TCRLA_Public/091223.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 23, 2009, Vol. 10, No. 253

                            Headlines



A R G E N T I N A

BADIE SRL: Creditors' Proofs of Debt Due on March 31
BANCO MACRO: Fitch Affirms Issuer Default Ratings at 'B'


B R A Z I L

CAMARGO CORREA: Not Preparing Takeover Bid for Cimpor, Firm Says
CAMIL ALIMENTOS: S&P Puts 'BB-' Rating on CreditWatch Negative
JBS SA: S&P Retains CreditWatch Positive on 'B+' Ratings
TAM SA: Acquires Pantanal Linhas for US$7.3 Million


C A Y M A N  I S L A N D S

DINO CORPORATION: Members Receive Wind-Up Report
DIVERSIFIED STRATEGIES: Members Receive Wind-Up Report
DUMOCO LLC: Members Receive Wind-Up Report
FAHRENHEIT 2007-3: Members Receive Wind-Up Report
FERTILIZERS & UREA: Members Receive Wind-Up Report

GANNET IV: Members Receive Wind-Up Report
HALOGEN OFFSHORE: Members Receive Wind-Up Report
HEDGEFORUM KEYWISE: Members Receive Wind-Up Report
HEDGEFORUM TRELLUS: Members Receive Wind-Up Report
HOLCIM INTERNATIONAL: Members Receive Wind-Up Report

HUDSON MEZZANINE: Members Receive Wind-Up Report
KE SWAN: Members Receive Wind-Up Report
KE SWAN: Members Receive Wind-Up Report
KSA MBS I: Members Receive Wind-Up Report
LIGHTPOINT CLO: Members Receive Wind-Up Report

LILACS REPACKAGING: Members Receive Wind-Up Report
LOAN FUNDING: Members Receive Wind-Up Report
PORT CAPITAL: Members Receive Wind-Up Report
PORT CAPITAL: Members Receive Wind-Up Report
SPYRE DIVERSIFIED: Members Receive Wind-Up Report

TABS 2007-7: Members Receive Wind-Up Report
TCM LIMITED: Members Receive Wind-Up Report
TCW GEM: Members Receive Wind-Up Report
TCW GEM: Members Receive Wind-Up Report
TFC PROPERTIES: Members Receive Wind-Up Report

U.S. CAPITAL: Members Receive Wind-Up Report
VERTICAL ABS: Members Receive Wind-Up Report
VERTICAL ABS: Members Receive Wind-Up Report
VERTICAL VIRGO: Members Receive Wind-Up Report
WESTERN SPRINGS: Members Receive Wind-Up Report


C O L O M B I A

DMG: Former Head Sentenced to 10 Years in Prison
* COLOMBIA: GDP Shrinks 0.2% in Third Quarter


C O S T A  R I C A

INFINITO GOLD: Court Delays Ruling; Bridge Loan Facility In Place


J A M A I C A

NATIONAL COMMERCIAL BANK: Manager Pleads Not Guilty to Charges
NATIONAL COMMERCIAL BANK: NCB Capital Markets Director Resigns
* JAMAICA: Petrojam Refinery Upgrade Scrapped


M E X I C O

BANCO HSBC: S&P Affirms Counterparty Credit Rating at 'BB/B'
VITRO SAB: To Make Counterproposal to Creditors by End of January


N I C A R A G U A

* NICARAGUA: IDB OKs US$15MM Loan for Social Welfare Program


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Wins US$4.1 Million Foreclosure Judgment


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Petrojam Refinery Upgrade Scrapped
* VENEZUELA: Orinoco Oil Upgraders on the Mend




                         - - - - -


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


BADIE SRL: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------
Julio Sucrenian, the court-appointed trustee for Badie SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 31, 2010.

Mr. Sucrenian will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Julio Sucrenian
         Viamonte 2247
         Argentina


BANCO MACRO: Fitch Affirms Issuer Default Ratings at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed Banco Macro's ratings:

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'B';

  -- Foreign and local currency short-term IDRs at 'B';

  -- Long-term National Rating at 'AA'(arg);

  -- Short-term National Rating at 'A1+(arg)';

  -- Individual at 'D';

  -- Support '5';

  -- Support Floor 'NF'.

The Rating Outlook is Stable.

Fitch also affirms BM's debt ratings:

  -- US$250 million senior debt at 'B/RR4/AA(arg)';
  -- US$150 million subordinated debt at 'CCC+/RR6/A(arg)'.

BM's ratings reflect its strong national franchise and growth
potential, its solid overall performance and sound liquidity and
capital base.  They also take into account the volatile operating
environment in Argentina.

BM's long-term IDRs have a Stable Outlook and are at the country
ceiling level, reflecting its strong local franchise and its sound
performance.

The Argentine economy has grown strongly between 2003 and 2008,
benefiting the operating environment for banks, with rising
deposits and lending and steadily improving asset quality.
However, in spite of the sharp slowdown of the economy and high
inflation in 2009, the performance of most Argentine banks has
been resilient.  In this context, Fitch expects Macro's
performance to remain sound, based on its strong revenue
generation, good asset quality and ample liquidity.  A good level
of income diversification has helped offset the volatility of the
gains from its securities portfolio.

In spite of some rise in Macro's non-performing loans in the first
three quarters of 2009, they are now decreasing and the quality of
the portfolio remains healthy.  NPLs accounted for 3.29% of total
loans at Sept. 30, 2009, with sound loan loss reserve coverage of
174.3%.

Macro's liquidity is strong, and its capital base is ample.
However, the latter has decreased in the past few years due to
strong loan growth, share buy-backs totaling ARS436.8 million and
ARS148.3 million dividends in 2009.  Macro's US$150 million
subordinated debt has strong equity-like features and qualifies as
Tier 1 under local regulations.

BM is controlled by a group of Argentine individuals led by Jorge
Horacio Brito and Delfin Jorge Ezequiel Carballo, with a 39.1%
stake.  The former is also the bank's chairman and CEO.  A 29.1%
stake is in the hands of the public pension fund administrators
after the privatization of the pension system, and the balance is
widely held by local and foreign investors.  At Aug. 31, 2009, BM
was the third-largest private sector bank in Argentina by
deposits.

Fitch's National Ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(arg)' for national ratings in Argentina.


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


CAMARGO CORREA: Not Preparing Takeover Bid for Cimpor, Firm Says
----------------------------------------------------------------
Jim Silver at Bloomberg News reports that Camargo Correa SA said
it isn't preparing a takeover bid for Cimpor-Cimentos de Portugal
SGPS SA.  The report relates that the company said it is
"interested in studying opportunities."

According to the report, Camargo Correa had informal talks with
Cimpor shareholders about possible ways of working together with
the Portuguese cement company.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Bloomberg News said that Camargo Correa SA and
Votorantim are interested in investing in Cimpor-Cimentos de
Portugal.  According to the report, the investment bankers
representing the Brazilian companies met with leading Cimpor
shareholders to determine if they're willing to sell shares
in the Portuguese cement company.  The report related that
Votorantim and Camargo Correa would invest independently of one
another.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

  -- Foreign currency Issuer Default Rating 'BB';
  -- Local currency IDR 'BB';


CAMIL ALIMENTOS: S&P Puts 'BB-' Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB-' corporate credit ratings on Brazil-based rice processor
Camil Alimentos S.A. rating on CreditWatch with negative
implications.  The rating could either be affirmed at its 'BB-'
category or lowered one notch upon the completion of S&P's review.

"The CreditWatch placement follows Camil's recent announcement of
its acquisition of the Chile-based rice processor Tucapel.  The
negative implication on Camil's rating reflects S&P's uncertainty
regarding the funding needed to accomplish the acquisition and
possible negative impact on Camil's capital structure.  The
company's liquidity is somewhat tight compared with its short-term
debt maturities, and an incremental debt or cash outflow could
weaken leverage metrics," said Standard & Poor's credit analyst
Flavia Bedran.

On the other hand, Tucapel acquisition will increase Camil's
international presence and strengthen its position as a consumer-
branded company, considering the strong brand recognition of
Tucapel's products in Chile, where it has more than 50% of the
rice market share.  Moreover, the acquisition will increase
Camil's business diversification, as the company also acquired
Tucapel's bean processing and olive oil operations, complementary
businesses that S&P feel will likely add distribution and
commercial synergies.

Tucapel operations are focused on the Chilean domestic market.
The Tucapel acquisition will add about 120,000 tons of rice per
year to Camil's total production, which is expected to reach
1.8 million tons considering its Brazilian, Chilean, and Uruguayan
export-oriented grain operations.

"We expect to resolve the CreditWatch action as soon as S&P has
more clarity on how the acquisition funding will affect the
company's financial leverage and have more details on the positive
effects of the deal on Camil's business profile.  While not S&P's
base case scenario, S&P could lower the rating to 'B+' if higher
debt leverage and increasing concentration on short-term
maturities lead to weaker cash flow metrics.  Conversely, S&P
could maintain the rating if adequate long-term debt is raised to
fund the acquisition, with the additional debt offset by improved
an business profile," Ms. Bedran added.


JBS SA: S&P Retains CreditWatch Positive on 'B+' Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' ratings on
meat-processing companies JBS S.A. and JBS USA LLC remain on
CreditWatch, where they were placed with positive implications on
Sept. 16, 2009.

"The CreditWatch listing reflects the expected positive effects of
pending transactions on JBS's business profile," said Standard &
Poor's credit analyst Marcelo Schwarz.

The company announced on Sept. 16, 2009, that it had reached an
association agreement with Bertin S.A. (not rated) to combine the
two companies' operations.  At that time, JBS also announced the
acquisition of a 64% stake in U.S. poultry producer Pilgrim's
Pride Corp. (not rated) for US$800 million.

The U.S. Department of Justice has already allowed the Pilgrim's
transaction to proceed, and the U.S. Bankruptcy Court has approved
the reorganization plan in that company's Chapter 11 proceedings.
According to JBS, the company expects to conclude its merger with
Bertin before the year-end.

Although the Bertin association will be made through an exchange
of shares, both transactions depend on the conclusion of key
financing transactions.  The company also recently announced that
it intends to implement a capitalization on JBS USA through a
$2.0 billion mandatorily convertible debentures issuance by JBS.
Consequently, the ultimate capital structure of JBS is still
evolving.

"We continue to believe that the transactions will likely improve
JBS's market position and product diversity in beef, pork,
chicken, and dairy products," added Mr. Schwarz.  "They should
also enhance the company's cost position by providing it with
economies of scale, operating synergies, higher barriers to entry,
and stronger bargaining power with suppliers and clients."

On the other hand, he noted, JBS will also face integration risks
associated with its entrance into the poultry protein market, with
operating characteristics that differ materially from those of its
main operations in the beef sector.

S&P will resolve the CreditWatch listing as soon as S&P has a full
understanding of the effects of the transactions on the
consolidated capital structure and their positive impacts on JBS's
business profile.  S&P will keep monitoring the company's actions
to finance, integrate, and capture gains from the acquired assets,
but S&P believes that prospects are currently favorable.


TAM SA: Acquires Pantanal Linhas for US$7.3 Million
---------------------------------------------------
TAM SA has acquired small local airline Pantanal Linhas Aereas SA
for BRL13 million (US$7.3 million), Rogerio Jelmayer at Dow Jones
Newswires reports.

"The effectiveness of the acquisition of the Pantanal shares is
subject to the fulfillment of certain conditions, including,
without limitation, the previous authorization by the National
Agency for Civil Aviation, or ANAC," TAM SAS said in a statement
obtained by the news agency.

Pantanal was founded in April 1993 and operates through slots at
the busy Congonhas airport in Sao Paulo.

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


DINO CORPORATION: Members Receive Wind-Up Report
------------------------------------------------
On December 15, 2009, the members of Dino Corporation received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DIVERSIFIED STRATEGIES: Members Receive Wind-Up Report
------------------------------------------------------
On December 14, 2009, the members of Diversified Strategies Fund
II Limited received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


DUMOCO LLC: Members Receive Wind-Up Report
------------------------------------------
On December 14, 2009, the members of Dumoco LLC received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FAHRENHEIT 2007-3: Members Receive Wind-Up Report
-------------------------------------------------
On December 14, 2009, the members of Fahrenheit 2007-3, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FERTILIZERS & UREA: Members Receive Wind-Up Report
--------------------------------------------------
On December 15, 2009, the members of Fertilizers and Urea
International Company received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GANNET IV: Members Receive Wind-Up Report
-----------------------------------------
On December 15, 2009, the members of Gannet IV Funding Corporation
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HALOGEN OFFSHORE: Members Receive Wind-Up Report
------------------------------------------------
On December 11, 2009, the members of Halogen Offshore, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HEDGEFORUM KEYWISE: Members Receive Wind-Up Report
--------------------------------------------------
On December 17, 2009, the members of Hedgeforum Keywise Greater
China, Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


HEDGEFORUM TRELLUS: Members Receive Wind-Up Report
--------------------------------------------------
On December 17, 2009, the members of Hedgeforum Trellus, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HOLCIM INTERNATIONAL: Members Receive Wind-Up Report
----------------------------------------------------
On December 17, 2009, the members of Holcim International Finance
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HUDSON MEZZANINE: Members Receive Wind-Up Report
------------------------------------------------
On December 14, 2009, the members of Hudson Mezzanine Funding
2006-1, Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


KE SWAN: Members Receive Wind-Up Report
---------------------------------------
On December 14, 2009, the members of Ke Swan Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KE SWAN: Members Receive Wind-Up Report
---------------------------------------
On December 14, 2009, the members of Ke Swan II Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KSA MBS I: Members Receive Wind-Up Report
-----------------------------------------
On December 17, 2009, the members of KSA MBS I International Sukuk
Company Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LIGHTPOINT CLO: Members Receive Wind-Up Report
----------------------------------------------
On December 14, 2009, the members of Lightpoint CLO XII, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LILACS REPACKAGING: Members Receive Wind-Up Report
--------------------------------------------------
On December 17, 2009, the members of Lilacs Repackaging 2005-I
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LOAN FUNDING: Members Receive Wind-Up Report
--------------------------------------------
On December 14, 2009, the members of Loan Funding Corp. 2003-1
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PORT CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
On December 17, 2009, the members of Port Capital Global Resources
Hedge Fund Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PORT CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
On December 17, 2009, the members of Port Capital Global Resources
Master Fund Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SPYRE DIVERSIFIED: Members Receive Wind-Up Report
-------------------------------------------------
On December 15, 2009, the members of Spyre Diversified Fund SPC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TABS 2007-7: Members Receive Wind-Up Report
-------------------------------------------
On December 15, 2009, the members of Tabs 2007-7, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TCM LIMITED: Members Receive Wind-Up Report
-------------------------------------------
On December 17, 2009, the members of TCM Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TCW GEM: Members Receive Wind-Up Report
---------------------------------------
On December 14, 2009, the members of TCW GEM III, Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TCW GEM: Members Receive Wind-Up Report
---------------------------------------
On December 14, 2009, the members of TCW GEM II, Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TFC PROPERTIES: Members Receive Wind-Up Report
----------------------------------------------
On December 15, 2009, the members of TFC Properties Holdings
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


U.S. CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
On December 14, 2009, the members of U.S. Capital Funding VII,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


VERTICAL ABS: Members Receive Wind-Up Report
--------------------------------------------
On December 17, 2009, the members of Vertical ABS CDO 2007-2, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


VERTICAL ABS: Members Receive Wind-Up Report
--------------------------------------------
On December 17, 2009, the members of Vertical ABS CDO 2007-1, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


VERTICAL VIRGO: Members Receive Wind-Up Report
----------------------------------------------
On December 17, 2009, the members of Vertical Virgo 2006-1, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WESTERN SPRINGS: Members Receive Wind-Up Report
-----------------------------------------------
On December 14, 2009, the members of Western Springs CDO Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


DMG: Former Head Sentenced to 10 Years in Prison
------------------------------------------------
The 4th special criminal judge of Bogota, Jose Reyes Rodriguez,
has sentenced DMG former Head David Murcia Guzman to 30 years in
prison, Inside Costa Rica News reports.  The report relates that
Mr. Guzman was found guilty of assets laundering and illegally and
habitually capturing massive amounts of money in a pyramid scheme
that defrauded thousands of people.

According to the report, Judge Rodriguez said that Mr. Murcia was
always cognizant of working illicitly and chose to declare
political and legal war against the Colombian financial system.
"There was misconduct due to his excessive ambition to be rich. He
knew what he was doing but didn't stop," the report quoted Judge
Rodriguez as saying.

Inside Costa Rica News notes that before the sentence, the
government issued a press release endorsing the U.S. extradition
request for Murica Guzman and his associate William Suarez, where
they are expected to face U.S. justice for laundering assets.

The demise of DMG, the report says, provoked protests both by
those angry at the loss of their money and also by investors who
insisted that the company was legitimate and that the government
had forced its collapse.


* COLOMBIA: GDP Shrinks 0.2% in Third Quarter
---------------------------------------------
Helen Murphy at Bloomberg News reports that Colombia's economy
shrank for a fourth straight quarter in the July-through-September
period, the longest slump in a decade, as the global credit crunch
reduced exports and domestic demand fell.  The report, citing
national statistics agency, relates that gross domestic product
contracted 0.2% in the third quarter from a year earlier.

Economists expected a 0.2% increase, according to the median of 19
forecasts compiled by Bloomberg.

According to the report, to spur growth in Colombia's economy, the
government has invested in infrastructure projects and policy
makers have slashed interest rates from a record 10% in November
2008 to 3.5%.   Economic reports show that "the growth recovery in
Colombia has been modest," Morgan Stanley analyst Daniel Volberg
wrote in a report obtained by the news agency.  "The anemic pace
of the rebound in the private sector seems to weigh on the
economic outlook," he added.

Bloomberg News says that a plunge in trade with Venezuela has also
contributed to the weak economy.  The report relates that
Colombian exports to Venezuela fell 70 percent in October from a
year earlier while total exports fell 5.5%.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'BB+' to the Republic of Colombia's US$1
billion Eurobond (6.125% coupon) maturing in 2041.


==================
C O S T A  R I C A
==================


INFINITO GOLD: Court Delays Ruling; Bridge Loan Facility In Place
-----------------------------------------------------------------
Industrias Infinito S.A., Infinito Gold Ltd.'s subsidiary in Costa
Rica, has been advised that, as of December 18, 2009, the
Constitutional Court, or ("SALA IV") has not come to a decision on
the remaining legal challenges which have halted construction on
the Company's Crucitas gold mining project.

This will delay a decision until the New Year as the SALA IV has
now recessed for the Christmas season.

While Infinito Gold cannot predict the decision of the SALA IV,
the Company has consistently maintained that all approvals and
permits were applied for and received in compliance with the
relevant regulations and laws.

Infinito Gold has accepted an offer of a demand loan facility for
up to US$6.0 million from Exploram Enterprises Ltd., its
controlling shareholder, to bridge its short term working capital
requirements and give it time to complete a project financing
pending a ruling from the SALA IV.  The indebtedness under the
Loan is to be secured under the existing General Security
Agreement between the Company and Exploram delivered in connection
with the sale of convertible notes of the Company on February 10,
2009.  Interest is payable on the outstanding balance of the Loan
monthly in arrears at a rate of 19.0% per annum, commencing on
December 31, 2009.

Infinito Gold has been advanced US$3.0 million but subsequent
advances are at the sole discretion of Exploram and would be made
in minimum increments of US$500,000 up to a maximum of US$1.0
million for each advance.

All indebtedness under the Loan is repayable on demand on or after
the earlier of: the occurrence of an event of default under the
Prior Notes, and February 28, 2010, but may be prepaid in whole or
in part without penalty.  In addition, all indebtedness under the
Loan shall rank senior to all other indebtedness of the Company.
There are no structuring fees to be paid by the Company in
conjunction with the Loan.  The closing occurred promptly upon
acceptance of the offer of the Loan by Infinito Gold as the funds
were required urgently.

Infinito Gold advises that it continues to proceed with
preparations for a project debt financing as it considers this
course of action to be in the best interests of the Company in
light of its cash flow needs, notwithstanding the proceedings
before the SALA IV have not been resolved.  No inference should be
drawn from the advance of the Loan that Infinito Gold has secured
project debt financing or that the SALA IV proceedings will be
resolved favorably.

Infinito Gold Ltd. is a gold exploration & development company
based in Calgary, Canada, in the process of transisting from
junior explorer to gold producer.



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


NATIONAL COMMERCIAL BANK: Manager Pleads Not Guilty to Charges
--------------------------------------------------------------
National Commercial Bank Jamaica Limited regional manager of NCB
Insurance Services Limited Lowell Spence pleaded not guilty to
charges that he stole more than JM$5 million from the bank,
RadioJamaica reports.  The report relates that Mr. Spence pleaded
not guilty in an appearance before the Corporate Area Criminal
Court on charges of money laundering, obtaining money by fraud and
conspiracy.

According to the report, Mr. Spence is out on JM$500,000 bail and
is scheduled to return on January 19.

As reported in the Troubled Company Reporter-Latin America on
December 14, 2009, RadioJamaica said NCB called in the police
after an internal audit uncovered the alleged fraud.  The report
related that Mr. Spence in his capacity as Relief Manager in
2007 allegedly manipulated the system at the NCB branch in Annotto
Bay, St. Mary and siphoned more than JM$5 million out of the bank.
NCB, the report added, is now conducting a follow-up audit to
determine the extent of the fraud.

                       About NCB Jamaica

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

                          *     *     *

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

Fitch said the ratings have a stable rating outlook.


NATIONAL COMMERCIAL BANK: NCB Capital Markets Director Resigns
--------------------------------------------------------------
NCB Capital Markets Limited Managing Director Christopher Williams
has resigned his position effective January 31, 2010.  Charged
with the responsibility to strategically lead, grow and manage the
wealth management business of National Commercial Bank Jamaica
Limited, NCB Capital Markets Limited, under Mr. William's
guidance, has grown into one of Jamaica's most successful
securities dealer and brokerage house.

"[Mr. William] has spent the last six (6) years ably leading his
team.  We wish to acknowledge the sustained growth of the wealth
management subsidiary to date and the contribution it has made,
under his stewardship, to the strong performance of our Group."
expressed Patrick Hylton, NCB Group Managing Director.  "As he
leaves to continue his professional development, we wish him the
very best and thank him for the time spent with us".

"Working at NCB has been a tremendously rewarding experience for
me and one that has prepared me adequately to pursue the new
challenges that I have set myself.  I am excited at the future
prospects and I want to thank the Bank and my wealth management
team for affording me the opportunity to have contributed to
building such a strong Jamaican brand" said Mr. Williams about his
planned departure.

The Bank has embarked on its plans for a replacement at NCB
Capital Markets in time for Mr. William's departure.  Until then
he remains in charge of the day to day running of the subsidiary.

                       About NCB Jamaica

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

                          *     *     *

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

Fitch said the ratings have a stable rating outlook


* JAMAICA: Petrojam Refinery Upgrade Scrapped
---------------------------------------------
The Jamaican government has scrapped plans for the upgrade of the
Petroleum Corporation of Jamaica's refinery, RadioJamaica reports.
The report relates that project was a joint effort with Venezuela
for the improvement of the facility; however, Prime Minister
Golding disclosed that the cost of the venture would be too much
for the government to bear.

According to the report, the original cost of the upgrade was
estimated at US$600 million but after design work and revised
costs the figure jumped to US$1.2 billion.  "Given our fiscal
situation, given our debt limit it is just not possible for us to
assume that kind of liability.  We have communicated that to the
Venezuelans.  I sent a team there weeks ago, they had extensive
meetings and they have been looking at various alternatives," the
report quoted Mr. Golding as saying.  The government still has
hope that the refinery will be upgraded in the future, he added.

Petroleos de Venezuela SA's Caribbean subsidiary PDV Caribe
acquired a 49% stake of the Petrojam plant from Petroleum
Corporation of Jamaica.

                           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

                        *     *     *

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


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


BANCO HSBC: S&P Affirms Counterparty Credit Rating at 'BB/B'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB/B' counterparty credit rating on Banco HSBC Salvadoreno S.A.
The outlook is stable.

S&P's ratings on Banco HSBC Salvadoreno S.A. are constrained by
its vulnerable asset quality and low reserve coverage of
nonperforming assets.  "The relatively small size and limited
diversification of El Salvador's economy and strong competition in
the banking system also limit the rating," said Standard & Poor's
credit analyst Alfonso J. Novelo.  HSBC Salvadoreno's
strategically important status to HSBC Holdings PLC (AA-
/Negative/A-1+), its diversified portfolio, and its lower-than-
peers exposure to real estate-related loans support the rating.
The ratings reflect one notch of support from the stand-alone
credit profile.

The bank's asset quality is vulnerable due to the risk of
operating in a relatively small and undiversified economy and the
shortage of provisions to cover problematic loans fully.  As a
result of the challenging economic environment in El Salvador,
which has decreased the demand for credit, the bank's
nonperforming loans increased to 6.3% as of September 2009 from
3.5% in 2008.  NPAs are comprised of NPLs, restructured loans,
repossessed assets, and Ficafe, and reached 8.5% of total loans as
of September 2009, up from 6.1% in 2008.  In addition, reserves do
not fully cover NPAs.  The ratio of total reserves to total NPAs
was 63.4% as of September 2008.

The strong competition in El Salvador's banking system and the
strategy the bank implemented in 2009 to reduce exposure have
resulted in a reduction of its market share.  Its market position
has moved to the fifth place from the third in terms of loans.

The rating on HSBC Salvadoreno incorporates its status as a
strategically important subsidiary of HSBC.  Although S&P does not
expect HSBC Salvadoreno to require further support, S&P believes
that in light of HSBC's history of supporting its global banking
network, support would be forthcoming if needed.

The stable outlook reflects S&P's opinion that in spite of a more
adverse economic and financial environment in El Salvador, the
bank will be able to prevent further deterioration of its asset
quality and profitability in 2010.  If asset quality and
profitability drop significantly, with NPAs surpassing 11%, or if
profitability is negative, ratings could be pressured.  If the
slow growth in the Salvadorian economy intensifies, the bank's
overall performance ratings could also be pressured.


VITRO SAB: To Make Counterproposal to Creditors by End of January
-----------------------------------------------------------------
Vitro, S.A.B. de C.V. said that it has a goal of making a
counterproposal to creditors by the end of January, Andres R.
Martinez at Bloomberg News reports.

According to the report, citing a company statement, Vitro is
"focused" on restructuring and reaching an agreement with
creditors.

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Vitro SAB is continuing discussions with
derivative financial instrument counterparties, bondholders and
creditors to achieve an organized financial restructuring to
improve its balance sheet.  On February 5, 2009, Vitro disclosed
it elected not to make a scheduled payment of US$150 million
pesos, plus accrued interest, due February 5, 2009 on its
Certificados Bursatiles issued in 2003 ("CEBURES 03").  Vitro said
it is holding discussions with the holders of the CEBURES 03 in an
effort to reach a mutually acceptable agreement to restructure
this financial obligation along with the rest of the financial
creditors.

                           About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                           *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


=================
N I C A R A G U A
=================


* NICARAGUA: IDB OKs US$15MM Loan for Social Welfare Program
------------------------------------------------------------
The Inter-American Development Bank granted Nicaragua two loans of
US$7.5 million each to finance a social welfare program for
children under six years of age who live in extreme poverty in the
nation's cities.

The program's goal is to improve living conditions for preschool-
age urban children, alleviating the deprivations they face in
nutrition, health and stimulation.  The program will offer more
services for young children in poor neighborhoods while also
seeking to improve the quality and sustainability of these
services.

To date, Nicaragua's social programs for young children have
tended to focus on rural areas, where poverty is more pronounced.
But the vulnerability of the urban poor has become increasingly
evident, given the sharp economic contraction, rising food prices
and growing unemployment that came in the wake of the 2008 global
financial crisis.

The new Urban Welfare Program for Children in Extreme Poverty will
be implemented at the neighborhood level, covering children from
approximately 8,000 families who live in the 80 poorest
neighborhoods in the nine poorest urban municipalities in the
country.

The program will be implemented over three years, and its results
will be measured on the basis of some 50 indicators.

The program is structured in two phases, and it will include an
external evaluation of the first phase's impact prior to beginning
the second.  The second phase will also last three years and
extend the model to new neighborhoods, requiring US$20 million in
additional financing.

                           *     *     *

As of November 3, 2009, Nicaragua continues to carry Moody's Caa1
Foreign currency rating and B3 local currency rating with stable
outlook.


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


FIRSTBANK PUERTO RICO: Wins US$4.1 Million Foreclosure Judgment
---------------------------------------------------------------
FirstBank Puerto Rico won a US$4.1 million foreclosure judgment
against Grove Station Development over a commercial site in Miami,
South Florida Business Journal reports.  The report, citing Miami-
Dade County Circuit Court records, relates that the bank won its
case on December 10 based on US$4 million outstanding under its
mortgage, plus interest and fees.

According to the report, the mortgage covers the property at 2900
and 2940 S.W. 28th Lane, which has 11,214 square feet of
commercial space on 1.1 acres near a Metrorail station.  The
report relates that it is scheduled for public sale on February 10
at 11 a.m. at the county courthouse.

The report notes that the site was planned for redevelopment as
Grove Central Station in partnership with Miami-Dade County and
the developer.

                     About FirstBank Puerto Rico

FirstBank Puerto Rico is a full-service bank.  The bak accepts
deposits, make loans and provides other servies for the public.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1).  Following the downgrade, the
rating outlook is negative.


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


PETROLEOS DE VENEZUELA: Petrojam Refinery Upgrade Scrapped
----------------------------------------------------------
The Jamaican government has scrapped plans for the upgrade of the
Petroleum Corporation of Jamaica's refinery, RadioJamaica reports.
The report relates that project was a joint effort with Venezuela
for the improvement of the facility; however, Prime Minister
Golding disclosed that the cost of the venture would be too much
for the government to bear.

According to the report, the original cost of the upgrade was
estimated at US$600 million but after design work and revised
costs the figure jumped to US$1.2 billion.  "Given our fiscal
situation, given our debt limit it is just not possible for us to
assume that kind of liability.  We have communicated that to the
Venezuelans.  I sent a team there weeks ago, they had extensive
meetings and they have been looking at various alternatives," the
report quoted Mr. Golding as saying.  The government still has
hope that the refinery will be upgraded in the future, he added.

Petroleos de Venezuela SA's Caribbean subsidiary PDV Caribe
acquired a 49% stake of the Petrojam plant from Petroleum
Corporation of Jamaica.

                           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

                        *     *     *

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


* VENEZUELA: Orinoco Oil Upgraders on the Mend
----------------------------------------------
Venezuela Petrocedeno oil upgrader will restart in the next few
days and other troubled oil upgraders in the Orinoco extra-heavy
crude region will be fixed in the new year, Marianna Parraga at
Reuters reports, citing Venezuela Oil Minister Rafael Ramirez.

"We will start 2010 with all our upgraders in good shape and we
will not have any production problems," the report quoted mr.
Ramirez as saying.  One of the upgraders, Petrocedeno, would
restart in the "next few days" after being offline for
maintenance, he added.

According to the report, in the last three months, Petroleos de
Venezuela has been forced for weeks to stop three of the projects
nationalized in 2007, which upgrade the tar-like oil from fields
adjoining the northern edge of the Orinoco River into exportable
crude.  The report relates that the stoppages have slashed output
at the units.

Reuters notes that PDVSA has blamed the unplanned stoppages at the
1990s-built Petroanzoategui, Petrocedeno and Petropiar upgraders
on obsolete equipment inherited from former owners, inadequate
prenationalization maintenance and design hitches.  The report
says that Venezuela often misses project and maintenance
deadlines.

Mr. Ramirez, Reuters points out, said that PDVSA will focus on
developing the Orinoco region in 2010, finalizing bilateral
agreements and a bidding round for the giant Carabobo field.

                           *     *     *

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


                            ***********

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 * * *