TCRLA_Public/091125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, November 25, 2009, Vol. 10, No. 233

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Antigua Seeks Stricter Laws to Ban Scheme Repeat
* ARGENTINA: Seeks Stricter Laws to Ban Scheme Repeat


A R G E N T I N A

ALIMENTOS NATURALES: Asks for Opening of Preventive Contest
AMAS SA: Creditors' Proofs of Debt Due on February 1
AUTOPISTAS DEL SOL: Argentine Gov't to Audit & Oversee Firm
AUTOPISTAS DEL: Nonpayment of Interest Cues S&P's 'D' Rating
BANCO SUPERVIELLE: Moody's Assigns Foreign Currency Debt Rating

CHICKEN WORD: Creditors' Proofs of Debt Due on February 11
GAS NATURAL: Moody's Assigns 'B2' Ratings on Proposed Notes
IMPORT EXPORT: Creditors' Proofs of Debt Due on December 14
MEGA MARMOL: Creditors' Proofs of Debt Due on December 4
TEKNOSAN SA: Creditors' Proofs of Debt Due on February 15

TIEMPO HABIL: Creditors' Proofs of Debt Due on February 2
* ARGENTINA: Gov't to Audit & Oversee Autopistas del Sol
* ARGENTINA: Moody's Affirms Insurance Ratings on Three Firms


B E R M U D A

AXYCAPITAL LTD: Creditors' Proofs of Debt Due on December 8
AXYCAPITAL LTD: Members' General Meeting Set for December 30
BRENCOURT ARBITRAGE: Creditors' Proofs of Debt Due on December 8
BRENCOURT ARBITRAGE: Members' General Meeting Set for December 30
CHINA HOMES: Creditors' Proofs of Debt Due on December 8

CHINA HOMES: Members' General Meeting Set for December 30
DOT INVESTMENT: Creditors' Proofs of Debt Due on December 8
DOT INVESTMENT: Members' General Meeting Set for December 30
LEHMAN RE: Stays in Provisional Liquidators' Hands
POP CAPITAL: Creditors' Proofs of Debt Due on December 8

POP CAPITAL: Members' General Meeting Set for December 30
SWISSRE FINANCE: Creditors' Proofs of Debt Due on December 8
SWISSRE FINANCE: Members' General Meeting Set for December 30


B R A Z I L

COMPANHIA SIDERURGICA: Records 8MM Tonne Ore Output in July-Sept
GERDAU AMERISTEEL: Discloses US$610 Million Refinancing
GOL LINHAS: Signs EFB Contract With NavAero
REDE ENERGIA: Fitch Upgrades Issuer Default Ratings to 'B-'
TAM SA: Signs Partnership With Banco do Brasil


C A Y M A N  I S L A N D S

AIB HOLDINGS: Placed Under Voluntary Liquidation
ASPECT GLOBAL: Creditors' Proofs of Debt Due on November 26
C.I. ORPHAN: Creditors' Proofs of Debt Due on November 26
CAIXA CATALUNYA: Creditors' Proofs of Debt Due on November 26
CAVENDISH MULTIPLE: Placed Under Voluntary Liquidation

CHERRY CREEK: Creditors' Proofs of Debt Due on November 26
COAST BLACKTHORN: Creditors' Proofs of Debt Due on November 26
COAST BULLPATH: Creditors' Proofs of Debt Due on November 26
COAST FLATIRON: Creditors' Proofs of Debt Due on November 26
ELK RIVER: Placed Under Voluntary Liquidation

ELK RIVER: Placed Under Voluntary Liquidation
FOO LIMITED: Creditors' Proofs of Debt Due on November 26
GLOBAL HYBRID: Creditors' Proofs of Debt Due Today
GREYWOLF HIGH: Placed Under Voluntary Liquidation
GREYWOLF HIGH: Placed Under Voluntary Liquidation

MBS ARBITRAGE: Commences Wind-Up Proceedings
OPTIMALITY FUND: Placed Under Voluntary Liquidation
PYRAMID HOLDINGS: Placed Under Voluntary Liquidation
TUNERA LIMITED: Creditors' Proofs of Debt Due on November 26
URANUS HOLDINGS: Commences Wind-Up Proceedings


C H I L E

BHP BILLITON: To Raise Pay at Spence Copper Mine to End Strike
EMPRESAS IANSA: Fitch Maintains Issuer Default Rating at 'B-'


J A M A I C A

AIR JAMAICA: 6-Month Performance Has Improved, Tourism Head Says
* JAMAICA: No IMF Agreement Until 2010, PNP Says


M E X I C O

CEMEX SAB: Completes EURUS Wind Farm Construction
CONTROLADORA COMERCIAL: Gets Fined on Derivatives Amid Probe
DEUTSCHE BANK: Moody's Reviews Global Currency Deposit Rating
URBI DESARROLLOS: Mexican Creditors Agree to Amend Debt Terms


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Restarts Petropiar Unit, Venezuela Says


                         - - - - -


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


STANFORD INT'L: Antigua Seeks Stricter Laws to Ban Scheme Repeat
----------------------------------------------------------------
Antigua will restructure its financial system following the
collapse of Robert Allen Stanford's island-based empire when his
alleged investment fraud unraveled, Taiwan News reports, citing
the country's Governor General Dame Louise Lake-Tack.

According to CaribWorldNews, Mr. Lake-Tack said that the country's
financial laws will be amended to ensure adequate monitoring and
strict compliance with anti-money laundering requirements.  "The
Financial Services Regulatory Commission will be seeking
amendments wherever necessary to the legislative and regulatory
frameworks that buttress our off-shore financial regime," the
report quoted Mr. Lake-Tack, as saying.

CaribWorldNews relates that amendments will be made to the:

   -- International Business Act,
   -- The Money Laundering (Prevention) Act, and
   -- The Proceeds of Crime Act.

                About Stanford International Bank

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

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

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

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

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


* ARGENTINA: Seeks Stricter Laws to Ban Scheme Repeat
-----------------------------------------------------
Antigua will restructure its financial system following the
collapse of Robert Allen Stanford's island-based empire when his
alleged investment fraud unraveled, Taiwan News reports, citing
the country's Governor General Dame Louise Lake-Tack.

According to CaribWorldNews, Mr. Lake-Tack said that the country's
financial laws will be amended to ensure adequate monitoring and
strict compliance with anti-money laundering requirements.  "The
Financial Services Regulatory Commission will be seeking
amendments wherever necessary to the legislative and regulatory
frameworks that buttress our off-shore financial regime," the
report quoted Mr. Lake-Tack, as saying.

CaribWorldNews relates that amendments will be made to the:

   -- International Business Act,
   -- The Money Laundering (Prevention) Act, and
   -- The Proceeds of Crime Act.

                About Stanford International Bank

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

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

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

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

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


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


ALIMENTOS NATURALES: Asks for Opening of Preventive Contest
-----------------------------------------------------------
Alimentos Naturales Independientes SA asked for the opening of
preventive contest.

The company stopped making payments on July 30.


AMAS SA: Creditors' Proofs of Debt Due on February 1
----------------------------------------------------
Andres Martorelli, the court-appointed trustee for Amas SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 1, 2010.

Mr. Martorelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Andres Martorelli
          Beruti 2926
          Argentina


AUTOPISTAS DEL SOL: Argentine Gov't to Audit & Oversee Firm
-----------------------------------------------------------
The Argentine government said it will audit and temporarily
oversee highway operator Autopistas del Sol after the company
defaulted on its debt, Kevin Gray at Reuters reports.  The report
relates that Autopistas failed to make a US$9 million debt payment
on November 23 and said it is working on a proposal to restructure
its debt.

As reported in the Troubled Company Reporter-Latin America on
November 23, 2009, Bloomberg News said Autopistas said that the
government’s failure to let it raise toll rates led to a
“progressive deterioration” of its finances that forced the
company to miss an interest payment on US$155 million of bonds.
The report related that the country's Planning Ministry said that
it may name an overseer to Autopistas.

Autopistas, Reuters relates, also said that a weak local currency
is adding to its financial troubles.

According to Reuters, the Planning Ministry said that the
government intervention of Autopistas would last 120 days and was
aimed at ensuring the company continues to operate.  However, the
report notes, that an unnamed government spokesman blamed the
company's financial troubles on mismanagement.  "Some companies
say their problems are because of the tariffs, but they are poorly
run," the report quoted the spokesman 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.


AUTOPISTAS DEL: Nonpayment of Interest Cues S&P's 'D' Rating
------------------------------------------------------------
On Nov. 23, 2009, Standard & Poor's Ratings Services lowered its
ratings on Autopistas del Sol S.A. to 'D' from 'CC'.

The downgrade follows the company's failure to make a $9 million
interest payment due, as this maturity will be included in the
company's debt restructuring process announced on Nov. 10, 2009.

Ausol holds the concession to operate and collect tolls until 2020
on the Autopistas del Sol Highway System, one of the most
important access roads to the city of Buenos Aires.

Ausol's financial position and repayment capacity have continued
to further deteriorate in recent quarters, given lower traffic
levels, increasing operational costs (particularly labor), and a
gradual devaluation in Argentina's currency (the peso), within a
context of pending approval of several issues related to its
concession contract -- mainly tariff adjustments.  The full
renegotiation of the concession contract has been pending since
2002.

As of Sept. 30, 2009, Ausol had about $307 million in total debt:
$152.5 million in notes with final maturity in 2014, and
$155 million in notes with final maturity in 2017.

              Downgraded; CreditWatch/Outlook Action

                      Autopistas Del Sol S.A.

                      Corporate Credit Rating

                                To                 From
                                --                 ----
  National Scale                D/--               CC/Negative/--

                            Downgraded

                      Autopistas Del Sol S.A.

                                  To                 From
                                  --                 ----
Senior Unsecured                 D                  CC/Negative


BANCO SUPERVIELLE: Moody's Assigns Foreign Currency Debt Rating
---------------------------------------------------------------
Moody's Latin America assigned Aa2.ar and Aa3.ar National Scale
local and foreign currency debt ratings, respectively, to Banco
Supervielle's multi-currency senior unsecured debt program
amounting up to ARS200 million, or its equivalent in other
currencies.

Moody's also assigned Aa2.ar to the first expected issuance of the
program totaling ARS80 million, with a maturity of 270 days.

At the same time, Moody's Investors Service assigned Ba3 and B2
local and foreign-currency debt ratings on its global scale to the
program.  The foreign currency rating is constrained by the B2
Argentinean country ceiling for bonds and notes.  A Ba3 global
local currency debt rating was also assigned to the first issuance
of local currency-denominated debt.

The outlook on all ratings is stable.

Banco Supervielle is headquartered in Buenos Aires, Argentina, and
it had assets of ARS4.3 billion and deposits of ARS3.4 billion, as
of September 30, 2009.

These ratings were assigned to Banco Supervielles' ARS200 million
senior debt program:

  -- Global Local-Currency Debt Rating: Ba3
  -- Global Foreign-Currency Debt Rating: B2
  -- National Scale Local-Currency Debt Rating: Aa2.ar
  -- National Scale Foreign-Currency Debt Rating: Aa3.ar

These ratings were assigned to Banco Supervielle's ARS80 million
issuance:

  -- Global Local-Currency Debt Rating: Ba3
  -- National Scale Local-Currency Debt Rating: Aa2.ar


CHICKEN WORD: Creditors' Proofs of Debt Due on February 11
----------------------------------------------------------
Juan Jose O. Castronuovo, the court-appointed trustee for Chicken
Word SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until February 11, 2010.

Mr. Castronuovo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Juan Jose O. Castronuovo
          Corrientes 2621
          Argentina


GAS NATURAL: Moody's Assigns 'B2' Ratings on Proposed Notes
-----------------------------------------------------------
Moody's Latin America assigned B2/A1.ar ratings to Gas Natural
Ban's up to ARS100 million proposed notes, with a stable outlook.
As the Series 3 peso notes will have the same priority as the
outstanding debt, all ratings at are the same level.  The outlook
for all ratings is stable.

GNB's B2 and A1.ar ratings reflect the company's strong
positioning in terms of regulatory support and government
relationships as GNB is the only gas distribution company that has
been able to increase its tariffs twice since the enactment of the
Emergency Law in 2002, while tariffs for most companies in the gas
distribution and transportation segments have remained frozen.
GNB's solid credit metrics and past prudent financial policies
also support the ratings.

Nevertheless, the ratings continue to be constrained by the
evolving and uncertain framework of existing regulations for gas
distribution utilities in Argentina.  Despite the fact that GNB
saw its tariffs increased in 2007 and was able to subsequently
recover increased costs through the provisional adjustment for
cost recovery mechanism which is in place, a definitive tariff
regime (or RTI) is still pending.  Furthermore, the latest
increase in tariff solicited by the company --in November 2008 to
receive compensation for its increased costs, has not been
approved by the regulator, reflecting the time delays that can
occur in the process.

In addition, Moody's notes that GNB's still has a large percentage
of short term debt on its balance sheet.  Although the company has
been able to successfully refinance its short-term debt maturities
to date, it does not have access to committed bank facilities
which can create the potential for liquidity tightness in case of
an unexpected capital market disruption.

After the issuance of the proposed notes, GNB's debt will be
composed of ARS126 million Class 2 Notes coming due in July 2010
and ARS100 million Class 3 Notes due in July 2011.  While total
debt outstanding has declined steadily and the debt burden is
manageable considering GNB's internal cash generation, all of its
ARS226 million debt will come due during the next eighteen months
which will require continued external financing.

Moody's notes that to offset its short-term debt exposure, GNB has
developed solid bank relationships.  Moody's also recognizes that
in recent years the company has prudently manage its short-term
debt maturities by successfully rolling over maturities when
needed.

Because there are no significant structural or priority of claim
considerations that would cause a difference between the company's
B2 corporate family rating and the rated debt at GNB, all ratings
are at the same level.

The stable outlook reflects Moody's expectation that GNB will
continue to have adequate access to external financing to meet its
short-term debt obligations while maintaining adequate levels of
cash generation in relation to debt and balanced operations until
a new tariff regime is implemented.  The ratings could be upgraded
once a new tariff regime or a more predictable regulatory
framework that allows for more timely cost recoveries and
reasonable rates of return are implemented.  Execution of a more
balanced debt profile that avoids the current debt maturity
concentration in the short-term could also create upwards rating
pressure.  If GNB is unable to improve its overall liquidity
profile with less profitable operations or if continued access to
the local capital markets becomes questionable, the ratings or the
outlook could come under downward pressure.

Based in Buenos Aires, Argentina Gas Natural Ban, S.A., is one of
the 9 gas distribution companies in the country with operations in
the north area of Buenos Aires Province.  The area of service has
six million inhabitants and GNB has 1,4 million clients within the
area.  Total revenues for the last twelve months ending September,
2009 were ARS 733 million (approximately US$ 190 million).

GNB is directly controlled by Invergas (51%) and Gas Natural SDG
Argentina (19%), while 30% floats in the BCBA (Buenos Aires Stock
Exchange).  Invergas and Gas Natural SDG Argentina are in turn
controlled by Gas Natural SDG Spain (Baa2, Stable) which has a 72%
stake and by Chemo Group (Unrated), an Argentinean group that
holds the remaining 28%.


IMPORT EXPORT: Creditors' Proofs of Debt Due on December 14
-----------------------------------------------------------
Ariel Martin Marsili, the court-appointed trustee for Import
Export Service SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 14, 2009.

Mr. Marsili will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 32, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ariel Martin Marsili
          Sarmiento 1582
          Argentina


MEGA MARMOL: Creditors' Proofs of Debt Due on December 4
--------------------------------------------------------
Zulma Gloria Ghigliano, the court-appointed trustee for Mega
Marmol SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 4, 2009.

Mr. Ghigliano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Zulma Gloria Ghigliano
          Cipolletti 554
          Argentina


TEKNOSAN SA: Creditors' Proofs of Debt Due on February 15
---------------------------------------------------------
Vilma Vaello, the court-appointed trustee for Teknosan SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until February 15, 2010.

Ms. Vaello will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Vilma Vaello
          Tucuman 1455
          Argentina


TIEMPO HABIL: Creditors' Proofs of Debt Due on February 2
---------------------------------------------------------
Francisco Rovira, the court-appointed trustee for Tiempo Habil
Consultora SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 2, 2010.

Mr. Rovira will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Francisco Rovira
          avenida Belgrano 634
          Argentina


* ARGENTINA: Gov't to Audit & Oversee Autopistas del Sol
--------------------------------------------------------
The Argentine government said it will audit and temporarily
oversee highway operator Autopistas del Sol after the company
defaulted on its debt, Kevin Gray at Reuters reports.  The report
relates that Autopistas failed to make a US$9 million debt payment
on November 23 and said it is working on a proposal to restructure
its debt.

As reported in the Troubled Company Reporter-Latin America on
November 23, 2009, Bloomberg News said Autopistas said that the
government’s failure to let it raise toll rates led to a
“progressive deterioration” of its finances that forced the
company to miss an interest payment on US$155 million of bonds.
The report related that the country's Planning Ministry said that
it may name an overseer to Autopistas.

Autopistas, Reuters relates, also said that a weak local currency
is adding to its financial troubles.

According to Reuters, the Planning Ministry said that the
government intervention of Autopistas would last 120 days and was
aimed at ensuring the company continues to operate.  However, the
report notes, that an unnamed government spokesman blamed the
company's financial troubles on mismanagement.  "Some companies
say their problems are because of the tariffs, but they are poorly
run," the report quoted the spokesman 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.


* ARGENTINA: Moody's Affirms Insurance Ratings on Three Firms
-------------------------------------------------------------
Moody's Latin America has affirmed the insurance financial
strength ratings on both the global-local currency scale and
national scale for the three rated Argentine workers' compensation
insurance companies -- La Segunda ART (B2/A1.ar), MAPFRE Argentina
ART (Ba3/Aa2.ar), and Prevencion ART (B2/A1.ar) -- following the
government's decision to significantly increase WC policy benefit
payments.  However, Moody's changed the IFS rating outlook to
negative from stable on the national scale for the three insurers,
indicating that rating pressure now exists for the companies' NS
IFS ratings given the potential negative impact of the recent
government action.  In addition, the rating agency changed the IFS
rating outlook to negative on the Argentine NS for the cooperative
parent companies of La Segunda ART and Prevencion ART -- La
Segunda Cooperativa de Seguros Limitada and Sancor Cooperativa de
Seguros Limitada, respectively.  Finally, Moody's maintained the
stable outlook on the GLC IFS ratings of La Segunda ART, La
Segunda Cooperativa, Prevencion ART and Sancor, but changed the
outlook on the GLC IFS rating of MAPFRE Argentina ART to negative
from stable.

          Mapfre Art, Prevencion Art, And La Segunda Art

According to Moody's, the outlook change to negative from stable
for MAPFRE ART's Ba3 GLC and Aa2.ar NS IFS ratings and for
Prevencion ART's and La Segunda ART's A1.ar NS IFS ratings
reflects that the increase in the WC benefits -- by means of the
Presidential Decree number 1694/2009, issued by the Argentine
government on November 6 -- is an overall negative development for
the ART insurers.  The increased benefit costs mandated by the
decree will likely weaken profitability and capitalization of the
insurance companies operating in this segment.

Moody's noted that the extent to which the new benefit levels will
weaken the insurers' credit profile, however, is not clear at this
time, as it will be largely dependent on each company's ability to
shift the incremental claims cost to policyholders.  That said,
notwithstanding the possible transfer of the higher claims cost to
clients, the insurers will face timing issues, as they will not be
able to immediately increase premium rates to the desired levels.
In addition, not all ART insurers will maintain pricing discipline
to the same extent, as some may seek greater market share in this
highly competitive sector.  The rating agency added that the ART
insurance companies' regulatory capital position will still be
strained, as a result of the higher premiums levels and the
resulting higher regulatory solvency requirements (which are based
on premiums).  The ART insurers will likely face additional
pressure and uncertainties until implementation details of the new
legal framework are known.

The change in the outlook of Prevencion ART's and La Segunda ART's
national scale ratings -- whereas the outlook on their GLC IFS
ratings remain sable -- is a result of their A1.ar ratings being
at the middle of the B2 GLC mapping range.  Therefore, their NS
IFS ratings could be downgraded before there is negative pressure
on their GLC IFS ratings.

The change in MAPFRE Argentina ART's GLC and NS IFS ratings
outlook to negative is twofold: a) MAPFRE Argentina ART's NS
rating of Aa2.ar is placed at the low-end of possible outcomes for
a Ba3 GLC IFS rating, and, as a result, any negative pressure is
reflected on both ratings; and b) uncertainties on whether the
company will continue to benefit from the current strong level of
support from its ultimate parent company, MAPFRE S.A., as it will
likely need further capital injection to comply with regulatory
solvency requirements and to sustain its high market position.

                Sancor Cooperativa De Seguros Ltd.
            And La Segunda Cooperativa De Seguros Ltd.

The change in Sancor's and La Segunda's A1.ar NS IFS rating
outlook to negative from stable reflects the view that their
capital adequacy and profitability could be pressured by future
capital needs from their ART subsidiaries (Prevencion ART and La
Segunda ART, respectively), should the government's decree weaken
the ART's financial position.

Moody's added that the extent of support needed from the ART's
parent companies will be a major rating driver for the parents' NS
IFS ratings because the ART subsidiaries are a significant
component of the two groups.  The NS IFS rating outlook could
return to stable if the parent companies continue to support the
ART companies with capital contributions as needed, without
weakening their own financial profile.  However, if the companies'
intrinsic financial profile deteriorates further -- e.g. lower
returns on equity or higher operating leverage-- the companies' NS
ratings could be downgraded.

                         Mapfre Argentina

Moody's commented that the ratings of MAPFRE Argentina ART's local
affiliates -- namely MAPFRE Argentina Seguros (rated Ba3 GLC IFS
and Aa2.ar NS IFS) and MAPFRE Argentina Vida (rated Ba3 GLC IFS
and Aa2.ar NS IFS) -- are not affected by this rating action.  The
financial and business profiles of those affiliates are not likely
to deteriorate -- nor should the degree of parent support to these
companies be reduced -- as a result of the negative pressure on
MAPFRE Argentina ART's credit risk profile.

The detailed rating actions are:

Prevencion ART:

  -- Affirmed the IFS rating on the Argentine national scale at
     A1.ar, changed the outlook to negative from stable

  -- Affirmed the IFS global local currency rating at B2, with a
     stable outlook

Sancor Seguros (parent company of Prevencion ART):

  -- Affirmed IFS rating on the Argentine national scale at A1.ar,
     changed the outlook to negative from stable

  -- Affirmed the IFS global local currency rating at B2, with a
     stable outlook

La Segunda ART:

  -- Affirmed IFS rating on the Argentine national scale at A1.ar,
     changed the outlook to negative from stable

  -- Affirmed the IFS global local currency rating at B2, with a
     stable outlook

La Segunda Cooperativa (main parent company of La Segunda ART):

  -- Affirmed the IFS rating on the Argentine national scale at
     A1.ar, changed the outlook to negative from stable

  -- Affirmed the IFS global local currency rating at B2, with a
     stable outlook

MAPFRE Argentina ART:

  -- Affirmed IFS rating on the Argentine national scale at
     Aa2.ar, changed the outlook to negative from stable

  -- Affirmed the IFS global local currency rating at Ba3, changed
     the outlook to negative from stable

Headquartered in Rosario, Argentina, La Segunda Cooperativa,
during the first quarter of 2009/10 fiscal year, ended
September 30, 2009, reported a net profit of AR$9.3 million, which
further increases to AR$22 million when adding the capital
contribution from its policyholders which are usually considered
as part of gross premiums.  Financial income was 21% higher than
in the first quarter of 2008 fiscal year, and grew to
AR$21.9 million from AR$18.0 million in the prior year's quarter.
The company's shareholders' equity rose by 8.3% in the first
quarter and totaled AR$288.3 million.  Also, headquartered in
Rosario, La Segunda ART, during the first quarter of 2009/10
fiscal year, reported a net loss of AR$7.8 million, compared to
the small profit of AR$0.1 million shown in the same period of
2008.  The company received a capital contribution of
AR$3.5 million from its shareholders in this period, which helped
to reduce the decline in its shareholders equity to
AR$54.1 million from AR$58.5 million as of June 30, 2009.

Headquartered in Sunchales (Santa Fe), Argentina, Sancor Seguros,
during the first quarter of 2009/10 fiscal year, ended
September 30, 2009, reported a net profit of AR$4.5 million, which
further increases to AR$20 million when adding the capital
contribution from its policyholders which are usually considered
as part of gross premiums.  Financial income was AR$18 million,
compared to a loss of AR$5 million in the prior year's quarter.
The company's shareholders' equity rose by 2% in the first quarter
and totaled AR$373.5 million.  Also headquartered in Sunchales,
Prevencion ART, during the first quarter of 2009/10 fiscal year,
reported a net profit of AR$9.2 million, compared to the
AR$3.3 million gain posted in the same period of 2008.  The
company's shareholders' equity rose by 5.7% in this first quarter
and totaled AR$172 million at September 30, 2009.

Finally, headquartered in Buenos Aires, Argentina, Mapfre ART,
during the first quarter of 2009/10 fiscal year, ended
September 30, 2009, reported a net loss of AR$13.3 million,
compared to a net loss of ARS1.6 million reported in the same
quarter of previous fiscal year.  Financial income was
AR$10 million, higher than the AR$8 million in the prior year's
period.  The company's shareholders' equity declined by 29.5% in
this first quarter and totaled AR$81.3 million.


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


AXYCAPITAL LTD: Creditors' Proofs of Debt Due on December 8
-----------------------------------------------------------
The creditors of Axycapital Ltd. are required to file their proofs
of debt by December 8, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


AXYCAPITAL LTD: Members' General Meeting Set for December 30
------------------------------------------------------------
The members of Axycapital Ltd. will hold their general meeting on
December 30, 2009, at 10:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


BRENCOURT ARBITRAGE: Creditors' Proofs of Debt Due on December 8
----------------------------------------------------------------
The creditors of Brencourt Arbitrage International II, Ltd. are
required to file their proofs of debt by December 8, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


BRENCOURT ARBITRAGE: Members' General Meeting Set for December 30
-----------------------------------------------------------------
The members of Brencourt Arbitrage International II, Ltd. will
hold their general meeting on December 30, 2009, at 12:00 noon to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


CHINA HOMES: Creditors' Proofs of Debt Due on December 8
--------------------------------------------------------
The creditors of China Homes Limited are required to file their
proofs of debt by December 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


CHINA HOMES: Members' General Meeting Set for December 30
---------------------------------------------------------
The members of China Homes Limited will hold their general meeting
on December 30, 2009, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


DOT INVESTMENT: Creditors' Proofs of Debt Due on December 8
-----------------------------------------------------------
The creditors of Dot Investment Ltd. are required to file their
proofs of debt by December 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


DOT INVESTMENT: Members' General Meeting Set for December 30
------------------------------------------------------------
The members of Dot Investment Ltd. will hold their general meeting
on December 30, 2009, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


LEHMAN RE: Stays in Provisional Liquidators' Hands
--------------------------------------------------
Supreme Court Judge Ian Kawaley has determined that Lehman Re
Limited will stay in the hands of provisional liquidators until a
hearing scheduled for the middle of next year, Alex Wright at The
Royal Gazette reports.

According to the report, Robin Mayor, representing the provisional
liquidators Peter Mitchell and Geoff Hunter, who were appointed in
September, asked Judge Kawaley to adjourn the case until May 21,
2010, while waiting for the conclusion of an ongoing directions
hearing concerning a particular asset of the estate, and on the
condition that the provisional liquidators file a report every two
months to the court and the Lehman Re's creditors.

Lehman Re Ltd. is a Bermuda-based insurance unit of Lehman
Brothers Holdings Inc.  Lehman Re's petition for liqudation was
filed with the Supreme Court of Bermuda on September 23, 2008.

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
dollars plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

                  International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


POP CAPITAL: Creditors' Proofs of Debt Due on December 8
--------------------------------------------------------
The creditors of Pop Capital Ltd. are required to file their
proofs of debt by December 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


POP CAPITAL: Members' General Meeting Set for December 30
---------------------------------------------------------
The members of Pop Capital Ltd. will hold their general meeting on
December 30, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


SWISSRE FINANCE: Creditors' Proofs of Debt Due on December 8
------------------------------------------------------------
The creditors of Swissre Finance (Bermuda) Ltd. are required to
file their proofs of debt by December 8, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


SWISSRE FINANCE: Members' General Meeting Set for December 30
-------------------------------------------------------------
The members of Swissre Finance (Bermuda) Ltd. will hold their
general meeting on December 30, 2009, at 11:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 19, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


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


COMPANHIA SIDERURGICA: Records 8MM Tonne Ore Output in July-Sept
----------------------------------------------------------------
Companhia Siderurgica Nacional S.A. reported its iron ore output
during the third quarter of 2009.  According to Steel Guru News,
the company's mining segment output a totalled of 7.5 million
tonnes of iron ore during the quarter comprising:

   -- 5.3 million tonne from Casa de Pedra,
   -- 0.8 million tonne from Namisa, and
   -- 1.4 million tonne purchased from third parties.

According to the report, of its own production of 6.1 million
tonne, 3.3 million tonne were finished products with 2.8 million
tonne being run of mine.  The report relates that January to
September cumulative output, also comprising own production and
purchases from third parties, came to 21.1 million tonne
comprising 16.0 million tonne from Casa de Pedra, 2.4 million
tonne from Namisa and 2.7 million tonne from third parties.

Steel Guru News notes that finished products and run of mine
amounted to 13.4 million tonne and 5.0 million tonne respectively,
giving total own production of 18.4 million tonne.

                           About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


GERDAU AMERISTEEL: Discloses US$610 Million Refinancing
-------------------------------------------------------
Gerdau Ameristeel Corporation has entered into a loan agreement
pursuant to which a wholly owned subsidiary will borrow US$610
million on arm's length terms from Gerdau Holdings Inc., a
subsidiary of Gerdau S.A.  The loan, which is expected to be
funded on December 3, 2009, will be a senior, unsecured obligation
of the obligors, will bear interest at 7.95% per annum, has no
scheduled principal payments prior to maturity, and will mature in
full on January 20, 2020.  Interest will be payable semiannually,
starting on July 20, 2010.

The amount borrowed represents approximately 50% of the proceeds
of the US$1.25 billion of bonds issued by Gerdau Holdings Inc. on
November 18, 2009.  The company intends to use the net proceeds of
the loan to prepay $510 million of its outstanding Tranche A term
debt and US$100 million of its outstanding Tranche C term debt and
the company notified the holders of such term debt of its intent
to prepay such amounts.

                    About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


GOL LINHAS: Signs EFB Contract With NavAero
-------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has awarded a contract to
navAero for the deployment of the tBag(TM) C22 EFB system for
GOL’s fleet of B737NGs.

The EFB contract is a part of GOL’s implementation of an advanced
program for a fleet-wide technology system of ACARS-through-
Iridium reporting and management of their messages.  The
deployment of this system will bring the airline increased
reliability and operations safety, greater control over
performance of the aircraft and reducing and controlling costs
through the reduction of aircraft weight and greater agility in
the daily management of the airline.  Additionally, the navAero
EFB hardware will allow the airline to use the EFBs for data
storage of currently used paper manuals that are carried on all
flights.  Less weight coupled with the utilization of
sophisticated software applications hosted on the EFBs will allow
Gol to have better tools to ensure maximum operational efficiency
and better control costs.

“This type of communications platform anticipates future trends
for airspace management”, states Captain Fernando Rockert de
Magalhaes, Technical Vice President of GOL.  “It will become
increasingly common for communications between cockpit, flight
coordination in airlines and air traffic controllers to be made by
a number of text messages, and our implementation of this EFB and
ACARS-through-Iridium will bring communications and technical
advantages to the safety and cost management for our operations.”

navAero will be implementing the deployment of its EFB hardware in
collaboration with technology solutions for the ACARS-though-
Iridium being provided by Avionica.  The integrated technology/
communications solutions will begin deployment in early 2010.

“This engagement with GOL represents an important milestone for
navAero as we continue to expand our offerings to customers that
interlink our EFB with technology systems from our strategic
teaming partner, Avionica, to provide our airlines with integrated
solutions that meet their business objectives,” said Ken
Crowhurst, Executive Vice President, navAero, Inc.  “This bundled
architecture of advanced EFB hardware and communications solutions
will help increase the ability of commercial of airlines to
realize maximum efficiency on the flight deck.  We are looking
forward to the implementation of this program and sharing this
innovative technology with our current and future customers.”

                        About GOL Linhas

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

                           *     *     *

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

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

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

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

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


REDE ENERGIA: Fitch Upgrades Issuer Default Ratings to 'B-'
-----------------------------------------------------------
Fitch Ratings has removed the ratings of Rede Energia S.A. and its
subsidiaries, Centrais Eletricas do Para S.A. and Centrais
Eletricas Matogrossenses S.A. from Rating Watch Negative.

Fitch has upgraded Rede's ratings:

Rede

  -- Local and Foreign Currency Issuer Default Ratings to 'B-'
     from 'CCC';

  -- Long-term National Rating to 'B(bra)' from 'CCC(bra)';

  -- US$575 million perpetual notes long-term International Rating
     to 'B-/RR4' from 'CCC/RR4'.

Fitch has affirmed Celpa and Cemat's ratings:

Celpa and Cemat

  -- Local and Foreign Currency IDRs at 'B';

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

  -- US$100 million notes units due in 2012 long-term
     International Rating at 'B/RR4'.

Fitch has also assigned a Long-term National Rating of 'B(bra)' to
Rede Energia's proposed debenture issuance of up to BRL370 million
with a five-year term.  The issuance proceeds will be used to
repay short-term debt.

The Outlook is Stable for all corporate ratings.

The upgrade and removal of Rede's ratings from Rating Watch
Negative reflects the company's success in rolling over its short-
term maturities in a challenging credit environment, which in its
turn is showing signs of improvement.  The new BRL300 million
financing from state-owned Banco do Nordeste in June 2009, which
will be taken out by the proposed debenture issuance is a key
example which will lengthen the holding company's debt maturity
profile.  BNB has provided a firm commitment to underwrite up to
BRL300 million out of the BRL370 million total issuance amount.

Rede Group's ratings reflect its sustained high consolidated
leverage and low liquidity, despite an improving trend in leverage
in 2009 driven by the tariff readjustment process and lower
capital expenditure.  This improving trend can be curtailed in
2010 because of the higher capex budget.  Debt maturity profile
remains concentrated in the short term, and refinancing challenges
are still an important issue to be faced in 2010.  Difficulties in
obtaining a potential covenant relief could lead to a further
deterioration in the credit quality of Rede Group with direct
negative impact on the ratings.  The difference between the IDRs
of Rede and its subsidiaries reflects the holding company's
tighter liquidity position and dependency on dividends from its
subsidiaries to meet its debt service.

Proposed Issuance Will Mitigate, But Not Resolve Rede Group's
Refinancing Issues:

As of Sept. 30, 2009, the Rede Group had BRL384 million in cash,
compared to BRL1.6 billion in adjusted short-term debt and
BRL6.3 billion in total adjusted debt.  Debt is adjusted by
rescheduled taxes, intercompany loans, labor settlements,
derivatives, and regulatory asset 'CCC sub-rogation', among
others.  Long-term debt maturities are BRL250 million in the
fourth quarter of 2010, BRL858 million in 2011 and BRL803 million
in 2012.  If the full BRL 370million of the proposed issuance is
underwritten, short-term debt would decrease to BRL1.3 billion,
which is still considered challenging.  In this scenario, and
given the BRL791 million budgeted capex (net of associated long-
term funding) for 2010, Fitch estimates Rede Group will have
around BRL1.3 billion in financing needs in that year.

On the holding company level, Rede had BRL10.8 million in cash and
marketable securities on Sept. 30, 2009, compared to
BRL489 million in adjusted short-term debt and BRL2.2 Billion in
total adjusted debt.  Long-term debt maturities are BRL33 million
in the fourth quarter of 2010, BRL60 million in 2011 and
BRL45 million in 2012.  If the full BRL370 million of the proposed
issuance is underwritten, short-term debt would decrease to
BRL119 million.  In this scenario, given its heavy burden of
interest expenses, Fitch estimates Rede to have approximately
BRL170 million of refinancing needs in 2010.

Capital Injection Most Effective Solution for Leverage and
Refinancing Risks:

Given the cash flow stability inherent to the sector, the
operating cash flow from operating subsidiaries has very limited
upside that would make it sufficient to support the group or the
holding company's debt service in 2010, making refinancing risk an
important concern.  Secondary sources of liquidity could be a
comprehensive debt lengthening or an equity injection.  The first
alternative is less likely to happen at the necessary volume, even
though Rede has demonstrated ability to maintain access to long-
term financing albeit at higher funding cost.  The equity
injection would be a more efficient and definitive solution in the
short term, and could happen in the way of an IPO and/or a
bilateral injection from an existing or new shareholder.  Given
the strategic nature of both actions, at this point Fitch cannot
assess the probability of this alternative.

High Leverage Not Expected to Change Materially in 2010; F/X Risk
a Concern:

Rede Group's capital structure is characterized by high
consolidated leverage and high US$ denominated debt burden at the
holding company.  In the nine months ended in September 2009,
Total adjusted debt/EBITDA ratio was 5.2 times and Net Adjusted
Debt/EBITDA was 4.9x, which was an improvement compared to the
same ratios in calendar-year 2008: 6.4x and 6.0x, respectively.
This improvement is a result of the higher Ebitda generated in
2009, coupled with the positive effect of the BRL valuation in
Rede Group's US$-denominated debt.  Interest coverage as measured
by Ebitda/gross interest expenses deteriorated to 1.6x in the last
twelve months of 2009, compared to 2.6x in calendar-year 2008, as
a result of the higher average cost of debt in the period.  Fitch
does not expect dramatic changes in either leverage or coverage
ratios in 2010 compared to 2009, as the higher capex budget for
2010 will be partially supported by an expected stronger cash
generation.

As of Sept. 30, 2009, approximately 24% of total debt is exposed
to foreign currency movements, excluding the National Treasury
debt.  Currency protection is deemed partial due to the usage of
currency swaps to protect only principal payments on some US$
obligations.  Interest payments on the perpetual notes, which were
hedged until 2008, are no longer protected in 2009.

Operating Performance Should Continue Improving Until Next Tariff
Review in 2011/2012:

The maintenance of a strong EBITDA will be fundamental for Rede to
continue to roll over its lines of credit.  Rede's consolidated
net revenues and Ebitda grew 39% and 20% in the first nine months
of 2009 (9M'09) compared to 9M'08, as a result of the asset swap
that consolidated distribution company Enersul into the group.
Excluding the asset swap effect, revenues in 9M'09 would have
increased 15% compared to 9M'08, basically driven by the 13.9%
year-over-year average tariff increase and to a lesser extent the
3.3% increase in energy volume.  In that same base, Ebitda would
have grown 14% in the period.

From a cash flow perspective, Fund from Operations, adjusted by
rescheduled taxes and labor settlement payments) reached
BRL341 million in 9M'09, more than 2 times the BRL127 million
recorded in 9M'08, driven by higher average tariffs and despite
the higher interest expenses in the period.  The BRL 523 million
capex made adjusted Free Cash Flow reach a negative BRL139 million
in 9M'09, and it is expected to remain negative in 2010 due to
higher budgeted capex.  In 2011 Fitch expects this measure to
become positive again, reflecting the lower capex and higher cash
generation.

Rede Group's concession areas show high growth potential compared
to the national average but are also subject to high energy
losses, especially Celpa.  Rede's energy loss reduction program
and its back-office centralization project will be key
profitability drivers in the next two years.  Fitch expects Ebitda
and FFO to increase in 2010 and 2011 driven by higher energy
consumption in the captive concession areas and Rede's costs
control measures, but the second tariff review starting in 2011
might interrupt this trend.


TAM SA: Signs Partnership With Banco do Brasil
----------------------------------------------
TAM SA and Banco do Brasil have signed a partnership that will
enable Banco do Brasil account holders with credit limits to
purchase airline tickets on the TAM Web site and pay for them in
installments for up to 36 months.  It is the first such
partnership TAM has established, and it is planning to make
similar deals with other partners in coming months.

"Thanks to our partnership with Banco do Brasil and, soon, with
other financial institutions, we are going to show people who make
long-distance trips by bus that airline tickets can fit into the
budget of those with bank accounts who have credit lines," states
Libano Barroso, TAM president.  "More than that, they will have a
chance to see for themselves that going by plane is much faster,
more comfortable and in many cases cheaper than going by bus, if
we take into account all of the expenses involved in trips of
approximately 1,000 kilometers, which can take two or three days
overland, including expenses for food."

Barroso emphasizes that the financial advantage increases when a
traveler plans his trip and buys the ticket in advance, because he
has a good chance of finding seats at attractive "promo" rates on
flights traveling at off-peak hours.

The installment payment option will be available on TAM's website
exclusively for individual customers with accounts at Banco do
Brasil who have access to credit limits, when the traveler chooses
the desired flight, date and time.  On selecting the method of
payment, the traveler will be offered the "installment payment"
option, which was not previously available.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


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


AIB HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------
On October 15, 2009, a resolution was passed that voluntarily
liquidates the business of AIB Holdings (Jersey) Limited.

Only creditors who were able to file their proofs of debt by
November 11, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Cayman Liquidators, Ltd.
          Mourant du Feu & Jeune
          c/o Christine Fletcher
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647;
or

          Mourant Cayman Liquidators, Ltd.
          c/o Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands


ASPECT GLOBAL: Creditors' Proofs of Debt Due on November 26
-----------------------------------------------------------
The creditors of Aspect Global Currency 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 wind-up proceedings on October 14, 2009.

The company's liquidator is:

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


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

The company commenced wind-up proceedings on October 16, 2009.

The company's liquidator is:

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


CAIXA CATALUNYA: Creditors' Proofs of Debt Due on November 26
-------------------------------------------------------------
The creditors of Caixa Catalunya International Finance Limited are
required to file their proofs of debt by November 26, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 1, 2009.

The company's liquidator is:

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


CAVENDISH MULTIPLE: Placed Under Voluntary Liquidation
------------------------------------------------------
On October 6, 2009, a resolution was passed that voluntarily
liquidates the business of Cavendish Multiple Strategy 2.

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:

          Bernard Dennery
          15 Avenue du Recteur Poincare
          75016 Paris, France


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

The company commenced wind-up proceedings on October 16, 2009.

The company's liquidator is:

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


COAST BLACKTHORN: Creditors' Proofs of Debt Due on November 26
--------------------------------------------------------------
The creditors of Coast Blackthorn Strategy Investments Ltd. are
required to file their proofs of debt by November 26, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 8, 2009.

The company's liquidator is:

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


COAST BULLPATH: Creditors' Proofs of Debt Due on November 26
------------------------------------------------------------
The creditors of Coast Bullpath Strategy Investments Ltd. are
required to file their proofs of debt by November 26, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 8, 2009.

The company's liquidator is:

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


COAST FLATIRON: Creditors' Proofs of Debt Due on November 26
------------------------------------------------------------
The creditors of Coast Flatiron Strategy Investments Ltd. are
required to file their proofs of debt by November 26, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 8, 2009.

The company's liquidator is:

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


ELK RIVER: Placed Under Voluntary Liquidation
---------------------------------------------
On October 16, 2009, a resolution was passed that voluntarily
liquidates the business of Elk River 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:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


ELK RIVER: Placed Under Voluntary Liquidation
---------------------------------------------
On October 16, 2009, a resolution was passed that voluntarily
liquidates the business of Elk River Master 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:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


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

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


GLOBAL HYBRID: Creditors' Proofs of Debt Due Today
--------------------------------------------------
The creditors of Global Hybrid Fund Ltd. are required to file
their proofs of debt by today, November 25, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on October 16, 2009.

The company's liquidator is:

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


GREYWOLF HIGH: Placed Under Voluntary Liquidation
-------------------------------------------------
On October 16, 2009, a resolution was passed that voluntarily
liquidates the business of Greywolf High Yield Master Fund.

Only creditors who were able to file their proofs of debt by
November 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815 1805
          Facsimile: (345) 949 1986
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


GREYWOLF HIGH: Placed Under Voluntary Liquidation
-------------------------------------------------
On October 16, 2009, a resolution was passed that voluntarily
liquidates the business of Greywolf High Yield Overseas Fund.

Only creditors who were able to file their proofs of debt by
November 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815 1805
          Facsimile: (345) 949 1986
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


MBS ARBITRAGE: Commences Wind-Up Proceedings
--------------------------------------------
At an extraordinary general meeting held on October 16, 2009, a
resolution was passed that voluntarily winds up the operations of
MBS Arbitrage Company.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


OPTIMALITY FUND: Placed Under Voluntary Liquidation
---------------------------------------------------
On October 15, 2009, a resolution was passed that voluntarily
liquidates the business of Optimality 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


PYRAMID HOLDINGS: Placed Under Voluntary Liquidation
----------------------------------------------------
On October 16, 2009, a resolution was passed that voluntarily
liquidates the business of Pyramid Holdings 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:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


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

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

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


URANUS HOLDINGS: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on October 16, 2009, a
resolution was passed that voluntarily winds up the operations of
Uranus Holdings.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


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


BHP BILLITON: To Raise Pay at Spence Copper Mine to End Strike
--------------------------------------------------------------
Matt Craze and Glenys Sim at Bloomberg News report that BHP
Billiton Ltd. agreed to raise wages at its Spence copper mine in
Chile to end a six-week strike.  The workers will receive a 4% pay
increase over a 41-month contract and a one-time bonus of 7
million pesos (US$13,961) under the agreement, BHP’s press office
in Santiago said in an e-mailed statement obtained by the news
agency.

According to the report, Base Metals President Diego Hernandez
said that the strike, which entered its 41st day, led Melbourne-
based BHP to lose 500 metric tons of output a day.  The report
relates that the company said it will resume output following a
vote by workers at the mine in Chile’s northern Atacama Desert.

Employees approved the wage accord, Pedro Marin, president of
Chile’s Mining Federation, told the news agency in a telephone
interview.   The report relates that BHP and workers are drafting
a new contract.

                         About BHP Billiton

Australia-based BHP Billiton Limited (NYSE:BHP) --
http://www.bhpbilliton.com/-- is a diversified natural resources
company.  The company has businesses producing alumina and
aluminum, copper, energy (thermal) coal, iron ore, nickel,
manganese, metallurgical coal, oil and gas and uranium, as well as
gold, zinc, lead, silver and diamonds. The company operates in
nine customer sector groups (CSGs): petroleum, aluminum, base
metals, diamonds and specialty products, stainless steel
materials, iron ore; manganese, metallurgical coal, and energy
coal.  In July 2008, the company completed the acquisition of
Anglo Potash Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 24, 2009, Bloomberg News said that BHP Billiton Limited
will reduce the number of staff at its Melbourne headquarters by
about 40% as it moves some roles nearer to mining operations.
According to the report, spokeswoman Samantha Evans said BHP wants
to reduce staff at head office to 350 by the end of June, down
from 600 at the close of 2007.


EMPRESAS IANSA: Fitch Maintains Issuer Default Rating at 'B-'
-------------------------------------------------------------
Fitch Ratings maintains these ratings for Empresas Iansa S.A. on
Rating Watch Negative:

  -- Local Currency Issuer Default Rating 'B-';
  -- Foreign Currency IDR 'B-';
  -- Senior unsecured notes due 2012 'B+/RR2';
  -- National Scale Rating 'BB-(cl)'.

Fitch also affirms this rating:

  -- National Scale Equity Rating at Level 4.

Iansa's credit profile continues to reflect the low profitability
of its main business lines and high levels of leverage.  Fitch
expects that the coming several quarters will be key in
stabilizing the company's financial flexibility and credit ratios,
which are currently in a position to strengthen by the end of
2010, considering the higher expected production and profitability
levels that the sugar and sugar byproducts business over the
coming year.  Further, the company has positively managed to
finance its working capital needs, while also lowering its short-
term debt.

Consolidated Results Weak, Limited Profitability:

Iansa's consolidated profitability further deteriorated in the
first nine months of 2009.  The company's results were negatively
affected by setbacks in the sugar and sugar byproducts, the animal
nutrition and pet food, and agricultural management businesses.
Though consolidated sales decreased 17% compared to the first nine
months of 2008, EBITDA was 44% lower, despite the savings plan
initiated by Iansa in the middle of 2008.

In the last two agricultural seasons, Iansa registered a
considerable decrease in sugar production, as a result of both a
lower beet plantation due to increased competition from
alternative crops; as well as lower beet productivity due to
adverse weather conditions.  In the 2008/2009 season, ended last
September, Iansa reached a sugar production of 171.000 tons, 9%
below the previous season and well below the 400.000 tons the
company requires to maintain its 60% market share.  Iansa has
compensated lower sugar production with less profitable imports,
which has affected the business margins.

In the first nine months of 2009, the sugar and sugar byproducts
business (61% of consolidated income) registered a 2% sales
increase, while the EBITDA decreased by 46%.  Though Iansa was
benefited by the 23% increase in international sugar price and
inventory sales compensated for the lower production, operational
margins were affected by higher unit costs as a result of the 40%
increase in the price paid to beet farmers in the agricultural
season ended last September.

Regarding the agricultural management business (8% of consolidated
income), EBITDA was 69% lower compared to the first nine months of
2008, due to the drop in fertilizers price and the leasing charges
associated to own beet plantations incorporated into the cost
structure in 2009.  The animal nutrition and pet food business
(11% of consolidated income) had operational losses due to the
crisis of the cattle and dairy industry in Chile, in line with
lower milk prices.

Liquidity Improves on Lower Working Capital & Short-Term Debt:

In the last twelve months ended Sept. 30, 2009, Iansa's EBITDA
reached US$11 million.  Considering financial expenses for US$13
million and other incomes for US$15 million (including
compensations related to a claim from a fire in Chillan, and for
the stake purchase option in Anagra that Mutsui Agro Business S.A.
did not exercise), Funds from Operations totaled US$14 million.
In the same period, Iansa reduced its working capital requirements
by US$46 million, mainly in the juice concentrate business, which
along with a capital expenditure for US$5 million, resulted in a
Free Cash Flow of US$55 million, which was mainly used to reduce
short-term debt.

As of Sept. 30, 2009, Iansa had a total debt of US$181 million,
which showed a US$49 million drop as compared to the same date the
previous year and a US$23 million drop as compared to the end of
2008.  This debt is composed of US$71 million from banks;
US$87 million from bonds (net); US$6 million from leases and
US$15 million in sugar buy-back agreements.  The company issued a
Yankee bond in July 2005 for US$100 million, maturing in 2012, for
which the company already repurchased for US$13 million.

Regarding the financial expenses coverage limit related to the
Yankee bond, as of Sept. 30, 2009, Iansa's coverage ratio was
lower than the mandatory 2.4 times.  Although this incompliance
does not trigger an event of default on the bonds, it does
generate limitations in terms of debt increases, guarantee
constitution, dividends and capital expenditure.  Based on these
limitations, Iansa must comply with the maximum banking debt limit
(including the bond debt) of US$170 million.  As of Sept. 30,
2009, this debt reached US$159.5 million.

The 'RR2' Recovery Rating for the Yankee bond indicates that in
the event of financial difficulties Iansa's unsecured notes have
an expected average recovery level of between 71%-90%.  This
rating reflects Fitch's methodology which includes a recovery
analysis when the assigned IDR of an issuer falls below 'B+'.

Although by Sept. 30, 2009, Iansa's short-term debt totaled
US$89 million, in the next twelve months, Iansa faces
amortizations for only US$3 million, while the remaining
US$86 million correspond to revolving debt (working capital lines
and buy back agreements).  Iansa's liquidity also rests on the
US$39 million it maintains in cash balances.

Possible Turnaround in 2010:

Credit ratios for Iansa have strongly deteriorated since 2008,
reflecting a lower operational cash flow generation, a higher
level of debt and increase in financial expenses.  The drop in
operational flows for the company during the first nine months of
2009 has added pressure to the financial ratios, which could not
be compensated by the decrease in leverage.  During the LTM ended
on Sept. 30, 2009, Iansa reached an EBITDA / Financial Expenses
coverage of 0,9x (1.4x in 2008; 3.9x in 2007) while the Total Debt
/ EBITDA ratio was 16.4x (13.5x in 2008; 3.2x in 2007).

During the current 2009/2010 season, the area planted with beet
has increased by 24%, while Iansa has managed to decrease the
price paid to growers by 25%, going from US$70/ton to US$52.5/ton.
The company also estimates that there will be better agricultural
productivity, considering the adequate weather conditions during
the sowing beet period, sugar production could increase by close
to 40%.  This would lead to improved margins and flow generation
for the sugar business in 2010, which would favorably impact the
financial flexibility and credit ratios of the company at the
consolidated level.  Fitch estimates that by the end of 2009,
Iansa could reach a financial expenses coverage ratio over 2.0x
and a Total Debt / EBITDA ratio below 7.0x.

Iansa is the only sugar producer in Chile, a business that is
complemented by sugar byproducts (molasses and beet pulp).  The
other businesses of the company are: i) animal nutrition and pet
food; ii) agricultural management (sale of agricultural supplies,
financial services for agriculturist and management of the
company's fields); iii) juice concentrates for the exports market
under a joint-venture agreement with Cargill and Jucosa
(Patagoniafresh S.A.) and; iv) tomato paste in Peru (Icatom S.A.).
Iansa's property is concentrated in ED&F Man, a sugar trader based
in England, which indirectly owns 27.47% of the company's stock.


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


AIR JAMAICA: 6-Month Performance Has Improved, Tourism Head Says
----------------------------------------------------------------
Jamaica Tourist Board Chairman John Lynch said that Air Jamaica
Limited's performance has improved over the last six months, South
Florida Caribbean News reports.  "Air Jamaica has been doing much
better over the last six months.  They are still losing a lot of
money but by cutting their routes, rationalising, and flying more
efficiently, they have cut cost.  They are doing much better," the
report quoted Mr. Lynch as saying.

According to the report, Tourism Minister, Hon. Edmund Bartlett,
stated that while the Government planned to retain significant
interest in Air Jamaica, partnership is needed to keep the airline
alive and reduce its burden on the budget.  "We are working now to
see if we can get partnerships to share in the cost of operating
Air Jamaica.  We have had some discussions but I think that those
discussions have not quite materialised, so I think Air Jamaica is
back on the market.  We are still seeking to find a partner.  We
are not interested in selling off Air Jamaica in full.  Jamaica
will always maintain a significant interest in Air Jamaica but we
need partnerships to keep the airline alive," Mr. Bartlett said,
the report relates.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term corporate credit rating on Air Jamaica Ltd.
to 'CCC' from 'CCC+'.  The outlook is negative.


* JAMAICA: No IMF Agreement Until 2010, PNP Says
------------------------------------------------
The Parliamentary Opposition is expressing doubt that the Bruce
Golding administration will meet its latest schedule for the
completion of negotiations with the International Monetary Fund,
RadioJamaica reports.  The report relates that the government,
which failed to meet two previous deadlines, is now hoping to wrap
up talks for a US$1.2 billion standby facility by Christmas.

However, the report notes, following a meeting of its National
Executive Council in Trelawny, the People's National Party said
there were clear signs that a deal might not reached before
January 2010.  "(The Prime Minister) has said December but if
we're go to go by the history of things, then we expect to hear
differently next time and really when you look at the all the
factors and what we're hearing about Air Jamaica, which is only
one aspect of what is holding it up, I keep wondering when will
this sale come to fruition", the report quoted Robert Pickersgill,
Chairman of the PNP, as saying.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 20, 2009, Moody's Investors Service downgraded Jamaica's
local and foreign currency government bond ratings to Caa1 from
B2, as options to restore debt sustainability without a debt
restructuring are narrowing despite the strong resolve of the
authorities to avoid a rescheduling.  Delays in reaching an IMF
agreement are also an issue of concern.  The outlook on the new
ratings is negative.


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


CEMEX SAB: Completes EURUS Wind Farm Construction
-------------------------------------------------
CEMEX, S.A.B. de C.V. has installated 167 wind turbines of the
EURUS wind farm was completed on November 15 in Juchitan, Oaxaca,
Mexico.

CEMEX has been the promoter of this project developed by the joint
venture between CEMEX and ACCIONA.  Part of the energy generated
by EURUS will supply approximately 25% of CEMEX's energy needs in
its Mexican cement plants.  ACCIONA financed, constructed and
manages the wind farm.

The installation of wind turbines in the park was initiated in
July of 2008 and the wind turbines were connected to the
electrical grid in February, 2009.  After the conclusion of the
assembly of the wind turbines, the wind farm will be operative in
the coming weeks.

The wind farm represents a major contribution towards the global
effort that CEMEX is making to reduce its emissions footprint and
to become more sustainable.

Luis Farias, Vice-president of Energy and Climate Change at CEMEX
said, “The completion of the installation of the EURUS wind
turbines indicates that Mexico has the conditions for private
investments in electric power generation projects.”

“Thanks to a transparent regulatory framework made by the Mexican
energy authorities and the Mexican State power generation
companies it was possible to develop the infrastructure and create
the conditions necessary to develop the largest wind power
generation project in Latin America,” he added.

The Wealth of Nature is illustrated with hundreds of amazing full-
color photographs by a host of world-renowned nature
photographers, including noted wildlife photographer Frans
Lanting, the award-winning Jenny E. Ross and endangered species
photographer Joel Sartore.  “Photography moves people and take
them to places they could not see by themselves. We hope to shine
a light on some the most pressing environmental issues of today
and inspire the public to take care of the natural world,” said
Cristina Mittermeier, Executive Director of the ILCP.

EURUS is located in Juchitan, in the Southern Mexican State of
Oaxaca in a 2,500 hectare area in the Tehuantepec Isthmus, an area
well-known for its wind resources.

The energy that will be produced by EURUS is estimated to be
sufficient to power a Mexican city of half a million inhabitants,
reducing CO2 emissions by approximately 600 thousand metric tons
each year, which is approximately 25% of the total emissions
generated by such a community.

                           About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


CONTROLADORA COMERCIAL: Gets Fined on Derivatives Amid Probe
------------------------------------------------------------
Mexico's market regulator, National Banking and Securities
Commission, has fined Controladora Comercial Mexicana SAB de CV
(Comerci) US$3.8 million for not fully revealing hefty derivatives
trades that led the retailer to default on its debt, Cyntia
Barrera Diaz at Reuters reports.  The report relates that it was
the only known fine to date involving complex derivatives trades
that pushed several local companies into deep financial trouble.

Andres Martinez at Bloomberg News relates that Comerci and two
executives were fined a record MXN49 million (US$3.7 million) for
not properly disclosing positions and losses from currency
derivatives they held.  Bloomberg News notes that the company said
in a separate statement that it won’t appeal the fines.

According to the report, the local agency said that it is studying
whether the company properly revealed derivatives it held to
shareholders after wrong-way bets triggered at least US$3 billion
in losses.  The report relates that other Mexican companies that
were also investigated included Cemex SAB, Alfa SAB, and Vitro
SAB.  “Companies and those responsible for them need to report any
news they have in a timely and appropriate manner,” commission
President Guillermo Babatz told Bloomberg News in a telephone
interview.  “We want to send a very strong message,” he added.

As reported in the Troubled Company Reporter-Latin America on
September 17, 2009, Bloomberg News said that Comerci proposed to
its creditors the issuance of more than MXN19 billion (US$1.4
billion) in new borrowing as part of a restructuring.  The new
debt would be denominated in U.S. dollars and Mexican pesos and
include some convertible bonds and “penny warrants,” the company
said in an e-mailed statement obtained by the news agency.
Reuters related that Comerci defaulted in October after massive
derivatives losses sent its debt soaring above US$2 billion.  On
Oct. 9, 2008, Comerci filed for protection under Mexico's
bankruptcy code Ley de Concurso Mercantil.

                           About Comerci

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

                           *     *     *

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


DEUTSCHE BANK: Moody's Reviews Global Currency Deposit Rating
-------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
Deutsche Bank (México), S.A.'s A2 global local currency long term
deposit rating.  The bank's D bank financial strength rating and
the long- and short-term foreign currency deposit ratings of
Baa1 / Prime-2 as well as the short-term local currency deposit
ratings are not affected by the review.  The Mexican National
Scale ratings of Aaa.mx and MX-1 are also not subject to the
review.

Moody's also placed on review for possible downgrade the A2 long-
term global local currency issuer rating assigned to Deutsche
Securities, S.A de C.V. Casa de Bolsa.

The rating actions on DB Mexico and DSM follow Moody's decision to
place under review for possible downgrade Deutsche Bank A.G.'s B
BFSR.

Moody's said that DB Mexico's GLC deposit rating incorporates
Moody's assessment of the very high probability of support that
could be received from its parent company Deutsche Bank A.G.
Moody's notes that the assumption of parental support is based on
the transfer of a significant portion of the risks inherent to the
Mexican subsidiary to other entities of the Deutsche Bank network.

The last rating action on DB Mexico was on February 11, 2009, when
Moody's downgraded the bank's local currency deposit rating to A2
from A1.

The long-term Mexican National Scale rating of Aaa.mx indicates
issuers or issues with the strongest creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-1 indicates that the issuer has the strongest ability
to repay short-term senior unsecured debt obligations relative to
other domestic issuers.

These ratings actions were taken:

  -- Deutsche Bank (México), S.A.: Global local currency deposit
     rating of A2, placed on review for possible downgrade

  -- Deutsche Securities, S.A de C.V. Casa de Bolsa: Global local
     currency issuer rating of A2, placed on review for possible
     downgrade


URBI DESARROLLOS: Mexican Creditors Agree to Amend Debt Terms
-------------------------------------------------------------
Urbi Desarrollos Urbanos renegotiated covenants on local bonds to
allow for a temporary increase in its debt ratios, Anthony Harrup
at Dow Jones Newswires reports.

According to the report, citing a filing with the Mexican stock
exchange, Urbi Desarrollos said that holders of two series of
local bonds agreed to increase to three times from two times the
company's ratio of Ebitda.  The report relates that the Urbi's
debt was 2.6 times Ebitda at the end of September.

Dow Jones Newswires says that the breach of the debt covenants led
to downgrades of Urbi's local ratings by Moody's Investors Service
and Standard & Poor's, affecting MXN1.06 billion (US$79.8 million)
in local bonds.

                      About Urbi Desarrollos

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


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


PETROLEOS DE VENEZUELA: Restarts Petropiar Unit, Venezuela Says
---------------------------------------------------------------
Petroleos de Venezuela has restarted its 180,000-barrel-per-day
Petropiar crude upgrader, a joint venture with Chevron, and
expects full production, Marianna Parraga at Reuters reports,
citing PDVSA Vice President Eulogio Del Pino.

According to the report, Petropiar, one of four upgraders that
processes a tar-like crude found in the Orinoco region, was taken
out of service on October 5.  "It has started, on time, and with
excellent results," PDVSA's Eulogio Del Pino told Reuters in an
interview.  "November 25 the naphtha circuit will be completed and
at 100 percent upgrading capacity," Mr. Del Pino added.

Meanwhile, the report relates that a problem with a boiler forced
a 44,000 bpd production slowdown at Petroanzuategui, another
upgrader in the Orinoco belt that is fully owned by PDVSA.  The
company so far has failed to return the 130,000 bpd unit to normal
output, Reuters says.

                            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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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