TCRLA_Public/091218.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

        Friday, December 18, 2009, Vol. 10, No. 250

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Found in Contempt Over Legal Fees


A R G E N T I N A

BADIE SRL: Creditors' Proofs of Debt Due on March 31
CITOTEX SRL: Creditors' Proofs of Debt Due on February 22
EXPOPACK SA: Creditors' Proofs of Debt Due on February 22
LOMA NEGRA: Obtains US$125 Million in IDB-led Financing


B A R B A D O S

* BARBADOS: Gets US$10 Million Loan to Improve Private Sector


B E R M U D A

GLOBAL CROSSING: Moody's Upgrades Corporate Family Rating to 'B3'
MAN GLOBAL: Creditors' Proofs of Debt Due on January 8
MAN GLOBAL: Members to Receive Wind-Up Report on January 28
MAN INCREASED: Creditors' Proofs of Debt Due on January 8
MAN INCREASED: Members to Receive Wind-Up Report on January 28

PETROPLUS FINANCE: Creditors' Proofs of Debt Due on December 29
PETROPLUS FINANCE: Members to Receive Wind-Up Report on January 15


B R A Z I L

BANCO NACIONAL: Provides US$809 Million Loans to Petrobras' Units
COMPANHIA SIDERURGICA: To Pay BRL320MM Interest on Own Equity
GOL LINHAS: Inaugurates its First VoeFacil Store
TAM SA: Plans to Sell Shares of Multiplus SA to Public
TAM SA: Partners Banco Itau for Air Travel Payment


C A Y M A N  I S L A N D S

AAF HOLDINGS: Shareholders to Receive Wind-Up Report on Dec. 21
AL DANA: Members Receive Wind-Up Report
AL DANA: Members Receive Wind-Up Report
ALLCO EUROWIND: Shareholders to Receive Wind-Up Report on Dec. 21
AMI-UK (CAYMAN): Shareholders to Receive Wind-Up Report on Dec. 21

AMI-UK HOLDINGS: Shareholders to Receive Wind-Up Report on Dec. 21
ANT INVESTMENTS: Shareholders Receive Wind-Up Report
ASP HOLDINGS: Shareholders to Receive Wind-Up Report on Dec. 22
ATISA ONE: Shareholders Receive Wind-Up Report
BERTIL INVESTMENT: Shareholders Receive Wind-Up Report

CONTEXT/TQA SPECIAL: Shareholders Receive Wind-Up Report
DOMI CORPORATION: Shareholders Receive Wind-Up Report
FANTA INVESTMENT: Shareholders Receive Wind-Up Report
FCM GLOBAL: Shareholders to Receive Wind-Up Report on Dec. 21
FCM GLOBAL: Shareholders to Receive Wind-Up Report on December 21

FNB ASSURANCE: Shareholders to Receive Wind-Up Report on Dec. 31
JEFFERIES ARCH: Shareholders Receive Wind-Up Report
LBSPK 2007-1SPC: Shareholders Receive Wind-Up Report
MAJACA INTERNATIONAL: Shareholders Receive Wind-Up Report
MATCHPOINT INVESTMENT: Shareholders Receive Wind-Up Report

MAZZINI INTERNATIONAL: Shareholders Receive Wind-Up Report
PAULUS INVESTMENT: Shareholders Receive Wind-Up Report
RAINIER CBO: Shareholders Receive Wind-Up Report
REVA INTERNATIONAL: Shareholders Receive Wind-Up Report
RICHCOURT GAMMA: Shareholder Receives Wind-Up Report

RICHCOURT GAMMA: Shareholder Receives Wind-Up Report
TRI-CITY FUNDING: Shareholder Receives Wind-Up Report
TWO BRIDGE: Shareholders Receive Wind-Up Report
WALTON ASSET: Shareholders Receive Wind-Up Report
XAMIG INTERNATIONAL: Shareholders Receive Wind-Up Report


C H I L E

FIBRIA CELULOSE: Concludes Guaiba's Unit Sale For US$1.43 Billion
FIBRIA CELULOSE: Agrees to Paper Machine Option Extension


C O L O M B I A

ECOPETROL SA: Rancho Hermoso-5 Well Extends Rancho Hermoso Field


J A M A I C A

CARIBBEAN CEMENT: Struggles to Pay US$15MM Debt to Parent
GUYANA SUGAR: Sugar Workers on Strike to Demand 3% Wage Increase


M E X I C O

GRUMA SAB: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
TV AZTECA: Gets Cofetel Approval for Hi-TV
* MEXICO: Moody's Lowers State of Tabasco's Issuer Rating to 'Ba1'


P A N A M A

* PANAMA: To Expand Sources of Renewable Energy With IDB Financing


P E R U

BANCO DE CREDITO: Moody's Upgrades Deposit Ratings From 'Ba2'
* PERU: Moody's Upgrades Government Bond Rating From 'Ba1'


V E N E Z U E L A

BANCO BOLIVAR: To be Included in State Financial Network
BANCO CONFEDERADO: To be Included in State Financial Network
* VENEZUELA: Form JV With Cuba to exploit Mature Fields




                         - - - - -


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


STANFORD INT'L: Owner Found in Contempt Over Legal Fees
-------------------------------------------------------
U.S. District Judge David Godbey in Dallas accused Stanford
International Bank Limited owner, Robert Allen Stanford, and his
attorneys in contempt of a court order over their attempts to
collect insurance policy proceeds to pay defense costs, Anna
Driver at Reuters reports.  The report relates that no sanctions
were imposed, according to the judge's order.

Reuters recalls that Judge Godbey granted the motion filed by
insurer Lloyd's of London, which issued Stanford's directors and
officers policy.  The report notes that the defendants and Lloyd's
are battling over the payment of defense fees in federal courts in
both Dallas and Houston.

As reported in the Troubled Company Reporter-Latin America on
November 19, 2009, Bloomberg News said that Lloyd's of London said
the admission made by former Stanford International Bank Limited
Chief Financial Officer, James "Jim" Davis when he pleaded guilty
relieves the insurance syndicate of the obligation to pay defense
costs for Robert Allen Stanford and his codefendants.  The report
related that Lloyd's lawyers told U.S. District Court Judge David
Hittner that the statements reveal criminal activity that takes
the defendants actions outside the terms of their directors' and
officers' insurance coverage.  Bloomberg News noted that Lloyd's
lawyer Barry Chasnoff, a partner in the San Antonio office of
Washington-based Akin Gump Strauss Hauer & Feld LLP, said that:
"We made a contract and believe we paid what we owe."  "We've paid
a total of US$4.2 million for work done prior to Aug. 27.  We
believe under the contract we don't owe anymore," Mr. Chasnoff
added.

               About Stanford International Bank

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

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

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

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

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


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


BADIE SRL: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------
The court-appointed trustee for Badie S.R.L.'s bankruptcy
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 14, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 29, 2010.


CITOTEX SRL: Creditors' Proofs of Debt Due on February 22
---------------------------------------------------------
The court-appointed trustee for Citotex S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 22, 2010.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 19, 2010.


EXPOPACK SA: Creditors' Proofs of Debt Due on February 22
---------------------------------------------------------
The court-appointed trustee for Expopack S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 4, 2010.

The trustee will present the validated claims in court as
individual reports on March 18, 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 29, 2010.


LOMA NEGRA: Obtains US$125 Million in IDB-led Financing
-------------------------------------------------------
Loma Negra S.A. will receive up to US$125 million in medium-term
financing in a transaction led by the Inter-American Development
Bank to support the company's capital expenditure program.

Last year the IDB approved a US$100 million A/B facility for Loma
Negra, which is owned by the Brazilian conglomerate Camargo
Correa.  Due to a successful syndication and an oversubscription
of the B loan, the financing was increased by US$25 million.

The transaction was structured in an eight-year, US$20 million A
loan from the IDB and a five-year, US$105 million B loan, which
was syndicated among Santander, Standard Bank, Itau, HSBC, BBVA
and BNP.

"This expanded facility will offer Loma Negra longer tenors than
are currently available in the Argentine financial market. It
reflects both the strength of its corporate parent and an
increasingly receptive credit market," said Jozef Henriquez, chief
of the Syndication Unit of the IDB's Structured and Corporate
Finance Department.

Loma Negra has already started on the expansion and modernization
of key production plants.  These investments will boost its total
installed production capacity by about 20 percent.  The company
also plans to install state-of-the-art gas and dust filters in its
plants and enclose warehouses to cut dust emissions during
transportation and storage of materials.  Additionally, it will
upgrade its fuel handling facilities and clean and restore
abandoned limestone quarries.

                        About Loma Negra

Loma Negra S.A. manufactures and markets cement in Argentina.

                         *     *     *

As of December 17, 2009, the company continues to carry Moody's
Ba3 LT Corp Family rating and Senior Unsecured Debt rating.  The
company also continues to carry Standard and Poor's B LT Issuer
Credit ratings.


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


* BARBADOS: Gets US$10 Million Loan to Improve Private Sector
-------------------------------------------------------------
Barbados will receive a US$10 million loan from the Inter-American
Development Bank to support productive development policies and
business climate reforms aimed at improving the competitiveness of
the private sector.

The IDB loan will support the expansion of private sector
participation in the economy and increase government effectiveness
by reducing transaction costs, modernizing trade logistics and
trade facilitation services and providing a sound environment for
private sector development.  According to IDB, it will lead, for
example, to a more expeditious and equitable processing of
investment applications; and a substantial reduction in the time
businesses spend on complying with import/export regulations.

Moreover, IDB said that the loan will support the restructuring of
institutions that provide financial and non-financial Business
Development Services, including expanding, merging or reducing the
scope of their services to leave in place an efficient and
coordinated supply of BDS that meets the demands of Barbados's
private firms, in particular those of small and medium-sized
enterprises.

IDB said that the project will finance new tools for tax policy
analysis, enabling the government to improve the efficiency and
transparency of its business taxes, an essential pre-requisite to
an improved business climate.

The program will also facilitate a more fruitful and collaborative
dialogue between key participants in the public, private, and
trade union sectors, by strengthening the Commission on
Competitiveness and supporting the preparation of a medium term
National Competitiveness Strategy ?a proactive, shared vision of
the future in terms of opportunities for, and structural
restrictions on, economic growth and development.

The IDB loan is for a 25-year term, with a 4-year grace and
disbursement period, and a LIBOR-based interest rate.  The
Government of Barbados will provide an additional US$1.8 million
in local counterpart funds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, The Executive Board of the International
Monetary Fund noted that Barbados is facing a severe
economic recession.  Output is contracting, as the global
financial crisis has depressed tourism, brought Foreign Direct
Investment (FDI) to a sudden stop, and weakened public finances.
Consequently, unemployment has risen to double-digit level.  While
the underlying balance of payments is expected to remain weak,
international reserves are expected to increase marginally in
2009, on account of the SDR allocations and the large government
bond issue abroad.


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


GLOBAL CROSSING: Moody's Upgrades Corporate Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service upgraded Global Crossing Limited's
corporate family rating and probability of default rating to B3
from Caa1 while concurrently stabilizing the company's rating
outlook.  Ratings applicable to the company's US$750 million 12%
senior secured notes were affirmed at B2 and ratings for the
US$342 million senior secured term loan that the notes replaced
were withdrawn.  With the company's successful notes issue and
augmentation of its cash position, GCL's speculative grade
liquidity rating was, as had been contemplated in Moody's
September 8th press release, repositioned to SGL-2 (indicating
good liquidity arrangements).  These actions resolve the ratings
review initiated on September 8, 2009.  Concurrently, Moody's also
withdrew all ratings for GC Impsat Holdings I Plc to reflect the
repayment of substantially all of its debt.

With completion of GCL's notes offering and repayment of its term
loan, and with the concurrent repayment of 99.5% of GC Impsat's
US$225 million 9.875% global senior notes due February 15, 2017,
GCL now has substantially unfettered access to GC Impsat's cash
flow and, accordingly, GCL and GC Impsat can be viewed as a single
economic entity.  This entity is modestly cash flow positive (for
the most recent LTM period ended September 30, GCL generated
positive free cash flow of approximately US$40 million) and with
growing revenues and expanding margins, should be financially
self-sufficient going forward.  While part of recent cash
generation may be the result of prudent capital rationing during a
period of considerable economic uncertainty, GCL appears to be
progressing towards sustainable cash flow self-sufficiency at some
point during 2010/2011.

GCL has US$144 million of convertible notes maturing in May of
2011.  While GCL does not have a third party credit facility and
depends on cash on hand to provide liquidity to cover transitory
cash deficits, the combination of a reasonable cash balance
($429 million at September 30, 2009) and good prospects for cash
flow self-sufficiency provides confidence that liquidity will be
available when required -- including the future contingency of
funding the convertible note repayment.  These factors support the
B3 CFR and PDR as well as the SGL-2 rating.

Issuer: Global Crossing Ltd.

Upgrades:

Issuer: Global Crossing Ltd.

  -- Corporate Family Rating, Upgraded to B3 from Caa1

  -- Probability of Default Rating, Upgraded to B3 from Caa1

  -- Speculative Grade Liquidity Rating, Upgraded to SGL-2 from
     SGL-3

Outlook Actions:

Issuer: Global Crossing Ltd.

  -- Outlook, Changed To Stable from Rating Under Review

Ratings Affirmation:

  -- Senior Secured Regular Bond/Debenture, Affirmed at B2 with
     the LGD Assessment revised to LGD3, 35% from LGD3, 32%

Withdrawals:

Issuer: Global Crossing Ltd.

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated B2, LGD2, 25%

Issuer: GC Impsat Holdings I Plc

Withdrawals:

  -- Corporate Family Rating, Withdrawn, previously B2
  -- Senior Unsecured, Withdrawn, previously B2

Headquartered in Hamilton, Bermuda and with administrative offices
in Florham Park, New Jersey, Global Crossing Limited offers
Internet Protocol and legacy telecommunications services in most
of the world's major business centers.


MAN GLOBAL: Creditors' Proofs of Debt Due on January 8
------------------------------------------------------
The creditors of Man Global Quant Alpha Master Fund Ltd are
required to file their proofs of debt by January 8, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on December 10, 2009.

The company's liquidator is:

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


MAN GLOBAL: Members to Receive Wind-Up Report on January 28
-----------------------------------------------------------
The members of Man Global Quant Alpha Master Fund Ltd will
receive, on January 28, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 10, 2009.

The company's liquidator is:

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


MAN INCREASED: Creditors' Proofs of Debt Due on January 8
---------------------------------------------------------
The creditors of Man Increased Leverage Trading Series 5 Ltd are
required to file their proofs of debt by January 8, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on December 10, 2009.

The company's liquidator is:

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


MAN INCREASED: Members to Receive Wind-Up Report on January 28
--------------------------------------------------------------
The members of Man Increased Leverage Trading Series 5 Ltd will
receive, on January 28, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 10, 2009.

The company's liquidator is:

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


PETROPLUS FINANCE: Creditors' Proofs of Debt Due on December 29
---------------------------------------------------------------
The creditors of Petroplus Finance 3 Ltd. are required to file
their proofs of debt by December 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 10, 2009.

The company's liquidator is:

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


PETROPLUS FINANCE: Members to Receive Wind-Up Report on January 15
------------------------------------------------------------------
The members of Petroplus Finance 3 Ltd. will receive, on
January 15, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 10, 2009.

The company's liquidator is:

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


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


BANCO NACIONAL: Provides US$809 Million Loans to Petrobras' Units
-----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
provide Petroleo Brasileiro SA's petrochemical and textile units
with a combined financing worth BRL2.6 billion (US$809 million),
Guillermo Parra-Bernal and Bruno Marfinatti at Reuters report.

According to the report, BNDES will lend the money to Petrobras'
Companhia Petroquimica de Pernambuco (PetroquimicaSuape), and
synthetic textile maker Cia Integrada Textil de Pernambuco
(Citepe).  The report relates that the loans will allow Petrobras
to boost output at the companies, which are located in the
northeastern state of Pernambuco and help save the country about
US$1 billion a year in imports of polyester.

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


COMPANHIA SIDERURGICA: To Pay BRL320MM Interest on Own Equity
-------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has approved payment of
interest on its own equity of BRL320 million (US$179 million),
John Kolodziejski at Dow Jones Newswires reports, citing company
filing with Brazil's Securities and Exchange Commission (CVM).

According to the report, the company said that payment would be
made in two installments.  The report relates that the first
BRL250 million will be paid on December 29 at an after tax rate of
BRl0.29 per share; while the remaining BRL70 million would follow
in 2010 and represents BRL0.08 per share.

Dow Jones Newswires notes that CSN didn't disclose the payment
date.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


GOL LINHAS: Inaugurates its First VoeFacil Store
------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. opened its first VoeFacil
store to sell GOL air tickets.

The store is located in Largo 13 de Maio, in the south side of Sao
Paulo, a Brazilian middle-class shopping region, which has one of
the city's biggest bus and subway terminals through which one
million passengers pass every day, according to the Sao Paulo
municipal government.

"The stores were designed to increase GOL's presence among
Brazil's new middle-class, offering air fares that are competitive
with intercity bus fares," declared Eduardo Benardes, GOL's Sales
Director.  "Air transport reduces whole days of travel to just
hours and is also considerably more comfortable, with added
service quality.  In addition, clients can buy their tickets in up
to 36 installments, something which the bus companies cannot
offer," he added.

"With a simple layout and low-cost points of sale, investments in
these new outlets are exceptionally low with no impact on the
Company's overall cost structure.  We plan to inaugurate two more
stores in 2010 as part of the initial implementation phase,"
affirmed Leonardo Pereira, the Company's Executive Vice President.
"Brazil's air sector has enormous growth potential -- around 100
million people can afford to fly, but only around 10% actually do
so," he added.

"This is a concrete step towards expanding GOL's presence among
the new middle class.  To this end, the Company's strategy
combines a greater physical presence in high traffic and
population density regions in Brazil's biggest cities with the
introduction of new communications and marketing channels, aiming
to attract these potential customers and show that everyone can
fly with GOL," concluded Mr. Pereira.

                         About GOL Linhas

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

                           *     *     *

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

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

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

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

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


TAM SA: Plans to Sell Shares of Multiplus SA to Public
------------------------------------------------------
Laura Price at Bloomberg News reports that Tam SA plans to sell
shares of its Multiplus SA frequent-flyer business to the public.
The report relates that Tam SA is expanding its air-mile programs
as the Brazilian economy recovers from the global recession and
consumers travel more.

According to the report, TAM SA plans to sell shares in Multiplus
outside Brazil.  "These would be investments to try and enhance
the ?Fidelidade' business, to try and increase revenue," the
report quoted Kelly Trentin, head of research at Sao Paulo-based
brokerage SLW Corretora, as saying.  "This would come indirectly
to Tam, and would bring benefits for Tam's shareholders," he
added.

TAM SA, the report notes, said that Banco BTG Pactual SA and a
local unit of Credit Suisse Group AG will manage the sale.
Bloomberg News notes TAM SA Chief Financial Officer and interim
chief executive, Libano Miranda Barroso, said that Multiplus's
business is "totally different" from the airline operations and
offers investors lower risk, "strong" cash generation and low
capital needs.

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


TAM SA: Partners Banco Itau for Air Travel Payment
--------------------------------------------------
TAM SA and Banco Itau have entered into a partnership that will
allow the bank's individual checking account holders with
available credit limit to pay for airline tickets in installments
in up to 48 months, depending on the profile of the individual
account holder.  The partnership with Itau is the second one
signed by TAM, which is planning to enter into the same sorts of
deals with other big banks in coming months.

The partnerships with Itau and the Banco do Brasil form part of a
strategy implemented by the company to expand access to air travel
for people not used to air travels.  "People who have bank
accounts and an available credit line can now find that air travel
makes it possible to save time and money on trips greater than
1,000 kilometers that last two or three days for just one way,"
notes TAM president Libano Barroso.

                         About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


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


AAF HOLDINGS: Shareholders to Receive Wind-Up Report on Dec. 21
---------------------------------------------------------------
The shareholders of AAF Holdings (Cayman) Limited will receive, on
December 21, 2009, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AL DANA: Members Receive Wind-Up Report
---------------------------------------
On December 10, 2009, the members of Al Dana Sharia Compliant
Global Real Estate Manager Selection Fund Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


AL DANA: Members Receive Wind-Up Report
---------------------------------------
On December 10, 2009, the members of Al Dana Global Real Estate
Manager Selection Fund Ltd. received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ALLCO EUROWIND: Shareholders to Receive Wind-Up Report on Dec. 21
-----------------------------------------------------------------
The shareholders of Allco Eurowind Holdings (Cayman) Limited will
receive, on December 21, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AMI-UK (CAYMAN): Shareholders to Receive Wind-Up Report on Dec. 21
------------------------------------------------------------------
The shareholders of AMI-UK (Cayman) Limited will receive, on
December 21, 2009, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AMI-UK HOLDINGS: Shareholders to Receive Wind-Up Report on Dec. 21
------------------------------------------------------------------
The shareholders of AMI-UK Holdings (Cayman) Limited will receive,
on December 21, 2009, at 10:45 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ANT INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 14, 2009, the shareholders of Ant Investments (Cayman)
No 1 Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


ASP HOLDINGS: Shareholders to Receive Wind-Up Report on Dec. 22
---------------------------------------------------------------
The shareholders of ASP Holdings Limited will receive, on
December 22, 2009, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Evania Ebanks
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         Boundary Hall, Cricket Square
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


ATISA ONE: Shareholders Receive Wind-Up Report
----------------------------------------------
On December 11, 2009, the shareholders of Atisa One Limited
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


BERTIL INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
On November 30, 2009, the shareholders of Bertil Investment Ltd.
received 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


CONTEXT/TQA SPECIAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On December 11, 2009, the shareholders of Context/TQA Special
Opportunities 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


DOMI CORPORATION: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On November 30, 2009, the shareholders of Domi Corporation Limited
received 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


FANTA INVESTMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On November 30, 2009, the shareholders of Fanta Investment Ltd.
received 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


FCM GLOBAL: Shareholders to Receive Wind-Up Report on Dec. 21
-------------------------------------------------------------
The shareholders of FCM Global Opportunities Fund Limited will
receive, on December 21, 2009, at 11:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FCM GLOBAL: Shareholders to Receive Wind-Up Report on December 21
-----------------------------------------------------------------
The shareholders of FCM Global Opportunities Master Fund Limited
will receive, on December 21, 2009, at 11:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FNB ASSURANCE: Shareholders to Receive Wind-Up Report on Dec. 31
----------------------------------------------------------------
The shareholders of FNB Assurance Ltd. will receive, on
December 31, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         c/o Kieran Mehigan
         Vice President, Marsh Management Services Cayman Ltd.
         P.O. Box 1051GT, 23 Lime Tree Bay Avenue
         Governors Square, Building 4, Floor 2
         Grand Cayman KYl-1102, Cayman Islands


JEFFERIES ARCH: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 10, 2009, the shareholders of Jefferies Arch Rock Fund
(Cayman), 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
        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


LBSPK 2007-1SPC: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 11, 2009, the shareholders of LBSPK 2007-1SPC 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


MAJACA INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On November 30, 2009, the shareholders of Majaca International
Ltd. received 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


MATCHPOINT INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On November 30, 2009, the shareholders of Matchpoint Investment
Ltd. received 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


MAZZINI INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On November 30, 2009, the shareholders of Mazzini International
Ltd. received 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


PAULUS INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
On November 30, 2009, the shareholders of Paulus Investment Ltd.
received 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


RAINIER CBO: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 14, 2009, the shareholders of RAINIER CBO III 2000-1
Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


REVA INTERNATIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On December 14, 2009, the shareholders of Reva International Ltd.
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Stuart Brankin
         Desmond Campbell
         c/o Aston Corporate Managers, Ltd.
         P.O. Box 1981, Grand Cayman KY1-1104


RICHCOURT GAMMA: Shareholder Receives Wind-Up Report
----------------------------------------------------
On December 10, 2009, the shareholder of Richcourt Gamma 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


RICHCOURT GAMMA: Shareholder Receives Wind-Up Report
----------------------------------------------------
On December 10, 2009, the shareholder of Richcourt Gamma Master
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


TRI-CITY FUNDING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On December 10, 2009, the shareholder of Tri-City Funding Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Scott Aitken
         Connan Hill
         c/o Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


TWO BRIDGE: Shareholders Receive Wind-Up Report
-----------------------------------------------
On December 14, 2009, the shareholders of Two Bridge Properties
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


WALTON ASSET: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 11, 2009, the shareholders of Walton Asset Management
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


XAMIG INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On November 30, 2009, the shareholders of Xamig International Ltd.
received 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


=========
C H I L E
=========


FIBRIA CELULOSE: Concludes Guaiba's Unit Sale For US$1.43 Billion
-----------------------------------------------------------------
Fibria Celulose SA has concluded the sale of its Guaiba unit, in
Rio Grande do Sul state, for US$1.43 billion to Chilean pulp and
paper producer CMPC SA, Rogerio Jelmayer at Dow Jones Newswires
reports.  Fibria SA was formed earlier this year from a merger
between Votorantim Celulose e Papel SA and Aracruz Celulose SA.

According to the report, in October, Fibria SA signed the contract
to sell its unit to CMPC.  The report relates that CMPC already
paid US$1.3 billion to Fibria and the remaining US$130 million
will be paid in the next 45 days.

Dow Jones Newswires notes that Guaiba's unit has a production
capacity of 450,000 metric tons of pulp per year and 60,000 tons
of paper per year.

                      About Fibria Celulose

Fibria Celulose SA (formerly known as: Industrias Papel Simao SA
Votorantim Celulose e Papel) produces and exports wood-free
printing, writing, and specialty paper.  The company also
manufactures eucalyptus pulp, which it sells and uses in the
production of specialty papers.  Fibria operates integrated pulp
and paper mills and exclusive paper mills in the state of Sao
Paulo, Brazil.

                       *     *     *

As of December 17, 2009, the company continues to carry Moody's
Ba1 Issuer rating.  The company also continuse to carry Standard
and Poor's BB LT Issuer credit ratings.


FIBRIA CELULOSE: Agrees to Paper Machine Option Extension
---------------------------------------------------------
Fibria Celulose SA and International Paper have agreed to extend
IP's option to build a second uncoated freesheet paper machine at
the Tres Lagoas mill site.  This option, which would have expired
on January 31, 2010, has been extended until January 31, 2013.

In 2006, IP entered into a 90-year agreement in which Fibria
agreed to furnish pulp and certain utilities to IP's co-located
paper mill for the production of up to 250,000 tons of paper
annually.  The agreement also granted IP the option to build a
second paper machine and to be provided with certain utilities and
pulp to produce up to an incremental 250,000 tons of paper
annually.

The three-year extension is the only change to the original
agreement.  If IP were to exercise this option, the second paper
machine would need to begin production between Jan. 31, 2014, and
January 31, 2015.

This agreement to extend the option, which is aligned with the
business strategies of both companies, will allow more time for
the completion of all technical and commercial analyses, and will
provide greater flexibility to start up the second machine in line
with Latin American market demand growth.

                       About Fibria Celulose

Fibria Celulose SA (formerly known as: Industrias Papel Simao SA
Votorantim Celulose e Papel) produces and exports wood-free
printing, writing, and specialty paper.  The company also
manufactures eucalyptus pulp, which it sells and uses in the
production of specialty papers.  Fibria operates integrated pulp
and paper mills and exclusive paper mills in the state of Sao
Paulo, Brazil.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's
Ba1 Issuer rating.  The company also continues to carry Standard
and Poor's BB LT Issuer credit ratings.


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


ECOPETROL SA: Rancho Hermoso-5 Well Extends Rancho Hermoso Field
----------------------------------------------------------------
Ecopetrol S.A. disclosed that drilling at the Rancho Hermoso-5
well has confirmed the presence of hydrocarbons in the Guadalupe
and Los Cuervos formations in the Rancho Hermoso block, located on
the basin of the Eastern Plains in the province of Casanare,
Colombia.

The Rancho Hermoso-5 well was drilled by Canacol Energy Ltd with
the intent of testing the southern extension of the Rancho Hermoso
field.  The well reached a depth of 9,587 feet (9,187 feet,
vertical), crossing the potential reservoirs of Mirador, Los
Cuervos and Guadalupe.

The results of the initial tests carried out by the operator
report that (i) the Guadalupe formation reached a production of
3,990 barrels of oil per day 33 API degrees and approximately
400,000 cubic feet of gas per day and (ii) Los Cuervos formation
(located above the Guadalupe formation) reached a production of
4,434 barrels of oil per day, 36 API degrees and 400,000 cubic
feet of gas per day.  Formation tests in the Mirador formation are
still pending.

The Rancho Hermoso-5 well was drilled pursuant to the following
contracts:

(i) the Casanare Area Risk Production Service Contract, which
     was entered into on July 22, 1999 and covers the Mirador
     formation.  Under this contract, Ecopetrol has a 100%
     production share and pays the operator a fee; and

(ii) the Casanare Area - Rancho Hermoso Participation Agreement,
     which was entered into on April 30, 2007 and covers the
     Carbonera, Guadalupe, Barco, Cuervo and Ubaque formations.
     Under this contract, Ecopetrol has a 70% production share,
     and expenses as well as associated investments are to be
     made at the expense of the operator, Rancho Hermoso S.A.

The operator will continue carrying out initial tests at the
Rancho Hermoso-5 well to determine (i) the potential of these
formations and (ii) the best completion and production strategy
for them.

                      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+'


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


CARIBBEAN CEMENT: Struggles to Pay US$15MM Debt to Parent
---------------------------------------------------------
Caribbean Cement Company Limited has admitted to its shareholders
that it is struggling to pay back the US$15 million it got from
its parent company Trinidad Cement Limited, RadioJamaica reports.
The report relates that the company used the funds to expand its
operations.

According to the report, the company said that because the loans
are US dollar denominated, Caribbean Cement is worried that if the
Jamaican currency further loses value its debt servicing costs
will skyrocket and translate into an even greater liability on its
balance sheet.  The report notes that Carib Cement's shareholders'
meeting on January 5 will discuss and seek approval for a proposal
to convert the TCL loans into equity.

RadioJamaica says that in order "not to water down" ordinary
shareholders equity Carib Cement's board has worked out an deal
under which TCL will accept US dollar denominated redeemable
preference shares, which will not carry the right to a fixed
dividend.

Moreover, the report adds, the preference shares will not carry a
right to vote at general meetings of the company, except in
limited circumstances.

                    About Caribbean Cement

Caribbean Cement Company Limited manufactures and sells Portland
cement.


GUYANA SUGAR: Sugar Workers on Strike to Demand 3% Wage Increase
----------------------------------------------------------------
Sugar workers at all sugar estates across Guyana went on strike in
protest of a 3% pay increase they are set to receive from the
Guyana Sugar Corporation for 2009 which will be paid next year,
Caribbean Net News reports.

According to the report, an arbitration panel ruled that the
workers should receive the 3% increase that they are demanding.
However, the corporation said it cannot make this payment until
next year. "Though the arbitration award is binding and final we
would like GuySuCo to make the payments of the 3% so that the
workers can get it for Christmas and the second aspect is the
payment the workers are demanding that it be paid immediately,"
the report quoted Enmore field secretary Laloo Tekchand as saying.

RadioJamaica points out that workers are claiming that if the
money is not paid before the holidays there will be no more
grinding at the estates in 2010.

The corporation, the report notes, said that it will be trying its
best to workout something for the workers before the holidays,
however, there were no direct commitments.

                        About Guysuco

The Guyana Sugar Corporation -- http://www.guysuco.com/-- is a
Guyanese sugar company owned by the government.  It is the
country's largest cultivator and producer of sugar, a commodity
which is responsible for approximately 20% of Guyana's annual
revenue and 40% of all agricultural production.   They are also
notable of Demerara Sugar, and also honey and sweetners.


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


GRUMA SAB: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on GRUMA S.A.B. de C.V., including the 'B+' long-term
corporate credit rating, and removed the ratings from CreditWatch,
where they were placed with negative implications on Oct. 13,
2008.  The outlook is stable.

While affirming the 'B+' rating on the company's US$300 million
senior secured perpetual notes, S&P assigned them a recovery
rating of '3', indicating that lenders can expect meaningful (50%
to 70%) recovery in the event of a payment default.

"The rating affirmation on Gruma follows S&P's appraisal of its
financial situation under its new capital structure, and its
financial policies and operating performance," said Standard &
Poor's credit analyst Enrique Gomez-Tagle.

At the end of October 2009, the company announced the refinancing
of the majority of its outstanding debt, including the conversion
of US$738 million of market-to-market losses on foreign-exchange
derivative instruments into medium and long-term loans, the
refinancing of two major credit facilities, and the
supplementation of the indenture on its US$300 million perpetual
bonds to provide additional security.

As a result of the derivative losses mentioned above, Gruma
recently put in place new policies and procedures to limit and
control its derivatives transactions and exposure.  S&P will
continue to monitor the company's financial policy in light of
these new policies.

The stable outlook reflects S&P's expectation that Gruma will
generate sufficient free operating cash flow in the coming year to
meet its maturity schedule with internally generated funds.


TV AZTECA: Gets Cofetel Approval for Hi-TV
------------------------------------------
Mexico's telco regulator Cofetel has approved TV Azteca SA de CV's
free-to-air digital terrestrial TV platform (Hi-TV), Variety News
reports.  The report relates that the ruling follows months of
regulatory wrangling over Hi-TV that critics claimed broke the law
by offering unlicensed digital channels.

According to the report, the company said that Cofetel's decision
sets a great precedent to stimulate competition."  The report
relates that it passed by majority vote with the conspicuous
absence of a signature by Cofetel chief Hector Osuna, who has been
accused in the press of an alleged bias in favor of rival
broadcaster Televisa.

                          About TV Azteca

TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7 -
- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's B1
senior unsecured debt rating


* MEXICO: Moody's Lowers State of Tabasco's Issuer Rating to 'Ba1'
------------------------------------------------------------------
Moody's de Mexico downgraded the issuer rating of the State of
Tabasco to A1.mx (Mexico National Scale) from Aa3.mx.  Moody's
Investors Service downgraded the issuer rating of the State of
Tabasco to Ba1 (Global Scale, local currency) from Baa3.  The
ratings outlook is stable.

The rating action reflects a recent weakening in financial
performance and associated near-term pressures.  Specifically, the
action takes into account: 1) a structural misalignment of total
revenue and expenditure growth in recent years, leading to cash
financing requirements; 2) a recent deterioration in Tabasco's
liquidity position, due to an increase in both accounts payable
and short-term debt financing; and 3) an expectation that
currently low debt levels will increase moderately in the near-
term.

The stable outlook reflects recent policy initiatives of Tabasco
to mitigate further deterioration in the state's financial
position over the medium term, which include an aggressive cost
saving plan.

Tabasco's financial performance deteriorated in recent years due
to a structural misalignment of total revenue and expenditure
growth rates.  Between 2003 and 2007, total expenditures grew at a
compound annual growth rate of 11.7%, outpacing the 7.5% CAGR for
total revenues, leading to an average annual cash financing
requirement of 1.8% of total revenues between 2004 and 2007.  In
2008, the state received extraordinary federal transfers to
address needs arising from floods that affected 80% of Tabasco's
territory in 2007.  These extraordinary transfers, as a one-off
measure, mitigate the deterioration of underlying financial
performance, leading to the posting of cash financing surplus
equivalent to 3.3% of total revenues in 2008.

Going forward, Moody's anticipates that the current economic
environment, via cyclical reductions in the pool of transfers
available for states and slower own-source revenue growth, will
render difficult the balancing of financial results in 2009 and
2010.  Given the state's high reliance on federal government
transfers and current expenditure pressures, Moody's expects the
state to register a cash financing requirement close to 5.0% of
total revenues in 2009, which will likely lead to moderate
increases in debt levels.

In order to compensate for in-year funding pressures in 2009, the
state has already contracted five short-term loans from two
Mexican commercial banks.  Taking into account this short-term
borrowing and the impact of year-end cash financing requirements,
Moody's expects net direct and indirect debt as a percentage of
total revenues to increase from 10.6% in 2008, a low level, to
close to 20% by the end of 2009, a moderate level.

As a reflection of the aforementioned financial pressures,
Tabasco's liquidity position has been deteriorating over the last
several years.  Net working capital, measured as current assets
minus current liabilities, decreased from a positive 6.6% of total
expenditures in 2004 to a negative 4.2% in 2008.  As of September
2009, net working capital stood at a negative 6.7% of total 2008
expenditures.  Moody's expects this metric to remain negative over
the near-term.

The last rating action with respect to the State of Tabasco was
taken in October of 2000 when the issuer ratings of Baa3 (Global
Scale, local currency) and Aa3.mx (Mexico National Scale) were
assigned.


===========
P A N A M A
===========


* PANAMA: To Expand Sources of Renewable Energy With IDB Financing
------------------------------------------------------------------
Panama will expand its supply of renewable energy by building two
hydroelectric facilities with a US$40 million loan approved today
by the Inter-American Development Bank.

The funds will partially finance the design, construction,
operation and maintenance, and interconnection to the electricity
grid of the Pando and Monte Lirio hydroelectric power plants in
the Chiriqui Viejo River, in Panama?s Chiriqui province.

Additional financing for the project, which has a total cost of
approximately US$292 million, will be provided by other
development finance institutions.  The project is being developed
by Electron Investment, S.A., a company incorporated in Panama
which has been awarded electricity generation and water
concessions to develop the project.

The Pando and Monte Lirio facilities will have an installed
capacity of 32.9 MW and 50.4 MW, respectively, for a total of 83.3
MW.  The new plants will generate, on average, 429 GWh of
electricity per year, enough to meet approximately 7 percent of
Panama?s current demand for electricity.  The plants will replace
hydrocarbon-based fuels that are currently used to produce
electricity, thus reducing the emission of greenhouse gases.

Both plants will be connected to the domestic and regional
electricity grid through SIEPAC (the Central American
Interconnected System) via a 19-km transmission line, and are
expected to begin delivering electricity in January 2013.

As part of its environmental safeguards process, the IDB funded a
Cumulative Impact Assessment which will be used by Panama's
National Environmental Authority to mitigate project impacts and
preserve the continuity and integrity of the aquatic ecosystem in
the Chiriqui Viejo River basin.

By developing its large hydroelectric potential, Panama will be
able to diversify its energy matrix and reduce its dependence on
imported fuel, ultimately boosting the country's economic
competitiveness and reducing poverty.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency and local currency Issuer Default
Ratings of 'BB+' and simultaneously revised the Rating Outlook
to Positive from Stable.  Fitch also affirmed the short-term
foreign currency IDR of 'B'.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB
long-term sovereign local and foreign currency ratings on Panama.
S&P said the outlook for all the ratings is positive.


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


BANCO DE CREDITO: Moody's Upgrades Deposit Ratings From 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has upgraded the long term foreign
currency deposit ratings of Banco de Credito del Peru and Banco
Internacional del Peru -- Interbank to Baa3 from Ba2 and placed
them on stable outlook, following the same action taken on Peru's
sovereign ceiling for foreign currency deposits.  Accordingly, the
short term foreign currency deposit ratings for both banks were
upgraded to Prime-3 from Not Prime.  These rating actions conclude
the review for possible upgrade initiated on September 2009.

The banks' ratings for financial strength, local currency and
foreign currency debt, were not affected by this action.  The
outlook on all these ratings remains stable.

The last rating action on Banco de Credito del Peru and on Banco
Internacional del Peru -- Interbank was on September 30, 2009,
when the rating agency placed the long term foreign currency
deposit ratings on review for possible upgrade, following the same
action taken on Peru's sovereign ceiling for foreign currency
deposits.

These ratings were affected:

Banco de Credito del Peru

* Long term foreign currency deposit rating: upgraded to Baa3 from
  Ba2, on stable outlook

* Short term foreign currency deposit rating: upgraded to Prime-3
  from Not Prime

Banco Internacional del Peru -- Interbank

* Long term foreign currency deposit rating: upgraded to Baa3 from
  Ba2, on stable outlook

* Short term foreign currency deposit rating: upgraded to Prime-3
  from Not Prime


* PERU: Moody's Upgrades Government Bond Rating From 'Ba1'
----------------------------------------------------------
Moody's Investors Service has upgraded Peru's foreign-currency
government bond rating to Baa3 from Ba1 to reflect increased
resilience to shocks and reduced credit risks associated with
financial dollarization and the currency composition of government
debt.

"As with other sovereigns that have been recently upgraded, the
decision to raise Peru's foreign currency ratings was driven by
indications of increased shock-absorption capacity relative to
similar or higher-rated sovereigns," said Moody's Vice President
Mauro Leos, regional credit officer for Latin America, indicating
that the rating action implicitly confirms Peru's status as an
"ordinal winner" during the recent period of global economic and
financial turmoil.

"The Peruvian authorities' ability to steer the economy in the
face of adverse external shocks and to avoid a 'hard landing' that
could have proven disruptive, confirmed the Peruvian government's
ability to implement counter-cyclical policies at a critical
juncture," said Leos.

Additionally, he said, the government's fiscal and financial
flexibility was also evident as a two-year economic stimulus
package equivalent to 3.8% of GDP can be easily financed from
savings accumulated during the 2006-2008 period of above-trend
growth.

"As the decision to adopt a more expansionary fiscal stance during
2009 and 2010 was made in accordance with guidelines defined by
the fiscal responsibility law, and after extensive deliberations
in Congress, it represents a positive development," said Leos.
"It confirms the strength of Peru's fiscal institutions while
introducing an element of policy predictability that is typically
associated with investment-grade sovereign credits."

In relation to potential credit vulnerabilities derived from
factors previously identified as latent credit risks, including
financial dollarization in Peru's banking system and a high share
of foreign currency-denominated government debt, Leos indicated
that mitigating factors combined with gradual-but-enduring
reductions in both conditions have lowered risks relative to
previous years, thus strengthening Peru's sovereign credit
profile.

Concerning financial dollarization, he said that, in addition to
existing buffers related to both high liquidity and strong
capitalization of Peruvian banks, strict enforcement of banking
regulations has served to contain exchange rate-related risks
present in the banks' balance sheets.

"As regards to the relatively high share of foreign currency
government debt, the potential impact of exchange rate shocks on
the government's balance sheet is mitigated by a favorable
maturity profile and a preponderance of fixed interest rate debt
in light of low government debt ratios," said Leos.

Leos said that political event risk remains a latent issue for
investors, noting that the balance of risks appears to be shifting
against disruptive scenarios given continued macroeconomic
stability, favorable prospects for the resumption of economic
growth and indications of steady progress in social indicators,
including lower poverty rates and reduced regional inequalities.

"Still, while not as significant as before, political events
represent a source of potential medium-term risks that constrain,
to some extent, Peru's current ratings," said Leos.

"Ratings are also restricted by an income per capita that compares
unfavorably with that of other Baa-rated countries."

Peru's foreign-currency country ceilings were also upgraded, with
the ceiling for foreign-currency bonds going to Baa2 from Baa3 and
the ceiling for foreign-currency bank deposits moving to Baa3 from
Ba2.  The local currency country ceilings for both bonds and
deposits were also upgraded to A2 from A3 and Baa1, respectively.
There was no change to the Baa3 local-currency government bond
rating.  All ratings have a stable outlook.

The last change in Peru's ratings was implemented on September 29,
2009, when the government's Baa3 foreign-currency bond ratings and
the country's foreign-currency country ceilings were placed on
review for possible upgrade.


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


BANCO BOLIVAR: To be Included in State Financial Network
--------------------------------------------------------
Venezuela's President Hugo Chavez said that two of the recently
closed banks, Banco Bolivar and Banco Confederado, would be
included in the state financial network after their
rehabilitation, EL Universal News reports.  The report relates
that the two small financial institutions account for 2.8% of
total deposits.

According to the report, with these two banks, the Venezuelan
State will control 24% of total deposits, a powerful network of
distribution comprised of 738 agencies and a payroll of 16,391
workers, an amount that represents 22% of the employees working in
the banking sector.  The report says that Bankers consider that it
is foreseeable that the government will concentrate state funds in
the state-run financial network that began to consolidate in June
with the takeover of Banco Venezuela, which was owned by Spain's
Grupo Santander.

El Universal News notes that the concentration of public funds in
a state financial conglomerate would impact the Venezuelan
financial system.  The report relates that total deposits of state
companies, ministries, governor's offices and mayor's offices
amount to US$12.33 billion at the end of October 2009.  These
deposits are very important for a group of private banks, the
report says.

Analysts, EL Universal pints out, said that private banks that
have deals with state agencies and have government deposits must
take early action to reduce their dependence on government
financial operations.

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.


BANCO CONFEDERADO: To be Included in State Financial Network
------------------------------------------------------------
Venezuela's President Hugo Chavez said that two of the recently
closed banks, Banco Bolivar and Banco Confederado, would be
included in the state financial network after their
rehabilitation, EL Universal News reports.  The report relates
that the two small financial institutions account for 2.8% of
total deposits.

According to the report, with these two banks, the Venezuelan
State will control 24% of total deposits, a powerful network of
distribution comprised of 738 agencies and a payroll of 16,391
workers, an amount that represents 22% of the employees working in
the banking sector.  The report says that Bankers consider that it
is foreseeable that the government will concentrate state funds in
the state-run financial network that began to consolidate in June
with the takeover of Banco Venezuela, which was owned by Spain's
Grupo Santander.

El Universal News notes that the concentration of public funds in
a state financial conglomerate would impact the Venezuelan
financial system.  The report relates that total deposits of state
companies, ministries, governor's offices and mayor's offices
amount to US$12.33 billion at the end of October 2009.  These
deposits are very important for a group of private banks, the
report says.

Analysts, EL Universal pints out, said that private banks that
have deals with state agencies and have government deposits must
take early action to reduce their dependence on government
financial operations.

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.


* VENEZUELA: Form JV With Cuba to exploit Mature Fields
-------------------------------------------------------
As a result of the Tenth Meeting of the Intergovernmental
Commission of Integral Cooperation Agreement Cuba-Venezuela, held
in Havana, Cuba, delegations from both countries signed a
memorandum of understanding to the establishment of a joint
venture aimed at the primary activities in the hydrocarbons within
the enclosed area of mature fields.

According to the signed document, these activities may be
implemented in accordance with the terms and conditions set forth
in the Agreement of the National Assembly, the National Executive
Power decree authorizing the creation of the Joint Venture and the
decree which transfers to the Joint Venture the right to exercise
the primary activity in this area, as specified by the legal
regime of oil in Venezuela.

Similarly, the Intergovernmental Commission authorized the change
of name and purpose of the joint venture established in Cuba
PDVCUPET S,A in April 2006 between Commercial Cupet, S,A, and
PDVSA Cuba S,A. Henceforth the company will be named CUVENPETROL,
S,A. and shall pursue the development and operation of the system
of petroleum refining, liquefied natural gas (LNG) and compressed
natural gas in the Republic of Cuba.

The operation of Cuvenpetrol S,A also includes the  development in
the Republic of Cuba expansion projects Refinery "Camilo
Cienfuegos", design development and construction of facilities for
the  regasification plant of Liquefied Natural Gas (LNG),
construction of a new refinery in Matanzas and expansion of the
refinery Hermanos Diaz.

                           285 Projects

Venezuela's delegation was chaired by Vice President and Minister
of Popular Power for Energy and Petroleum Rafael Ramirez, and the
delegation of Cuba by Ricardo Cabrisas Ruiz, vice president of the
Council of Ministers.

The Tenth Meeting of the Intergovernmental Commission hill with
the approval of a portfolio of 285 projects to implement in 2010,
valued at 3 thousand 161 million 66 thousand 387 U.S. dollars.

The delegations agreed that the adoption of these agreements and
the agreed cooperation program, are an important contribution to
increasing industrial complementation and integration of the
economies of both countries under the principles of the Bolivarian
Alliance for the Peoples of Our America and the Treaty of Commerce
of the People (ALBA-TCP).

The coordinating body of the Convention, the Ministry of Popular
Power for Energy and Petroleum of Venezuela, and the Ministry for
Foreign Trade and Foreign Investment in Cuba, agreed to hold
quarterly meetings to review the status of implementation of
agreed programs.

                           *     *     *

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.


                            ***********

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 * * *