TCRLA_Public/091215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Tuesday, December 15, 2009, Vol. 10, No. 247

                            Headlines



A R G E N T I N A

AGENRED.COM SA: Creditors' Proofs of Debt Due on February 22
CIELORRASOS TERMOACUSTICOS: Verifying Proofs of Debt Until Feb. 4
FINAN GER: Creditors' Proofs of Debt Due on February 19
HENDERSUR SA: Creditors' Proofs of Debt Due on February 4
LAND CAT: Creditors' Proofs of Debt Due on March 22

LIGA ARGENTINA: Creditors' Proofs of Debt on May 25
SEFAMA SA: Creditors' Proofs of Debt on February 9
* ARGENTINA: Consumer Prices Climb 0.8% in November


B E R M U D A

VALIDUS HOLDINGS: Talbot Underwriting Taps Skinner to Its Board


B R A Z I L

BANCO NACIONAL: May Fund African & South American Companies
BRF-BRASIL FOODS: HSBC Holdings Boosts Forecast


C A Y M A N  I S L A N D S

ABRIA ALPHA: Shareholders Receive Wind-Up Report
APYROUS FUND: Shareholder Receives Wind-Up Report
APYROUS MASTER: Shareholder Receives Wind-Up Report
CARDINAL HEALTH: Shareholders Receive Wind-Up Report
GLOBALVEST DIVERSIFIED: Shareholders Receive Wind-Up Report

IRON CONDOR: Shareholders Receive Wind-Up Report
MB PARTNERS: Commences Liquidation Proceedings
PRETTY WOMAN: Commences Liquidation Proceedings
PROXIMA MULTI-STRATEGY: Commences Liquidation Proceedings
QUARTZ CAPITAL: Commences Liquidation Proceedings

R-ONE HIROSHIMA: Commences Liquidation Proceedings
SCP STRUCTURED: Commences Liquidation Proceedings
SCP STRUCTURED: Commences Liquidation Proceedings
SINGA FUNDING: Commences Liquidation Proceedings
SIXTINA 1 SPARX: Commences Liquidation Proceedings

SIXTINA 1 SPARX: Commences Liquidation Proceedings
SIXTINA 4 HAYBERRY: Commences Liquidation Proceedings
SIXTINA 4 HAYBERRY: Commences Liquidation Proceedings
SORIN REAL: Commences Liquidation Proceedings
SPYRE DIVERSIFIED: Commences Liquidation Proceedings

SWON CDO: Shareholders Receive Wind-Up Report
TABS 2007-7: Commences Liquidation Proceedings
TCM LIMITED: Commences Liquidation Proceedings
TCW GEM: Commences Liquidation Proceedings
TCW GEM: Commences Liquidation Proceedings

TFC PROPERTIES: Commences Liquidation Proceedings
THOR ASSET: S&P Affirms 'BB+' Rating on US$2 Bil. Senior Notes
U.S. CAPITAL: Commences Liquidation Proceedings
VERTICAL ABS: Commences Liquidation Proceedings
VERTICAL ABS: Commences Liquidation Proceedings

VERTICAL VIRGO: Commences Liquidation Proceedings
WESTERN SPRINGS: Commences Liquidation Proceedings


C O L O M B I A

ISAGEN SA: Gets US$140MM Loan for Hydropower Plant From CAF


H A I T I

* HAITI: IDB OKs US$5.5 Million to Aid in Child & Maternal Health


J A M A I C A

AIR JAMAICA: "Divestment Seems Imminent," Minister Says
NATIONAL COMMERCIAL BANK: Selected as Jamaica's Top Bank
* JAMAICA: Government Moves to Further Control Spending


M E X I C O

CEMEX SAB: Credit Default Swaps Triggered by Restructuring Event


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Faces 3rd Lawsuit, Plaintiffs Seek US$5MM++


V E N E Z U E L A

* VENEZUELA: Moody's Says Ratings Unmoved by Bank Nationalizations


X X X X X X X X

* LatAm & Carribean Economic Recovery Quicker Than Expected
* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


AGENRED.COM SA: Creditors' Proofs of Debt Due on February 22
------------------------------------------------------------
Sandra Monica Rizzo, the court-appointed trustee for Agenred.com
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 22, 2010.

Ms. Rizzo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 26
in Buenos Aires, with the assistance of Clerk No. 52, 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:

          Sandra Monica Rizzo
          Alicia Moreau de Justo 2030
          Argentina


CIELORRASOS TERMOACUSTICOS: Verifying Proofs of Debt Until Feb. 4
-----------------------------------------------------------------
Nayla Graciela Perez, the court-appointed trustee for Cielorrasos
Termoacusticos SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 4, 2010.

Ms. Perez 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:

          Nayla Graciela Perez
          Cachimayo 130
          Argentina


FINAN GER: Creditors' Proofs of Debt Due on February 19
-------------------------------------------------------
Tomas Byrne, the court-appointed trustee for Finan Ger SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 19, 2010.

Mr. Byrne 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. 5, 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:

          Tomas Byrne
          Carlos Pellegrini 1055
          Argentina


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

Mr. Tomasi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk No.
38, 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:

          Victor Tomasi
          Bogota 2791
          Argentina


LAND CAT: Creditors' Proofs of Debt Due on March 22
---------------------------------------------------
Maria Cristina Agrelo, the court-appointed trustee for Land Cat
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 22, 2010.

Ms. Agrelo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk No.
9, 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:

          Maria Cristina Agrelo
          Viamonte 1365
          Argentina


LIGA ARGENTINA: Creditors' Proofs of Debt on May 25
---------------------------------------------------
Liga Argentina contra la Tuberculosis Asociacion Civil requires
its creditors to file their proofs of debt by May 25, 2010.


SEFAMA SA: Creditors' Proofs of Debt on February 9
--------------------------------------------------
Daniel Alfredo Erdocia, the court-appointed trustee for Sefama
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 9, 2010.

Mr. Erdocia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk No.
41, 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:

          Daniel Alfredo Erdocia
          Paraguay 610


* ARGENTINA: Consumer Prices Climb 0.8% in November
---------------------------------------------------
Argentina's consumer prices rose 0.8 percent in November from the
previous month, led by higher costs for food, beverages and
clothing, Eliana Raszewski and Silvia Martinez at Bloomberg News
report, citing the National Statistics Institute.  The institute,
the report relates, said that annual inflation quickened to 7.1%,
which exceeded the 6.8% median estimate of four economists
surveyed by Bloomberg.

According to the report, private economists and politicians have
questioned the country's inflation reports, saying that the
government has underreported price increases since former
President Nestor Kirchner made personnel changes at the institute,
known as Indec, in January 2007.  The report relates that the
government has denied any manipulation.

Bloomberg News notes that a research department at Buenos Aires
University, headed by Graciela Bevacqua, a former director of the
consumer price index department at the Indec, reported that prices
rose 1.3% in November from the previous month and 14% on the year.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


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


VALIDUS HOLDINGS: Talbot Underwriting Taps Skinner to Its Board
---------------------------------------------------------------
Validus Holdings, Limited's specialty insurance subsidiary, Talbot
Underwriting Limited, has appointed James Skinner to its board
subject to approvals from the U.K. Financial Services Authority
and Lloyd's.

Michael Carpenter, Talbot's Chairman, said: "We are delighted to
announce the well-deserved appointment of James to the Board of
Talbot Underwriting Ltd. James has made a tremendous contribution
to the development of Talbot from the outset of our business and
has been instrumental in our success through his leadership of our
underwriting team.  I look forward to his valued contribution at
board level as we seek to capture new opportunities in our markets
and continue to grow our business."

Mr. Skinner joined Talbot in 1990 and has been the Active
Underwriter of Talbot's Syndicate 1183 at Lloyd's since November
2007.

                     About Validus Holdings

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

                           *     *     *

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


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


BANCO NACIONAL: May Fund African & South American Companies
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA is
analyzing the creation of a credit line to allow companies from
Africa and South America to import Brazilian equipment, Macauhub
News reports, citing Brasil news agency.

According to the report, Brasil news agency said that the funding
would be provided in partnership with banks from other countries
and would come from a BNDES fund called Funding for Machines and
Equipment.   The report relates that the operation will be carried
out through a BNDES contract with a foreign bank.

Brazilian suppliers, the report notes, will export products and
receive the value of the sale in Brazilian reals from BNDES, which
means the currency will not leave the country.  In its turn, the
report says, the foreign bank will fund the payment for the buyer
and later return it to BNDES.

BNDES Chairman Luciano Coutinho, MacauHub News adds, said that the
move sought to provide support to small companies abroad that have
difficulties in accessing credit and added that countries that
manufacture equipment, such as China, already had credit lines
such as this.

                            About BNDES

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

                           *     *     *

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


BRF-BRASIL FOODS: HSBC Holdings Boosts Forecast
-----------------------------------------------
Paulo Winterstein at Bloomberg News reports that BRF Brasil Foods
SA's share-price estimate has been boosted on the outlook that the
purchase of Sadia SA will cut costs as demand grows, Paulo
Winterstein at Bloomberg News reports.  The shares will likely
climb to BRL60 in 12 months, Pedro Herrera, a New York-based HSBC
analyst, wrote in a note obtained by the news agency.

According to the report, Mr. Herrera said that BRF's American
depositary receipts will probably trade at US$76 each, up from a
prior estimate of US$43.

Mr. Herrera, Bloomberg News notes, said that Itajai, Brazil-based
BRF, which agreed to buy Sadia SA in May, will likely save BRL400
million (US$227 million) a year after it finishes the integration
of the operations in 2013.  The report relates that the companies
are required by Brazil's antitrust regulator to keep operations
separate until the merger is approved.  "Once the transaction is
approved, probably by mid-2010, we expect the shares to rally from
the decision and the reduction of uncertainties, from the
extraction of synergies, and from a general recovery of global
economic conditions and thus export markets," the report quoted
Mr. Herrera as saying.

Profit will likely be "weak" in the fourth quarter of 2009 and the
first half of next year, Herrera wrote in a note obtained by the
news agency.  Earnings will improve in the second half of 2010,
with margins rising above 10% as Brazil's currency weakens and a
rebounding global economy boosts demand, he added.

                      About BRF-Brasil Foods

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

                           *     *     *

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


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


ABRIA ALPHA: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 11, 2009, the shareholders of Abria Alpha Fund SPC
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


APYROUS FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------
On December 3, 2009, the shareholder of Apyrous Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          Susan Taber
          Telephone: (345) 815 1889
          Facsimile: (345) 949 1986


APYROUS MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------
On December 3, 2009, the shareholder of Apyrous Master Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          Susan Taber
          Telephone: (345) 815 1889
          Facsimile: (345) 949 1986


CARDINAL HEALTH: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 9, 2009, the shareholders of Cardinal Health Choice
Insurance Co. SPC, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter Jones
          P.O. Box 10073, Grand Cayman KY1-1001
          Cayman Islands


GLOBALVEST DIVERSIFIED: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
On December 2, 2009, the shareholders of Globalvest Diversified
Fund, LDC received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Carolyn Wilson
          Telephone: (345) 914 8623
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


IRON CONDOR: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 11, 2009, the shareholders of Iron Condor Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MB PARTNERS: Commences Liquidation Proceedings
----------------------------------------------
MB Partners (Overseas), Ltd commenced liquidation proceedings on
October 5, 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:

          Richard Finlay
          Telephone: (345) 949 1040
          Facsimile: (345) 949 1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands;


PRETTY WOMAN: Commences Liquidation Proceedings
-----------------------------------------------
Pretty Woman Ltd. commenced liquidation proceedings on October 29,
2009.

Only creditors who were able to file their proofs of debt by
November 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Cayman Liquidators, Ltd.
          c/o Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647


PROXIMA MULTI-STRATEGY: Commences Liquidation Proceedings
---------------------------------------------------------
Proxima Multi-Strategy Fund Limited 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


QUARTZ CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
Quartz Capital Corporation commenced liquidation proceedings on
October 26, 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


R-ONE HIROSHIMA: Commences Liquidation Proceedings
--------------------------------------------------
R-One Hiroshima Holding 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


SCP STRUCTURED: Commences Liquidation Proceedings
-------------------------------------------------
Singa Funding, 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:

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


SCP STRUCTURED: Commences Liquidation Proceedings
-------------------------------------------------
SCP Structured Fund I, Ltd. commenced liquidation proceedings on
October 20, 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


SINGA FUNDING: Commences Liquidation Proceedings
------------------------------------------------
Singa Funding, 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:

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


SIXTINA 1 SPARX: Commences Liquidation Proceedings
--------------------------------------------------
Sixtina 1 Sparx Japan Master Fund Limited commenced liquidation
proceedings on October 16, 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


SIXTINA 1 SPARX: Commences Liquidation Proceedings
--------------------------------------------------
Sixtina 1 SPARX Japan Fund Limited commenced liquidation
proceedings on October 16, 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


SIXTINA 4 HAYBERRY: Commences Liquidation Proceedings
-----------------------------------------------------
Sixtina 4 Hayberry Australia Master Fund Limited commenced
liquidation proceedings on October 16, 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


SIXTINA 4 HAYBERRY: Commences Liquidation Proceedings
-----------------------------------------------------
Sixtina 4 Hayberry Australia Fund Limited commenced liquidation
proceedings on October 16, 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


SORIN REAL: Commences Liquidation Proceedings
---------------------------------------------
Sorin Real Estate CDO VII Ltd. commenced liquidation proceedings
on October 20, 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


SPYRE DIVERSIFIED: Commences Liquidation Proceedings
----------------------------------------------------
Spyre Diversified Fund SPC 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


SWON CDO: Shareholders Receive Wind-Up Report
---------------------------------------------
On December 11, 2009, the shareholders of Swon CDO Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TABS 2007-7: Commences Liquidation Proceedings
----------------------------------------------
TABS 2007-7, Ltd. 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


TCM LIMITED: Commences Liquidation Proceedings
----------------------------------------------
TCM Limited 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


TCW GEM: Commences Liquidation Proceedings
------------------------------------------
TCW GEM III, 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


TCW GEM: Commences Liquidation Proceedings
------------------------------------------
TCW GEM II, 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


TFC PROPERTIES: Commences Liquidation Proceedings
-------------------------------------------------
TFC Properties Holdings Limited 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


THOR ASSET: S&P Affirms 'BB+' Rating on US$2 Bil. Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said it had affirmed its 'BB+'
rating on the US$2 billion senior secured callable floating-rate
notes issued by Thor Asset Purchase (Cayman) Ltd., under its
US$4 billion medium-term note program.  At the same time, Standard
& Poor's removed the rating from CreditWatch, where it was placed
with "developing" implications on Dec. 3, 2009.

The affirmation reflects S&P's view that the Dubai government's
(not rated) support for the transaction remains strong, via its
performance guarantee on the obligations of Dubai Electricity and
Water Authority (unrated) towards Thor under the transaction.  The
action also reflects S&P's view that the waiver with respect to
principal acceleration on Dec. 14, 2009, which S&P understand was
agreed upon by the investors, does not constitute a distressed
offer under its criteria.

The rating reflects S&P's opinion that the performance guarantee
by the Government of Dubai with regard to obligations of DEWA to
Thor, as well as recent statements of support by the government,
constitute a high likelihood of extraordinary government support
for the rated notes under S&P's criteria for government-related
entities.  The performance guarantee issued by the Dubai
government covers all of DEWA's obligations to Thor under the
transaction.  The performance guarantee supports debt-service
payment by Thor on the rated notes, although it is not a direct
payment guarantee to the noteholders.  The rating on the notes
also incorporates S&P's view on DEWA's credit quality.

On Nov. 30, 2009, a rating downgrade on the notes triggered an
acceleration event, effective on Dec. 14, 2009.  Successively,
investors have issued a temporary waiver on such acceleration.
S&P considers that this waiver is not equivalent to a distressed
offer and thus not tantamount to default under S&P's criteria.

In S&P's understanding, the waiver does not imply that the
investors receive less value on the notes than agreed under the
original terms of the transaction; an interest rate margin step-up
has been triggered.  S&P understands that the issuer and
noteholders expect that the terms of the transaction documentation
will have been amended by the time the waiver runs out.  S&P also
understands that the noteholders retain the right to trigger
acceleration until such new agreement is reached.


U.S. CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
U.S. Capital Funding VII, Ltd. commenced liquidation proceedings
on October 20, 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


VERTICAL ABS: Commences Liquidation Proceedings
-----------------------------------------------
Vertical ABS CDO 2007-2, 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


VERTICAL ABS: Commences Liquidation Proceedings
-----------------------------------------------
Vertical ABS CDO 2007-1, 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:

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


VERTICAL VIRGO: Commences Liquidation Proceedings
-------------------------------------------------
Vertical Virgo 2006-1, Ltd. commenced liquidation proceedings on
October 15, 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


WESTERN SPRINGS: Commences Liquidation Proceedings
--------------------------------------------------
Western Springs CDO Ltd. commenced liquidation proceedings on
October 20, 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
===============


ISAGEN SA: Gets US$140MM Loan for Hydropower Plant From CAF
-----------------------------------------------------------
Isagen SA will get a US$140 million loan from Andean Development
Corp., a regional multilateral lender known as CAF, to finance
construction of a hydropower plant, Inti Landauro at Dow Jones
Newswires reports.

According to the report, the company plans to borrow a total of
COP2.7 trillion (US$1.34 billion) to build a new 820-megawatt
hydropower plant on the Sogamoso river that will cost about COP4.5
trillion.  The report relates that Isagen has already secured
COP450 billion from local bonds sold in September.

Dow Jones Newswires notes that the company still plans to sell
COP400 billion in local bonds; and plans to borrow the rest from
local banks, foreign state development banks and multilateral
lenders.

With the new plant located on the Sogamoso River in eastern
Colombia, Isagen will boost its installed capacity to almost 3,000
MW by December 2013, the report says.

                          About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency
Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the
company's foreign currency IDR at 'BB+'.  The Rating Outlook is
Stable.


=========
H A I T I
=========


* HAITI: IDB OKs US$5.5 Million to Aid in Child & Maternal Health
-----------------------------------------------------------------
The Inter-American Development Bank approved a US$5.5 million
grant to help improve infant and child health and nutrition and
improve social safety nets to fight extreme poverty in Haiti.

Haiti has the highest levels of child mortality in the Western
Hemisphere.  More than 20,000 children under five years of age die
every year as a result of diarrheal diseases, acute respiratory
infections and other treatable ailments associated with
malnutrition.

In order to alleviate this problem, the IDB will support a two-
pronged approach.  On one hand it will improve and expand the
reach of Child Health Weeks, a bi-annual campaign to deliver
vitamin A supplements, de-worming and zinc capsules, as well as
other critical child survival interventions at the national level.
It will also invest in the promotion of breastfeeding, the
treatment of acute malnutrition and assist the Government in
creating a fortification system so that micronutrients can be
added to the staple foods and utilize the market channels to
distribute the needed micronutrients such as iron to the
population.

On the other hand it will finance a creation of a social
information system and pilot a safety net program in maternal and
child healthcare using community workers.  This will serve as a
planning tool for broader safety net programs.  It will also
initiate a national program for the treatment of acute
malnutrition with locally produced Ready-to-use-therapeutic-food.

Under the program, the distribution of vitamin A supplements will
more than double over a four-year period from the current 31
percent to 70% of children under five years of age.  Additionally,
the program is expected to cut in half the incidence of infants
affected by intestinal parasites.

The IDB resources for this project include US$3 million from its
Food Price Crisis Response Fund and US$2.5 million from its Grant
Facility and.  The Government of Haiti will provide an additional
US$2.5 million in local counterpart funds.


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


AIR JAMAICA: "Divestment Seems Imminent," Minister Says
-------------------------------------------------------
The negotiation for the sale of Air Jamaica Limited is "now at a
stage where divestment seems imminent," Jamaica Information
Service reports, citing Minister of Finance and the Public
Service, Hon Audley Shaw.  "It is now at a stage where I can
indicate that a decision on the future (of Air Jamaica) is
Imminent," the report quoted Mr. Shaw as saying.  The Government
remained committed to the sale of the airline, as soon as a
suitable arrangement can be made, he added.

According to the report, Mr. Shaw is seeking the approval of a
revised Government Guarantee, in respect to a loan arranged by NCB
Capital Markets Limited.

As reported in the Troubled Company Reporter-Latin America on
December 4, 2009, RadioJamaica said that Air Jamaica will receive
a much needed $1.3 million injection from NCB Capital to finance
the airline's business plan for the remainder of the 2009/2010
fiscal year.  According RadioJamaica, NCB initially committed to
provide $34.4 million for the cash-strapped airline but it was
unable to do so due to less than favorable market conditions and
delays in the finalization of the loan document.  The report
related that NCB Capital proposed that the outstanding amount be
sourced from the local market via a private placement.

Jamaica Information Service points out that Mr. Shaw explained
that the $1.8 billion was re-negotiated on terms that were more
favourable than before.  "The original terms had the interest rate
at 22.51%.  (Under) the new issuance, which is being done through
NCB Capital Markets, the interest rate has been reduced from
22.51% to 19.04%," Mr. Shaw added.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term corporate credit rating on Air Jamaica Ltd.
to 'CCC' from 'CCC+'.  The outlook is negative.


NATIONAL COMMERCIAL BANK: Selected as Jamaica's Top Bank
--------------------------------------------------------
National Commercial Bank Jamaica Limited has been named Bank of
the Year 2009 by The Banker magazine, designating it the top
entity in Jamaica, Jamaica Gleaner reports.  The report, citing
The banker, cited NCB's positive results and better growth than
its competitors, "with a healthy 32% rise in net profits, 15%
growth in assets and a reassuring 27% growth in Tier 1 capital."

According to the report, Jamaica has seven commercial banks in
operation, with NCB at No 2 behind Scotiabank Jamaica whose
profits, loan portfolio and deposits are larger.  The report
relates that the Banker also cited a deal negotiated by NCB with
the United States Agency for International Development to provide
credit facilities with specially agreed terms to the bank's small
and medium-size corporate clients.  USAID extended a 50% guarantee
on US$3.3 million of the loan portfolio, allowing SMEs access to
cheaper financing, "even in cases where there may be collateral
constraints", the magazine added.

The Gleaner relates NCB Group Managing Director Patrick Hylton
said the award was recognition of the strength of the bank and its
team.

As reported in the Troubled Company Reporter-Latin America on
November 10, 2009, National Commercial Bank Jamaica Limited posted
net profit of JM$10.2 billion for the financial year ended
September 30, 2009, an increase of JM$1.5 billion or 18% when
compared to the corresponding period.  The bank and its
Subsidiaries demonstrated that in spite of the very challenging
and difficult financial environment faced over the past year its
continued financial strength, relevant customer focus and robust
operating framework produced credible and satisfactory results.

                       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.


* JAMAICA: Government Moves to Further Control Spending
-------------------------------------------------------
Further steps are being taken to control spending by the cash-
strapped Government, RadioJamaica reports.  The report relates
that new regulations are being drafted which will compliment the
Financial Administration and Audit Act.

According to the report, the new regulation was revealed by
Information Minister Daryl Vaz.  The report relates it included in
instructions to the Chief Parliamentary Counsel is the revocation
of the existing regulations which have been on the books since
1996.

The Government, the report adds, had clamped down on discretionary
waivers on duties and taxes due to an JM$18 billion decline in
revenue collection.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings has downgraded Jamaica's long-
term foreign and local currency Issuer Default Ratings to 'CCC'
from 'B'.  The Outlooks on the Long-Term ratings remain Negative.
Jamaica's Country ceiling has also been lowered to 'B-' from 'B+'
and the short-term foreign currency IDR has been downgraded to 'C'
from 'B'.


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


CEMEX SAB: Credit Default Swaps Triggered by Restructuring Event
----------------------------------------------------------------
Credit-default swaps on CEMEX, S.A.B. de C.V. were triggered by a
so-called restructuring credit event, Abigail Moses at Bloomberg
News reports, citing the International Swaps & Derivatives
Association.

According to the report, New York-based ISDA said that the ruling
was made by a group of independent arbitrators after a committee
of credit-default swap dealers and investors was unable to agree
whether to reimburse investors for the debt insurance contracts.

As reported in the Troubled Company Reporter-Latin America on
August 17, 2009, CEMEX SAB completed its refinancing of the
majority of the Company's outstanding debt.  The refinancing plan
extends the maturities of roughly US$15 billion in syndicated and
bilateral obligations with roughly 75 banks and private placement
noteholders, providing for a semi- annual amortization schedule,
with a final maturity of February 14, 2014.

ISDA, Bloomberg News notes, said that the independent panel deemed
the refinancing to be an event allowing buyers of default swaps to
demand payment.  The report relates ISDA said that the Americas
determinations committee will vote whether to settle the contracts
at auction.

                        About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


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


CARIBBEAN PETROLEUM: Faces 3rd Lawsuit, Plaintiffs Seek US$5MM++
----------------------------------------------------------------
The Caribbean Petroleum Corporation is facing a third class-action
lawsuit, in which plaintiffs are seeking a minimum US$5 million,
almost two months after a fire at one of the company's fuel
depots, Jamaica Observer reports.

According to the report, the group of 1,000 new plaintiffs and 23
new defendants are seeking the money for damages to homes and
environmental contamination.  The report relates that the
plaintiffs have accused the company of, among other things, not
training employees properly and failing to ensure that equipment
was working correctly.

The Observer says that Attorney Eric Quetglas and other lawyers
are asking the court to consolidate this latest case and the two
previously filed into a single case.

The company, the report recalls, said that a broken fuel gauge
caused the October 23 fire that damaged 21 of the depot's 40 tanks
and forced the evacuation of hundreds of people.

Caribbean Petroleum Corporation is a Puerto Rican oil company


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


* VENEZUELA: Moody's Says Ratings Unmoved by Bank Nationalizations
------------------------------------------------------------------
Venezuela's government ratings have not been affected by
intervention or nationalization of seven local banks over the last
several weeks, says Moody's Investors Service in a brief issuer
comment from its Sovereign Risk Unit.  Venezuela's foreign-
currency government bonds are rated B2 while the local-currency
bonds carry a B1rating.

"The impact on the ratings remains muted due to a combination of
already low government ratings, little to no direct cash cost to
the government, and still-sizable public sector financial assets,"
said Moody's Vice President -- Senior Analyst Gabriel Torres,
author of the report.  "Still, concerns remain about the general
operating environment for all banks in the country and the
possible contagion effects on the system as a whole."

The banks targeted by the administration of President Hugo Chavez
represent about 7.5% of system deposits.  The government alleges
general financial mismanagement and plans to close some of the
banks and have state-owned banks absorb the others.

"The sovereign's speculative-grade ratings already incorporate a
significant risk of default, and concerns about policy
implementation and the general policy environment are one of the
key reasons for the low ratings," said Mr. Torres.  "While not the
case for the time being, a sudden and permanent increase in the
government's debt burden could push the ratings even lower."

He said available evidence indicates that the deposit guarantee
fund (FOGADE) is sufficiently capitalized to cover all potential
claims by deposit holders in the affected banks.  Moody's
estimates that the government has over US$50 billion in financial
assets and, absent a significant deterioration in the financial
system, this should provide ample resources to the authorities.

"But if concerns prompt a more generalized run on bank deposits,
the strain on government finances could lead to a downgrade,"
warned Mr. Torres.  "To put it in perspective, total deposits are
around US$103 billion and Moody's estimate government debt to
reach US$65 billion by the end of this year."

Even if there is only a small or no direct cash cost to the
government, he said, the potential impact on confidence and growth
remains a concern as Venezuela already lags other Latin American
countries in its recovery.  GDP was still negative as of the end
of the third quarter but Moody's expects a moderate recovery in
2010 with GDP growth of some 2.5%.

"Continued negative growth is possible, especially with the risk
that the financial crisis deepens the current recession," said Mr.
Torres.  "Adding to this are important legislative midterm
elections scheduled for next December, which may place pressure on
the government to increase fiscal spending and reduce financial
flexibility."


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


* LatAm & Carribean Economic Recovery Quicker Than Expected
-----------------------------------------------------------
In its annual report Preliminary Overview of the Economies of
Latin America and the Caribbean 2009, the regional commission of
the United Nations projects positive growth rates for most
countries, but explains that there is still doubts about whether
this recovery will be sustainable over time, given that the
external scenario continues uncertain, which may affect growth
expectations in the region.

"The worst of the crisis is behind us.  The motors of growth have
been turned on again, but we don't know how long the fuel will
last," stated ECLAC Executive Secretary Alicia Barcena, in
presenting the report.

The most notable recovery will take place in South America and
Central America (with the exception of Mexico), which next year
will have growth rates of 4.7% and 3.0%, respectively.  Economic
growth in the Caribbean is expected to be lower (1.8%).

According to ECLAC, Brazil will top the list of countries with
higher growth in 2010, with expansion estimated at 5.5%, followed
by Peru and Uruguay (5%), Bolivia, Chile and Panama (4.5%) and
Argentina and Surinam (4%).

Mexico, Costa Rica and the Dominican Republic will grow 3.5%.

Overcoming the crisis has been swifter thanks to a set of
countercyclical policies that helped countries address the
external turbulence effectively, says the report.  These policies
included reducing interest rates, increasing State-owned bank
loans, expanding public expenditure and implementing a broad array
of social programs, such as consumer subsidies and support for
low-income households.

The ECLAC report also examines in detail the evolution of the
region's economies in 2009, as the crisis hit, putting an end to
six years of consecutive economic growth in Latin America and the
Caribbean.  The region's economies will contract this year by -
1.8% (better than the -1.9% estimated last July), which means that
GDP per capita will fall about 2.9%

Unemployment in the region will also be higher than in 2008. This
year, it will rise to 8.3% (lower than the 9.0% projected earlier
this year) of the economically active population, with a
deterioration in the quality of new jobs.

The steepest fall in economic activity this year will take place
in Mexico and some countries of Central America and the Caribbean.
ECLAC expects positive average growth rates for South America,
with the exception of Chile, Ecuador, Paraguay and Venezuela.  In
any case, growth rates this year will be significantly lower than
those experienced between 2004 and 2008 in all countries of the
region, states the report.

For 2010, better growth expectations and the higher prices of some
commodity exports from the region will boost fiscal income in the
region, improving the fiscal balance.

As growth consolidates, there may be a moderate inflationary
pressure that could lead central banks to restrict monetary
policies perhaps late in the year.

Economic growth will push up employment and probably improve its
quality, says the report.  Unemployment could drop to around 8% in
2010, about midway between the unemployment levels before and
after the crisis, and this will have a positive effect on poverty
indicators, asserts the Preliminary Overview.

Beyond the short-term, ECLAC stresses that the current crisis will
lead to profound changes in the international scenario that will
create a less favorable environment for growth than that
experienced in the region between 2003 and 2008.

This poses the urgent need to redefine standards for productive
and trade specialization, encourage innovation, include more know-
how and diversification in products and seek new destination
markets, with greater participation of Asian countries.

Likewise, nations need to define the role of the State and provide
it with the resources and instruments they need to prevent and
address crises as well as promote sustainable economic and social
development.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                        Total
                                        Total        Shareholders
                                        Assets         Equity
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------


ARGENTINA

330902Q GR IMPSAT FIBER NET           535007008        -17165000
APDSF US   AUTOPISTAS SOL          351681166.85       -2858782.1
AUSO AR    AUTOPISTAS SOL          351681166.85       -2858782.1
CAD IX     SOC COMERCIAL PL        113091441.22    -254639574.05
CADN EO    SOC COMERCIAL PL        113091441.22    -254639574.05
CADN SW    SOC COMERCIAL PL        113091441.22    -254639574.05
COME AR    SOC COMERCIAL PL        113091441.22    -254639574.05
COMEB AR   COMERCIAL PLA-BL        113091441.22    -254639574.05
COMEC AR   COMERCIAL PL-C/E        113091441.22    -254639574.05
COMED AR   COMERCIAL PLAT-$        113091441.22    -254639574.05
CVVIF US   SOC COMERCIAL PL        113091441.22    -254639574.05
IMPT AR    IMPSAT FIBER-CED           535007008        -17165000
IMPTC AR   IMPSAT FIBER-C/E           535007008        -17165000
IMPTD AR   IMPSAT FIBER-$US           535007008        -17165000
IMPTQ US   IMPSAT FIBER NET           535007008        -17165000
SCDPF US   SOC COMERCIAL PL        113091441.22    -254639574.05
SCPDS LI   COMERCIAL PL-ADR        113091441.22    -254639574.05
SDAGF US   SNIAFA SA-B              11489328.24       -840226.12
SNIA AR    SNIAFA SA                11489328.24       -840226.12
SNIA5 AR   SNIAFA SA-B              11489328.24       -840226.12
XIMPT SM   IMPSAT FIBER NET           535007008        -17165000
IMPTB AR   IMPSAT FIBER-BLK           535007008        -17165000


BRAZIL

1CPMON BZ  CIA PETROLIFERA         377602195.17      -3014291.72
1CPMPN BZ  CIA PETROLIF-PRF        377602195.17      -3014291.72
1GASON BZ  GASCOIGNE EMPREE          1123596482    -536003485.59
1GASPN BZ  GASCOIGNE EMP-PF          1123596482    -536003485.59
1NOVON BZ  NOVA AMERICA SA             21287489    -183535527.21
1NOVPN BZ  NOVA AMERICA-PRF            21287489    -183535527.21
1TSSON BZ  TRESSEM PART SA        1018389001.17    -160218400.52
3M11 GR    MMX MINERACA-GDR       1018389001.17    -160218400.52
81370Z BZ  TELECOMUNICA-ADR        244018546.23      -6054999.05
ALICON BZ  ARTHUR LANGE SA          21333792.82     -16295577.05
ALICPN BZ  ARTHUR LANGE-PRF         21333792.82     -16295577.05
ARLA1 BZ   ARTHUR LANG-RT C         21333792.82     -16295577.05
ARLA10 BZ  ARTHUR LANG-RC P         21333792.82     -16295577.05
ARLA11 BZ  ARTHUR LAN-DVD C         21333792.82     -16295577.05
ARLA12 BZ  ARTHUR LAN-DVD P         21333792.82     -16295577.05
ARLA2 BZ   ARTHUR LANG-RT P         21333792.82     -16295577.05
ARLA3 BZ   ARTHUR LANGE             21333792.82     -16295577.05
ARLA4 BZ   ARTHUR LANGE-PRF         21333792.82     -16295577.05
ARLA9 BZ   ARTHUR LANG-RC C         21333792.82     -16295577.05
AZEV3 BZ   AZEVEDO                  58171856.05      -4288079.64
AZEV4 BZ   AZEVEDO-PREF             58171856.05      -4288079.64
AZEVON BZ  AZEVEDO E TRAVAS         58171856.05      -4288079.64
AZEVPN BZ  AZEVEDO E TRA-PR         58171856.05      -4288079.64
BDFC US    B&D FOOD CORP               16631180         -1448544
BDFCE US   B&D FOOD CORP               16631180         -1448544
BLDR3 BZ   BALADARE                144928980.76     -33970462.85
BMBBF US   BOMBRIL                 289000173.95    -166589139.96
BMBBY US   BOMBRIL SA-ADR          289000173.95    -166589139.96
BMBPY US   BOMBRIL SA-ADR          289000173.95    -166589139.96
BOBR1 BZ   BOMBRIL-RIGHTS          289000173.95    -166589139.96
BOBR2 BZ   BOMBRIL-RGTS PRE        289000173.95    -166589139.96
BOBR3 BZ   BOMBRIL                 289000173.95    -166589139.96
BOBR4 BZ   BOMBRIL-PREF            289000173.95    -166589139.96
BOBRON BZ  BOMBRIL CIRIO SA        289000173.95    -166589139.96
BOBRPN BZ  BOMBRIL CIRIO-PF        289000173.95    -166589139.96
BUET1 BZ   BUETTNER SA-RTS           97710630.4     -46681943.42
BUET2 BZ   BUETTNER SA-RT P          97710630.4     -46681943.42
BUET3 BZ   BUETTNER                  97710630.4     -46681943.42
BUET4 BZ   BUETTNER-PREF             97710630.4     -46681943.42
BUETON BZ  BUETTNER SA               97710630.4     -46681943.42
BUETPN BZ  BUETTNER SA-PRF           97710630.4     -46681943.42
CAFE3 BZ   CAF BRASILIA             20168618.46    -728730285.95
CAFE4 BZ   CAF BRASILIA-PRF         20168618.46    -728730285.95
CALI3 BZ   CONST A LINDEN           11147512.97     -15979177.01
CALI4 BZ   CONST A LIND-PRF         11147512.97     -15979177.01
CAMB3 BZ   CAMBUCI SA               91527757.19     -26705142.99
CAMB4 BZ   CAMBUCI SA-PREF          91527757.19     -26705142.99
CAMBON BZ  CAMBUCI SA               91527757.19     -26705142.99
CAMBPN BZ  CAMBUCI SA-PREF          91527757.19     -26705142.99
CBRZF US   TELEBRAS-PF RCPT        244018546.23      -6054999.05
CCHI3 BZ   CHIARELLI SA             22274026.77     -44537138.21
CCHI4 BZ   CHIARELLI SA-PRF         22274026.77     -44537138.21
CCHON BZ   CHIARELLI SA             22274026.77     -44537138.21
CCHPN BZ   CHIARELLI SA-PRF         22274026.77     -44537138.21
CEED3 BZ   CEEE-D                 1090886626.84     -15249815.85
CEED3B BZ  CEEE-D                 1090886626.84     -15249815.85
CEED4 BZ   CEEE-D-PREF            1090886626.84     -15249815.85
CEED4B BZ  CEEE-D-PREF            1090886626.84     -15249815.85
CSBRON BZ  CAFE BRASILIA SA         20168618.46    -728730285.95
CSBRPN BZ  CAFE BRASILIA-PR         20168618.46    -728730285.95
CXDOF US   CAMBUCI SA-PREF          91527757.19     -26705142.99
DHBI3 BZ   D H B                   124060999.44    -405125352.78
DHBI4 BZ   D H B-PREF              124060999.44    -405125352.78
DHBON BZ   DHB IND E COM           124060999.44    -405125352.78
DHBPN BZ   DHB IND E COM-PR        124060999.44    -405125352.78
DOCA2 BZ   DOCAS SA-RTS PRF         88417960.92     -18059127.86
DOCA3 BZ   DOCA INVESTIMENT         88417960.92     -18059127.86
DOCA4 BZ   DOCA INVESTI-PFD         88417960.92     -18059127.86
DOCAON BZ  DOCAS SA                 88417960.92     -18059127.86
DOCAPN BZ  DOCAS SA-PREF            88417960.92     -18059127.86
EAAON BZ   ACO ALTONA SA            84614947.94     -14270921.51
EAAPN BZ   ACO ALTONA-PREF          84614947.94     -14270921.51
EALT3 BZ   ACO ALTONA               84614947.94     -14270921.51
EALT4 BZ   ACO ALTONA-PREF          84614947.94     -14270921.51
ESTR3 BZ   ESTRELA SA               61011893.59     -54580283.64
ESTR4 BZ   ESTRELA SA-PREF          61011893.59     -54580283.64
ESTRON BZ  ESTRELA SA               61011893.59     -54580283.64
ESTRPN BZ  ESTRELA SA-PREF          61011893.59     -54580283.64
FRNXON BZ  FABRICA RENAUX           66779266.69     -50394386.07
FRNXPN BZ  FABRICA RENAUX-P         66779266.69     -50394386.07
FTRX1 BZ   FABRICA TECID-RT         66779266.69     -50394386.07
FTRX3 BZ   FABRICA RENAUX           66779266.69     -50394386.07
FTRX4 BZ   FABRICA RENAUX-P         66779266.69     -50394386.07
FTSJON BZ  TECEL S JOSE             17924946.14     -18569451.23
FTSJPN BZ  TECEL S JOSE-PRF         17924946.14     -18569451.23
GAFON BZ   CIMOB PARTIC SA          36817394.78     -33083086.54
GAFP3 BZ   CIMOB PARTIC SA          36817394.78     -33083086.54
GAFP4 BZ   CIMOB PART-PREF          36817394.78     -33083086.54
GAFPN BZ   CIMOB PART-PREF          36817394.78     -33083086.54
GASC3 BZ   ALL MALHA PAULIS          1123596482    -536003485.59
GASC3B BZ  ALL MALHA PAULIS          1123596482    -536003485.59
GASC4 BZ   GASCOIGNE EMP-PF          1123596482    -536003485.59
GASC4B BZ  GASCOIGNE EMP-PF          1123596482    -536003485.59
GAZO10 BZ  GAZOLA-RCPT PREF         12452143.07     -40298506.25
GAZO11 BZ  GAZOLA SA-DVD CM         12452143.07     -40298506.25
GAZO12 BZ  GAZOLA SA-DVD PF         12452143.07     -40298506.25
GAZO3 BZ   GAZOLA                   12452143.07     -40298506.25
GAZO4 BZ   GAZOLA-PREF              12452143.07     -40298506.25
GAZO9 BZ   GAZOLA-RCPTS CMN         12452143.07     -40298506.25
GAZON BZ   GAZOLA SA                12452143.07     -40298506.25
GAZPN BZ   GAZOLA SA-PREF           12452143.07     -40298506.25
HAGA3 BZ   HAGA                     16483114.08     -62923101.98
HAGA4 BZ   FER HAGA-PREF            16483114.08     -62923101.98
HAGAON BZ  FERRAGENS HAGA           16483114.08     -62923101.98
HAGAPN BZ  FERRAGENS HAGA-P         16483114.08     -62923101.98
IMBI1 BZ   DOC IMBITUBA-RTC        114896167.37     -16783228.37
IMBI2 BZ   DOC IMBITUBA-RTP        114896167.37     -16783228.37
IMBI3 BZ   DOC IMBITUBA            114896167.37     -16783228.37
IMBI4 BZ   DOC IMBITUB-PREF        114896167.37     -16783228.37
IMBION BZ  DOCAS IMBITUBA          114896167.37     -16783228.37
IMBIPN BZ  DOCAS IMBITUB-PR        114896167.37     -16783228.37
LATF US    LATTENO FOOD COR            16631180         -1448544
LCSA3 BZ   PARMALAT                353615264.63     -165164436.3
LCSA4 BZ   PARMALAT-PREF           353615264.63     -165164436.3
LCSA5 BZ   PARMALAT BR-RT C        353615264.63     -165164436.3
LCSA6 BZ   PARMALAT BR-RT P        353615264.63     -165164436.3
LCSAON BZ  PARMALAT BRASIL         353615264.63     -165164436.3
LCSAPN BZ  PARMALAT BRAS-PF        353615264.63     -165164436.3
LEAP LX    LAEP INVESTMENTS        440611400.44     -32930986.27
LINDON BZ  CONST A LINDEN           11147512.97     -15979177.01
LINDPN BZ  CONST A LIND-PRF         11147512.97     -15979177.01
MANGON BZ  PETRO MANGUINHOS         76852724.18    -212528966.16
MANGPN BZ  PETRO MANGUIN-PF         76852724.18    -212528966.16
MILK11 BZ  LAEP-BDR                440611400.44     -32930986.27
MMXCF US   MMX MINERACAO          1018389001.17    -160218400.52
MMXM3 BZ   MMX MINERACAO          1018389001.17    -160218400.52
MMXMY US   MMX MINERACA-GDR       1018389001.17    -160218400.52
MNPR3 BZ   MINUPAR                  89611489.39     -20702110.72
MNPR4 BZ   MINUPAR-PREF             89611489.39     -20702110.72
MNPRON BZ  MINUPAR SA               89611489.39     -20702110.72
MNPRPN BZ  MINUPAR SA-PREF          89611489.39     -20702110.72
MRLM3 BZ   CIA PETROLIFERA         377602195.17      -3014291.72
MRLM3B BZ  CIA PETROLIFERA         377602195.17      -3014291.72
MRLM4 BZ   CIA PETROLIF-PRF        377602195.17      -3014291.72
MRLM4B BZ  CIA PETROLIF-PRF        377602195.17      -3014291.72
MWELON BZ  WETZEL SA                79756128.35      -6350930.69
MWELPN BZ  WETZEL SA-PREF           79756128.35      -6350930.69
MWET3 BZ   WETZEL SA                79756128.35      -6350930.69
MWET4 BZ   WETZEL SA-PREF           79756128.35      -6350930.69
NORD1 BZ   NORDON MET-RTS           15498217.36      -20133536.7
NORD3 BZ   NORDON MET               15498217.36      -20133536.7
NORDON BZ  NORDON METAL             15498217.36      -20133536.7
NOVA3 BZ   NOVA AMERICA SA             21287489    -183535527.21
NOVA3B BZ  NOVA AMERICA SA             21287489    -183535527.21
NOVA4 BZ   NOVA AMERICA-PRF            21287489    -183535527.21
NOVA4B BZ  NOVA AMERICA-PRF            21287489    -183535527.21
NOVAON BZ  NOVA AMERICA SA             21287489    -183535527.21
NOVAPN BZ  NOVA AMERICA-PRF            21287489    -183535527.21
PQT5 BZ    PARQUE TEM-DV CM         62168844.09     -55189836.68
PQT6 BZ    PARQUE TEM-DV PF         62168844.09     -55189836.68
PQTM1 BZ   PARQUE TEM-RT CM         62168844.09     -55189836.68
PQTM10 BZ  PARQUE TEM-RCT P         62168844.09     -55189836.68
PQTM2 BZ   PARQUE TEM-RT PF         62168844.09     -55189836.68
PQTM3 BZ   HOPI HARI SA             62168844.09     -55189836.68
PQTM4 BZ   HOPI HARI-PREF           62168844.09     -55189836.68
PQTM9 BZ   PARQUE TEM-RCT C         62168844.09     -55189836.68
PRMN3 BZ   PROMAN                   13403496.63       -173711.31
PRMN3B BZ  PROMAN                   13403496.63       -173711.31
RCT4B AR   TELEBRAS-CEDE BL        244018546.23      -6054999.05
RCT4C AR   TELEBRAS-CED C/E        244018546.23      -6054999.05
RCT4D AR   TELEBRAS-CEDEA $        244018546.23      -6054999.05
RCTB1 BZ   TELEBRAS-RTS CMN        244018546.23      -6054999.05
RCTB2 BZ   TELEBRAS-RTS PRF        244018546.23      -6054999.05
RCTB30 BZ  TELEBRAS-CM RCPT        244018546.23      -6054999.05
RCTB31 BZ  TELEBRAS-CM RCPT        244018546.23      -6054999.05
RCTB32 BZ  TELEBRAS-CM RCPT        244018546.23      -6054999.05
RCTB33 BZ  TELEBRAS-RCT            244018546.23      -6054999.05
RCTB4 AR   TELEBRAS-CEDE PF        244018546.23      -6054999.05
RCTB40 BZ  TELEBRAS-PF RCPT        244018546.23      -6054999.05
RCTB41 BZ  TELEBRAS-PF RCPT        244018546.23      -6054999.05
RCTB42 BZ  TELEBRAS-PF RCPT        244018546.23      -6054999.05
REEM3 BZ   RIMET                    63757621.65    -107162239.91
REEM4 BZ   RIMET-PREF               63757621.65    -107162239.91
REEMON BZ  RIMET                    63757621.65    -107162239.91
REEMPN BZ  RIMET-PREF               63757621.65    -107162239.91
REIC US    REII INC                    16631180         -1448544
RENXON BZ  TEXTEIS RENAUX           58969047.84     -91550951.89
RENXPN BZ  TEXTEIS RENAUX           58969047.84     -91550951.89
RPMG1 BZ   PET MANG-RIGHTS          76852724.18    -212528966.16
RPMG10 BZ  PET MANG-RECEIPT         76852724.18    -212528966.16
RPMG2 BZ   PET MANG-RIGHTS          76852724.18    -212528966.16
RPMG3 BZ   PETRO MANGUINHOS         76852724.18    -212528966.16
RPMG4 BZ   PET MANGUINH-PRF         76852724.18    -212528966.16
RPMG9 BZ   PET MANG-RECEIPT         76852724.18    -212528966.16
RSUL3 BZ   RIOSULENSE SA            61902901.69     -11292932.53
RSUL4 BZ   RIOSULENSE SA-PR         61902901.69     -11292932.53
RSULON BZ  RIOSULENSE SA            61902901.69     -11292932.53
RSULPN BZ  RIOSULENSE SA-PR         61902901.69     -11292932.53
RTB US     TELEBRAS-ADR            244018546.23      -6054999.05
SCHON BZ   SCHLOSSER SA             11745600.44      -75930514.2
SCHPN BZ   SCHLOSSER SA-PRF         11745600.44      -75930514.2
SCLO3 BZ   SCHLOSSER                11745600.44      -75930514.2
SCLO4 BZ   SCHLOSSER-PREF           11745600.44      -75930514.2
SJOS3 BZ   TECEL S JOSE             17924946.14     -18569451.23
SJOS4 BZ   TECEL S JOSE-PRF         17924946.14     -18569451.23
SNST3 BZ   SANESALTO                27381496.74       -870175.96
SNSY3 BZ   SANSUY                  100279114.92     -45812488.77
SNSY5 BZ   SANSUY-PREF A           100279114.92     -45812488.77
SNSY6 BZ   SANSUY-PREF B           100279114.92     -45812488.77
SNSYAN BZ  SANSUY SA-PREF A        100279114.92     -45812488.77
SNSYBN BZ  SANSUY SA-PREF B        100279114.92     -45812488.77
SNSYON BZ  SANSUY SA               100279114.92     -45812488.77
STARON BZ  STAROUP SA               35101566.77     -13482713.52
STARPN BZ  STAROUP SA-PREF          35101566.77     -13482713.52
STRP3 BZ   BOTUCATU TEXTIL          35101566.77     -13482713.52
STRP4 BZ   BOTUCATU-PREF            35101566.77     -13482713.52
TBAPF US   TELEBRAS-PF RCPT        244018546.23      -6054999.05
TBAPY US   TELEBRAS-ADR            244018546.23      -6054999.05
TBASF US   TELEBRAS SA             244018546.23      -6054999.05
TBASY US   TELEBRAS-ADR            244018546.23      -6054999.05
TBH US     TELEBRAS-ADR            244018546.23      -6054999.05
TBH-W US   TELEBRAS/W-I-ADR        244018546.23      -6054999.05
TBRAY GR   TELEBRAS-ADR            244018546.23      -6054999.05
TBRTF US   TELEBRAS-CM RCPT        244018546.23      -6054999.05
TBX GR     TELEBRAS-ADR            244018546.23      -6054999.05
TCLP1 BZ   TELEBRAS-RTS CMN        244018546.23      -6054999.05
TEKA3 BZ   TEKA                     237436193.6    -360484909.92
TEKA4 BZ   TEKA-PREF                237436193.6    -360484909.92
TEKAON BZ  TEKA                     237436193.6    -360484909.92
TEKAPN BZ  TEKA-PREF                237436193.6    -360484909.92
TEKAY US   TEKA-ADR                 237436193.6    -360484909.92
TEL4C AR   TELEBRAS-CED C/E        244018546.23      -6054999.05
TEL4D AR   TELEBRAS-CEDEA $        244018546.23      -6054999.05
TELB1 BZ   TELEBRAS-COM RT         244018546.23      -6054999.05
TELB10 BZ  TELEBRAS-RCT PRF        244018546.23      -6054999.05
TELB3 BZ   TELEBRAS SA             244018546.23      -6054999.05
TELB30 BZ  TELEBRAS-BLOCK          244018546.23      -6054999.05
TELB4 AR   TELEBRAS-CEDE PF        244018546.23      -6054999.05
TELB4 BZ   TELEBRAS SA-PREF        244018546.23      -6054999.05
TELB40 BZ  TELEBRAS-PF BLCK        244018546.23      -6054999.05
TELB9 BZ   TELEBRAS SA-RT          244018546.23      -6054999.05
TELE31 BZ  TELEBRAS-CM RCPT        244018546.23      -6054999.05
TELE41 BZ  TELEBRAS-PF RCPT        244018546.23      -6054999.05
TKTPF US   TEKA-PREF                237436193.6    -360484909.92
TKTPY US   TEKA-ADR                 237436193.6    -360484909.92
TKTQF US   TEKA                     237436193.6    -360484909.92
TKTQY US   TEKA-ADR                 237436193.6    -360484909.92
TLBRON BZ  TELEBRAS SA             244018546.23      -6054999.05
TLBRPN BZ  TELEBRAS SA-PREF        244018546.23      -6054999.05
TLBRUO BZ  TELEBRAS-RECEIPT        244018546.23      -6054999.05
TLBRUP BZ  TELEBRAS-PF RCPT        244018546.23      -6054999.05
TLCP2 BZ   TELEBRAS-RTS PRF        244018546.23      -6054999.05
TRES3 BZ   MMX MINERACAO          1018389001.17    -160218400.52
TXRX1 BZ   TEXTEIS RENAU-RT         58969047.84     -91550951.89
TXRX10 BZ  TEXTEIS RENA-RCT         58969047.84     -91550951.89
TXRX2 BZ   TEXTEIS RENAU-RT         58969047.84     -91550951.89
TXRX3 BZ   RENAUXVIEW SA            58969047.84     -91550951.89
TXRX4 BZ   RENAUXVIEW SA-PF         58969047.84     -91550951.89
TXRX9 BZ   TEXTEIS RENA-RCT         58969047.84     -91550951.89
VAGV3 BZ   VARIG SA                966298025.55   -4695211316.33
VAGV4 BZ   VARIG SA-PREF           966298025.55   -4695211316.33
VARGON BZ  VARIG SA                966298025.55   -4695211316.33
VARGPN BZ  VARIG SA-PREF           966298025.55   -4695211316.33
VPSC3 BZ   VARIG PART EM SE        101177852.25    -318442006.32
VPSC4 BZ   VARIG PART EM-PR        101177852.25    -318442006.32
VPTA3 BZ   VARIG PART EM TR         49432124.18    -399290425.77
VPTA4 BZ   VARIG PART EM-PR         49432124.18    -399290425.77
VSPT10 BZ  FER C ATL-RCT PF       1189275625.36     -35605725.65
VSPT11 BZ  FERROVIA CEN-DVD       1189275625.36     -35605725.65
VSPT12 BZ  FERROVIA CEN-DVD       1189275625.36     -35605725.65
VSPT3 BZ   FER C ATLANT           1189275625.36     -35605725.65
VSPT4 BZ   FER C ATLANT-PRF       1189275625.36     -35605725.65
VSPT9 BZ   FER C ATL-RCT CM       1189275625.36     -35605725.65
WISA3 BZ   WIEST                    39838113.86     -93371563.06
WISA4 BZ   WIEST-PREF               39838113.86     -93371563.06
WISAON BZ  WIEST SA                 39838113.86     -93371563.06
WISAPN BZ  WIEST SA-PREF            39838113.86     -93371563.06
XMM CN     MMX MINERACA-GDR       1018389001.17    -160218400.52


COLOMBIA

CHILESAT CITELMEX CORP SA          450943844.68     -52392581.33
CHISATOS CICHILESAT CO-RTS         450943844.68     -52392581.33
CSAOY US   TELMEX CORP-ADR         450943844.68     -52392581.33
TELEX CI   CHILESAT CORP SA        450943844.68     -52392581.33
TELEXA CI  TELEX-A                 450943844.68     -52392581.33
TELEXO CI  TELEX-RTS               450943844.68     -52392581.33
TL US      CHILESAT CO-ADR         450943844.68     -52392581.33


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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