TCRLA_Public/091126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, November 26, 2009, Vol. 10, No. 234

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Sues Lloyd's of London for Defense Fees
STANFORD INT'L: Texas Investors Say Local Gov't Was "Too Lax"


A R G E N T I N A

AGUILERA EQUIPAMIENTOS: Creditors' Proofs of Debt Due on Feb. 23
BALANCEADOS AYACUCHO: Creditors' Proofs of Deb Due on February 22
DIROS SRL: Creditors' Proofs of Debt Due on March 31
ESTANCIA LA: Creditors' Proofs of Deb Due on February 10
FARMACEUTICOS ARGENTINOS: Creditors' Proofs of Deb Due on Feb. 5

GRUPO ALIMENTAR: Creditors' Proofs of Debt Due on March 1
POTTER SA: Creditors' Proofs of Debt Due on December 17
RONICEVI SCA: Creditors' Proofs of Deb Due on December 21
TPV SRL: Creditors' Proofs of Debt Due on February 19
WEST GROUP: Creditors' Proofs of Debt Due on March 25

* ARGENTINA: Minister Expects Progress on Paris Club Talks


B E R M U D A

XL CAPITAL: Appoints W. Myron Hendry as Chief Platform Officer


B R A Z I L

ANHANGUERA EDUCATIONAL: Sets Investors Share Reservation Period
BANCO NACIONAL: Disbursements Up 50% This Year
CAIXA ECONOMICA: Seals Banco Panamericano Stake Deal
CAMARGO CORREA: Fitch Assigns Issuer Default Rating at 'BB'
CITIGROUP INC: Offered Stake in Local Unit to Brazil, Estado Says

COMPANHIA SIDERURGICA: Mulls Riversdale Mining Stake Purchase


C A Y M A N  I S L A N D S

AAI63 LTD: Creditors' Proofs of Debt Due Today
AAI65 LTD: Creditors' Proofs of Debt Due Today
ABSPOKE 2005-X: Creditors' Proofs of Debt Due Today
ARCH POINT: Creditors' Proofs of Debt Due Today
ARCH POINT: Creditors' Proofs of Debt Due Today

ARCH POINT: Creditors' Proofs of Debt Due Today
ARCH POINT: Creditors' Proofs of Debt Due Today
COAST HIGHLINE: Creditors' Proofs of Debt Due Today
COAST PIVOT: Creditors' Proofs of Debt Due Today
CRYSTAL 2008-1: Creditors' Proofs of Debt Due Today

CRYSTAL SPRINGS: Creditors' Proofs of Debt Due Today
GEARS, LTD: Creditors' Proofs of Debt Due Today
GMSF FUNDING: Creditors' Proofs of Debt Due Today
GOLDENTREE LETTRS: Creditors' Proofs of Debt Due Today
HANGING GARDENS: Creditors' Proofs of Debt Due Today

INTECH LIQUIDATION: Creditors' Proofs of Debt Due Today
KAZKOMMERTS DPR: Creditors' Proofs of Debt Due Today
KROKSTA: Creditors' Proofs of Debt Due Today
KS GREENFIELDS: Creditors' Proofs of Debt Due Today
LANSDOWNE EMERGING: Creditors' Proofs of Debt Due Today


G U Y A N A

* GUYANA: Gets EUR17.1MM Sea & River Defense Grant From EU


J A M A I C A

AIR JAMAICA: To Retain Staff if Bid Gets Approved, JALPA Says
* JAMAICA: Macroeconomic Pressures Cue Fitch's Junk Rating


M E X I C O

TV AZTECA: To Boost Local Productions by 40%


S T  V I N C E N T  &  T H E  G R E N A D I N E S

BRITISH AMERICAN INSURANCE: Files for Bankruptcy in U.S.


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Barclays Welcomes Scrapping of Bond Sale
PETROLEOS DE VENEZUELA: Gets US$7BB Funds From Local Institutions


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


STANFORD INT'L: Owner Sues Lloyd's of London for Defense Fees
-------------------------------------------------------------
Robert Allen Stanford, the financier accused of orchestrating a
multi-billion scheme, is suing Lloyd's of London for defense
costs, Caribbean Net News reports.  The report relates Laura
Pendergest-Holt, Stanford's former chief investment officer, and
former Stanford accounting executives Mark Kuhrt and Gilbert Lopez
were also named plaintiffs in the lawsuit.

According to the report, Lloyd's had advanced some legal fees
under a directors and officers policy.  The report relates that
the insurer sent a letter on Nov. 16 declining to extend coverage
for beyond August 27.

As reported in the Troubled Company Reporter-Latin America on
November 19, 2009, Bloomberg News said that Lloyd’s of London said
the admission made by former Stanford International Bank Limited
Chief Financial Officer, James "Jim" Davis when he pleaded guilty
relieves the insurance syndicate of the obligation to pay defense
costs for Robert Allen Stanford and his codefendants.  The report
related that Lloyd’s lawyers told U.S. District Court Judge David
Hittner that the statements reveal criminal activity that takes
the defendants actions outside the terms of their directors’ and
officers’ insurance coverage.  Bloomberg News noted that Lloyd’s
lawyer Barry Chasnoff, a partner in the San Antonio office of
Washington-based Akin Gump Strauss Hauer & Feld LLP, said that:
“We made a contract and believe we paid what we owe.”  “We’ve paid
a total of US$4.2 million for work done prior to Aug. 27.  We
believe under the contract we don’t owe anymore,” Mr. Chasnoff
added.

                About Stanford International Bank

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

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

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

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

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


STANFORD INT'L: Texas Investors Say Local Gov't Was "Too Lax"
-------------------------------------------------------------
Texan investors who lost money in Robert Allen Stanford's alleged
Ponzi scheme now say the state's financial oversight was too lax,
Brian Gaar at American-Statesman reports.  "We have the right to
know what the (Texas State Securities Board) knew and when they
knew it, details of their past investigations, and why they didn't
disclose anything to the citizens of Texas all these years," the
report quoted Austin investor Annalisa Mendez as saying.

According to the report, the state looked into Stanford's dealings
years ago.  Statemans News, citing a September Financial Industry
Regulatory Authority report, relates that the Securities Board
wrote a memo in the mid-1990s, expressing concern "that the high
return rates and commissions for CDs made it difficult for the
[Stanford International Bank Limited] to make a legitimate profit
on the CDs."

Texas Securities Commissioner Denise Voigt Crawford, Statemans
News notes, mentioned the securities board's involvement with the
Stanford case in February 20 testimony to the state Senate
Committee on Finance, just after the scandal broke.  "We looked at
him about 10 years ago, because there was evidence of potential
money-laundering," Ms. Crawford said in response to a question
from state Sen. Steve Ogden, R-Bryan, Statemans News relates.  The
FBI and the Securities and Exchange Commission took the case,
"which is what should have happened.  But why it took 10 years for
the feds to move on it, I could not answer," she added.

Statemans News says that the SEC has been criticized by investors
who say the agency didn't do enough, quickly enough, to stop Mr.
Stanford.  Statemans News relates that SEC's inspector general
concluded in a report that the agency had fulfilled its duty to
check out accusations against Mr. Stanford.  The SEC's report,
Statemans News adds, found that the agency's inquiry was "hampered
by a lack of cooperation" from Mr. Stanford and his attorneys, as
well as by jurisdictional obstacles and obstruction by regulators
in Antigua.

                 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
=================


AGUILERA EQUIPAMIENTOS: Creditors' Proofs of Debt Due on Feb. 23
----------------------------------------------------------------
Mirta Estela Acuna, the court-appointed trustee for Aguilera
Equipamientos Comerciales SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until February 23, 2010.

Ms. Acuna will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 9, 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:

          Mirta Estela Acuna
          Combate de los Pozos 129
          Argentina


BALANCEADOS AYACUCHO: Creditors' Proofs of Deb Due on February 22
-----------------------------------------------------------------
The court-appointed trustee for Balanceados Ayacucho S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 22, 2010.

The trustee will present the validated claims in court as
individual reports on April 7, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 20, 2010.


DIROS SRL: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------
Juan Emilio Cavalieri, the court-appointed trustee for Diros SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until March 31, 2010.

Mr. Cavalieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 10, 2010.

The Trustee can be reached at:

          Juan Emilio Cavalieri
          Tucuman 255
          Argentina


ESTANCIA LA: Creditors' Proofs of Deb Due on February 10
--------------------------------------------------------
The court-appointed trustee for Estancia La Plana S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until February 10, 2010.

The trustee will present the validated claims in court as
individual reports on May 26, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 10, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 30, 2010.


FARMACEUTICOS ARGENTINOS: Creditors' Proofs of Deb Due on Feb. 5
----------------------------------------------------------------
The court-appointed trustee for Farmaceuticos Argentinos S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 5, 2010.


GRUPO ALIMENTAR: Creditors' Proofs of Debt Due on March 1
---------------------------------------------------------
Jose Maria Fernandez Alonso, the court-appointed trustee for Grupo
Alimentar SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 1, 2010.

Mr. Alonso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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:

          Jose Maria Fernandez Alonso
          Estados Unidos 2552


POTTER SA: Creditors' Proofs of Debt Due on December 17
-------------------------------------------------------
Pablo Javier Kainsky, the court-appointed trustee for Potter SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 17, 2009.

Mr. Kainsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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:

          Pablo Javier Kainsky
          Reconquista 715
          Argentina


RONICEVI SCA: Creditors' Proofs of Deb Due on December 21
---------------------------------------------------------
The court-appointed trustee for Ronicevi S.C.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 21, 2009.


TPV SRL: Creditors' Proofs of Debt Due on February 19
-----------------------------------------------------
Susana Mabel Costa, the court-appointed trustee for TPV SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 19, 2010.

Ms. Costa 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. 37, 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:

          Susana Mabel Costa
          Alicia Moreau de Justo 2030
          Argentina


WEST GROUP: Creditors' Proofs of Debt Due on March 25
-----------------------------------------------------
Carlos Alberto Montero, the court-appointed trustee for West Group
SAC's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 25, 2010.

Mr. Montero will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

          Carlos Alberto Montero
          Sarmiento 517
          Argentina


* ARGENTINA: Minister Expects Progress on Paris Club Talks
----------------------------------------------------------
Eliana Raszewski at Bloomberg News reports that Argentina’s
Economy Minister Amado Boudou said he expects to make progress in
reaching an agreement over defaulted debt in talks next month with
the so-called Paris Club of creditor nations.  “In December, we’ll
surely make some important steps regarding the Paris Club,” the
report quoted Mr. Boudou as saying.  “This is very important for
the private sector because it will allow access to finance
channels that will increase investment flows into infrastructure
works and the real economy,” he added.

According to the report, Argentina is seeking to regain access to
international credit markets by restructuring US$20 billion in
bonds that weren’t tendered in the 2005 debt swap, which paid
investors about 30 cents on the dollar.  The report relates that
Mr. Boudou said a new offer won’t be as favorable as the previous
one for holdouts, though he expects a “very good” level of
participation.  A debt restructuring will allow companies to boost
investment and staffing, he added.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, The Financial Times said that Argentina will
restart negotiations with Paris Club of rich nations as part of a
renewed drive to settle its international debts.  The FT recalled
that Argentina's economy has in effect been blocked from
international credit markets since defaulting on US$93 billion
(EUR63 billion, GBP58 billion) of its debt in December 2001.  The
report related that as well as resolving its US$6.7 billion debt
with the 19-member Paris Club, any return to global markets will
require Argentina to restructure the US$29 billion that it owes
holders of its defaulted bonds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


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


XL CAPITAL: Appoints W. Myron Hendry as Chief Platform Officer
--------------------------------------------------------------
XL Capital Ltd has appointed W. Myron Hendry to the newly created
position of Chief Platform Officer.

Mr. Hendry will join XL on December 1 and will be responsible for
all operational IT support of XL's businesses, including business
process, technology, and outsourcing.  Mr. Hendry will report to
XL's Chief Executive Officer Michael S. McGavick and serve on XL's
Leadership Team.  Mr. Hendry will be based in Stamford,
Connecticut.

Commenting on Mr. Hendry's appointment, Mr. McGavick said:
"Mr. Hendry brings extensive experience in technology,
underwriting and customer service, all operational aspects that
drive an insurer's performance.  During his more than 35 years in
the industry, Mr. Hendry has successfully developed and managed
insurance platforms with a focus on continually improving customer
satisfaction, quality and productivity.  It's these experiences,
and especially his achievements in operations management, that
make him uniquely qualified to take on this new position.  It is a
pleasure to have Myron on board as XL pushes forward to
distinguish itself as a (re)insurer of choice."

Mr. Hendry has held numerous senior level operations leadership
positions in the global insurance industry.  Most recently, he was
Business Operations Executive of Bank of America's Insurance
Group, where he was responsible for claims, risk management,
business support, technology portfolio management, customer
analytics, customer experience, retention and facilities.  Mr.
Hendry was also the co-leader for the transition and integration
of Bank of America and Countrywide Insurance organizations.  Prior
to the merger, Mr. Hendry served as Managing Director and Chief
Operating Officer for Countrywide's Insurance Services Group. He
joined Countrywide from Safeco where, as Senior Vice President -
Property & Casualty Services, from 2004-2006, he was responsible
for Safeco's five regional policy and claim service center
operations, centralized business support, premium accounting,
retention strategies and the end-to-end customer experience. While
at Seattle-based Safeco,  Mr. Hendry led corporate-wide
initiatives to develop process improvement methodology and
strategic plans to enhance customer satisfaction, reduce costs and
improve quality. Mr. Hendry began his insurance career with CNA in
Chicago where he held many senior leadership positions during his
30-year tenure, including Regional Controller, Chief
Administrative Officer, and from 2000-2004 he served as Senior
Vice President of Worldwide Operations with servicing and
operational responsibility for US$9 billion of domestic and
international property and casualty premiums.

                         About XL Capital

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

                           *     *     *

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


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


ANHANGUERA EDUCATIONAL: Sets Investors Share Reservation Period
---------------------------------------------------------------
Anhanguera Educacional Participacoes SA has set the period for
potential investors to reserve shares through its secondary offer
on the Brazilian Stock Exchange (BMFBovespa), Rogerio Jelmayer at
Dow Jones Newswires reports, citing a company statement.

According to the report, the company will offer 29 million shares
through the offering.  The report relates that the offer could
raise around BRL641 million (US$370 million) based on Anhanguera's
closing price Tuesday of BRL22.10 in Sao Paulo.

Dow Jones Newswires says investors can reserve shares from
November 30 to December 7; and the shares under the offer will
start trading on December 10.  The report relates that the company
said its shares will be sold in Brazil and to qualified foreign
investors in the U.S.

Banco Itau BBA and Bank of America Merrill Lynch were hired to
coordinate the operation.

                    About Anhanguera Educacional

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/-- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 21, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' global scale corporate credit rating to
Anhanguera Educacional Participacoes S.A. and affirmed its 'brA'
Brazilian national scale corporate credit and debenture ratings on
the company.  The outlooks are stable.


BANCO NACIONAL: Disbursements Up 50% This Year
----------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)'s
disbursements in the first 10 months of 2009 increased to BRL107.5
billion (US$62.1 billion), up 50% from the same period in 2008,
Xinhua News reports, citing a company statement.

According to the report, citing the statement, BNDES explained
that the increase could be attributed to the good performance of
the Brazilian industry, especially in the sectors of metallurgy,
chemicals and transportation.  The report relates the company
statement said that from January to October disbursements in
industry increased to BRL52.6 billion (US$30.4 billion), up 82%
from the same period in 2008, accounting for 49% of the total
disbursements.

Xinhua News notes that disbursements for the approved projects in
the January-October period reached BRL129.9 billion (US$75
billion), up 40% from the same period in 2008, hitting an all-time
high.  The report relates disbursements in the consulting sector
for new and existing projects totaled BRL183.5 billion (US$106
billion), up 20%.

The report adds that the bank also informed that its financing to
export sector totaled US$7.2 billion in the first 10 months of the
year, up 60%.

                          About BNDES

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

                           *     *     *

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


CAIXA ECONOMICA: Seals Banco Panamericano Stake Deal
----------------------------------------------------
Caixa Economica Federal is in advanced talks to buy a minority
stake in Banco Panamericano, Elzio Barreto at Reuters reports,
citing Brasil Economico newspaper.  The report relates that the
purchase is part of a plan by Caixa Economica to expand into car
loans.

According to the report, Brasil Economico said that Caixa
Economica would structure the transaction similarly to Banco do
Brasil SA's acquisition of a 49.99 percent stake in privately-held
Banco Votorantim in January.

Reuters, citing Brasil Economico, notes that Panamericano, which
focuses on paycheck-deductible consumer finance and automobile
loans, was among several medium-sized Brazilian banks that
suffered a liquidity crunch at the height of the global financial
turmoil late in 2008.

                    About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


CAMARGO CORREA: Fitch Assigns Issuer Default Rating at 'BB'
-----------------------------------------------------------
Fitch Ratings has assigned a national debt rating of 'AA-(bra)' to
Camargo Correa S.A.'s proposed BR950 million second debentures
issuance.  This issuance will consist of two series.  The first
series will have a bullet amortization during December 2012, while
the second series will include three amortizations occurring in
2012, 2013, and 2014.

Fitch currently rates Camargo and its special-purpose vehicle CCSA
Finance Limited:

  -- Foreign currency Issuer Default Rating 'BB';
  -- Local currency IDR 'BB';
  -- National Scale rating 'AA-(bra)'.

CCSA Finance Limited

  -- US$250 million senior unsecured bonds due 2016 'BB'.

The Rating Outlook is Negative.

CCSA Finance Limited is a special-purpose vehicle wholly-owned by
Camargo and incorporated in the Cayman Islands.  Its debt is
unconditionally guaranteed by Camargo.

Camargo's credit ratings reflect the company's diversified
portfolio of operations, adequate market position in the
industries in which it participates, strong liquidity and high
gross leverage.  Further factored into Camargo's ratings is the
high correlation of its core businesses of cement, engineering and
construction, textiles and footwear with the general economic
conditions of countries in which it operates, especially Brazil
and Argentina.  Camargo's ratings are supported by the company's
long track record of successful acquisitions such as Loma Negra,
Tavex, and Alpargatas Argentina.  It also positively factors in
the company's ability to secure long-term financing to fund its
recent acquisition of Votorantim's stake in VBC Energia.

The Negative Outlook reflects deterioration in credit protection
measures, which have worsened in early 2009, since the company
took a more aggressive financial position to fund the acquisition
of Votorantim's stake in VBC.  Leverage ratios are now weak for
the rating category on a net-debt basis.  Structural subordination
risk associated with a holding company structure is mitigated by
Camargo's financial performance, adequate liquidity and important
dividend flows from core operating companies and minority equity
stakes.

Positive Results:

Despite a challenging operating environment during the first half
of 2009 (1H'09), Camargo's results indicated resilience to the
economic slowdown.  Camargo's consolidated revenues for the last
twelve months ended June 30, 2009, were BR14.1 billion, an
increase of 19.6% compared with the same period ended in June
2008.  The growth in revenues reflects the company's well
diversified revenue and EBITDA base across several industries.
The company's EBITDA for the LTM ended in June 2009 was
BR2.8 billion, an increase from BRL2.5 billion during 2008.

During the LTM ended June 30, 2009, Camargo generated
BRL1.7 billion of Cash Flow From Operations, a decline from
BRL2 billion of CFFO during 2008.  Dividends received from
subsidiaries increased to BRL409 million for the LTM ended
June 30, 2009, an improvement from BRL265 million in 2008.  Fitch
expects Camargo's cement, engineering and constructions businesses
to continue to benefit from recent improvement in Brazil's
economic environment.

Leverage Increases Sharply During 2009:

Camargo' leverage, as measured by net debt/EBITDA, increased to
2.6 times (x) as of June 30, 2009, from 1.5x as of Dec. 31, 2008.
The sharp increase in debt was due to Camargo's acquisition of
Votorantim's 50% stake in VBC Energia for BRL2.6 billion during
February 2009.  This acquisition allowed Camargo to increase its
stake in VBC Energia to 100%.  VBC Energia, in turn, owns 25.6% of
the Brazilian power holding company, Companhia Paulista de Forca e
Luz (CPFL).  This transaction resulted in an increase in Camargo'
total consolidated debt to BRL10 billion at the end of June 2009
from BRL6.8 billion as of Dec. 31, 2008.  The company's debt
consists of BRL7 billion of bank loans and BRL3 billion of
debentures.

Tight Liquidity Position:

Camargo has had a history of maintaining large cash balances on
its balance sheet in order to facilitate acquisitions and
mitigate market volatility.  As of June 30, 2009, Camargo had
BRL2.3 billion of consolidated cash and marketable securities.
Short-term debt is high relative to cash.  As of June 30, 2009,
the company had BRL2.5 billion of short-term debt.  The company
intends to refinance much of its working capital debt.  The rest
of its debt obligations will be funded with cash flow, cash and
marketable securities, and new debt, including the proposed
BRL950 million debenture.

Camargo Correa is one of the largest private industrial
conglomerates in Brazil generating BRL14.1 billion of net revenues
and around BRL2.8 billion of EBITDA for the last-twelve month
period, ended in June 30, 2009.  Camargo is a holding company with
full ownership interests in cement, engineering and construction
companies.  Control position in homebuilding, textiles, footwear
and sportswear manufacturing companies.  Equity interests in
energy, transportation (highway concessions) and steel businesses.
A large proportion of the company's equity investments are in
companies that are publicly traded and liquid.  The company is
controlled by the Camargo family through their direct holdings in
Participacoes Morro Vermelho, which in turn owns 100% of Camargo.


CITIGROUP INC: Offered Stake in Local Unit to Brazil, Estado Says
-----------------------------------------------------------------
Citigroup Inc. Latin America President Gustavo Marin offered
Brazil’s government a 50% stake in the U.S. bank’s local unit
during the global financial crisis, Laura Price at Bloomberg News
reports, citing O Estado de S. Paulo newspaper.  The report
relates that the newspaper said the purchase would have been made
through Banco do Brasil SA.

According to the report, the newspaper said that Citigroup also
received bids for its Brazilian unit from Itau Unibanco Holding SA
and Banco Bradesco SA.  The banks didn’t reach an agreement,
Estado added.

Bloomberg News notes that Brazilian Mines and Energy Minister
Edison Lobao said the government received an offer to buy a third
of Citigroup at the start of the year.  However, the report says,
Finance Minister Guido Mantega denied receiving the offer.

                      About Citigroup Inc.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  At June 30, 2009, Citigroup had
total assets of $1.84 trillion and total liabilities of
$1.69 trillion.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets, which will remain on Citigroup's balance sheet.
As a fee for this arrangement, Citigroup issued preferred shares
to the Treasury and FDIC.  The Federal Reserve agreed to backstop
residual risk in the asset pool through a non-recourse loan.

Citigroup, the third-biggest U.S. bank, received $52 billion in
bailout aid.  Other bailed-out banks, including Bank of America
Corp., Wells Fargo & Co., have pledged to repay TARP money.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley,
repaid TARP funds in June.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


COMPANHIA SIDERURGICA: Mulls Riversdale Mining Stake Purchase
-------------------------------------------------------------
Helder Marinho and Diana Kinch at Bloomberg News report that
Companhia Siderurgica Nacional S.A. plans to buy 16.3% of
Australian coal-exploration company Riversdale Mining Ltd. for
about A$190.5 million (US$175.4 million) as it seeks greater
control over raw materials.

According to the report, the company's board approved an initial
purchase of 28.8 million Riversdale shares, and aims to buy an
additional 2.48 million shares following Australian regulatory
approval.  The report relates that CSN will pay A$6.10 for each
share.

Bloomberg News notes that CSN said the acquisition is the “first
step” toward becoming self-sufficient in coal as it seeks to
control costs.  “Coal is the only raw material CSN doesn’t have,”
Flavia Ferreira, an unnamed company spokeswoman told Bloomberg
News in an interview.

The acquisition reinforces CSN’s strategy to supply its own raw
materials and services “with stakes in iron ore, logistics, tin
mining and now coal,” Ida Breyer, a Credit Suisse AG analyst in
Sao Paulo, said in a note obtained by the news agency.

                            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+.


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


AAI63 LTD: Creditors' Proofs of Debt Due Today
----------------------------------------------
The creditors of AAI63 Ltd. are required to file their proofs of
debt by today, November 26, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 13, 2009.

The company's liquidator is:

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


AAI65 LTD: Creditors' Proofs of Debt Due Today
----------------------------------------------
The creditors of AAI65 Ltd. are required to file their proofs of
debt by today, November 26, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 13, 2009.

The company's liquidator is:

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


ABSPOKE 2005-X: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of ABSPOKE 2005-X, Ltd. are required to file their
proofs of debt by today, November 26, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation 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


ARCH POINT: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Arch Point Loan Funding IV Ltd. are required to
file their proofs of debt by today, November 26, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation 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


ARCH POINT: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Arch Point Loan Funding III Ltd. are required to
file their proofs of debt by today, November 26, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation 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


ARCH POINT: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Arch Point Loan Funding II Ltd. are required to
file their proofs of debt by today, November 26, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation 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


ARCH POINT: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Arch Point Loan Funding I Ltd. are required to
file their proofs of debt by today, November 26, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation 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 HIGHLINE: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of Coast Highline Strategy Investments Ltd. are
required to file their proofs of debt by today, November 26, 2009,
to be included in the company's dividend distribution.

The company commenced liquidation 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 PIVOT: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of Coast Pivot Strategy Investments Ltd. are
required to file their proofs of debt by today, November 26, 2009,
to be included in the company's dividend distribution.

The company commenced liquidation 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


CRYSTAL 2008-1: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of Crystal 2008-1, Ltd. are required to file their
proofs of debt by today, November 26, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

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


CRYSTAL SPRINGS: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Crystal Springs CLO Funding Corporation are
required to file their proofs of debt by today, November 26, 2009,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


GEARS, LTD: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Gears, Ltd. 2004-A are required to file their
proofs of debt by today, November 26, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


GMSF FUNDING: Creditors' Proofs of Debt Due Today
-------------------------------------------------
The creditors of GMSF Funding II Ltd. are required to file their
proofs of debt by today, November 26, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2009.

The company's liquidator is:

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


GOLDENTREE LETTRS: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Goldentree Lettrs, Ltd. are required to file
their proofs of debt by today, November 26, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

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


HANGING GARDENS: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Hanging Gardens 1 Limited are required to file
their proofs of debt by today, November 26, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


INTECH LIQUIDATION: Creditors' Proofs of Debt Due Today
-------------------------------------------------------
The creditors of Intech Liquidation Master Fund I Ltd. are
required to file their proofs of debt by today, November 26, 2009,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2009.

The company's liquidator is:

          Steven O'Connor
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


KAZKOMMERTS DPR: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Kazkommerts DPR Company are required to file
their proofs of debt by today, November 26, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2009.

The company's liquidator is:

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


KROKSTA: Creditors' Proofs of Debt Due Today
--------------------------------------------
The creditors of Kroksta are required to file their proofs of debt
by today, November 26, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 7, 2009.

The company's liquidator is:

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


KS GREENFIELDS: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of KS Greenfields Limited are required to file their
proofs of debt by today, November 26, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

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


LANSDOWNE EMERGING: Creditors' Proofs of Debt Due Today
-------------------------------------------------------
The creditors of Lansdowne Emerging Markets Fund Limited are
required to file their proofs of debt by today, November 26, 2009,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2009.

The company's liquidator is:

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


===========
G U Y A N A
===========


* GUYANA: Gets EUR17.1MM Sea & River Defense Grant From EU
----------------------------------------------------------
The European Union signed a EU17.1 million (US$25.6 million) grant
agreement with Guyana to advance sea and river defense works as
part of the European Development Fund imitative with this country,
Caribbean Net News reports.  The report relates that the funding
marks the commencement of the 23-month initiative which is
expected to facilitate the reconstruction of 1.5kilometres of sea
defenses as well as rehabilitation and maintenance of 18
kilometers of the same.

According to the report, Ambassador Geert Heikens and Finance
Minister Ashni Singh called for this to be seen not just as
another physical infrastructure project, but one that contributes
to the productive sector of the country’s economy.  The report
relates that the Finance Minister pointed out that this year’s
budget has allocated GY$2.2 billion to sea and river defense
works.


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


AIR JAMAICA: To Retain Staff if Bid Gets Approved, JALPA Says
-------------------------------------------------------------
The Jamaica Airline Pilots Association, a group of Air Jamaica
pilots that submitted a bid for Air Jamaica Limited, said there
will be no mass redundancies if the union gets the green light to
purchase the cash-strapped airline, RadioJamaica reports.

According to the report, JALPA President Captain Russel Capleton
said that the group's bid does not call for a significant
reduction in the number of jobs at Air Jamaica.  "We would have to
do a needs assessment and take it from there, but our proposal
retains many more staff than could be contemplated in the deal
that is on the table," the report quoted Mr. Capleton as saying.

JALPA, the report relates, said that it has declared that it has
the financial ability to purchase the cash strapped national
airline.  The report notes that Captain Capleton insisted that Air
Jamaica should be sold to local investors.  "We're patriots and
because we want the (airline) to remain here, we have to do
something and this is how we acted.  Initially when Air Jamaica
came on the blocks, it was assumed that it would be selling in the
vicinity of JM$300 to JM$500 million which would obviously be
outside of our scope.   We've since learned the actual price being
banded about which is much more affordable," the report qyoted
Captain Capleton as saying.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, RadioJamaica said that Air Jamaica started to
lay off several categories of workers as part of cost cutting
measures as efforts continue to find a buyer for Air Jamaica.
Jamaica Observer related that Trinidad and Tobago-owned Caribbean
Airlines and Thomas Cook have both expressed an interest in
acquiring Air Jamaica.  Radio Jamaica said the airline has been
hemorrhaging over US$150 million per annum and the government has
had to foot the massive bill. Moreover, Radio Jamaica said, Air
Jamaica currently has over US$600 million in loans outstanding.

                        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: Macroeconomic Pressures Cue Fitch's Junk Rating
----------------------------------------------------------
Fitch Ratings has downgraded Jamaica's long-term foreign and local
currency Issuer Default Ratings to 'CCC' from 'B'.  The Outlooks
on the Long-Term ratings remain Negative.  Jamaica's Country
ceiling has also been lowered to 'B-' from 'B+' and the short-term
foreign currency IDR has been downgraded to 'C' from 'B'.

The downgrade reflects the country's increased macroeconomic
pressures and a sharp fiscal deterioration, which has resulted in
unsustainable debt dynamics and heightened the risk of some form
of debt restructuring.  While the current account deficit has
improved, the capital account of the balance of payments is highly
dependent on disbursements from the IMF and multilaterals.  Delays
in negotiating a critical IMF stand-by continue to weigh on
investor confidence.

'While the government's willingness to service its massive debt
burden has traditionally been high, its capacity to do so is being
seriously jeopardized by the magnitude of the macroeconomic and
fiscal shocks the country faces,' said Shelly Shetty, Senior
Director, Fitch Ratings.  'Limited policy options to meet the
fiscal challenges raise the possibility of some form of debt
restructuring.'

The Jamaican authorities are negotiating an IMF Stand-By program
to buttress its external accounts and international liquidity
position.  A successful conclusion of the IMF negotiations will be
critical for increasing multilateral disbursements and restoring
investor confidence.  However, even with an IMF program, Fitch
believes that the government will still need to implement a
credible fiscal consolidation plan to place its heavy debt burden
on a downward trajectory.  In light of Jamaica's crushing debt
burden, restoring debt sustainability could involve some form of
debt restructuring.

A sizable revenue shock due to the weak economic environment, a
rigid spending profile as well as a heavy and increasing
government interest burden has resulted in a sharp fiscal
deterioration.  The upward revision in the fiscal deficit target
for 2009/10 as per the supplementary budget highlights the
authorities' difficulty in cutting spending owing to its growing
rigidity.  Fitch projects that the fiscal deficit could reach over
9% of GDP compared to the original budgeted target of 5.5% of GDP
for 2009/10.  Fiscal solvency ratios such as general government
debt as a percent of GDP and revenues are already very high and
are expected to increase even further due to the deterioration of
fiscal accounts, economic contraction and the depreciation of the
JMD.  General government debt could reach over 120% of GDP in
2009/10 while the interest burden could exceed 55% of revenues
highlighting the challenging fiscal situation confronting Jamaica.

Prospects for future GDP growth are highly uncertain due to the
sluggish recovery expected in the U.S. as Jamaica is highly
dependent on this country for its tourism and overseas workers'
remittances.  In addition, some alumina companies in the country
have closed.  While the current account deficit has declined due
to lower commodity prices and weak economic activity, the global
credit crisis has led to a decline in private capital inflows as
well.  Fitch projects current account deficit to decline to close
to 10% of GDP in 2009 and increase to approximately 13% in 2010.
In the current global environment, Jamaica's external accounts
remain vulnerable and the authorities will have to secure
multilateral funding to finance its external funding gap.

Fitch would deem a potential debt restructuring involving a change
in the terms on existing market debt that leads to a material loss
for creditors a Coercive Debt Exchange.  Upon completion of such
an exchange, Jamaica's ratings would be downgraded to a default
category.


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


TV AZTECA: To Boost Local Productions by 40%
--------------------------------------------
TV Azteca is set to invest US$55 million in new production studios
that will see it increase local productions by 40%, TBI Vision
News reports.  The report relates that the move will help Azteca
compete with Televisa.

According to the report, TV Azteca is building seven new state of
the art studios that are expected to be finished in 2011.  The
report notes that Azteca hopes to expand its daily schedule of
telenovelas from five hours per day to six hours per day.

The report adds that the studios, which will covered 5,700 square
meters, will also allow the network to produce more musical
reality formats including La Academia.

                          About TV Azteca

TV Azteca (BMV: TVAZTCA) (Latibex: XTZA) is one of the two
largest producers of Spanish-language television programming in
the world, operating two national television networks in Mexico
-- Azteca 13 and Azteca 7 -- through more than 300 owned and
operated stations across the country.  TV Azteca affiliates
include Azteca America Network, a new broadcast television
network focused on the rapidly growing US Hispanic market, and
Todito, an Internet portal for North American Spanish speakers.

                           *     *     *

As of October 27, 2009, the company continues to carry Moody's B1
senior unsecured debt rating


=================================================
S T  V I N C E N T  &  T H E  G R E N A D I N E S
=================================================


BRITISH AMERICAN INSURANCE: Files for Bankruptcy in U.S.
--------------------------------------------------------
Dawn McCarty at Bloomberg News reports that Bahamas-based British
American Insurance Co. sought bankruptcy protection from creditors
in the U.S. by filing a Chapter 15 petition November 23 in West
Palm Beach, Florida.

Chapter 15 protects foreign companies from U.S. lawsuits and
creditor claims while a company reorganizes abroad.

The petition was filed on behalf of Brian Glasgow, as judicial
manager of British American Insurance.  Mr. Glasgow was appointed
by the Eastern Caribbean Supreme Court in the High Court of
Justice of Saint Vincent and the Grenadines.

British American is a Nassau, Bahamas-based insurance and
financial services company.  It listed debt of $500 million to
$1 billion and assets of more than $100 million in its Chapter 15
petition (Bankr. S.D. Fla. Case No. 09-3588).


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


PETROLEOS DE VENEZUELA: Barclays Welcomes Scrapping of Bond Sale
----------------------------------------------------------------
Petroleos de Venezuela's decision to forego another bond sale this
year is “positive,” Daniel Cancel at Bloomberg News reports,
citing Barclays Plc.

As reported in the Troubled Company Reporter-Latin America on
November 13, 2009, Bloomberg News said PDVSA President Rafael
Ramirez indicated on Nov. 4 that the company will issue more bonds
before the end of the year to pay down debts with service
suppliers that stand at as much as US$5 billion.  The report
related that the Venezuelan government and PDVSA sold a combined
US$11.3 billion in bonds this year, after declines in oil prices
last year dragged down revenue.  The government needs money to
cover budget shortfalls, pay suppliers and meet demand for foreign
currency in the local market, Bloomberg News added.

A PDVSA bond sale in October created a supply glut, Barclays
economist Alejandro Grisanti said in an e-mailed research note
obtained by the news agency.  “This is positive news because
apparently PDVSA is learning from mistakes made in the past,” the
report quoted Mr. Grisanti as saying.  “Clearly the market was
expecting more issuances during 2009 and if they do not
materialize the market sentiment about Venezuela will likely shift
to a more positive stance from now to year-end,” he added.

According to the report, Mr. Grisanti said that PDVSA will sell
US$6 billion of bonds in 2010.

                          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+/R


PETROLEOS DE VENEZUELA: Gets US$7BB Funds From Local Institutions
-----------------------------------------------------------------
El Universal News reports Petroleos de Venezuela has taken two
ways to cope with financial troubles as plunging oil prices in the
fourth quarter last year deteriorated cash flow troubles in the
oil industry and resulted in delayed payment to providers --
resort to government agencies and issue petrobonds.

The report relates that in December 2008 - April 2009, government
agencies provided PDVSA with USD$ billion.  For such funding,
PDVSA applied for loans and placed investment certificates, the
report notes.

According to the report, in December 2008, the National Treasury
Office was the first to provide the funds.  PDVSA, the report
relates, made a deal with that agency based on promissory notes
for US$4.4 billion, which started to be repaid last July.

However, the report notes, the Treasury's fund was not enough that
led to PDVSA's issuance of investment certificates for US$1.1
billion, which was given to the Bank for Economic and Social
Development (Bandes) and the Bank of Treasury.

In February 2009, the report relates, requirements persisted
because average oil prices decreased.  In view of the needs, the
report recalls, PDVSA that month issued again investment
certificates for US$1 billion on behalf of the Deposit Guarantee
and Bank Protection Fund.

In April, EL Universal News says, PDVSA gave Bandes more
investment certificates.

The report points out that after the operations in the first half
of 2009, PDVSA debt totaled US$16 billion.  Nevertheless, the
report says, in July-October, the corporation issued bonds twice
for US$6 billion.  EL Universal adds that global debt amounts to
US$22 billion.

                           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+/R


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


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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *