TCRLA_Public/091204.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

           Friday, December 4, 2009, Vol. 10, No. 240

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: U.S. Seeks Names of American Clients


A R G E N T I N A

ERC LATINOAMERICANA: Creditors' Proofs of Debt Due on April 1
SISTEMAS ESTRUCTURALES: Creditors' Proofs of Debt Due on April 6
UNIPRES SERVICIOS: Creditors' Proofs of Debt Due on February 12
TELECOM ARGENTINA: To Host Investor Event at NYSE on December 9


B A R B A D O S

GRANTLEY ADAMS: 23% of Workforce Walked Out From Job


B E R M U D A

BELGRAVIA LIMITED: Creditors' Proofs of Debt Due on December 9
BELGRAVIA LIMITED: Member to Receive Wind-Up Report on December 30
BW GROUP: Moody's Assigns Corporate Family Rating at 'Ba1'
KOCH G/P 1: Creditors' Proofs of Debt Due on December 24
KOCH G/P 1: Member to Receive Wind-Up Report on December 30

MARLEW COMPANY: Creditors' Proofs of Debt Due on December 9
MARLEW COMPANY: Member to Receive Wind-Up Report on December 30
PEMBROKE B737-5001: Creditors' Proofs of Debt Due on December 9
PEMBROKE B737-5001: Members' Final Meeting Set for December 30
PEMBROKE B737-7004: Creditors' Proofs of Debt Due on December 9

PEMBROKE B737-7004: Members' Final Meeting Set for December 30
PEMBROKE B737-7005: Creditors' Proofs of Debt Due on December 9
PEMBROKE B737-7005: Members' Final Meeting Set for December 30
PEMBROKE B737-7006: Creditors' Proofs of Debt Due on December 9
PEMBROKE B737-7006: Members' Final Meeting Set for December 30

VALIDUS HOLDINGS: Talbot Unit Taps 2 Underwriters to Join Firm


B R A Z I L

BPN BRASIL: Fitch Downgrades National Long-Term Rating to 'BB'
BROOKFIELD INCORPORACOES: To Raise BRL300MM From Debenture Issue
CAMARGO CORREA: Equity Cut Cues Moody's Comment on 'Ba3' Rating
LEHMAN BROTHERS: To Sell Brazilian Distressed Loans and Assets

MINERVA SA: Moody's Assigns Corporate Family Rating at 'B3'


C A Y M A N  I S L A N D S

AAI63 LTD: Members Receive Wind-Up Report
AAI65 LTD: Members Receive Wind-Up Report
ABSPOKE 2005-X: Members Receive Wind-Up Report
ARCH POINT: Members to Hear Wind-Up Report on December 9
ARCH POINT: Members to Hear Wind-Up Report on December 9

ARCH POINT: Members to Hear Wind-Up Report on December 9
ARCH POINT: Members to Hear Wind-Up Report on December 9
ASPECT GLOBAL: Members Receive Wind-Up Report
C.I. ORPHAN: Members to Hear Wind-Up Report on December 9
CAIXA CATALUNYA: Members Receive Wind-Up Report

COAST PILOT: Members Receive Wind-Up Report
COAST PIVOT: Members Receive Wind-Up Report
CRYSTAL 2008-1: Members to Receive Wind-Up Report on December 9
CRYSTAL SPRINGS: Members Receive Wind-Up Report
GEARS LTD: Members Receive Wind-Up Report

GMSF FUNDING: Members Receive Wind-Up Report
GOLDENTREE LETTRS: Members to Receive Wind-Up Report on December 9
HANGING GARDENS: Members Receive Wind-Up Report
INTECH LIQUIDATION: Members Receive Wind-Up Report
KAZKOMMERTS DPR: Members Receive Wind-Up Report

KROKSTA: Members Receive Wind-Up Report
KS GREENFIELDS: Members Receive Wind-Up Report
LANSDOWNE EMERGING: Members Receive Wind-Up Report
POLONIUS PORTFOLIO: Members Receive Wind-Up Report
SIXTINA 6 FORTITUDE: Members Receive Wind-Up Report

SIXTINA 7 MONTERREY: Members Receive Wind-Up Report
SKYER I: Members Receive Wind-Up Report
SLC SECURITIZATION: Members Receive Wind-Up Report
SSV CAYMAN: Members to Receive Wind-Up Report on December 9


C H I L E

* CHILE: IDB Invests Up to US$3.5 Million in AgroDesarrollo


C O L O M B I A

ECOPETROL SA: May Raise US$6.6 Billion From 2010 Share Sale


J A M A I C A

AIR JAMAICA: NCB to Provides US$1.3 Million Injection to Airline
JAMAICAN URBAN: Sells Older Buses as Scrap Metals
NATIONAL COMMERCIAL BANK: BCB Capital Managing Director Steps Down
NATIONAL COMMERCIAL BANK: To Provide US$1.3MM to Air Jamaica
NATIONAL COMMERCIAL: Fitch Junks Issuer Default Rating From 'B'

SUGAR COMPANY: Minister Assures Divestment Talks "Not Stalled"


M E X I C O

CEMEX SAB: Expects Fourth-Quarter Loss From Australia Sale
* Kamakura Reports Deterioration in Corporate Credit Quality


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Insurance Closes Operations


V E N E Z U E L A

DELTA MUTUAL: Posts $426,600 Net Loss for September 30 Quarter


                         - - - - -


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


STANFORD INT'L: U.S. Seeks Names of American Clients
----------------------------------------------------
Kim Dixon at Reuters reports that the U.S. Justice Department
asked the U.S. District Court for the Northern District of Texas
in Dallas to let it serve a so-called "John Doe summons" on
Stanford Group court-appointed receiver, Ralph Janvey.  The report
relates that the department asked for permission to seek the names
of American clients of Robert Allen Stanford who may be hiding
assets abroad to evade taxes.

According to the report, George Clarke, Esq., a white collar tax
attorney in Washington DC, said the Justice Department's request
was another step in the government's effort to eradicate
opportunities for U.S. taxpayers to hide assets offshore.  "It
should be a wake-up call for folks who thought that the
enforcement action against UBS would be a one-hit wonder," the
report quoted Mr. Clarke as saying.

Reuters notes that Angela Shaw, founder of the Stanford Victims
Coalition, representing some 6,000 Stanford investors, thought it
unlikely the IRS would find wrongdoing, with many Stanford victims
invested using retirement accounts.  "Everyone is just so shocked;
it seems ridiculous," the report quoted Ms. Shaw as saying.

According to the report, in a declaration to the court, IRS agent
Daniel Reeves cited interviews with two unnamed Stanford employees
who said they left over concerns about "improprieties" at the
firm, including failure to report foreign accounts.

Reuters says that the government wants information from Janvey on
any U.S. clients who had accounts through Stanford units from 2002
through 2008.

                 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
=================


ERC LATINOAMERICANA: Creditors' Proofs of Debt Due on April 1
-------------------------------------------------------------
The court-appointed trustee for Erc Latinoamericana S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 1, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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:

         Mario Leizerow
         Bouchard 644
         Argentina


SISTEMAS ESTRUCTURALES: Creditors' Proofs of Debt Due on April 6
----------------------------------------------------------------
The court-appointed trustee for Sistemas Estructurales S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 6, 2010.

The trustee 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:

         Hugo Hector Dogliani
         Av. Rivadavia 3944
         Argentina


UNIPRES SERVICIOS: Creditors' Proofs of Debt Due on February 12
---------------------------------------------------------------
The court-appointed trustee for Unipres Servicios Graficos S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until February 12, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, 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:

          Omar Lares
          Olavarria 1743
          Argentina


TELECOM ARGENTINA: To Host Investor Event at NYSE on December 9
---------------------------------------------------------------
Telecom Argentina S.A. will host a meeting at the New York Stock
Exchange Euronext on Wednesday, December 9, 2009 in commemoration
of the 15th Anniversary of the Company's Listing.  The event will
feature a presentation by Franco Bertone, Chief Executive Officer.
Senior executives of the Company will also be present.

Telecom Argentina Day will take place from 12:00 p.m. to 2:00 p.m.
This event is by invitation only and space is limited.  Those
analysts or investors interested in attending the event must
contact Maria Barona of i-advize Corporate Communications at (212)
406-3691 or via email at mbarona@i-advize.com.

                      About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating


===============
B A R B A D O S
===============


GRANTLEY ADAMS: 23% of Workforce Walked Out From Job
----------------------------------------------------
Around 70 workers, representing 23% of the 300 total workforce, at
the Grantley Adams International Airport walked out from their
jobs for two hours on December 1, 2009, due to a dispute with the
management, Nation News reports.

According to the report, a delegation from the National Union of
Public Workers held a brief meeting with the workers, which
included personnel from security, maintenance and engineering,
before heading into a meeting with GAIA management.  

NUPW industrial relation officer Caswell Franklyn and GAIA
corporate communications specialist Keith Goddard told Nation
News: "We were called in because of long-standing grievances which
were not being addressed.  We met with management and asked
workers to go back to work in the meantime.  We were able to get
the airport management to realize how serious the workers were and
we now have a framework and timetable to have the issues
addressed.  We are pleased with the outcome of the talks and also
pleased to say there will be no victimization nor recrimination
towards the workers."

The report relates Mr. Goddard said the two sides had reached an
understanding and agreed "to address the matters going forward in
the short, medium and long term".


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


BELGRAVIA LIMITED: Creditors' Proofs of Debt Due on December 9
--------------------------------------------------------------
The creditors of Belgravia Limited are required to file their
proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2009.

The company's liquidator is:

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


BELGRAVIA LIMITED: Member to Receive Wind-Up Report on December 30
------------------------------------------------------------------
The sole member of Belgravia Limited will receive, on December 30,
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 24, 2009.

The company's liquidator is:

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


BW GROUP: Moody's Assigns Corporate Family Rating at 'Ba1'
----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to BW Group Ltd and withdrawn its Baa3 issuer rating.  The
senior unsecured debt rating for BW Group's bonds is downgraded to
Ba1 from Baa3.  The rating outlook is stable.  

This concludes the rating review that started on 9 September 2009.  

"The downgrade is driven by BW Group's slow progress in achieving
its debt reduction target, compared to Moody's expectation," says
Peter Choy, a Moody's Vice President and Senior Credit Officer.  

"This situation is exacerbated by BW Group's exposure to the
highly volatile tanker and LPG transportation markets, which in
Moody's view will not fully recover in the next 12-18 months."

"In addition, its weak nine months' results for 2009 thus far
suggest that BW Group's business model -- despite its 60%-80%
fixed contract revenue -- is still not insulated from the
volatility of the shipping markets, which is another driver for
the downgrade," says Choy.  

"BW Group's credit metrics for the next 12-18 months -- adjusted
debt/EBITDA of 7.1x-5.2x and EBIT/interest of 1.4x-1.3x -- are far
weaker than its peers' in the Baa range."

"On the other hand, its Ba1 rating is supported by the company's
long track record in the shipping industry, fair segment
diversity, conservative management, good fixed income coverage,
strong liquidity and good financial flexibility, and the absence
of high capital expenditures" adds Choy.  

The stable outlook reflects Moody's view that BW Group will
maintain its strong liquidity position and gradually improve its
debt leverage in the next two years by using free cash flow
arising from some moderate improvements in freight rates in all
the company's segments.  

Downward rating pressure could emerge upon further deterioration
in the group's financial profile due to a material adverse change
in market conditions or debt-funded acquisitions which could
result in a worsening of BW Group's credit metrics to adjusted
debt/EBITDA exceeding 5.5x-6.0x in 2010, or EBIT/interest below
1.25x for a prolonged period.  

A rating upgrade is unlikely in the next 12 months, given BW
Group's relatively weak credit metrics.  

The last rating action was on 9 September 2009 when BW Group's
issuer and debt ratings were placed under review for possible
downgrade.  

BW Group, domiciled in Bermuda, is a diversified shipping group
with operations in five key segments -- tankers, liquefied
petroleum gas, liquefied natural gas, floating, production,
storage and offloading vessels, and offshore technology.  It
operates a fleet of 95 vessels.  BW is a privately held holding
company, 93%-owned by the Sohmen family and 7% by HSBC.  


KOCH G/P 1: Creditors' Proofs of Debt Due on December 24
--------------------------------------------------------
The creditors of Koch G/P 1, Ltd. are required to file their
proofs of debt by December 24, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11, Bermuda


KOCH G/P 1: Member to Receive Wind-Up Report on December 30
-----------------------------------------------------------
The member of Koch G/P 1, Ltd. will receive, on December 30, 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 19, 2009.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11, Bermuda


MARLEW COMPANY: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------
The creditors of Marlew Company Limited are required to file their
proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2009.

The company's liquidator is:

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


MARLEW COMPANY: Member to Receive Wind-Up Report on December 30
---------------------------------------------------------------
The sole member of Marlew Company Limited will receive, on
December 30, 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 24, 2009.

The company's liquidator is:

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


PEMBROKE B737-5001: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------------------
The creditors of Pembroke B737-5001 Limited are required to file
their proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PEMBROKE B737-5001: Members' Final Meeting Set for December 30
--------------------------------------------------------------
The members of Pembroke B737-5001 Limited will hold their final
general meeting on December 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


PEMBROKE B737-7004: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------------------
The creditors of Pembroke B737-7004 Limited are required to file
their proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PEMBROKE B737-7004: Members' Final Meeting Set for December 30
--------------------------------------------------------------
The members of Pembroke B737-7004 Limited will hold their final
general meeting on December 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


PEMBROKE B737-7005: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------------------
The creditors of Pembroke B737-7005 Limited are required to file
their proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PEMBROKE B737-7005: Members' Final Meeting Set for December 30
--------------------------------------------------------------
The members of Pembroke B737-7005 Limited will hold their final
general meeting on December 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


PEMBROKE B737-7006: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------------------
The creditors of Pembroke B737-7006 Limited are required to file
their proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PEMBROKE B737-7006: Members' Final Meeting Set for December 30
--------------------------------------------------------------
The members of Pembroke B737-7006 Limited will hold their final
general meeting on December 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


VALIDUS HOLDINGS: Talbot Unit Taps 2 Underwriters to Join Firm
--------------------------------------------------------------
Validus Holdings, Ltd.'s wholly owned subsidiary, Talbot
Underwriting, Ltd., is expanding its presence in the international
Construction and Engineering market with the appointments of Simon
Wilcock and Patrick Bravery, both highly experienced underwriters
who had formerly been with Swiss Re in London.  They will join
Talbot.s Syndicate 1183 in 2010.

Mr. Wilcock and Mr. Bravery will complement Talbot.s existing
underwriting team and provide additional international experience
and expertise in the international Construction and Engineering
market, particularly in the disciplines of Erection all risks and
Construction all risks.  They will report to David Turner,
Talbot.s Construction Global Practice Leader.

Rupert Atkin, Talbot CEO, said: .These appointments further
demonstrate Talbot.s commitment to expanding the capabilities of
Syndicate 1183 in market sectors where activity and opportunity
remain significant.  This includes the Construction and
Engineering market, where we have been strategically expanding our
capabilities.  The addition of these highly experienced
underwriters enhances our leadership depth and reinforces our
strong position in this market..

David Turner said: .We are delighted to welcome Simon and Pat to
the Talbot team.  We see significant long-term opportunity in the
Construction and Engineering market, both in London and globally,
and the addition of Simon and Pat strengthens our position to
capture it..

Said Simon Wilcock: .Pat and I are looking forward to working with
the Talbot team and helping to further expand and strengthen
Talbot.s construction and engineering business.  We were impressed
by Talbot's commitment to delivering long-term sustainable growth
in the Construction sector and their focus on providing
exceptional service to brokers, producers and clients..

                  About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


BPN BRASIL: Fitch Downgrades National Long-Term Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded these ratings of BPN Brasil Banco
Multiplo S.A.:

  -- Long-Term National Rating to 'BB(bra)' from 'A+(bra)';     
     Outlook Stable;

  -- Short-Term National Rating to 'B(bra)' from 'F1(bra)';

  -- Support Rating to '5' from '3'.

In addition, Fitch has simultaneously removed all BPN Brasil's
ratings from Rating Watch Evolving and assigned a Stable Outlook
to its long-term National rating.  On Oct. 23, 2009, Fitch
withdrew all its ratings of BPN - Banco Portugues de Negocios
S.A., which controls 80% of BPN Brasil.  The other 20% is
controlled by Banco Africano de Investimento, which Fitch does not
rate.

The rating downgrade reflects the uncertainties as to the support
of BPN, which was nationalized by the government of Portugal
(rated with an IDR of 'AA', with a Stable Outlook by Fitch) in
November 2008, to BPN Brasil.  As stated in Fitch's press release
dated Nov. 11, 2008, change in the perceived willingness or
capability of support, could lead to multiple-notch downgrading of
BPN Brasil's ratings.  Fitch believes that BPN Brasil has a weak
capital structure, with a low capital ratio of 11.7% in September
2009, and clearly needs a capital injection to be able to grow its
operations and absorb high loan loss provisions.  Since the
nationalization of the Portuguese bank, BPN, the parent bank, also
shows the need for a capital injection, with net equity of
negative EUR1.6 billion in March 2009.  BPN is in the process of
privatization, and its new controller has not carried out any
capitalization so far; thus, Fitch believes that shareholders'
support to BPN Brasil is possible, but not certain.

With the aim of avoiding increased systemic risk in Portugal, BPN
was nationalized by the government of Portugal after the bank
recorded considerable losses with North American real estate
assets and problems with accounting fraud.  Fitch believes that
the Portuguese government would sell, either partially or fully,
its 100% stake in BPN's capital and shall review BPN Brasil's
ratings in accordance with the development of such potential
negotiation.  However, Fitch understands that the privatization
process tends to be slow, which makes it even more important for
financial support to continue with the operations of BPN Brasil.  
Fitch shall review BPN Brasil's ratings after receiving concrete
and final information on the changes in BPN and BPN Brasil's
shareholding ownership.

BPN Brasil's current National Ratings reflect its limited size
with tight capitalization credit quality below its peers' average,
low business diversification, and a BRL8.4 million loss in the
period from January to September 2009.  The bank's results have
been negatively affected by low revenue generation, in view of the
difficulty to grow its businesses as a result of tight liquidity
and a scenario of increased delinquencies observed since the
fourth quarter of 2008, mainly due to high credit provisions for
small- and medium-sized enterprises.

Founded in 1993, BPN was the main subsidiary of BPN Group and
operates as a commercial bank, mainly for SMEs, essentially in
Portugal.  BPN Brasil was founded in 2003 and is also focused on
SMEs.  


BROOKFIELD INCORPORACOES: To Raise BRL300MM From Debenture Issue
----------------------------------------------------------------
Brookfield Incorporacoes SA's board authorized the company to
raise BRL300 million (US$174 million) from a non-convertible
debenture issue, Rogerio Jelmayer at Dow Jones Newswires reports,
citing a company statement.  The report relates that Banco
Santander has been hired to coordinate the operation.

According to the report, Brookfield said that it could offer an
extra lot of debentures if there is sufficient demand.  So far
this year, Dow Jones Newswires relates, local companies have
raised BRL8.36 billion from issuing debentures, compared with
BRL37.45 billion in the whole of last year.

Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) is a Brazil-based company engaged in real estate sector. The
Company is the developer of high-end and luxury residential
buildings, houses, as well as office buildings in Sao Paulo and
Rio de Janeiro metropolitan regions.  Its operations include land
acquisition, planning, construction, sales, financing, customer
service, design, development and management of real estate
projects targeted at mainstream, luxury homebuyers.  The company's
buildings include Reserva de Itauna, Edificio San Francisco,
Chacara de Pinheiros, Time Square and Saint Tropez, among others.
As of June 22, 2009, the Company had its name changed after the
merger of three companies: Brascan Residential, Company and MB
Engenharia.  The company's major shareholder is Brookfield Asset
Management.  In July 2009, Companhia Energetica de Minas Gerais
95% interest in the company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Fitch Ratings has assigned the national long-
term debt rating of 'A+(bra)' to the proposed first simple
debentures issuance, not convertible into shares, of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount
of BRL100 million, with final maturity on September 1, 2013.  The
proceeds will be used for company general purposes.  Fitch has
already rated Brookfield Incorporacoes' foreign and local currency
Issuer Default Ratings 'BB-', and national long-term rating 'A+
(bra)'.  The Rating Outlook of the corporate ratings is Negative.


CAMARGO CORREA: Equity Cut Cues Moody's Comment on 'Ba3' Rating
---------------------------------------------------------------
Moody's Investors Service commented that the Ba3 global scale
corporate family rating of Camargo Correa Cimentos S.A. , the Ba3
foreign currency ratings of all rated debt fully and
unconditionally guaranteed by CCC, and their stable outlook would
be unaffected by its potential equity reduction.  Also, the Ba3
global scale corporate family rating and stable outlook of CCC's
Argentine subsidiary Loma Negra C.I.A.S.A. would be unaffected.  
Moody's has withdrawn Loma Negra's corporate family rating for
business reasons.  

Ratings unaffected are:

Issuer: Camargo Correa Cimentos S.A.

  -- Ba3 Global Local Currency Corporate Family Rating

Issuer: Caue Finance Limited

  -- US$150 million Senior Unsecured Guaranteed Notes Due 2015:
     Ba3 foreign currency rating

Issuer: Loma Negra C.I.A.S.A.

  -- US$100 million Senior Unsecured Guaranteed Notes due 2013:
     Ba3 global local currency; Aa2.ar Argentine national scale
     foreign currency rating

Rating withdrawn is:

Issuer: Loma Negra C.I.A.S.A.

  -- Ba3 Global Local Currency Corporate Family Rating

Outlook for all ratings is stable.  

The comment follows the announcement that CCC has requested
consent from the holders of the rated guaranteed bonds for an
equity reduction by approximately BRL1.56 billion resulting from
the migration of its minority interests in Usinas Siderurgicas de
Minas Gerais S.A. -- Usiminas (Baa3, outlook negative) and Itausa
-- Investimentos Itau S.A. (unrated) to CCC's ultimate holding
company Camargo Correa S.A. (unrated) at their respective book
values (current market value is estimated at BRL3 billion).  
Moody's opinion considers that, if the equity reduction is
approved by the bondholders, CCSA will become a new guarantor for
all rated debt at CCC and Loma Negra.  

Moody's notes that, historically, Moody's has used pro-forma
consolidated financial statements (excluding Usiminas'
proportional consolidation) as the basis for CCC's corporate
family rating, which Moody's believes accurately reflect the
performance of its core activity and, ultimately, its
creditworthiness.  Moody's view is supported by the fact that, as
a minority shareholder, CCC has no assured ability to access
Usiminas' cash and cash flows.  The equity reduction would result
in a decline in CCC's equity and total assets of 46% and 35%,
respectively, and in CCC no longer benefiting from equity income
and dividends from those investments.  

Pro-forma for the equity reduction, overall credit metrics are
expected to remain fairly strong for the Ba3 rating category.  
Based on June 30, 2009 pro-forma financials, consolidated leverage
as measured by debt to capitalization is expected to increase
moderately to about 34% from 25%, while return on assets based on
EBITA to Total Assets is anticipated to improve to 14.6% from
9.6%.  Debt protection metrics should deteriorate only modestly if
dividends received from Usiminas and Itausa are excluded
(BRL78 million in 2008 and BRL 64 million in 2009 year-to-date),
with Retained Cash Flow (Cash From Operations before working
capital changes less dividends) to Net Debt is anticipated to
remain strong at 46% (down from 54%).  Pro-forma Free Cash Flow,
which has been weak due to elevated capex, would turn slightly
negative.  

CCC's consolidated liquidity position would not be affected and
remains adequate based on significant cash position and CCC's good
access to the local debt market, including the Brazilian
Development Bank -- BNDES, to refinance the BRL260 million senior
unsecured debentures due on December 1, 2009.  Long term debt
maturities have a comfortable repayment schedule, as the next
major maturity is Loma Negra's US$100 million rated notes due in
2013.  Moody's view of adequate liquidity is also supported by the
ample headroom under the company's financial covenants.  

CCC's aggressive investment plant to expand capacity in the coming
years is expected to be largely long-term debt financed, causing a
moderate increase in leverage, although Net Debt to EBITDA should
remain below 3x in compliance with the management's policy, while
preserving sound liquidity.  

The indentures of the rated foreign currency bonds issued by Caue
Finance Limited and Loma Negra contain restrictive covenants
preventing CCC, as the guarantor, from transferring assets.  Thus,
the equity reduction requires the consent by the simple majority
of bondholders representing 50% plus one outstanding bond.  In
exchange for the bondholders' consent, CCC is offering a full and
unconditional guarantee from CCSA.  In Moody's view, the weakened
debt-asset coverage protecting the holders of the affected notes
deriving from the migration of the interests in Usiminas and
Itausa is mitigated by the additional guarantee provided by CCSA,
which reported total assets of BRL11 billion (US$5.6 billion) as
of June 30, 2009, represented by investments in a broad range of
companies with diversified activities.  In 2008 and first half of
2009 CCSA received BRL248 million and BRL262 million,
respectively, in dividends from its equity investments.  

CCC's Ba3 rating is supported by its good market position in the
cement industry in Brazil and leadership position in the Argentine
cement market, with a track record of healthy operating margins
helped by a high level of vertical integration and by the
increased (but still low) geographic diversity after the
acquisition of Loma Negra in 2005, which somewhat reduced margin
and cash flow volatility.  CCC's relatively small size and low
product and geographic diversity relative to global peers are
constraining factors for the rating.  

The stable outlook reflects Moody's expectation of positive
prospects for the cement industry in Brazil and Argentina
supporting the maintenance of healthy debt protection metrics and
adequate liquidity over the near term.  Also, the stable outlook
considers that CCC will prudently manage capex and dividends going
forward, and will continue to be able to upstream dividends from
Loma Negra, thus maintaining the bulk of the group's consolidated
cash position in Brazil.  

CCC's ratings or outlook could be positively affected if Free Cash
Flow to Total Adjusted Debt remains above 20% on a consistent
basis and liquidity remains adequate, with non-restricted cash
plus projected 12-month free cash flow comfortably covering short
term debt maturities.  However, given, the company's planned large
capital expenditure plan, free cash flow will likely remain
negative in the medium term.  

The ratings or outlook are likely to come under downward pressure
if Total Adjusted Debt to EBITDA increases above 4.0x without an
expected near-term improvement or if liquidity deteriorates, thus
elevating refinancing risk.  Increased restrictions on Loma
Negra's ability to upstream dividends to CCC could also result in
negative pressure on the rating.  

The last rating action on CCC and Loma Negra was on December 21,
2007, when Moody's confirmed CCC's Ba3 global local currency
corporate family rating with stable outlook, and upgraded Loma
Negra's global local currency corporate family rating to Ba3 from
B2 reflecting Moody's expectation of strong support from CCC.  

Camargo Correa Cimentos S.A. is Brazil's third largest cement
manufacturer by volume of cement sold, operating seven plants with
total capacity of 8.3 million tons per year, in addition to
producing some 2 million cubic meters per year of ready-mix
concrete in thirty-five facilities.  CCC controls Loma Negra
C.I.A.S.A., the leading cement manufacturer in Argentina with
6.7 million tons of cement capacity in nine plants.  CCC reported
consolidated net revenues of about BRL 2.3 billion (US$1.1 billion
converted by the average exchange rate) in the last twelve months
ended on June 30, 2009.  

CCC is a full subsidiary of Camargo Correa S.A., a family-owned
holding company for one of the largest Brazilian non-financial
conglomerates, with net revenues of about BRL13.2 billion
(approximately US$7.2 billion) in 2008 originated mainly from its
engineering & construction, cement, footwear, energy and
transportation businesses.  CCSA regards the cement operations as
a core business, which represented approximately 16% of the
group's total sales and 20% of EBITDA in 2008.  


LEHMAN BROTHERS: To Sell Brazilian Distressed Loans and Assets
--------------------------------------------------------------
Lehman Brothers Special Financing Inc. asks the U.S. Bankruptcy
Court for the Southern District of New York for authority to waive
interest payments from a non-bankrupt Brazilian affiliate named
Libro Companhia Securitizadora de Creditos Financieros.  

Libro has a portfolio of US$438 million in non-performing loans,
US$27 million in performing loans, and US$45 million in distressed
assets.

Under Brazilian law, interest payments to non-Brazilian residents,
such as LBSF and LB I Group, are subject to withholding income tax
at a rate of 15% payable at the time of remittance.  Libro has not
remitted interest payments to LBSF since September 30, 2008 and
has never made interest payments to LB I Group.  As a result,
Libro has accrued a payable to the Brazilian taxing authority that
would become due and payable upon the remittance of such interest
payments to LBSF and LB I Group.  The aggregate amount of the
unpaid interest, including the amounts that Libro would be
contractually required to gross-up to offset the effect of the
Taxes, is approximately BRL97.1 million (US$56 million).  Of that
amount, BRL82.6 million (US$47.6 million) represents the accrued
interest on the Notes and approximately BRL14.5 million (US$8.4
million) represents the Taxes that would have to be paid if the
Accrued Interest were paid in full.

LBSF and LB I Group Inc., a non-debtor affiliate of LBSF, have
determined that they can best maximize the realization on the
Notes and LBSF's equity interest in Libro through a sale process.

Lehman is yet to select the so-called stalking-horse bidder to
make the first bid at auction.

In connection with their formulation of that process, both LBSF
and LB I Group have determined that, as a consequence of the
Taxes, any prospective purchaser in the forthcoming Libro Sale
will require either payment, or a reserve for payment from the
sale proceeds, of the Taxes, thereby reducing whatever
remuneration LBSF and LB I Group might otherwise realize on the
Notes.

Accordingly, in order to maximize proceeds from the Libro Sale,
LBSF and LB I Group intend to waive and forgive a portion of the
Accrued Interest equal to BRL56.7 million (US$32.7 million).  Of
that total, LBSF will waive and forgive interest in the amount of
BRL13.5 million (US$7.8 million), and LB I Group will waive and
forgive interest in the amount of BRL43.2 million (US$24.9
million).  LBSF will agree to compensate LB I Group for its waiver
and forgiveness from a portion of the amounts, if any, that LBSF
receives pursuant to the Libro Sale that are attributable to its
equity interest.

                      About Lehman Brothers

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

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

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

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

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

              International Operations Collapse

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

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

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


MINERVA SA: Moody's Assigns Corporate Family Rating at 'B3'
-----------------------------------------------------------
Moody's Investors Service assigned a B3 local currency Corporate
Family Rating to Minerva S.A. and also a B3 foreign currency
rating to its existing US$200 million senior unsecured notes due
in 2017.  This is the first time Moody's has assigned a rating for
Minerva.  The rating outlook is stable.  

Moody's assigned these ratings:

  -- Global local currency scale corporate family rating: B3

  -- Guaranteed US$200 million in senior unsecured notes due 2017:
     B3

"Minerva's B3 rating reflects its small size, high leverage, raw
material sourcing nearly exclusively in Brazil and less
diversified product portfolio, as compared to domestic and
internationally rated peers.  The rating also reflects the
company's weak and volatile funds from operations as well as its
reliance on the export market, which may experience margin
pressure if the Real remains strong" explained Moody's VP Senior
Analyst, Soummo Mukherjee.  

"On the other hand, these negative factors are balanced by the
company's position as one of the largest exporters of Brazilian
beef, its ability to weather a financial and industry crisis that
caused many of its peers to go into bankruptcy in the last 18
months, as well as the benefits of operating in Brazil, which
enjoys good fundamentals in the beef industry," added Mukherjee.  

With an aggregate daily slaughter capacity of 6,600 heads of
cattle at seven beef production facilities within six Brazilian
states and Paraguay, Minerva is smaller and less diversified in
terms of product offering, number of plants and states where it
operates, than any other rated domestic or international beef
processor.  The company also relies heavily on the export market
(68% of revenues for Q3 2009), making it more vulnerable to
disruptions in the beef export markets and a stronger Real than
many of its higher rated peers.  Most of its exports consist of
fresh beef sales, although the export of live cattle, which has
historically produced better margins than the fresh beef division,
is a growing segment that has accounted for more than 10% of total
sales since 2008.  The higher-margin valued-added processed
products segment is still small and accounted for less than 2% of
total sales at the end of Q3 2009.  Processed product sales could
grow to close to 25% of total revenues in 2011 according to
Minerva's management, as a result of the company's investments in
a joint-venture with Dawn Farm that focuses on the sale of value-
added products from beef, poultry and pork products (including
meatballs, pizza toppings, boneless chicken, ground beef and
frozen hamburgers) for the food services segment.  

Minerva's leverage as measured by Total Debt to EBITDA (5.8x) and
Net Debt to EBITDA (4.0x) for the last twelve months ending on
September 30, 2009, is higher than most of its peers (all ratios
according to Moody's standard definitions and adjustments).  
Leverage, however, could come down to the extent that the company
is successful in growing its revenues and EBITDA based on the
successful execution of the company's growth strategy and recovery
of Brazilian beef export markets in 2010, allowing the company to
increase exported volumes of fresh beef and live cattle.  Minerva
has traditionally been able to charge higher prices than its peers
due to the benefits of the company's international sales offices
and ability to highly customize its products depending on client
needs.  Going forward, the increased capillarity of its
distribution network domestically and internationally, as well as
the contributions from its joint-venture with Dawn Farms for the
sale of higher and more stable-margin processed products, could
boost revenues and earnings.  

The general corporate governance and transparency levels of
Minerva have improved since the company became a listed company
and issued its first public bonds in 2007.  The company, however,
remains 68% family owned and its board of directors consists of
seven members, four of which are from the Vilela de Quieroz
family, while three are independent.  The company does not
currently have a fiscal council or audit committee, although the
company's by-laws provide for a non-permanent fiscal council to be
installed at the request of the company's shareholders.  The board
of directors currently has no other committees.  

Minerva recently raised BRL159 million through an equity offering,
thus improving its cash balance to BRL407 million as of
September 30, 2009, versus total short-term debt of BRL417
million, of which BRL167 million is related to trade-finance lines
that are normally rolled-over.  

The existing senior unsecured notes issued by Minerva Overseas Ltd
is guaranteed by Minerva S.A. and therefore rated at the same
level as Minerva's corporate family rating.  However, if the level
of secured debt or other debt deemed to have priority over
unsecured debt (ACC/ACE, cash balances in off-shore reserve
accounts related to pre-export facilities) increases
significantly, the rating of the senior unsecured notes may come
under pressure.  

The stable outlook is based on the expectation that Minerva will
benefit from improved export volumes in 2010 as a result of a
global economic recovery, which will allow the company to generate
strong top-line and EBITDA growth and reduce its leverage.  

Minerva's rating or outlook would likely be downgraded if its
liquidity deteriorates, if a strong Real causes operating margins
to decline sharply or if Total Debt to EBITDA climbs above 8.0
times on an LTM basis (LTM September 2009 was 5.8 times) for two
consecutive quarters.  All ratios are adjusted according to
Moody's standard analytic adjustments.  

The ratings or outlook could be upgraded if there is a trend
towards greater diversification of Minerva's revenue and cash flow
streams, with increased participation of processed products and
reduced concentration of its export markets.  Quantitatively,
upward pressure could arise if Minerva is able to reduce Total
Debt / EBITDA (according to Moody's standard adjustments) to below
5.0 times, EBITA to Gross Interest Expense above 1.5 times and CFO
/ Net Debt above 10% on a sustainable basis.  

Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef, leather and live
cattle.  With net revenues of approximately US$1.6 billion and
daily installed slaughter capacity of 6,600 heads per day, Minerva
is the third largest Brazilian exporter of beef and beef
byproducts and has seven beef production facilities within six
Brazilian states and Paraguay.  


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


AAI63 LTD: Members Receive Wind-Up Report
-----------------------------------------
On December 3, 2009, the members of AAI63 Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members Receive Wind-Up Report
-----------------------------------------
On December 3, 2009, the members of AAI65 Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members Receive Wind-Up Report
----------------------------------------------
On December 1, 2009, the members of ABSPOKE 2005-X, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members to Hear Wind-Up Report on December 9
--------------------------------------------------------
The members of Arch Point Loan Funding IV Ltd. will receive, on
December 9, 2009, at 10:40 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Members to Hear Wind-Up Report on December 9
--------------------------------------------------------
The members of Arch Point Loan Funding III Ltd. will receive, on
December 9, 2009, at 10:40 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Members to Hear Wind-Up Report on December 9
--------------------------------------------------------
The members of Arch Point Loan Funding II Ltd. will receive, on
December 9, 2009, at 10:40 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Members to Hear Wind-Up Report on December 9
--------------------------------------------------------
The members of Arch Point Loan Funding I Ltd. will receive, on
December 9, 2009, at 10:40 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ASPECT GLOBAL: Members Receive Wind-Up Report
---------------------------------------------
On December 3, 2009, the members of Aspect Global Currency Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


C.I. ORPHAN: Members to Hear Wind-Up Report on December 9
---------------------------------------------------------
The members of C.I. Orphan Limited will receive, on December 9,
2009, at 10:50 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CAIXA CATALUNYA: Members Receive Wind-Up Report
-----------------------------------------------
On December 3, 2009, the members of Caixa Catalunya International
Finance Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


COAST PILOT: Members Receive Wind-Up Report
-------------------------------------------
On December 3, 2009, the members of Coast Pilot Strategy
Investments Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Members Receive Wind-Up Report
-------------------------------------------
On December 3, 2009, the members of Coast Pivot Strategy
Investments Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Members to Receive Wind-Up Report on December 9
---------------------------------------------------------------
The members of Crystal 2008-1, Ltd. will receive, on December 9,
2009, at 10:20 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Members Receive Wind-Up Report
-----------------------------------------------
On December 3, 2009, the members of Crystal Springs CLO Funding
Corporation received the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Members Receive Wind-Up Report
-----------------------------------------
On December 3, 2009, the members of Gears, Ltd. 2004-A received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members Receive Wind-Up Report
--------------------------------------------
On December 3, 2009, the members of GMSF Funding II Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members to Receive Wind-Up Report on December 9
------------------------------------------------------------------
The members of Goldentree Lettrs, Ltd. will receive, on
December 9, 2009, at 10:20 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Members Receive Wind-Up Report
-----------------------------------------------
On December 3, 2009, the members of Hanging Gardens 1 Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Members Receive Wind-Up Report
--------------------------------------------------
On December 3, 2009, the members of Intech Liquidation Master Fund
I Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Members Receive Wind-Up Report
-----------------------------------------------
On December 3, 2009, the members of Kazkommerts DPR Company
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KROKSTA: Members Receive Wind-Up Report
---------------------------------------
On December 1, 2009, the members of Kroksta received the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members Receive Wind-Up Report
----------------------------------------------
On December 3, 2009, the members of KS Greenfields Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Members Receive Wind-Up Report
--------------------------------------------------
On December 3, 2009, the members of Lansdowne Emerging Markets
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


POLONIUS PORTFOLIO: Members Receive Wind-Up Report
--------------------------------------------------
On December 1, 2009, the members of Polonius Portfolio Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SIXTINA 6 FORTITUDE: Members Receive Wind-Up Report
---------------------------------------------------
On November 26, 2009, the members of Sixtina 6 Fortitude Pacific
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


SIXTINA 7 MONTERREY: Members Receive Wind-Up Report
---------------------------------------------------
On November 26, 2009, the members of Sixtina 7 Monterrey Pacific
Master Fund Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SKYER I: Members Receive Wind-Up Report
---------------------------------------
On December 3, 2009, the members of Skyer I Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SLC SECURITIZATION: Members Receive Wind-Up Report
--------------------------------------------------
On December 3, 2009, the members of SLC Securitization Corporation
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SSV CAYMAN: Members to Receive Wind-Up Report on December 9
-----------------------------------------------------------
The members of SSV Cayman Limited will receive, on December 9,
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:

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


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


* CHILE: IDB Invests Up to US$3.5 Million in AgroDesarrollo
-----------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment Fund
will make an equity investment of up to US$3.5 million in
AgroDesarrollo, a fund that will back agribusiness entrepreneurs
in rural Chile.

AgroDesarrollo has obtained a credit line of up to US$21 million
from CORFO, the Chilean development agency.  The CORFO credit line
will leverage AgroDesarrollo's equity commitments, allowing the
fund to grow to US$28 million if it raises US$7 million in equity.  
Other investors include Chilean companies and individuals.

The fund will be managed by Sembrador, a Chilean venture capital
fund management company investing in agribusinesses.  Sembrador
was established in 2005 as a joint venture among partners that
include Subsole, one of Chile's largest exporters of fresh fruit,
and Activa, the private equity branch of Larrain Vial, Chile's
leader in non-banking financial services.  Sembrador's other
agribusiness fund, FICA I, is fully invested.

AgroDesarrollo will provide financing to between nine and 14
entrepreneurs developing agribusiness companies in rural areas of
Chile, where these companies could create as many as 2,600 jobs.
The fund will invest only in projects that will develop innovative
products (such as varieties not currently grown in Chile) or
original processes to improve the quality and efficiency of
production.  To be eligible for support from the fund, companies
must have fewer than 100 employees and sales under US$5 million a
year.

The new project benefited from the MIF's cooperation with CORFO
and experiences investing in venture capital funds in Latin
America and the Caribbean.

.AgroDesarrollo will contribute to slowing migration from rural
areas to cities in Chile, helping create jobs and foster economic
development in rural areas of the country.  The fund's combination
of expertise in finance and agribusiness makes for an effective
model that can be replicated by venture capital funds elsewhere in
Latin America and the Caribbean,. said MIF project team leader
Susana Garcia-Robles.

An autonomous fund administered by the IDB, the MIF promotes the
development of microenterprises and small and medium-size
businesses in Latin America and the Caribbean, providing access to
various forms of financing and knowledge networks.


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


ECOPETROL SA: May Raise US$6.6 Billion From 2010 Share Sale
-----------------------------------------------------------
Ecopetrol SA may raise US$6.6 billion from the sale of a stake
next year, Alex Emery at Bloomberg News reports, citing Chief
Financial Officer Adriana Echeverri.  The company plans to sell an
additional 9.9% next year to fund a plan to almost double oil
output to 1 million barrels a day, Mr. Echeverri told the news
agency in an interview.

According to the report, Ecopetrol is raising funds to finance a
US$60 billion plan to boost oil production to 1 million barrels by
2015, from current levels of 527,000 barrels per day.  In July,
the report notes, the company also sold US$1.5 billion of 10-year
bonds to help fund spending.

Mr. Echeverri, the report relates, said that Colombia's government
may also sell an additional 15% stake by 2011 to finance highway
projects.  The report notes Andres Jimenez, head analyst at
brokerage Interbolsa SA in Medellin said that the government will
probably sell at least half of its offering abroad as the
country's private pension funds are near the 40 percent ceiling on
stock investments.  .There will be a focus on an international
tranche, with some involvement of local mutual funds, insurance
and employee funds,. Mr. Jimenez told the news agency in a
telephone interview.  .There's definitively interest from foreign
buyers,. he added.

Bloomberg News adds that Ecopetrol SA is also planning to bid for
jungle exploration areas in Colombia next month.

                      About Ecopetrol SA

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-'.


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


AIR JAMAICA: NCB to Provides US$1.3 Million Injection to Airline
----------------------------------------------------------------
Air Jamaica Limited will receive a much needed US$1.3 million
injection from NCB Capital Markets Limited, RadioJamaica reports.  
The report relates that the funds will be used to finance the
airline's business plan for the remainder of the 2009/2010 fiscal
year.

According to the report, NCB initially committed to provide
US$34.4 million for the cash-strapped airline but it was unable to
do so due to less than favorable market conditions and delays in
the finalization of the loan document.  The report relates that
NCB Capital proposed that the outstanding amount be sourced from
the local market via a private placement.

NCB Capital Markets which is the wealth and asset management arm
of National Commercial Bank.

                        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.

                        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.


JAMAICAN URBAN: Sells Older Buses as Scrap Metals
-------------------------------------------------
Philip Hamilton at Jamaica Observer reports that the Jamaica Urban
Transit Company has sold 92 of its Mercedes and Volvo buses, some
of which are almost 12 years old, as scrap metals to make space
for what it says is a new facility being established at the
company.

"The scrap metal involved related to 92 very old units which had
no potential to be economically restored," the report quoted JUTC
Communications Manager Reginald Allen as saying.  "Additionally,
the space which was being occupied by the units was critically
needed to accommodate equipment for a major new initiative at the
company," he added.

According to the report, Mr. Allen said that the company's "major
new initiative", would involved the establishment of a new
training facility which required "significant space" at one of the
company's service points.   The report relates that several of
these unserviceable units are being stored at the JUTC's Lyndhurst
Road service center, which is likely to be the location of the
"new initiative".

The Observer notes that JUTC is slated to add another 200 new
buses to its fleet come March 2009, financing of which is provided
through a EUR67-million loan from the Belgian Government.

                            About JUTC

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

                          *     *     *

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

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


NATIONAL COMMERCIAL BANK: BCB Capital Managing Director Steps Down
------------------------------------------------------------------
NCB Capital Markets Limited Managing Director Christopher Williams
will step down from his post by the end of January, RadioJamaica
reports, citing the Jamaica Stock Exchange Web site.  The report
relates there is no word on his replacement.  NCB Capital Markets
is the wealth and asset management arm of National Commercial
Bank.

According to the report, Mr. Williams has served for five years at
the helm of NCB Capital Markets.

The report notes that the Jamaica Securities Dealers Association
on Monday night hailed Mr. Williams for his contribution to the
sector.  "Chris was the Vice President of the association for the
past two years, he has really worked hard.  Obviously a lot has
gone one in the industry in the past 24 months in the financial
crisis.  He played a key role in working with all the members to
ensure that the company not only went through the crisis
successfully but has grown through this period," the report quoted
President of the Jamaica Securities Dealers Association, Anya
Schnoor, as saying.    

                        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.


NATIONAL COMMERCIAL BANK: To Provide US$1.3MM to Air Jamaica
------------------------------------------------------------
Air Jamaica Limited will receive a much needed US$1.3 million
injection from NCB Capital Markets Limited, RadioJamaica reports.  
The report relates that the funds will be used to finance the
airline's business plan for the remainder of the 2009/2010 fiscal
year.

According to the report, NCB initially committed to provide
US$34.4 million for the cash-strapped airline but it was unable to
do so due to less than favorable market conditions and delays in
the finalization of the loan document.  The report relates that
NCB Capital proposed that the outstanding amount be sourced from
the local market via a private placement.

NCB Capital Markets which is the wealth and asset management arm
of National Commercial Bank.

                        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.

                        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.


NATIONAL COMMERCIAL: Fitch Junks Issuer Default Rating From 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Jamaica-based National
Commercial Bank Jamaica Limited:

  -- Long-term foreign and local currency Issuer Default Rating to
     'CCC' from 'B';

  -- Short-term foreign and local currency IDR to 'C' from 'B';

  -- Support Rating to '5' from '4';

  -- Individual Rating to 'D/E' from 'D'; Rating Watch Negative;

  -- Support floor to 'CCC' from 'B'.

Fitch has also downgraded the ratings of Jamaica Diversified
Payments Company, a future flow remittances securitization issued
by NCBJ, to 'BB' from 'BBB-'.

The Outlook on all ratings is Negative and in line with Fitch's
view of the sovereign's creditworthiness.  Future rating movement
will be highly contingent upon a change in this view, given the
bank's sizeable sovereign exposure.  

On Nov. 24, 2009, Fitch downgraded Jamaica's sovereign long-term
IDR to 'CCC' and the country ceiling was downgraded to 'B-',
reflecting the country's increased macroeconomic pressures and a
sharp fiscal deterioration.  This 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 (for further information please see 'Fitch Downgrades
Jamaica's IDRs to 'CCC'; Outlook Negative' released on Nov. 24,
2009).

Additionally, with a sluggish recovery expected in the U.S.
prospects for future GDP growth are highly uncertain as Jamaica is
highly dependent on this country for its tourism and overseas
workers' remittances.  Mining, tourism related flows and family
remittances account for a large percent of the DPR flows.  As a
result, collections for the DPR program have been negatively
impacted.  Compared to 2008, the volume of collections has
decreased approximately 37%.  However, Fitch notes that despite
the decline in flows, current maximum debt service coverage levels
remain strong, greater than 30 times monthly requirements and 35
times quarterly requirements, slightly below the initial coverage
levels of July 2007 when series 2007-1 was issued.  

NCBJ's ratings reflect its strong domestic franchise, adequate
profitability, good asset quality and capital levels.  But NCBJ's
high exposure to sovereign and large corporate loans as well as
the negative effects of a volatile operating environment limit the
bank's ratings.  At the end of June 2009, total government
exposure represented about 48% of total assets and 4.5 times
equity.  A further deterioration of the credit quality of the
sovereign and/or a coercive debt exchange of government debt could
materially affect NCBJ's financial profile and capital position,
due the size of its exposure, a fact that is incorporated in the
Negative Outlook of its IDRs.  

NCBJ is the largest bank in the system in terms of assets with
around 38% at the end of June 2009.  In 2002, the Jamaican
government sold a majority stake in the bank to Advantage
Investment Corporation, one of Canada's largest privately held
mutual fund management companies.


SUGAR COMPANY: Minister Assures Divestment Talks "Not Stalled"
--------------------------------------------------------------
Minister of Agriculture and Fisheries Christopher Tufton gave his
assurance that negotiations are proceeding for the divestment of
Sugar Company of Jamaica's sugar estates and assets, Caribbean Net
News reports.

"Up to this morning [December 1] I was being consulted based on
discussions that are taking place between Jamaica and Italy.  It
has been a constant flow of discussion and information gathering.
The experts that came here are developing a model to determine the
feasibility of the project.  It's a work in progress," the report
quoted Mr. Tufton as saying.

According to the report, Mr. Tufton has been responding to
questions from Member of Parliament for Central Westmoreland and
Opposition Spokesman on agriculture, Roger Clarke, regarding the
current talks between the government and the four shortlisted
parties -- Energen Development Limited; Fred M Jones and
Company/Seprod Limited; Everglades Farms Limited; and Italian firm
Eridania Suisse.  The report relates that Mr. Tufton explained
that the discussions, which began on April 22, are partially
completed, with the divestment of the St. Thomas Estate and
factory to Fred M Jones/Seprod, and the estates, factory and
distillery at Long Pond and Hampden, to Everglades Farms Limited
in July.

"Eridania has indicated that they will go to their board for a
decision to invest (or not) and once that decision is made, they
will let us know," the report quoted Mr. Tufton as saying.  The
report relates that Mr. Tufton noted that while no deadline has
been agreed, it is expected that the government will have a
response by the end of this year.

As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, the Jamaica Observer said that the Jamaica
government has received the US$15-million capital injection from
Italian firm Eridania Eridania Suisse.  Caribbean Net News related
that the government has negotiated an interim funding with
Eridania Suisse to ensure the continued operation of Sugar Company
of Jamaica's three sugar estates -- Frome in Westmoreland,
Monymusk in Clarendon, and Bernard Lodge in St Catherine.

The report said the money will be used to undertake field
maintenance work on the three estates, as well as preparatory
works for the Frome and Monymusk factories.  According to the
report, Agriculture and Fisheries Minister Christopher Tufton said
the Cabinet has approved the arrangement, which should
.effectively ensure. the factories' sugar production output for
the 2009/10 crop year, while the process of divestment continues.  
Caribbean Net News noted Eridania and Energen Development Limited
are the two short-listed entities with which the administration is
pursuing negotiations toward the sale of the factories and
Petrojam Ethanol Limited (PEL).

                           About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


CEMEX SAB: Expects Fourth-Quarter Loss From Australia Sale
----------------------------------------------------------
Thomas Black at Bloomberg News reports that CEMEX, S.A.B. de C.V.
expects to record an extraordinary loss of US$446 million in the
fourth quarter related to the sale of its Australian operations.

According to the report, citing a company filing with the
Securities and Exchange Commission, a new Mexican tax-
consolidation law that will take effect in 2010 also may hurt
profit.  The report relates that Cemex SAB said the law is
unconstitutional and the company has .substantial grounds. to
contest it.

As reported in the Troubled Company Reporter-Latin America on
October 5, 2009, Cemex SAB completed the previously announced sale
of its Australian operations to Holcim Group.  The proceeds from
this sale are approximately AU$2.02 billion (approximately US$1.7
billion) and will be used to reduce debt and to strengthen CEMEX's
liquidity position.  This asset divestment marks another milestone
in CEMEX's efforts to regain its financial flexibility; these
include the refinancing of US$15 billion dollars of debt and the
global offering of 1.495 billion Ordinary Participation
Certificates (CPOs), including the over-allotment option, with
estimated net proceeds of US$1.782 billion.

Bloomberg News, citing an unnamed source, relates that the company
is scheduled to begin marketing a seven-year bond to raise a
minimum of US$500 million that will be used to pay bank debt.

                       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)'.


* Kamakura Reports Deterioration in Corporate Credit Quality
------------------------------------------------------------
Kamakura Corporation announced Tuesday that the Kamakura index of
troubled public companies increased in November for the first time
in the last 8 months.  The index jumped from 10.68% in October to
11.45% in November.  Kamakura's index had reached a peak of 24.3%
in March.  Kamakura defines a troubled company as a company whose
short term default probability is in excess of 1%.  Even after the
increase, credit conditions are now better than credit conditions
in 58.5 percent of the months since the index's initiation in
January 1990, and 2.25 percentage points better than the index's
historical average of 13.7%.  The all-time low in the index was
5.4%, recorded in April and May, 2006, while the all-time high in
the index was 28.0%, recorded in September 2001.  The index is
based on default probabilities for almost 27,000 companies in 30
countries.  To follow the troubled company index and other risk
commentary by Kamakura on a daily basis, see
www.twitter.com/dvandeventer

In November, the percentage of the global corporate universe with
default probabilities between 1% and 5% decreased by 0.26
percentage points to 7.63%.  The percentage of companies with
default probabilities between 5% and 10% was up 0.24 percentage
points to 1.85%.  The percentage of the universe with default
probabilities between 10 and 20% was up 0.08 percentage points to
1.09% of the universe, while the percentage of companies with
default probabilities over 20% was up by 0.17 percentage points to
0.88% of the total universe in November.

Kamakura's President Warren A. Sherman said Tuesday, "It is too
early to tell whether the strong recent improvements in credit
quality we've seen recently have come to an end.  The increase in
the troubled company index in November was a significant one that
we are updating daily at the request of clients on
www.twitter.com/dvandeventer.  The rated firms showing the largest
increase in short run default risk in November included YRC
Worldwide, U.S. Concrete, Ambac Financial Group, Bank of Ireland,
Allied Irish Banks, and Citadel Broadcasting.  Ambac and Citadel
Broadcasting also were among the biggest increases in credit risk
last month also, along with CIT which defaulted the next day after
the index was reported."

The Kamakura index uses the annualized one month default
probability produced by the best performing credit model of the
Kamakura Risk Information Services default and correlation
service.  The model used is the fourth generation Jarrow-Chava
reduced form default probability, a formula that bases default
predictions on a sophisticated combination of financial ratios,
stock price history, and macro-economic factors.  The countries
currently covered by the index include Australia, Austria,
Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Hong
Kong, India, Ireland, Israel, Italy, Japan, Luxemburg, Malaysia,
Mexico, the Netherlands, New Zealand, Norway, Singapore, South
Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, United
Kingdom, and the United States.


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


CL FINANCIAL: CLICO Insurance Closes Operations
-----------------------------------------------
The Cayman Islands branch of CLICO (Trinidad) Limited has
officially closed its doors on December 1, 2009, nine months after
it was ordered to stop issue new health insurance policies,
Caribbean360.com reports.  CLICO is a unit of CL Financial
Limited.  The report relates that the shutdown has forced hundreds
of clients to seek coverage elsewhere.

According to the report, Ian Wight, one of the Deloitte & Touche
controllers who assumed control of the company in May, said CLICO
would process outstanding claims for the next six months.  The
report relates Mr. Wright also said that the controllers would
spend the next few months clearing up outstanding business, such
as transferring life insurance and life product business.

Prior to the closure, Caribbean360.com recalls, the country's
Health Insurance Commission reminded individuals and employers
insured at the company that they must get health insurance from
other approved insurers in order to stay compliant with the Health
Insurance Law.  "The responsibility is on the employer to ensure
there is adequate insurance in place for employees," the report
quoted Insurance Commissioner Mervyn Conolly, as saying.

The report notes that CLICO's shutdown follows a "cease and desist
order" issued by the Cayman Islands Monetary Authority (CIMA) in
March to Colonial Life Insurance Company (Trinidad) Limited,
trading as Clico (Cayman) Ltd.

                      About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Tobago
President George Maxwell Richards signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.


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


DELTA MUTUAL: Posts $426,600 Net Loss for September 30 Quarter
--------------------------------------------------------------
Delta Mutual, Inc., posted a net loss of US$426,611 for the three
months ended September 30, 2009, from US$291,885 for the year ago
period.  The Company posted a net loss of US$1,188,748 for the
nine months ended September 30, 2009, from US$3,422,717 for the
year ago period.

Revenue, consisting of sales commissions, was US$14,458 for the
nine months ended September 30, 2009, from US$22,008 for the year
ago period.  Revenue was US$14,458 for the three months ended
September 30, 2009, from US$22,008 a year ago.

As of September 30, 2009, the Company had total assets of
US$1,408,475 against US$2,523,900 in total liabilities, all
current.

The Company's business is subject to the risks of its oil and gas
investments in South America.  The likelihood of success of the
Company must be considered in light of the expenses, difficulties,
delays and unanticipated challenges encountered in connection with
the operations of the oil and gas concession in Argentina.  There
is no assurance the Company will ultimately achieve a profitable
level of operations.

The Company presently does not have sufficient liquid assets to
finance its anticipated funding needs and obligations.  The
Company's continued existence is dependent upon its ability to
obtain needed working capital through additional equity or debt
financing and achieve a level of oil and gas revenue adequate to
support its cost structure.  Management is actively seeking
additional capital to ensure the continuation of its current
activities and complete its proposed activities.  However, there
is no assurance that additional capital will be obtained or that
the Company's investments will be profitable. These uncertainties
raise substantial doubt about the ability of the Company to
continue as a going concern.

On April 13, 2009, Wiener, Goodman & Company, P.C., in Eatontown,
New Jersey, raised substantial doubt about Delta Mutual, Inc.'s
ability to continue as a going concern after auditing the
Company's financial statements for the fiscal year ended
December 31, 2008.  The auditor noted that the Company has a
working capital deficiency, incurred losses from operations, needs
to obtain additional financing to meet its obligations on a timely
basis and to fulfill its proposed activities and ultimately
achieve a level of sales adequate to support its cost structure.

Delta Mutual, Inc., invests in oil and gas properties in South
America.  It intends to focus its investments in the energy
sector, including development of energy producing investments and
alternative energy production in Latin America and North America.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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