TCRLA_Public/091130.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

           Monday, November 30, 2009, Vol. 10, No. 236

                            Headlines

A R G E N T I N A

GEO SALUD: Creditors' Proofs of Debt Due on February 24
HENDERSUR SA: Creditors' Proofs of Debt Due on February 4
REMISES VIP: Creditors' Proofs of Debt Due on February 1
SOLUCIONES INTEGRALES: Creditors' Proofs of Debt Due on March 1
TEKNOSAN SA: Creditors' Proofs of Debt Due on February 15

VIDEGARD SA: Creditors' Proofs of Debt Due on April 19


B E R M U D A

BRELADE LIMITED: Creditors' Proofs of Debt Due on December 2
BRELADE LIMITED: Members to Receive Wind-Up Report on December 22
INTELSAT LTD: Moves Headquarters to Luxembourg
INTELSAT LTD: Launches Exchange Offer for Sr. Notes, PIK Notes
INTELSAT CORP: Bank Debt Trades at 7.3% Off in Secondary Market

MAPLE LEAF: Creditors' Proofs of Debt Due on December 10
MAPLE LEAF: Members to Receive Wind-Up Report on December 31
RADNOR FEEDER: Creditors' Proofs of Debt Due on December 2
RADNOR FEEDER: Members to Receive Wind-Up Report on December 22
RADNOR FEEDER: Creditors' Proofs of Debt Due on December 2

RADNOR FEEDER: Members to Receive Wind-Up Report on December 22
RADNOR FEEDER: Creditors' Proofs of Debt Due on December 2
RADNOR FEEDER: Members to Receive Wind-Up Report on December 22
RENTERS REINSURANCE: Creditors' Proofs of Debt Due on December 10
RENTERS REINSURANCE: Members to Receive Wind-Up Report on Dec. 31


B R A Z I L

CAIXA ECONOMICA: In Talks To Buy Stake in Second Bank
COMPANHIA SIDERURGICA: Buys 14.99 Riversdale Stake; Seeks More
GOL LINHAS: Signs Distribution Capacity Expansion With Travelport
GOL LINHAS: Moody's Affirms 'B1' Ratings on Senior Unsec. Notes


C A Y M A N  I S L A N D S

360 JAPAN: Shareholders to Receive Wind-Up Report Today
360 JAPAN: Shareholders to Receive Wind-Up Report Today
AWAL FINANCE: Intends to Declare Dividend
DENCO LTD: Commences Wind-Up Proceedings
DENCO LTD: Shareholders Receive Wind-Up Report

DIALOGUE DIRECTORS: Shareholders Receive Wind-Up Report
DINVEST CONCENTRATED: Shareholders Receive Wind-Up Report
DINVEST CONCENTRATED: Commences Wind-Up Proceedings
DINVEST JAPAN: Commences Wind-Up Proceedings
DINVEST JAPAN: Shareholders Receive Wind-Up Report

MARGA ENTERPRISES: Creditors' Proofs of Debt Due on January 14
NITE CAPITAL: Shareholders Receive Wind-Up Report
NITE CAPITAL: Shareholders Receive Wind-Up Report
PICCADILLY CAYMAN: Shareholders Receive Wind-Up Report
PICCADILLY DIRECTORS: Shareholders Receive Wind-Up Report

POST DISTRESSED: Shareholders Receive Wind-Up Report
PREMIUM PORTFOLIO: Shareholders Receive Wind-Up Report
PRINCESS ROSE: Shareholders' Final Meeting Set for January 5
PROMETHEAN I OFFSHORE: Shareholders' Final Meeting Set for Dec. 1
VINTRY INVESTMENTS: Shareholders Receive Wind-Up Report


C O L O M B I A

ECOPETROL SA: Discloses Ex-Dividend Period
INTERCONEXION ELECTRICA: To Raise US$186MM in New Shares


J A M A I C A

NATIONAL COMMERCIAL BANK: "Too Big to Close", Minister Says


M E X I C O

CEMEX SAB: 20% of Pallets Returned of CEMEX UK’s Retrieval Scheme


N E T H E R L A N D S  A N T I L L E S

WINAIR: Closes Anguilla Operation on Significant Losses


V E N E Z U E L A

CITIGROUP INC: Citibank Wins Case on Auction-Rate Arbitration
PETROLEOS DE VENEZUELA: Foreign Partners Can Take Minor Role
PETROLEOS DE VENEZUELA: To Publish Terms of Carabobo Bid Today


X X X X X X X X

* LATAM: Stymied by High Transportation Costs, IDB Study Shows
* BOND PRICING: For the Week November 23 to November 27, 2009


                         - - - - -


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


GEO SALUD: Creditors' Proofs of Debt Due on February 24
-------------------------------------------------------
The court-appointed trustee for Geo Salud S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 24, 2010.

The trustee will present the validated claims in court as
individual reports on April 9, 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 19, 2010.


HENDERSUR SA: Creditors' Proofs of Debt Due on February 4
---------------------------------------------------------
The court-appointed trustee for Hendersur S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 4, 2010.

The trustee will present the validated claims in court as
individual reports on March 18, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 4, 2010.


REMISES VIP: Creditors' Proofs of Debt Due on February 1
--------------------------------------------------------
The court-appointed trustee for Remises Vip S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 1, 2010.

The trustee will present the validated claims in court as
individual reports on March 17, 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 3, 2010.


SOLUCIONES INTEGRALES: Creditors' Proofs of Debt Due on March 1
---------------------------------------------------------------
The court-appointed trustee for Soluciones Integrales Corporativas
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until March 1, 2010.

The trustee will present the validated claims in court as
individual reports on April 12, 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 26, 2010.


TEKNOSAN SA: Creditors' Proofs of Debt Due on February 15
---------------------------------------------------------
The court-appointed trustee for Teknosan S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 15, 2010.


VIDEGARD SA: Creditors' Proofs of Debt Due on April 19
------------------------------------------------------
The court-appointed trustee for Videgard S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 19, 2010.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 14, 2010.


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


BRELADE LIMITED: Creditors' Proofs of Debt Due on December 2
------------------------------------------------------------
The creditors of Brelade Limited are required to file their proofs
of debt by December 2, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


BRELADE LIMITED: Members to Receive Wind-Up Report on December 22
-----------------------------------------------------------------
The members of Brelade Limited will receive on December 22, 2009,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

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


INTELSAT LTD: Moves Headquarters to Luxembourg
----------------------------------------------
Intelsat, Ltd., reports that on November 25, 2009, it filed Pro
Forma Transfer of Control Applications with the US Federal
Communications Commission for each of its five FCC licensee
entities, reflecting the company’s intention to migrate the
jurisdictions of organizations of Intelsat, Ltd. and certain of
its parent holding companies and subsidiaries from Bermuda to
Luxembourg.  The migration is designed to domicile Intelsat in a
stable jurisdiction that is familiar with the fixed satellite
services sector and has established tax treaties with the
countries in which Intelsat does business.  The migration is
subject to receipt of FCC approval and other contingencies, but is
expected to be completed in the next few months.  At completion,
the headquarters of the company will be in Luxembourg.  All of
Intelsat’s satellite and ground station assets are directly held
by subsidiaries that will not be migrating to Luxembourg.

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world's population.

Intelsat had US$17,052,043,000 in total assets against total
current liabilities of US$659,614,000, long-term debt, net of
current portion of US$15,087,524,000, deferred satellite
performance incentives, net of current portion of US$115,607,000,
deferred revenue, net of current portion of US$226,198,000,
deferred income taxes of US$531,913,000, accrued retirement
benefits of US$238,385,000, other long-term liabilities of
US$343,554,000 and noncontrolling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.


INTELSAT LTD: Launches Exchange Offer for Sr. Notes, PIK Notes
--------------------------------------------------------------
Intelsat, Ltd., and Intelsat (Bermuda), Ltd., are offering to
exchange any of Intelsat (Bermuda), Ltd.’s:

     -- 11-1/4% Senior Notes due 2017 for newly issued 11-1/4%
        Senior Notes due 2017, and

     -- 11-1/2% / 12-1/2% Senior PIK Election Notes due 2017 for
        newly issued 11-1/2% / 12-1/2% Senior PIK Election Notes
        due 2017.

The offer will expire at 5:00 p.m. New York City time on [______],
2009, unless extended.

Intelsat said it does not currently intend to extend the
expiration date.

The exchange of outstanding original notes for exchange notes in
the exchange offer will not constitute a taxable event for U.S.
federal income tax purposes.  The terms of the exchange notes to
be issued in the exchange offer are substantially identical to the
original notes, except that the exchange notes will be freely
tradeable and will not benefit from the registration and related
rights pursuant to which the Company is conducting the exchange
offer.  All untendered original notes will continue to be subject
to the restrictions on transfer set forth in the original notes
and in the indenture.

Intelsat said there is no existing public market for the original
notes, and there is currently no public market for the new notes
to be issued in the exchange offer.

A full-text copy of the prospectus is available at no charge at
http://ResearchArchives.com/t/s?4ab0

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world's population.

Intelsat had US$17,052,043,000 in total assets against total
current liabilities of US$659,614,000, long-term debt, net of
current portion of US$15,087,524,000, deferred satellite
performance incentives, net of current portion of US$115,607,000,
deferred revenue, net of current portion of US$226,198,000,
deferred income taxes of US$531,913,000, accrued retirement
benefits of US$238,385,000, other long-term liabilities of
US$343,554,000 and noncontrolling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.


INTELSAT CORP: Bank Debt Trades at 7.3% Off in Secondary Market
---------------------------------------------------------------
Participations in three syndicated loans under which PanAmSat
Corporation is a borrower traded in the secondary market at 92.70
cents-on-the-dollar each during the week ended Friday, Nov. 27,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents decreases of
0.47 percentage points each from the previous week, The Journal
relates.  The loans mature on Jan. 3, 2014.  The Company pays 250
basis points above LIBOR to borrow under each of the three
facilities.  The bank debts are not rated by Moody's and Standard
& Poor's.  The debts are three of the biggest gainers and losers
among 173 widely quoted syndicated loans with five or more bids in
secondary trading in the week ended Nov. 27.

Intelsat Corporation, formerly known as PanAmSat Corporation, is a
global provider of video, corporate, Internet, voice and
government communications services with a fleet of 25 satellites
in-orbit.  The Company provides transponder capacity to customers
on Company-owned and operated satellites, and deliver third-party
entertainment and information to cable television systems,
television broadcasters, direct-to-home, television operators,
Internet service providers, telecommunications companies,
governments and other corporations.  It also provides satellite
services and related technical support for live transmissions for
news and special events coverage.  In addition, the Company
provides satellite services to telecommunications carriers,
corporations and Internet service providers for the provision of
satellite-based communications networks, including private
corporate networks.

Intelsat Ltd.'s balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million as of March 31, 2008.


MAPLE LEAF: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------
The creditors of Maple Leaf Holdings Ltd. are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 23, 2009.

The company's liquidator is:

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


MAPLE LEAF: Members to Receive Wind-Up Report on December 31
------------------------------------------------------------
The members of Maple Leaf Holdings Ltd. will receive on
December 31, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 23, 2009.

The company's liquidator is:

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


RADNOR FEEDER: Creditors' Proofs of Debt Due on December 2
----------------------------------------------------------
The creditors of Radnor Feeder A Limited are required to file
their proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


RADNOR FEEDER: Members to Receive Wind-Up Report on December 22
---------------------------------------------------------------
The members of Radnor Feeder A Limited will receive on
December 22, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


RADNOR FEEDER: Creditors' Proofs of Debt Due on December 2
----------------------------------------------------------
The creditors of Radnor Feeder 1 Limited are required to file
their proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


RADNOR FEEDER: Members to Receive Wind-Up Report on December 22
---------------------------------------------------------------
The members of Radnor Feeder 1 Limited will receive on
December 22, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


RADNOR FEEDER: Creditors' Proofs of Debt Due on December 2
----------------------------------------------------------
The creditors of Radnor Feeder 2 Limited are required to file
their proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


RADNOR FEEDER: Members to Receive Wind-Up Report on December 22
---------------------------------------------------------------
The members of Radnor Feeder 2 Limited will receive on
December 22, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


RENTERS REINSURANCE: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------------------
The creditors of Renters Reinsurance Company Ltd. are required to
file their proofs of debt by December 10, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 23, 2009.

The company's liquidator is:

          Michael J. Torp
          340 Pine St. 2nd Floor
          San Francisco, California 94104 U.S.A.


RENTERS REINSURANCE: Members to Receive Wind-Up Report on Dec. 31
-----------------------------------------------------------------
The members of Renters Reinsurance Company Ltd. will receive on
December 31, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 23, 2009.

The company's liquidator is:

          Michael J. Torp
          340 Pine St. 2nd Floor
          San Francisco, California 94104 U.S.A.


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


CAIXA ECONOMICA: In Talks To Buy Stake in Second Bank
-----------------------------------------------------
Caixa Economica Federal is in talks to buy a stake in a second
bank in addition to Banco Panamericano SA and could announce the
purchase by the end of the year, Alastair Stewart at Dow Jones
Newswires reports, citing local Estado Newswire.

According to the report, citing unnamed sources, CEF is interested
in a minority stake in the second bank, which would mean there is
no need for tag along share buyback.

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009. Reuters said that Caixa Economica Federal is in
advanced talks to buy a minority stake in Banco Panamericano as
part of a plan 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, noted that 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.


COMPANHIA SIDERURGICA: Buys 14.99 Riversdale Stake; Seeks More
--------------------------------------------------------------
Keith Campbell at Creamer Media reports that Companhia Siderurgica
Nacional has bought a 14.99% stake in Australian miner Riversdale
Mining Ltd.  The report relates that the company said if it
receives the necessary approvals from the Australian authorities,
it will buy another 1.3% to take its holding to 16.3%.

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Bloomberg News said that CSN plans to buy a
stake in Riversdale Mining 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.  Bloomberg News noted 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.

                           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+.


GOL LINHAS: Signs Distribution Capacity Expansion With Travelport
-----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed the adoption of
Travelport's Interline E-ticket Interchange, a technological
platform which facilitates the control and operational functioning
of its airline agreements.  Additionally, the company extended its
agreements with the main global distribution systems: Sabre,
Amadeus and, also, Travelport.

The technology used by Travelport's Interline E-ticket
Interchange, allows the company to issue tickets globally, even if
the partner airline employs the traditional e-ticket model.
Another product from this technology provider, ETDBase, allows GOL
to build a latest-generation e-ticket database, allowing it to
store and control e-tickets issued by its partners.  Sales of
itineraries comprising GOL flights only retain the current
ticketless model, one of the Company's low-cost management
pillars.

"With this technological products, the Company has the advantages
of additional sales channels, through airline alliances, while at
the same time allowing us to retain efficient cost controls,"
explained Marcelo Bento Ribeiro, GOL's Head of Yield Management
and Alliances.

"GOL has 5 ongoing codeshare agreements -- AirFrance/KLM, American
Airlines, Iberia, Aeromexico and Copa Airlines -- and 60 interline
agreements.  These strategic partnerships will account for an
increasing share of our ticket sales," added Mr. Ribeiro.

The company has also expanded the reach and connectivity of its
distribution network by joining or geographically expanding the
main global distribution systems, with products and distribution
systems that keep sales expenses down and improve connectivity
with the Company's reservation system.

                         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'.


GOL LINHAS: Moody's Affirms 'B1' Ratings on Senior Unsec. Notes
---------------------------------------------------------------
Moody's affirmed its B1 ratings for Gol Linhas Aereas Inteligentes
S.A. and Gol Finance and changed the outlook for all ratings to
positive from negative.

Ratings affirmed with a positive outlook:

Issuer: Gol Finance

  -- 7.5% US$225 million Senior unsecured notes due 2017: B1
  -- 8.75% US$200 million Senior unsecured perpetual notes: B1

Issuer: Gol Linhas Aereas Inteligentes S.A.

  -- Corporate Family Rating: B1

The affirmation is based on the company's successful equity
offering in October, raising some BRL603 million, which
significantly improved Gol's liquidity profile.

"The positive outlook is principally based on a trend for
continued improving operating performance at Gol that should
result in stronger credit metrics in 2010," explained Moody's VP
Senior Analyst, Soummo Mukherjee.  "The positive outlook also
factors in the expected benefits to Gol of the expected strong
recovery in the Brazilian economy in 2010, since the company has a
42% market share in Brazil's air travel market, which tends to
grow at a multiple of overall economic growth," added Mr.
Mukherjee.

Passenger growth may be sustained by the longer-term benefits of
hosting the World Cup in 2014 and the Olympics in 2016, which will
likely boost investments in the country's airport infrastructure.

Gol's B1 rating is supported by the its strong market position in
the duopolistic Brazilian domestic air travel market and growing
presence in Latin American regional routes that leads to strong
margins and reduces potential margin volatility.  The B1 also
reflects Gol's high growth potential due to the expected increase
in use of air travel in Brazil, as well as the encouraging
macroeconomic fundamentals and low air travel penetration rates in
Brazil.  Gol's relatively new fleet and low level of encumbered
assets and legacy liabilities are also credit positives.

At the same time, Gol's rating continues to be constrained by its
still high leverage for the B1 rating category and low levels of
hedging for its fuel and currency exposure.  Credit metrics
weakened significantly following Varig's acquisition and are only
now recovering.  Low geographic diversity and weak liquidity for
the B rating category until recently, also constrain the rating.

The Brazilian airline industry also stands to benefit as more
middle-class customers migrate from bus travel due to the long
distances between major cities in Brazil.  Gol, as a low-cost
carrier with a leading market position and with a focus in the
middle-class segment, is well positioned to capture increased
usage of air travel in Brazil, currently regularly utilized by
only about 5% of the population, or 10 million people.  Gol has
several planned initiatives to grow revenues by increasing sales
to customers through the expansion of its in-house installment-
purchase plan (Voe-Facil) in the low income segment, which has
traditionally used bus transportation, and increasing cargo,
charter, and other ancillary revenues.  Recently signed code-share
agreements with American Airlines, Air France/KLM, Iberia, and
Aeromexico will also allow Gol to benefit from growth in
international long-haul traffic and better leverage its existing
SMILES mileage program to attract international travelers, which
should boost margins if successfully implemented.

Gol is also focused on cost reduction by replacing its Boeing 737-
300 and 767-300 aircraft with 737-800NGs and 737-700NGs, which
have lower operating costs, are more fuel-efficient and will bring
the fleet's average age down from 7.4 years to 5.5 years at the
end of 2009, thus reducing maintenance costs.  Gol's margins are
also expected to benefit from a fuller integration of its acquired
subsidiary, Varig, as more synergies are realized.

Gol is currently hedged for 21% of its fuel costs and 9% of its
dollar exposure for the next twelve months.  The company,
therefore, is currently exposed to rising fuel costs and a
weakening of the Brazilian Real relative to the U.S. Dollar, which
would impact both its fuel costs and its debt service.  Moody's
take comfort, however, that Gol has over the course of the year
taken steps to improve its cash and short-term investment balance
that, following the equity offering in October, reached
BRL1.3 billion, which is equivalent to 21% of Gol's LTM net
revenues and 41% of Gross unadjusted debt.  This compares to a
cash balance of BRL592 million as of year-end 2008, equivalent to
9.2% of net revenues and 12% of Gross unadjusted debt.

An upgrade of Gol's existing ratings would require continued
operating margin improvement in 2010 while maintaining adequate
liquidity as measured by unrestricted cash and short-term
investments above 40% of total unadjusted debt (41% pro-forma the
equity issuance in October, 2009).  Furthermore, an upgrade would
require Debt to EBITDA below 6x (6.6x as of September 30, 2009)
and RCF/Net Debt approaching 15% (9% as of LTM ending
September 30, 2009).

On the other hand, downward pressure on Gol's ratings or rating
outlook could occur if liquidity deteriorates so that cash and
cash equivalents fall below 20% of total unadjusted debt for two
consecutive quarters or if debt to EBITDA remains persistently
above 7.0x due to the impact of higher fuel costs, a weaker Real
or increased competition in the duopolistic Brazilian airline
market.

The last rating actions on Gol and Gol Finance were confirmation
of the company's Corporate Family Ratings at B1 with a negative
outlook on February 13, 2009.

Gol Linhas Aereas Inteligentes S.A., a Brazilian low-cost carrier
provides passenger airline service to all of Brazil's major cities
and a growing number of destinations across South America.


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


360 JAPAN: Shareholders to Receive Wind-Up Report Today
-------------------------------------------------------
The shareholders of 360 Japan Long Short Master Fund Limited will
receive today, November 30, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Managementplus Limited
          Nicole Ebanks
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman KY1-1207


360 JAPAN: Shareholders to Receive Wind-Up Report Today
-------------------------------------------------------
The shareholders of 360 Japan Long Short Fund Limited will
receive today, November 30, 2009, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Managementplus Limited
          Nicole Ebanks
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman KY1-1207


AWAL FINANCE: Intends to Declare Dividend
-----------------------------------------
Awal Finance Company (No. 6) Limited intends to declare dividend.

Only creditors who were able to file their proofs of debt by
November 27, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Russell Smith
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town KY1-1104
          Grand Cayman, Cayman Islands


DENCO LTD: Commences Wind-Up Proceedings
----------------------------------------
On October 6, 2009, the sole member of Denco, Ltd. passed a
resolution that voluntarily winds up the company's operations.

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:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DENCO LTD: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Denco, Ltd. received on November 16, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DIALOGUE DIRECTORS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dialogue Directors Limited received on
November 26, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


DINVEST CONCENTRATED: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Dinvest Concentrated Opportunities II Ltd.
received on November 16, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DINVEST CONCENTRATED: Commences Wind-Up Proceedings
---------------------------------------------------
On October 2, 2009, the sole member of Dinvest Concentrated
Opportunities II Ltd. passed a resolution that voluntarily winds
up the company's operations.

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:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DINVEST JAPAN: Commences Wind-Up Proceedings
--------------------------------------------
On October 2, 2009, the sole member of Dinvest Japan & Asia Ltd.
passed a resolution that voluntarily winds up the company's
operations.

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:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DINVEST JAPAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Dinvest Japan & Asia Ltd. received on
November 16, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


MARGA ENTERPRISES: Creditors' Proofs of Debt Due on January 14
--------------------------------------------------------------
The creditors of Marga Enterprises Ltd. are required to file their
proofs of debt by January 14, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 14, 2009.

The company's liquidator is:

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


NITE CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Nite Capital Offshore Ltd. received on
November 27, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


NITE CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Nite Capital Master, Ltd. received on
November 27, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


PICCADILLY CAYMAN: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Piccadilly Cayman Limited received on
November 26, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


PICCADILLY DIRECTORS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Piccadilly Directors Limited received on
November 26, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


POST DISTRESSED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Post Distressed Offshore Fund II, Ltd.
received on November 27, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


PREMIUM PORTFOLIO: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Premium Portfolio Limited received on
November 27, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Steven J. Barrie
          Telephone: 345 949 9710
          Facsimile: 345 945 2188
          31 The Strand, P O Box 2075
          Grand Cayman KY1-1105


PRINCESS ROSE: Shareholders' Final Meeting Set for January 5
------------------------------------------------------------
The shareholders of Princess Rose Co. Ltd. will hold their final
meeting on January 5, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PROMETHEAN I OFFSHORE: Shareholders' Final Meeting Set for Dec. 1
-----------------------------------------------------------------
The shareholders of Promethean I Offshore Ltd. will hold their
final meeting on December 1, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VINTRY INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Vintry Investments (Cayman) Limited received
on November 27, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Jonathan Scott Foster
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


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


ECOPETROL SA: Discloses Ex-Dividend Period
------------------------------------------
Ecopetrol S.A. disclosed that the last payment of COP$72.60 per
share as a dividend for 2009 will be paid from December 15, 2009.

Pursuant to External Circular No. 13 of 1998 of the Securities
Superintendency, the ex dividend period will be 10-stock market
business days immediately preceding the date for the payment of
dividends.  Therefore, anyone buying stock during this period will
not be entitled to the dividend to be paid on
December 15.

Stockholders who are registered holders of shares prior to the
beginning of the ex dividend period will be entitled to dividend
payment on December 15.

The ex dividend period begins on today, November 30, 2009.

                      About Ecopetrol S.A.

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

                           *     *     *

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

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

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

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


INTERCONEXION ELECTRICA: To Raise US$186MM in New Shares
--------------------------------------------------------
Interconexion Electrica SA plans to raise about COP371 billion
(US$186 million) from the sale of new shares, Inti Landauro at Dow
Jones Newswires reports, citing ISA Chief Executive Officer Luis
Fernando Alarcon.  The report relates that the company will use
the proceeds to finance its continuing US$1.8 billion investment
program.

According to the report, the company will sell 32 million in new
shares, which at current prices would total about COP371 billion.
The report relates that the company will sell the shares through a
book-building process open to the public.

Dow Jones Newswires notes that the company has agreed with power
generators and with distribution companies on take-or-pay
contracts.  ISA, the report says, charges the same amount
regardless of the electricity it transports.

Meanwhile, the report says, the Colombian government, which
controls ISA, won't participate in the capital increase so that
its stake will be diluted to 51.4% of the company from a current
52.9%.

Dow Jones Newswires notes Mr. Alarcon said that ISA is currently
investing in new grids and in improving existing grids in
Colombia, Peru and Brazil and will very likely bid for a 800-
kilometer grid in Guatemala.  Mr. Alarcon, the report relates,
said that the company is also negotiating a contract with the
Colombian government to build and operate several highways linking
Medellin city, with other areas.  That project would be worth
between US$2.5 billion and US$3 billion over 15 years, he added.

                  About Interconexion Electrica

Interconexion Electrica SA is Colombia's state-run transmission
firm.

                           *     *     *

As of October 12, 2009, the company continues to carry Standard
and Poor's BB+ LT Issuer Credit ratings.


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


NATIONAL COMMERCIAL BANK: "Too Big to Close", Minister Says
-----------------------------------------------------------
The Financial Sector Adjustment Company inquiry into the 1990s
financial meltdown discovered that the National Commercial Bank
Jamaica Limited was sparred from being close during those times
because it was too big to shutdown, Patrick Foster at Jamaica
Observer reports, citing Former finance minister Dr. Omar Davies.
The report relates Dr. Davies said that he gave the bank special
treatment because of the "too big to close" syndrome.

According to the report, Dr. Davies spent his time vigorously
parrying questions from the public, mostly disgruntled
entrepreneurs who lost assets after the Finsac intervention in
failed banks during the 1990s.  Dr. Davis was questioned by Delano
Seivwright, president of the Jamaica Labour Party affiliate, G2K,
at a sitting of the enquiry at the Pegasus Hotel in New Kingston.

The Observer notes that before Dr. Davies' disclosure it was
widely believed that only the so-called indigenous financial
institutions had gone under because of the practices of their
principals.  The report relates that Dr. Davies and FINSAC
supporters argued that the established banks held firm by sticking
to core competencies.

FINSAC, the report recalls, was set up to cauterize the meltdown
and take over the failed institutions.  The report says Mr. Davies
reiterated that FINSAC's intervention was aimed at "healing" the
financial sector.  However, the report points out that the the
enquiry appeared stunned when he told Mr. Seivwright that the
government did not shut down NCB but chose instead to replace the
bank's board of directors, adding that the problems at NCB came
towards the end, once the FINSAC intervention was already in
train.

The Observer notes that Commissioner Charles Ross questioning why
interest rates continued to grow even after the non-performing
loans were taken over by FINSAC and then sold to the Jamaica
Redevelopment Foundation.  The report relates that Commissioner
Worrick Bogle also asked why there is radically increasing the
debt to a borrower when it was difficult collecting in the first
place.

Dr. Davies, the report notes, countered that interest rates
accrued on loans whether they were being serviced by the borrower
or was a bad debt.  Dr. Davis, the report adds, insisted that he
could not micro-manage the FINSAC operation, adding, however, that
a number of the rates were negotiated down by FINSAC and many
debtors negotiated repayment terms that they considered
manageable.

The Observer relates that Chairman Bobby Pickersgill, in defense
of Davies, told journalists that the FINSAC intervention was the
best solution at the time and it had been internationally accepted
that the former finance minister's approach was effective.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.

Fitch said the ratings have a stable rating outlook.


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


CEMEX SAB: 20% of Pallets Returned of CEMEX UK’s Retrieval Scheme
-----------------------------------------------------------------
CEMEX UK now has 20% of its cement pallets returned under a
retrieval scheme, which was aimed to recover as many as possible
of the 250,000 CEMEX pallets distributed annually to about 600
different builders merchant outlets, Hub News reports.  The
program that was launched a year ago was an alternative for the
pallets to be thrown away or shredded.  The company is a unit of
CEMEX, S.A.B. de C.V.

According to the report, over 10 million bags of CEMEX Rugby
cement are sold every year and transported on pallets.  "In the
UK, the cost of pallets has escalated with prices rising by 15% in
2007 and 20% in 2008.  For economic reasons as well as
environmental, it made sense to find a way to prevent all those
pallets going to waste," the report quoted Graham Russell, Vice
President Commercial, Logistics and Building Products, as saying.

                       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)'.


======================================
N E T H E R L A N D S  A N T I L L E S
======================================


WINAIR: Closes Anguilla Operation on Significant Losses
-------------------------------------------------------
Windward Islands Airline will terminate its St. Maarten to
Anguilla route effective from December 1, 2009, due significant
losses incurred for the past several months, Caribbean Net News
reports, citing Vice President of Marketing, Claudio Buncamper.
“We have tried desperately over the past several months to keep
the Anguilla route operational owing to the fact that we have
recognized that over the years the resident and citizens of
Anguilla have supported Winair,” the report quoted Mr. Buncamper
as saying.

According to the report, Mr. Buncamper however noted that, with
the airline already faced with a number of challenges, among them
a decreased traveling market, rising operational and other costs
it has placed the airline in a very challenging position to make
such a critical decision.  The report relates that Winair will
however maintain its sales office in Anguilla that is handled by
partner airline Anguilla Air Services.

Mr. Buncamper, the report notes, pointed out that most airlines
today are faced with growing and rapidly increasing challenges,
resulting in management being forced to take measures on loss
making routes.

“We, the management team have looked extensively at our other
markets, WM already took measures in the beginning of the year on
several routes and we held on to AXA but unfortunately things did
not improve, as such, we recognize that we needed to take action
now or failure to do so may result in the company incurring
further financial loss,” the report quoted Mr. Buncamper as
saying.

Meanwhile, the report says Managing Director of Winair, Edwin
Hodge He noted that, with the company already suffering
significant financial losses with the route that has not been
making a profit for several months, it was evident that such a
decision had to be made if the airline is to remain operational
and competitive.

                         About Winair

Headquartered in the Netherlands Antilles, Windward Islands
Airways (Winair) –- http://www.fly-winair.com/–- is a government
owned airline founded in 1961.  It has a fleet of eight aircraft
serving ten destinations, all within the Leeward Islands group of
the Lesser Antilles in the North East Caribbean.


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


CITIGROUP INC: Citibank Wins Case on Auction-Rate Arbitration
-------------------------------------------------------------
Citigroup Global Markets Inc. won a major arbitration claim that
was brought forth by Banco Industrial de Venezuela, over a
US$118.7 million investment in auction-rate securities, American
Banking News reports.

According to the report, the Financial Industry Regulatory
Authority’s arbitration panel dismissed all claims brought forth
by Banco Industrial de Venezuela agency against Citigroup Global
Markets, which was then doing business as Smith Barney, and denied
all of by Banco Industrial de Venezuela’s claims for relief.  The
report relates that Banco Industrial De Venezuela’s Miami agency
filed its claim in September of 2008, contending that Citi had
engaged in fraudulent and negligent misrepresentation, breach of
fiduciary duty, Florida civil theft, and other infractions,
according to the Finra dispute resolution document.  The bank was
seeking recover of its US$118.7 million investments as well as
additional consequential damages that may have incurred because of
a lack of liquidity, the report notes.

American Banking News says Banco Industrial De Venezuela also
sought the rescission of the securities and damages based on
alleged civil theft totaling US$356.1 million.

                  About Citigroup Global Markets

Citigroup Global Markets is the brokerage and securities arm of
banking behemoth Citigroup.  The company provides investment
banking services to corporate, institutional, government, and
retail clients.  It divides its business into four geographic
regions: North America, Europe/Middle East/Africa, Asia, and Latin
America. The group operates in Japan through Nikko Citi,
Citigroup's joint venture with brokerage Nikko Cordial
Corporation.  As part of a major restructuring by Citigroup,
Global Markets, along with its parent company's retail and private
banking units, will be split from Citigroup's consumer finance
business in a new company to be called Citicorp.

                         About Citigroup

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 $45 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 selling assets to repay
the bailout funds.

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


PETROLEOS DE VENEZUELA: Foreign Partners Can Take Minor Role
------------------------------------------------------------
Petroleos de Venezuela is allowing foreign partners to have a
minority role in developing Mariscal Sucre, which will supply fuel
for Venezuela’s domestic market and potentially for liquefied
natural gas exports, Ahmed Rouaba at Bloomberg News reports.

According to the report, PDVSA said in a June statement that it
expects investment of US$8.35 billion in the project, with US$800
million already spent.  PDVSA, the report relates, said that the
fields, west of Trinidad, hold 14.7 trillion cubic feet of gas.

Japanese companies will have access to up to 20% of the Mariscal
Sucre project and Venezuela will have 60%, Japan’s information
ministry said in a statement obtained by the news agency.  The
report relates that Venezuela Oil and Energy Minister Rafael
Ramirez said he expects to complete the development of its
Mariscal Sucre offshore natural gas fields, with Japanese
partners, by 2014.  Venezuela has started drilling works with
Japanese companies Mitsubishi Corp. and Mitsui & Co. and is
seeking a partnership with Algerian state-run oil and gas company
Sonatrach, Mr. Ramirez told the news agency in an interview.

                            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: To Publish Terms of Carabobo Bid Today
--------------------------------------------------------------
Petroleos de Venezuela SA will publish the terms and conditions
for the Carabobo heavy-oil bid round today, November 30, Jose
Orozco and Daniel Cancel at Bloomberg News report, citing Rafael
Ramirez.

According to the report, Mr. Ramirez said that foreign oil
companies bidding for access to develop the tar-like oil reserves
in the Faja del Orinoco area in eastern Venezuela won’t be able to
file international arbitration and that the final offers from
companies and groups will be made in January.  “The definitive
terms will be published and the timeline for the projects remains
in place,” the report quoted Mr. Ramirez as saying.  “2010 will be
a year of work and development in the Faja,” he added.

Bloomberg News notes that Venezuela is seeking to form three
ventures with companies to pump crude from the Carabobo blocks. ,
PDVSA Vice President Eulogio del Pino, the report relates, said
that each venture will require an initial investment of US$9
billion and total spending of as much as US$19 billion over 25
years.

The report recalls that nineteen companies, including San Ramon,
California-based Chevron Corp., Paris-based Total SA and China
National Petroleum Corp., paid US$2 million apiece to take part in
the auction last year.  Winning companies will have to pay at
least US$1 billion to sign a joint-venture agreement with PDVSA,
the report notes.

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


* LATAM: Stymied by High Transportation Costs, IDB Study Shows
--------------------------------------------------------------
High transportation costs in Latin America and the Caribbean
undermine trade and have harmful impacts on the productivity of
the entire economy, protecting inefficient companies and
preventing competitive producers from expanding their output,
according to a newly release study by the Inter-American
Development Bank.

The region as a whole spends nearly twice as much as the United
States in freight expenses to import its goods.  Most Latin
American countries have higher freight rates when exporting to the
United States than countries in the Far East and in Europe.  This
is alarming, particularly when considering countries that are very
close to the United States, like those in the Caribbean.

In a ranking of 22 countries in the region, Paraguay, and
Argentina are among the countries with the highest freight costs
as a share of exports to the United States, which in part is
explained by the long distances.  But even more distant regions in
the world, like China or Oceania, have lower freight rates than
most countries in the Latin America including Guyana or Guatemala.
Latin America and the Caribbean ports are among the world’s least
efficient, the study said.

The findings are part of the upcoming IDB book The Age of
Productivity: Transforming Economies from the Bottom Up.  The IDB
will unveil the results of the book during its Annual meeting
March 20-23, in Cancun, Mexico.  The book, part of the series
Development in the Americas, the IDB’s annual flagship
publication, offers a comprehensive analysis of productivity
levels in the region, its impact on economic growth and
recommendations for policymakers on how to address the causes of
low productivity.

Free trade can boost productivity because it exposes producers to
greater competition, forcing them to cut costs and increase their
efficiency while providing greater access to more and better
inputs, particularly capital goods.  However, high transportation
costs distort allocation of resources, preventing the region from
reaping the full productivity benefits from greater trade
liberalization.

Traditionally, tariffs have been one of the biggest impediments
for higher productivity but its relative share of total trade
costs has decreased over the past decade after the region began
opening up their economies to more trade.  Currently, transport
costs are more than four times larger than tariff costs in Latin
America and the Caribbean, representing a bigger trade barrier
than tariffs, the study said.

“Bringing tariffs down, as most of the countries in the region did
in recent times, is not likely to be enough. Transport costs have
to be reduced in tandem to bring the full positive effects of
trade on productivity” said Juan Blyde, one of the economists
working on the book.  “A reduction in these trade costs must be a
priority for the region, particularly when countries are trying to
consolidate their economic position in a world that has begun
emerging from a financial crisis.”

                      Impact on Productivity

High transport costs protect inefficient producers, lowering their
likelihood to exit, and limit the expansion of efficient plants,
lowering their likelihood to export.  Transportation costs
represent one aspect behind the low productivity levels observed
in Latin America and the Caribbean, the study said.

Statistical analysis for Brazil and Chile show that transportation
costs reduce plant efficiency and distort the allocation of
resources in the economy, which affects the overall level of
productivity in nations.  A 10 percentage point cut in freight
costs will raise plant productivity by 0.5 and 0.7 percent in
Brazil and Chile respectively.

A decrease in freight costs will also raise aggregate productivity
by making the inefficient firms more likely to exit and the
efficient firms more likely to export.

                     The Size of the Problem

Freight costs account for 6.6% of region’s import value, nearly
twice as much as the 3.4% in the United States, according to the
author’s calculations.  Costs vary widely among countries in the
region, with costs in landlocked Paraguay being nearly triple the
costs of the United States as a share of imports.

Freight expenditures as a share of exports show that proximity
does not always translate into lower freight rates.  Panama and
Guatemala, for example, have freight costs when exporting to the
United States that are nearly twice as much as the countries
forming the European Union, despite being close to the United
States.  Latin America and the Caribbean freight costs are much
higher than other distant regions of the world including China and
Oceania, according to the graph below.

The lack of efficiency in the infrastructure in ports and airports
explain about 40% of the difference in shipping costs between
Latin America and the United States and Europe.  The low degree of
competition among shipping companies and inefficient
transportation systems domestically, including increasing traffic
congestion in large metropolitan areas, also contribute to the
high costs.

The region’s ports have the lowest productivity levels when
compared with ports in North America, Western Europe, the Middle
East and Asia.  Port efficiency is related not only to the quality
of their physical facilities, but also to the various other
support activities, such as pilotage, towing and tug assistance,
or cargo handling.

In addition, both port and airport efficiency also depends on
aspects such as the clarity of port procedures, the accuracy of
their information systems or the existence of legal restrictions,
such as requiring special licenses to perform loading and
unloading operations.


* BOND PRICING: For the Week November 23 to November 27, 2009
-------------------------------------------------------------


  Issuer              Coupon    Maturity     Currency       Price
  ------              ------    --------     --------       -----

ARGENTINA

ALTO PALERMO SA        7.88    5/11/2017       USD             86
ARGENT-$DIS            8.28    12/31/2033      USD           67.3
ARGENT-$DIS            8.28    12/31/2033      USD          71.38
ARGENT-PAR             1.18    12/31/2038      ARS          36.07
ARGENT-=DIS            7.82    12/31/2033      EUR          60.68
ARGNT-BOCON PR11          2    12/3/2010       ARS          26.74
ARGNT-BOCON PR13          2    3/15/2024       ARS          70.88
BANCO MACRO SA         9.75    12/18/2036      USD           82.2
BANCO MACRO SA        10.75    6/7/2012        USD          72.08
BUENOS AIRE PROV       9.63    4/18/2028       USD          65.64
BUENOS AIRE PROV       9.38    9/14/2018       USD          68.07
BUENOS-$DIS            9.25    4/15/2017       USD          73.74
INVERSORA ELEC          6.5    12/26/2017      USD          42.74
MENDOZA PROVINCE        5.5    9/4/2018        USD          71.88
MULTICANAL SA             7    7/20/2013       USD          74.73

BRAZIL


CESP                   9.75    1/15/2015       BRL          69.95

CAYMAN ISLAND

AES DOMINICANA           11    12/13/2015      USD         100.25
BARION FUNDING         1.44    12/20/2056      GBP           32.3
BARION FUNDING         0.63    12/20/2056      GBP          18.66
BES FINANCE LTD         6.2    2/7/2035        EUR          71.68
BISHOPSGATE ASSE       4.81    8/14/2044       GBP          69.98
CHINA MED TECH            4    8/15/2013       USD          63.88
CHINA PROPERTIES       9.13    5/4/2014        USD          77.49
DUBAI HLDNG COMM       4.75    1/30/2014       EUR          61.88
DUBAI HLDNG COMM          6    2/1/2017        GBP          58.95
FERTINITRO FIN         8.29    4/1/2020        USD             70
GOL FINANCE            8.75    #N/A N Ap       USD           85.5
JA SOLAR HOLD CO        4.5    5/15/2013       USD             73
LDK SOLAR CO LTD       4.75    4/15/2013       USD          70.25
LDK SOLAR CO LTD       4.75    4/15/2013       USD          69.48
MAZARIN FDG LTD        1.44    9/20/2068       GBP          29.55
MAZARIN FDG LTD        0.63    9/20/2068       GBP          15.34
PANAMA CANAL RAI          7    11/1/2026       USD           78.5
PUBMASTER FIN          6.96    6/30/2028       GBP             67
PUBMASTER FIN          8.44    6/30/2025       GBP          71.75
SHINSEI FIN CAYM       6.42    #N/A N Ap       USD           56.4
SHINSEI FIN CAYM       6.42    #N/A N Ap       USD          57.13
SHINSEI FINANCE        7.16    #N/A N Ap       USD          56.88
SHINSEI FINANCE        7.16    #N/A N Ap       USD             58
SMFG PREFERRED         6.16    #N/A N Ap       GBP          79.26
XL CAPITAL LTD          6.5    #N/A N Ap       USD             73


ECUADOR

REP OF ECUADOR         9.38    12/15/2015      USD          93.11


JAMAICA

AIR JAMAICA LTD        8.13    6/14/2027       USD           64.5
JAMAICA GOVT           10.5    10/27/2014      EUR          92.68
JAMAICA GOVT            8.5    2/28/2036       USD          68.01
JAMAICA GOVT              8    3/15/2039       USD          61.25
JAMAICA GOVT          13.38    4/27/2032       JMD          63.44
JAMAICA GOVT LRS         15    8/30/2032       JMD             73
JAMAICA GOVT LRS       14.4    8/3/2027        JMD          70.28
JAMAICA GOVT LRS      13.58    12/15/2026      JMD          64.62
JAMAICA GOVT LRS      12.75    6/29/2022       JMD          64.56
JAMAICA GOVT LRS      12.75    6/29/2022       JMD          64.55
JAMAICA GOVT LRS      12.85    5/31/2022       JMD          65.24
JAMAICA GOVT LRS         14    6/30/2021       JMD          72.45
JAMAICA GOVT LRS      13.38    12/15/2021      JMD           68.6
JAMAICA GOVT LRS       15.5    3/24/2028       JMD          73.56


PUERTO RICO

PUERTO RICO CONS        6.1    5/1/2012        USD          65.75
PUERTO RICO CONS        6.5    4/1/2016        USD             49
PUERTO RICO CONS        6.2    5/1/2017        USD             48

VENEZUELA


PETROLEOS DE VEN        4.9    10/28/2014      USD          57.85
PETROLEOS DE VEN       5.13    10/28/2016      USD          49.33
PETROLEOS DE VEN          5    10/28/2015      USD          52.53
PETROLEOS DE VEN       5.38    4/12/2027       USD          41.47
PETROLEOS DE VEN       5.25    4/12/2017       USD          51.89
PETROLEOS DE VEN        5.5    4/12/2037       USD          41.36
VENEZUELA              9.25    5/7/2028        USD          67.37
VENEZUELA                 7    3/31/2038       USD          53.32
VENEZUELA              5.75    2/26/2016       USD          65.08
VENEZUELA                 7    12/1/2018       USD          62.74
VENEZUELA              7.75    10/13/2019      USD          62.59
VENEZUELA                 6    12/9/2020       USD          54.58
VENEZUELA                 9    5/7/2023        USD          67.56
VENEZUELA              8.25    10/13/2024      USD          61.66
VENEZUELA              7.65    4/21/2025       USD          58.71
VENEZUELA              9.25    9/15/2027       USD          75.29
VENEZUELA              9.25    9/15/2027       USD          67.61
VENEZUELA                 7    3/16/2015       EUR          79.03
VENZOD - 189000        9.38    1/13/2034       USD          68.29


                            ***********

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 * * *