TCRLA_Public/091216.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

        Wednesday, December 16, 2009, Vol. 10, No. 248

                            Headlines

A R G E N T I N A

ARDERIU SRL: Creditors' Proofs of Debt Due on December 17
DIROS SRL: Creditors' Proofs of Debt Due on March 31
EQUIPAMIENTOS URBANOS: Creditors' Proofs of Debt Due on March 30
FS LOGISTICA: Creditors' Proofs of Debt Due on December 14
HILANCAR SRL: Creditors' Proofs of Debt Due on February 12

JUDEL SRL: Creditors' Proofs of Debt Due on December 18
MOREL SRL: Creditors' Proofs of Debt Due on November 26
SAUCO ARGENTINA: Creditors' Proofs of Debt Due on March 10


B E R M U D A

WESTERN HOLDINGS: Creditors' Proofs of Debt Due on December 18
WESTERN HOLDINGS: Sole Member to Receive Wind-Up Report on Jan. 11
ISLAND CIRCLE: Placed Under Voluntary Wind-Up


B R A Z I L

ARCOS DORADOS: Plans to Double McDonald's Stores in Brazil by 2016
BANCO CRUZEIRO: Plans to Go After BRL400MM Preferred Share Offer
COSAN SA: Acquires Petrosul Service Stations
GERDAU SA: Canada Workers on Strike to Reject Offer
JBS SA: To Sell US$2BB Bonds in Unit to Aid in Pilgrim's Buyout

PLIGRIM'S PRIDE: JBS to Sell US$2BB Bonds in Unit to Aid in Buyout


C A Y M A N  I S L A N D S

ASSURED INCOME: Shareholders Receive Wind-Up Report
AZALEA TRADING: Members Receive Wind-Up Report
BENODET INSURANCE: Shareholders Receive Wind-Up Report
BLURANO LTD: Shareholders to Hear Wind-Up Report on January 22
BRACTEA MASTER: Shareholders Receive Wind-Up Report

BRACTEA OVERSEAS: Shareholders Receive Wind-Up Report
CREP INVESTMENT: Shareholders Receive Wind-Up Report
DELTA GEMS: Shareholders Receive Wind-Up Report
DESOAS ENTERPRISES: Shareholders Receive Wind-Up Report
DYNAMIC DECISIONS: Shareholders Receive Wind-Up Report

GIUGNO INVESTMENTS: Shareholders to Hear Wind-Up Report on Jan. 22
IPIL LIMITED: Shareholders Receive Wind-Up Report
JOY HOLDINGS: Shareholders Receive Wind-Up Report
NAVITAS TRADING: Shareholders Receive Wind-Up Report
RREEF APIF: Shareholders Receive Wind-Up Report

SONDRIO FINANCING: Shareholders to Hear Wind-Up Report on Jan. 22
SUNBRIDGE TELECOM: Shareholders Receive Wind-Up Report
TE KEYNES: Shareholders Receive Wind-Up Report
TE KEYNES: Shareholders Receive Wind-Up Report
VICTORY INVESTMENTS: Shareholders Receive Wind-Up Report


C O L O M B I A

ECOPETROL SA: Taps Claudia Castellanos as VP of Supply & Marketing
ECOPETROL SA: Modifies Corporate Governance Code


D O M I N I C A N  R E P U B L I C

AES CORP: AES Dominicana to Pay Nearly US$200MM Debt to Generators


M E X I C O

CEMEX SAB: CEMEX UK Uses ISO-Veyors for Transportation Project
DESARROLLADORA HOMEX: Reveals 2010 Guidance
FRONTERA COPPER: To Defer Paying December 15 Interest


P E R U

* PERU: IDB Provides US$25 Million to Peru Biofuels Project


V E N E Z U E L A

BANCO CONFEDERADO: Venezuela to Reopen Operations Next Week
BOLIVAR BANCO: Government to Reopen Operations Next Week
CENTRAL BANCO UNIVERSAL: Venezuela to Reopen Operations Next Week
PETROLEOS DE VENEZUELA: Citgo Offer to Save Bronx Jobs Rebuffed
PETROLEOS DE VENEZUELA: Releases Gulmar Offshore Vessels

PETROLEOS DE VENEZUELA: Transfers Control of Oilfields to Partners


X X X X X X X X

* IATA Sees US$5.6 Billion Airline Industry Loss in 2010


                         - - - - -


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


ARDERIU SRL: Creditors' Proofs of Debt Due on December 17
---------------------------------------------------------
The court-appointed trustee for Arderiu S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 17, 2009.

The trustee will present the validated claims in court as
individual reports on March 4, 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
April 23, 2010.


DIROS SRL: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------
The court-appointed trustee for Diros S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 31, 2010.

The trustee will present the validated claims in court as
individual reports on May 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
June 24, 2010.

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


EQUIPAMIENTOS URBANOS: Creditors' Proofs of Debt Due on March 30
----------------------------------------------------------------
The court-appointed trustee for Equipamientos Urbanos de Buenos
Aires S.A.'s bankruptcy proceedings will be verifying creditors'
proofs of claim until March 30, 2010.


FS LOGISTICA: Creditors' Proofs of Debt Due on December 14
----------------------------------------------------------
The court-appointed trustee for F.S. Logistica S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 14, 2009.

The trustee will present the validated claims in court as
individual reports on March 4, 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
April 21, 2010.


HILANCAR SRL: Creditors' Proofs of Debt Due on February 12
----------------------------------------------------------
The court-appointed trustee for Hilancar S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 12, 2010.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 12, 2010.


JUDEL SRL: Creditors' Proofs of Debt Due on December 18
-------------------------------------------------------
The court-appointed trustee for Judel S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 18, 2009.

The trustee will present the validated claims in court as
individual reports on March 5, 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
April 23, 2010.


MOREL SRL: Creditors' Proofs of Debt Due on November 26
-------------------------------------------------------
The court-appointed trustee for Morel S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
November 26, 2009.

The trustee will present the validated claims in court as
individual reports on December 9, 2009. 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
March 23, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 30, 2010.


SAUCO ARGENTINA: Creditors' Proofs of Debt Due on March 10
----------------------------------------------------------
The court-appointed trustee for Sauco Argentina S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 10, 2010.

The trustee will present the validated claims in court as
individual reports on April 26, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 14, 2010.


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


WESTERN HOLDINGS: Creditors' Proofs of Debt Due on December 18
--------------------------------------------------------------
The creditors of Western Holdings (Bermuda) Ltd. are required to
file their proofs of debt by December 18, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Ernest Morrison
          Milner House
          18 Parliament Street
          Hamilton HM 12
          Bermuda


WESTERN HOLDINGS: Sole Member to Receive Wind-Up Report on Jan. 11
------------------------------------------------------------------
The sole member of Western Holdings (Bermuda) Ltd. will receive,
on January 11, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Ernest Morrison
          Milner House
          18 Parliament Street
          Hamilton HM 12
          Bermuda


ISLAND CIRCLE: Placed Under Voluntary Wind-Up
---------------------------------------------
On December 7, 2009, the sole member of Island Circle Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Ernest Morrison
          Milner House
          18 Parliament Street
          Hamilton HM 12
          Bermuda


CAROLINA REINSURANCE LIMITED

NOTICE TO CREDITORS AND CONTRIBUTORIES OF

INTENTION TO APPLY FOR RELEASE

Take notice that we, the undersigned Joint Liquidators of the
above-named Company, intend to apply to the Court for our release,
and further take notice that any objection you may have to the
granting of our release must be notified to the Court within
twenty-one days of the date hereof.

Dated this 9th day of December 2009.

John C. McKenna

Gareth H. Hughes

Joint Liquidators

Carolina

Reinsurance

Limited

c/o Finance & Risk

Services Ltd.

Suite 502

International Centre

26 Bermudiana Road

P.O. Box HM 321

Hamilton HM BX

Bermuda


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


ARCOS DORADOS: Plans to Double McDonald's Stores in Brazil by 2016
------------------------------------------------------------------
Arcos Dorados SA plans to double the number of branches in Brazil
by 2016, Camila Fontana at Bloomberg News reports, citing O Estado
de S. Paul.  The company currently has 537 McDonald restaurant in
Brazil.

According to the report, Estado newspaper said that Arcos Dourados
owns 537 McDonald's restaurants in Brazil.  "We will invest
heavily in the country,” Chief Executive Officer Woods Staton told
the local newspaper in an interview, Bloomberg News relates.   "It
will be good to double our size, but we will review this intention
every year,”

Headquartered in Buenos Aires, Argentina, with legal domicile in
the Netherlands, Arcos Dorados is the leading quick service
restaurant operator in Latin America and the Caribbean and
McDonald's largest franchisee globally in terms of systemwide
sales and restaurant count.  As of June 30, 2009, the company
indirectly owned and operated or franchised 1,660 McDonald's-
branded restaurants.  For the 12 months ended June 30, 2009, the
company's revenues reached US$2.51 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Moody's Investors Service has assigned a
provisional (P)Ba2 rating  to Arcos Dorados' proposed US$450
million in senior unsecured global notes due in 2019.  At the same
time, Moody's has assigned a provisional (P)Ba2 Corporate Family
rating to Arcos Dorados.  The ratings outlook is stable.


BANCO CRUZEIRO: Plans to Go After BRL400MM Preferred Share Offer
----------------------------------------------------------------
Banco Cruzeiro do Sul plans to go after about BRL400 million
(US$227 million) in a primary and secondary offer of its preferred
shares, Business News Americas reports, citing a securities
filing.  The report relates that the request was filed with
Brazilian capital markets group Anbima and will require the final
approval from BCSul's board once the price has been set.

According to the report, the bank plans to use the funds raised to
increase growth and hold more of its own loans on its balance
sheet.  The report says both the primary and secondary offers will
be available to institutional investors in the US.

Meanwhile, BNAmericas News relates, in a meeting on December 10,
BCSul's board approved the plan to start the offer process, as
well as the cancellation of 1.58 million shares and the sale of
1.36 million shares held in treasury in connection with the offer.

                    About Banco Cruzeiro do Sul

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


COSAN SA: Acquires Petrosul Service Stations
--------------------------------------------
Cosan S.A. Industria e Comercio SA has acquired 83 service
stations from Petrosul in a transaction that analysts pegged to be
about BRL70 million (US$40.1 million), Jeff Fick at Dow Jones
Newswires reports.  The report relates Cosan SA said that the
Petrosul service stations, which are all in Sao Paulo state, will
become a part of the Esso chain.

"The purchase is part of the company's strategy to invest in the
Esso and Mobil brands and increase participation in the fuel and
lubricant markets," Cosan said in a statement obtained by the news
agency.

According to the report, the deal with Petrosul includes only the
83 service stations.  Petrosul will retain its fuel distribution
and storage facilities, the report notes.

                        About Cosan SA

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

                          *     *     *

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


GERDAU SA: Canada Workers on Strike to Reject Offer
---------------------------------------------------
Gerdau SA's workers in Canada will likely reject a contract offer
the company that is aimed at ending a seven-month strike, Diana
Kinch at Bloomberg News reports citing Tom Walsh, a regional
coordinator at the labor group.  The report relates Mr. Walsh is
recommending its members at Gerdau's steel mill to reject a
sweetened offer in a vote.  Negotiations on December 8 and
December 9 were "not very successful,” Mr. Walsh said in an e-mail
statement obtained by the news agency.

According to the report, citing an unnamed company spokesman,
North American unit Gerdau Ameristeel submitted a new offer on
December 10.

As reported in the Troubled Company Reporter-Latin America on
November 20, 2009, Bloomberg News said 190 workers at Gerdau's
Cambridge mill stopped work on May 16 after turning down a
proposal to introduce a contribution- based pension plan for new
hires, replacing the previous defined-benefit system.  The report
related that the workers' actions caused the management to keep
the mill operating at a reduced rate since then.  "Gerdau
Ameristeel stands by its offer," the company said in an
e-mailed statement obtained by Bloomberg News.  The report related
The proposal didn't call for "any reduction in base wages or
pension benefits for current employees," the company added.

                         About Gerdau SA

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


JBS SA: To Sell US$2BB Bonds in Unit to Aid in Pilgrim's Buyout
---------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA plans to sell
US$2 billion of convertible bonds to help pay for the acquisition
of Pilgrim's Pride Corp and said it's in "advanced talks” with a
potential investor.  The report relates the company, citing a
regulatory filing, said that the bonds will be convertible into
20% to 25% of the shares in JBS's U.S. unit.  The investor may buy
all the bonds and the deal may be announced in the next few days,
the company added.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, JBS SA, through its U.S. subsidiary, JBS USA
Holdings, Inc., has agreed to purchase 64% of Pilgrim's Pride,
currently in bankruptcy, for US$800 million in cash.  The US$800
million will be funded with a portion of the US$2.5 billion from
the sale of up to 26.3% common equity interest in JBS USA
Holdings, the immediate parent of JBS USA, LLC, to a private
investor.

According to Bloomberg News speculations have emerged that JBS
SA's planned initial public offering of the U.S. unit may not take
place.  JBS SA, the report relates, said that the bond investor
would have the right to the company's shares if the IPO fails.
"The market is reacting to a possible non-IPO in the U.S., meaning
the bonds would be converted into shares of JBS SA, diluting the
investor base,” Rafael Cintra, an analyst with Link Investimentos
SA, told Bloomberg News in a phone interview.

JBS SA, the report says, is raising cash to pay for the
acquisition of Pilgrim's Pride Corp. and fund a US$2 billion
distribution network.

Meanwhile, Bloomberg News relates, the company also said that it
will price a US$2 billion initial public offering for the U.S.
unit in January.  JBS SA Chief Executive Officer Joesley Batista,
the report adds, plans to give presentations to investors in the
U.S. between January 4 and January 8, before setting the price for
the public share sale in the week of January 11.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.

In November 2009, following JBS's announcement of plans to buy
Pilgrim's PRide COrp., Moody's affirmed JBS's 'B1' corporate
family rating, with postiive outlook. "Given the positive outlook,
a downgrade to the ratings is unlikely in the near term, but could
be caused by weaker liquidity or a large debt-financed
acquisition," the ratings agency said.

                      About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  Lazard Freres & Co., LLC, is the
Company's investment bankers and William K. Snyder of CRG Partners
Group LLC is chief restructuring officer.  Kurtzman Carson
Consulting LLC serves as claims and notice agent.  Kelly Hart and
Brown Rudnick represent the official equity committee.  Attorneys
at Andrews Kurth LLP represents the official committee of
unsecured creditors.

As of December 27, 2008, the Company had US$3,215,103,000 in total
assets, US$612,682,000 in total current liabilities,
US$225,991,000 in total long-term debt and other liabilities, and
US$2,253,391,000 in liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PLIGRIM'S PRIDE: JBS to Sell US$2BB Bonds in Unit to Aid in Buyout
------------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA plans to sell
US$2 billion of convertible bonds to help pay for the acquisition
of Pilgrim's Pride Corp and said it's in "advanced talks” with a
potential investor.  The report relates the company, citing a
regulatory filing, said that the bonds will be convertible into
20% to 25% of the shares in JBS's U.S. unit.  The investor may buy
all the bonds and the deal may be announced in the next few days,
the company added.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, JBS SA, through its U.S. subsidiary, JBS USA
Holdings, Inc., has agreed to purchase 64% of Pilgrim's Pride,
currently in bankruptcy, for US$800 million in cash.  The US$800
million will be funded with a portion of the US$2.5 billion from
the sale of up to 26.3% common equity interest in JBS USA
Holdings, the immediate parent of JBS USA, LLC, to a private
investor.

According to Bloomberg News speculations have emerged that JBS
SA's planned initial public offering of the U.S. unit may not take
place.  JBS SA, the report relates, said that the bond investor
would have the right to the company's shares if the IPO fails.
"The market is reacting to a possible non-IPO in the U.S., meaning
the bonds would be converted into shares of JBS SA, diluting the
investor base,” Rafael Cintra, an analyst with Link Investimentos
SA, told Bloomberg News in a phone interview.

JBS SA, the report says, is raising cash to pay for the
acquisition of Pilgrim's Pride Corp. and fund a US$2 billion
distribution network.

Meanwhile, Bloomberg News relates, the company also said that it
will price a US$2 billion initial public offering for the U.S.
unit in January.  JBS SA Chief Executive Officer Joesley Batista,
the report adds, plans to give presentations to investors in the
U.S. between January 4 and January 8, before setting the price for
the public share sale in the week of January 11.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.

In November 2009, following JBS's announcement of plans to buy
Pilgrim's PRide COrp., Moody's affirmed JBS's 'B1' corporate
family rating, with postiive outlook. "Given the positive outlook,
a downgrade to the ratings is unlikely in the near term, but could
be caused by weaker liquidity or a large debt-financed
acquisition," the ratings agency said.

                      About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  Lazard Freres & Co., LLC, is the
Company's investment bankers and William K. Snyder of CRG Partners
Group LLC is chief restructuring officer.  Kurtzman Carson
Consulting LLC serves as claims and notice agent.  Kelly Hart and
Brown Rudnick represent the official equity committee.  Attorneys
at Andrews Kurth LLP represents the official committee of
unsecured creditors.

As of December 27, 2008, the Company had US$3,215,103,000 in total
assets, US$612,682,000 in total current liabilities,
US$225,991,000 in total long-term debt and other liabilities, and
US$2,253,391,000 in liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


ASSURED INCOME: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 11, 2009, the shareholders of Assured Income & Growth
Fund received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mike Starvis
          c/o Walton International Group Ltd.
          Man Yee Building, 11th Floor
          68 Des Voeux Road C, Central
          Hong Kong
          Telephone: (852) 3185 1866
          Facsimile: (852) 2311 2103
          HK - Hp: (852) 6203 7411
          Website: mstarvis@waltoninternational.com


AZALEA TRADING: Members Receive Wind-Up Report
----------------------------------------------
On December 9, 2009, the members of Azalea Trading Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands


BENODET INSURANCE: Shareholders Receive Wind-Up Report
------------------------------------------------------
On December 1, 2009, the shareholders of Benodet Insurance Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o Peter Bigwood
          P.O. Box 1370, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


BLURANO LTD: Shareholders to Hear Wind-Up Report on January 22
--------------------------------------------------------------
The shareholders of Blurano Ltd. will hold their final meeting on
January 22, 2010, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BRACTEA MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 11, 2009, the shareholders of Bractea Master Fund Ltd.
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


BRACTEA OVERSEAS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On December 11, 2009, the shareholders of Bractea Overseas
Partners, Ltd. 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


CREP INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 11, 2009, the shareholders of CREP Investment Z Cayman
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


DELTA GEMS: Shareholders Receive Wind-Up Report
-----------------------------------------------
On December 15, 2009, the shareholder of Delta Gems Offshore Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815-1805
          Facsimile: (345) 949 1986


DESOAS ENTERPRISES: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On December 10, 2009, the shareholders of Desoas Enterprises
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sherine Bromfield
          Telephone: 945-4777
          Facsimile: 945-4799
          c/o PO Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


DYNAMIC DECISIONS: Shareholders Receive Wind-Up Report
------------------------------------------------------
On December 1, 2009, the shareholders of Dynamic Decisions
Strategic Opportunities Master Fund received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o Peter Bigwood
          P.O. Box 1370, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


GIUGNO INVESTMENTS: Shareholders to Hear Wind-Up Report on Jan. 22
------------------------------------------------------------------
The shareholders of Giugno Investments will hold their final
meeting on January 22, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


IPIL LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 10, 2009, the shareholders of Ipil Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sherine Bromfield
          Telephone: 945-4777
          Facsimile: 945-4799
          c/o PO Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


JOY HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 10, 2009, the shareholders of Joy Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Laura Chisholm
          Telephone: 945-4777
          Facsimile: 945-4799
          c/o PO Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


NAVITAS TRADING: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 14, 2009, the shareholders of Navitas Trading Company
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


RREEF APIF: Shareholders Receive Wind-Up Report
-----------------------------------------------
On December 10, 2009, the shareholders of RREEF APIF Manager Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SONDRIO FINANCING: Shareholders to Hear Wind-Up Report on Jan. 22
-----------------------------------------------------------------
The shareholders of Sondrio Financing Limited will hold their
final meeting on January 22, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SUNBRIDGE TELECOM: Shareholders Receive Wind-Up Report
------------------------------------------------------
On December 11, 2009, the shareholders of Sunbridge Telecom Ltd.
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


TE KEYNES: Shareholders Receive Wind-Up Report
----------------------------------------------
On December 11, 2009, the shareholders of Te Keynes Investors,
Ltd. 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


TE KEYNES: Shareholders Receive Wind-Up Report
----------------------------------------------
On December 11, 2009, the shareholders of Te Keynes Portfolio,
Ltd. 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 Islandss


VICTORY INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On December 10, 2009, the shareholders of Victory Investments
Trading Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sherine Bromfield
          Telephone: 945-4777
          Facsimile: 945-4799
          c/o PO Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


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


ECOPETROL SA: Taps Claudia Castellanos as VP of Supply & Marketing
------------------------------------------------------------------
Ecopetrol S.A. has appointed Engineer Claudia L. Castellanos R. as
the new Vice President of Supply and Marketing.  Through her
appointment she becomes the first woman at Ecopetrol who has
reached an Executive Vice President position for Downstream
activities.  Ms. Castellanos is replacing the Economist Camilo
Marulanda, who has been appointed Vice President of Strategy and
Growth.

Ms. Castellanos R. received a chemical engineering degree from the
Universidad Industrial de Santander and also obtained a
specialization in Energy Resources Management from the Universidad
Autonoma de Bucaramanga.  She has been with the Company for 22
years, during which time she has had various accomplishments,
including the strategic positioning of Natural Gas within
Ecopetrol's business plan and the implementation of the Vehicular
Natural Gas Program.

Ms. Castellanos R.'s  main challenges as Vice President of Supply
and Marketing will involve the diversification and
internationalization of the sale of Ecopetrol's crude and products
and continuing the development and growth of the New Business
Segment by exploring other energy sources, such as bioenergy and
ecodiesel.

                      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+';


ECOPETROL SA: Modifies Corporate Governance Code
------------------------------------------------
Ecopetrol S.A.'s Board of Directors approved several modifications
to the Company's Corporate Governance Code.

The primary changes are:

   -- Board of Directors Committees: The Business Committee is
      now a permanent committee of the Board of Directors.

   -- Corporate Social Responsibility (Responsabilidad Social
      Empresarial (RSE)): The RSE sections of the Code have
      been revised to reflect the company's new strategy with
      respect to its shareholders and the commitments made to
      them within the realm of corporate social responsibility.

   -- External controls: The Code now makes note of the
      concurrent oversight of Ecopetrol exercised by the
      Superintendency of Ports and Transportation and the
      Superintendency of Health.

   -- Office of Disciplinary Control (Oficina de Control
      Disciplinario (OCD)): The Code has been modified in order
      to clarify that Ecopetrol's OCD will continue to oversee
      disciplinary investigation proceedings.

                      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
==================================


AES CORP: AES Dominicana to Pay Nearly US$200MM Debt to Generators
------------------------------------------------------------------
AES Dominicana will pay the nearly US$200 million owed to the
generators before December 31, The Dominican Today reports.  The
company is a subsidiary of The AES Corporation.  "The payment is
an important step forward in reaching economic stability in the
energy sector", the report quoted Company Chief Executive Officer
Celso Marranzini as saying.

According to the report, the company's announcement came after a
meeting between President Leonel Fernandez with representatives of
the World Bank and the Inter-American Development Bank as well as
the country's electrical sector.  The report relates that the
CDEEE chief said President Fernandez and the representatives of
the multilateral credit entities analyzed the proposal agreed to
in August, which seeks a solution to the decades-long electrical
problem.  Total elimination of the electrical subsidy and although
acknowledged the plan's slow advance, pledged it will begin around
June, the official added.

                       About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


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


CEMEX SAB: CEMEX UK Uses ISO-Veyors for Transportation Project
--------------------------------------------------------------
CEMEX UK is utilizing once more ISO-Veyors for intermodal
transport of cement and related materials in its latest project
that involves the transport of pulverized fuel-ash from West
Burton power station to Tilbury, for the production of blended
cements, hub News reports.  The report relates that the company's
new grinding and blending facility at Tilbury will be officially
opened in September.

According to the report, the new system provides a logistical and
flexible alternative to traditional silos providing storage for 28
tonnes of P-FA material per unit and can be transported by any
combination of road, rail or ship.

"From an operations perspective, the ISO-veyors enables us to move
far larger loads over greater distances in less time, giving
environmental benefits.  It also ensures that we always have a
constant supply of P-FA.  We are continually looking for
innovations that are also more sustainable, ISO-Veyors and thelp
fulfill these criteria ", the report quoted Graham Russell, Vice
President Commercial, Logistics and Building Products, as saying.

The report says that it is anticipated that this transport
solution will save 600,000 road miles and 720 tonnes CO2.

                          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)'.


DESARROLLADORA HOMEX: Reveals 2010 Guidance
-------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. disclosed its guidance for
2010.  For the coming year, the company expects to achieve sound
revenue growth in the range of 12 to 14% and EBITDA margin in the
range of 21 to 22%.  Revenue and EBITDA guidance for 2010 are
stated considering the application of INIF 14.  Homex'
expectations are supported by its leadership in the homebuilding
industry and expertise in the affordable entry-level and low
middle income segments, where demand continues to outpace the
supply of new homes available for purchase.  At the same time,
Mexican mortgage financing dynamics continue to be favorable,
particularly for the lower income segment, supported by the
strength and resources of INFONAVIT and FOVISSSTE, dedicated
mortgage financing institutions.

The Company said that, effective January 1, 2010, Homex will no
longer recognize its revenues, costs and expenses based on the
percentage-of-completion method, and will begin to recognize them
based on applicable rules under INIF 14 where revenues, costs and
expenses are to be recognized when the Company has transferred the
control to the homebuyer.  Homes under construction will then be
considered as inventory until they are titled.  Homex estimates
that 2009 revenues would have a variation up to 15% under the INIF
14 accounting rule and shareholders equity a variation between 18-
20%.

During 2010, Homex expects challenging macroeconomic conditions to
prevail across Mexico; nonetheless, the Mexican economy has
started to show its first signs of a recovery, as GDP growth for
the third quarter of the year expanded quarter-over-quarter a
seasonally adjusted 2.9%.  Moreover, economic outlook consensus
for Mexico points to a GDP growth of approximately 2 to 5% for
2010 versus a 7.5% GDP contraction expected for 2009.  Inflation
has continued to ease, reaching its lowest level for the year at
4.5 percent as of November 2009, thus reducing pressure in the
purchasing power of Mexican families.

Homex has also demonstrated its resilience during recent
challenging economic times, while proving the effectiveness of its
vertically integrated business model, which has positioned the
Company to continue to gain market share organically in a
fragmented industry, as small and medium sized homebuilders have
exited the market due to credit and liquidity constraints.
Moreover, INFONAVIT, the main mortgage provider in Mexico, has
maintained a solid financial position and is well prepared to
increase its mortgage financing target for 2010.  FOVISSSTE, the
housing fund for Federal Government employees, has also been
outspoken about its commitment to grow its mortgage allocation for
2010. These two institutions will continue to be fundamental to
the housing industry and for Homex in particular, as approximately
94 percent of the Company's clients obtained their mortgages
through these two institutions during the nine month period ended
September 30, 2009.

The company will also continue to cautiously evaluate long-term
growth opportunities in Brazil and other underserved housing
markets. During this year, through Homex' first pilot project at
San Jose dos Campos, at Sao Paulo, Brazil, Homex has been able to
confirm its ability to replicate its business model outside Mexico
while at the same time maintaining growth dynamism in its home
country.  The company expects that its operations in the Brazilian
market will contribute approximately 3 to 5% of total 2010
revenues.

At the same time, the recent debt issuance of the company for
US$250 million was another important step for Homex, as the
Company will be able to strengthen its balance sheet by extending
the average maturity of its debt obligations from an average of
4.5 years to an average of 6.3 years, and replace its recently
acquired short-term credit lines and homebuilding bridge loans,
providing Homex more flexibility for growth and consolidation of
its operations in Mexico and Brazil.

"We will continue to be customer-focused, providing our clients a
high quality product adapted to their needs, while building our
recognition among prospective homebuyers," commented Gerardo de
NiIcolas, Chief Executive Officer of Homex.  "Moreover, we will
continue to follow a conservative investment strategy for land
acquisitions and CAPEX to privilege cash generation, while
continuing to work diligently on improving our working capital
cycle.

"We look forward to 2010, a year in which we foresee the creation
of important business opportunities for Homex.  At the same time
we are confident in our ability to maintain our leadership
position in the homebuilding industry," Mr. de Nicolas concluded.

                     About Desarrolladora Homex

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

                           *      *     *

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


FRONTERA COPPER: To Defer Paying December 15 Interest
-----------------------------------------------------
Frontera Copper Corporation on December 14 announced through its
CEO Steve Vanry, that it is unable to make the interest payment
due December 15, 2009, on its Series One (2010) Senior Notes.  The
Company's inability to make the payment is the result of a
covenant contained in a Credit Agreement with its Mexican
commercial banker.

                           Background

In order to fund mine restart activities, the Company's Mexican
subsidiaries, Cobre del Mayo, S.A. de C.V. and Frontera Cobre del
Mayo Inc. together with Frontera, entered into a previously
disclosed US$93 million credit agreement with Banco Azteca, a
Mexican commercial bank, on August 7, 2009.  Pursuant to the
Credit Agreement, CDM granted a security interest in newly
acquired mining equipment as well as other mine assets and
Frontera granted the Bank a security interest and option in the
shares of CDM.  The Credit Agreement has enabled CDM to
substantially complete the restart of mining operations at its
Piedras Verdes property.  To date an aggregate of approximately
US$37 million has been drawn under the Credit Agreement.

Section 19 of the Credit Agreement contains a covenant under which
Frontera and CDM are in default of their obligations to the Bank
because Frontera did not effect a satisfactory restructuring of
its 2010 and 2011 senior unsecured notes by December 11, 2010.
Frontera's planned restructuring proposal is now nearing
completion in principle.  The Bank required the early
restructuring covenant in order to protect its position for loans
and capital leases by having restructuring certainty well in
advance of the Notes maturity date.  Because Frontera has not yet
been able to formally propose and solicit approval for its planned
restructuring offer, the Bank has no obligation to make further
advances under the credit facility and it has been unwilling to
allow CDM to advance additional funds to Frontera for Note
interest until a restructuring is achieved.  The Bank has however
agreed, subject to negotiation of definitive documentation, to a
standstill until February 3, 2010 with respect to any other
enforcement of Frontera's default of the restructuring covenant.

Frontera intends to issue a comprehensive press release within one
week containing the material elements of its proposal to
restructure the Notes.  The restructuring plan is expected to be
considered by Note holders at a meeting to be convened in early
2010.  The restructuring proposal will provide for the delinquent
interest to be brought current upon its approval.  Frontera also
expects to file a National Instrument 43-101 technical report
updating Piedras Verdes mine activities this month.

Frontera Copper Corporation -- http://www.fronteracopper.com-- is
a Canada-based company formed to acquire and bring into production
the Piedras Verdes project.  The Company owns or controls the
Piedras Verdes Mine through its 81% direct interest in Cobre del
Mayo, S.A. de C.V. (CDM), and its 19% indirect interest in CDM,
through its wholly owned subsidiary, Frontera Cobre del Mayo, Inc.
(FCDM).  The Piedras Verdes property consists of 27 mineral
concessions.  CDM directly owns 22 titled concessions totalling
3,581.29 hectares.  During the year ended December 31, 2008, the
Piedras Verdes operations produced 41.6 million pounds of copper
cathode and sold 41.8 million pounds of copper.  In May 2009, the
Company was acquired by 0839073 BC Ltd., a wholly owned subsidiary
of Invecture Group, S.A. de C.V.


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


* PERU: IDB Provides US$25 Million to Peru Biofuels Project
-----------------------------------------------------------
The Inter-American Development Bank has approved a US$25 million
loan to support an innovative private biofuels project currently
being developed in the department of Piura, Peru.

An initiative of Maple Energy Plc, an energy company that has
focused solely on Peru since 1994 and is listed on the London
Stock Exchange's Alternative Investment Market and on the Lima
Stock Exchange, the project is known as Maple Etanol and requires
a total investment of US$245.5 million.

Maple Etanol will create approximately 1,000 jobs during the
construction phase and 500 ongoing jobs in the operating phase,
while increasing local demand for such services as transportation,
safety and food.  In its effort to use local goods and services as
much as possible, Maple Etanol will receive assistance from
Netherlands development agency SNV, which has extensive experience
in developing inclusive businesses.

The project includes construction of a sugarcane ethanol refinery
with production capacity of 35 million gallons of fuel per year.
It also includes planting, farming and milling of 7,800 hectares
of sugarcane—the raw material for refining ethanol—on a 14,000-
hectare plantation that Maple Energy purchased from the government
of Piura and private individuals.  The land comprises desert
and/or arid areas that Maple Etanol will convert into highly
productive land, introducing innovative irrigation methods and
mechanizing the planting and harvesting processes.

Mechanization, along with the use of efficient drip irrigation,
will enable Maple Etanol to achieve yields of up to 153 tons of
sugarcane per hectare. The global average yield for this crop is
approximately 100 tons per hectare.

The project will also include the construction of a 37-megawatt
electricity cogeneration plant to supply power for operations.
The plant will burn sugarcane waste from the ethanol distillation
process to provide 100% of the project´s electricity needs, and
enable Maple Etanol to sell excess electricity to Peru's
interconnected power system.

In addition to the US$25 million from the IDB, Maple Etanol will
receive cofinancing from two other multilateral agencies and a
private commercial bank.  The Andean Development Corporation (CAF)
will finance US$65 million, and the Entrepreneurial Development
Bank of the Netherlands (FMO) will finance US$25 million.  Local
private bank Interbank will also finance US$25 million.

The IDB loan will have a term of 12.5 years, with a 2.5-year grace
period.  The interest rate will be LIBOR plus a differential or
the fixed-rate equivalent.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


BANCO CONFEDERADO: Venezuela to Reopen Operations Next Week
-----------------------------------------------------------
Venezuela President Hugo Chavez apparently will make good on a
promise to reopen before the end of the year some of the banks the
government closed recently on allegations of corruption by bank
executives, Dan Molinski at Dow Jones Newswires reports.  The
report, citing a government statement, says three banks -- Banco
Confederado, Central Banco Universal and Bolivar Banco -- will
reopen December 21.

According to the report, following the resumption of operations,
the banks will now be state-run institutions.

According to the report, President Chavez said he wants to mix
together some of the closed banks when they reopen, and call the
new entity the Bicentenario bank.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Reuters said Venezuela took over three more bank
-- Baninvest, Central Banco Universal, and Banco Real -- raising
the tally to seven.  According to a TCRLA report on December 1,
citing Dow Jones Newswires, the Venezuelan government's takeover
of operational control in four banks continued to rattle the
Venezuelan financial system two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  Dow Jones related that the
government will sell off Banco Canarias de Venezuela CA and Banco
Provivienda (Banpro), after its intervention begun November 20
"revealed that they had been severely compromised."  The report
noted that Bolivar Banco and Banco Confederado SA will temporarily
shut their doors during the intervention.  The four bank, Dow
Jones Newswires added, were owned by businessman Ricardo Fernandez
Barrueco who was jailed on charges of illegally using depositors'
money and faces up to 10 years in jail.


BOLIVAR BANCO: Government to Reopen Operations Next Week
--------------------------------------------------------
Venezuela President Hugo Chavez apparently will make good on a
promise to reopen before the end of the year some of the banks the
government closed recently on allegations of corruption by bank
executives, Dan Molinski at Dow Jones Newswires reports.  The
report, citing a government statement, says three banks -- Banco
Confederado, Central Banco Universal and Bolivar Banco -- will
reopen December 21.

According to the report, following the resumption of operations,
the banks will now be state-run institutions.

According to the report, President Chavez said he wants to mix
together some of the closed banks when they reopen, and call the
new entity the Bicentenario bank.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Reuters said Venezuela took over three more bank
-- Baninvest, Central Banco Universal, and Banco Real -- raising
the tally to seven.  According to a TCRLA report on December 1,
citing Dow Jones Newswires, the Venezuelan government's takeover
of operational control in four banks continued to rattle the
Venezuelan financial system two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  Dow Jones related that the
government will sell off Banco Canarias de Venezuela CA and Banco
Provivienda (Banpro), after its intervention begun November 20
"revealed that they had been severely compromised."  The report
noted that Bolivar Banco and Banco Confederado SA will temporarily
shut their doors during the intervention.  The four bank, Dow
Jones Newswires added, were owned by businessman Ricardo Fernandez
Barrueco who was jailed on charges of illegally using depositors'
money and faces up to 10 years in jail.


CENTRAL BANCO UNIVERSAL: Venezuela to Reopen Operations Next Week
-----------------------------------------------------------------
Venezuela President Hugo Chavez apparently will make good on a
promise to reopen before the end of the year some of the banks the
government closed recently on allegations of corruption by bank
executives, Dan Molinski at Dow Jones Newswires reports.  The
report, citing a government statement, says three banks -- Banco
Confederado, Central Banco Universal and Bolivar Banco -- will
reopen December 21.

According to the report, following the resumption of operations,
the banks will now be state-run institutions.

According to the report, President Chavez said he wants to mix
together some of the closed banks when they reopen, and call the
new entity the Bicentenario bank.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Reuters said Venezuela took over three more bank
-- Baninvest, Central Banco Universal, and Banco Real -- raising
the tally to seven.  According to a TCRLA report on December 1,
citing Dow Jones Newswires, the Venezuelan government's takeover
of operational control in four banks continued to rattle the
Venezuelan financial system two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  Dow Jones related that the
government will sell off Banco Canarias de Venezuela CA and Banco
Provivienda (Banpro), after its intervention begun November 20
"revealed that they had been severely compromised."  The report
noted that Bolivar Banco and Banco Confederado SA will temporarily
shut their doors during the intervention.  The four bank, Dow
Jones Newswires added, were owned by businessman Ricardo Fernandez
Barrueco who was jailed on charges of illegally using depositors'
money and faces up to 10 years in jail.


PETROLEOS DE VENEZUELA: Citgo Offer to Save Bronx Jobs Rebuffed
---------------------------------------------------------------
Citgo Petroleum Corp. attempted to buy Stella D'oro Biscuit Co.'s
Bronx plant in early October to save the jobs of 136 unionized
workers but the Connecticut-based private equity firm that owned
the company ignored the offer, WW4 News reports, citing  Stella
D'oro Biscuit's former employees.  The facility was closed on
October 8.

According to the report, the plant closing followed a bitter labor
dispute that started in August 2008 over demands for cuts in wages
and benefits by the private equity firm, Brynwood Partners.  The
report relates that the workers went on strike, holding out for 11
months that ended in July when the National Labor Relations Board
ordered the company to take back the strikers under the terms of
their old contract and with back pay.  Brynwood responded by
selling Stella D'oro to snack food giant Lance, Inc., which
quickly moved production to a non-union shop in Ohio, the report
relates.

WW4 News states that Bronx community activist Rene Rojas, CITGO
wanted to buy or rent the plant and reorganize it as a worker-run
cooperative, possibly selling the cooperative's cookies at CITGO's
7,000 gas stations.  However, the report relates, Brynwood failed
to respond to CITGO's phone calls and emails.

                     About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Releases Gulmar Offshore Vessels
--------------------------------------------------------
Petroleos de Venezuela has released DSV vessels Gulmar Eagle,
Adams Arrow, and Boa Rover, which were working in Lake Maracaibo
for maintenance of the oil and gas pipelines, Offshore Magazine
reports.  The report relates that the two vessels are now sailing
to the US and Panama.

According to the report, the release comes after five months of
negotiations, after which Venezuelan authorities removed the
foreign flagged vessels from the list of assets that were to be
potentially nationalized by the Organic Law of May 7.

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Transfers Control of Oilfields to Partners
------------------------------------------------------------------
Petroleos de Venezuela transferred the operations of "control,
maintenance and production" of two oilfields at the Orinoco Oil
Belt to its Belorussian partners, El Universal News reports.  The
report relates that PDVSA "initialed the official transfer of
operational fields Ostra and Oritupano Norte to the mixed company
organized in 2007" with the Belorussian state-run company
Belorusneft.

"The process includes handover of the control of facilities,
maintenance and production of the oilfields and seeks to maximize
the potential and productivity thanks to the investment in
hydrocarbons technology from Belarus," PDVSA said in a press
release obtained by the news agency.

According to the report, Ostra and Oritupano Norte are mature
fields in the San Tomé District of the Oil Belt Division, with a
current output of 4,500 bpd of medium crude oil.

                   About Petroleos de Venezuela

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

                           *     *     *

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

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


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


* IATA Sees US$5.6 Billion Airline Industry Loss in 2010
--------------------------------------------------------
The International Air Transport Association in Geneva revised its
financial outlook for 2010 to an expected US$5.6 billion global
net loss, larger than the previously forecast loss of US$3.8
billion.  For 2009, IATA maintained its forecast of a US$11
billion net loss.

“The world’s airlines will lose US$11.0 billion in 2009. We are
ending an Annus Horribilis that brings to a close the 10
challenging years of an aviation Decennis Horribilis.  Between
2000 and 2009, airlines lost US$49.1 billion, which is an average
of US$5.0 billion per year,” said Giovanni Bisignani, IATA’s
Director General and CEO.

“The worst is likely behind us. For 2010, some key statistics are
moving in the right direction. Demand will likely continue to
improve and airlines are expected to drive down non-fuel unit
costs by 1.3%. But fuel costs are rising and yields are a
continuing disaster. Airlines will remain firmly in the red in
2010 with US$5.6 billion in losses,” said Mr. Bisignani.

The forecast highlights include:

     (A) Revenues: Industry revenues are expected to rise by US$22
billion (4.9%) to US$478 billion in 2010, compared to 2009.
However, revenues remain US$57 billion (-11%) below the peak of
US$535 billion in 2008 and US$30 billion below 2007 when passenger
traffic was at similar levels to what is expected in 2010.

     (B) Passenger Demand: Following a decline of 4.1% in 2009,
passenger traffic is expected to grow by 4.5% in 2010 (stronger
than the previously forecast 3.2% in September). A total of 2.28
billion people are expected to fly in 2010, bringing total
passenger numbers back in line with the peak recorded in 2007.

     (C) Cargo Demand: Cargo demand is expected to grow by 7% to
37.7 million tonnes in 2010 (stronger than the previously forecast
5% in September), following a 13% decline in 2009. Total freight
volumes will remain 10% below the 41.8 million tonne peak recorded
in 2007. Cargo demand is rising faster than world trade as
depleted inventories are rebuilt. Once the inventory cycle
completes, growth is expected to fall back in line with world
trade.

     (D) Yields: In 2009, passenger and cargo yields plummeted by
12% and 15% respectively. Cargo yields are expected to improve by
0.9% in 2010. But passenger yields are not expected to improve
from their extraordinary low level. This is being driven by two
factors: excess capacity in the market and reduced corporate
travel budgets. Capacity adjustments in 2009 were made at the
expense of lower aircraft utilization (down 6%). An additional
1300 aircraft due for delivery in 2010 will contribute to 2.8%
global capacity growth, putting continuing pressure on yields. On
top of this, corporate travel buyers have adjusted their budgets
to reflect lower premium fare levels.

     (E) Fuel: An average oil price of US$75.0 per barrel (Brent)
is expected in 2010, up considerably from the US$61.8 average
expected for 2009. As a percentage of operating costs, fuel will
be 26% in 2010. This is considerably lower than the 32% of
operating costs that fuel comprised in 2008, but twice the 13% of
operating costs that fuel represented in 2001-2002.

     (F) Cash: Over 2009, the industry raised at least US$38
billion in cash (US$25 billion from capital markets and US$13
billion from aircraft sale and leasebacks). The ratio of cash to
revenues improved for European and North American airlines, but
was flat for Asia- Pacific carriers. This will provide a cash
cushion for the approaching first quarter’s seasonally weak
traffic lows.

“The number of travelers will be back to the peak levels of 2007,
but with US$30 billion less in revenues. The US$38 billion cash
cushion built up throughout this year will help airlines survive
through the low season, but there is no recovery in sight for
2010. Tough times continue,” said Mr. Bisignani.

                    Regional Breakdown for 2010

While all regions except Africa will see an improvement in 2010
compared to 2009, performance will vary greatly as follows:

     (A) North American carriers will see losses reduced from
US$2.9 billion in 2009 to US$2.0 billion in 2010. The relative
improvement is largely the result of pricing power and cost
reductions gained through capacity adjustments.

     (B) European carriers will generate the largest losses of any
region at US$2.5 billion. This is an improvement over the US$3.5
billion loss that the region’s carriers are expected to post in
2009. Slow economic recovery in the region combined with limited
ability to adjust capacity due to airport slot regulations is
hindering the region’s airlines.

     (C) Asia-Pacific carriers will post losses of US$700 million.
Compared to losses of US$3.4 billion in 2009, this region is
showing the most dramatic improvement. This is driven by a
recovery in some of the region’s economies. For example, China’s
GDP is forecast to grow by 9.0% in 2010.

     (D) Latin American carriers will be the only profitable
regional grouping in both 2009 and 2010. The profit in each year
is expected to be US$100 million. This is largely due to the
benefit of relatively strong economies in South America and the
efficiencies gained through regional airline structures.

     (E) Middle East carriers will see losses shrink from a US$1.2
billion loss in 2009 to a US$300 million deficit in 2010. A strong
long-haul connection business over Middle East hubs will provide
some insulation against the impacts of Dubai’s financial
difficulties.

     (F) African carriers will deliver a loss of US$100 million in
2010—consistent with the US$100 million loss of 2009. Relatively
strong economies and increasingly liberal markets are being offset
by competitiveness challenges.

                      A Structural Adjustment

“The industry is structurally out of balance. The precipitous fall
in yields will likely never be fully recovered. It is difficult to
see how this can be balanced on the cost-side of the equation.
After almost a decade of cost cutting, non-fuel unit cost
reductions will be incremental at best. And the risk of rising
fuel costs will be constant. There will be some individual airline
success stories. But without relaying the foundations of the
industry to facilitate structural change, covering the cost of
capital for this hyper-fragmented industry will remain a dream at
best,” said Mr. Bisignani.

In November, seven countries (Chile, Malaysia, Panama, Singapore,
Switzerland, the UAE and the US) signed a multilateral Statement
of Policy Principles that was also endorsed by the European
Commission.  These principles represent a commitment by the
signatories to modernize the industry and make cross border
consolidation possible. They are premised on a level playing field
which is a responsibility of governments.

“Consolidation is the great hope for the industry. The round of
consolidation experienced since this horrible decade began is a
step in the right direction. But it has been confined within
political borders as a result of ownership restrictions in the
archaic bilateral system. The industry cannot afford the mounting
losses of the status quo. The next decade must facilitate
consolidation,” said Mr. Bisignani.

International Air Transport Association represents some 230
airlines comprising 93% of scheduled international air traffic.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *