- Greater Portmore to Half-Way-Tree; and
   -- Greater Portmore to downtown Kingston.

                            About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, RadioJamaica said JUTC has defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


=================
N I C A R A G U A
=================


* NICARAGUA: IDB OKs US$15.6MM Loan to Refinance Short-Term Debt
----------------------------------------------------------------
The Inter-American Development Bank approved a US$15.6 million
loan to help Corporacion Agricola S.A, Nicaragua’s leading
distributor of rice, wheat, beans, and other staple food products,
to ensure reliable food supplies and expand opportunities for
small-scale farmers.

According to IDB, the funding will allow the company to roll over
its debt to achieve a more sustainable capital structure and build
a bean processing and warehousing facility.  It will also enable
Agricorp to extend financing to small bean producers to help them
purchase supplies and boost production, and provide them with
training to increase productivity.

Although rice and beans are Nicaragua's leading agricultural
products, producers have very low productivity rates and lack
access to credit and to collective associative mechanisms that
could boost their yields and their access to markets.

The IDB loan will allow Agricorp to revert this situation.  By
refinancing its short-term debt over a five-year period, the
company will free up funds that it will use to implement an
inclusive business model for small bean producers.

With a US$3.6 million contribution from the Opportunities for the
Majority initiative, Agricorp will launch a program to build a
processing and warehousing facility in Matagalpa and provide
working capital to help small farmers finance their purchases of
certified seeds, fertilizers, and other supplies to enhance
quality and productivity.

Linking Agricorp more closely to the agricultural value chain will
provide more transparency and stability to the bean market while
improving opportunities for small producers, many of whom are
grouped in the FrijolNica agricultural development program.  These
producers are expected to boost their sales volumes through safe
purchase contracts and increased warehousing capacity.

The program also includes a training component that will help
poorer farmers diversify their income and promote agricultural
practices that improve the health and nutrition conditions of low-
income sectors.

Opportunities for the Majority is an IDB initiative aimed at
promoting market-based sustainable business models that foster
participation by the private sector, local governments, and
communities.

Up to US$5 million of the total lending is expected to be provided
by Nicaraguan commercial banks or other financial institutions.
The lending is for a five-year term, with different grace periods
and interests rates for its different tranches.

                        *     *     *

As of November 3, 2009, Nicaragua continues to carry Moody's Caa1
Foreign currency rating and B3 local currency rating with stable
outlook.


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


PETROLEOS DE VENEZUELA: Agro-Business Complexes Show 25% Progress
-----------------------------------------------------------------
Commissioning by PDVSA Agricola of four agro-business complexes of
sugar cane byproducts is expected by mid 2011 in Barinas (I),
Cojedes, Portuguesa and Trujillo (I), with the construction
showing an overall progress of approximately 25%.

In the aggregate, the agricultural subsidiary is making headway
with the building of 11 compounds.  In addition to the four above-
mentioned complexes, similar facilities (in a second stage) are
being built in Zulia (I), Monagas, Trujillo (II) and Apure; and,
in a third stage, in Zulia (II), Barinas (II) and Guárico.

Such 25% progress means earthmoving and several works, namely:
draining channels, industrial and agricultural management, kitchen
and cafeteria, pavement of the compost area, and main drainage of
the industrial estate.

Additionally, the following works are to be completed: pavement of
the trucks area, administrative area, medical area and cementation
of the tandem, where mills will be located.

                          Sowing oil

In a world panorama of scarcity and famine, the materialization of
these agro-business plants shows the Bolivarian Government
commitment to ensure the Venezuelan people’s sacred right to food
supply.

Once completed, each of the 11 complexes of PDVSA Agricola will
daily process 10,600,000 tons of sugar cane, with byproducts
including balanced food for animals and organic fertilizers, for
the purposes of bolstering production of proteins of animal origin
–birds, fish, pigs, cows and buffalos- and plant production,
respectively.

This will make room for Development Poles in each sphere of
influence of the agricultural subsidiary, that is, geographical
areas where the deep transformation propounded by socialism will
take place.

These social macro-works form part of the PDVSA Agricola strategy
to boost comprehensive -economic, social and political-
development of the country’s rural areas; help attain food
sovereignty, and further the establishment of the Venezuelan
Socialist State.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR


PETROLEOS DE VENEZUELA: Signs Manufacturing Deal with Dien Quang
----------------------------------------------------------------
A technology transfer agreement was entered into by PDVSA
Industrial S.A., a subsidiary of Petroleos de Venezuela, S.A.
(PDVSA), and Vietnamese company Dien Quang Lamp Joint Stock
Company to manufacture energy saving fluorescent compact bulbs in
our country by Vietven Iluminaciones, S.A., a socialist mixed
company jointly organized by the Socialist Republic of Vietnam and
the Bolivarian Republic of Venezuela, under the Oil Sowing Plan.

The agreement is aimed at technology transfer, advice and training
of Venezuelan talent to manufacture energy saving fluorescent
compact bulbs, with the Venezuelan party holding the exclusive
right to use the Vietnamese technology for manufacturing.

Based on the cooperation of the Socialist Republic of Vietnam our
country moves towards technological transfer through mixed
companies for the development and growth of the domestic economy.

The agreement executed by the two nations contributes to
Venezuela’s economic, industrial, technological and energy
development and strengthens ties and knowledge sharing. With this
action, PDVSA Industrial S.A. reasserts its commitment and support
to the activities carried out by the Venezuelan socialist
industrial estate for job creation and to the benefit of the whole
nation.

                            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


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


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

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

ACO ALTONA         EALT3 BZ          84614947.94    -14270921.51
ACO ALTONA SA      EAAON BZ          84614947.94    -14270921.51
ACO ALTONA-PREF    EAAPN BZ          84614947.94    -14270921.51
ACO ALTONA-PREF    EALT4 BZ          84614947.94    -14270921.51
ALL MALHA PAULIS   GASC3 BZ         881202387.66    -501612577.9
ALL MALHA PAULIS   GASC3B BZ        881202387.66    -501612577.9
ARTHUR LAN-DVD C   ARLA11 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD P   ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RC C   ARLA9 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ          21333792.82    -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANGE       ARLA3 BZ          21333792.82    -16295577.05
ARTHUR LANGE SA    ALICON BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF   ALICPN BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF   ARLA4 BZ          21333792.82    -16295577.05
AUTOPISTAS SOL     AUSO AR          351681166.85      -2858782.1
AUTOPISTAS SOL     APDSF US         351681166.85      -2858782.1
AZEVEDO            AZEV3 BZ          58171856.05     -4288079.64
AZEVEDO E TRA-PR   AZEVPN BZ         58171856.05     -4288079.64
AZEVEDO E TRAVAS   AZEVON BZ         58171856.05     -4288079.64
AZEVEDO-PREF       AZEV4 BZ          58171856.05     -4288079.64
B&D FOOD CORP      BDFCE US             16631180        -1448544
B&D FOOD CORP      BDFC US              16631180        -1448544
BALADARE           BLDR3 BZ         141215707.17    -12257915.87
BOMBRIL            BMBBF US         289000173.95   -166589139.96
BOMBRIL            BOBR3 BZ         289000173.95   -166589139.96
BOMBRIL CIRIO SA   BOBRON BZ        289000173.95   -166589139.96
BOMBRIL CIRIO-PF   BOBRPN BZ        289000173.95   -166589139.96
BOMBRIL SA-ADR     BMBPY US         289000173.95   -166589139.96
BOMBRIL SA-ADR     BMBBY US         289000173.95   -166589139.96
BOMBRIL-PREF       BOBR4 BZ         289000173.95   -166589139.96
BOMBRIL-RGTS PRE   BOBR2 BZ         289000173.95   -166589139.96
BOMBRIL-RIGHTS     BOBR1 BZ         289000173.95   -166589139.96
BOTUCATU TEXTIL    STRP3 BZ          31385624.73     -9890708.41
BOTUCATU-PREF      STRP4 BZ          31385624.73     -9890708.41
BUETTNER           BUET3 BZ          86940610.88    -37817234.67
BUETTNER SA        BUETON BZ         86940610.88    -37817234.67
BUETTNER SA-PRF    BUETPN BZ         86940610.88    -37817234.67
BUETTNER SA-RT P   BUET2 BZ          86940610.88    -37817234.67
BUETTNER SA-RTS    BUET1 BZ          86940610.88    -37817234.67
BUETTNER-PREF      BUET4 BZ          86940610.88    -37817234.67
CAF BRASILIA       CAFE3 BZ          18218224.29   -631269432.16
CAF BRASILIA-PRF   CAFE4 BZ          18218224.29   -631269432.16
CAFE BRASILIA SA   CSBRON BZ         18218224.29   -631269432.16
CAFE BRASILIA-PR   CSBRPN BZ         18218224.29   -631269432.16
CAMBUCI SA         CAMBON BZ         91527757.19    -26705142.99
CAMBUCI SA         CAMB3 BZ          91527757.19    -26705142.99
CAMBUCI SA-PREF    CXDOF US          91527757.19    -26705142.99
CAMBUCI SA-PREF    CAMBPN BZ         91527757.19    -26705142.99
CAMBUCI SA-PREF    CAMB4 BZ          91527757.19    -26705142.99
CEEE-D             CEED3 BZ        1090886626.84    -15249815.85
CEEE-D             CEED3B BZ       1090886626.84    -15249815.85
CEEE-D-PREF        CEED4 BZ        1090886626.84    -15249815.85
CHIARELLI SA       CCHI3 BZ          22274026.77    -44537138.21
CHIARELLI SA       CCHON BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF   CCHPN BZ          22274026.77    -44537138.21
CHILESAT CO-ADR    TL US            450943844.68    -52392581.33
CHILESAT CO-RTS    CHISATOS CI      450943844.68    -52392581.33
CHILESAT CORP SA   TELEX CI         450943844.68    -52392581.33
CIA PETROLIF-PRF   MRLM4 BZ         377602195.17     -3014291.72
CIA PETROLIF-PRF   1CPMPN BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF   MRLM4B BZ        377602195.17     -3014291.72
CIA PETROLIFERA    MRLM3 BZ         377602195.17     -3014291.72
CIA PETROLIFERA    1CPMON BZ        377602195.17     -3014291.72
CIA PETROLIFERA    MRLM3B BZ        377602195.17     -3014291.72
CIMOB PART-PREF    GAFP4 BZ          36817394.78    -33083086.54
CIMOB PART-PREF    GAFPN BZ          36817394.78    -33083086.54
CIMOB PARTIC SA    GAFON BZ          36817394.78    -33083086.54
CIMOB PARTIC SA    GAFP3 BZ          36817394.78    -33083086.54
COMERCIAL PL-ADR   SCPDS LI         113091441.22   -254639574.05
COMERCIAL PL-C/E   COMEC AR         113091441.22   -254639574.05
COMERCIAL PLA-BL   COMEB AR         113091441.22   -254639574.05
COMERCIAL PLAT-$   COMED AR         113091441.22   -254639574.05
CONST A LIND-PRF   CALI4 BZ          11147512.97    -15979177.01
CONST A LIND-PRF   LINDPN BZ         11147512.97    -15979177.01
CONST A LINDEN     CALI3 BZ          11147512.97    -15979177.01
CONST A LINDEN     LINDON BZ         11147512.97    -15979177.01
D H B              DHBI3 BZ         124060999.44   -405125352.78
D H B-PREF         DHBI4 BZ         124060999.44   -405125352.78
DHB IND E COM      DHBON BZ         124060999.44   -405125352.78
DHB IND E COM-PR   DHBPN BZ         124060999.44   -405125352.78
DOC IMBITUB-PREF   IMBI4 BZ         114896167.37    -16783228.37
DOC IMBITUBA       IMBI3 BZ         114896167.37    -16783228.37
DOC IMBITUBA-RTC   IMBI1 BZ         114896167.37    -16783228.37
DOC IMBITUBA-RTP   IMBI2 BZ         114896167.37    -16783228.37
DOCA INVESTI-PFD   DOCA4 BZ          88417960.92    -18059127.86
DOCA INVESTIMENT   DOCA3 BZ          88417960.92    -18059127.86
DOCAS IMBITUB-PR   IMBIPN BZ        114896167.37    -16783228.37
DOCAS IMBITUBA     IMBION BZ        114896167.37    -16783228.37
DOCAS SA           DOCAON BZ         88417960.92    -18059127.86
DOCAS SA-PREF      DOCAPN BZ         88417960.92    -18059127.86
DOCAS SA-RTS PRF   DOCA2 BZ          88417960.92    -18059127.86
ESTRELA SA         ESTR3 BZ          61011893.59    -54580283.64
ESTRELA SA         ESTRON BZ         61011893.59    -54580283.64
ESTRELA SA-PREF    ESTR4 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF    ESTRPN BZ         61011893.59    -54580283.64
FABRICA RENAUX     FTRX3 BZ           61543317.9     -41332379.8
FABRICA RENAUX     FRNXON BZ          61543317.9     -41332379.8
FABRICA RENAUX-P   FRNXPN BZ          61543317.9     -41332379.8
FABRICA RENAUX-P   FTRX4 BZ           61543317.9     -41332379.8
FABRICA TECID-RT   FTRX1 BZ           61543317.9     -41332379.8
FER C ATL-RCT CM   VSPT9 BZ        1189275625.36    -35605725.65
FER C ATL-RCT PF   VSPT10 BZ       1189275625.36    -35605725.65
FER C ATLANT       VSPT3 BZ        1189275625.36    -35605725.65
FER C ATLANT-PRF   VSPT4 BZ        1189275625.36    -35605725.65
FER HAGA-PREF      HAGA4 BZ          16483114.08    -62923101.98
FERRAGENS HAGA     HAGAON BZ         16483114.08    -62923101.98
FERRAGENS HAGA-P   HAGAPN BZ         16483114.08    -62923101.98
FERROVIA CEN-DVD   VSPT12 BZ       1189275625.36    -35605725.65
FERROVIA CEN-DVD   VSPT11 BZ       1189275625.36    -35605725.65
GASCOIGNE EMP-PF   1GASPN BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF   GASC4 BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF   GASC4B BZ        881202387.66    -501612577.9
GASCOIGNE EMPREE   1GASON BZ        881202387.66    -501612577.9
GAZOLA             GAZO3 BZ          12452143.07    -40298506.25
GAZOLA SA          GAZON BZ          12452143.07    -40298506.25
GAZOLA SA-DVD CM   GAZO11 BZ         12452143.07    -40298506.25
GAZOLA SA-DVD PF   GAZO12 BZ         12452143.07    -40298506.25
GAZOLA SA-PREF     GAZPN BZ          12452143.07    -40298506.25
GAZOLA-PREF        GAZO4 BZ          12452143.07    -40298506.25
GAZOLA-RCPT PREF   GAZO10 BZ         12452143.07    -40298506.25
GAZOLA-RCPTS CMN   GAZO9 BZ          12452143.07    -40298506.25
HAGA               HAGA3 BZ          16483114.08    -62923101.98
HOPI HARI SA       PQTM3 BZ          60697522.73     -51330086.4
HOPI HARI-PREF     PQTM4 BZ          60697522.73     -51330086.4
IMPSAT FIBER NET   IMPTQ US            535007008       -17165000
IMPSAT FIBER NET   XIMPT SM            535007008       -17165000
IMPSAT FIBER NET   330902Q GR          535007008       -17165000
IMPSAT FIBER-$US   IMPTD AR            535007008       -17165000
IMPSAT FIBER-BLK   IMPTB AR            535007008       -17165000
IMPSAT FIBER-C/E   IMPTC AR            535007008       -17165000
IMPSAT FIBER-CED   IMPT AR             535007008       -17165000
LAEP INVESTMENTS   LEAP LX          440611400.44    -32930986.27
LAEP-BDR           MILK11 BZ        440611400.44    -32930986.27
LATTENO FOOD COR   LATF US              16631180        -1448544
MINUPAR            MNPR3 BZ          89611489.39    -20702110.72
MINUPAR SA         MNPRON BZ         89611489.39    -20702110.72
MINUPAR SA-PREF    MNPRPN BZ         89611489.39    -20702110.72
MINUPAR-PREF       MNPR4 BZ          89611489.39    -20702110.72
MMX MINERACA-GDR   3M11 GR         1018389001.17   -160218400.52
MMX MINERACA-GDR   MMXMY US        1018389001.17   -160218400.52
MMX MINERACA-GDR   XMM CN          1018389001.17   -160218400.52
MMX MINERACAO      MMXCF US        1018389001.17   -160218400.52
MMX MINERACAO      MMXM3 BZ        1018389001.17   -160218400.52
MMX MINERACAO      TRES3 BZ        1018389001.17   -160218400.52
NORDON MET         NORD3 BZ          15498217.36     -20133536.7
NORDON MET-RTS     NORD1 BZ          15498217.36     -20133536.7
NORDON METAL       NORDON BZ         15498217.36     -20133536.7
NOVA AMERICA SA    NOVA3 BZ             21287489   -183535527.21
NOVA AMERICA SA    1NOVON BZ            21287489   -183535527.21
NOVA AMERICA SA    NOVAON BZ            21287489   -183535527.21
NOVA AMERICA SA    NOVA3B BZ            21287489   -183535527.21
NOVA AMERICA-PRF   1NOVPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF   NOVAPN BZ            21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4B BZ            21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4 BZ             21287489   -183535527.21
PARMALAT           LCSA3 BZ         353615264.63    -165164436.3
PARMALAT BR-RT C   LCSA5 BZ         353615264.63    -165164436.3
PARMALAT BR-RT P   LCSA6 BZ         353615264.63    -165164436.3
PARMALAT BRAS-PF   LCSAPN BZ        353615264.63    -165164436.3
PARMALAT BRASIL    LCSAON BZ        353615264.63    -165164436.3
PARMALAT-PREF      LCSA4 BZ         353615264.63    -165164436.3
PARQUE TEM-DV CM   PQT5 BZ           60697522.73     -51330086.4
PARQUE TEM-DV PF   PQT6 BZ           60697522.73     -51330086.4
PARQUE TEM-RCT C   PQTM9 BZ          60697522.73     -51330086.4
PARQUE TEM-RCT P   PQTM10 BZ         60697522.73     -51330086.4
PARQUE TEM-RT CM   PQTM1 BZ          60697522.73     -51330086.4
PARQUE TEM-RT PF   PQTM2 BZ          60697522.73     -51330086.4
PET MANG-RECEIPT   RPMG10 BZ         76852724.18   -212528966.16
PET MANG-RECEIPT   RPMG9 BZ          76852724.18   -212528966.16
PET MANG-RIGHTS    RPMG1 BZ          76852724.18   -212528966.16
PET MANG-RIGHTS    RPMG2 BZ          76852724.18   -212528966.16
PET MANGUINH-PRF   RPMG4 BZ          76852724.18   -212528966.16
PETRO MANGUIN-PF   MANGPN BZ         76852724.18   -212528966.16
PETRO MANGUINHOS   MANGON BZ         76852724.18   -212528966.16
PETRO MANGUINHOS   RPMG3 BZ          76852724.18   -212528966.16
PROMAN             PRMN3B BZ         12167222.17      -207882.19
PROMAN             PRMN3 BZ          12167222.17      -207882.19
REII INC           REIC US              16631180        -1448544
RENAUXVIEW SA      TXRX3 BZ          50909736.38    -79601048.99
RENAUXVIEW SA-PF   TXRX4 BZ          50909736.38    -79601048.99
RIMET              REEMON BZ         63757621.65   -107162239.91
RIMET              REEM3 BZ          63757621.65   -107162239.91
RIMET-PREF         REEM4 BZ          63757621.65   -107162239.91
RIMET-PREF         REEMPN BZ         63757621.65   -107162239.91
RIOSULENSE SA      RSULON BZ         56866478.19     -9053574.99
RIOSULENSE SA      RSUL3 BZ          56866478.19     -9053574.99
RIOSULENSE SA-PR   RSULPN BZ         56866478.19     -9053574.99
RIOSULENSE SA-PR   RSUL4 BZ          56866478.19     -9053574.99
SANESALTO          SNST3 BZ          24569561.13      -754460.51
SANSUY             SNSY3 BZ         100279114.92    -45812488.77
SANSUY SA          SNSYON BZ        100279114.92    -45812488.77
SANSUY SA-PREF A   SNSYAN BZ        100279114.92    -45812488.77
SANSUY SA-PREF B   SNSYBN BZ        100279114.92    -45812488.77
SANSUY-PREF A      SNSY5 BZ         100279114.92    -45812488.77
SANSUY-PREF B      SNSY6 BZ         100279114.92    -45812488.77
SCHLOSSER          SCLO3 BZ          10818026.01    -65846678.92
SCHLOSSER SA       SCHON BZ          10818026.01    -65846678.92
SCHLOSSER SA-PRF   SCHPN BZ          10818026.01    -65846678.92
SCHLOSSER-PREF     SCLO4 BZ          10818026.01    -65846678.92
SNIAFA SA          SNIA AR           11489328.24      -840226.12
SNIAFA SA-B        SDAGF US          11489328.24      -840226.12
SNIAFA SA-B        SNIA5 AR          11489328.24      -840226.12
SOC COMERCIAL PL   SCDPF US         113091441.22   -254639574.05
SOC COMERCIAL PL   CADN EO          113091441.22   -254639574.05
SOC COMERCIAL PL   CADN SW          113091441.22   -254639574.05
SOC COMERCIAL PL   COME AR          113091441.22   -254639574.05
SOC COMERCIAL PL   CVVIF US         113091441.22   -254639574.05
SOC COMERCIAL PL   CAD IX           113091441.22   -254639574.05
STAROUP SA         STARON BZ         31385624.73     -9890708.41
STAROUP SA-PREF    STARPN BZ         31385624.73     -9890708.41
TECEL S JOSE       FTSJON BZ         17924946.14    -18569451.23
TECEL S JOSE       SJOS3 BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ         17924946.14    -18569451.23
TEKA               TKTQF US         219773260.95   -306726075.74
TEKA               TEKA3 BZ         219773260.95   -306726075.74
TEKA               TEKAON BZ        219773260.95   -306726075.74
TEKA-ADR           TEKAY US         219773260.95   -306726075.74
TEKA-ADR           TKTQY US         219773260.95   -306726075.74
TEKA-ADR           TKTPY US         219773260.95   -306726075.74
TEKA-PREF          TEKAPN BZ        219773260.95   -306726075.74
TEKA-PREF          TKTPF US         219773260.95   -306726075.74
TEKA-PREF          TEKA4 BZ         219773260.95   -306726075.74
TELEBRAS SA        TBASF US         219200060.46     -3774997.87
TELEBRAS SA        TLBRON BZ        219200060.46     -3774997.87
TELEBRAS SA        TELB3 BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF   TELB4 BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF   TLBRPN BZ        219200060.46     -3774997.87
TELEBRAS SA-RT     TELB9 BZ         219200060.46     -3774997.87
TELEBRAS-ADR       TBASY US         219200060.46     -3774997.87
TELEBRAS-ADR       TBRAY GR         219200060.46     -3774997.87
TELEBRAS-ADR       TBX GR           219200060.46     -3774997.87
TELEBRAS-ADR       RTB US           219200060.46     -3774997.87
TELEBRAS-ADR       TBH US           219200060.46     -3774997.87
TELEBRAS-ADR       TBAPY US         219200060.46     -3774997.87
TELEBRAS-BLOCK     TELB30 BZ        219200060.46     -3774997.87
TELEBRAS-CED C/E   TEL4C AR         219200060.46     -3774997.87
TELEBRAS-CED C/E   RCT4C AR         219200060.46     -3774997.87
TELEBRAS-CEDE BL   RCT4B AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF   RCTB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDE PF   TELB4 AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $   TEL4D AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $   RCT4D AR         219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB32 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT   TBRTF US         219200060.46     -3774997.87
TELEBRAS-CM RCPT   TELE31 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB31 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB30 BZ        219200060.46     -3774997.87
TELEBRAS-COM RT    TELB1 BZ         219200060.46     -3774997.87
TELEBRAS-PF BLCK   TELB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT   TELE41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT   TBAPF US         219200060.46     -3774997.87
TELEBRAS-PF RCPT   CBRZF US         219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT   TLBRUP BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB42 BZ        219200060.46     -3774997.87
TELEBRAS-RCT       RCTB33 BZ        219200060.46     -3774997.87
TELEBRAS-RCT PRF   TELB10 BZ        219200060.46     -3774997.87
TELEBRAS-RECEIPT   TLBRUO BZ        219200060.46     -3774997.87
TELEBRAS-RTS CMN   RCTB1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS CMN   TCLP1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF   RCTB2 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF   TLCP2 BZ         219200060.46     -3774997.87
TELEBRAS/W-I-ADR   TBH-W US         219200060.46     -3774997.87
TELECOMUNICA-ADR   81370Z BZ        219200060.46     -3774997.87
TELEX-A            TELEXA CI        450943844.68    -52392581.33
TELEX-RTS          TELEXO CI        450943844.68    -52392581.33
TELMEX CORP SA     CHILESAT CI      450943844.68    -52392581.33
TELMEX CORP-ADR    CSAOY US         450943844.68    -52392581.33
TEXTEIS RENA-RCT   TXRX9 BZ          50909736.38    -79601048.99
TEXTEIS RENA-RCT   TXRX10 BZ         50909736.38    -79601048.99
TEXTEIS RENAU-RT   TXRX2 BZ          50909736.38    -79601048.99
TEXTEIS RENAU-RT   TXRX1 BZ          50909736.38    -79601048.99
TEXTEIS RENAUX     RENXPN BZ         50909736.38    -79601048.99
TEXTEIS RENAUX     RENXON BZ         50909736.38    -79601048.99
TRESSEM PART SA    1TSSON BZ       1018389001.17   -160218400.52
VARIG PART EM SE   VPSC3 BZ         101177852.25   -318442006.32
VARIG PART EM TR   VPTA3 BZ          49432124.18   -399290425.77
VARIG PART EM-PR   VPSC4 BZ         101177852.25   -318442006.32
VARIG PART EM-PR   VPTA4 BZ          49432124.18   -399290425.77
VARIG SA           VAGV3 BZ         966298025.55  -4695211316.33
VARIG SA           VARGON BZ        966298025.55  -4695211316.33
VARIG SA-PREF      VARGPN BZ        966298025.55  -4695211316.33
VARIG SA-PREF      VAGV4 BZ         966298025.55  -4695211316.33
WETZEL SA          MWELON BZ         79756128.35     -6350930.69
WETZEL SA          MWET3 BZ          79756128.35     -6350930.69
WETZEL SA-PREF     MWELPN BZ         79756128.35     -6350930.69
WETZEL SA-PREF     MWET4 BZ          79756128.35     -6350930.69
WIEST              WISA3 BZ          39838113.86    -93371563.06
WIEST SA           WISAON BZ         39838113.86    -93371563.06
WIEST SA-PREF      WISAPN BZ         39838113.86    -93371563.06
WIEST-PREF         WISA4 BZ          39838113.86    -93371563.06


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *