TCRLA_Public/091208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Tuesday, December 8, 2009, Vol. 10, No. 242

                            Headlines

A R G E N T I N A

TELEFONICA DE ARGENTINA: Telefonica Gets OK to Buy Remaining Stake


B E R M U D A

ASPIRATION FUND: Creditors' Proofs of Debt Due on December 11
ASPIRATION FUND: Members' Final Meeting Set for January 19
FALBRAV FUND: Creditors' Proofs of Debt Due on December 11
FALBRAV FUND: Members' Final Meeting Set for January 19
GRUNDY FUND: Creditors' Proofs of Debt Due on December 11

GRUNDY FUND: Members' Final Meeting Set for January 19
PENMORFA FUND: Creditors' Proofs of Debt Due on December 11
PENMORFA FUND: Members' Final Meeting Set for January 19
QFV MASTER: Creditors' Proofs of Debt Due on December 11
QFV MASTER: Members' Final Meeting Set for January 19

UNOCAL E&S: Creditors' Proofs of Debt Due on December 11
UNOCAL E&S: Members' Final Meeting Set for January 5
WARD INTERNATIONAL: Creditors' Proofs of Debt Due on December 11
WARD INTERNATIONAL: Member to Receive Wind-Up Report on Dec. 30


B R A Z I L

BANCO NACIONAL: May Buy Stakes in Drug Makers to Spark Merger
BRF-BRASIL FOODS: To Change Ticker Symbol on December 10
CAMARGO CORREA: Mulls Cimpor Investment
GOL LINHAS: November Air Traffic Up From Year-Earlier Period
MARFRIG ALIMENTOS: Foreigners Acquire 47.8% of Shares Offered


C A Y M A N  I S L A N D S

APIF GP: Creditors' Proofs of Debt Due on December 10
BLURANO LTD: Creditors' Proofs of Debt Due on January 22
CENTRA INDEMNITY: Placed Under Voluntary Wind-Up
CREINVEST (CAYMAN): Creditors' Proofs of Debt Due on December 11
CREP INVESTMENT: Creditors' Proofs of Debt Due on December 10

CRG PARTNERS: Creditors' Proofs of Debt Due on December 10
EMPEROR FUND: Creditors' Proofs of Debt Due on December 10
EMPEROR MASTER: Creditors' Proofs of Debt Due on December 10
GIUGNO INVESTMENTS: Creditors' Proofs of Debt Due on January 22
GREYLOCK GLOBAL: Commences Wind-Up Proceedings

GREYLOCK GLOBAL: Commences Wind-Up Proceedings
INVESTCORP CREDIT: Commences Liquidation Proceedings
INVESTCORP PROP: Commences Liquidation Proceedings
IRON CONDOR: Creditors' Proofs of Debt Due on December 10
MIYAKODORI 2: Creditors' Proofs of Debt Due on December 10

NAVITAS TRADING: Creditors' Proofs of Debt Due on December 10
PARALLAX: Commences Wind-Up Proceedings
PENDVEST MANAGER: Creditors' Proofs of Debt Due on December 10
PROSPERITY AURORA: Commences Liquidation Proceedings
SANTOSHI CLO: Creditors' Proofs of Debt Due on December 10

SFC J: Creditors' Proofs of Debt Due on December 10
SFC LI: Creditors' Proofs of Debt Due on December 9
SFC SECURITY: Creditors' Proofs of Debt Due on December 9
SONDRIO FINANCING: Creditors' Proofs of Debt Due on January 22
STEP CAPITAL: Creditors' Proofs of Debt Due on December 10

SUNBRIDGE TELECOM: Creditors' Proofs of Debt Due on December 10
SUNDOWNER CAYMAN: Creditors' Proofs of Debt Due on December 11
TACTICAL REBALANCED: Creditors' Proofs of Debt Due on December 11
TANZANITE FINANCE: Creditors' Proofs of Debt Due on December 11


C O L O M B I A

AES CHIVOR: S&P Upgrades Ratings to 'BB+' Gives Stable Outlook
AES CHIVOR: Strong Cash Flow Cues S&P to Raises Rating to 'BB+'


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Dev't Plan Should Ease Industrial Crisis


J A M A I C A

AIR JAMAICA: Sees "Big Jump" in Passenger Load This Christmas
DIGICEL GROUP: Claro Denies Call Price Fixing Allegations


M E X I C O

CEMEX SAB: May Challenge Mexican Tax Reform in Courts


P E R U

DOE RUN PERU: "Must Hurry" Zinc Smelter Talks in Peru, Gov't Says


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Files US$3MM Lawsuit Against SoBe


U R U G U A Y

* URUGUAY: IDB Provides US$20 Million Fund for Port Project


V E N E Z U E L A

BANCO REAL: Government Shuts Down Operations
BANIVEST: Venezuela Takes Over Operations
CENTRAL BANCO UNIVERSAL: Government Seizes Operations


X X X X X X X X

* LATAM: IDB Attracts Banks for Transportation Financing Deal
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


TELEFONICA DE ARGENTINA: Telefonica Gets OK to Buy Remaining Stake
------------------------------------------------------------------
Jason Sinclair at Dow Jones Newswires reports that the Argentine
market regulator has approved Telefonica SA's request to buy out
the remaining 1.8% of Telefonica de Argentina SA it doesn't
already control.

According to the report, citing a filing to the Spanish market
regulator, Telefonica said it would offer 1 Argentinean peso a
share for the roughly 126 million shares of its Argentine unit.
The report relates that Telefonica said it would pay roughly EUR22
million for the stake.

Headquartered in Buenos Aires, Argentina, Telefonica de Argentina
is the largest incumbent telephone service provider.  Reported
total revenues as of last twelve months ended June 30 2009,
amounted to ARS5.2 billion (US$1.5 billion using the average LTM
exchange rate).

                          *     *     *

As reported in the Troubled Company Reporter Latin America on
October 29, 2009, Moody's Latin America said that Telefonica de
Argentina's B2 foreign currency senior unsecured bond rating
remain unchanged after Telefonica de Argentina concluded a tender
offer to repurchase up to about US$73 million (in pesos and
dollars), out of its total debt of about US$330 million in bonds
at nominal value plus a premium on October 22, 2009.


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


ASPIRATION FUND: Creditors' Proofs of Debt Due on December 11
-------------------------------------------------------------
The creditors of Aspiration Fund Limited are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


ASPIRATION FUND: Members' Final Meeting Set for January 19
----------------------------------------------------------
The members of Aspiration Fund Limited will hold their final
general meeting on January 19, 2010, 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 25, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


FALBRAV FUND: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------
The creditors of Falbrav Fund Limited are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


FALBRAV FUND: Members' Final Meeting Set for January 19
-------------------------------------------------------
The members of Falbrav Fund Limited will hold their final general
meeting on January 19, 2010, 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 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


GRUNDY FUND: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------
The creditors of Grundy Fund Limited are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


GRUNDY FUND: Members' Final Meeting Set for January 19
------------------------------------------------------
The members of Grundy Fund Limited will hold their final general
meeting on January 19, 2010, 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 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


PENMORFA FUND: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------
The creditors of Penmorfa Fund Limited are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


PENMORFA FUND: Members' Final Meeting Set for January 19
--------------------------------------------------------
The members of Penmorfa Fund Limited will hold their final general
meeting on January 19, 2010, 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 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


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

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


QFV MASTER: Members' Final Meeting Set for January 19
-----------------------------------------------------
The members of QFV Master Fund Ltd will hold their final general
meeting on January 19, 2010, 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 25, 2009.

The company's liquidator is:

           Beverly Mathias
           c/o Argonaut Limited
           Argonaut House, 5 Park Road
           Hamilton HM O9, Bermuda


UNOCAL E&S: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of Unocal E&S Asia III, Ltd. are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 26, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL E&S: Members' Final Meeting Set for January 5
----------------------------------------------------
The members of Unocal E&S Asia III, Ltd. will hold their final
general meeting on January 5, 2010, 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 26, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


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

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

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


WARD INTERNATIONAL: Member to Receive Wind-Up Report on Dec. 30
---------------------------------------------------------------
The sole member of Ward International, Ltd. 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 25, 2009.

The company's liquidator is:

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


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


BANCO NACIONAL: May Buy Stakes in Drug Makers to Spark Merger
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA Head of
Chemical and Pharmaceutical Products Department, Pedro Palmeira
Filho, said that the bank may become a shareholder in drugmakers
to spur domestic consolidation and the creation of large national
companies, Laura Price at Bloomberg News reports, citing O Estado
de S. Paulo.

According to the report, the newspaper said that BNDES wants to
help Brazilian businesses grow within the country instead of being
bought by foreign companies.  The report, citing the local
newspaer, relates that BNDES came to the conclusion after France's
Sanofi-Aventis SA agreed to buy Brazilian drugmaker Medley SA.
The acquisition contributed to a reduction in local companies’
share of the Brazilian market, Estado added, the report notes.

                          About BNDES

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

                           *     *     *

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


BRF-BRASIL FOODS: To Change Ticker Symbol on December 10
--------------------------------------------------------
Brazilian meatpacker BRF-Brasil Foods SA will change its ticker
symbol on December 10, Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.

"In view of the new corporate denomination approved by the
extraordinary general meeting held on July 8, as from the business
day of December 10, the shares issued by the company shall be
traded on the Sao Paulo Stock Exchange, BMFBovespa, under the new
symbol ("ticker") BRFS3, and in the case of the New York Stock
Exchange under the symbol ("ticker") BRFS, replacing the former
PRGA3 and PDA symbol, respectively," the company said in a
statement obtained by the news agency.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction.  After the take
over, the new company will be known as BRF Brasil Foods SA and
incorporate Sadia shares owned by HFF Participacoes SA -- a
holding company formed by investors who have more than 51% of
Sadia's voting stock.

                    About BRF-Brasil Foods

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

                           *     *     *

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


CAMARGO CORREA: Mulls Cimpor Investment
---------------------------------------
Camargo Correa SA and Votorantim are interested in investing in
Cimpor-Cimentos de Portugal SGPS SA, Jim Silver at Bloomberg News
reports, citing Expresso newspaper, without saying where it got
the information.

According to the report, the newspaper said that investment
bankers representing the Brazilian companies met with leading
Cimpor shareholders to determine if they’re willing to sell shares
in the Portuguese cement company.  The report, citing the
newspaper, relates that Votorantim and Camargo Correa would invest
independently of one another.

Bloomberg News notes that Expresso said an unidentified Votorantim
official denied the company was in negotiations involving Cimpor,
and it said no one was available to comment at Camargo Correa.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

  -- Foreign currency Issuer Default Rating 'BB';
  -- Local currency IDR 'BB';


GOL LINHAS: November Air Traffic Up From Year-Earlier Period
------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Gol Linhas Aereas
Inteligentes SA revealed that the number of seats taken on its
flights jumped in November from the year-earlier period.

According to the report, load factor of Gol Linhas increased to
72% in November from 57% a year earlier.  The report relates that
the airline's total revenue for each seat flown a kilometer rose
41% from a year earlier, while capacity rose 12%.

“The data from Gol for November were positive, which corroborates
our view that the industry should maintain an elevated rate of
growth in coming months,” Andres Kikuchi, senior analyst at Link
Investimentos in Sao Paulo wrote in a note obtained by the news
agency.  “In the short term we believe there will be a better
balance between supply and demand, favoring an increase in
prices,” he added.

                          About GOL Linhas

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

                           *     *     *

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

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

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

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

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


MARFRIG ALIMENTOS: Foreigners Acquire 47.8% of Shares Offered
-------------------------------------------------------------
Foreign investors purchased 47.8% of the shares offered by Marfrig
Alimentos SA through a primary share offer on the Brazilian Stock
Exchange (BMFBovespa), Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.

According to the report, the company raised a total of BRL1.5
billion (US$882 million) from the offer.  The report relates that
Marfrig Alimentos sold a total of 79.04 million shares, with each
share priced at BRL19.00.  Foreign investors acquired 37.8 million
shares, the report notes.

The company, Dow Jones Newswires says, will use the proceeds to
finance the recent acquisition of Seara Alimentos Ltd., a local
poultry, pork and consumer food company.  Marfrig bought Seara
from U.S. food giant Cargill for about US$900 million last month,
the report notes.

Bradesco BBI, BB Investimentos, Credit Suisse, Itau BBA and
Santander coordinated the offering.

                    About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                          *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;
  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and
  -- Fitch ratings' "B+" LT Issuer Credit ratings


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


APIF GP: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------
The creditors of APIF GP Limited are required to file their proofs
of debt by December 10, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 26, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108


BLURANO LTD: Creditors' Proofs of Debt Due on January 22
--------------------------------------------------------
The creditors of Blurano Ltd. are required to file their proofs of
debt by January 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 22, 2009.

The company's liquidator is:

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


CENTRA INDEMNITY: Placed Under Voluntary Wind-Up
------------------------------------------------
On October 26, 2009, the sole member of Centra Indemnity, Ltd.
passed a resolution that volunarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Rhonda Perry
          Global Captive Management Ltd.
          Governors Square, 2nd Floor, Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 1363, Grand Cayman KY1-1108
          Cayman Islands
          c/o Peter Mackay
          Telephone: (345) 949 7966


CREINVEST (CAYMAN): Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------------
The creditors of Creinvest (Cayman) Ltd are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 21, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


CREP INVESTMENT: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Crep Investment Z Cayman are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 22, 2009.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


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

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

The company's liquidator is:

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


EMPEROR FUND: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Emperor Fund, SPC are required to file their
proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Mourant du Feu & Jeune
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          dms Corporate Services Ltd.
          Telephone: (+1) 345 946 7665
          Facsimile: (+1) 345 946 7666
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands


EMPEROR MASTER: Creditors' Proofs of Debt Due on December 10
------------------------------------------------------------
The creditors of Emperor Master Fund SPC are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Mourant du Feu & Jeune
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          dms Corporate Services Ltd.
          Telephone: (+1) 345 946 7665
          Facsimile: (+1) 345 946 7666
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands


GIUGNO INVESTMENTS: Creditors' Proofs of Debt Due on January 22
---------------------------------------------------------------
The creditors of Giugno Investments are required to file their
proofs of debt by January 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 22, 2009.

The company's liquidator is:

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


GREYLOCK GLOBAL: Commences Wind-Up Proceedings
----------------------------------------------
Greylock Global Distressed Debt Fund, Ltd. commenced wind-up
proceedings on October 20, 2009.

Only creditors who were able to file their proofs of debt by
December 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          Bradley Kruger
          Telephone: (345) 815-1877
          Facsimile: (345) 949 1986
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


GREYLOCK GLOBAL: Commences Wind-Up Proceedings
----------------------------------------------
Greylock Global Distressed Debt Master Fund, Ltd. commenced wind-
up proceedings on October 20, 2009.

Only creditors who were able to file their proofs of debt by
December 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          Bradley Kruger
          Telephone: (345) 815-1877
          Facsimile: (345) 949 1986
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


INVESTCORP CREDIT: Commences Liquidation Proceedings
----------------------------------------------------
Investcorp Credit Opportunities Hedge Fund Limited SPC commenced
liquidation proceedings on October 27, 2009.

Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          Evania Ebanks
          c/o Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP PROP: Commences Liquidation Proceedings
--------------------------------------------------
Investcorp Prop Opportunities Limited commenced liquidation
proceedings on October 27, 2009.

Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Bonnie Willkom
          Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


IRON CONDOR: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------
The creditors of Iron Condor Master Fund Limited are required to
file their proofs of debt by December 10, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2009.

The company's liquidator is:

          Avalon Management Limited
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands


MIYAKODORI 2: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Miyakodori 2 Capital Corporation are required to
file their proofs of debt by December 10, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 26, 2009.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


NAVITAS TRADING: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Navitas Trading Company are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 21, 2009.

The company's liquidator is:

          Avalon Management Limited
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square
          1st Floor, 64 Earth Close
          West Bay Beach
          PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands


PARALLAX: Commences Wind-Up Proceedings
---------------------------------------
Parallax commenced wind-up proceedings on October 27, 2009.

Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Matthew Mulry
          Telephone: (345) 815 1761
          Facsimile: (345) 949 1986
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


PENDVEST MANAGER: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------------
The creditors of Pendvest Manager Limited are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 13, 2009.

The company's liquidator is:

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


PROSPERITY AURORA: Commences Liquidation Proceedings
----------------------------------------------------
Prosperity Aurora Limited commenced liquidation proceedings on
October 27, 2009.

Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Matthew Mulry
          Telephone: (345) 815 1761
          Facsimile: (345) 949 1986
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


SANTOSHI CLO: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Santoshi CLO 2 Capital Corporation are required
to file their proofs of debt by December 10, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on October 26, 2009.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


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

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

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


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

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy's Drive, P.O. Box 1043
          George Town, Grand Cayman KY1-1102


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

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy’s Drive, P.O. Box 1043
          George Town, Grand Cayman KY1-1102


SONDRIO FINANCING: Creditors' Proofs of Debt Due on January 22
--------------------------------------------------------------
The creditors of Sondrio Financing Limited are required to file
their proofs of debt by January 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 22, 2009.

The company's liquidator is:

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


STEP CAPITAL: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Step Capital China Fund are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 22, 2009.

The company's liquidator is:

          Avalon Management Limited
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach P.O. Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands


SUNBRIDGE TELECOM: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------------
The creditors of Sunbridge Telecom Ltd. are required to file their
proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


SUNDOWNER CAYMAN: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------------
The creditors of Sundowner Cayman Limited are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Ian D. Stokoe
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


TACTICAL REBALANCED: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------------
The creditors of Tactical Rebalanced Fund Limited are required to
file their proofs of debt by December 11, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Ian D. Stokoe
          Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


TANZANITE FINANCE: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------------
The creditors of Tanzanite Finance VI Limited are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Ian D. Stokoe
          Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


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


AES CHIVOR: S&P Upgrades Ratings to 'BB+' Gives Stable Outlook
--------------------------------------------------------------
On Dec. 4, 2009, Standard & Poor's Ratings Services upgraded its
ratings on Colombia-based AES Chivor & CIA S.C.A.E.S.P. to 'BB+'
from 'BB'.  The outlook is stable.

The rating action reflects the improvement in Chivor's financial
risk profile resulting from its strong free cash flow generation
and declining debt levels.  Chivor benefits from its good and
quite stable power generation levels, low operating costs, higher
prices for power prices in Colombia, and low capital expenditures
needs.  S&P expects Chivor to mitigate its highly volatile cash
flow generation with a moderate financial policy and adequate
financial flexibility based on projected relatively strong credit
metrics.

The rating also reflects the challenges of operating in the highly
competitive and largely hydro-based Colombian power system, its
single-asset nature, its exposure to weather conditions, and its
volatile cash flow generation.  Partly offsetting these weaknesses
are Chivor's relatively strong competitive position as a low-cost
power generator, its sizable dam and the favorable hydrology
within its region, its sizable portfolio of short- and medium-term
power sales contracts, and relatively strong credit metrics.

Chivor generates about 4,000 gigawatt hours of electricity per
year, and has short- and medium-term sales contracts (of up to
three years) for 2,300 GWh-3,000 GWh.  The company seeks to
optimize its water and cash flow generation by purchasing power on
the spot market (2,097 GWh in the first nine months of 2009 and
2,829 GWh in 2008) to meet part of its contractual obligations
also by selling its own power, depending on the spread between
contract and spot prices.  Chivor's sales reached 4,884 GWh in the
nine months of 2009, compared with 5,085 GWh in the first nine
months of 2008.

Chivor's cash flow generation has benefited from a significant
increase in power prices in Colombia--to an average of $65 per
megawatt hour in the first nine months of 2009, compared with $45
per MWh in 2008.  This was mainly due to higher shipments of
thermal generators during drought conditions, appreciation of the
Colombian peso against the U.S. dollar, and low-power-generation
capacity additions.  The company's good operating performance and
lower debt levels resulted in an improved funds from operations
(FFO)-to-total debt ratio of 51.8% and FFO interest coverage of
5.4x in the 12 months ended Sept. 30, 2009, compared with 45.2%
and 5.7x, respectively, in 2008.

Chivor is the fourth-largest power generator in Colombia through
its ownership of a 1,000-MW hydropower plant that represents about
8% of the country's total installed capacity.

S&P considers Chivor's liquidity to be adequate, enhanced by its
relatively strong cash flow generation, low capital expenditures,
and good financial flexibility, mitigating its relatively high
refinancing risk in 2014, when its $170 million bonds come due.
As of Sept. 30, 2009, the company had $72.8 million in cash,
compared with $16.4 million in short-term financial debt
(including accrued interest).  S&P expects Chivor to maintain an
adequate cash position of at least $20 million-$30 million.


The stable outlook incorporates S&P's expectation that Chivor will
maintain its relatively sound financial metrics despite its fairly
high cash flow volatility, with FFO-to-debt ratio and FFO interest
coverage projected ratios at about 40% and 4x, respectively, for
2009-2011.  Any rating upside is somewhat limited by the inherent
risks in of Colombia's economy and the company's high cash flow
volatility.  The ratings could be pressured if Chivor experiences
significant deterioration in its cash flow generation, debt
service coverage ratios, and financial flexibility, given what S&P
foresee to be relatively high refinancing risk in 2014.

               Upgraded; CreditWatch/Outlook Action

                  AES CHIVOR & CIA S.C.A. E.S.P.

                                To                 From
                                --                 ----
Corporate Credit Rating        BB+/Stable/--      BB/Positive/--

                             Upgraded

                   AES CHIVOR & CIA S.C.A. E.S.P.

                                         To                 From
                                         --                 ----
  Senior Secured                         BB+                BB


AES CHIVOR: Strong Cash Flow Cues S&P to Raises Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has upgraded its
ratings on Colombia-based AES Chivor & CIA S.C.A.E.S.P. to 'BB+'
from 'BB'.  The outlook is stable.

"The rating action reflects the improvement in Chivor's financial
risk profile resulting from its strong free cash flow generation
and declining debt levels.  Chivor benefits from its good and
quite stable power generation levels, low operating costs, higher
prices for power prices in Colombia, and low capital expenditures
needs.  S&P expects Chivor to mitigate its highly volatile cash
flow generation with a moderate financial policy and adequate
financial flexibility based on projected relatively strong credit
metrics," said Standard & Poor's credit analyst Ivana Recalde.

The rating also reflects the challenges of operating in the highly
competitive and largely hydro-based Colombian power system, its
single-asset nature, its exposure to weather conditions, and its
volatile cash flow generation.  Partly offsetting these weaknesses
are Chivor's relatively strong competitive position as a low-cost
power generator, its sizable dam and the favorable hydrology
within its region, its sizable portfolio of short- and medium-term
power sales contracts, and relatively strong credit metrics.

The stable outlook incorporates S&P's expectation that Chivor will
maintain its relatively sound financial metrics despite its fairly
high cash flow volatility, with a strong funds from operations
(FFO)-to-debt ratio and FFO interest coverage projected at about
40% and 4x, respectively, for 2009-2011.

"Any rating upside is somewhat limited by the inherent risks in of
Colombia's economy and the company's high cash flow volatility.
The ratings could be pressured if Chivor experiences significant
deterioration in its cash flow generation, debt service coverage
ratios, and financial flexibility, given what S&P foresees to be
relatively high refinancing risk in 2014," Ms. Recalde added.


==================================
D O M I N I C A N  R E P U B L I C
==================================


* DOMINICAN REPUBLIC: Dev't Plan Should Ease Industrial Crisis
--------------------------------------------------------------
Dominican Republic's development plan, which was proposed by the
Treasury Ministry, would start to solve the country's industrial
crisis, Dominican Today reports, citing Ignacio Mende, head of the
Industrial Associations Federation.

According to the report, Mr. Mendez said that as a result of the
sector's crisis, 25% of the total jobs has been lost so far this
year.

Mr. Mendez, the report relates, criticized that officials aren't
committed to contributing solutions to the crisis and work to
solve their own problems instead of those of the collectivity.
"Time was that when someone went to work for the S-state it was
because they had a vocation of service, now they go to get the
check and nothing else and what occurs in that public office
doesn't concern them in the least," the report quoted Mr. Mendez
as saying.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

  -- Foreign currency Issuer Default Rating at 'B';
  -- Local currency IDR at 'B';
  -- Country ceiling at 'B+';
  -- Short-term foreign currency IDR at 'B';
  -- Senior unsecured debt at 'B'.


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


AIR JAMAICA: Sees "Big Jump" in Passenger Load This Christmas
-------------------------------------------------------------
Air Jamaica Limited President Bruce Nobles is expecting a "big
jump" in passenger load this Christmas following a slow start in
the travel season, RadioJamaica reports.  The report relates that
Mr. Nobles said that the airline had a weak start with a
disappointing Thanksgiving period.

However, the report notes, Mr. Nobles said that business has since
picked up with Air Jamaica seeing increased load factors on all
its routes.  "Thanksgiving was a little softer than what we would
have liked but load factors are pretty good and Christmas is
looking pretty good.  The business plan we put in place in spring
has driven up our load factors on all our routes," the report
quoted Mr. Nobles as saying.

                       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.


DIGICEL GROUP: Claro Denies Call Price Fixing Allegations
---------------------------------------------------------
Claro has denied Digicel Group's allegations that it is involved
in a pricing collusion with Lime (formerly Cable & Wireless
Jamaica), RadioJamaica reports.

According to the report, Claro has written to the Fair Trading
Commission denying that it has engaged in talks or negotiations
with any telecommunication provider to jointly set call prices and
is willing to provide evidence.  The report relates that Claro
said that it has been in negotiations with all the major
telecommunication operators including LIME, Digicel and FLOW in
order to lower interconnection termination rates.

However, the report notes, it claims that Digicel refused to
adjust its rates.

RadioJamaica says Claro has declared that it is compliance with
the Fair Competition Act and has suggested that the FTC instead
investigate what it says are Digicel's unfair practices.

As reported in the Troubled Company Reporter-Latin America on
December 7, 2009, Jamaica Observer said that Digicel Group accused
Lime and and Claro of colluding to gain a competitive advantage in
the landline market.  The report related that Digicel is calling
on LIME to embrace competition which can only benefit the Jamaican
consumer.  However, the report noted, LIME is categorically
refuting allegations made by Digicel that there is collusion
between LIME and Claro in setting mobile prices.  The Observer
said that LIME Country Manager Geoff Houston dismissed the Digicel
claim (which Digicel has lodged as a complaint to the FTC) as
nothing more than a spurious attempt to keep inflated prices in
the market and to distract the FTC from applying its energies to
constraining Digicel's anti-competitive practices.

                      About Digicel Group

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

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

                          *     *     *

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

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


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


CEMEX SAB: May Challenge Mexican Tax Reform in Courts
-----------------------------------------------------
CEMEX, S.A.B. de C.V. could challenge a Mexican tax reform in the
courts, Robin Emmott and Gabriela Lopez at Reuters report.  The
report, citing a filing with the Securities and Exchange
Commission, relates the company said that Mexico's 2010 income tax
increases are unconstitutional and the company could take the
government to court.

"We believe this tax reform violates the Mexican Constitution and
that we have substantial grounds to contest the constitutionality
of this new law," the report quoted the company as saying.

According to the report, Cemex said that the reform, which seeks
to improve Mexico's low tax take, will require the company to pay
taxes on its individual units that were previously consolidated in
the group's total tax declaration.

Reuters notes that lawmakers pushed a modest tax reform through
Congress last month to raise income tax by 2% from next year, a
law which is retroactive for companies such as Cemex that have
deferred tax payments.

"I think a lot of companies are going to seek injunctions
against the reform," the report quoted Carlos Hermosillo, an
analyst at Vector brokerage in Mexico City, as saying.

The report notes that higher taxes could hurt Cemex SAB as it
recovers from the toughest market in its century-long history.
The company, Reuters relates, said that its cash flow in
particular, which is key to paying back debt, could suffer.

As reported in the Troubled Company Reporter-Latin America on
December 4, 2009, Bloomberg News said that CEMEX SAB 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.

                        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)'.


=======
P E R U
=======


DOE RUN PERU: "Must Hurry" Zinc Smelter Talks in Peru, Gov't Says
-----------------------------------------------------------------
Doe Run Peru will have to accelerate talks with suppliers to
restart operations at its shuttered smelter, Alex Emery at
Bloomberg News reports, citing Deputy Mining Minister Fernando
Gala.  The report relates Mr. Gala said that Doe Run is unlikely
to reach an agreement on supply contracts with two miners before
February.

According to the report, Mr. Gala said that access to bank
financing will be "more difficult.  They must hurry as time is
running out."  "Doe Run will have to pay at least part of its debt
to suppliers before they can get any more credit," he added.

Bloomberg News notes Doe Run Vice President Jose Mogrovejo
confirmed that the company will have to reach an accord with
suppliers before it can negotiate a bank loan.  "We're making
progress," Mr. Mogrovejo told the news agency in in a telephone
interview.  "We can definitely meet the financing deadline," he
added.

Creditors including Cia de Minas Buenaventura SA and its zinc unit
El Brocal say they won't grant credit until Doe Run pays back
US$16.6 million in debt, the report notes.  Doe Run, Bloomberg
News adds, also owes US$8.8 million to Vancouver-based silver and
zinc miner Pan American Silver Corp.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, AMM News said that a Doe Run Peru spokesman said
that the company will delay the reopening of its smelter following
reports that Peru's congress voted to give the company a 30-month
extension on its environmental cleanup deadline, which expired on
October.  The report recalls that Doe Run Peru filed for a
government-monitored financial restructuring because it was
worried creditors might try to freeze its assets or operations.
Reuters related that Doe Run Peru owes some US$100 million to its
suppliers and needs to spend another US$150 million to clean up La
Oroya.

                        About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.




====================
P U E R T O  R I C O
====================


FIRSTBANK PUERTO RICO: Files US$3MM Lawsuit Against SoBe
--------------------------------------------------------
FirstBank Puerto Rico has filed a US$3 million foreclosure lawsuit
against the owner of a commercial building on South Beach, South
Florida Business Journal News reports.

According to the report, citing Miami-Dade County Circuit Court
record, the bank filed the action on November 24 against South
Collins Property Investment LLC, Raymond Mitri and Dani Mitri.
The report relates that FirstBank intends to seize the 7,881-
square-foot commercial building at 919 Collins Ave.

The report recalls that South Collins Property bought the building
for US$1 million in 2003.  The report relates that the bank
granted the developer a US$2.9 million mortgage on the site in
July 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1).  Following the downgrade, the
rating outlook is negative.


=============
U R U G U A Y
=============


* URUGUAY: IDB Provides US$20 Million Fund for Port Project
-----------------------------------------------------------
The Inter-American Development Bank approved a US$20 million loan
to help Uruguay advance on its plan to upgrade its main port in
Montevideo, a project that will expand the port and boost its
efficiency, contributing for a reduction in maritime and river
transportation costs.

According to IDB, the supplemental financing will enable the
National Ports Authority to proceed with contracts established in
the procurement plan.  The project seeks to expand the port's
cargo handling capacity by building multipurpose wharf and
deepening the access channel to allow access to larger vessels.
In addition, the project will provide technical assistance through
institution-strengthening, pre-investment studies and consulting
assignments related to the program.

The port of Montevideo has been growing rapidly and steadily at an
average annual rate of 14% due to an increase in foreign trade.
Its central location has played a crucial role in the growing
importance of the port as a regional hub in the South Atlantic.

The new financing complements a previous us$40 million loan
approved by the IDB in October 2008 for the project.  The new loan
is for 25-year term, with a four-year disbursement and grace
periods, and carries a Libor-bases interest rate.  Local
counterpart funds will total US$11 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings revised the Outlook for Uruguay's
ratings to Positive from Stable.  In addition, Fitch affirmed
Uruguay's foreign currency Issuer Default Rating at 'BB-' and its
local currency IDR at 'BB'.  Fitch also affirmed Uruguay's country
ceiling at 'BB+' and the short-term IDR at 'B'.


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


BANCO REAL: Government Shuts Down Operations
--------------------------------------------
Andrew Cawthorne and Walker Simon at Reuters report that Venezuela
took over three more bank -- Baninvest, Central Banco Universal,
and Banco Real -- raising the tally to seven.  The report relates
that Finance Minister Ali Rodriguez said the three banks, which
account for just 2% of Venezuela's banking deposits, would
hopefully be "rehabilitated" by the state.

According to the report, Mr. Rodriguez has assured the public that
the rest of the country's financial system is in good hands
despite the criminal campaigns going on.  The report relates that
Mr. Rodriguez accused opponents of President Hugo Chavez of trying
to destabilize Venezuela through rumors of a bank crisis.  "We are
not facing a situation of crisis in the national bank system,
despite the enormous, deep crisis that has shaken the financial
world, and severely affected developed economies, particularly the
United States," the report quoted Mr. Rodriguez as saying.

Reuters notes most analysts believe that the government is engaged
in a purging exercise of a minority of banks with funding or
ownership irregularities, rather than being on the brink of taking
over another sector in the South American nation.

As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, Dow Jones Newswires said that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Mr.
Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  According to the report, Mr.
Rodriguez said that the government will sell off Banco Canarias de
Venezuela CA and Banco Provivienda (Banpro), after its
intervention begun November 20 "revealed that they had been
severely compromised."  The report related that Bolivar Banco and
Banco Confederado SA will temporarily shut their doors during the
intervention.

The four bank, Dow Jones Newswires said, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.


BANIVEST: Venezuela Takes Over Operations
-----------------------------------------
Andrew Cawthorne and Walker Simon at Reuters report that Venezuela
took over three more bank -- Baninvest, Central Banco Universal,
and Banco Real -- raising the tally to seven.  The report relates
that Finance Minister Ali Rodriguez said the three banks, which
account for just 2% of Venezuela's banking deposits, would
hopefully be "rehabilitated" by the state.

According to the report, Mr. Rodriguez has assured the public that
the rest of the country's financial system is in good hands
despite the criminal campaigns going on.  The report relates that
Mr. Rodriguez accused opponents of President Hugo Chavez of trying
to destabilize Venezuela through rumors of a bank crisis.  "We are
not facing a situation of crisis in the national bank system,
despite the enormous, deep crisis that has shaken the financial
world, and severely affected developed economies, particularly the
United States," the report quoted Mr. Rodriguez as saying.

Reuters notes most analysts believe that the government is engaged
in a purging exercise of a minority of banks with funding or
ownership irregularities, rather than being on the brink of taking
over another sector in the South American nation.

As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, Dow Jones Newswires said that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Mr.
Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  According to the report, Mr.
Rodriguez said that the government will sell off Banco Canarias de
Venezuela CA and Banco Provivienda (Banpro), after its
intervention begun November 20 "revealed that they had been
severely compromised."  The report related that Bolivar Banco and
Banco Confederado SA will temporarily shut their doors during the
intervention.

The four bank, Dow Jones Newswires said, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.


CENTRAL BANCO UNIVERSAL: Government Seizes Operations
-----------------------------------------------------
Andrew Cawthorne and Walker Simon at Reuters report that Venezuela
took over three more bank -- Baninvest, Central Banco Universal,
and Banco Real -- raising the tally to seven.  The report relates
that Finance Minister Ali Rodriguez said the three banks, which
account for just 2% of Venezuela's banking deposits, would
hopefully be "rehabilitated" by the state.

According to the report, Mr. Rodriguez has assured the public that
the rest of the country's financial system is in good hands
despite the criminal campaigns going on.  The report relates that
Mr. Rodriguez accused opponents of President Hugo Chavez of trying
to destabilize Venezuela through rumors of a bank crisis.  "We are
not facing a situation of crisis in the national bank system,
despite the enormous, deep crisis that has shaken the financial
world, and severely affected developed economies, particularly the
United States," the report quoted Mr. Rodriguez as saying.

Reuters notes most analysts believe that the government is engaged
in a purging exercise of a minority of banks with funding or
ownership irregularities, rather than being on the brink of taking
over another sector in the South American nation.

As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, Dow Jones Newswires said that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Mr.
Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  According to the report, Mr.
Rodriguez said that the government will sell off Banco Canarias de
Venezuela CA and Banco Provivienda (Banpro), after its
intervention begun November 20 "revealed that they had been
severely compromised."  The report related that Bolivar Banco and
Banco Confederado SA will temporarily shut their doors during the
intervention.

The four bank, Dow Jones Newswires said, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.


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


* LATAM: IDB Attracts Banks for Transportation Financing Deal
-------------------------------------------------------------
The Inter-American Development Bank has brought together major
banks, including the Japanese Bank for International Cooperation,
to participate in one of the largest infrastructure project
financing deals in Latin America this year.

JBIC and four commercial banks have joined the IDB to provide
US$940 million in loans to finance the concession and public works
of Rodoanel Oeste, the western section of a 182-kilometer beltway
project that will eventually surround Sao Paulo, Brazil's biggest
city.  The total cost of the 32-kilometer Rodoanel Oeste is
estimated at US$1.5 billion.

The other banks participating in the operation are Caixa Geral de
Depositos and Banco Espirito Santo of Portugal, Calyon of France
and Banco Bradesco of Brazil.  The beltway project will better
distribute traffic flows across the Sao Paulo's metropolitan
region and improve access to Santos, the country's biggest port.
Companhia de Concessoes Rodoviarias and Encalso Construcoes Ltda.
control the concession for Rodoanel Oeste.

"The IDB is working very closely with development agencies and
other multilateral institutions to mobilize resources for Latin
America and the Caribbean, particularly after the global financial
crisis prompted several commercial banks to cut back on lending,''
said Renato Mazzola, the IDB team leader for the project.  "JBIC's
participation was crucial for the transaction, since it attracted
other lenders, helping secure long-term financing for the beltway
project."

Under the operation, both the IDB and JBIC will be senior lenders.
The IDB will provide a 15-year, US$100 million A Loan that will be
financed by the bank's ordinary capital.  JBIC joined the
transaction with a 15-year, $200 million loan.

The financing for Rodoanel Oeste will also include a 13-year, $200
million B loan that will be financed by Caixa Geral de Depositos,
Banco Espirito Santo and Calyon.

The operation will also provide flexibility to the project's long-
term financial structure since Rodoanel Oeste's traffic and
revenue will increase after Rodoanel Sul, the beltway's southern
section, begins operations.

The project financing includes R750 million in subordinated
unsecured debt  provided by Banco Bradesco.  This debt is secured
by a sponsor corporate guarantee, and ranks junior in terms of
payment and security rights in relation to the senior lenders
financing.

"The purpose of the sub debt tranche is to allow a rebalance of
the capital structure over time," said Mazzola.  "Rodoanel Oeste
traffic will increase, but that impact can only be measured after
Rodoanel Sul starts operations."

The borrower will be able to replace the subordinated debt with
additional long-term senior debt under certain terms and
conditions agreed upon bythe senior lenders and the sponsors.  The
subordinated debt could be replaced with a second tranche B loan
by the IDB, which has already been approved by the Bank's board
(US$395 million).  This second tranche B loan would also be
financed by commercial banks.

Rodoanel Oeste is the first IDB-JBIC co-financing facility under a
cooperation agreement signed in March.  Under the accord, the two
institutions are working together to look for opportunities to
help Latin America and the Caribbean counteract the impact of the
global financial crisis.  The accord has built a framework to
provide long-term financing for major infrastructure and critical
social and economic investment projects for the region.


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

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

1CPMON BZ     CIA PETROLIFERA         377602195.17     -3014291.72
1CPMPN BZ     CIA PETROLIF-PRF        377602195.17     -3014291.72
1GASON BZ     GASCOIGNE EMPREE          1123596482   -536003485.59
1GASPN BZ     GASCOIGNE EMP-PF          1123596482   -536003485.59
1NOVON BZ     NOVA AMERICA SA             21287489   -183535527.21
1NOVPN BZ     NOVA AMERICA-PRF            21287489   -183535527.21
1TSSON BZ     TRESSEM PART SA        1018389001.17   -160218400.52
330902Q GR    IMPSAT FIBER NET           535007008       -17165000
3M11 GR       MMX MINERACA-GDR       1018389001.17   -160218400.52
81370Z BZ     TELECOMUNICA-ADR        244018546.23     -6054999.05
ALICON BZ     ARTHUR LANGE SA          21333792.82    -16295577.05
ALICPN BZ     ARTHUR LANGE-PRF         21333792.82    -16295577.05
APDSF US      AUTOPISTAS SOL          351681166.85      -2858782.1
ARLA1 BZ      ARTHUR LANG-RT C         21333792.82    -16295577.05
ARLA10 BZ     ARTHUR LANG-RC P         21333792.82    -16295577.05
ARLA11 BZ     ARTHUR LAN-DVD C         21333792.82    -16295577.05
ARLA12 BZ     ARTHUR LAN-DVD P         21333792.82    -16295577.05
ARLA2 BZ      ARTHUR LANG-RT P         21333792.82    -16295577.05
ARLA3 BZ      ARTHUR LANGE             21333792.82    -16295577.05
ARLA4 BZ      ARTHUR LANGE-PRF         21333792.82    -16295577.05
ARLA9 BZ      ARTHUR LANG-RC C         21333792.82    -16295577.05
AUSO AR       AUTOPISTAS SOL          351681166.85      -2858782.1
AZEV3 BZ      AZEVEDO                  58171856.05     -4288079.64
AZEV4 BZ      AZEVEDO-PREF             58171856.05     -4288079.64
AZEVON BZ     AZEVEDO E TRAVAS         58171856.05     -4288079.64
AZEVPN BZ     AZEVEDO E TRA-PR         58171856.05     -4288079.64
BDFC US       B&D FOOD CORP               16631180        -1448544
BDFCE US      B&D FOOD CORP               16631180        -1448544
BLDR3 BZ      BALADARE                141215707.17    -12257915.87
BMBBF US      BOMBRIL                 289000173.95   -166589139.96
BMBBY US      BOMBRIL SA-ADR          289000173.95   -166589139.96
BMBPY US      BOMBRIL SA-ADR          289000173.95   -166589139.96
BOBR1 BZ      BOMBRIL-RIGHTS          289000173.95   -166589139.96
BOBR2 BZ      BOMBRIL-RGTS PRE        289000173.95   -166589139.96
BOBR3 BZ      BOMBRIL                 289000173.95   -166589139.96
BOBR4 BZ      BOMBRIL-PREF            289000173.95   -166589139.96
BOBRON BZ     BOMBRIL CIRIO SA        289000173.95   -166589139.96
BOBRPN BZ     BOMBRIL CIRIO-PF        289000173.95   -166589139.96
BUET1 BZ      BUETTNER SA-RTS           97710630.4    -46681943.42
BUET2 BZ      BUETTNER SA-RT P          97710630.4    -46681943.42
BUET3 BZ      BUETTNER                  97710630.4    -46681943.42
BUET4 BZ      BUETTNER-PREF             97710630.4    -46681943.42
BUETON BZ     BUETTNER SA               97710630.4    -46681943.42
BUETPN BZ     BUETTNER SA-PRF           97710630.4    -46681943.42
CAD IX        SOC COMERCIAL PL        113091441.22   -254639574.05
CADN EO       SOC COMERCIAL PL        113091441.22   -254639574.05
CADN SW       SOC COMERCIAL PL        113091441.22   -254639574.05
CAFE3 BZ      CAF BRASILIA             20168618.46   -728730285.95
CAFE4 BZ      CAF BRASILIA-PRF         20168618.46   -728730285.95
CALI3 BZ      CONST A LINDEN           11147512.97    -15979177.01
CALI4 BZ      CONST A LIND-PRF         11147512.97    -15979177.01
CAMB3 BZ      CAMBUCI SA               91527757.19    -26705142.99
CAMB4 BZ      CAMBUCI SA-PREF          91527757.19    -26705142.99
CAMBON BZ     CAMBUCI SA               91527757.19    -26705142.99
CAMBPN BZ     CAMBUCI SA-PREF          91527757.19    -26705142.99
CBRZF US      TELEBRAS-PF RCPT        244018546.23     -6054999.05
CCHI3 BZ      CHIARELLI SA             22274026.77    -44537138.21
CCHI4 BZ      CHIARELLI SA-PRF         22274026.77    -44537138.21
CCHON BZ      CHIARELLI SA             22274026.77    -44537138.21
CCHPN BZ      CHIARELLI SA-PRF         22274026.77    -44537138.21
CEED3 BZ      CEEE-D                 1090886626.84    -15249815.85
CEED3B BZ     CEEE-D                 1090886626.84    -15249815.85
CEED4 BZ      CEEE-D-PREF            1090886626.84    -15249815.85
CEED4B BZ     CEEE-D-PREF            1090886626.84    -15249815.85
CHILESAT CI   TELMEX CORP SA          450943844.68    -52392581.33
CHISATOS CI   CHILESAT CO-RTS         450943844.68    -52392581.33
COME AR       SOC COMERCIAL PL        113091441.22   -254639574.05
COMEB AR      COMERCIAL PLA-BL        113091441.22   -254639574.05
COMEC AR      COMERCIAL PL-C/E        113091441.22   -254639574.05
COMED AR      COMERCIAL PLAT-$        113091441.22   -254639574.05
CSAOY US      TELMEX CORP-ADR         450943844.68    -52392581.33
CSBRON BZ     CAFE BRASILIA SA         20168618.46   -728730285.95
CSBRPN BZ     CAFE BRASILIA-PR         20168618.46   -728730285.95
CVVIF US      SOC COMERCIAL PL        113091441.22   -254639574.05
CXDOF US      CAMBUCI SA-PREF          91527757.19    -26705142.99
DHBI3 BZ      D H B                   124060999.44   -405125352.78
DHBI4 BZ      D H B-PREF              124060999.44   -405125352.78
DHBON BZ      DHB IND E COM           124060999.44   -405125352.78
DHBPN BZ      DHB IND E COM-PR        124060999.44   -405125352.78
DOCA2 BZ      DOCAS SA-RTS PRF         88417960.92    -18059127.86
DOCA3 BZ      DOCA INVESTIMENT         88417960.92    -18059127.86
DOCA4 BZ      DOCA INVESTI-PFD         88417960.92    -18059127.86
DOCAON BZ     DOCAS SA                 88417960.92    -18059127.86
DOCAPN BZ     DOCAS SA-PREF            88417960.92    -18059127.86
EAAON BZ      ACO ALTONA SA            84614947.94    -14270921.51
EAAPN BZ      ACO ALTONA-PREF          84614947.94    -14270921.51
EALT3 BZ      ACO ALTONA               84614947.94    -14270921.51
EALT4 BZ      ACO ALTONA-PREF          84614947.94    -14270921.51
ESTR3 BZ      ESTRELA SA               61011893.59    -54580283.64
ESTR4 BZ      ESTRELA SA-PREF          61011893.59    -54580283.64
ESTRON BZ     ESTRELA SA               61011893.59    -54580283.64
ESTRPN BZ     ESTRELA SA-PREF          61011893.59    -54580283.64
FRNXON BZ     FABRICA RENAUX           66779266.69    -50394386.07
FRNXPN BZ     FABRICA RENAUX-P         66779266.69    -50394386.07
FTRX1 BZ      FABRICA TECID-RT         66779266.69    -50394386.07
FTRX3 BZ      FABRICA RENAUX           66779266.69    -50394386.07
FTRX4 BZ      FABRICA RENAUX-P         66779266.69    -50394386.07
FTSJON BZ     TECEL S JOSE             17924946.14    -18569451.23
FTSJPN BZ     TECEL S JOSE-PRF         17924946.14    -18569451.23
GAFON BZ      CIMOB PARTIC SA          36817394.78    -33083086.54
GAFP3 BZ      CIMOB PARTIC SA          36817394.78    -33083086.54
GAFP4 BZ      CIMOB PART-PREF          36817394.78    -33083086.54
GAFPN BZ      CIMOB PART-PREF          36817394.78    -33083086.54
GASC3 BZ      ALL MALHA PAULIS          1123596482   -536003485.59
GASC3B BZ     ALL MALHA PAULIS          1123596482   -536003485.59
GASC4 BZ      GASCOIGNE EMP-PF          1123596482   -536003485.59
GASC4B BZ     GASCOIGNE EMP-PF          1123596482   -536003485.59
GAZO10 BZ     GAZOLA-RCPT PREF         12452143.07    -40298506.25
GAZO11 BZ     GAZOLA SA-DVD CM         12452143.07    -40298506.25
GAZO12 BZ     GAZOLA SA-DVD PF         12452143.07    -40298506.25
GAZO3 BZ      GAZOLA                   12452143.07    -40298506.25
GAZO4 BZ      GAZOLA-PREF              12452143.07    -40298506.25
GAZO9 BZ      GAZOLA-RCPTS CMN         12452143.07    -40298506.25
GAZON BZ      GAZOLA SA                12452143.07    -40298506.25
GAZPN BZ      GAZOLA SA-PREF           12452143.07    -40298506.25
HAGA3 BZ      HAGA                     16483114.08    -62923101.98
HAGA4 BZ      FER HAGA-PREF            16483114.08    -62923101.98
HAGAON BZ     FERRAGENS HAGA           16483114.08    -62923101.98
HAGAPN BZ     FERRAGENS HAGA-P         16483114.08    -62923101.98
IMBI1 BZ      DOC IMBITUBA-RTC        114896167.37    -16783228.37
IMBI2 BZ      DOC IMBITUBA-RTP        114896167.37    -16783228.37
IMBI3 BZ      DOC IMBITUBA            114896167.37    -16783228.37
IMBI4 BZ      DOC IMBITUB-PREF        114896167.37    -16783228.37
IMBION BZ     DOCAS IMBITUBA          114896167.37    -16783228.37
IMBIPN BZ     DOCAS IMBITUB-PR        114896167.37    -16783228.37
IMPT AR       IMPSAT FIBER-CED           535007008       -17165000
IMPTB AR      IMPSAT FIBER-BLK           535007008       -17165000
IMPTC AR      IMPSAT FIBER-C/E           535007008       -17165000
IMPTD AR      IMPSAT FIBER-$US           535007008       -17165000
IMPTQ US      IMPSAT FIBER NET           535007008       -17165000
LATF US       LATTENO FOOD COR            16631180        -1448544
LCSA3 BZ      PARMALAT                353615264.63    -165164436.3
LCSA4 BZ      PARMALAT-PREF           353615264.63    -165164436.3
LCSA5 BZ      PARMALAT BR-RT C        353615264.63    -165164436.3
LCSA6 BZ      PARMALAT BR-RT P        353615264.63    -165164436.3
LCSAON BZ     PARMALAT BRASIL         353615264.63    -165164436.3
LCSAPN BZ     PARMALAT BRAS-PF        353615264.63    -165164436.3
LEAP LX       LAEP INVESTMENTS        440611400.44    -32930986.27
LINDON BZ     CONST A LINDEN           11147512.97    -15979177.01
LINDPN BZ     CONST A LIND-PRF         11147512.97    -15979177.01
MANGON BZ     PETRO MANGUINHOS         76852724.18   -212528966.16
MANGPN BZ     PETRO MANGUIN-PF         76852724.18   -212528966.16
MILK11 BZ     LAEP-BDR                440611400.44    -32930986.27
MMXCF US      MMX MINERACAO          1018389001.17   -160218400.52
MMXM3 BZ      MMX MINERACAO          1018389001.17   -160218400.52
MMXMY US      MMX MINERACA-GDR       1018389001.17   -160218400.52
MNPR3 BZ      MINUPAR                  89611489.39    -20702110.72
MNPR4 BZ      MINUPAR-PREF             89611489.39    -20702110.72
MNPRON BZ     MINUPAR SA               89611489.39    -20702110.72
MNPRPN BZ     MINUPAR SA-PREF          89611489.39    -20702110.72
MRLM3 BZ      CIA PETROLIFERA         377602195.17     -3014291.72
MRLM3B BZ     CIA PETROLIFERA         377602195.17     -3014291.72
MRLM4 BZ      CIA PETROLIF-PRF        377602195.17     -3014291.72
MRLM4B BZ     CIA PETROLIF-PRF        377602195.17     -3014291.72
MWELON BZ     WETZEL SA                79756128.35     -6350930.69
MWELPN BZ     WETZEL SA-PREF           79756128.35     -6350930.69
MWET3 BZ      WETZEL SA                79756128.35     -6350930.69
MWET4 BZ      WETZEL SA-PREF           79756128.35     -6350930.69
NORD1 BZ      NORDON MET-RTS           15498217.36     -20133536.7
NORD3 BZ      NORDON MET               15498217.36     -20133536.7
NORDON BZ     NORDON METAL             15498217.36     -20133536.7
NOVA3 BZ      NOVA AMERICA SA             21287489   -183535527.21
NOVA3B BZ     NOVA AMERICA SA             21287489   -183535527.21
NOVA4 BZ      NOVA AMERICA-PRF            21287489   -183535527.21
NOVA4B BZ     NOVA AMERICA-PRF            21287489   -183535527.21
NOVAON BZ     NOVA AMERICA SA             21287489   -183535527.21
NOVAPN BZ     NOVA AMERICA-PRF            21287489   -183535527.21
PQT5 BZ       PARQUE TEM-DV CM         60697522.73     -51330086.4
PQT6 BZ       PARQUE TEM-DV PF         60697522.73     -51330086.4
PQTM1 BZ      PARQUE TEM-RT CM         60697522.73     -51330086.4
PQTM10 BZ     PARQUE TEM-RCT P         60697522.73     -51330086.4
PQTM2 BZ      PARQUE TEM-RT PF         60697522.73     -51330086.4
PQTM3 BZ      HOPI HARI SA             60697522.73     -51330086.4
PQTM4 BZ      HOPI HARI-PREF           60697522.73     -51330086.4
PQTM9 BZ      PARQUE TEM-RCT C         60697522.73     -51330086.4
PRMN3 BZ      PROMAN                   13403496.63      -173711.31
PRMN3B BZ     PROMAN                   13403496.63      -173711.31
RCT4B AR      TELEBRAS-CEDE BL        244018546.23     -6054999.05
RCT4C AR      TELEBRAS-CED C/E        244018546.23     -6054999.05
RCT4D AR      TELEBRAS-CEDEA $        244018546.23     -6054999.05
RCTB1 BZ      TELEBRAS-RTS CMN        244018546.23     -6054999.05
RCTB2 BZ      TELEBRAS-RTS PRF        244018546.23     -6054999.05
RCTB30 BZ     TELEBRAS-CM RCPT        244018546.23     -6054999.05
RCTB31 BZ     TELEBRAS-CM RCPT        244018546.23     -6054999.05
RCTB32 BZ     TELEBRAS-CM RCPT        244018546.23     -6054999.05
RCTB33 BZ     TELEBRAS-RCT            244018546.23     -6054999.05
RCTB4 AR      TELEBRAS-CEDE PF        244018546.23     -6054999.05
RCTB40 BZ     TELEBRAS-PF RCPT        244018546.23     -6054999.05
RCTB41 BZ     TELEBRAS-PF RCPT        244018546.23     -6054999.05
RCTB42 BZ     TELEBRAS-PF RCPT        244018546.23     -6054999.05
REEM3 BZ      RIMET                    63757621.65   -107162239.91
REEM4 BZ      RIMET-PREF               63757621.65   -107162239.91
REEMON BZ     RIMET                    63757621.65   -107162239.91
REEMPN BZ     RIMET-PREF               63757621.65   -107162239.91
REIC US       REII INC                    16631180        -1448544
RENXON BZ     TEXTEIS RENAUX           58969047.84    -91550951.89
RENXPN BZ     TEXTEIS RENAUX           58969047.84    -91550951.89
RPMG1 BZ      PET MANG-RIGHTS          76852724.18   -212528966.16
RPMG10 BZ     PET MANG-RECEIPT         76852724.18   -212528966.16
RPMG2 BZ      PET MANG-RIGHTS          76852724.18   -212528966.16
RPMG3 BZ      PETRO MANGUINHOS         76852724.18   -212528966.16
RPMG4 BZ      PET MANGUINH-PRF         76852724.18   -212528966.16
RPMG9 BZ      PET MANG-RECEIPT         76852724.18   -212528966.16
RSUL3 BZ      RIOSULENSE SA            61902901.69    -11292932.53
RSUL4 BZ      RIOSULENSE SA-PR         61902901.69    -11292932.53
RSULON BZ     RIOSULENSE SA            61902901.69    -11292932.53
RSULPN BZ     RIOSULENSE SA-PR         61902901.69    -11292932.53
RTB US        TELEBRAS-ADR            244018546.23     -6054999.05
SCDPF US      SOC COMERCIAL PL        113091441.22   -254639574.05
SCHON BZ      SCHLOSSER SA             11745600.44     -75930514.2
SCHPN BZ      SCHLOSSER SA-PRF         11745600.44     -75930514.2
SCLO3 BZ      SCHLOSSER                11745600.44     -75930514.2
SCLO4 BZ      SCHLOSSER-PREF           11745600.44     -75930514.2
SCPDS LI      COMERCIAL PL-ADR        113091441.22   -254639574.05
SDAGF US      SNIAFA SA-B              11489328.24      -840226.12
SJOS3 BZ      TECEL S JOSE             17924946.14    -18569451.23
SJOS4 BZ      TECEL S JOSE-PRF         17924946.14    -18569451.23
SNIA AR       SNIAFA SA                11489328.24      -840226.12
SNIA5 AR      SNIAFA SA-B              11489328.24      -840226.12
SNST3 BZ      SANESALTO                24569561.13      -754460.51
SNSY3 BZ      SANSUY                  100279114.92    -45812488.77
SNSY5 BZ      SANSUY-PREF A           100279114.92    -45812488.77
SNSY6 BZ      SANSUY-PREF B           100279114.92    -45812488.77
SNSYAN BZ     SANSUY SA-PREF A        100279114.92    -45812488.77
SNSYBN BZ     SANSUY SA-PREF B        100279114.92    -45812488.77
SNSYON BZ     SANSUY SA               100279114.92    -45812488.77
STARON BZ     STAROUP SA               35101566.77    -13482713.52
STARPN BZ     STAROUP SA-PREF          35101566.77    -13482713.52
STRP3 BZ      BOTUCATU TEXTIL          35101566.77    -13482713.52
STRP4 BZ      BOTUCATU-PREF            35101566.77    -13482713.52
TBAPF US      TELEBRAS-PF RCPT        244018546.23     -6054999.05
TBAPY US      TELEBRAS-ADR            244018546.23     -6054999.05
TBASF US      TELEBRAS SA             244018546.23     -6054999.05
TBASY US      TELEBRAS-ADR            244018546.23     -6054999.05
TBH US        TELEBRAS-ADR            244018546.23     -6054999.05
TBH-W US      TELEBRAS/W-I-ADR        244018546.23     -6054999.05
TBRAY GR      TELEBRAS-ADR            244018546.23     -6054999.05
TBRTF US      TELEBRAS-CM RCPT        244018546.23     -6054999.05
TBX GR        TELEBRAS-ADR            244018546.23     -6054999.05
TCLP1 BZ      TELEBRAS-RTS CMN        244018546.23     -6054999.05
TEKA3 BZ      TEKA                     237436193.6   -360484909.92
TEKA4 BZ      TEKA-PREF                237436193.6   -360484909.92
TEKAON BZ     TEKA                     237436193.6   -360484909.92
TEKAPN BZ     TEKA-PREF                237436193.6   -360484909.92
TEKAY US      TEKA-ADR                 237436193.6   -360484909.92
TEL4C AR      TELEBRAS-CED C/E        244018546.23     -6054999.05
TEL4D AR      TELEBRAS-CEDEA $        244018546.23     -6054999.05
TELB1 BZ      TELEBRAS-COM RT         244018546.23     -6054999.05
TELB10 BZ     TELEBRAS-RCT PRF        244018546.23     -6054999.05
TELB3 BZ      TELEBRAS SA             244018546.23     -6054999.05
TELB30 BZ     TELEBRAS-BLOCK          244018546.23     -6054999.05
TELB4 AR      TELEBRAS-CEDE PF        244018546.23     -6054999.05
TELB4 BZ      TELEBRAS SA-PREF        244018546.23     -6054999.05
TELB40 BZ     TELEBRAS-PF BLCK        244018546.23     -6054999.05
TELB9 BZ      TELEBRAS SA-RT          244018546.23     -6054999.05
TELE31 BZ     TELEBRAS-CM RCPT        244018546.23     -6054999.05
TELE41 BZ     TELEBRAS-PF RCPT        244018546.23     -6054999.05
TELEX CI      CHILESAT CORP SA        450943844.68    -52392581.33
TELEXA CI     TELEX-A                 450943844.68    -52392581.33
TELEXO CI     TELEX-RTS               450943844.68    -52392581.33
TKTPF US      TEKA-PREF                237436193.6   -360484909.92
TKTPY US      TEKA-ADR                 237436193.6   -360484909.92
TKTQF US      TEKA                     237436193.6   -360484909.92
TKTQY US      TEKA-ADR                 237436193.6   -360484909.92
TL US         CHILESAT CO-ADR         450943844.68    -52392581.33
TLBRON BZ     TELEBRAS SA             244018546.23     -6054999.05
TLBRPN BZ     TELEBRAS SA-PREF        244018546.23     -6054999.05
TLBRUO BZ     TELEBRAS-RECEIPT        244018546.23     -6054999.05
TLBRUP BZ     TELEBRAS-PF RCPT        244018546.23     -6054999.05
TLCP2 BZ      TELEBRAS-RTS PRF        244018546.23     -6054999.05
TRES3 BZ      MMX MINERACAO          1018389001.17   -160218400.52
TXRX1 BZ      TEXTEIS RENAU-RT         58969047.84    -91550951.89
TXRX10 BZ     TEXTEIS RENA-RCT         58969047.84    -91550951.89
TXRX2 BZ      TEXTEIS RENAU-RT         58969047.84    -91550951.89
TXRX3 BZ      RENAUXVIEW SA            58969047.84    -91550951.89
TXRX4 BZ      RENAUXVIEW SA-PF         58969047.84    -91550951.89
TXRX9 BZ      TEXTEIS RENA-RCT         58969047.84    -91550951.89
VAGV3 BZ      VARIG SA                966298025.55  -4695211316.33
VAGV4 BZ      VARIG SA-PREF           966298025.55  -4695211316.33
VARGON BZ     VARIG SA                966298025.55  -4695211316.33
VARGPN BZ     VARIG SA-PREF           966298025.55  -4695211316.33
VPSC3 BZ      VARIG PART EM SE        101177852.25   -318442006.32
VPSC4 BZ      VARIG PART EM-PR        101177852.25   -318442006.32
VPTA3 BZ      VARIG PART EM TR         49432124.18   -399290425.77
VPTA4 BZ      VARIG PART EM-PR         49432124.18   -399290425.77
VSPT10 BZ     FER C ATL-RCT PF       1189275625.36    -35605725.65
VSPT11 BZ     FERROVIA CEN-DVD       1189275625.36    -35605725.65
VSPT12 BZ     FERROVIA CEN-DVD       1189275625.36    -35605725.65
VSPT3 BZ      FER C ATLANT           1189275625.36    -35605725.65
VSPT4 BZ      FER C ATLANT-PRF       1189275625.36    -35605725.65
VSPT9 BZ      FER C ATL-RCT CM       1189275625.36    -35605725.65
WISA3 BZ      WIEST                    39838113.86    -93371563.06
WISA4 BZ      WIEST-PREF               39838113.86    -93371563.06
WISAON BZ     WIEST SA                 39838113.86    -93371563.06
WISAPN BZ     WIEST SA-PREF            39838113.86    -93371563.06
XIMPT SM      IMPSAT FIBER NET           535007008       -17165000
XMM CN        MMX MINERACA-GDR       1018389001.17   -160218400.52


                            ***********

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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