TCRLA_Public/091210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Thursday, December 10, 2009, Vol. 10, No. 245

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver Sues CD Investors for US$545 Million


A R G E N T I N A

ARGENTINA PROTECTORA: Creditors' Proofs of Debt Due on February 15
CABO ARTESANAL: Creditors' Proofs of Debt Due on February 8
LOGISTICA PORTUARIA: Creditors' Proofs of Debt Due on March 17


B A R B A D O S

AIC BARBADOS: Bondholders to Decide on Latest Proposal


B E R M U D A

APOLLO INSURANCE: Contributories & Creditors to Meet on Dec. 16
BRITISH MARINE: Creditors' Proofs of Debt Due on December 16
BRITISH MARINE: Members to Receive Wind-Up Report on January 16
CASTERBRIDGE MARINE: Creditors' Proofs of Debt Due on December 24
CASTERBRIDGE MARINE: Members' Meeting Set for January 14

CLARENDON LIMITED: Creditors' Proofs of Debt Due on December 16
CLARENDON LIMITED: Members to Receive Wind-Up Report on January 5
TIBA AGRO: Creditors' Proofs of Debt Due on December 16
TIBA AGRO: Members to Receive Wind-Up Report on January 6
PROTOSTAR LTD: Executive Bonuses to be Paid by Lenders

VALIDUS HOLDINGS: Receives Approval to Open Singapore Branch


B R A Z I L

BANCO DAYCOVAL: Fitch Upgrades Issuer Default Ratings to 'BB'
BANCO NACIONAL: Approves Long-Term Financing for Itaqui
BRASKEM SA: Board Approves Taking BRL350 Million Loan
COSAN SA: Signs Letter of Intent Agreement With Amyris Brasil
PARANA BANCO: S&P Assigns 'B+' Rating on Senior Unsecured Debt

* BRAZIL: IDB OKs US$150MM Loan for Municipalities Improvement


C A Y M A N  I S L A N D S

ANGLO-DUTCH COMPANY: Placed Under Voluntary Wind-Up
APHELION GLOBAL: Creditors' Proofs of Debt Due Today
CROSS STAFF: Commences Liquidation Proceedings
CROSS STAFF: Commences Liquidation Proceedings
CS CAPITAL: Creditors' Proofs of Debt Due on December 11

CS CAPITAL: Creditors' Proofs of Debt Due on December 11
FCM GLOBAL: Creditors' Proofs of Debt Due on December 11
FCM GLOBAL: Creditors' Proofs of Debt Due on December 11
HERON INVESTMENTS: Creditors' Proofs of Debt Due on December 11
INNOVATION ADVISORS: Creditors' Proofs of Debt Due on December 11

JEFFERIES ARCH: Creditors' Proofs of Debt Due Today
JEFFERIES HYDE: Creditors' Proofs of Debt Due Today
KPG INVESTMENTS: Creditors' Proofs of Debt Due on December 11
MAZZINI INTERNATIONAL: Placed Under Voluntary Wind-Up
MUTUAL FUND: Creditors' Proofs of Debt Due Today

MUTUAL FUND: Creditors' Proofs of Debt Due Today
MUTUAL FUND: Creditors' Proofs of Debt Due Today
OSPRAIE DRAXIS: Creditors' Proofs of Debt Due on December 11
PAULUS INVESTMENT: Placed Under Voluntary Wind-Up
SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators

SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators

SOUTHPORT MILLENNIUM: Commences Wind-Up Proceedings
SOUTHPORT MILLENNIUM: Commences Wind-Up Proceedings
SOUTHPORT MILLENNIUM: Commences Wind-Up Proceedings
ULTIMA INVESTMENTS: Creditors' Proofs of Debt Due Today
XAMIG INTERNATIONAL: Placed Under Voluntary Wind-Up


J A M A I C A

AIR JAMAICA: Continues to Generate Profit, Minister Says
DIGICEL GROUP: Accepts Purchase for 9.25% Senior 2012 Notes
DIGICEL GROUP: Closes US$500 Million Funding Round
JAMAICA URBAN TRANSIT: NTCS Owes JM$38 Million in Fees


M E X I C O

ASARCO LLC: Grupo Mexico Completes Transaction
CEMEX SAB: May Sell Dollar and Euro Bonds Overseas
GRUPO MEXICO: Completes Asarco LLC Transaction
GRUPO PETROTEMEX: Sells US$75MM Bonds in Re-Opening of 2014 Note
DESARROLLADORA HOMEX: Sells US$250 Million 10-Year Notes

TUBO DE PASTEJE: Files Chapter 11 Bankruptcy in Delaware


P U E R T O  R I C O

BANCO SANTANDER: Moody's Upgrades Ratings on Two Classes of Notes


T U R K S  &  C A I C O S  I S L A N D S

OLINT CORP: Supreme Court Freezes Founder's Assets


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Oil Drilling Activity "Robust," Exec Says
* VENEZUELA: Court Orders More Bank Arrests


V I R G I N  I S L A N D S

INNOVATIVE COMMUNICATION: FCC OKs Transfer of Licenses to CFC


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


STANFORD INT'L: SFG Receiver Sues CD Investors for US$545 Million
-----------------------------------------------------------------
Anna Driver at Reuters reports that Ralph Janvey, the court-
appointed receiver for Stanford Financial Group, is suing about
200 investors for as much as US$545 million they collected from
certificates of deposit alleged to be at the center of a multi-
billion Ponzi scheme.  The report relates that the investors named
in the lawsuit are said to have unfairly cashed out before the
U.S. Securities and Exchange Commission filed civil charges and
seized Stanford's assets and businesses in February.

"The CD proceeds the Stanford investors received from Stanford
International Bank Limited were not, in fact, their actual
principal or interest earned on the funds they invested," said the
lawsuit, filed in federal court in Dallas the report notes.
"Instead, the money used to make those payments came directly from
the sale of SIB CDs to other investors," the lawsuit added.

According to the report, citing court papers, Mr. Janvey attempted
to settle with the investors before filing the lawsuit.  The
report says that some of those investors have returned the amounts
they received in excess of their principal investment in the CDs
issued by SIB, and more settlements are expected.

Reuters points out that Mr. Janvey is pursuing the claims under
fraudulent transfer law and principles of unjust enrichment after
a federal appeals court in New Orleans ruled that he could not sue
the investors using a different legal claim.

The case is Ralph S. Janvey v. James R. Alguire et al., U.S.
District Court, North District of Texas, No. 09-cv-00724.

As reported in the Troubled Company Reporter-Latin America on
November 17, 2009, Caribbean360.com said that the U.S. Court of
Appeals in New Orleans has denied Mr. Janvey to recover about
US$894 million from several hundred investors who got their money.
The report related that the U.S. Court of Appeals has ruled that
not only should Mr. Janvey not be allowed to go after the money,
but the clients' money has to be made available to them.
According to the report, the court of appeals agreed that the
money the investors received "came from funds that had been ill-
gotten by the Stanford Group interests", but said "the investor
defendants have legitimate ownership interests in their CD
proceeds".  "Consequently, the district court lacked authority to
freeze the investor defendants' assets," the court appeals said,
the report noted.

                About Stanford International Bank

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

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

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

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

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


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


ARGENTINA PROTECTORA: Creditors' Proofs of Debt Due on February 15
------------------------------------------------------------------
The court-appointed trustee for Argentina Protectora del Credito
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until February 15, 2010.

The trustee will present the validated claims in court as
individual reports on March 29, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


CABO ARTESANAL: Creditors' Proofs of Debt Due on February 8
-----------------------------------------------------------
The court-appointed trustee for Cabo Artesanal S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 8, 2010.

The trustee will present the validated claims in court as
individual reports on March 22, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 6, 2010.


LOGISTICA PORTUARIA: Creditors' Proofs of Debt Due on March 17
--------------------------------------------------------------
The court-appointed trustee for Logistica Portuaria S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until March 17, 2010.

The trustee will present the validated claims in court as
individual reports on May 3, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 15, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 29, 2010.


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


AIC BARBADOS: Bondholders to Decide on Latest Proposal
------------------------------------------------------
AIC Barbados Limited will learn before the end of the week whether
bondholders have accepted its latest proposal asking for another
two years to pay off its debts, RadioJamaica reports.

According to the report, citing an unnamed source, the investors
are considering a resolution document presented by AIC and will
give their responses before December 110.

As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, RadioJamaica said that AIC Barbados's
bondholders meet on December 4 as signs have emerged that the
Michael Lee-Chin led company may not meet its deadline to repay
debts, RadioJamaica reports.  The report related that the
bondholders were expecting to get back the near US$50 million they
invested on November 27, but an unnamed source said that the
investors have been called to the meeting amid reports that AIC
will only be making interest payments on that date.  According to
the report, the bondholders will discuss two proposals presented
by AIC on the repayment of the principal:

   -- to take 30% of the principal now and the balance over two
      years; and

   -- to take enforcement and have the shares on certain assets
      that have been pledged, transferred to the bondholders.

RadioJamaica said that the unnamed source said that the setback
appears to have resulted from challenges the company is facing in
raising funds to make payments.

                        About AIC Barbados

AIC Barbados Limited, which is valued at more than US$1 billion,
comprises several Caribbean holdings including Jamaica's largest
deposit taking institution the National Commercial Bank.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2009, RadioJamica said AIC Barbados asked its creditors
for another extension to make payments on maturing instruments as
divestment of the sale of assets in its portfolio is taking longer
than expected.  The Jamaica Gleaner related Mr. Lee-Chin is
selling his Pan Caribbean fibre optic cable business, Columbus
Communications, to pay off the debt.  According to Jamaica
Gleaner, Mr. Chin failed to come up with the US$155 million
(J$13.8 billion) that AIC Barbados owes bond holders.  The Gleaner
related that based on an internal document, about US$108 million
of the debt is owed to Jamaican investors, of which US$47 million
is due this year.  Mr. Lee Chin, The Gleaner said, was already
granted one extension to June 11 to repay the bonds, however, he
asked investors again to extend the wait to November.


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


APOLLO INSURANCE: Contributories & Creditors to Meet on Dec. 16
---------------------------------------------------------------
The contributories and creditors of Apollo Insurance Limited will
hold their first meetings on December 16, 2009, at 10:00 a.m. and
10:30 a.m., respectively.

Mike Morrison and Charles Thresh are the company's joint
provisional liquidators.


BRITISH MARINE: Creditors' Proofs of Debt Due on December 16
------------------------------------------------------------
The creditors of British Marine (Bermuda) Limited are required to
file their proofs of debt by December 16, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 27, 2009.

The company's liquidator is:

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


BRITISH MARINE: Members to Receive Wind-Up Report on January 16
---------------------------------------------------------------
The members of British Marine (Bermuda) Limited will receive, on
January 16, 2010, a 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 27, 2009.

The company's liquidator is:

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


CASTERBRIDGE MARINE: Creditors' Proofs of Debt Due on December 24
-----------------------------------------------------------------
The creditors of Casterbridge Marine Limited are required to file
their proofs of debt by December 24, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 4, 2009.

The company's liquidator is:

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


CASTERBRIDGE MARINE: Members' Meeting Set for January 14
--------------------------------------------------------
The members of Casterbridge Marine Limited will hold their general
meeting on January 14, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on December 4, 2009.

The company's liquidator is:

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


CLARENDON LIMITED: Creditors' Proofs of Debt Due on December 16
---------------------------------------------------------------
The creditors of Clarendon Limited are required to file their
proofs of debt by December 16, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          John Nicholas Greenwood
          3rd Floor Little Denmark
          P.O. Box 2424, Road Town
          Tortola, British Virgin Islands


CLARENDON LIMITED: Members to Receive Wind-Up Report on January 5
-----------------------------------------------------------------
The members of Clarendon Limited will receive, on January 5, 2010,
a 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 December 1, 2009.

The company's liquidator is:

          John Nicholas Greenwood
          3rd Floor Little Denmark
          P.O. Box 2424, Road Town
          Tortola, British Virgin Islands


TIBA AGRO: Creditors' Proofs of Debt Due on December 16
-------------------------------------------------------
The creditors of TIBA Agro Ltd. are required to file their proofs
of debt by December 16, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


TIBA AGRO: Members to Receive Wind-Up Report on January 6
---------------------------------------------------------
The members of TIBA Agro Ltd. will receive, on January 6, 2010, a
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 December 1, 2009.

The company's liquidator is:

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


PROTOSTAR LTD: Executive Bonuses to be Paid by Lenders
------------------------------------------------------
Bill Rochelle at Bloomberg News reports ProtoStar Ltd. is
proposing a bonus plan where executives will receive 1% of net
proceeds from the sale of the ProtoStar II satellite less than
US$200 million.  The bonus will rise to 2.13% if net proceeds
exceed US$253.2 million.  The bonuses will be paid by the secured
lenders from their recovery from the sale.  The hearing for
approval of the program is set for Dec. 18.

The hearing to consider the adequacy of the disclosure statement
explaining ProtoStar's Chapter 11 plan has been adjourned to
a "date to be determined".  The ProtoStar disclosure statement was
vague about creditors' recoveries because the second of two
satellites won't be sold at auction until Dec. 15.

As reported by the TCR on Nov. 12, ProtoStar has won approval to
sell the ProtoStar I satellite and related equipment for US$210
million to an affiliate of Intelstat Holdings Ltd.  The auction of
the ProtoStar II satellite is set for Dec. 15.  The hearing for
approval of the sale is Dec. 18.

The Official Committee of Unsecured Creditors has a suit pending
where it contends secured lenders don't have valid liens securing
US$10 million working capital loan and US$183 million in 12.5% and
18% secured notes.  The creditors believe the noteholders and
working capital lenders filed notices of their security interests
in the wrong place, as a result invalidating their liens.  If the
Creditors Committee wins the lawsuit, the lenders would have an
unsecured creditor status and they won't be paid ahead of other
creditors.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  In their
petition, the Debtors listed between US$100 million and US$500
million each in assets and debts.  As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


VALIDUS HOLDINGS: Receives Approval to Open Singapore Branch
------------------------------------------------------------
Validus Holdings, Ltd.'s wholly owned subsidiary Validus
Reinsurance, Ltd., has been granted approval by the Monetary
Authority of Singapore to operate a branch reinsurer underwriting
general reinsurance business in Singapore.

The branch will be headed by Marc Haushofer, who joined Validus in
September 2008 and has led Validus' Asia-Pacific reinsurance
representative office in Singapore.

Conan Ward, Chief Executive Officer of Validus Re, stated, “We are
very excited to take this next important step in the development
of our Asia-Pacific business.  The representative office that we
established earlier this year has had great success under Marc's
leadership in building our presence in the region.  Our ability to
provide direct underwriting services in Singapore will allow us to
further grow our Asia-Pacific business and provide enhanced
services to existing clients in the region.”

Validus Re is registered by the Accounting and Corporate
Regulatory Authority as a foreign company in Singapore as Validus
Reinsurance, Ltd.  Validus Re's Singapore branch is licensed to
provide reinsurance domestically and internationally.

                     About Validus Holdings

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

                           *     *     *

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


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


BANCO DAYCOVAL: Fitch Upgrades Issuer Default Ratings to 'BB'
-------------------------------------------------------------
Fitch Ratings has upgraded these ratings of Banco Daycoval S.A.:

  -- Long-term Foreign and Local Currency Issuer Default Ratings
     to 'BB' from 'BB-'; Outlook Stable;

  -- National Long-term Rating to 'A+(bra)' from 'A(bra)'; Outlook
     Stable.

At the same time, Fitch has affirmed the bank's following ratings:

  -- Short-term Foreign and Local Currency IDRs at 'B';
  -- Individual Rating at 'C/D';
  -- Support Rating at '5';
  -- Support Rating Floor at 'No Floor';
  -- National Short-term Rating at 'F1(bra)'.

The ratings upgrade reflects the consistent track record of
suitable profitability operating with low leverage, which compares
well regionally; the adequate local and international funding
structure relied on longer tenors and good efficiency ratios; and
satisfactory liquidity management, even in stressful scenarios.
Its ratings also consider management's ability in downturns
through a more conservative approach towards provisioning with
satisfactory coverage.  On the other hand, the ratings considers
the bank's medium size, the concentrations of assets and
liabilities, and the challenging environment of seeking
diversified long-term funding channels.

Like its peers, Daycoval has been affected by the financial global
crisis, considering the reduced volume of deposits, liquidity
reduction and increase of past due loans seen at the end of 2008
and into 2009.  For this reason, it has adopted a more
conservative posture by severely reducing its credit origination,
mainly during fourth quarter-2008 (4Q'08) and 1Q'09; avoiding
losses; and focusing on increased funding and liquidity.  With
liquidity pickup in the market, Daycoval has gradually recovered
its operations, again concentrating its portfolio in the middle
market, in detriment to higher-loss vehicle financing.  The high
spreads obtained by Daycoval during 1H'09 were offset by high
provision expenses, resulting from a high delinquency ratio, above
its peers.  With the recovery of the Brazilian economy underway,
Fitch believes these expenses will retreat somewhat going forward,
and should be principally driven by loan growth.  With a return to
growth in the loan portfolio, revenues from its credit activities
should again outpace growth in provisions.

Daycoval has attempted to strengthen its funding base and
continues to operate with an adequate liquidity cushion,
BRL1.5 billion in cash and liquid assets, which allows the bank
relative comfort in times of stress.  The bank's low leverage is
one of its strengths.  Daycoval operated with capitalization ratio
close to 30% in the 3Q'09 and has not reduced this ratio below 20%
in the last few years, and Fitch expects that capitalization will
remain solid going forward.  The quality of its capital is also
good and unencumbered from intangible assets.

Daycoval began operations in 1968 with the creation of Daycoval
DTVM and Valco Corretora de Valores.  It is controlled by the
Dayan family, and since 2007 its shares are traded on the Sao
Paulo Stock Exchange (Bovespa).


BANCO NACIONAL: Approves Long-Term Financing for Itaqui
-------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social approved a
long term financing package for the Porto do Itaqui TPP, a project
fully owned by MPX Energia S.A.

The final approval of the financing package not only reinforces
the feasibility and importance of this enterprise, but also shows
that the Company is able to design robust and assertive strategies
for technical, environmental and financial risk mitigation.

BNDES' loan, amounting to R$1.038 billion (in nominal R$,
including interest during construction), will have a 17-year
tenure, with a 14-year amortization period, and a grace period for
interest and principal until July 2012.  The financing package
comprises of a direct loan of R$797 million, at an annual cost of
TJLP + 2.78%, and indirect loans totaling R$241 million, of which
R$ 100 million at an annual cost of IPCA + 12.1-12.6% and R$ 141
million at TJLP + 4.5-5.0%.  During construction, interest will be
capitalized.

In addition to BNDES' financing package, Itaqui should also
receive R$203 million in long term financing from the Banco do
Nordeste do Brasil.  Such credit line is in final stage for
approval.  Considering the total required capex and financing
packages from BNB and BNDES, the project will have a capital
structure of approximately 75% debt/25% equity.

Itaqui is part of the Brazilian Government's Growth Acceleration
Program and represents an important step towards the
diversification of the country's energy matrix, increasing the
reliability of electricity supply.

The plant will use clean-coal technology, complying with the most
rigorous legal requirements of the Brazilian law as well as
international agencies.  So as to foster Brazil's sustainable
development, MPX will go beyond legal requirements and will
implement a vast plan for greenhouse gas reduction.  Moreover, MPX
intends to allocate a significant part of its R&D budget to the
development of carbon sequestration technologies.

                     About Porto do Itaqui TPP

Porto do Itaqui TPP project consists in a 360 MW coal-fired
thermal plant, in the State of Maranhao.  Itaqui has already
contracted 315 average MW in the regulated market, securing annual
fixed revenues of R$252.0 million (as of September 2009).
According to the implementation schedule, commercial operation
should start before January 2012, when the commitment to deliver
energy to the regulated market begins.

                          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.


BRASKEM SA: Board Approves Taking BRL350 Million Loan
------------------------------------------------------
Braskem S.A.'s board authorized the company to obtain up to BRL350
million (US$200 million) in loans per operation in 2010, Rogerio
Jelmayer at Dow Jones Newswires reports, citing a company
statement.

According to the report, the company now can tap local and
international debt market to raise up to BRL350 million per
operation at any time next year.  The report relates that Braskem
didn't unveil a timetable on the taking of loans as authorized by
its board.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating.


COSAN SA: Signs Letter of Intent Agreement With Amyris Brasil
-------------------------------------------------------------
Amyris Brasil has entered into letter of intent agreements with
three sugar and ethanol producers in Brazil, Bunge Limited, Cosan
SA and Açucar Guarani, with the purpose of partnering for the
production of high value renewable specialty chemicals and fuels.
These products will be distributed by Amyris.

On December 3, 2009, Amyris entered into an agreement with the Sao
Martinho Group to acquire a 40% stake in the Boa Vista mill and
that together the parties would convert this mill to achieve the
first production of Amyris products.

“Cosan is always looking to support the development of new
products derived from sucrose and this work in partnership with
Amyris is part of this strategic context,” said Marcos Lutz, CEO
of Cosan.

“We are excited to be collaborating with the sector's foremost
producers to deliver the world's leading production of
alternatives to petroleum-based products,” said John Melo, CEO of
Amyris.  “These agreements are key steps toward building-out a
fully integrated renewable products company – a company that
encompasses the technology, industrial-scale manufacturing and
product distribution capabilities needed to have a material impact
on the global carbon footprint, and to deliver higher quality,
renewable products with lower capital intensity than petroleum-
based products.”

Under the agreement with Guarani, a subsidiary of the French sugar
group Tereos, the parties will investigate the feasibility of
developing an optimal economical model using Amyris technology to
produce cane-derived diesel fuel from molasses rather than from
traditional sugar cane juice.

Amyris intends to bring its renewable fuels and chemicals to
market starting in 2011 through production at the Boa Vista mill.
Starting between the 2012 and 2013 crushing season, Amyris intends
to build production through “capital-light” agreements in which
Amyris provides technology and plant design and mill owners
contribute capital to convert their mills to produce Amyris
renewable products.  The letter of intent agreements with Bunge,
Cosan SA and Guarani should cover Amyris's planned production
through 2013-2014.  Combined with the Boa Vista mill, this results
in a combined crushing capacity of over 12 million tons.

                          About Amyris

Amyris -- http://www.amyris.com-- is an integrated, renewable
products company striving to help the world reduce its carbon
footprint through the production and use of renewable chemicals
and transportation fuels.  Amyris's strategy is to combine
technology, production and distribution with the goal of
commercializing and scaling products effectively while
participating across the supply chain.  Amyris applies synthetic
biology to produce a broad range of products, and combines this
technology with growing scale up and production capabilities
through its subsidiary, Amyris Brasil.  Amyris is also building
distribution capabilities, including through its U.S. subsidiary
Amyris Fuels, LLC.

                        About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 14, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on sugar and ethanol producer Cosan Ltd.
and its Brazilian operating subsidiary, Cosan S.A. Industria e
Comercio (jointly referred to as Cosan), to 'BB-' from 'BB'.  At
the same time, S&P removed the ratings from CreditWatch, where
they were placed with negative implications on April 24, 2008.


PARANA BANCO: S&P Assigns 'B+' Rating on Senior Unsecured Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
senior unsecured debt rating to Parana Banco S.A.'s (B+/Stable/B;
Brazil national scale: brBBB+/Stable/--) U.S. dollar-denominated
senior unsecured notes due in 2012.  The proceeds will be used for
general corporate purposes.

The rating on the notes is the same as the counterparty credit
rating on Parana Banco, reflecting S&P's view that the notes will
rank pari passu with other senior unsecured debt, and that they
will be direct, unsecured, and unconditional obligations of Parana
Banco S.A.

The ratings on Parana Banco S.A. reflect the bank's challenge to
increase its scale while maintaining adequate asset quality.  The
bank also faces potential margin pressures from local competition.
Adequate performance, good asset-quality ratios, and sound
capitalization partially offset these risks.

Parana Banco is a niche bank with adjusted assets of Brazilian
reais 2.6 billion at September 2009.  Parana Banco's main niche is
payroll discount lending, which represents 89% of the bank's loan
portfolio, serving primarily public-sector employees.  The bank is
part of a broader conglomerate owned by the Malucelli family, with
operations in different sectors.  Its business is concentrated in
southern Brazil.

                           Ratings List

                        Parana Banco S.A.

    Corporate Credit Rating                     B+/Stable/B
    National Scale                              brBBB+/Stable/--

                           New Rating

                        Parana Banco S.A.

         US$100 Million Sr. Unsecured Notes Due 2012    B+


* BRAZIL: IDB OKs US$150MM Loan for Municipalities Improvement
--------------------------------------------------------------
The Inter-American Development Bank approved as much as US$150
million in financing for an ongoing program aimed at strengthening
the administrative and fiscal management of Brazilian
municipalities, part of a long-term effort to ensure fiscal
balance in all levels of government.

According to IDB, the new loan will finance the second phase of a
multi-phase federal government program that seeks to help the
country's 5,564 municipalities better integrate their tax systems
and modernize their administrative, tax, financial, and revenue
management to comply with the country's laws and regulations.

The IDB loan will finance the implementation of a managing-for-
results model and improve territorial management with revision, in
many cases, of the master plan for the municipalities.  The
project also seeks to increase transparency and communication with
society as well as update internal and long-distance networks,
operating systems and software, electronic document management,
digital certificates, security, system audits, and on-line
services.

The project will also support the evaluation, dissemination, and
creation of a fiscal best practices database; the implementation
of national and international cooperation agreements; distance
learning programs, and several other measures that will enhance
financial and budget programming and execution.

With this newest loan, the IDB has already provided Brazil with a
total of US$450 million for its Program to Support the
Administrative and Fiscal Management of Brazilian Municipalities.
The Bank plans to provide an additional US$650 million of
financing in coming years to finance other phases of the program.

The IDB's US$150 million loan matures in 20 years and it has a 6-
year grace and disbursement periods.  The interest rate is based
on the LIBOR and the loan is denominated in U.S. dollars.

                           *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


ANGLO-DUTCH COMPANY: Placed Under Voluntary Wind-Up
---------------------------------------------------
On October 29, 2009, the sole member of The Anglo-Dutch Company
Limited passed a resolution that voluntarily 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:

         Peter Mackay
         c/o 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
         Telephone: (345) 949 7966


APHELION GLOBAL: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Aphelion Global Mac Limited are required to file
their proofs of debt by today, December 10, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 27, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Citco Trustees (Cayman) Limited
          P.O. Box 31106, Grand Cayman KY1-1205


CROSS STAFF: Commences Liquidation Proceedings
----------------------------------------------
Cross Staff Aquila Euro Limited commenced liquidation proceedings
on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 8, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart Sybersma
          c/o Jennifer Chailler, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jchailler@deloitte.com


CROSS STAFF: Commences Liquidation Proceedings
----------------------------------------------
Cross Staff Aquila US$ Limited commenced liquidation proceedings
on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 8, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart Sybersma
          c/o Jennifer Chailler, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jchailler@deloitte.com


CS CAPITAL: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of CS Capital Four Credit Selections Master 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 liquidation proceedings on October 28, 2009.

The company's liquidator is:

         Ian Stokoe
         c/o Prue Lawson
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


CS CAPITAL: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of CS Capital Four Credit Selections 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 liquidation proceedings on October 28, 2009.

The company's liquidator is:

         Ian Stokoe
         c/o Prue Lawson
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FCM GLOBAL: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of FCM Global Opportunities 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 liquidation proceedings on October 28, 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


FCM GLOBAL: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of FCM Global Opportunities Master 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 liquidation proceedings on October 26, 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


HERON INVESTMENTS: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------------
The creditors of Heron Investments 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 liquidation proceedings on October 28, 2009.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


INNOVATION ADVISORS: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------------
The creditors of Innovation Advisors are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 22, 2009.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Lauren Christie
         Telephone: 345-815-2663
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


JEFFERIES ARCH: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of Jefferies Arch Rock Fund (Cayman), Ltd. are
required to file their proofs of debt by today, December 10, 2009,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 28, 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


JEFFERIES HYDE: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of Jefferies Hyde Park Fund (Cayman), Ltd. are
required to file their proofs of debt by today, December 10, 2009,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 28, 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


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

The company commenced liquidation proceedings on October 29, 2009.

The company's liquidator is:

         Lion international Corporate Services Limited
         c/o Miss Shakira Gourzong
         Telephone: (345) 949 7755
         Facsimile: (345) 949-7634
         P.O. Box 484, Grand Cayman KY1-1106
         Cayman Islands


MAZZINI INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On October 28, 2009, the sole shareholder of Mazzini International
Ltd. passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
November 30, 2009, will be included in the company's dividend
distribution.

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


MUTUAL FUND: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-N) Limited
are required to file their proofs of debt by today, December 10,
2009, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 28, 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


MUTUAL FUND: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (6-A) Limited
are required to file their proofs of debt by today, December 10,
2009, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 28, 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


MUTUAL FUND: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (7-A) Limited
are required to file their proofs of debt by today, December 10,
2009, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 28, 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


OSPRAIE DRAXIS: Creditors' Proofs of Debt Due on December 11
------------------------------------------------------------
The creditors of Ospraie Draxis Investor 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 liquidation proceedings on October 28, 2009.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


PAULUS INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On October 28, 2009, the sole shareholder of Paulus Investment
Ltd. passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
November 30, 2009, will be included in the company's dividend
distribution.

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


SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
-----------------------------------------------------------
Hugh Dickson and Stephen John Akers were appointed as liquidators
of Saad Investments Finance Company Limited.

The company commenced liquidation proceedings on October 26, 2009.

The Liquidators can be reached at:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 1370GT
         Commerce House, 2nd Floor
         7 Dr. Roy's Drive, Grand Cayman KY1-1108
         Cayman Islands; and

         Stephen John Akers
         Grant Thornton UK LLP
         30 Finsbury Square
         London EC2P 2YU, UK


SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
-----------------------------------------------------------
Hugh Dickson and Stephen John Akers were appointed as liquidators
of Saad Investments Finance Company (No. 2) Limited.

The company commenced liquidation proceedings on October 26, 2009.

The Liquidators can be reached at:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 1370GT
         Commerce House, 2nd Floor
         7 Dr. Roy's Drive, Grand Cayman KY1-1108
         Cayman Islands; and

         Stephen John Akers
         Grant Thornton UK LLP
         30 Finsbury Square
         London EC2P 2YU, UK


SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
-----------------------------------------------------------
Hugh Dickson and Stephen John Akers were appointed as liquidators
of Saad Investments Finance Company (No. 3) Limited.

The company commenced liquidation proceedings on October 26, 2009.

The Liquidators can be reached at:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 1370GT
         Commerce House, 2nd Floor
         7 Dr. Roy's Drive, Grand Cayman KY1-1108
         Cayman Islands; and

         Stephen John Akers
         Grant Thornton UK LLP
         30 Finsbury Square
         London EC2P 2YU, UK


SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
-----------------------------------------------------------
Hugh Dickson and Stephen John Akers were appointed as liquidators
of Saad Investments Finance Company (No. 8) Limited.

The company commenced liquidation proceedings on October 26, 2009.

The Liquidators can be reached at:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 1370GT
         Commerce House, 2nd Floor
         7 Dr. Roy's Drive, Grand Cayman KY1-1108
         Cayman Islands; and

         Stephen John Akers
         Grant Thornton UK LLP
         30 Finsbury Square
         London EC2P 2YU, UK


SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
-----------------------------------------------------------
Hugh Dickson and Stephen John Akers were appointed as liquidators
of Saad Investments Finance Company (No. 9) Limited.

The company commenced liquidation proceedings on October 26, 2009.

The Liquidators can be reached at:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 1370GT
         Commerce House, 2nd Floor
         7 Dr. Roy's Drive, Grand Cayman KY1-1108
         Cayman Islands; and

         Stephen John Akers
         Grant Thornton UK LLP
         30 Finsbury Square
         London EC2P 2YU, UK


SAAD INVESTMENTS: Appoints Dickson and Akers as Liquidators
-----------------------------------------------------------
Hugh Dickson and Stephen John Akers were appointed as liquidators
of Saad Investments Finance Company (No. 10) Limited.

The company commenced liquidation proceedings on October 26, 2009.

The Liquidators can be reached at:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 1370GT
         Commerce House, 2nd Floor
         7 Dr. Roy's Drive, Grand Cayman KY1-1108
         Cayman Islands; and

         Stephen John Akers
         Grant Thornton UK LLP
         30 Finsbury Square
         London EC2P 2YU, UK


SOUTHPORT MILLENNIUM: Commences Wind-Up Proceedings
---------------------------------------------------
Southport Millennium Master Fund, Ltd. commenced liquidation
proceedings on October 21, 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
         c/o Jennifer Parsons
         Telephone: (345) 815 1820
         Facsimile: (345) 949 1986
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


SOUTHPORT MILLENNIUM: Commences Wind-Up Proceedings
---------------------------------------------------
Southport Millennium Offshore Fund, Inc. commenced liquidation
proceedings on October 21, 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
         c/o Jennifer Parsons
         Telephone: (345) 815 1820
         Facsimile: (345) 949 1986
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


SOUTHPORT MILLENNIUM: Commences Wind-Up Proceedings
---------------------------------------------------
Southport Millennium Twenty Offshore Fund, Ltd. commenced
liquidation proceedings on October 21, 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
         c/o Jennifer Parsons
         Telephone: (345) 815 1820
         Facsimile: (345) 949 1986
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


ULTIMA INVESTMENTS: Creditors' Proofs of Debt Due Today
-------------------------------------------------------
The creditors of Ultima Investments Limited are required to file
their proofs of debt by today, December 10, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 29, 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


XAMIG INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On October 28, 2009, the sole shareholder of Xamig International
Ltd. passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
November 30, 2009, will be included in the company's dividend
distribution.

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


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



AIR JAMAICA: Continues to Generate Profit, Minister Says
--------------------------------------------------------
Jamaican Finance Minister Audley Shaw said that national airline
Air Jamaica Limited is continuing to generate a profit,
RadioJamaica reports.  The report relates that after years of
racking up heavy financial losses the air carrier recorded a small
profit during the middle of this year.

According to the report, Mr. Shaw attributed the airline's gain to
the implementation of the airline's business plan.  "As I had
indicated from a pervious presentation on Air Jamaica that they
have continued to show marked improvement in their operational
efficiency and marked reduction in losses occasioned by the
company in fact they have been able to generate a modest operating
profit since they have been implementing the new business plan,"
the report quoted Mr. Shaw 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: Accepts Purchase for 9.25% Senior 2012 Notes
-----------------------------------------------------------
Digicel Group has received and accepted for purchase approximately
US$437.8 million aggregate principal amount of its outstanding
9.25% Senior Notes due 2012 validly tendered by 5:00 p.m., New
York City time, on December 7, 2009, and has received consents
from holders of approximately 97.3% of the Notes as of the Consent
Date.

The consents are sufficient to effect all of the proposed
amendments to the indenture governing the Notes as set forth in
Digicel's Offer to Purchase and Consent Solicitation Statement
dated November 23, 2009 and the related Letter of Transmittal and
Consent, pursuant to which the tender offer and the consent
solicitation are being made.  The proposed amendments eliminate
substantially all of the restrictive covenants and certain default
provisions and also shorten the redemption notice period to three
business days. Digicel has executed a supplemental indenture
effecting the proposed amendments to the indenture, and the
supplemental indenture is binding on the holders of Notes not
purchased in the tender offer.

Digicel also announced it is revising the terms of its tender
offer such that holders who tender their bonds after the date
hereof and prior to the tender expiration date will receive a
tender offer consideration of US$1,046.25 for every US$1,000 of
principal amount of Notes tendered, plus accrued and unpaid
interest.  Digicel is simultaneously announcing that it is
irrevocably calling for redemption of all Notes that remain
outstanding after the consummation of the tender offer on
December 22, 2009 at the redemption price of US$1,046.25 for every
US$1,000 of principal amount of Notes, plus accrued and unpaid
interest.  Holders may obtain a copy of the official notice of
redemption by calling Deutsche Bank Trust Company Americas, the
trustee for the Notes, at +1-908-608-3191.

The Company has retained Credit Suisse Securities (USA) LLC to
serve as the dealer manager and solicitation agent for the tender
offer and the consent solicitation.

                      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


DIGICEL GROUP: Closes US$500 Million Funding Round
--------------------------------------------------
Digicel Group has completed a US$500 million corporate bond
offering of senior notes due 2017.  The bonds were sold with a
coupon of 8.25% and priced at 98.625 to yield 8.5%.

The proceeds of the offering will be used to repurchase Digicel's
outstanding US$450 million 9.25% senior notes due 2012 in a tender
offer or through redemption, with any balance retained by the
company for general corporate purposes.

The offering was led by Credit Suisse, with Citi and J.P. Morgan
acting as joint book-runners on the deal.

Colm Delves, Group CEO of Digicel, said: “We are very pleased with
the success of this refinancing of our 2012 bonds, which shows our
continued disciplined approach to our debt management. The
transaction enabled us to take advantage of the attract ive
interest rates available to us.  As our recent results show,
Digicel is generating substantial cashflow and profits.  The lower
coupon on our new issue reflects investors' increasing comfort
with Digicel's declining risk profile.”

“Even in this economic climate, with our approach to delivering
best value, best network and best service, we are growing our
business and continuing to drive subscriber growth in our newer
markets in Panama and Honduras.  We are making strong progress
building our postpaid customer base and levels of data revenues,
and new initiatives on WiMax and targeting Diaspora sales will
help deliver continued out-performance.”

On November 17, Digicel reported a 10% increase in its half year
profit (EBITDA) to US$364 million on revenues of US$857 million.
Digicel has grown its subscriber base by 7% in the past 12 months
to 7.3 million, and in its most recent quarter to September 30th
2009, it added 98,000 subscribers.

Including Digicel's sister companies Digicel Holdings (Central
America) Limited and Digicel Pacific Limited, there are now 32
markets served by Digicel and over 10 million customers.  The
wider group has shown a compound annual growth rate in subscribers
of over 40% over the past two years.

Michael Speller of Credit Suisse, the lead book-runner of the
offering, said: "Digicel has again demonstrated the level of
support it has in the capital markets.  The quick execution and
attractive rate achieved on this deal is a testament to the demand
for this offering and Digicel's strong track record."

                           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


JAMAICA URBAN TRANSIT: NTCS Owes JM$38 Million in Fees
------------------------------------------------------
Transport and Works Minister Mike Henry said that the National
Transport Co-operative Society still owes Jamaica Urban Transit
Company JM$38 million in fees, RadioJamaica reports.

According to the report, NTCS President Ezroy Millwood publicly
declared that the society had paid up its debt to the JUTC.
However, the report relates, Mr. Henry said that JUTC has yet to
receive a cent.

The report notes that Mr. Henry challenged Mr. Millwood to explain
to the NTCS membership what had become of the fees collected on
their behalf, but have yet to be handed over to the JUTC.
RadioJamaica says Mr. Henry also called for Mr. Millwood to
outline how the bus operators will be compensated for the loss of
their livelihood.

                            About JUTC

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

                           *     *     *

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

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


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


ASARCO LLC: Grupo Mexico Completes Transaction
----------------------------------------------
Grupo Mexico, S.A.B. DE C.V.'s subsidiary, Americas Mining Corp.
(AMC), has consummated its bankruptcy plan for ASARCO LLC,
reuniting ASARCO with its parent company.  The reintegration
follows U.S. District Court Judge Andrew S. Hanen's decision last
month to approve GMEXICO’s full payment reorganization plan for
ASARCO, concluding the company's four-year Chapter 11 proceeding.

“Today marks the beginning of a new chapter for ASARCO and Grupo
Mexico,” said Jorge Lazalde, vice president and general counsel of
ASARCO Inc.  “With ASARCO now able to operate free of its
burdensome asbestos and environmental liabilities, which will be
fully satisfied under our plan, we believe the combined entity
will create one of the world’s strongest and most competitive
copper producers.  We look forward to working closely with our
employees and local communities to realize the full potential of
ASARCO’s high-quality operations and valuable assets.  We are
grateful for this outcome and to all who helped make it possible.”

The court-approved plan, among other things, called for AMC to
make a US$2.2 billion cash contribution to ASARCO for distribution
to creditors, additionally disburse to creditors an estimated
US$1.4 billion in cash on hand from ASARCO’s balance sheet and
guarantee ASARCO’s issuance of a one-year promissory note for
US$280 million payable to the asbestos creditors.

To finance the plan, a syndicate of internationally recognized
financial institutions has provided US$1.5 billion in financing to
AMC. GMEXICO contributed an additional US$700 million to fund the
US$2.2 billion cash contribution on the closing date.

The completion of the bankruptcy plan results in the return of
full management and control of ASARCO to AMC, and the release of
AMC and GMEXICO from all bankruptcy-related claims.

                       About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Paul M.
Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq.,
at Reed Smith LLP give legal advice to the Official Committee of
Unsecured Creditors and David J. Beckman at FTI Consulting, Inc.,
gives financial advisory services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

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

                        About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


CEMEX SAB: May Sell Dollar and Euro Bonds Overseas
--------------------------------------------------
CEMEX, S.A.B. de C.V. may sell bonds denominated in dollars and
euros as it seeks to repay loans from a US$15 billion debt
restructuring, Veronica Navarro Espinosa at Bloomberg News
reports, citing people familiar with the transaction.

Sources told Bloomberg that Cemex SAB may sell benchmark dollar
bonds maturing in seven years to yield about 9.75% and EUR300
million of eight-year bonds to yield about 9.875%.  Bloomberg News
relates that benchmark typically means at least US$500 million in
size.

As reported in the Troubled Company Reporter-Latin America on
December 9. 2009, Bloomberg News said Cemex SAB Chief Executive
Officer Lorenzo Zambrano is returning to the bond market nine
months after his failure to sell US$500 million of securities
forced him to extend payments on bank debt he took on to finance
Sydney-based Rinker Group Ltd. in 2007.   The report related
Francisco Suarez, an analyst at Mexico City-based brokerage
Actinver, said that the spending restraints that banks including
HSBC Holdings Plc and Banco Santander SA forced upon Cemex are
stifling Mr. Zambrano's goals of expanding again.

                        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)'.


GRUPO MEXICO: Completes Asarco LLC Transaction
----------------------------------------------
Grupo Mexico, S.A.B. DE C.V.'s subsidiary, Americas Mining Corp.
(AMC), has consummated its bankruptcy plan for ASARCO LLC,
reuniting ASARCO with its parent company.  The reintegration
follows U.S. District Court Judge Andrew S. Hanen's decision last
month to approve GMEXICO’s full payment reorganization plan for
ASARCO, concluding the company's four-year Chapter 11 proceeding.

“Today marks the beginning of a new chapter for ASARCO and Grupo
Mexico,” said Jorge Lazalde, vice president and general counsel of
ASARCO Inc.  “With ASARCO now able to operate free of its
burdensome asbestos and environmental liabilities, which will be
fully satisfied under our plan, we believe the combined entity
will create one of the world’s strongest and most competitive
copper producers.  We look forward to working closely with our
employees and local communities to realize the full potential of
ASARCO’s high-quality operations and valuable assets.  We are
grateful for this outcome and to all who helped make it possible.”

The court-approved plan, among other things, called for AMC to
make a US$2.2 billion cash contribution to ASARCO for distribution
to creditors, additionally disburse to creditors an estimated
US$1.4 billion in cash on hand from ASARCO’s balance sheet and
guarantee ASARCO’s issuance of a one-year promissory note for
US$280 million payable to the asbestos creditors.

To finance the plan, a syndicate of internationally recognized
financial institutions has provided US$1.5 billion in financing to
AMC. GMEXICO contributed an additional US$700 million to fund the
US$2.2 billion cash contribution on the closing date.

The completion of the bankruptcy plan results in the return of
full management and control of ASARCO to AMC, and the release of
AMC and GMEXICO from all bankruptcy-related claims.

                       About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Paul M.
Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq.,
at Reed Smith LLP give legal advice to the Official Committee of
Unsecured Creditors and David J. Beckman at FTI Consulting, Inc.,
gives financial advisory services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

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

                        About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


GRUPO PETROTEMEX: Sells US$75MM Bonds in Re-Opening of 2014 Note
----------------------------------------------------------------
Grupo Petrotemex SA sold US$75 million of bonds in overseas
markets in a re-opening of 2014 notes, Lester Pimentel at
Bloomberg News reports, citing a person familiar with the
transaction.

According to the report, the source said that the company issued
the bonds to yield 8.83%.  The report relates that the sale
boosted the size of Petrotemex's 9.5% bond to US$275 million.

Bank of America Corp. and JPMorgan Chase & Co. arranged the
offering.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, Fitch Ratings assigned a 'BB+' rating to Grupo
Petrotemex, S.A. de C.V.'s proposed US$200 million senior
unsecured note issuance due 2014.  Proceeds from the proposed
issuance will be applied to debt repayment and general corporate
purposes.

Fitch currently rates Petrotemex:

  -- Local currency Issuer Default Rating 'BB+';

  -- Foreign currency IDR 'BB+';

  -- Petrotemex's US$75 million privately placed senior notes due
     2012 'BB+';

  -- DAK Americas US$115 million guaranteed senior notes due 2014
     'BB+'.


DESARROLLADORA HOMEX: Sells US$250 Million 10-Year Notes
--------------------------------------------------------
Desarrolladora Homex S.A.B. de C.V. sold US$250 million of 10-year
notes, Caryn Trokie at Reuters reports, citing IFR, a Thomson
Reuters service.

According to the report, the 9.50% notes were priced at 98.426 to
yield 9.75%, or 636 basis points over comparable U.S. Treasuries.
The joint book managers on the sale were HSBC and Credit Suisse.

Katherine Wegert at Dow Jones Newswires notes that Homex is
looking for capital to fund its expansion plans, which include
establishing a larger presence in Brazil.  Homex Chief Financial
Officer Carlos Moctezuma told Dow Jones Newswires in an interview
that his firm could push for a "permanent position" in Latin
America's largest economy.  Dow Jones relates that proceeds from
the deal will also go toward paying down debt and other corporate
purposes.

                    About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                        *      *     *

As reported in the Troubled Company Reporter-Latin America on
January 22, 2009, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit and senior unsecured debt ratings
on Desarrolladora Homex S.A.B. de C.V.  The outlook is stable.
The recovery rating is 3.


TUBO DE PASTEJE: Files Chapter 11 Bankruptcy in Delaware
--------------------------------------------------------
According to Bill Rochelle at Bloomberg News, Tubo de Pasteje SA
and subsidiary Cambridge-Lee Holdings Inc. filed Chapter 11
petitions December 7 (Bankr. D. Del. Case No. 09-14353) following
a Nov. 15 payment default on US$200 million in 11.5% senior notes
due 2016.  Tubo and its subsidiary filed for Chapter 11 protection
when the 30-day grace period was nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
the stock of Cambridge-Lee.


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


BANCO SANTANDER: Moody's Upgrades Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two notes
issued by Banco Santander Puerto Rico Grantor Trust 1 and 2.  The
upgrades are based on the higher credit enhancement available to
cover expected losses on the underlying pools.

The current ratings on the notes are consistent with Moody's
practice of rating insured securities at the higher of (1) the
guarantor's insurance financial strength rating and (2) the
underlying rating, based on Moody's modified approach to rating
structured finance securities wrapped by financial guarantors.

As part of evaluating the current ratings for the insured
security, Moody's Investors Service also reviewed the underlying
rating.  The underlying rating reflects the intrinsic credit
quality of the security in the absence of the guarantee.

The underlying rating on the security is based on the methodology
applied to all transactions with small pool factors.  Moody's
defines low pool factor deals as those that meet one of these two
criteria: (1) the outstanding collateral balance is less than
$1 million, and the pool factor is less than 5% or (2) the pool
has fewer than 50 loans remaining

Moody's uses the following methodology to estimate losses on low
pool factor deals.

First, gross defaults are determined by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets ("delinquency pipeline")
and a pipeline multiplier.  The pipeline multiplier accounts for
further possible defaults that might arise from borrowers that are
current.  The pipeline multiplier differs for each deal based on
the number of loans remaining in the pool -- greater the number of
loans remaining the higher the multiplier.  The estimated defaults
are subject to a floor -- a minimum default.  The minimum default
also differs based on the number loans remaining in the pool.  The
fewer the number of loans remaining in the pool the higher the
minimum default since each loan represents a higher percentage of
the pool.

The final default number is then multiplied by expected loss
severity to arrive at Moody's expected loss estimate.  Loss
severity also differs by transaction and is higher for more recent
vintages.

Complete rating action follows:

Issuer: Banco Santander Puerto Rico Grantor Trust 1

  -- Cl. A-6, Current Balance: US$142,386, Upgraded to Aa1;
     previously on Nov 16, 2008 A2 Placed Under Review Direction
     Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on June 25, 2009)

Issuer: Banco Santander Puerto Rico Grantor Trust 2

  -- Cl. A-6, Current Balance: US$12,320, Upgraded to Aaa;
     previously on Nov 16, 2008 A2 Placed Under Review Direction
     Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on June 25, 2009)


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT CORP: Supreme Court Freezes Founder's Assets
--------------------------------------------------
The Supreme Court has granted a temporary order freezing all the
assets of Turks & Caicos Islands-based foreign exchange trader,
Olint Corp. Limited, held by former boss David Smith, his wife
Tracey-Ann Smith, and his brother Wayne Smith, RadioJamaica
reports.

According to the report, the Olint liquidator had made an
application to freeze the Smiths' assets up to the value of
US$214.7-million as well as assets valued up to US$49.1 million
held by Olint (Turks and Caicos Islands) TCI Corporation
worldwide.  The report relates that the court order bars the
Smiths from disposing of or dealing with any of their assets, or
withdrawing or wiring any funds from their accounts or accounts
held on their behalf unless they exceed US$214 million.

RadioJamaica notes that the Smiths will also have to declare their
assets in full particularly where those assets are held in their
names by nominees as well as the sums in these accounts.

The disclosure demand was also slapped on Olint TCI Corporation
Limited.  The report notes that there have been questions recently
about the fact that the Smith's assets in Jamaica were not frozen
or subject to any judicial order; and that the couple has
withdrawn money from their Jamaican accounts to fund their legal
defense.

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, RadioJamaica said that was put to jail in
the Turks and Caicos Islands, after being arrested on September 28
in the neighboring Caribbean territory.  According to a TCRLA
report on June 16, 2009, citing Caribbean Net News, said Florida
resident Christopher Walker sued the several parties for their
involvement in (OLINT)'s operations.  The report related Mr.
Walker, who is claiming that he was defrauded in the company's
“get-rich-quick scheme”, is seeking US$2.4 million in damages.
According to the report, Mr. Walker's complaint involved
these defendants:

  -- Hallmark Bank & Trust Ltd;
  -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
  -- Overseas Locket International Corporation;
  -- OLINT Principal David Smith;
  -- Wayne Smith, David Smith's brother and an
     employee of OLINT;
  -- Turks and Caicos Islands Premier Michael Misick
  -- The Turks and Caicos Islands Investment
     Agency, which "encourages foreign investment in
     the Turks & Caicos Islands"; and
  -- MasterCard Worldwide and MasterCard International
     LLC, which provide card services to Hallmark Bank.

                       About Olint Corp.

Olint Corp. Limited is an investment scheme based in Jamaica.
It has operations in Turks and Caicos and the U.S.  It has been
facing legal problems since 2006 when the Financial Services
Commission served a cease-and-desist order on the firm.  On
Dec. 24, 2007, the court ruled that the operations of Olint
breached provisions of the Securities Act.  The firm had been
dealing in securities and engaging in the participation of a
profit-sharing agreement, issuing investment contracts, and
providing advice to potential investors without licenses and
registration.  Olint appealed the ruling and was granted a stay
of execution of the cease-and-desist order until the appeal was
heard in February 2008.  In May 2008, the National Commercial
Bank Jamaica Limited attempted to close three Olint accounts in
the bank.  However, Olint secured an injunction from the court
barring the National Commercial from closing the accounts.
Olint has suspended payments to its members since early this
year.


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


PETROLEOS DE VENEZUELA: Oil Drilling Activity "Robust," Exec Says
-----------------------------------------------------------------
Petroleos de Venezuela Head of Exploration and Production Eulogio
Del Pino said more oil drilling is taking place in Venezuela than
the country is being given credit for, Dan Molinski at Dow Jones
Newswires reports.  "The news media that's controlled by the
opposition (those opposed to the administration of President Hugo
Chavez) says there are only 56 drills in Venezuela.  Those figures
are false," the report quoted Mr. Del Pino as saying.

According to the report, Mr. Del Pino said that there are actually
140 active drills in Venezuela, of which 50 are PdVSA-owned, with
the other 90 owned by contractors.  The report relates that PDVSA
production averages 3 million barrels a day this year, while
independent observers say it's closer to 2.2 million barrels a
day.

Dow Jones Newswires notes that regardless of the current output,
Mr. Del Pino said that future production just in the Orinoco,
where vast reserves of heavy and extra-heavy crude have been
discovered, will reach 3 million barrels a day over the next 10
years, from the current 1 million barrels a day.  Such production
levels will indeed be necessary if Venezuela hopes to retain its
spot as South America's top producer and exporter of crude oil,
the report says.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/R


* VENEZUELA: Court Orders More Bank Arrests
-------------------------------------------
A Venezuelan court has ordered the arrests of 27 bank executives
for alleged links to violations at seven banks that have been
taken over by the government, Jamaica Gleaner reports.  The report
relates that Venezuelan prosecutors have also asked Interpol for
help seeking the arrests of nine of the suspects who are thought
to have fled the country.

According to the report, prosecutors said that six of the 27
wanted suspects have already been detained, including Banco Real
president Arne Chacon, the brother of science and technology
minister Jesse Chacon, who resigned over the scandal.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Reuters said Venezuela took over three more bank
-- Baninvest, Central Banco Universal, and Banco Real -- raising
the tally to seven.  According to a TCRLA report on December 1,
citing Dow Jones Newswires, the Venezuelan government's takeover
of operational control in four banks continued to rattle the
Venezuelan financial system two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  Dow Jones related 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
noted that Bolivar Banco and Banco Confederado SA will temporarily
shut their doors during the intervention.  The four bank, Dow
Jones Newswires added, 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.

                         *     *     *

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


==========================
V I R G I N  I S L A N D S
==========================


INNOVATIVE COMMUNICATION: FCC OKs Transfer of Licenses to CFC
-------------------------------------------------------------
The Federal Communications Commission unconditionally approved the
transfer of control of Innovative Communication Corporation's
(ICC) operating subsidiaries and assignment of related licenses to
National Rural Utilities Cooperative Finance Corporation (CFC) in
connection with its agreement with the Chapter 11 Trustee of ICC.
The FCC recognized that "CFC is financially committed to
stabilizing and rehabilitating the ICC networks" and that CFC's
acquisition of these companies will "serve the public interest,
convenience, and necessity."  The FCC rejected all petitions to
deny or condition the approvals.

"These approvals move CFC one step closer to receiving the
required regulatory and bankruptcy court approvals.  They also
move us closer to a time when CFC will be able to direct the
operations of ICC and its subsidiaries, make the necessary
investments to improve services and continue the Trustee's
rehabilitation efforts after a difficult period for
telecommunications consumers in the U.S. Virgin Islands," stated
CFC CFO Steven Lilly.

CFC has already received U.S. antitrust approval and regulatory
approval from the government of the British Virgin Islands (BVI),
which was the first transfer-of-control ever granted under the
BVI's new Telecommunications Act.  In January 2009, CFC announced
that it would make a credit bid to acquire the outstanding stock
of the ICC-owned companies. The credit bid is conditioned on
approval of regulatory authorities in the jurisdictions where
ICC's businesses operate.

                           About CFC

National Rural Utilities Cooperative Finance Corporation (CFC) is
a cooperative that serves the nation's rural utility systems.
With more than US$20 billion in assets, CFC provides its member-
owners with an assured source of market-priced capital and
financial products and services.  CFC can be found online at
nrucfc.org.

                  About Innovative Communication

Based in Christiansted, St. Croix, U.S. Virgin Islands,
Innovative Communication Corporation is a telecommunications and
media company with extensive holdings throughout the Caribbean
basin.  The company's operations are in Belize, British Virgin
Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten,
U.S. Virgin Islands and France and include local, long distance
and cellular telephone companies, Internet access providers,
cable television companies, business systems, and The Virgin
Islands Daily News, a Pulitzer Prize-winning newspaper.

On Feb. 10, 2006, creditors Greenlight Capital Qualified, L.P.,
Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd.,
filed involuntary chapter 11 petition against Innovative
Communication Company LLC and Emerging Communications, Inc., and
Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case
Nos. 06-10133 through 06-10135).  The Greenlight creditors
disclosed US$18,780,614 in total claims.

On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser,
filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos.
06-30007 through 06-30009).  Pursuant to Rule 1003-1 of the
Local Bankruptcy Rules of the District Court of the Virgin
Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana,
were designated as the individuals who are the principal
operating officers of the alleged debtor.  On Dec. 14, 2006, the
Delaware Bankruptcy Court entered an order transferring the
venue of the involuntary bankruptcy cases transferring to the
U.S. District Court for the District of the Virgin Islands,
Bankruptcy Division.

On July 5, 2007, the Greenlight creditors filed an involuntary
chapter 11 petition against Innovative Communication Corporation
(Bankr. D. V.I. Case No. 07-30012).  The creditors disclosed
total aggregate claims of US$56,341,843.  Matthew J. Duensing,
Esq., and Richard H. Dollison, Esq., at Stryker, Duensing,
Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps
Slate Meagher & Flom LLP, represent the creditors.

Stan Springel of Alvarez & Marsal, the Court-appointed chapter
11 trustee, is represented by Andrew Kamensky, Esq., at Hunton &
Williams.


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


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


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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *