TCRLA_Public/091214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Monday, December 14, 2009, Vol. 10, No. 247

                            Headlines

A R G E N T I N A

AMERICAN STAR: Creditors' Proofs of Debt Due on March 1
AMR ARGENTINA: Creditors' Proofs of Debt Due on February 26
CARBOCLOR SA: Moody's Assigns Corporate Family Rating at 'B3'
DROGUERIA CONGRESO: Creditors' Proofs of Debt Due on March 1
FOR EXPORT: Creditors' Proofs of Debt Due on February 11

FRIGORIFICO ARTECAR: Creditors' Proofs of Debt Due on March 1
HAMAAFIA SA: Creditors' Proofs of Debt Due on March 4
MANTELPLAST SACI: Creditors' Proofs of Debt Due on February 26
MARROSKAT SRL: Creditors' Proofs of Debt Due on March 12
WEST GROUP: Creditors' Proofs of Debt Due on March 25


B E R M U D A

CAPE DYNAMIC: Commences Liquidation Proceedings
PROTOSTAR LTD: SES Offers US$185MM Cash for Protostar II
XL CAPITAL: Says Book Value Doubled; Stock Price Increases Sixfold


B R A Z I L

BANCO CRUZEIRO: Registers for US$228 Million Share Offer
EMBRAER: Signs US$2.2-BB Leasing & Financing Deal With CDB Leasing
GAFISA SA: Moody's Assigns 'Ba1' Rating on BRL600 Mil. Bonds
GOL LINHAS: Finalizes Code Share Agreement With American Airlines
GOL LINHAS: To Charter Flight for CVC Starting December 12

MARFRIG ALIMENTOS: Improved Operations Cue Moody's Stable Outlook


C A Y M A N  I S L A N D S

ABN AMRO: Commences Liquidation Proceedings
ACA AQUARIUS: Commences Liquidation Proceedings
ANN FUNDING: Commences Liquidation Proceedings
BANCAJA INTERNATIONAL: Commences Liquidation Proceedings
BLACK MESA: Commences Liquidation Proceedings

BLUECORR FUND: Commences Liquidation Proceedings
BLUEMOUNTAIN CORRELATION: Commences Liquidation Proceedings
BLUEMOUNTAIN GLOBAL: Commences Liquidation Proceedings
CARRINGTON NIM: Commences Liquidation Proceedings
CARRINGTON NIM: Commences Liquidation Proceedings

DEALER ENHANCED: Commences Liquidation Proceedings
DINO CORPORATION: Commences Liquidation Proceedings
DIVERSIFIED STRATEGIES: Commences Liquidation Proceedings
DUMOCO LLC: Commences Liquidation Proceedings
FAHRENHEIT 2007-3: Commences Liquidation Proceedings

FERTILIZERS AND: Commences Liquidation Proceedings
GANNET IV: Commences Liquidation Proceedings
HALOGEN OFFSHORE: Commences Liquidation Proceedings
HEDGEFORUM KEYWISE: Commences Liquidation Proceedings
HEDGEFORUM TRELLUS: Commences Liquidation Proceedings

HOLCIM INTERNATIONAL: Commences Liquidation Proceedings
HUDSON MEZZANINE: Commences Liquidation Proceedings
KE SWAN: Commences Liquidation Proceedings
KE SWAN: Commences Liquidation Proceedings
KSA MBS: Commences Liquidation Proceedings

LIGHTPOINT CLO: Commences Liquidation Proceedings
LILACS REPACKAGING: Commences Liquidation Proceedings
LOAN FUNDING: Commences Liquidation Proceedings
PORT CAPITAL: Commences Liquidation Proceedings
WESTWOOD CDO: Commences Liquidation Proceedings


C O L O M B I A

ECOPETROL SA: Plans US$6.93 Billion Investment in 2010


D O M I N I C A N  R E P U B L I C

EGE-HAINA: Dominican Port Authority Lifts Freeze on Accounts
SEABOARD: Dominican Port Authority Lifts Freeze on Accounts


J A M A I C A

NATIONAL COMMERCIAL BANK: Manager Charged With Money Laundering
SUGAR COMPANY OF JAMAICA: Frome to Meet 2009/10 Sugar Targets
SUGAR COMANY OF JAMAICA: Eridania Funding Saves Gov't From Subsidy


M E X I C O

GRUPO SENDA: S&P Affirms Corporate Credit Rating at 'B-'
KRISPY KREME: KK Mexico Posts US$487,000 Net Loss for Nov. 1 Qtr


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

MILLENNIUM BANK: Investor Losses More Than Triple


S U R I N A M E

* SURINAME: IDB OKs US$15 Million to Aid Poor Families


V I R G I N  I S L A N D S

K1 GROUP: Investment Arm Likely Worthless, Liquidator Says


X X X X X X X X

* CARIBBEAN: IDB Launches Plan Competition for Tourism Projects
* BOND PRICING: For the Week December 7 to December 11, 2009


                         - - - - -


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


AMERICAN STAR: Creditors' Proofs of Debt Due on March 1
-------------------------------------------------------
Ana Maria Calzada Percivale, the court-appointed trustee for
American Star SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 1, 2010.

Ms. Percivale will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ana Maria Calzada Percivale
          Sarmiento 2437
          Argentina


AMR ARGENTINA: Creditors' Proofs of Debt Due on February 26
-----------------------------------------------------------
Norberto Jorge Volpe, the court-appointed trustee for AMR
Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 26, 2010.

Mr. Volpe will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 25, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 18, 2010.

The Trustee can be reached at:

          Norberto Jorge Volpe
          Maipu 859
          Argentina


CARBOCLOR SA: Moody's Assigns Corporate Family Rating at 'B3'
-------------------------------------------------------------
Moody's Latin America has assigned a B3 corporate family rating on
its global scale and a Baa1.ar CFR on its Argentina national scale
to Carboclor S.A.  The outlook for all ratings is stable.  This is
the first time that Moody's has assigned a rating for Carboclor.

Carboclor's ratings are supported by the company's leading market
position in core oxygenated solvents in the Argentinean market,
modest leverage and strong credit metrics for its rating category.
The rating also factors in support from the controlling company,
ANCAP (Ba2, stable), as illustrated by Carboclor's zero-interest,
US$11.8 million loan from ANCAP.

Although Carboclor's debt protection metrics are strong for the B3
rating category, qualitative factors currently take on greater
importance in Moody's evaluation of Carboclor's long-term
creditworthiness.

The ratings are constrained by the company's small size, narrow
product line, limited operational and geographic diversity, the
commodity nature of its products and its significant exposure to
volatile raw material inputs and supplier and client
concentration.  The ratings are also constrained by risks related
to the company's reliance on selling MTBE, an additive used in
gasoline and the second largest product in Carboclor's portfolio.
Some countries have already banned the use of MTBE and the use of
the additive is likely to decline in Argentina as of 2011, when
regulations require the use of a 5% bio-fuel blend for gasoline,
substituting other additives like MTBE.  Moody's believe that
these weaknesses pose significant business risks to the company's
operations that are not reflected in quantitative debt protection
metrics.

Also constraining the ratings is the company's track record for
volatile margins and costs, as evidenced by the decline in
profitability during recent years and the quarterly swings shown
in the company's margins and cash flows.  Moody's notes that,
during 2009, the company has been able to reduce costs and improve
margins after a new management team took over in late 2008,
although Moody's would like to see a longer track record for cost
discipline before assuming that this improvement is sustainable.

Historically, Carboclor's main sources of liquidity have been
inter-company loans from its parent and trade finance credit lines
with local and international banks.  The company does not maintain
committed bank lending facilities, but has long-established bank
relationships.  As of September 30, 2009, Carboclor had a cash
position of ARS 11 million (US$3 million), of which ARS 3 million
(US$0.8 million) was in dollar-denominated deposits.  The total
cash position is equivalent to 113% of the ARS 9.8 million of
short-term debt.  In evaluating Carboclor's liquidity, Moody's
considers that all of its long term debt service is related to
monthly payments on the inter-company loans with its parent
company, which could be rescheduled if necessary, as already
occurred during the first quarter of 2008.

Carboclor's B3 rating primarily reflects its business risk profile
and its expected financial performance in accordance with Moody's
Global Chemical Industry rating methodology.  The Baa1.ar is a
National Scale rating and it is intended to measure the relative
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks.  NSRs in Argentina are designated by the ".ar" suffix.
Issuers or issues rated Baa.ar represent average creditworthiness
relative to other domestic issuers.  NSRs differ from global scale
ratings in that they are not globally comparable to the full
universe of Moody's rated entities, but only with other rated
entities within the same country.

The stable outlook reflects Moody's expectations that Carboclor
will continue to be focused on cost discipline and successfully
implement its business plan, resulting in more efficient operating
performance and less margin volatility.

If the recent improvement in Carboclor's cost controls is not
sustained over time and the company's margins revert to the levels
and volatility experienced in 2008, the ratings could be
downgraded.  Quantitatively, downward pressure on the ratings
could occur if the company's EBITDA margin drops below 5% (15% as
of the last twelve month-LTM period ending September 30, 2009) or
its return on assets is inferior to 4% (17.9% LTM).  A more
aggressive financial policy leading to a Debt / EBITDA ratio of
above 3 times (1.1 times LTM) could also have a negative impact on
ratings.

Near-term upward rating pressure is unlikely because the
constraining factors mainly include those related to the company's
business risks, as outlined above.  Over the medium term, an
upgrade would require that Carboclor become a significantly larger
and more diversified company, with demonstrated cost discipline.

Carboclor is a 74% owned subsidiary of ANCAP (Ba2, stable), and is
a C3 and C4 petrochemical processor company in Argentina, with
total revenues of approximately US$75 million for the last twelve
months ending on September 30, 2009.

Administracion Nacional de Combustibles, Alcohol y Portland is
Uruguay's state-owned oil company with a monopoly position in
refining and wholesale marketing within Uruguay and a dominant
position in most other domestic markets in which it operates.


DROGUERIA CONGRESO: Creditors' Proofs of Debt Due on March 1
------------------------------------------------------------
The court-appointed trustee for Drogueria Congreso S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 1, 2010.

The trustee will present the validated claims in court as
individual reports on April 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 26, 2010.


FOR EXPORT: Creditors' Proofs of Debt Due on February 11
--------------------------------------------------------
Liliana Montoso, the court-appointed trustee for For Export
International Corp SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 11, 2010.

Ms. Montoso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Liliana Montoso
          Sarmiento 517
          Argentina


FRIGORIFICO ARTECAR: Creditors' Proofs of Debt Due on March 1
-------------------------------------------------------------
The court-appointed trustee for Frigorifico Artecar S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 1, 2010.

The trustee will present the validated claims in court as
individual reports on April 15, 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 28, 2010.


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

The trustee will present the validated claims in court as
individual reports on May 6, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 8, 2010.


MANTELPLAST SACI: Creditors' Proofs of Debt Due on February 26
--------------------------------------------------------------
The court-appointed trustee for Mantelplast S.A.C.I.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 26, 2010.

The trustee will present the validated claims in court as
individual reports on April 14, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 26, 2010.


MARROSKAT SRL: Creditors' Proofs of Debt Due on March 12
--------------------------------------------------------
Francisco Vazquez, the court-appointed trustee for Marroskat SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 12, 2010.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

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

The Trustee can be reached at:

          Francisco Vazquez
          Rodriguez Pena 110
          Argentina


WEST GROUP: Creditors' Proofs of Debt Due on March 25
-----------------------------------------------------
The court-appointed trustee for West Group S.A.C.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 25, 2010.


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B E R M U D A
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CAPE DYNAMIC: Commences Liquidation Proceedings
-----------------------------------------------
On December 1, 2009, the sole member of Cape Dynamic Fund Limited
passed a resolution that voluntarily liquidates the company's
business.

The company's liquidator is:

          Edward Allanby
          Wessex House, 2nd Floor
          45 Reid Street, Hamilton HM 12
          Bermuda


PROTOSTAR LTD: SES Offers US$185MM Cash for Protostar II
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that an affiliate of SES
SA has a contract to buy ProtoStar Ltd.'s ProtoStar II satellite
for US$185 million cash, absent higher and better bids at an
auction on December 16.  If the proposed revised auction procedure
is approved, SES will be the stalking horse bidder at the auction.
Competing bids would be due December 14.  The sale hearing will be
on December 18, two days following the auction.  ProtoStar says it
expects the auction will be "competitive."  The ProtoStar II
satellite was launched in May and became operational in June.

As reported by the TCR on Nov. 12, ProtoStar has won approval to
sell the ProtoStar I satellite and related equipment for $210
million to an affiliate of Intelstat Holdings Ltd.

The Official Committee of Unsecured Creditors has a suit pending
where it contends secured lenders don't have valid liens securing
aUS$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.


XL CAPITAL: Says Book Value Doubled; Stock Price Increases Sixfold
------------------------------------------------------------------
XL Capital Ltd Chief Executive Officer Michael McGavick said the
firm's management team is "at the end of the beginning" after a
year of strong recovery; and the company is now focused on "being
the best".

"Clearly the last year has been very kind to us," the report
quoted Mr. McGavick as saying.  "We've more than doubled our book
value and we've seen the sixfold increase in our stock price and
these are very gratifying things in and of themselves to be sure.
But I would tell you that we just feel, as the management team, we
are at the end of the beginning.  We didn't gather at XL to just
navigate what went on last fall.  We gathered to bring XL back to
being one of the great insurance and reinsurance franchises in the
world," he added.

According to the report, the company was hard hit in 2008 by its
exposure to the sub-prime mortgage crisis through then affiliate
bond insurer Security Capital Assurance (Syncora Holdings); and
investment losses compounded the problems prompting XL Capital to
post a net loss of US$2.6 billion in 2008.

The report says this year the company has trimmed its global work
force, de-risked its investment portfolio and its situation has
stabilized.

Mr. McGavick, the Gazette relates, said: "Right now, we are
basically in a very internally focused phase, having stabilized
the franchise, having got lots of noise behind us, we're really
focused on making sure our underwriting teams understand what
their objectives are and how to navigate a soft market.  Believe
me, we had the soft market play book out and are acting on it."

XL was reorganizing to embed accountability more deeply into the
organization, Mr. McGavick added.

On the investment portfolio, Mr. McGavick, the report notes, said
that the company was at the end of de-risking.  "There is no one
source of loss that keeps us up at night even though we are not
quite where we want to be.  The progress is sufficient now that we
are focused on getting the portfolio just right as opposed to the
maps of de-risking we were engaged in for the rest of the year,"
the report quoted Mr. McGavick as saying.

                          About XL Capital

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

                           *     *     *

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


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


BANCO CRUZEIRO: Registers for US$228 Million Share Offer
--------------------------------------------------------
Banco Cruzeiro do Sul SA registered plans for a primary and
secondary share offer, Jeff Fick at Dow Jones Newswires reports,
citing a company statement.

According to the report, the bank said that the share offer was
estimated at BRL400 million (US$228 million), but the final value
of the offer will be determined after bookbuilding.

"The resources raised by the offer will be utilized to sustain the
bank's growth outlook," the report quoted the bank as saying.

                       About Banco Cruzeiro

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As of June June 15, 2008, the company continues to carry Moody's
Foreign Currency LT Debt Ratings at Ba2 and LT Bank Deposits
Ratings at Ba3.


EMBRAER: Signs US$2.2-BB Leasing & Financing Deal With CDB Leasing
------------------------------------------------------------------
Empresa Brasileira de Aeronautica SA signed Memorandum of
Understanding with CDB Leasing Co., Ltd. (CLC).  This agreement
for aircraft financing and leasing could come to as much as US$
2.2 billion over the next three years.

CLC is the major financial leasing company held by the China
Development Bank (CDB).

The deal is designed to enhance financing opportunities for
acquiring Embraer aircraft in the People’s Republic of China and
abroad, focusing on developing regional aviation in China.

“We are proud to sign this Memorandum with one of the world’s most
important financial institutions,” said Paulo Cesar Silva, Embraer
Senior Vice President, Sales Financing.  “Our agreement with CDB
Leasing entails the expertise, skills and reputation of a global
bank to support our customers in China and the worldwide regional
aviation market with unparalleled quality and creativity.”

Besides sharing experience in aircraft financing and portfolio
management, CDB Leasing will provide financial solutions that
better suit the airlines’ needs.  The company may also consider
purchasing aircraft directly from Embraer for future leasing
opportunities.  In any case, Embraer will indicate prospective
customers to CDB Leasing, at its discretion, and will
provide the specified customer assessment.

“Embraer is an important global strategic partner of CDB Leasing.
We are looking forward to closer cooperation with Embraer in the
global market.  CDB Leasing will provide Embraer with
comprehensive and high-quality financial services,” said Wu
Rongyang, Vice President of CDB Leasing Co., Ltd.

                         About CDB Leasing

CDB Leasing Co., Ltd. -- http://www.cdb-leasing.com-- had been
restructured as a non-bank financial institution by the China
Development Bank (CDB) with more capital input under the approval
of the China Banking Regulatory Commission. With registered
capital of RMB8 billion, CLC ranks as China’s largest financial
leasing company, in terms of registered capital and total assets.

                           About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com–- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB–Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


GAFISA SA: Moody's Assigns 'Ba1' Rating on BRL600 Mil. Bonds
------------------------------------------------------------
Moody's has assigned a Ba1 local currency and a Aa2.br Brazil
national scale rating to Gafisa S.A.'s proposed issue of
BRL600 million in secured debentures.  At the same time, Moody's
affirmed Gafisa's Ba2/A1.br corporate family ratings.  The outlook
for all ratings is negative.

The new debenture issue is rated at Ba1, one notch higher than
Gafisa's Ba2 CFR, due to the higher expected recovery of this debt
instrument arising from its floating guarantee and structure that
provides additional guarantees to creditors.  Creditors with a
floating guarantee are senior to any unsecured holders, but junior
to any debt that is secured by specific tangible assets.  As of
September 30, 2009, and pro-forma for the new transaction, 46% of
Gafisa's outstanding debt would be junior to the proposed
debenture issue in the priority of claims.

The use of proceeds is the financing of up to 90% of the land,
construction and development costs of the eligible projects
supporting the company's growth plans.

Gafisa's Ba2/A1.br rating continues to reflect its strong market
share position, its diversified product portfolio with a strategic
land bank position, experienced and conservative management team.
The rating is further supported by Gafisa's strong brand name in
the Brazilian homebuilding sector and long track record of
operations that started in 1954, thus having passed through a
large number of economic crises.  On the other hand, these
positive factors are constrained by Gafisa's focus on the high-
rise segment, which pressures working capital and free cash flow
due to the extended construction periods of more than 2 years in
this segment.

The rating uplift of one notch on the global scale and two notches
on the Brazilian national scale over the corporate family ratings
result from Moody's expectation that debenture holders would have
above average principal recovery prospects in the event of a
default.  The proposed debentures benefit from a first priority
perfected security interest under Brazilian law ("alienaçao
fiduciária") and the guarantees are comprised of: a) unfinished
residential real estate receivables, b) the Centralizing Account
and Debt Service Payment Account, c) the shares of SPVs that will
hold new real estate projects including the associated land, or
mortgage of the land and, d) a floating corporate guarantee.  The
issuer is committed to guarantee that at any time the ratio
between a) the aggregate amount of the face value of the pledged
Eligible Receivables and b) the total outstanding debenture amount
less the sum of the amounts deposited in the Central account and
in the Debt Service Payment Account, must be equal to or greater
than 120%.  Gafisa is obligated to cede new collateral to the
transaction as necessary in order to maintain the required
overcollateralization ratio of at least 120%.

In the case of Gafisa's insolvency, the debenture holders would
benefit from the proceeds of the liquidation of any of the pledged
assets in the transaction.  These assets can be liquidated by
selling the underlying housing developments (i.e. including the
land and any incomplete or completed construction) or by selling
the shares in the trust in the secondary markets.  Another
alternative would be to hire a substitute developer to continue
the construction of the incomplete housing developments or to
maintain the sub-contracted construction companies hired by Gafisa
to provide the construction services on the vast majority of the
pledged housing developments.  The projects backing the
transaction for which construction has not been initiated and are
not held within an SPV will benefit from insurance that ensures
completion, even in the case Gafisa goes bankrupt.  The pledged
assets would not be part of the bankruptcy process (as outlined
under Brazil's new bankruptcy law No. 11101, dated Feb. 9, 2005)
of Gafisa, although debenture holders may be subject to a six-
month stay period before assets can be repossessed and liquidated.

During the last twelve months ended in September 2009, Gafisa
reported net sales of BRL 2.7 billion, up 82% compared to the BRL
1.5 billion reported in the same period last year, reflecting the
acquisition of Tenda and stronger sales in the middle and high
income segments of Gafisa and Alphaville.  During the peak of the
economic downturn, Gafisa improved its cash generation by reducing
the volume of project launches and increasing its selectiveness
for new projects.  These measures resulted in higher sales speed
and reduction of inventory levels that fell from BRL 3.4 billion
in the end of 2008 to BRL 2.8 billion in the end of September
2009, with no material reduction in average realized unit sale
prices.

Meanwhile, the Brazilian government demonstrated strong support
for the homebuilding industry during the downturn through the
creation of programs to help homebuilders and improve mortgage
availability to homebuyers, especially in the lower income
segments.  Tenda was the first company to tap the government's BRL
3.0 billion stimulus program through a BRL 600 million 5-year
debenture issuance in April 2009, which had a structure similar to
that of the proposed debentures.  In April 2009, in order to
further stimulate the sale of units, the government increased the
price limit for buying homes with FGTS indemnity funds to BRL 500
thousand from BRL 350 thousand, and simultaneously increased the
maximum percentage that can be financed through CEF with FGTS
funds from 70% to 90% of the total costs.  During the 3rd quarter
of 2009 the government reinforced its commitment to the housing
sector by increasing the size of the program to BRL 6.0 billion.

Ratings Assigned:

* BRL 600 million secured debentures with a floating guarantee:
  Ba1/Aa2.br

Ratings Affirmed:

* Corporate Family Rating: Ba2/A1.br

The current negative outlook mainly reflects Gafisa's higher
leverage as measured by Debt to Capitalization of 51.6% at the end
of September, 2009, which is one of Moody's established triggers
for negative pressure on the rating.  However, if the company is
able to reduce leverage in the next few quarters while maintaining
good liquidity and improving cash flow metrics, the current
negative outlook is likely to be stabilized.  More specifically, a
stabilization of Gafisa's rating outlook would require the company
to be able to sustainably cover at least two quarters of working
capital needs with its cash balance or other committed sources of
liquidity (3.9 quarters at the end of September 30th, 2009) and
move FFO / Debt towards 20% (7.7% at the end of September 30th,
2009) and total debt to capitalization to below 50%.

Gafisa's ratings would likely be downgraded if the company fails
to reduce its leverage, as measured by Total Debt to
Capitalization, in the next few quarters, which is currently high
for the Ba2 rating category.  Given ongoing negative free cash
flow, driven by persistent high working capital needs, and Moody's
expectation that cash is unlikely to be used for debt reduction,
the company will likely require additional equity in order to
reach leverage considered appropriate for the current rating
category.

Quantitatively, Gafisa's rating would likely be downgraded if its
Debt to Capitalization is sustained above 50% (51.6% for LTM ended
September 30, 2009) or if FFO / Debt is sustained below 15% (7.7%
in LTM).  A downgrade could also be triggered by a deterioration
in Gafisa's liquidity profile due to slower than expected
disbursements from credit lines that the company has available
with commercial banks through the Housing Finance System (Sistema
Financeiro de Habitaçao) or from the proposed debentures.  In
addition to the above factors, the proposed debentures could also
be downgraded to the same level as Gafisa's corporate family level
if Gafisa's capital structure changes, with a significant
reduction in senior unsecured debt.

Moody's last rating action for Gafisa occurred on February 20,
2009, at which time Moody's changed its rating outlook to negative
from stable and downgraded its Brazilian national scale rating
from Aa3.br to A1.br, due to weaker liquidity after the
capitalization of Tenda and tougher access to the capital markets.

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in Brazil,
ranking second in terms of revenues and volumes, and also one of
the most diversified in terms of product offering to different
income levels and geographic regions, operating in 99 cities and
20 different states.


GOL LINHAS: Finalizes Code Share Agreement With American Airlines
-----------------------------------------------------------------
American Airlines and GOL Intelligent Airlines aka GOL Linhas
Areas Inteligentes S.A are enhancing their alliance by finalizing
a codeshare agreement to place American's AA code on GOL's growing
network of flights within Brazil.  American and GOL expect to
implement the codeshare as soon as all government approvals are
received.

The codeshare agreement not only adds more cities to American's
network in Brazil, but also will offer customers a smoother, more-
convenient travel experience.  American, a founding member of the
oneworld (R) alliance, is the largest U.S. airline to Brazil,
currently serving the five major Brazilian cities of Sao Paulo,
Rio de Janeiro, Belo Horizonte, Recife, and Salvador nonstop from
gateways in Miami, New York and Dallas/Fort Worth.  GOL is one of
South America's largest airlines offering service to 49
destinations in Brazil, more than any other airline.  The new
codeshare agreement will allow American to offer a level of
accessibility in Brazil unequalled by any other U.S. airline.

In addition, American and GOL are further strengthening their
relationship for members of both airlines' frequent flyer programs
- American's AAdvantage (R) and GOL's Smiles programs.

In August of this year, American and GOL implemented the ability
for AAdvantage and Smiles members to accrue frequent flyer mileage
credit on both airlines.  The next step, in early 2010, will allow
members of American's AAdvantage program to redeem travel awards
on GOL.

"We're very pleased to expand our cooperation with GOL to add
significant value for our customers," said Gerard Arpey,
American's Chairman and CEO.  "The combination of the widest
choice of destinations and schedules, coupled with the AAdvantage
and Smiles relationship, is going to bring customers an enhanced
level of service of which we are very proud."

"We are extremely pleased to expand our relationship with American
Airlines.  Our codeshare cooperation will provide American's
customers the benefits of GOL's quality services and comprehensive
flight network," said Constantino de Oliveira Junior, GOL's CEO.
"Additionally, our frequent flyer program agreement is a great
benefit for our respective loyalty program members."

American serves five nonstop destinations in Brazil with 58 weekly
flights to and from Miami International Airport, New York's John
F. Kennedy International Airport, and Dallas/Fort Worth
International Airport.  GOL operates nearly 800 daily flights to
49 cities in Brazil and 10 destinations elsewhere in South America
and the Caribbean.

                    About American Airlines

American Airlines, American Eagle and AmericanConnection (R) serve
250 cities in 40 countries with, on average, more than 3,400 daily
flights.  The combined network fleet numbers more than 900
aircraft.  American's award-winning Web site, AA.com®, provides
users with easy access to check and book fares, plus personalized
news, information and travel offers.  American Airlines is a
founding member of the oneworld(R) Alliance, which brings together
some of the best and biggest names in the airline business,
enabling them to offer their customers more services and benefits
than any airline can provide on its own.  Together, its members
serve nearly 700 destinations in more than 130 countries and
territories. American Airlines, Inc. and American Eagle Airlines,
Inc. are subsidiaries of AMR Corporation.  AmericanAirlines,
American Eagle, AmericanConnection, AA.com, We know why you fly
and AAdvantage are registered trademarks of American Airlines,
Inc. (AMR)

                 About the AAdvantage Program

The AAdvantage program was the first frequent flyer program.
Established in 1981, the program now has more than 60 million
members. Members can earn miles at more than 1,000 participating
companies, which include more than 30 hotel chains representing
more than 60 brands, more than 20 airlines, eight car-rental
companies, 12 financial companies, and over 250 brand name
retailers.  In addition, members can earn miles when making
purchases with one of more than 100 affinity card products in over
40 countries.  In 2008, AAdvantage members redeemed more than 155
billion miles to claim more than 4.8 million awards for flights,
upgrades and car rentals.

                       About GOL Linhas

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

                           *     *     *

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

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

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

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

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


GOL LINHAS: To Charter Flight for CVC Starting December 12
----------------------------------------------------------
Brazil’s largest tour operator CVC will operate a charter flight
out of Sao Paulo, Brazil, starting Saturday, December 12 and
continuing every Saturday after that for two-and-a-half months,
The Daily Herald reports.  The report relates that new seasonal
airlift will go a long way towards attracting GOL Intelligent
Airlines aka GOL Linhas Areas Inteligentes S.A. to the island for
year-round weekly flights.

According to the report, St. Maarten Tourism Bureau Head Regina
Labega said all efforts were being made to attract GOL, including
meeting with its representatives at the recently concluded Network
Latin America conference.

The report relates Ms. Labega said that St. Maarten was still very
interested in having GOL service the island during a six-hour
stop-over in Sao Paulo from Venezuela, and impressed this on GOL
representatives.  The Hearald says that Although GOL would prefer
starting with one flight weekly, citing sustainability concerns,
the St. Maarten delegation recommended two flights per week.

“The discussions were positive. We hope to have GOL servicing the
island by July of next year.  We have the benefit of having CVC
operate the flight on December 12, giving GOL vital experience in
servicing the destination.  Executives from CVC will also assist
us in landing GOL’s services,” the report quoted Ms. Labega as
saying.

                         About GOL Linhas

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

                           *     *     *

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

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

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

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

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


MARFRIG ALIMENTOS: Improved Operations Cue Moody's Stable Outlook
-----------------------------------------------------------------
Moody's changed the rating outlook for Marfrig Alimentos S.A. to
stable from negative based on the company's progress in
integrating its recently acquired assets, as demonstrated by
improved operating margins and positive cash flow from operations
for the last twelve months ending on September, 30, 2009.

"The stabilization of Marfrig's rating outlook also reflects the
company's ability to successfully raise approximately BRL 1.5
billion in net proceeds through a public equity offer to fund the
Seara acquisition," explained Moody's Vice-President Senior
Analyst, Soummo Mukherjee.

Marfrig's B1 rating reflects the company's increasingly
diversified portfolio of products in five animal proteins (lamb,
pork, turkey, poultry and beef), its growing portfolio of brands,
its geographic footprint and competitive cost-structure.  However,
the rating also incorporates Marfrig's currently weak cash flow
from operations, relatively high leverage, and the challenges in
successfully integrating the company's significant number of
sizeable acquisitions.

In September, Marfrig signed a binding agreement to acquire Seara
Alimentos Ltda. for US$706 million plus US$194 million of assumed
debt.  The transaction is at this point only subject to European
regulatory approval and is expected to close by year-end.

We recognize the qualitative benefits of the Seara acquisition in
terms of scale, synergies and further product diversification.
Together with Seara, Marfrig will become the second largest
Brazilian pork and poultry processor in terms of domestic sales
and exports (previously # 5 in poultry exports and # 8 in pork
exports).  These benefits are however balanced by the operational
challenges that the company will face to successfully integrate
recent acquisitions without disrupting the company's revenue and
EBITDA targets for 2010.  In addition to Seara, Marfrig recently
purchase of 51% of Zenda, a Uruguayan leather processing company,
and twelve beef slaughter facilities were recently leased from two
bankrupt companies (Margem and Mercosul).

Despite the difficult beef and poultry export market conditions
due to the global economic downturn affecting demand and the
appreciation of the Brazilian Real impacting pricing, Marfrig made
solid progress in the integration of its recently acquired
European OSI assets by improving operating margins since the
acquisition in November, 2008 and generating BRL 81 million of
positive cash flow from operations for the last twelve months
ending on September 30, 2009.

The stable outlook is based on Moody's expectation that Marfrig
will remain focused on integrating its newly acquired acquisitions
in 2010, while maintaining adequate liquidity at all times.

Marfrig's rating would likely come under pressure if the company
faced greater than expected integration or operating challenges in
Seara post-closing that led Marfrig's EBITDA margins to drop
significantly below 10% for two consecutive quarters (11.7% for
LTM ending on September 30, 2009).

Negative pressure is also likely if Marfrig's liquidity were to
deteriorate.  Quantitatively, downward pressure on Marfrig's B1
ratings is likely if Total Debt / EBITDA is sustained above 6.0x
(currently 4.6x, LTM 9/30/09), EBITA to gross interest expense is
below 1.0x (1.3x LTM 9/30/09) or if Retained Cash Flow to Net Debt
is below 10% (19% LTM 9/30/09).  All credit metrics are according
to Moody's standard adjustments and definitions.

The ratings or outlook could be upgraded if Marfrig is able to
improve its liquidity profile and better manage its working
capital needs to boost cash flow from operations.  An upgrade
would also require evidence that the company's integration with
Seara is on-track post-closing and free cash flow approaching
break-even levels.  Quantitatively, an upgrade would require CFO/
Net Debt approaching 20% (2.1% LTM 9/30/09) and Total Debt /
EBITDA of near 4.0x (all ratios according to Moody's standard
adjustments).

Ratings affirmed with a stable outlook:

  -- Corporate family rating: B1

  -- US$375 million senior unsecured notes due 2016 issued by
     Marfrig Overseas Limited but guaranteed by Marfig: B1

Moody's last rating action on Marfrig was on November 26, 2008,
when Moody's confirmed Marfrig's B1 rating with a negative
outlook, following the completion of the acquisition of OSI
Group's businesses in Brazil and in several European countries.

Marfrig, headquartered in Sao Paulo, Brazil, is one of the largest
animal protein processing companies in Brazil.  With processing
plants in Brazil, Argentina, Uruguay, Chile, England, Northern
Ireland, France and the Netherlands.  Marfrig processes, prepares
packages and delivers fresh, chilled and processed beef, pork,
chicken and lamb products to customers in Brazil and abroad, with
approximately 40% of its sales derived from exports.  Along with
its beef products, the company also operates a wholesale food
distribution business, which delivers additional food products
that it imports or acquires in the local market.


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


ABN AMRO: Commences Liquidation Proceedings
-------------------------------------------
ABN Amro SAS Series 2 Limited commenced liquidation proceedings on
October 21, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ACA AQUARIUS: Commences Liquidation Proceedings
-----------------------------------------------
ACA Aquarius 2006-1, Ltd. commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ANN FUNDING: Commences Liquidation Proceedings
----------------------------------------------
Ann Funding Three Co., Ltd. commenced liquidation proceedings on
October 23, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BANCAJA INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
Bancaja International Finance commenced liquidation proceedings on
October 13, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLACK MESA: Commences Liquidation Proceedings
---------------------------------------------
The Black Mesa Fund, Ltd. commenced liquidation proceedings on
October 22, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLUECORR FUND: Commences Liquidation Proceedings
------------------------------------------------
Bluecorr Fund Ltd. commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLUEMOUNTAIN CORRELATION: Commences Liquidation Proceedings
-----------------------------------------------------------
Bluemountain Correlation Relative Value Fund II Ltd. commenced
liquidation proceedings on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLUEMOUNTAIN GLOBAL: Commences Liquidation Proceedings
------------------------------------------------------
Bluemountain Global Value Fund Ltd. commenced liquidation
proceedings on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CARRINGTON NIM: Commences Liquidation Proceedings
-------------------------------------------------
Carrington NIM 2005-OPT1 commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CARRINGTON NIM: Commences Liquidation Proceedings
-------------------------------------------------
Carrington NIM 2005-NC1 commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DEALER ENHANCED: Commences Liquidation Proceedings
--------------------------------------------------
Dealer Enhanced Receivables Company commenced liquidation
proceedings on October 23, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DINO CORPORATION: Commences Liquidation Proceedings
---------------------------------------------------
Dino Corporation commenced liquidation proceedings on October 23,
2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DIVERSIFIED STRATEGIES: Commences Liquidation Proceedings
---------------------------------------------------------
Diversified Strategies Fund II Limited commenced liquidation
proceedings on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DUMOCO LLC: Commences Liquidation Proceedings
---------------------------------------------
Dumoco LLC commenced liquidation proceedings on October 19, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FAHRENHEIT 2007-3: Commences Liquidation Proceedings
----------------------------------------------------
Fahrenheit 2007-3, Ltd. commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FERTILIZERS AND: Commences Liquidation Proceedings
--------------------------------------------------
Fertilizers and Urea International Company commenced liquidation
proceedings on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GANNET IV: Commences Liquidation Proceedings
--------------------------------------------
Gannet IV Funding Corporation commenced liquidation proceedings on
October 30, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HALOGEN OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------
Halogen Offshore, Ltd. commenced liquidation proceedings on
October 23, 2009.

Only creditors who were able to file their proofs of debt by
December 11, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Thomas S. Price
         c/o Halogen Advisors, LLC
         Victor Murray
         Maples Finance Limited
         PO Box 1093, 4th Floor Boundary Hall
         Cricket Square, George Town
         Grand Cayman K1-1102, Cayman Islands
         Telephone: 1 345 814 5722


HEDGEFORUM KEYWISE: Commences Liquidation Proceedings
-----------------------------------------------------
Hedgeforum Keywise Greater China, Ltd. commenced liquidation
proceedings on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HEDGEFORUM TRELLUS: Commences Liquidation Proceedings
-----------------------------------------------------
Hedgeforum Trellus, Ltd. commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HOLCIM INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
Holcim International Finance Limited commenced liquidation
proceedings on October 23, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HUDSON MEZZANINE: Commences Liquidation Proceedings
---------------------------------------------------
Hudson Mezzanine Funding 2006-1, Ltd. commenced liquidation
proceedings on October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KE SWAN: Commences Liquidation Proceedings
------------------------------------------
Ke Swan Ltd. commenced liquidation proceedings on October 22,
2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KE SWAN: Commences Liquidation Proceedings
------------------------------------------
KE Swan II Ltd. commenced liquidation proceedings on October 22,
2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KSA MBS: Commences Liquidation Proceedings
------------------------------------------
KSA MBS I International Sukuk Company Limited commenced
liquidation proceedings on October 28, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LIGHTPOINT CLO: Commences Liquidation Proceedings
-------------------------------------------------
Lightpoint CLO XII, Ltd. commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LILACS REPACKAGING: Commences Liquidation Proceedings
-----------------------------------------------------
Lilacs Repackaging 2005-I Limited commenced liquidation
proceedings on October 28, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LOAN FUNDING: Commences Liquidation Proceedings
-----------------------------------------------
Loan Funding Corp. 2003-1 commenced liquidation proceedings on
October 29, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PORT CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
Port Capital Global Resources Hedge Fund Limited commenced
liquidation proceedings on October 22, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WESTWOOD CDO: Commences Liquidation Proceedings
-----------------------------------------------
Westwood CDO III, Ltd. commenced liquidation proceedings on
October 28, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


ECOPETROL SA: Plans US$6.93 Billion Investment in 2010
------------------------------------------------------
Ecopetrol S.A.'s investment plan for 2010 will total US$6.93
billion, an increase of 11% compared to the US$6.224 billion
approved for 2009.

Ninety three percent of the investment will be concentrated in
Colombia and the remaining 7% earmarked for exploration and
production projects in the U.S. Gulf Coast, Brazil, and Peru.

Investments in exploration and production represent 65% of the
total capital investment plan for 2010, of which 51% will be
allocated to production.

"The 2010 investment plan represents another milestone in
achieving the goals we have set for 2015. Significant progress has
been made in exploration and production, delivering on the promise
of value we made two years ago.  Investments made in other
segments of our business will begin to show additional results
starting in 2010.  We have managed to gain efficiency in the
consolidation of our portfolio and the allocation of resources to
more productive investments in order to reach our production goal
of one million barrels," said Ecopetrol's CEO Javier Gutierrez
Pemberthy.

                  Ecopetrol 2010 Investment Plan

          Business Segment       Amount (in U.S. millions)
    Exploration                           951
    Production                          3,558
    Refining and Petrochemical          1,294
    Transport                             735
    Other Investments                     387
    Total                               6,925

                   Exploration and New Business

With a US$951 million investment in 2010, Ecopetrol plans to drill
20 exploratory wells, 13 of them directly in Colombia and 7
overseas in conjunction with partner companies. Four wells will be
drilled in the Gulf of Mexico, two in Brazil and one in Peru. The
drilling target is consistent with the Company's strategy of
focusing on prospects that offer greater potential and value.
Fifty four percent of the investment will take place in Colombia
and 46% abroad.

The Company will continue its activities in the blocks awarded by
the National Hydrocarbon Agency during the various rounds that
took place in 2008, and will prepare its participation for the
2010 Colombia Round.

New business will focus primarily on the development of
exploration projects in the U.S. Gulf Coast, as well as in Peru
and Brazil, in partnership with other companies.

                          Production

Ecopetrol will invest US$3.558 billion in continuing to increase
its direct production of crude oil and gas to an average of
556,000 barrels of oil equivalent per day (boed) in 2010 (not
including amounts produced by affiliates).  This production goal
reflects an increase of 12% compared with 2009, in line with our
average annual growth target in order to reach one million barrels
of oil equivalent in 2015.

The highest percentage of investment will be allocated to the
Llanos Orientales projects, specifically for development of heavy
crude in the Castilla, Chichimene and Rubiales fields.  A
representative percentage will be invested in the development of
mature fields such as La Cira-Infantas, Yarigui-Cantagallo and
Casabe. US$400 million will be allocated to gas projects, of which
70% will be assigned to the Cusiana and Cupiagua plants.

                    Refining and Petrochemical

Total investment in this segment is estimated to be US$1.294
billion, up 59% compared to 2009, and will mainly address the
continued upgrading of our refineries, as well as the industrial
services project and fuel quality improvement plan.

In 2010, the Company will invest US$679 million to be divided
among upgrades, the industrial services master plan, and the
construction and start-up of the hydrotreatment plant in
Barrancabermeja.  These projects will enable the improvement of
our refinery reliability and production of fuels that meet the
most stringent international environmental standards.

In addition, US$470 million will be invested to support the
financing of the Cartagena Refinery Master Plan.

                           Transport

A US$735 million investment in transport, aimed at strengthening
our logistical capacity to meet local demand, will primarily be
used to boost capacity at the Pozos-Galan system from 18 MBD to 60
MBD, and to improve the Andean Pipeline, both essential to the
Company's strategic plan for heavy crudes.

                          Other Investments

Ecopetrol will assign US$387 million to other investments, of
which (i) US$25 million will be allocated to energy
diversification projects, among them the Ecodiesel plant in
Barrancabermeja, which will use palm tree oil, and (ii) US$105
million will be allocated to information technology and research
studies to be conducted by the Colombian Petroleum Institute.  The
remaining US$258 million will be used in our new business segment
and our financing and supply business.

To further consolidate its operations, the Company plans to make
investments in the areas of research and technology, human talent,
quality management and social responsibility.

                         Acquisitions

The projected US$6.925 billion investment budget for 2010 does not
include potential acquisitions, which will be analyzed and
approved on a case-by-case basis by the Company's senior
management and board of directors.

               Investments by Ecopetrol Grupo Empresarial

Ecopetrol Grupo Empresarial will invest US$8.476 billion in 2010.
Eighty two percent of this investment is intended for Ecopetrol
S.A., the parent company.  The remaining 18% will be invested in
affiliates and subsidiaries of Ecopetrol S.A.

US$3.945 billion, or 47%, will be used to develop existing fields.
With this investment, the Company will produce 600 MBOED in 2010,
a 17% improvement from 2009, and will move closer to reaching the
overall target of producing 1 million barrels of oil equivalent in
2015.  These investments encompass the projects that Ecopetrol
S.A, Hocol and Petrotech will carry out for the development of
heavy crudes, mature fields and offshore development.

In addition, the Ecopetrol Grupo Empresarial will allocate
US$1.068 billion, or 16%, of its investment resources to
exploration.  This investment is principally aimed at drilling
exploratory wells and the acquisition of seismic information for
the blocks in the countries where the Ecopetrol Grupo Empresarial
currently has operations.  Furthermore, Ecopetrol S.A., Ecopetrol
Peru, Ecopetrol America, Hocol and Petrotech will continue to move
forward with the plan for the integration of their reserves.

The remaining US$3.100 billion, or 36%, of the estimated
investments of Ecopetrol Grupo Empresarial will be allocated to
downstream activities and the consolidation of current operations.
Notably among these projects are the following: (i) modernization
of the Barrancabermeja and Cartagena refineries, (ii) improving
the transportation infrastructure in light of the increase in
production of heavy crudes, (iii) advancing the projects aimed at
the production of biofuels, (iv) furthering projects aimed at
conducting our activities in accordance with international
standards, and (v) fostering research and development through the
Colombian Petroleum Institute.

                         Sources of Funds

Funds to be obtained through financing activities amount to US$3.5
billion, equivalent to 19% of the Company's total budget for 2010.
This forecasted amount will be obtained through different sources,
including bond issuances in both the international and local
capital markets, commercial bank loans, multilateral and export
development credit facilities, and potential sales of the
Company's interests in some of its non-strategic assets.

The timing of the Company's financing operations will depend on
the Company's cash flows, capital market conditions, the Company's
progress in implementing the investment budget of its various
business segments, as well as any acquisitions the Company may
undertake.

Additionally, the financing needs of the Company's subsidiaries is
estimated at US$2.3 billion.

                    About Ecopetrol S.A.

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

                          *     *     *

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

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

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

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


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


EGE-HAINA: Dominican Port Authority Lifts Freeze on Accounts
------------------------------------------------------------
Dominican Port Authority (Apordom) unfroze the accounts of the
power companies EGE-Haina and Seaboard, which allegedly owe
millions of dollars to the Government for the use of an
"easement," The Dominican Today reports.

According to the report, after the liens on the accounts were
lifted, the parties agreed to take part in a hearing at the start
of next year.  In that regard, the report relates, Economy
Minister Temistocles Montas said that the government expects a
definitive solution to the conflict between the power companies
and Apordom in the next two days.


SEABOARD: Dominican Port Authority Lifts Freeze on Accounts
-----------------------------------------------------------
Dominican Port Authority (Apordom) unfroze the accounts of the
power companies EGE-Haina and Seaboard, which allegedly owe
millions of dollars to the Government for the use of an
"easement," The Dominican Today reports.

According to the report, after the liens on the accounts were
lifted, the parties agreed to take part in a hearing at the start
of next year.  In that regard, the report relates, Economy
Minister Temistocles Montas said that the government expects a
definitive solution to the conflict between the power companies
and Apordom in the next two days.


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


NATIONAL COMMERCIAL BANK: Manager Charged With Money Laundering
---------------------------------------------------------------
RadioJamaica reports Lowell Spence, the regional manager for
National Commercial Bank Jamaica Limited's NCB Insurance Services
Limited was charged with stealing more than JM$5 million from the
bank.

According to the report, Mr. Spence was picked by detectives from
the Fraud Squad.  The report relates NCB called in the police
after an internal audit uncovered the alleged fraud.

The report relates Mr. Spence in his capacity as Relief Manager in
2007 allegedly manipulated the system at the NCB branch in Annotto
Bay, St. Mary and siphoned more than JM$5 million out of the bank.
RadioJamaica says Mr. Spence has been charged with money
laundering, obtaining money by fraud and conspiracy; and is booked
to appear in the Corporate Area Criminal Court on December 21.

NCB, the report adds, is now conducting a follow-up audit to
determine the extent of the fraud.

                       About NCB Jamaica

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

                          *     *     *

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

Fitch said the ratings have a stable rating outlook.


SUGAR COMPANY OF JAMAICA: Frome to Meet 2009/10 Sugar Targets
-------------------------------------------------------------
Jamaica Agriculture Minister of Agriculture Dr. Christopher Tufton
said that with sugar production officially starting at Frome in
Westmoreland, the factory's 2009/10 production targets will be
met, RadioJamaica reports.   Frome is one of the three major sugar
assets of Sugar Company of Jamaica Limited.

According to the report, Dr. Tufton said that this year the plan
is to reap 480,000 tonnes of cane.  The report relates 230,000
tonnes will come from private farmers and the rest from estates,
to produce just over 42,000 tonnes of sugar.

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

The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

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


SUGAR COMANY OF JAMAICA: Eridania Funding Saves Gov't From Subsidy
------------------------------------------------------------------
Aubyn Hill, head of Sugar Company of Jamaica Limited's sugar
divestment process, said the government will be happy with the
outcome of this year's crop, RadioJamaica reports.  The report
relates Mr. Hill said that the success was partly made possible
through EUR15 million in financing from Italian Firm Eridania
Suisse, which resulted in the Government not subsidizing the sugar
industry to the tune of billions of dollars.

According to the report, Mr. Hill said that the financing allowed
for the restructuring of the Frome sugar factory in Westmoreland
which is marking a record cane crushing start with its sister
company Moneymusk, also scheduled to begin this month.

As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, the Jamaica Observer said that the Jamaica
government has received the US$15-million capital injection from
Italian firm Eridania Suisse.  Caribbean Net News related that the
government has negotiated an interim funding with Eridania Suisse
to ensure the continued operation of Sugar Company of Jamaica's
three sugar estates -- Frome in Westmoreland, Monymusk in
Clarendon, and Bernard Lodge in St Catherine.  The report said the
money will be used to undertake field maintenance work on the
three estates, as well as preparatory works for the Frome and
Monymusk factories.  According to the report, Agriculture and
Fisheries Minister Christopher Tufton said the Cabinet has
approved the arrangement, which should “effectively ensure” the
factories’ sugar production output for the 2009/10 crop year,
while the process of divestment continues.  Caribbean Net News
noted Eridania and Energen Development Limited are the two short-
listed entities with which the administration is pursuing
negotiations toward the sale of the factories and Petrojam Ethanol
Limited (PEL).

Caribbean Net News said that Mr. Tufton advised that the fund will
be used to undertake the necessary preparatory and field
maintenance work at the properties for the upcoming crop year,
inclusive of fertilization of the fields and installing the
appropriate irrigation infrastructure.  Mr. Tufton, the report
related, said that, in return, the government will supply Eridania
with some 79,000 tonnes of raw sugar for the 2009/10 crop year.
Regarding the sale of the remaining estates Eridania will share,
on a 50 to 50 basis with the government, any profit made on the
final sale price, less agreed cost, Mr. Tufton added.

                            About SCJ

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

                           *     *     *

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


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


GRUPO SENDA: S&P Affirms Corporate Credit Rating at 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'B-' corporate credit rating, on Mexico-
based bus transportation services provider Grupo Senda S.A. de
C.V.  S&P has also assigned a recovery rating of '3' to the
issuer's senior secured notes due 2015.  The outlook is negative.

"The rating on Senda reflects the highly competitive Mexican bus
transportation market, the company's high leverage, the industry's
low organic growth, and the company's rather small size," said
Standard & Poor's credit analyst Carolina Duran.  "These
weaknesses are somewhat offset by Senda's strong position in
northeastern and central Mexico and its fleet's young average age,
which provides flexibility to defer investments and operational
efficiencies."

Established in 1930, Senda serves about 26 million passengers
annually in a network covering 15 Mexican states and Texas, with
more than 1,300 buses.


KRISPY KREME: KK Mexico Posts US$487,000 Net Loss for Nov. 1 Qtr
----------------------------------------------------------------
Krispy Kreme Mexico, S. de R.L. de C.V. reported a net loss of
US$487,000 for the fiscal third quarter ended November 1, 2009,
from a net loss of US$146,000 for the quarter ended November 2,
2008.  Krispy Kreme Mexico posted a net loss of US$606,000 for the
nine months ended November 1, 2009, from a net loss of US$411,000
for the nine months ended November 2, 2008.

Krispy Kreme Doughnuts Inc. has a 30% interest in Krispy Kreme
Mexico.  KKDI said in a regulatory filing KK Mexico's operating
results have been adversely affected by economic weakness in that
country.  The franchisee also has been adversely affected by a
decline in the value of the country's currency relative to the
U.S. dollar, which has made the cost of goods imported from the
U.S. more expensive, and which has increased the amount of cash
required to service the portion of the franchisee's debt that is
denominated in U.S. dollars.

KKDI said during the second quarter of fiscal 2010, management
concluded that the decline in the value of the investment was
other than temporary and, accordingly, KKDI recorded a charge of
approximately US$500,000 during that period to reduce the carrying
value of the investment in KK Mexico to its estimated fair value
of US$700,000.

During the nine months ended November 1, 2009, KKDI increased its
bad debt reserve related to KK Mexico by approximately US$500,000,
of which approximately US$120,000 and US$380,000 is included in KK
Supply Chain and International Franchise direct operating
expenses, respectively; such reserve at November 1, 2009, is equal
to the Company's aggregate receivables from this franchisee.

                        About Krispy Kreme

Based in Winston-Salem, North Carolina, Krispy Kreme Doughnuts
Inc. (NYSE: KKD) -- http://www.KrispyKreme.com/-- is a retailer
and wholesaler of doughnuts.  The company's principal business,
which began in 1937, is owning and franchising Krispy Kreme
doughnut stores where over 20 varieties of doughnuts are made,
sold and distributed and where a broad array of coffees and other
beverages are offered.

Kremeworks, LLC, which is 25%-owned by KKDI, has failed to comply
with certain financial covenants related to its indebtedness, a
portion of which matured, by its terms, in January 2009.
Kremeworks has requested that the lender waive the loan defaults
resulting from the covenant violations and refinance the maturing
indebtedness.  In the event the lender is unwilling to do so and
declares the entire indebtedness immediately due and payable, the
Company could be required to perform under its guarantee.

Krispy Kreme Doughnuts said Kremeworks could have insufficient
cash flows from its business to service the indebtedness even if
it is refinanced, which might require capital contributions to
Kremeworks by the Company and the majority owner of Kremeworks --
which has guarantees of the Kremeworks indebtedness roughly
proportionate to those of the Company -- for Kremeworks to comply
with the terms of the any new loan agreement.

                           *     *     *

As reported by the Troubled Company Reporter on September 30,
2009, Standard & Poor's Ratings Services revised its ratings
outlook on Krispy Kreme Doughnuts to stable from negative.  The
outlook revision incorporates S&P's expectation that the company
will have adequate liquidity in the near term based on S&P's
expectation of its performance in the near term, its current cash
position, and covenant cushion.  S&P affirmed the 'B-' corporate
credit rating.  While the sales pressure will continue, S&P
expects the declines to decelerate and profitability to somewhat
stabilize or, at the very least, allow the company to remain
covenant compliant in the current and next fiscal year.


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


MILLENNIUM BANK: Investor Losses More Than Triple
-------------------------------------------------
Millennium Bank's investors have lost more than three times what
the U.S. Securities and Exchange Commission had anticipated,
Caribbean360.com reports, citing court-appointed receiver, Richard
Roper.

According to the report, the SEC had alleged that through the
institution and its parent company, United Trust of Switzerland
SA, more than 375 investors were duped into buying US$68 million
in "bogus high-yield" certificates of deposit since July 2004.
However, the report relates, Mr. Roper said that more than US$246
million was taken since 2006.  "Indeed, investors stand to recover
little cash, if any, on their investment," he said in a report
obtained by the news agency.

Mr. Roper, the report points out, indicated that only a small
percentage of the missing millions have been found for the over
800 investors.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2009, the SEC obtained an emergency court order halting
a US$68 million Ponzi scheme involving the sale of fictitious
high-yield certificates of deposit (CDs) by Millennium Bank.  The
SEC alleged that the scheme targeted U.S. investors and misled
them into believing they were putting their money in supposedly
safe and secure CDs that purportedly offered returns that were up
to 321% higher than legitimate bank-issued CDs.  The SEC's
complaint alleged that William J. Wise of Raleigh, N.C., and
Kristi M. Hoegel of Napa, Calif., orchestrated the scheme through
Millennium Bank, its Geneva, Switzerland-based parent United Trust
of Switzerland S.A., and U.S.-based affiliates UT of S, LLC and
Millennium Financial Group.  In addition, the SEC has charged
Jacqueline S. Hoegel (who is the mother of Kristi Hoegel), Brijesh
Chopra, and Philippe Angeloni for their roles in the scheme.

                     About Millennium Bank

Millennium Bank was a licensed St. Vincent and the Grenadines
bank. Its parent is Geneva, Switzerland-based United Trust of
Switzerland S.A., and its U.S.-based affiliates are UT of S, LLC
and Millennium Financial Group.  The entities' founders are
William J. Wise of Raleigh, N.C. and Kristi M. Hoegel of Napa,
Calif.

In March 2009, the U.S. Securities and Exchange Commission sued
the bank, citing that the bank ran a US$68 million Ponzi scheme
involving the sale of fictitious high-yield certificates of
deposit (CDs) by Millennium Bank.  The SEC alleged that the scheme
targeted U.S. investors and misled them into believing they were
putting their money in supposedly safe and secure CDs that
purportedly offered returns that were up to 321% higher than
legitimate bank-issued CDs.

St Vincent and the Grenadines government's financial arm,
International Financial Services Authority (IFSA), has appointed
KPMG International as receiver for Millennium Bank, following the
SEC's fraud allegations.


===============
S U R I N A M E
===============


* SURINAME: IDB OKs US$15 Million to Aid Poor Families
------------------------------------------------------
The Inter-American Development Bank approved a US$15 million loan
to provide housing solutions to approximately 3.000 Surinamese
households, both along the coast and in Suriname’s interior.

The Program will address two key problems in the housing sector:
(i) low-quality of the housing stock; and (ii) lack of affordable
housing solutions on the market for low income groups.  It will do
so by supporting coordination efforts by the Ministry of Social
Affairs and Housing (SoZavo).

According to IDB, the financing will allow people who cannot
afford traditional mortgage loans to access financing for new
housing or improve an existing solution, by providing a single
upfront subsidy of US$3.000.  It will also pilot projects to
provide residential land and/or a housing solution at prices that
are affordable to low income households.

Suriname’s current housing policy and programs focus primarily on
middle income groups.  Moreover, its population faces limited
access to land, titling and registry.  The proposed program will
reach families in the bottom 40% of the income distribution who
are currently underserved by public housing programs.

By the end of the five-year project, it is expected that more than
1.000 of the poorest families in the country will have a new house
and 2.000 will rehabilitate or expand their home.  The project
will also make the allocation of subsidies more efficient.

The loan is for a 25-year term, with a five-year disbursement and
grace period, and carries a Libor-based interest rate.  The
Government of the Republic of Suriname will provide US$314,000 in
local counterpart funds.


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


K1 GROUP: Investment Arm Likely Worthless, Liquidator Says
----------------------------------------------------------
The K1 Invest Limited, the investment fund of Helmut Kiener’s K1
Group, which is suspected of fraud, is likely worthless, Josh
Fineman at Bloomberg News reports, citing court-appointed
liquidator Grant Thornton LLP.

The current value of investments held by K1 Invest, which was put
into liquidation last month, is zero, Mr. Thornton wrote in a
letter to creditors on Dec. 1 that was obtained by Bloomberg News.

According to the report, citing administrator Treukapital AG, K1
Invest had assets under management of EUR348 million (US$511.5
million) as of July 31.  The report relates that the company has a
bank account at Rabobank with a balance of EUR260,000.

“The liquidators have so far been unable to gain control
of the company’s bank account, or identify any assets with value,”
the letter obtained ny the news agency said.

Bloomberg News notes that K1 Invest and K1 Global Ltd. are two
funds of the group mentioned in the arrest warrant.  K1 Global,
the report says, also went into liquidation last month and had
EUR173 million under management as of July 31.

As reported in the Troubled Company Reporter-Latin America on
November 20, 2009, Bloomberg News said that K1 Group is at the
center of an international criminal probe after saddling banks
including Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA
with about US$400 million of losses.  Bloomberg said that European
and U.S. authorities are examining whether Mr. Kiener, who helps
manage funds of hedge funds, deceived the banks when borrowing
money to inflate investments.

In a November 13 report Bloomberg noted Mr. Kiener lost a bid to
have a German court order his release from pretrial detention.
According to Bloomberg, Helga Mueller, a spokeswoman for the
Wuerzburg Regional Court, said Nov. 13 Mr. Kiener is a flight risk
and the evidence against him so far strongly suggests that he has
committed four counts of fraud and breach of trust.  Bloomberg
added in a filing to the court, Mr. Kiener denied wrongdoing and
said he never violated investment rules as each step was approved
by the banks concerned.


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


* CARIBBEAN: IDB Launches Plan Competition for Tourism Projects
---------------------------------------------------------------
The Inter-American Development Bank will hold a business plan
competition for Caribbean tourism projects involving low-income
communities in their value chains.  The contest, organized by the
IDB’s Opportunities for the Majority Initiative, is open to
companies based in the Bahamas, Barbados, Guyana, Haiti, Jamaica,
Suriname and Trinidad and Tobago.

Eligible business plans must include low-income communities as
suppliers or distributors of goods or services, so that both
companies and local residents benefit from the development of
tourism ventures.  Proposals will be judged on criteria such as
innovations, economic, social and environmental impact on
communities where projects would take place, growth potential,
creditworthiness, implementation capacity and whether they could
be replicated elsewhere.

Participants will be required to submit a three-page summary of
their project and a one-page outline of their company before April
9, 2010. IDB specialists will review the proposals and select up
to 10 entries for further development.  After taking part in a
workshop, contestants will perfect their business plans for a
final round of presentations to be held on July 23, 2010 before a
panel of independent jurors.

Winning proposals will receive up to US$25,000 in consulting
services from internationally recognized firms specialized in
tourism development, with the goal of preparing the business plans
to become eligible for financing.

Opportunities for the Majority is a special IDB initiative that
promotes and finances private-sector business models designed to
deliver quality products and services, create employment, and
enable low-income communities to join the formal economy in Latin
America and the Caribbean.


* BOND PRICING: For the Week December 7 to December 11, 2009
------------------------------------------------------------

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


ARGENTINA

ARGENT-$DIS             8.28    12/31/2033     USD         66.3
ARGENT-$DIS             8.28    12/31/2033     USD        69.71
ARGENT-PAR              1.18    12/31/2038     ARS        37.99
ARGENT-=DIS             7.82    12/31/2033     EUR         58.7
ARGNT-BOCON PR13           2    3/15/2024      ARS        72.41
ARGNT-BOCON PRE8           2    1/3/2010       ARS         5.67
BUENOS AIRE PROV        9.63    4/18/2028      USD        65.06
BUENOS AIRE PROV        9.38    9/14/2018      USD        67.47
BUENOS-$DIS             9.25    4/15/2017      USD         72.9
MENDOZA PROVINCE         5.5    9/4/2018       USD        71.82

BRAZIL

CESP                    9.75    1/15/2015      BRL        68.96

CAYMAN ISLAND

BARION FUNDING          1.44    12/20/2056     GBP        30.61
BARION FUNDING          0.63    12/20/2056     GBP         17.4
BISHOPSGATE ASSE        4.81    8/14/2044      GBP        67.85
BLUE CITY CO 1         13.75    11/7/2013      USD        24.94
CHINA MED TECH             4    8/15/2013      USD        64.17
CHINA PROPERTIES        9.13    5/4/2014       USD        78.18
DUBAI HLDNG COMM        4.75    1/30/2014      EUR        44.02
DUBAI HLDNG COMM           6    2/1/2017       GBP         44.7
FERTINITRO FIN          8.29    4/1/2020       USD           70
GOL FINANCE             8.75    #N/A N Ap      USD           81
LDK SOLAR CO LTD        4.75    4/15/2013      USD         74.5
MAZARIN FDG LTD         1.44    9/20/2068      GBP        28.04
MAZARIN FDG LTD         0.63    9/20/2068      GBP        14.34
PUBMASTER FIN           6.96    6/30/2028      GBP        66.34
PUBMASTER FIN           8.44    6/30/2025      GBP         71.9
SHINSEI FIN CAYM        6.42    #N/A N Ap      USD        56.68
SHINSEI FIN CAYM        6.42    #N/A N Ap      USD        56.55
SHINSEI FINANCE         7.16    #N/A N Ap      USD        56.18
SHINSEI FINANCE         7.16    #N/A N Ap      USD           58
XL CAPITAL LTD           6.5    #N/A N Ap      USD         74.5


JAMAICA

JAMAICA GOVT               8    3/15/2039      USD        62.75
JAMAICA GOVT             8.5    2/28/2036      USD        66.75


PUERTO RICO

PUERTO RICO CONS         6.2    5/1/2017       USD           50
PUERTO RICO CONS         6.5    4/1/2016       USD           49
PUERTO RICO CONS         6.1    5/1/2012       USD        65.75

VENEZUELA

PETROLEOS DE VEN           5    10/28/2015     USD        51.23
PETROLEOS DE VEN        5.25    4/12/2017      USD        51.81
PETROLEOS DE VEN         4.9    10/28/2014     USD        58.37
PETROLEOS DE VEN        5.38    4/12/2027      USD        43.47
PETROLEOS DE VEN        5.13    10/28/2016     USD        47.06
PETROLEOS DE VEN         5.5    4/12/2037      USD        42.52
VENEZUELA                8.5    10/8/2014      USD        77.21
VENEZUELA                  7    3/16/2015      EUR        74.11
VENEZUELA                  7    3/16/2015      EUR        75.64
VENEZUELA               5.75    2/26/2016      USD        62.31
VENEZUELA                  7    12/1/2018      USD        59.96
VENEZUELA               7.75    10/13/2019     USD        62.42
VENEZUELA                  6    12/9/2020      USD        53.47
VENEZUELA                  9    5/7/2023       USD        63.03
VENEZUELA               8.25    10/13/2024     USD        59.35
VENEZUELA               7.65    4/21/2025      USD        56.98
VENEZUELA               9.25    9/15/2027      USD        71.09
VENEZUELA               9.25    9/15/2027      USD        60.95
VENEZUELA               9.25    5/7/2028       USD        62.03
VENEZUELA                  7    3/31/2038      USD        52.61
VENZOD - 189000         9.38    1/13/2034      USD        64.25


                            ***********

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

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delivered via e-mail.  Additional e-mail subscriptions for members
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           * * * End of Transmission * * *