TCRLA_Public/091228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Monday, December 28, 2009, Vol. 10, No. 254

                            Headlines



A R G E N T I N A

CUEROS CURTIDOS: Creditors' Proofs of Debt Due on March 17
EMDECER SA: Asks for Opening of Preventive Contest
RIDERIA SA: Asks for Preventive Contest
RINCON DEL: Creditors' Proofs of Debt Due on February 26
TELEFONICA DE ARGENTINA: Mulls US$551 Million Investment in 2010

TOPPOL SRL: Creditors' Proofs of Debt Due on February 19
* ARGENTINA: Buenos Aires City Sells US$50 Million Bonds Overseas
* ARGENTINA: S&P Assigns 'B-' Rating on Buenos Aires' 2014 Notes
ARGENTINA: S&P Puts 'B-' Rating on Buenos Aires' US$50 Mil. Notes


B E R M U D A

LAZARD GLOBAL: Creditors' Proofs of Debt Due on January 4
LAZARD GLOBAL: Members to Receive Wind-Up report on January 22
MAKKOLLI TRADING: Creditors' Proofs of Debt Due on January 11
MAKKOLLI TRADING: Members to Receive Wind-Up report on January 27
STEDMAN DENNY: Creditors' Proofs of Debt Due on January 11

STEDMAN DENNY: Members to Receive Wind-Up Report on January 25
XL CAPITAL: XL Re Reveals Changes in Mgt & Structure of LatAm Ops.
XL CAPITAL: Clayton Rose Joins Firm's Board of Directors


B R A Z I L

BANCO NACIONAL: Mulls Purchase of Up to US$2MM JBS SA Bonds
BPN BRASIL: Fitch Affirms 'BB' Long-Term National Rating
BRACOL HOLDING: S&P Retains CreditWatch Positive on 'B-' Ratings
BUNGE LIMITED: To Buy Brazilian Sugar Mills for US$416 Million
COMPANHIA SIDERURGICA: Signs Ore For Port Services Swap With MMX

COMPANHIA SIDERURGICA: Cimpor to Respond to Offer After Firm's Bid
COMPANHIA SIDERURGICA: Moody's Reviews 'Ba1' Global Corp. Rating
JBS SA: BNDES May Purchase Up to US$2 Billion of Bonds
JBS SA: S&P Retains CreditWatch Positive on 'B+' Ratings
* BRAZIL: Gov't Extends Credit Line for States Until June 2010


C A Y M A N  I S L A N D S

PROXIMA MULTI-STRATEGY: Members Receive Wind-Up Report
QUARTZ CAPITAL: Members Receive Wind-Up Report
R-ONE HIROSHIMA: Members Receive Wind-Up Report
SCP STRUCTURED: Members Receive Wind-Up Report
SINGA FUNDING: Members Receive Wind-Up Report

SIXTINA 1: Members Receive Wind-Up Report
SIXTINA 1: Members Receive Wind-Up Report
SIXTINA 1 SPARX: Members Receive Wind-Up Report
SIXTINA 4: Members Receive Wind-Up Report
SIXTINA 4: Members Receive Wind-Up Report

SORIN REAL: Members Receive Wind-Up Report
WESTWOOD CDO: Members Receive Wind-Up Report


C O L O M B I A

ECOPETROL SA: Foster Wheeler to Serve as REFICAR's Consultant


E C U A D O R

ARUTAM: Ecuador Revokes Shuar Radio Broadcast License
PETROECUADOR: Ecuador's Navy To Extend Its Control
TELEAMAZONAS: Ecuador Suspends Signal for Three Days


G U A T E M A L A

* GUATEMALA: SDR504.48MM Available for Drawing After IMF Review


J A M A I C A

DIGICEL GROUP: Completes Tender Offer for. 925% 2012 Notes
* JAMAICA: IDB Provides US$21MM Loan to Increase Public Security


M E X I C O

AXTEL SAB: Change in Law Could Make it Takeover Candidate
CEMEX SAB: Wins in Court, Judge Rejects US$558M Royalty Claims
DESARROLLADORA HOMEX: Delivers First Homes at Sao Jose dos Campos
GRUMA SAB: Venezuela Seized Banker's Stake in Unit


P U E R T O  R I C O

PMC MARKETING: Critical Vendor Payments Upheld


V E N E Z U E L A

* VENEZUELA: Hugo Chavez Orders Banks to Follow Socialist Plan
* VENEZUELA: Sign Oil Deals With China


X X X X X X X X

* BOND PRICING: For the Week December 21 to December 25, 2009




                         - - - - -


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


CUEROS CURTIDOS: Creditors' Proofs of Debt Due on March 17
----------------------------------------------------------
The court-appointed trustee for Cueros Curtidos Cangallo S.C.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 17, 2010.

The trustee will present the validated claims in court as
individual reports on April 16, 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 14, 2010.


EMDECER SA: Asks for Opening of Preventive Contest
--------------------------------------------------
Emdecer S.A. asked for the opening of preventive contest by
cessation of payments.


RIDERIA SA: Asks for Preventive Contest
---------------------------------------
Rideria SA asked for preventive contest.

The company stopped making payments on October 13, 2009.


RINCON DEL: Creditors' Proofs of Debt Due on February 26
--------------------------------------------------------
The court-appointed trustee for Rincon del Tigre S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until February 26, 2010.

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


TELEFONICA DE ARGENTINA: Mulls US$551 Million Investment in 2010
----------------------------------------------------------------
Telefonica de Argentina plans to invest more than ARS2.1 billion
(US$551 million) in 2010, about 30% more than last year, Shane
Romig at Dow Jones Newswires reports.  The report relates that the
bulk of that investment will go to boosting mobile Internet and
broadband capacity.

"Argentina is facing the challenge of generating conditions for
the expansion of fiber optics to residences that will allow the
country to get past the technological limitations of coaxial and
copper networks," the report quoted Company President Eduardo
Caride.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Dow Jones Newswires said that the Argentine
market regulator has approved Telefonica SA's request to buy out
the remaining 1.8% of Telefonica de Argentina SA it doesn't
already control.  According to the report, citing a filing to the
Spanish market regulator, Telefonica said it would offer one
Argentinean peso a share for the roughly 126 million shares of its
Argentine unit.  The report related that Telefonica said it would
pay roughly EUR22 million for the stake.

                  About Telefonica de Argentina

Headquartered in Buenos Aires, Argentina, Telefonica de Argentina
is the largest incumbent telephone service provider.  Reported
total revenues as of last twelve months ended June 30 2009,
amounted to ARS5.2 billion (US$1.5 billion using the average LTM
exchange rate).

                           *     *     *

As reported in the Troubled Company Reporter Latin America on
October 29, 2009, Moody's Latin America said that Telefonica de
Argentina's B2 foreign currency senior unsecured bond rating
remain unchanged after Telefonica de Argentina concluded a tender
offer to repurchase up to about US$73 million (in pesos and
dollars), out of its total debt of about US$330 million in bonds
at nominal value plus a premium on October 22, 2009.


TOPPOL SRL: Creditors' Proofs of Debt Due on February 19
--------------------------------------------------------
The court-appointed trustee for Toppol S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 19, 2010.

The trustee will present the validated claims in court as
individual reports on April 7, 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.


* ARGENTINA: Buenos Aires City Sells US$50 Million Bonds Overseas
-----------------------------------------------------------------
Buenos Aires City sold US$50 million of five-year bonds in
international markets to fund hospital and school projects, Drew
Benson at Bloomberg News reports, citing Public Credit Chief Abel
Fernandez.  The report relates that the city completed the offer,
selling the 12.5% bonds due in December 2014 at par value.

According to the report, Buenos Aires sold the bonds as the
federal government works to restructure US$20 billion of defaulted
bonds in a bid to regain access to overseas debt markets.  The
report recalls that international lawsuits by creditors who kept
their defaulted securities out of a 2005 restructuring are
blocking Argentina from returning to overseas markets for the
first time since it halted payments on US$95 billion of bonds in
2001.

Bloomberg News relates that Veronica Sosa, an analyst with
research firm Economia y Regiones in Buenos Aires, said that the
sale is the first in international markets by an Argentine local
government since Buenos Aires province sold debt in 2007.

The city, the report notes, plans to put the cash raised in the
bond sale in a public works fund.  The report adds that the city
will seek to sell another US$180 million worth of the same bond
next year, once yields drop after the federal government settles
with holdout creditors.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'.  The rating
outlook on the local currency IDR is Stable.

In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.


* ARGENTINA: S&P Assigns 'B-' Rating on Buenos Aires' 2014 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B-' global scale long-term rating to the proposed US$50 million
notes to be issued by the City of Buenos Aires.  The 12.5%
amortizing notes due 2014 pursuant to the City of Buenos Aires
medium-term note program (series 7) will be denominated in U.S.
dollar.

The 'B-' ratings on the city of Buenos Aires are constrained by
the high risk inherent to Argentina.  Negative local factors
include high inflation, a low level of investments, and the lack
of predictability regarding the direction of economic policies in
Argentina.  The ratings on the city of Buenos Aires are supported
by its flexible revenues -- which are higher than those of other
local Argentinean governments, its low debt levels and adequate
amortization profile; its financial flexibility; and a relatively
wealthy economy.

Upon the issuance of these US$50 million notes, the total city
debt would reach ARP1.9 billion -- a still low 12% of the city's
2009 budgeted operating revenue.  S&P doesn't see this additional
debt as leading to a deterioration in the city's financial
profile, and S&P believes this low debt level will continue to
support the rating.

                           Ratings List

                            New Ratings

                       City of Buenos Aires

         Corporate credit rating                B-/Stable
          US$50 million Sr Unsecd bond            B-


ARGENTINA: S&P Puts 'B-' Rating on Buenos Aires' US$50 Mil. Notes
-----------------------------------------------------------------
On Dec. 22, 2009, Standard & Poor's Ratings Services assigned its
'B-' global scale long term rating to the City of Buenos Aires
(Republic of Argentina, B-/Stable/B) proposed US$50 million Notes.
The 12.5% amortizing notes due 2014 pursuant to the City of Buenos
Aires medium term note program (series 7) will be denominated in
US dollar.

The 'B-' ratings on the City of Buenos Aires are constrained by
the high risk inherent to Argentina.  Negative factors in the
local context include high inflation, a low level of investments,
and a lack of predictability regarding the direction of economic
policies in Argentina.  Ratings on the city of Buenos Aires are
supported by its revenues flexibility, which is higher than that
of other local governments in Argentina; low debt level and
adequate amortization profile; financial flexibility; and
relatively wealthy economy.

Once adding the US$50 million notes, the total city debt would
reach ARP1.9 billion, a still low 12% of the city's 2009 budgeted
operating revenue.  Standard & Poor's does not see this additional
debt as a deteriorating factor into the City's financial profile
and S&P consider that its low debt level continue to support its
rating.

The stable outlook on both the local and foreign currency ratings
on the City of Buenos Aires incorporates Standard & Poor's
expectation that conservative management and low debt will
continue to provide fiscal flexibility over the next two to three
years.  Therefore, S&P expects the city to be able to manage
increasing expenditures in a manner consistent with the ratings.
Greater fiscal slippage resulting from unsustainable increases in
expenditures could prompt us to lower the rating.  S&P could raise
the ratings if S&P upgrades the sovereign.

New Ratings 50$ million bond Global Scale Rating: B-


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


LAZARD GLOBAL: Creditors' Proofs of Debt Due on January 4
---------------------------------------------------------
The creditors of Lazard Global Opportunities, Ltd. are required to
file their proofs of debt by January 4, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on December 17, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


LAZARD GLOBAL: Members to Receive Wind-Up report on January 22
--------------------------------------------------------------
The members of Lazard Global Opportunities, Ltd. will receive, on
January 22, 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 17, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


MAKKOLLI TRADING: Creditors' Proofs of Debt Due on January 11
-------------------------------------------------------------
The creditors of Makkolli Trading Ltd. are required to file their
proofs of debt by January 11, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 17, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


MAKKOLLI TRADING: Members to Receive Wind-Up report on January 27
-----------------------------------------------------------------
The members of Makkolli Trading Ltd. will receive, on January 27,
2010, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 17, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


STEDMAN DENNY: Creditors' Proofs of Debt Due on January 11
----------------------------------------------------------
The creditors of Stedman Denny Group Limited are required to file
their proofs of debt by January 11, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 17, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


STEDMAN DENNY: Members to Receive Wind-Up Report on January 25
--------------------------------------------------------------
The members of Stedman Denny Group Limited will receive, on
January 25, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 17, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


XL CAPITAL: XL Re Reveals Changes in Mgt & Structure of LatAm Ops.
------------------------------------------------------------------
XL Re, the global reinsurance operations of XL Capital Ltd,
disclosed changes in the management and underwriting structure of
its Latin America operations.  The changes are effective
immediately.

The operations continue to be led by Stephen Outerbridge, Chief
Underwriting Officer and Chief Operating Officer of XL Re Latin
America Ltd.  Mr. Outerbridge is also COO of Brazil and interim
President.

Meanwhile, Hernan Moreno has been appointed Regional Chief
Underwriting Officer.  Mr. Moreno, who is currently based in Sao
Paulo, Brazil, will relocate to Bogota, Colombia, next year where
he will also take up the position of Country Manager.  In his new
position as Regional CUO, Mr. Moreno will closely be involved with
XLRLA's Brazilian operation.  Also in Brazil, XLRLA Technical
Commercial Director Edson Wiggers has been promoted to Vice
President in charge of business development and underwriting
operations, reporting directly to Mr. Outerbridge and Mr. Moreno.

In Argentina, Leandro Di Bello remains as Country Manager and head
of XLRLA's facultative underwriting team covering Brazil.  He has
taken on additional duties as Chief Client Officer, coordinating
marketing efforts in the Latin America region with a special focus
on Brazil.

James H. Veghte, Chief Executive of XL's Reinsurance Operations,
said: "This new management and underwriting structure will ensure
that XL Re continues to provide clients in Latin America with the
high level of service that they have come to expect from us.  It
is a testimony to the depth of talent and experience within the
organization."

Mr. Outerbridge added: "We have a very strong team dedicated to
the Latin America market and we look forward to building on the
relationships that we have developed over the years in this
region."

                             About XL Re

XL Re is the global brand used by XL Capital Ltd's reinsurance
operations.  The XL Re companies have more than 350 employees in
11 countries.

                          About XL Capital

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

                           *     *     *

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


XL CAPITAL: Clayton Rose Joins Firm's Board of Directors
--------------------------------------------------------
XL Capital Ltd disclosed that Clayton S. Rose has joined the
Company's Board of Directors.

Mr. Rose is a Professor of Management Practice at the Harvard
Business School and is a former executive of J.P. Morgan & Co.

While at J.P. Morgan, Mr. Rose headed each of the Global
Investment Banking and the Global Equities Divisions, and served
as member of the firm's executive committee.  During his 20 years
with the firm he held management roles in various securities,
derivatives and corporate finance businesses and was a founder and
architect of the firm's equities business.  He was also
responsible for and served as an investment committee member of
J.P. Morgan's private equity investment organization, led J.P.
Morgan's Diversity Initiative, and represented the firm during the
Long Term Capital Management crisis in 1998.

At Harvard Business School, Mr. Rose teaches the second year
elective, Managing the Financial Firm, a course he created to
examine the challenges, opportunities and responsibilities of
leadership in the financial services industry in the context of
the financial crisis.  He also teaches the first year course,
Leadership and Corporate Accountability, and has taught the second
year elective, The Moral Leader.  Previously, he taught strategy
at the Graduate School of Business at Columbia University and the
Stern School of Business at New York University.

In addition to his responsibilities at Harvard, Mr. Rose chairs
the Board of Managers of Highbridge Capital Management, a US$22
billion hedge fund owned by JP Morgan Chase, and has served as a
public company director in the financial services and life
sciences industries.  He is a trustee of the Howard Hughes Medical
Institute, the National Opinion Research Center at The University
of Chicago, and a director of Public/Private Ventures.

Mr. Rose has a Ph.D (with distinction) in sociology and a MA from
the University of Pennsylvania.  He also has an AB and MBA from
the University of Chicago.

XL's Chairman Robert Glauber said: "We are fortunate to have
Clayton join the Board.  He brings the unique perspective of a
former senior officer of J.P. Morgan and of an outstanding teacher
of business leadership and the management of financial
institutions.  The Board will benefit from his broad experience as
XL works to extend its recent history of success in confronting
the global financial challenges."

Mr. Glauber also acknowledged the service of retiring Directors
Robert S. Parker and Alan Z. Senter who have served as members of
the XL Board since 1992 and 1986, respectively.  As previously
announced, both will retire from the Board at the end of the year.

"Bob and Al have seen the Company through some very good times and
some very challenging ones," Mr. Glauber said.  "We are deeply
grateful to them for their dedication and tireless contributions
through their years of service.  We wish them much success in the
future."

                           About XL Capital

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

                           *     *     *

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


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


BANCO NACIONAL: Mulls Purchase of Up to US$2MM JBS SA Bonds
-----------------------------------------------------------
Francisco Marcelino and Lucia Kassai at Bloomberg News report that
JBS SA said that Banco Nacional de Desenvolvimento Economico e
Social SA may buy as much as US$2 billion of the company's
convertible bonds as part of a plan to finance acquisitions.  JBS
SA, the report relates, said BNDES will buy all the bonds that JBS
shareholders don't purchase in an offer on the Brazilian market.
"BNDES just confirmed what was long anticipated," Rafael Cintra,
an analyst with Link Investimentos in Sao Paulo told the news
agency in telephone interview.  Mr. Cintra has a "buy"
recommendation on JBS.

As reported in the Troubled Company Reporter-Latin America on
December 16, 2009, Bloomberg News said that JBS SA plans to sell
US$2 billion of convertible bonds through its U.S. subsidiary, JBS
USA Holdings, Inc.  The report related that JBS SA said that the
bonds will be convertible into 20% to 25% of the shares in JBS's
U.S. unit.

According to Bloomberg News, JBS SA said that the share sale
should happen by Dec. 31, 2010, although the deadline may be
extended to 2011.  Mr. Cintra, the report relates, estimated that
the U.S. unit may be worth US$8 billion to US$10 billion before
the sale.

Bloomberg news says that BNDES will buy the bonds through its
BNDES Participacoes SA unit.

                           About BNDES

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

                           *     *     *

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

                            About JBS SA

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 23, 2009,  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.


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


BPN BRASIL: Fitch Affirms 'BB' Long-Term National Rating
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn these ratings of BPN
Brasil Banco Multiplo S.A.:

  -- Long-Term National Rating at 'BB(bra)';
  -- Short-Term National Rating at 'B(bra)';
  -- Support Rating at '5'.

The Rating Outlook for the Long-Term National Rating was Stable.
Fitch will no longer provide rating coverage of BPN Brasil.


BRACOL HOLDING: S&P Retains CreditWatch Positive on 'B-' Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' ratings on
meat processor Brazil-based Bracol Holding Ltda. remain on
CreditWatch, where they were placed with positive implications on
Sept. 17, 2009.

The CreditWatch placement reflects the positive implications for
Bracol's overall business profile of the announced plans of the
company's main subsidiary, Bertin S.A. (not rated), to associate
with Brazil-based meat company JBS S.A. (B+/Watch Pos/--).

"We believe that the combination of Bertin and JBS will result in
a stronger, more diversified meat-producing operation," said
Standard & Poor's credit analyst Flavia Bedran.

The transaction improves Bertin's market position and product
diversity in the beef, pork, chicken, and dairy sectors, as JBS
has also announced it will acquire U.S.-based Pilgrim's Pride
Corp. (not rated).  S&P will monitor the companies' ability to
capture synergies from the integrated assets, but S&P believes
prospects are currently favorable.

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
Bertin's business profile.


BUNGE LIMITED: To Buy Brazilian Sugar Mills for US$416 Million
--------------------------------------------------------------
Jack Kaskey at Bloomberg News reports that Bunge Limited agreed to
acquire Brazil company Usina Moema Participacoes SA for about
US$416 million in stock to gain Brazilian sugar and ethanol plants
with a prospect to buy more.  Moema Participacoes' investors would
receive 7.3 million Bunge shares, which includes a US$36 million
payment for working capital Bunge Limited said in a statement
obtained by the news agency.  The report relates that Bunge
Limited would also assume about US$480 million in debt.

According to the report, the acquisition would more than double
Bunge Limited's sugarcane milling capability in Brazil by adding a
60% share of the 15.4 million metric tons of capacity at six
mills.  The company, the report relates, said that it will decide
within 90 days whether to take full ownership of the Moema Group
mills for a total price of US$770 million in stock.

"This transaction fulfills Bunge's strategic goal of building a
large-scale fully integrated business in sugar and bioenergy," the
report quoted Chief Executive Officer Alberto Weisser as saying.
"It adds significant scale to our current milling operations and
enables us to vary production among multiple sugar and ethanol
products," he added.

Bloomberg News notes that Susan Burns, a Bunge spokeswoman, said
that the Moema mills can produce 990,000 tons of sugar and 190
million gallons of ethanol a year when the facilities are geared
to maximize sweetener production.  When ethanol production is
optimized, the mills can put out 220 million gallons of the
biofuel and 815,000 tons of sugar, she added.

                      About Bunge Limited

Headquartered in White Plains, New York, Bunge Ltd. (NYSE: BG)
is a global agribusiness company which supplies fertilizer to
farmers, originates, transports and processes oilseeds, grains
and other agricultural commodities worldwide, produces food
products for commercial customers and consumers, and supplies
raw materials and services to the biofuels industry in South
America and Asia.  The company has operations in Brazil, Peru
and Argentina.

                          *     *     *

As of December 28, 2009, the company continues to carry Moody's
Ba1 preferred stock rating


COMPANHIA SIDERURGICA: Signs Ore For Port Services Swap With MMX
----------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has signed a contract with
mining company MMX Mineracao e Metalicos S.A. for port services,
John Kolodziejski at Dow Jones Newswires reports.

According to the report, under the contract, MMX will have space
to export one million metric tons of iron ore in 2010 from CSN's
Itaguai Port Cargo Terminal in Rio de Janeiro State.  The report
relates that the contract, which will come into force in 2010,
will be in exchange for CSN acquiring a minimum of 1.5 million
tons of MMX iron ore.

"MMX will thus guarantee access to the international iron ore
market and supply its clients outside Brazil as well as
consolidate its position in the domestic market," the report
quoted MMX as saying.

As reported in the Troubled Company Reporter-Latin America on
January 2, 2009, MMX Mineracao won the private bidding process
promoted by CSN for port services to be provided by Terminal de
Carga do Porto de Itaguai ("Terminal"), in Itaguai Municipality,
Rio de Janeiro State.  The partnership will be fully dedicated to
ship iron ore produced at MMX's Sudeste System.  The port services
agreement between MMX and CSN will be in full force and effect
during 3 years starting from January 2009, and can be renewed for
an additional 3 year period.

                            About CSN

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+.


COMPANHIA SIDERURGICA: Cimpor to Respond to Offer After Firm's Bid
------------------------------------------------------------------
Cimpor-Cimentos de Portugal SGPS SA's board plans to respond to
the unsolicited takeover bid from Companhia Siderurgica Nacional
SA only after CSN officially registers the offer with Portugal's
securities regulator, Jim Silver at Bloomberg News reports, citing
Jornal de Negocios.

According to the report, CSN has 20 days from the publication of
its preliminary bid announcement to file for registration of the
offer. It made the preliminary announcement on December 18.

As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, Reuters said that CSN offered to buy Cimpor for
EUR3.86 billion (US$5.6 billion) as the steelmaker slowly
diversifies from its core business outside its home base.  The
report related that the bid underscores efforts by CSN's Chief
Executive Benjamin Steinbruch to grow in areas other than steel
and mining.  According to Reuters, under terms of the unsolicited
cash bid, CSN offered to pay holders of Cimpor's 672 million
shares EUR5.75 euros.  Reuters noted that Cimpor has net debt of
EUR1.8 billion.

                            About CSN

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+.


COMPANHIA SIDERURGICA: Moody's Reviews 'Ba1' Global Corp. Rating
----------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade Companhia Siderurgica Nacional's corporate family rating
of Ba1 on the global scale, its CFR of Aa1.br on the Brazilian
national scale and all related ratings.

Ratings affected are:

Issuer: Companhia Siderurgica Nacional -- CSN

  -- Corporate Family Rating: Ba1 (global scale), Aa1.br
     (Brazilian National Scale)

Issuer: CSN Islands VIII Corporation

  -- US$550 million 9.750% Guaranteed Senior Unsecured Notes Due
     2013: Ba1 Foreign Currency Rating

Issuer: CSN Islands IX Corporation

  -- US$400 million 10.500% Guaranteed Senior Unsecured Notes Due
     2015: Ba1 Foreign Currency Rating

Issuer: CSN Islands XI Corporation

  -- US$750 million 6.875% Guaranteed Senior Unsecured Notes Due
     2019: Ba1 Foreign Currency Rating

The rating action follows CSN's announcement of the launch of a
public offer for the acquisition of up to 100% of the outstanding
shares of Cimpor -- Cimentos de Portugal SGPS S.A. (unrated) for a
total consideration of some EUR3.86 billion in cash in addition to
the assumption of some EUR1.8 billion in net debt.  In Moody's
view, if the deal is finalized, it could result in a substantial
increase in CSN's leverage to a level which would not be
commensurate with the Ba1 rating category without a credible plan
for rapid debt reduction.  The review will focus on the evolution
of the negotiations between CSN and Cimpor's shareholders, the
plan for financing the deal if negotiations are successful and any
related plans for near-term debt reduction.

Cimpor, headquartered in Lisbon -- Portugal, is the leading cement
producer in Portugal with operations in Spain and several emerging
markets including Brazil, Egypt, China, India, Turkey, South
Africa, Mozambique and Peru.  In the last twelve months ended on
September 30, 2009, Cimpor reported EUR0.68 billion EBITDA (as
defined by Moody's) on EUR2.15 billion consolidated net revenues.
Cimpor revenues and EBITDA in Brazil represented approximately one
fifth of consolidated revenues and EBITDA, respectively.

Moody's last rating action on CSN occurred on September 2, 2009,
when Moody's assigned a Ba1 foreign currency rating and stable
outlook to the US$750 million senior unsecured guaranteed notes
due 2019 issued by CSN Islands XI Corporation (Cayman Islands).

Companhia Siderurgica Nacional is a vertically integrated, low-
cost producer of flat-rolled steel, with an annual capacity of
5.6 million tons of crude steel and 5.1 million tons of rolled
products.  CSN also produces and sells iron ore and cement.  In
the twelve months ended on September 30, 2009, CSN recorded
consolidated net revenues of BRL 11.3 billion (US$5.3 billion
converted using the average exchange rate).


JBS SA: BNDES May Purchase Up to US$2 Billion of Bonds
------------------------------------------------------
Francisco Marcelino and Lucia Kassai at Bloomberg News report that
JBS SA said that Banco Nacional de Desenvolvimento Economico e
Social SA may buy as much as US$2 billion of the company's
convertible bonds as part of a plan to finance acquisitions.  JBS
SA, the report relates, said BNDES will buy all the bonds that JBS
shareholders don't purchase in an offer on the Brazilian market.
"BNDES just confirmed what was long anticipated," Rafael Cintra,
an analyst with Link Investimentos in Sao Paulo told the news
agency in telephone interview.  Mr. Cintra has a "buy"
recommendation on JBS.

As reported in the Troubled Company Reporter-Latin America on
December 16, 2009, Bloomberg News said that JBS SA plans to sell
US$2 billion of convertible bonds through its U.S. subsidiary, JBS
USA Holdings, Inc.  The report related that JBS SA said that the
bonds will be convertible into 20% to 25% of the shares in JBS's
U.S. unit.

According to Bloomberg News, JBS SA said that the share sale
should happen by Dec. 31, 2010, although the deadline may be
extended to 2011.  Mr. Cintra, the report relates, estimated that
the U.S. unit may be worth US$8 billion to US$10 billion before
the sale.

Bloomberg news says that BNDES will buy the bonds through its
BNDES Participacoes SA unit.

                           About BNDES

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

                           *     *     *

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

                            About JBS SA

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 23, 2009,  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.


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


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 $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.


* BRAZIL: Gov't Extends Credit Line for States Until June 2010
--------------------------------------------------------------
Brazil's government extended until June 2010 a BRL4 billion
(US$2.3 billion) credit line to states that was set to expire by
the end of this year, Andre Soliani Costa at Bloomberg News
reports, citing the country's monetary council.

According to the report, the credit line was created in April to
help states boost public works spending after the global credit
crunch slowed economic growth, hurting tax collection.

                          *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


PROXIMA MULTI-STRATEGY: Members Receive Wind-Up Report
------------------------------------------------------
On December 14, 2009, the members of Proxima Multi-Strategy 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


QUARTZ CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
On December 17, 2009, the members of Quartz Capital 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


R-ONE HIROSHIMA: Members Receive Wind-Up Report
-----------------------------------------------
On December 15, 2009, the members of R-One Hiroshima Holding 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


SCP STRUCTURED: Members Receive Wind-Up Report
----------------------------------------------
On December 14, 2009, the members of SCP Structured Fund I, 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


SINGA FUNDING: Members Receive Wind-Up Report
---------------------------------------------
On December 14, 2009, the members of Singa Funding, 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


SIXTINA 1: Members Receive Wind-Up Report
-----------------------------------------
On December 17, 2009, the members of Sixtina 1 Sparx Japan 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


SIXTINA 1: Members Receive Wind-Up Report
-----------------------------------------
On December 17, 2009, the members of Sixtina 1 Sparx Japan 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


SIXTINA 1 SPARX: Members Receive Wind-Up Report
-----------------------------------------------
On December 17, 2009, the members of Sixtina 1 Sparx Japan 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


SIXTINA 4: Members Receive Wind-Up Report
-----------------------------------------
On December 17, 2009, the members of Sixtina 4 Hayberry Australia
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


SIXTINA 4: Members Receive Wind-Up Report
-----------------------------------------
On December 17, 2009, the members of Sixtina 4 Hayberry Australia
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


SORIN REAL: Members Receive Wind-Up Report
------------------------------------------
On December 14, 2009, the members of Sorin Real Estate CDO 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


WESTWOOD CDO: Members Receive Wind-Up Report
--------------------------------------------
On December 17, 2009, the members of Westwood CDO III, 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
===============


ECOPETROL SA: Foster Wheeler to Serve as REFICAR's Consultant
-------------------------------------------------------------
Foster Wheeler AG disclosed that Refineria de Cartagena S.A.
accepted the offer by a joint venture of Foster Wheeler USA
Corporation and Process Consultants, Inc. to serve as REFICAR's
consultant (PMC) for the expansion of the Cartagena refinery in
Colombia.

The project will expand the refinery's capacity from 80,000
barrels per day (bpd) to 165,000 bpd.  It will also improve the
fuel quality to meet Colombian and international environmental
specifications.  The upgraded facility will produce ultra low
sulfur gasoline and diesel from a heavy crude oil slate.

Overall investment for the upgrade project is over US$3 billion.
Foster Wheeler's award value, which was not disclosed, will be
included in the company's fourth-quarter 2009 bookings.

Umberto della Sala, president and chief operating officer of
Foster Wheeler AG, said, "This award is a reflection of the
excellent work that Foster Wheeler has been providing to Ecopetrol
and indicates our client's continued confidence in our project
management capabilities.  We are very pleased to be recognized for
our experience, capabilities and resources to support the REFICAR
project This work follows the award of a similar project by
Ecopetrol last year for the front-end design, PMC and partial
engineering, procurement and construction of the Barrancabermeja
refinery expansion project.  The synergies between the two
projects will be maximized to deliver added value for Ecopetrol
and REFICAR and to ensure project success."

Refineria de Cartagena S.A. is a subsidiary of Ecopetrol S.A.

                    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';
-- Long-term local currency IDR at 'BBB-';
-- Outstanding senior unsecured debt at 'BB+';
-- Country ceiling at 'BBB-'.


=============
E C U A D O R
=============


ARUTAM: Ecuador Revokes Shuar Radio Broadcast License
-----------------------------------------------------
Ecuador has revoked the broadcast license for an indigenous radio
station in the Amazon region over accusations it incited violence
during protests in October, Associated Press reports.  The report
relates that station director Pepe Acacho said that radio Arutam
continues to broadcast to the Shuar Indian community in spite of
the revocation.

According to the report, the Shuar put up barbed-wire roadblocks
on highway bridges in Ecuador's southeastern jungles in October to
protest proposed legislation they said would allow mining on
Indian lands without their consent and lead to the privatization
of water.  The report notes that after a protester was killed,
President Rafael Correa backed away from the proposal and withdrew
police from the restive area.

"We are going to be on alert, in constant communication with our
followers," the report quoted Acacho, also a Shuar leader, as
saying.  "We've warned before about persecution by the government
against our indigenous movement, especially against the Shuar
Federation," he added.


PETROECUADOR: Ecuador's Navy To Extend Its Control
--------------------------------------------------
Ecuadorian President Rafael Correa has authorized naval forces to
extend its control of state-run oil company Petroecuador until
March, from its supposed to be withdrawal this month, Sophie
Kevany at Dow Jones Newswires reports.

Petroecuador Executive President Luis Jaramillo told Dow Jones
Newswires in an interview that more time was needed for an orderly
handover of the company to a new management structure, which he
hoped would be ready by April.  The report recalls that
Petroecuador was declared in a state of emergency two years ago,
and the navy has been put in charge of its restructuring.

According to the report, Petroecuador's production between January
and October of this year was up 6.4% from the same period of 2008,
which was helped by the incorporation of oil producer City
Oriente, formerly owned by U.S. investors.

                      About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


TELEAMAZONAS: Ecuador Suspends Signal for Three Days
----------------------------------------------------
Alexandra Valencia and Santiago Silva at Reuters report that
Ecuadorean authorities took Teleamazonas private channel off the
air for three days.  The report relates that Ecuador President
Rafael Correa accused the company of transmitting false
information; and he also lashed out at private stations he says
are conspiring with business groups opposed to his socialist
reforms in the Andean country.

According to the report, Ecuador's telecommunications watchdog
said Teleamazonas was punished because it had broadcast alarmist
material about protests surrounding some of Correa's local oil
projects months earlier.  "We have followed due process and have
given Teleamazonas an opportunity to exercise its right to
defence," the report quoted Telecommunications Superintendent
Fabian Jaramillo as saying.

Reuters notes Teleamazonas, viewed across the country and a
station that has been critical of Correa, said that the measure
was illegal and it was considering legal action.  "We consider
this absolutely illegal," the report quoted Sebastian Corral, the
channel's director, as saying.

Mr. Correa, the report notes, said that he is not attacking press
freedoms, but fighting powerful media barons who have for years
gone unregulated.  Tighter regulation is needed, he added.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, The Associated Press reports that President
Correa is threatening to close Teleamazonas, for airing a tape of
a conversation between him and a member of the assembly that
drafted a new constitution last year, on grounds that Teleamazonas
violated regulations against taping private conversations.
According to the report, President Correa warned that spying on
the president "is a crime against state security."  Teleamazonas,
the report noted, has been cited three times for broadcast
violations and risks suspension if cited again by the government.


=================
G U A T E M A L A
=================


* GUATEMALA: SDR504.48MM Available for Drawing After IMF Review
---------------------------------------------------------------
The Executive Board of the International Monetary Fund on
December 16 completed the second review of Guatemala's economic
performance under a program supported by an 18-month Stand-By
Arrangement.  The Guatemalan authorities intend to continue
treating the arrangement as precautionary.

The arrangement, in the amount of SDR630.6 million was approved on
April 22, 2009.  With completion of the review, a total of
SDR504.48 million is available for drawing.

The Executive Board also approved a modification of a performance
criterion and the inflation consultation clause.  In particular,
the overall fiscal deficit for end-March 2010 was revised upwards
to provide room for spending to support the incipient recovery and
the inflation consultation band was adjusted downwards in view of
the benign inflation outlook.  As risks to the program have
declined, program reviews will now take place on a semiannual
basis instead of on a quarterly schedule, while maintaining
quarterly performance criteria.

Following the Executive Board's discussion on Guatemala,
Mr. Murilo Portugal, Deputy Managing Director and Acting Chair,
stated:

"The Guatemalan economy is beginning to recover from the global
crisis and growth is expected to be higher than the regional
average.  The authorities' prudent policies have helped maintain
macroeconomic stability and mitigate the effects of the economic
slowdown.  These include moderately counter-cyclical monetary and
fiscal policies, exchange rate flexibility, reorientation of
expenditures toward social and infrastructure spending, and
strengthening of financial sector supervision and regulation.
Continued steadfast implementation of this program will help
preserve confidence and further increase the economy's resilience
to potential shocks.

In the near term, fiscal policy is expected to continue to strike
a balance between supporting domestic demand and safeguarding debt
sustainability.  Approval of a law to finance the government's
expenditure plans for 2010 would help avoid delaying necessary
outlays.  Over the medium term, it will be critical to boost
growth by addressing weaknesses in education, health, security,
and infrastructure. Financing the needed increase in public
investment and social spending requires a comprehensive revenue-
enhancing reform.

The authorities have eased the monetary policy stance prudently,
helping to avoid disorderly exchange rate movements.  It is
important to remain vigilant, adjusting the policy rate as needed.
Further development of public and private securities markets and
enhancement of monetary operations would help strengthen the
interest rate channel of monetary policy transmission.  The
authorities remain committed to maintaining a flexible exchange
rate.

Important progress has been made in strengthening financial sector
supervision and regulation, but additional efforts are still
needed to complete the reform agenda. Priorities include
Congressional approval and implementation of the proposed
amendments to the banking law, and enforcement of the regulations
on liquidity and foreign credit management in early 2010,"
Mr. Portugal said.

                        *     *     *

As of July 28, 2009, the country continues to carry Moody's Ba1
foreign currency rating with stable outlook.


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


DIGICEL GROUP: Completes Tender Offer for. 925% 2012 Notes
----------------------------------------------------------
Digicel Limited disclosed that the expiration of its previously
announced tender offer for any and all of its outstanding 9.25%
Senior Notes due 2012 (CUSIP/ISIN Nos. 25380QAA7/US25380QAA76 and
G27649AA3/USG27649AA34, as specified in the Company's Offer to
Purchase and Consent Solicitation Statement dated November 23,
2009.  The Tender Offer expired at 11:59 p.m., New York City time,
on December 21, 2009.  The full terms and conditions of the offer
are set forth in the Statement and related Letter of Transmittal
and Consent, as amended by the press release issued by Digicel on
December 8, 2009.

On December 8, 2009 Digicel purchased approximately US$437.8
million aggregate outstanding principal amount of the Notes that
were validly tendered and not validly withdrawn by 5:00 p.m., New
York City time, on December 7, 2009.  Digicel has received and
accepted for purchase US$0.5 million aggregate outstanding
principal amount of the Notes validly tendered and not validly
withdrawn subsequent to the Consent Date and prior to the
Expiration Date.  Digicel has agreed to purchase all such Notes
for the tender offer consideration set forth in the Press Release.

Digicel has irrevocably called for redemption all Notes that
remain outstanding after the consummation of the Tender Offer.
Holders of such Notes will receive the redemption price of
US$1,046.25 for every US$1,000 of principal amount of Notes, plus
accrued and unpaid interest. Holders may obtain a copy of the
official notice of redemption by calling Deutsche Bank Trust
Company Americas, the trustee for the Notes, at +1-908-608-3191.

Credit Suisse Securities (USA) LLC served as the dealer manager
and solicitation agent for the Tender Offer and the consent
solicitation.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Unsecured Debt Rating at Caa1
   -- probability of Default at B2


* JAMAICA: IDB Provides US$21MM Loan to Increase Public Security
----------------------------------------------------------------
Jamaica will improve public security with a US$21 million loan
from the Inter-American Development Bank.  The facility will
finance crime prevention and strategic interventions to address
risk factors that lead youths into a path of crime and violence.

The project will support interventions such as dispute resolution,
mentoring, teen centers, job training, remedial education and
parenting programs.  The loan will finance actions to promote safe
neighborhoods such as community mobilization activities;
construction of multipurpose facilities for the delivery of
prevention services; establishment of Community Justice Tribunals;
and public education campaigns.

The main expected outputs of the project by 2014 include:

   * reduction in homicides rates by 29 percent;

   * increase in island-wide crime reporting by a quarter;

   * 10,000 families benefiting from violence prevention and
     parenting programs;

   * upgrading of six multipurpose centers;

   * implementation of eight Community Justice Tribunals;

   * about 2,000 youths participating in school equivalency
     programs and remedial education

Violent crimes have become one of the most pressing concerns in
Jamaica, affecting all spheres of society and becoming one of the
major barriers to the country's development.  While homicide rates
have declined in the past three years, they remain among the
highest in the region, reaching 59.7 per 100,000 inhabitants in
2008.

The IDB loan, approved December 14 by the Bank's board, will
support ongoing government efforts to reduce the involvement of
young people in crime, instill a culture of law among all
citizens, and restore public trust in the police and justice
systems.

The loan will also finance the implementation of an integrated
system to manage inter-agency information to monitor trends,
facilitate information exchange and assist in the formulation of
policies and programs.  Moreover, the project will support the
training of staff in government ministries and agencies involved
in public security to improve planning and execution of programs.

The loan, denominated in U.S. dollars, has a 25 year term and a
four year disbursement and grade period.  The interest rate on the
loan is based on the LIBOR.

                          *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


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


AXTEL SAB: Change in Law Could Make it Takeover Candidate
----------------------------------------------------------
Tal Barak Harif and Crayton Harrison at Bloomberg News report that
a change in Mexico's foreign-ownership law could make Axtel,
S.A.B. de C.V a takeover candidate.

"Axtel are rising on the possibility that the law of foreign
ownership in Mexico may change," the report quoted Martin Lara, an
analyst at Vector Casa de Bolsa SA in Mexico City, as saying.
"Axtel has lower valuation so it's a better candidate for a
possible acquisition," he added.

According to the report, Mexican lawmakers are scheduled to resume
debating a proposal in February to remove the 49% limit on foreign
ownership of landline phone companies.

                         About Axtel

Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. is a
Mexican telecommunications company that provides local and long
distance telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior
Unsecured Notes due January 2017.  It also affirmed its 'BB-'
long-term corporate credit rating on Axtel.  S&P said the
outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2007, Moody's Investors Service has confirmed Axtel,
S.A.B. de C.V.'s Ba3 corporate family rating and changed the
rating outlook to stable.


CEMEX SAB: Wins in Court, Judge Rejects US$558M Royalty Claims
--------------------------------------------------------------
CEMEX USA disclosed that Judge Carlos Villa has ruled in favor of
CEMEX and against the State of Texas and the General Land Office
(GLO) for pursuing a suit against CEMEX, threatening to shut down
its operations and seeking US$558 million in royalties and the
full value for the removal and sale of sand and gravel at CEMEX's
McKelligon Canyon operation in El Paso County.  The ruling rejects
the State's case against CEMEX and affirms that CEMEX has every
right to remove and sell sand and gravel at its operations.

Judge Villa ruled from the bench that sand, gravel, limestone,
granite, caliche and soil are not minerals reserved to the State
and that the State cannot require CEMEX to pay royalties for their
removal at the company's McKelligon Canyon quarry.

"This ruling confirms our view that the suit by the State of Texas
and the General Land Office is completely lacking in merit," said
Gilberto Perez, President of CEMEX USA.

In June, Texas GLO Commissioner Jerry Patterson accused CEMEX of
trespassing on its own land and not paying the State for the
removal and sale of more than 60 years of sand and gravel at the
site by CEMEX and its predecessors.  The GLO's suit sought US$558
million from CEMEX in alleged unpaid royalties and also the full
value of the sand and gravel.  Significantly, the State did not
attempt to pursue royalty payments for sand and gravel from any
predecessor of CEMEX, and only began this course of action in
2006, after CEMEX acquired the operations.

CEMEX's evidence showed that the GLO's allegations were contrary
to Texas Supreme Court rulings and Texas Attorney General opinion.
This case potentially affects other Texas landowners of mineral-
classified lands.  The ruling protects the rights of these surface
owners to the sand, gravel, limestone, granite, caliche and soil
on their property.

                          About Cemex SAB

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


DESARROLLADORA HOMEX: Delivers First Homes at Sao Jose dos Campos
-----------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. disclosed the timely delivery
of the first homes at its affordable entry-level project, Jardin
das Paineiras, at Sao Jose dos Campos, Brazil.  Jardin das
Paineiras is a development that will ultimately comprise 1,300
units, and is the Company's first international pilot project.

At ceremonies marking the event were representatives from the
Caixa Economica Federal, the main source of financing for Homex'
clients in Brazil, and Sao Paulo's State Government Housing
Secretariat, as well as the Company's first satisfied customers.
Gerardo de Nicolas, Homex' CEO, delivered the first 15 homes from
the first stage of the Company's Jardin das Paineiras project.

Through the successful delivery of these first homes, Homex has
proven its ability to replicate its vertically integrated business
model across borders.  Undeserved foreign housing markets offer
important business expansion opportunities for Homex while the
Company continues to gain market share in Mexico, its home market.
The company's expansion into the Brazilian market is most timely,
as housing has become an important focus of the Brazilian
government as a means to support social and economic development,
under its program inaugurated in 2009 dedicated to low income
families entitled "Minha Casa, Minha Vida."  The initiative of
Brazilian President Lula is intended to finance one million
affordable entry-level homes through an investment of R$34
billion.

"We feel very pleased as we witness the successful initial results
of our first international project, the result of a smooth
execution of our proven business model, which we have been fine-
tuning for more than 20 years in Mexico.  We are exporting those
proven processes that will give us a competitive advantage in the
Brazilian market at the same time that we build high quality
homes, suitable to our customers' needs and desires, which benefit
from Homex' efficient business model and cutting-edge construction
technology," commented de Nicolas.

"Adapting Homex' business model to the Brazilian market has been
an enriching experience as well, since we have been innovating in
many positive ways here in the country.  As an example, our
customers from day one are in direct contact with our unique sales
process and sales team, learning about our comprehensive product
offering, as well as the extensive amenities that we will
incorporate into our developments, including our parks,
kindergarten and elementary schools, sports facilities and
activities and other socially-oriented programs.  At the same time
our customers benefit from efficiencies provided by our
proprietary IT platform and unique construction technology to
provide them with the highest quality homes for their families,"
said Erika Taboada, head of Homex' Brazil division.

"With the success of this initial phase of our development here at
Sao Jose dos Campos, I am most confident that we have a very
workable business model that will lead us to achieving continued
improvement in profitability and working capital management, while
at the same time gaining traction with our customers as the
homebuilder of choice in this market," added Ms. Taboada.

"To see the satisfaction and amazement on the faces of our
customers who are receiving their homes in record timing and who
have received personalized and professional service by our sales
force and administrative personnel during the entire process gives
us even more energy to continue with our projects here in Brazil,
where seven million families are in need of homes.  For us, it is
very gratifying to be able to improve the quality of life for hard
working families.  At the same time, we also feel very proud to be
an active contributor to the economic development of the region,
as we have generated approximately 550 jobs in Brazil during our
first eight months of operation," Mr. de Nicolas concluded.

                    About Desarrolladora Homex

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

                           *      *     *

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


GRUMA SAB: Venezuela Seized Banker's Stake in Unit
--------------------------------------------------
Carlos Manuel Rodriguez at Bloomberg News reports that Gruma,
S.A.B. de C.V. said that Venezuela's seizure of the assets of
arrested banker Ricardo Fernandez includes a minority stake in its
Venezuelan subsidiary.

According to the report, Gruma SAB said that it has no "financial
relationship" with Fernandez's banks.  "Is not possible to assure
that a higher involvement from the Venezuelan government will not
have an adverse material effect in the financial situation and
operations results from Gruma," the company said in a statement
obtained by the news agency.

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.

                          About Gruma SAB

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Standard & Poor's Ratings Services said that its
ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate
credit rating, remain on CreditWatch with negative implications,
where they were placed on Oct. 13, 2008.  S&P based that action on
its perception of GRUMA's more aggressive financial policy,
including the use of derivative instruments.


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


PMC MARKETING: Critical Vendor Payments Upheld
----------------------------------------------
U.S. District Judge Gustavo A. Gelpi in Puerto Rico upheld payment
of a pre-bankruptcy unsecured debt when the creditor was a so-
called critical vendor and the creditor would provide credit
during the bankruptcy reorganization.  The district judge followed
an opinion written in 2002 by U.S. Bankruptcy Judge D. Michael
Lynn in Fort Worth, Texas, in a case called Coserve. Gelpi said
there were no cases inconsistent with Coserve from the U.S. Court
of Appeals in Boston, which has jurisdiction over cases from
Puerto Rico.  J.M. Blanco Inc. v. PMC Marketing Corp., 09- 1781,
U.S. Bankruptcy Court, District of Puerto Rico (San Juan).

Headquartered in San Juan, Puerto Rico, PMC Marketing Corp. aka
Farmacias El Amal and COD Drugs and Ymas Inventory Management
Corp. filed for Chapter 11 protection on March 18, 2009, (Bankr.
Case Nos.: 09-02048 to 09-02049) Charles Alfred Cuprill, PSC Law
Office represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of $10,144,505 and total debts of
US$32,520,014.


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


* VENEZUELA: Hugo Chavez Orders Banks to Follow Socialist Plan
--------------------------------------------------------------
EL Universal News reports Venezuelan President Hugo Chavez has
directed banks to abide by the Plan of Economic and Social
Development 2007-2013 (first socialist plan), saying the plan is a
law, and as such it must be observed.

According to the report, the adaptation to the scheme implies a
revision in the rate system and the duty to provide more credits
to productive sectors.

The report relates President Chavez said financial institutions
have to lower loan rates and increase borrowing rates.  President
Chavez also said bank intermediation must continue.

"Socialism has a principle: to each according to his needs and
support must be given to the neediest. Nowadays, the greater the
amount of the loan, the lower you pay. On the contrary, the lower
the amount, the greater you pay.  This policy must be revised to
help the weakest.  If my friends the private bankers do not like
this proposal, they should devote to other activities," the report
quoted Mr. Chavez as saying.

EL Universal relates that Mr. Chavez insisted on saying that the
banks have to increase credits to agriculture and to other
productive activities. He mentioned as example some of the actions
that the state banks will carry out in the future.  Mr. Chavez,
the report points out, reiterated that "those entities that do not
observe the Law on Banks will be intervened (by the government)."

EL Universal adds that Mr. Chavez also said the state financial
institutions must have a different system to private banks.  They
deserve a different treatment, he said.

                           *     *     *

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.


* VENEZUELA: Sign Oil Deals With China
--------------------------------------
Darcy Crowe at Dow Jones Newswires reports that Venezuela and
China signed a package of agreements that advances China's
strategy of locking in access to Venezuela's vast oil reserves.

According to the report, China National Offshore Oil Corporation
will help Venezuela's the government develop the Boyaca 3 oil
block in the Orinoco-belt, a large heavy-crude basin in Eastern
Venezuela.  The report relates that the move is part of
Venezuela's efforts to increase oil sales to China to 1 million
barrels per day from the 400,000 barrels per day it says it
currently supplies.  Under President Chavez, the report notes,
Venezuela has tried to curb oil exports to the U.S. and searched
for new markets.

Doe Jones Newswires says that China National Petroleum Corporation
also moved forward by securing access to another oil block in the
Orinoco region that could eventually produce 400,000 barrels of
oil per day.  The report adds that the Chinese company also agreed
to build a refinery with Venezuela that will process crude from a
joint oil venture between the two countries that operates the
Junin 8 block.


                           *     *     *

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.


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




* BOND PRICING: For the Week December 21 to December 25, 2009
-------------------------------------------------------------

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

ARGENTINA

ARGENT-$DIS         8.28   12/31/2033  USD         74.8
ARGENT-=DIS         7.82   12/31/2033  EUR     60.91667
BUENOS AIRE PROV   9.375   9/14/2018   USD     69.35888
BUENOS AIRE PROV   9.625   4/18/2028   USD     66.55444
BUENOS-$DIS         9.25   4/15/2017   USD     74.73314
MENDOZA PROVINCE     5.5   9/4/2018    USD     71.54296


CAYMAN ISLAND

BARION FUNDING      1.44   12/20/2056  GBP     30.76468
BARION FUNDING      0.63   12/20/2056  GBP     17.55536
BISHOPSGATE ASSE   4.808   8/14/2044   GBP     67.64547
CHINA MED TECH         4   8/15/2013   USD           61
CHINA SUNERGY       4.75   6/15/2013   USD       66.344
DUBAI HLDNG COMM    4.75   1/30/2014   EUR     63.13082
DUBAI HLDNG COMM       6   2/1/2017    GBP      54.8523
FERTINITRO FIN      8.29   4/1/2020    USD           70
GOL FINANCE         8.75   #N/A N Ap   USD           82
LDK SOLAR CO LTD    4.75   4/15/2013   USD       72.875
MAZARIN FDG LTD     1.44   9/20/2068   GBP      28.1615
MAZARIN FDG LTD     0.63   9/20/2068   GBP     14.44731
PANAMA CANAL RAI       7   11/1/2026   USD        81.25
PUBMASTER FIN      6.962   6/30/2028   GBP     66.48931
PUBMASTER FIN       8.44   6/30/2025   GBP       72.008
SHINSEI FIN CAYM   6.418   #N/A N Ap   USD     56.45091
SHINSEI FINANCE     7.16   #N/A N Ap   USD           58


JAMAICA

JAMAICA GOVT           8   3/15/2039   USD        72.25
JAMAICA GOVT         8.5   2/28/2036   USD       69.696


PUERTO RICO

PUERTO RICO CONS     6.5   4/1/2016    USD        61.52
PUERTO RICO CONS     6.2   5/1/2017    USD        54.85


VENEZUELA

PETROLEOS DE VEN     5.5   4/12/2037   USD     44.24748
PETROLEOS DE VEN    5.25   4/12/2017   USD     55.18696
PETROLEOS DE VEN   5.125   10/28/2016  USD     49.45163
PETROLEOS DE VEN   5.375   4/12/2027   USD     44.76197
PETROLEOS DE VEN     4.9   10/28/2014  USD     57.39574
PETROLEOS DE VEN       5   10/28/2015  USD     51.95226
VENEZUELA           5.75   2/26/2016   USD      65.4309
VENEZUELA              7   12/1/2018   USD       63.125
VENEZUELA           7.75   10/13/2019  USD       65.725
VENEZUELA              6   12/9/2020   USD       55.475
VENEZUELA              9   5/7/2023    USD     67.43333
VENEZUELA           8.25   10/13/2024  USD      62.1875
VENEZUELA           7.65   4/21/2025   USD       59.275
VENEZUELA           9.25   9/15/2027   USD         73.5
VENEZUELA           9.25   9/15/2027   USD     62.03935
VENEZUELA           9.25   5/7/2028    USD        67.65
VENEZUELA              7   3/31/2038   USD         55.5
VENZOD - 189000    9.375   1/13/20


                            ***********

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 * * *