TCRLA_Public/091229.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Tuesday, December 29, 2009, Vol. 10, No. 255

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Fed Probes Contributions to U.S. Politicians
STANFORD INT'L: Judge Denies Owner Bail Amid Reports of Breakdown


A R G E N T I N A

BANCO PATAGONIA: Banco Do Brasil in Talks For Firm's Stake


B E R M U D A

BRH I: Creditors' Proofs of Debt Due on January 6
BRH I: Members to Receive Wind-Up Report on January 27
BRH II: Creditors' Proofs of Debt Due on January 6
BRH II: Members to Receive Wind-Up Report on January 27
CHATHAM AND ESSEX: Creditors' Proofs of Debt Due on January 6

CHATHAM AND ESSEX: Members to Receive Wind-Up Report on January 27
OCEANIC BULK: Creditors' Proofs of Debt Due on January 15
OCEANIC BULK: Members to Receive Wind-Up Report on January 25
ENERGY XXI: S&P Raises Corporate Credit Rating to 'B-'
S & S MACHINERY: Creditors' Proofs of Debt Due on January 8

S & S MACHINERY: Member to Receive Wind-Up Report on January 25
XL CAPITAL: Moody's Affirms Preferred Stock Ratings at 'Ba1'


B R A Z I L

GERDAU SA: Discloses Payment of Interest on Capital Stock
TAM LINHAS: Board Confirms Libano Barroso as President of Company
TAM SA: Expands Agreement With LAN Argentina
TAM SA: Board Confirms Libano Barroso as Company's President
* BRAZIL: Growth Hike Threatening Economy, Safra Says


C A Y M A N  I S L A N D S

ABSOLUTE RETURN: Commences Wind-Up Proceedings
ADMINISTRATION GUADALUPE: Commences Liquidation Proceedings
AMATHEA IX: Commences Liquidation Proceedings
AMATHEA X: Commences Liquidation Proceedings
AMCG HOLDINGS: Commences Wind-Up Proceedings

CASPIAN LEASING: Commences Wind-Up Proceedings
CHINA MINING: Commences Wind-Up Proceedings
CLEVELAND LEASING: Commences Wind-Up Proceedings
DENALI CAPITAL: Placed Under Voluntary Liquidation
DUMA GLOBAL: Commences Wind-Up Proceedings

FAIR LAWN: Placed Under Voluntary Wind-Up
FBP LIMITED: Commences Liquidation Proceedings
GV INTERNATIONAL: Placed Under Voluntary Wind-Up
INNOVATION CAPITAL: Placed Under Voluntary Liquidation
OWWIG LIMITED: Commences Liquidation Proceedings

PRINTEMPS INVESTMENT: Placed Under Voluntary Wind-Up
PRISM PARTNERS: Placed Under Voluntary Liquidation
SAWDON HOLDINGS: Commences Liquidation Proceedings
TRIDENT NORTH: Commences Liquidation Proceedings
XENERGY FUND: Placed Under Voluntary Liquidation


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Prices Climb 5.66% in November


E C U A D O R

ECOPETROL SA: Modifies Corporate Governance Code
PETROECUADOR: Approves US$3.86 Billion Budget in 2010
PETROECUADOR: Drilling Starts in Ivanhoe's Pungarayacu Field


H A I T I

* HAITI: IDB President Reaffirms Commitment to Haiti


J A M A I C A

AIR JAMAICA: Complete Takeover by Caribbean Airlines Seen
AIR JAMAICA: Deal With Trinidad and Tobago "Will Spell Trouble"


M E X I C O

CEMEX SAB: Asks Feds to Halt Transfer of Rail Line to New Operator


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


STANFORD INT'L: Fed Probes Contributions to U.S. Politicians
------------------------------------------------------------
U.S. federal authorities are investigating millions of dollars
contributed by Robert Allen Stanford and his staff to U.S.
lawmakers in the past decade, Jeremy Pelofsky at Reuters reports,
citing the Miami Herald.  The report, citing the newspaper,
relates that the Justice Department investigation aimed to
determine whether Mr. Stanford received special favors from
politicians while he was his alleged multi-billion Ponzi scheme.

According to the report, the newspaper said that an e-mail sent to
Stanford by Texas Republican Representative Pete Sessions on the
day authorities announced fraud charges against Mr. Stanford, as
well as US$2.3 million in contributions he made to Sessions and
other U.S. lawmakers, were "part of the government's inquiry."
The report relates that it is also said that Mr. Stanford also
spent US$5 million on lobbying since 2001.  The report notes that
Mr. Stanford was said to have successfully lobbied in 2001 to kill
a bill that would have exposed the flow of millions into his
secretive offshore bank on the Caribbean island of Antigua.

The Herald, Reuters says, said that Mr. Stanford also helped block
legislation that would have led to more government scrutiny of
Stanford International Bank Limited.

Reuters adds the newspaper said that Mr. Stanford also funded
Caribbean trips for a group of U.S. lawmakers known as the
Caribbean Caucus, including Sessions and Democrats Gregory Meeks
of New York and Donald Payne of New Jersey.

                About Stanford International Bank

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

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

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

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

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


STANFORD INT'L: Judge Denies Owner Bail Amid Reports of Breakdown
-----------------------------------------------------------------
U.S. District Judge David Hittner has denied Robert Allen
Stanford's request for bail despite reviewing psychiatrists
reports that the financier accused of orchestrating a multi-
billion Ponzi scheme was close to "a complete nervous breakdown,"
Laurel Brubaker and Karen Gullo at Bloomberg News report.  The
report relates that Mr. Stanford's lawyers asked Judge Hittner to
reconsider an earlier ruling denying bail out of concern the
defendant might flee.

According to the report, reports from two psychiatrists who
examined Mr. Stanford said that he was suffering from severe
depression triggered by his incarceration under conditions that
rendered him unable to help in his defense.  The report notes that
Mr. Stanford has been in a federal detention centre in Houston
since his arrest on June 19.

One of the psychiatrists had found that Mr. Stanford's mental and
physical health had deteriorated sharply, one of his lawyers said
in a filing obtained by the news agency.  "If the present set of
circumstances persist, Mr. Stanford's spiraling downhill course
will continue to the point where he will suffer serious physical
disorders and, more likely than not, a complete nervous
breakdown," the doctor's report concluded, Bloomberg News relates.

                About Stanford International Bank

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

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

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

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

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


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


BANCO PATAGONIA: Banco Do Brasil in Talks For Firm's Stake
----------------------------------------------------------
Banco Patagonia SA is in preliminary talks with Banco do Brasil SA
for the acquisition of the firm's stake by the Brazilian bank, Tom
Murphy and Rogerio Jelmayer at Dow Jones Newswires report.  The
report relates that Banco do Brasil is negotiating the acquisition
of a 49.9% stake held by the Stuart Milne family.

According to the report, Jorge Stuart Milne and Ricardo Stuart
Milne each own 24.97% of the bank, while Emilio Gonzalez Moreno
owns 9.26%.  The report relates that Italy's Intesa Sanpaolo
S.p.A. owns 9.99% and Rio Negro province owns 3.04%.  About 23.9%
of the bank's shares are traded on the stock market, and 3.86% are
held by the bank's treasury, the report notes.

Bloomberg News says that Banco Patagonia confirmed that it has
held talks with Banco do Brasil, among others, over the last year,
but said no decisions have been reached.  [We are] looking for
"alternatives or strategic alliances" that would allow "sustained
growth," the bank added.

                    About Banco Patagonia

Banco Patagonia SA is a commercial bank.  The bank attracts
deposits from the general public and uses those funds to originate
a variery of loans.

As of December 28, 2009, the bank continues to carry Moody's Caa1
Foreign LT Bank Deposits rating, Ba2 Local LT Bank deposits
rating, and B2 Subordinate Debt rating.  The bank also continues
to carry Standard & Poor's B- LT Issuer Credit ratings.


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


BRH I: Creditors' Proofs of Debt Due on January 6
-------------------------------------------------
The creditors of BRH I Limited are required to file their proofs
of debt by January 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 23, 2009.

The company's liquidator is:

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


BRH I: Members to Receive Wind-Up Report on January 27
------------------------------------------------------
The members of BRH I Limited will receive, on January 27, 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 23, 2009.

The company's liquidator is:

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


BRH II: Creditors' Proofs of Debt Due on January 6
--------------------------------------------------
The creditors of BRH II Limited are required to file their proofs
of debt by January 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


BRH II: Members to Receive Wind-Up Report on January 27
-------------------------------------------------------
The members of BRH II Limited will receive, on January 27, 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 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CHATHAM AND ESSEX: Creditors' Proofs of Debt Due on January 6
-------------------------------------------------------------
The creditors of Chatham and Essex Reinsurance Corporation, Ltd.
are required to file their proofs of debt by January 6, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 21, 2009.

The company's liquidator is:

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


CHATHAM AND ESSEX: Members to Receive Wind-Up Report on January 27
------------------------------------------------------------------
The members of Chatham and Essex Reinsurance Corporation, Ltd.
will receive, on January 27, 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 September 21, 2009.

The company's liquidator is:

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


OCEANIC BULK: Creditors' Proofs of Debt Due on January 15
---------------------------------------------------------
The creditors of Oceanic Bulk Carriers Ltd. are required to file
their proofs of debt by January 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 22, 2009.

The company's liquidator is:

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


OCEANIC BULK: Members to Receive Wind-Up Report on January 25
-------------------------------------------------------------
The members of Oceanic Bulk Carriers Ltd. will receive, on
January 25, 2010, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 22, 2009.

The company's liquidator is:

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


ENERGY XXI: S&P Raises Corporate Credit Rating to 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Energy XXI (Bermuda) Ltd. to 'B-' from
'CCC+'.  S&P removed all ratings from CreditWatch, where S&P
placed with positive implications on Dec. 7, 2009.  The outlook is
stable.

At the same time, S&P raised the rating on Energy XXI Gulf Coast
Inc.'s US$338 million second-lien notes to 'B+' and revised the
recovery rating to '1' (very high recovery, 90% to 100%, in the
event of default) from 'B-' and '2', respectively.  S&P also
raised the rating on the US$276.5 million senior unsecured notes
to 'CCC+' and revised the recovery rating to '5' (modest recovery,
10% to 30%, in the event of default) from 'CCC-' and '6',
respectively.

"The rating actions reflect the successful completion of the
MitEnergy Upstream LLC acquisition and concurrent common and
preferred equity offerings, and their positive impact on credit
quality," said Standard & Poor's credit analyst Paul Harvey.

Net proceeds of US$268.7 million from the equity offerings will be
used to fund the US$259 million remaining funding requirements for
MitEnergy.  As a result, Energy XXI should have both a stronger
position in the Gulf of Mexico, as well as improved pro forma
liquidity provided by an up to US$350 million borrowing base on
its credit facility (currently US$199 million).

The improved recovery and resulting issue ratings reflect the
increased asset value provided by the MitEnergy acquisition,
enhancing support for both the second-lien and unsecured debt in
the event of a default.  The recovery calculations assume a
$350 million borrowing base on the company's credit facility.


S & S MACHINERY: Creditors' Proofs of Debt Due on January 8
-----------------------------------------------------------
The creditors of S & S Machinery Co. Ltd. are required to file
their proofs of debt by January 8, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 18, 2009.

The company's liquidator is:

          Steven J. Trumper
          Sofia House, 1st Floor
          48 Church Street, Hamilton
          Bermuda


S & S MACHINERY: Member to Receive Wind-Up Report on January 25
---------------------------------------------------------------
The member of S & S Machinery Co. Ltd. will receive, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on December 18, 2009.

The company's liquidator is:

          Steven J. Trumper
          Sofia House, 1st Floor
          48 Church Street, Hamilton
          Bermuda


XL CAPITAL: Moody's Affirms Preferred Stock Ratings at 'Ba1'
------------------------------------------------------------
Moody's Investors Service has affirmed the debt ratings of XL
Capital Ltd (senior debt rated Baa2) and the A2 insurance
financial strength ratings of the company's principal insurance
and reinsurance operating subsidiaries.  The rating outlook on XL
and its subsidiaries has been changed to stable from negative,
reflecting its improved capitalization and financial flexibility,
as well as the stabilization of the company's business franchise.

According to Moody's, while XL still faces some challenges, the
company's overall credit profile has significantly improved during
the past 12 months, resulting in the stabilization of the
company's business franchise.  XL's shareholders' equity has
meaningfully rebounded as financial markets have recovered -- to
approximately US$9.2 billion at 3Q 2009, up 50% over YE2008 levels
-- primarily due to significantly reduced unrealized losses on
investments and good underwriting profitability in its core P&C
insurance and reinsurance operations.  The increase in equity has
also improved both the adjusted financial leverage and gross
underwriting leverage profiles at the company.  Moody's also notes
that XL's refocused attention to its core P&C operations is a
credit positive, and that the company continues to make progress
in reducing risk exposures related to non-core businesses.

Moody's notes, however, that realized investment losses and
impairments are likely to remain a drag on XL's profitability
during 2010 as the company continues to de-risk its investment
portfolio through targeted sales of RMBS and other asset-backed
securities.  As a result, the company's interest and preferred
dividend coverage metrics are likely to remain weak relative to
its peers until such investment losses abate.

Nonetheless, the restructuring actions taken to date on XL's
investment portfolio have significantly reduced risk on the asset
side of the balance sheet.  According to James Eck, vice-president
and lead analyst for XL Capital, "while Moody's expects additional
investment losses to be realized by XL over time, Moody's believe
these losses will be manageable within the context of the
company's core earnings power and capitalization."

XL's ratings reflect the group's overall good market positions in
its principal operating segments as well as its diversified
earnings streams by geography and line of business.  The ratings
also consider the company's sound holding company liquidity and
capitalization of its flagship Bermuda operating subsidiaries
(where the majority of XL's capital resides), its solid core
underwriting performance and reduced investment risk.  These
fundamental strengths are tempered by the intrinsic volatility of
XL's reinsurance businesses and certain insurance lines, by the
company's exposure to natural catastrophes, by its high level of
fixed charges, and by its historically volatile profitability.

At XL's current rating level, Moody's expects adjusted financial
leverage to remain under 30% and gross underwriting leverage to
remain below 4x.  A decline in shareholders' equity of more than
15% over a 12 month period as a result of investment or
underwriting losses could result in negative ratings pressure.

These ratings have been affirmed, with the outlook changed to
stable, from negative:

* XL Capital Ltd -- senior unsecured debt at Baa2; preferred stock
  at Ba1;

* XL Capital Finance (Europe) plc -- senior unsecured debt at
  Baa2;

* XLLIAC Global Funding -- backed medium term notes at A2;

* Stoneheath Re -- preferred stock at Ba1;

* XL Insurance (Bermuda) Ltd -- insurance financial strength at
  A2;

* XL Insurance Company Limited -- insurance financial strength at
  A2;

* XL Insurance Switzerland -- insurance financial strength at A2;

* XL Re Ltd -- insurance financial strength at A2;

* XL Reinsurance America Inc. -- insurance financial strength at
  A2;

* Indian Harbor Insurance Company -- insurance financial strength
  at A2;

* Greenwich Insurance Company -- insurance financial strength at
  A2;

* XL Specialty Insurance Company -- insurance financial strength
  at A2;

* XL Insurance Company of New York, Inc. -- insurance financial
  strength at A2;

* XL Life Insurance and Annuity Company -- insurance financial
  strength at A2.

XL Capital Ltd, headquartered in Hamilton, Bermuda, is a leading
provider of 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 September 30, 2009, XL Capital Ltd
reported total cash and invested assets of US$36 billion and
shareholders' equity of US$9.2 billion.

The last rating action occurred on February 13, 2009, when Moody's
affirmed the debt and insurance financial strength ratings of XL
Capital Ltd and its subsidiaries with a negative outlook.


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


GERDAU SA: Discloses Payment of Interest on Capital Stock
---------------------------------------------------------
Gerdau SA and the Boards of Metalurgica Gerdau SA and Acos
Villares SA, in meetings held on December 23, 2009, deliberated
about the proposals presented by management with regards to the
payment of dividends of the current fiscal year.  These dividends
will be paid as Interest on Capital Stock on March 12, 2010, to
shareholders of record at the close of business on December 28 and
constitute an anticipation of the annual minimum dividend as
stated in the by-laws:

   * Metalurgica Gerdau SA = R$0.26

   * Gerdau SA = R$0.18

   * Acos Villares SA = R$0.006

                        About Gerdau SA

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

                           *     *     *

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


TAM LINHAS: Board Confirms Libano Barroso as President of Company
-----------------------------------------------------------------
The Board of Directors of TAM S.A. confirmed that the executive
Libano Miranda Barroso as Director President of TAM S.A. and TAM
Linhas Aereas.  Mr. Barroso had previously earned the titles of
interim president as well as Vice President of Finance, Management
and IT since the departure of Commander David Barioni Neto on
October 9 of this year.

Mr. Barroso first came to TAM in 2004, when he assumed the
positions of Vice President of Finance and Management, and
Director of Investor Relations, where he played a major role in
the company's IPO.  Mr. Barroso was one of the strategists for the
project of transforming TAM into a group of multi-businesses
aligned with aviation, such as the recently announced customer
loyalty initiative Multiplus Fidelidade.

With a solid background in finance, an area where he worked for
more than 20 years, he has worked at the Real, Nacional and Safra
banks.  Mr. Barroso established a distinguished career at large
companies such as Andrade Gutierrez Concessoes on its Project
Finance team.  Prior to his arrival at TAM, he held the position
of Director of Finance and Investor Relations for Companhia de
Concessoes Rodoviarias, where he was in charge of the company's
IPO, which was the first to take part in Bovespa's Novo Mercado.

Mr. Barroso is an economist who earned his degree from the School
of Economic Sciences at the Universidade Federal de Minas Gerais
(UFMG), in addition to an MBA in Finance from IBMEC and post-
graduate study in Business Law at the Fundacao Getulio Vargas
(FGV).  At TAM, he has twice been elected best Chief Financial
Officer (CFO) for Brazil's sector of Aerospace, Transport and
Industry by the U.S. publication Institutional Investor Magazine.

According to Maria Claudia Amaro, president of the Board of
Directors at TAM S.A., Mr. Barroso "is the right president at the
right time.  Mr. Barroso has recognized experience in the area of
finance, and, as a manager, he is significantly focused on costs.
He is exactly what the company needs at this moment when excellent
prospects for growth have been forecast."

"Mr. Barroso knows TAM as few others do, and he is perfectly
integrated with the group culture.  To us, increasing the worth of
the company is always grounds for satisfaction. And," she
underscored, "we found the best candidate to meet our goals for
growth and service excellence right here in the company."

                           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.

                      About TAM Linhas Aereas

TAM Linhas Aereas -- http://www.tam.com.br/-- has business
agreements with the regional airlines Pantanal, Passaredo, Total
and Trip.  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.

                           *     *     *

TAM continues to hold Fitch Ratings' BB long-term issuer default
rating, BB local currency long-term issuer default rating, and
A+(BRA) national long-term rating.  Outlook is stable.  The
company's 7.375% senior unsecured notes due April 25, 2017 also
carry Fitch's BB long-term ratings.


TAM SA: Expands Agreement With LAN Argentina
--------------------------------------------
TAM SA and LAN Argentina are expanding the flight codeshare
agreement signed between the companies to offer more convenience
and comfort for passengers who wish to travel between Brazil and
Argentina.

The partnership now allows TAM to use its own code to sell flights
operated by LAN Argentina to the cities of Bariloche, Comodoro
Rivadavia, Cordoba, Mendoza, Rio Gallegos, Salta and Ushuaia.  For
its part, LAN Argentina has the rights to sell TAM flights
departing from Sao Paulo and Rio de Janeiro to different Brazilian
destinations.  The agreement goes into effect for flights
beginning on January 4, 2010, but passengers can already buy
tickets issued through both companies' reservation systems.

In addition to the destinations mentioned, TAM and LAN Argentina
hold a codeshare agreement for flights between Sao Paulo
(Guarulhos) and Buenos Aires (Ezeiza).  The partnership enables
passengers to benefit from a simplification of flight
reservations, convenient connections and a single airline ticket
and baggage check until the final destination.

"The expansion of the codeshare agreement with LAN Argentina
reinforces the services synergy that we are developing with the
LAN Group in South America.  We hope that this new stage for our
partnership further encourages passenger flow within the
continent," states TAM's Vice President of Commerce and Planning,
Paulo Castello Branco.

The operation of flights with compartmentalized code is part of
the agreement signed in 2007 between TAM and LAN Airlines, LAN
Peru and LAN Argentina, with the objective of developing
partnerships along the routes operated by companies within South
America.

                         About TAM SA

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

                           *     *     *

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


TAM SA: Board Confirms Libano Barroso as Company's President
------------------------------------------------------------
The Board of Directors of TAM S.A. confirmed that the executive
Libano Miranda Barroso as Director President of TAM S.A. and TAM
Linhas Aereas.  Mr. Barroso had previously earned the titles of
interim president as well as Vice President of Finance, Management
and IT since the departure of Commander David Barioni Neto on
October 9 of this year.

Mr. Barroso first came to TAM in 2004, when he assumed the
positions of Vice President of Finance and Management, and
Director of Investor Relations, where he played a major role in
the company's IPO.  Mr. Barroso was one of the strategists for the
project of transforming TAM into a group of multi-businesses
aligned with aviation, such as the recently announced customer
loyalty initiative Multiplus Fidelidade.

With a solid background in finance, an area where he worked for
more than 20 years, he has worked at the Real, Nacional and Safra
banks.  Mr. Barroso established a distinguished career at large
companies such as Andrade Gutierrez Concessoes on its Project
Finance team.  Prior to his arrival at TAM, he held the position
of Director of Finance and Investor Relations for Companhia de
Concessoes Rodoviarias, where he was in charge of the company's
IPO, which was the first to take part in Bovespa's Novo Mercado.

Mr. Barroso is an economist who earned his degree from the School
of Economic Sciences at the Universidade Federal de Minas Gerais
(UFMG), in addition to an MBA in Finance from IBMEC and post-
graduate study in Business Law at the Fundacao Getulio Vargas
(FGV).  At TAM, he has twice been elected best Chief Financial
Officer (CFO) for Brazil's sector of Aerospace, Transport and
Industry by the U.S. publication Institutional Investor Magazine.

According to Maria Claudia Amaro, president of the Board of
Directors at TAM S.A., Mr. Barroso "is the right president at the
right time.  Mr. Barroso has recognized experience in the area of
finance, and, as a manager, he is significantly focused on costs.
He is exactly what the company needs at this moment when excellent
prospects for growth have been forecast."

"Mr. Barroso knows TAM as few others do, and he is perfectly
integrated with the group culture.  To us, increasing the worth of
the company is always grounds for satisfaction. And," she
underscored, "we found the best candidate to meet our goals for
growth and service excellence right here in the company."

                           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.

                      About TAM Linhas Aereas

TAM Linhas Aereas -- http://www.tam.com.br/-- has business
agreements with the regional airlines Pantanal, Passaredo, Total
and Trip.  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.

                           *     *     *

TAM continues to hold Fitch Ratings' BB long-term issuer default
rating, BB local currency long-term issuer default rating, and
A+(BRA) national long-term rating.  Outlook is stable.  The
company's 7.375% senior unsecured notes due April 25, 2017 also
carry Fitch's BB long-term ratings.


* BRAZIL: Growth Hike Threatening Economy, Safra Says
-----------------------------------------------------
The biggest threat to Brazil's economy next year is the
acceleration of growth beyond 6.5%, Camila Fontana at Bloomberg
News reports, citing Banco Safra de Investimento.

"As long as growth estimates stay between 5.5% and 6.5%, it is
still possible for the central bank to manage the growth-inflation
issue," Cristiano Oliveira, chief economist at Banco Safra, told
the news agency in a telephone interview.  "Above that, it will be
difficult," he added.

According to the report, Banco Safra forecasts that the central
bank will raise the benchmark interest rate to 10.75% by the end
of 2010 from a record low of 8.75%.

Mr. Oliveira, the report relates, said that consumer spending and
capital expenditures will boost growth in Brazil's economy to 5.6%
next year, following an estimated 0.2% contraction in 2009.
Increasing imports and profit remittances by multinationals to
headquarters abroad will widen next year's current-account deficit
to "at least US$54 billion," Mr. Oliveira added.

                          *     *     *

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


ABSOLUTE RETURN: Commences Wind-Up Proceedings
----------------------------------------------
On November 3, 2009, the sole shareholder of Absolute Return
Strategies Fund, Limited resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt by
December 29, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lisa Clarke
          c/o Jane Fleming
          Telephone: (345) 945-2187/ (345) 945-2197
          PO Box 30464, Grand Cayman KY1-1202
          Cayman Islands


ADMINISTRATION GUADALUPE: Commences Liquidation Proceedings
-----------------------------------------------------------
On October 29, 2009, the shareholders of Administration Guadalupe
Limited resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


AMATHEA IX: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on November 2, 2009, the
shareholder of Amathea IX Ltd. resolved to voluntarily liquidate
the company's business.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


AMATHEA X: Commences Liquidation Proceedings
--------------------------------------------
On November 2, 2009, the shareholder of Amathea X Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


AMCG HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------
On October 30, 2009, the shareholders of AMCG Holdings Ltd.
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


CASPIAN LEASING: Commences Wind-Up Proceedings
----------------------------------------------
On November 2, 2009, the shareholders of Caspian Leasing Limited
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634
          P.O. Box 1109GT, Grand Cayman


CHINA MINING: Commences Wind-Up Proceedings
-------------------------------------------
On November 3, 2009, the shareholders of China Mining Partners
Ltd. resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


CLEVELAND LEASING: Commences Wind-Up Proceedings
------------------------------------------------
On November 2, 2009, the shareholders of Cleveland Leasing Limited
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634
          P.O. Box 1109GT, Grand Cayman



DENALI CAPITAL: Placed Under Voluntary Liquidation
--------------------------------------------------
On November 2, 2009, the sole shareholder of Denali Capital Credit
Opportunity Offshore Fund, Ltd. resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Killion
          c/o Walkers Fund Services Ltd.
          87 Mary Street, George Town
          Grand Cayman KY1-9002


DUMA GLOBAL: Commences Wind-Up Proceedings
------------------------------------------
On October 26, 2009, the sole shareholder of Duma Global
Opportunities Fund, Ltd. resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt by
December 23, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


FAIR LAWN: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary meeting held on November 2, 2009, the
shareholder of Fair Lawn Ltd. resolved to voluntarily liquidate
the company's business.

Creditors are required to file their proofs of debt by
November 30, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


FBP LIMITED: Commences Liquidation Proceedings
----------------------------------------------
On November 3, 2009, the shareholders of FBP Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by
December 15, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


GV INTERNATIONAL: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary meeting held on November 2, 2009, the
shareholder of GV International resolved to voluntarily liquidate
the company's business.

Creditors are required to file their proofs of debt by
November 30, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


INNOVATION CAPITAL: Placed Under Voluntary Liquidation
------------------------------------------------------
On October 31, 2009, the shareholder of Innovation Capital
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OWWIG LIMITED: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on October 28, 2009, the
shareholder of OWWIG Limited resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Wong Man Chung Francis
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


PRINTEMPS INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
On November 2, 2009, the shareholder of Printemps Investment Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by
November 30, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


PRISM PARTNERS: Placed Under Voluntary Liquidation
--------------------------------------------------
On November 2, 2009, the shareholder of Prism Partners II Offshore
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9004, Cayman Islands


SAWDON HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
Sawdon Holdings commenced liquidation proceedings on October 27,
2009.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman, Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


TRIDENT NORTH: Commences Liquidation Proceedings
------------------------------------------------
Trident North Atlantic Fund commenced liquidation proceedings on
October 30, 2009.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mark Longbottom
          c/o Helen Ennis
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9902
          Facsimile: (345) 943 9900


XENERGY FUND: Placed Under Voluntary Liquidation
------------------------------------------------
On October 31, 2009, the shareholder of Xenergy Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


===================================
D O M I N I C A N  R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Prices Climb 5.66% in November
----------------------------------------------------
Dominican Republic posted 5.66% accumulated inflation by
November 30, lower than the 6.01% in the same period the previous
year, the Dominican Today reports, citing the Central Bank.

According to the report, the central bank said that 70.32% of the
accumulated inflation or 3.98 percentage points, which is the
result of increases in the price of oil abroad and electrical
energy.  The report relates that the bank said that consumer
prices climbed 1.07% in November, compared with October, of 0.23%.

The report notes that the bank said that the November 2008 to
November 2009 annualized inflation was 4.18%, lower than the same
2007-2008 period, of 7.21%.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

-- Foreign currency Issuer Default Rating at 'B';
-- Local currency IDR at 'B';
-- Country ceiling at 'B+';
-- Short-term foreign currency IDR at 'B';
-- Senior unsecured debt at 'B'.


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


ECOPETROL SA: Modifies Corporate Governance Code
------------------------------------------------
Ecopetrol SA, on December 11, 2009, the Company's Board of
Directors approved several modifications to the Company's
Corporate Governance Code.

The primary changes are:

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

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

   -- External controls: The Code now makes note of the concurrent
      oversight of Ecopetrol exercised by the Superintendency of
      Ports and Transportation and the Superintendency of Health.
      Office of  Disciplinary Control (Oficina de Control
      Disciplinario (OCD)): The Code has been modifie

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

-- Long-term foreign currency Issuer Default Rating at 'BB+';
-- Short-term foreign currency IDR at 'B';
-- Outstanding senior unsecured debt at 'BB+';


PETROECUADOR: Approves US$3.86 Billion Budget in 2010
-----------------------------------------------------
Petroecuador had approved a budget of US$3.86 billion for next
year with US$1.72 billion planned in oil investments, Santiago
Silva at Reuters reports.  The report relates that the oil company
had no plans for now to boost its oil capacity and would instead
concentrate on maintaining output from its mature fields.

According to the report, Ecuador is pushing foreign oil companies
to change to fee-based service contracts, a move that has prompted
some petroleum operators to hold off on new investments until the
negotiations are completed.  The report notes that Ecuador's oil
revenues were battered by the fall in international crude prices.

Reuters relates that oil exports from Petroecuador are creeping
back up after getting hit by the global financial crisis which
curbed demand for crude.

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that 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.  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.

                        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.


PETROECUADOR: Drilling Starts in Ivanhoe's Pungarayacu Field
-------------------------------------------------------------
Robert Friedland, Executive Co-Chairman, President and CEO of
Ivanhoe Energy Inc., and David Martin, Chairman, President and CEO
of Ivanhoe Energy Latin America Inc., disclosed that Ivanhoe
Energy Ecuador Inc. intends to initiate drilling operations in the
coming days on its first appraisal well in the Pungarayacu field
in Ecuador.

This follows completion of final infrastructure preparations,
including construction of a three-kilometre access road to the
well-site.  These works were carried out under the supervision of
Ecuador's Ministry of the Environment.

The drill site, known as well IP-15, is located towards the north
end of Ivanhoe Energy's Block 20, near the town of Archidona.  The
well is expected to be drilled to approximately 1,300 feet (400
metres), followed by an extensive coring, logging and testing
program, which is slated to continue into January 2010.

The project is based on the exploration and development of the
426-square-mile Block 20, which contains the Pungarayacu heavy oil
field, covering approximately 250 square miles that was discovered
and partially delineated in the 1980s by Petroecuador.  A Specific
Service Contract between Ivanhoe Energy Ecuador and Petroecuador
and Petroproduccion was signed on October 8, 2008, in a ceremony
in Quito.  The 30-year contract allows Ivanhoe Energy to explore,
develop and produce oil throughout Block 20.

                        About Ivanhoe Energy

Ivanhoe Energy Ecuador Inc., a Canadian company, is a wholly-owned
subsidiary of Ivanhoe Energy Latin America Inc., the parent
company of Ivanhoe Energy Inc.'s Latin America corporate group.

Ivanhoe Energy is an independent, international heavy-oil
development and production company focused on pursuing long-term
growth in its reserves and production using advanced technologies,
including its proprietary, patented heavy-oil upgrading process
(HTL(TM)). Core operations are in Canada, Ecuador, China and
Mongolia, with business development opportunities worldwide.

                        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.


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


* HAITI: IDB President Reaffirms Commitment to Haiti
----------------------------------------------------
The President of the Inter-American Development Bank, Luis Alberto
Moreno, reaffirmed the IDB support to Haiti as the country's main
multilateral donor, in a year marked by several important
milestones.  Significant achievements included a tripling in the
volume of grants originally planned for 2009-2010, expected record
disbursements and debt relief, increased partnership with the
Government and greater coordination with the donor community.

"The IDB is very proud to be a strong partner of Haiti and to
reinforce coordination with the international donor community to
strengthen commitments to help the Haitian Government and its
people," said Moreno.  "We have renewed our joint effort to fight
poverty and promote sustained economic growth," added Mr. Moreno.


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


AIR JAMAICA: Complete Takeover by Caribbean Airlines Seen
---------------------------------------------------------
Aretha Welch at Jamaica Observer reports that The Jamaican
Government wants to ensure that a possible acquisition of Air
Jamaica Limited by Caribbean Airlines based in Trinidad and Tobago
also includes lengthy negotiations about Air Jamaica employee
contracts, flight schedules, and even route details.

According to the report, in the preliminary talks, Jamaica's team
was bargaining to keep routes and to keep planes coming to Jamaica
as frequently as they do now, as a reduction in the number of
flights to the island would affect Jamaica's tourism industry.

"The team I met with (in Trinidad) were fully authorized to pursue
discussions and give us an indication as to what they propose.
Caribbean Airlines has a vision of one Caribbean and one airline
serving the entire Caribbean.  We indicated that one Caribbean is
wonderful but we are a tourist destination, tourism is a part of
our lifeblood," Jamaica Prime Minister Bruce Golding was quoted by
the report as saying.

The Observer notes that an unnamed source close to the Trinidad
and Tobago government said, "From the numbers now, it does not
look impossible, but not a merger, it will be a complete
takeover."  Any takeover of Air Jamaica would also mean a complete
structural reorganization of the airline, the source added.

                         About Air Jamaica

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

                           *     *     *

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


AIR JAMAICA: Deal With Trinidad and Tobago "Will Spell Trouble"
---------------------------------------------------------------
Trinidad and Tobago Opposition MP Vasant Bharath took issue with
any possible intent of government to lend assistance to save cash-
strapped Air Jamaica Limited, Anna Ramdass at Trinidad Express
reports.

"The issue with Air Jamaica, we brought this up in the Parliament
about six months ago and the Prime Minister denied it and we see
now that the backroom negotiations have been going on for quite
some time.  (The Prime Minister) likes to portray himself as the
godfather of the Caribbean but we simply cannot afford it," the
report quoted Mr. Bharath as saying.

Mr. Bharath, the report relates, said the problems of the country
must first be attended to and then Caribbean neighbors can be
looked after.  "We have serious social issues in Trinidad and
Tobago that are brewing because of the lack of infrastructure,
drainage and flooding.  People don't have water.  All sorts of
issues, for example, the issue with the property tax where the
Government wants to tax the population for its expenditure.  All
these pressing issues have the population uneasy," the report
quoted Mr. Bharath as saying.

As reported in the Troubled Company Reporter-Latin America on
December 21, 2009, Go-Jamaica News reports that a deal could be
reached soon between the Jamaican government and Caribbean
Airlines for the sale of Air Jamaica.  The report relates that
Prime Minister Bruce Golding traveled to Trinidad and Tobago where
he held further discussions with Caribbean Airlines and the
government of the twin island state.  TCRLA, citing Radio Jamaica,
noted that Air Jamaica has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill.
Moreover, Radio Jamaica said, the airline currently has over
US$600 million in loans outstanding.

Meanwhile, the Express relates that Mr. Bharath also said that
Trinidad and Tobago Prime Minister Patrick Manning will provoke
anger from the population should he lend assistance to Jamaica
which is challenged by serious financial difficulties.  The
Express relates that Jamaica Prime Minister Bruce Golding spoke of
Jamaica's money troubles and issued a plea for assistance.  "I
think the people are going to get very angry if the prime minister
lends assistance to Jamaica," Mr. Bharath told the Express in a
phone interview.  The country already had a deficit and could not
afford to lend money at this time, he added.  "We are going to be
facing a significant issue with regard to servicing our debt," the
report quoted Mr. Bharath as saying.

                         About Air Jamaica

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

                           *     *     *

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


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


CEMEX SAB: Asks Feds to Halt Transfer of Rail Line to New Operator
------------------------------------------------------------------
CEMEX, S.A.B. de C.V. is asking federal regulators to stop a new
railroad operator from taking over the local Union Pacific rail
line -- at least until the new operator makes a greater commitment
to freight service, Kurtis Alexander at Santa Cruz Sentinel
reports.  The report, citing a motion filed with the federal
Surface Transportation Board, relates that CEMEX SAB raised
concern that county efforts to buy the railroad and possibly build
a recreational trail there could disrupt trains from running to
and from its Davenport plant.

"Cemex's attempts to confirm that continued freight operations
will be protected have not been successful," the motion reads, the
report notes.  The report relates that the motion, filed by
Washington, D.C., law firm Thompson Hine, asks regulators to seek
more information about the future of the line before allowing any
change of management.

According to the report, on December 31, Union Pacific is
scheduled to hand over freight and maintenance responsibilities on
its 32-mile line to Woodland-based Sierra Northern Railway.  The
report notes that Union Pacific is in negotiations to sell the
line, which runs between Davenport and Watsonville, to the county
for US$14.2 million, but the sale is not expected to go through
until at least March.

"The Transportation Commission does not want to take the freight
service off the rail line," the report quoted commission's deputy
director, Luis Mendez, as saying.  "If there's a potential for
putting a trail on the line that would work then we want to do
that as well," he added.

The report recalls that the CEMEX plant in Davenport has been idle
since March because of a lagging demand for cement.  However, the
report relates, during "normal operations," the facility receives
or ships roughly 3,000 train cars a year.

                        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)'.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                               Total
                                Total       Shareholders
                                Assets         Equity
Company        Ticker          (US$MM)        (US$MM)
-------        ------         ------------    -------


ARGENTINA

SCDPF US    SOC COMERCIAL PL    113091441   -254639574
SDAGF US    SNIAFA SA-B        11489328.2  -840226.119
APDSF US    AUTOPISTAS SOL      351681167   -2858782.1
CAD IX      SOC COMERCIAL PL    113091441   -254639574
CVVIF US    SOC COMERCIAL PL    113091441   -254639574
CADN EO     SOC COMERCIAL PL    113091441   -254639574
SCPDS LI    COMERCIAL PL-ADR    113091441   -254639574
COME AR     SOC COMERCIAL PL    113091441   -254639574
CADN SW     SOC COMERCIAL PL    113091441   -254639574
COMEB AR    COMERCIAL PLA-BL    113091441   -254639574
COMEC AR    COMERCIAL PL-C/E    113091441   -254639574
COMED AR    COMERCIAL PLAT-$    113091441   -254639574
SNIA AR     SNIAFA SA          11489328.2  -840226.119
SNIA5 AR    SNIAFA SA-B        11489328.2  -840226.119
AUSO AR     AUTOPISTAS SOL      351681167   -2858782.1
IMPTQ US    IMPSAT FIBER NET    535007008    -17165000
330902Q GR  IMPSAT FIBER NET    535007008    -17165000
XIMPT SM    IMPSAT FIBER NET    535007008    -17165000
IMPT AR     IMPSAT FIBER-CED    535007008    -17165000
IMPTC AR    IMPSAT FIBER-C/E    535007008    -17165000
IMPTD AR    IMPSAT FIBER-$US    535007008    -17165000
IMPTB AR    IMPSAT FIBER-BLK    535007008    -17165000

BRAZIL

IMBI1 BZ    DOC IMBITUBA-RTC    114896167  -16783228.4
IMBI2 BZ    DOC IMBITUBA-RTP    114896167  -16783228.4
81370Z BZ   TELECOMUNICA-ADR    244018546  -6054999.05
FTRX1 BZ    FABRICA TECID-RT   66779266.7  -50394386.1
PRMN3B BZ   PROMAN             13403496.6  -173711.308
TEKAY US    TEKA-ADR            237436194   -360484910
BMBBF US    BOMBRIL             289000174   -166589140
CBRZF US    TELEBRAS-PF RCPT    244018546  -6054999.05
TKTQF US    TEKA                237436194   -360484910
TKTPF US    TEKA-PREF           237436194   -360484910
REIC US     REII INC             16631180     -1448544
RPMG1 BZ    PET MANG-RIGHTS    76852724.2   -212528966
RPMG2 BZ    PET MANG-RIGHTS    76852724.2   -212528966
RPMG9 BZ    PET MANG-RECEIPT   76852724.2   -212528966
RPMG10 BZ   PET MANG-RECEIPT   76852724.2   -212528966
TRES3 BZ    MMX MINERACAO      1018389001   -160218401
MMXMY US    MMX MINERACA-GDR   1018389001   -160218401
SNST3 BZ    SANESALTO          27381496.7   -870175.96
CEED3B BZ   CEEE-D             1090886627  -15249815.8
CEED4B BZ   CEEE-D-PREF        1090886627  -15249815.8
BDFCE US    B&D FOOD CORP        16631180     -1448544
BOBR2 BZ    BOMBRIL-RGTS PRE    289000174   -166589140
BOBR1 BZ    BOMBRIL-RIGHTS      289000174   -166589140
XMM CN      MMX MINERACA-GDR   1018389001   -160218401
TBH-W US    TELEBRAS/W-I-ADR    244018546  -6054999.05
3M11 GR     MMX MINERACA-GDR   1018389001   -160218401
MILK11 BZ   LAEP-BDR            440611400  -32930986.3
LEAP LX     LAEP INVESTMENTS    440611400  -32930986.3
MMXCF US    MMX MINERACAO      1018389001   -160218401
BLDR3 BZ    BALADARE            144928981  -33970462.8
TXRX1 BZ    TEXTEIS RENAU-RT   58969047.8  -91550951.9
TXRX2 BZ    TEXTEIS RENAU-RT   58969047.8  -91550951.9
TXRX9 BZ    TEXTEIS RENA-RCT   58969047.8  -91550951.9
TXRX10 BZ   TEXTEIS RENA-RCT   58969047.8  -91550951.9
TELB9 BZ    TELEBRAS SA-RT      244018546  -6054999.05
GASC4 BZ    GASCOIGNE EMP-PF   1123596482   -536003486
GASC3 BZ    ALL MALHA PAULIS   1123596482   -536003486
MRLM4 BZ    CIA PETROLIF-PRF    377602195  -3014291.72
MRLM3 BZ    CIA PETROLIFERA     377602195  -3014291.72
CEED3 BZ    CEEE-D             1090886627  -15249815.8
NOVA3 BZ    NOVA AMERICA SA      21287489   -183535527
NOVA4 BZ    NOVA AMERICA-PRF     21287489   -183535527
PRMN3 BZ    PROMAN             13403496.6  -173711.308
BDFC US     B&D FOOD CORP        16631180     -1448544
CEED4 BZ    CEEE-D-PREF        1090886627  -15249815.8
TELB3 BZ    TELEBRAS SA         244018546  -6054999.05
TLBRON BZ   TELEBRAS SA         244018546  -6054999.05
TBASF US    TELEBRAS SA         244018546  -6054999.05
TELB4 BZ    TELEBRAS SA-PREF    244018546  -6054999.05
TLBRPN BZ   TELEBRAS SA-PREF    244018546  -6054999.05
TBAPY US    TELEBRAS-ADR        244018546  -6054999.05
TBRAY GR    TELEBRAS-ADR        244018546  -6054999.05
RCTB4 AR    TELEBRAS-CEDE PF    244018546  -6054999.05
RCT4C AR    TELEBRAS-CED C/E    244018546  -6054999.05
RCT4D AR    TELEBRAS-CEDEA $    244018546  -6054999.05
RCT4B AR    TELEBRAS-CEDE BL    244018546  -6054999.05
TBH US      TELEBRAS-ADR        244018546  -6054999.05
TBX GR      TELEBRAS-ADR        244018546  -6054999.05
RTB US      TELEBRAS-ADR        244018546  -6054999.05
TBASY US    TELEBRAS-ADR        244018546  -6054999.05
TELB10 BZ   TELEBRAS-RCT PRF    244018546  -6054999.05
RCTB1 BZ    TELEBRAS-RTS CMN    244018546  -6054999.05
RCTB2 BZ    TELEBRAS-RTS PRF    244018546  -6054999.05
TCLP1 BZ    TELEBRAS-RTS CMN    244018546  -6054999.05
TLCP2 BZ    TELEBRAS-RTS PRF    244018546  -6054999.05
TELB1 BZ    TELEBRAS-COM RT     244018546  -6054999.05
RCTB31 BZ   TELEBRAS-CM RCPT    244018546  -6054999.05
TELE31 BZ   TELEBRAS-CM RCPT    244018546  -6054999.05
RCTB33 BZ   TELEBRAS-RCT        244018546  -6054999.05
TBRTF US    TELEBRAS-CM RCPT    244018546  -6054999.05
RCTB32 BZ   TELEBRAS-CM RCPT    244018546  -6054999.05
RCTB41 BZ   TELEBRAS-PF RCPT    244018546  -6054999.05
TELE41 BZ   TELEBRAS-PF RCPT    244018546  -6054999.05
RCTB42 BZ   TELEBRAS-PF RCPT    244018546  -6054999.05
TELB4 AR    TELEBRAS-CEDE PF    244018546  -6054999.05
TEL4C AR    TELEBRAS-CED C/E    244018546  -6054999.05
RCTB30 BZ   TELEBRAS-CM RCPT    244018546  -6054999.05
RCTB40 BZ   TELEBRAS-PF RCPT    244018546  -6054999.05
TBAPF US    TELEBRAS-PF RCPT    244018546  -6054999.05
TLBRUO BZ   TELEBRAS-RECEIPT    244018546  -6054999.05
TLBRUP BZ   TELEBRAS-PF RCPT    244018546  -6054999.05
TELB30 BZ   TELEBRAS-BLOCK      244018546  -6054999.05
TELB40 BZ   TELEBRAS-PF BLCK    244018546  -6054999.05
TEL4D AR    TELEBRAS-CEDEA $    244018546  -6054999.05
ARLA3 BZ    ARTHUR LANGE       21333792.8    -16295577
ALICON BZ   ARTHUR LANGE SA    21333792.8    -16295577
ARLA4 BZ    ARTHUR LANGE-PRF   21333792.8    -16295577
ALICPN BZ   ARTHUR LANGE-PRF   21333792.8    -16295577
ARLA1 BZ    ARTHUR LANG-RT C   21333792.8    -16295577
ARLA2 BZ    ARTHUR LANG-RT P   21333792.8    -16295577
ARLA9 BZ    ARTHUR LANG-RC C   21333792.8    -16295577
ARLA10 BZ   ARTHUR LANG-RC P   21333792.8    -16295577
ARLA11 BZ   ARTHUR LAN-DVD C   21333792.8    -16295577
ARLA12 BZ   ARTHUR LAN-DVD P   21333792.8    -16295577
BOBR3 BZ    BOMBRIL             289000174   -166589140
BOBRON BZ   BOMBRIL CIRIO SA    289000174   -166589140
BOBR4 BZ    BOMBRIL-PREF        289000174   -166589140
BOBRPN BZ   BOMBRIL CIRIO-PF    289000174   -166589140
BMBPY US    BOMBRIL SA-ADR      289000174   -166589140
BMBBY US    BOMBRIL SA-ADR      289000174   -166589140
BUET3 BZ    BUETTNER           97710630.4  -46681943.4
BUETON BZ   BUETTNER SA        97710630.4  -46681943.4
BUET4 BZ    BUETTNER-PREF      97710630.4  -46681943.4
BUETPN BZ   BUETTNER SA-PRF    97710630.4  -46681943.4
BUET1 BZ    BUETTNER SA-RTS    97710630.4  -46681943.4
BUET2 BZ    BUETTNER SA-RT P   97710630.4  -46681943.4
CAFE3 BZ    CAF BRASILIA       20168618.5   -728730286
CSBRON BZ   CAFE BRASILIA SA   20168618.5   -728730286
CAFE4 BZ    CAF BRASILIA-PRF   20168618.5   -728730286
CSBRPN BZ   CAFE BRASILIA-PR   20168618.5   -728730286
CAMB3 BZ    CAMBUCI SA         91527757.2    -26705143
CAMBON BZ   CAMBUCI SA         91527757.2    -26705143
CAMB4 BZ    CAMBUCI SA-PREF    91527757.2    -26705143
CAMBPN BZ   CAMBUCI SA-PREF    91527757.2    -26705143
CXDOF US    CAMBUCI SA-PREF    91527757.2    -26705143
CCHI3 BZ    CHIARELLI SA       22274026.8  -44537138.2
CCHON BZ    CHIARELLI SA       22274026.8  -44537138.2
CCHI4 BZ    CHIARELLI SA-PRF   22274026.8  -44537138.2
CCHPN BZ    CHIARELLI SA-PRF   22274026.8  -44537138.2
IMBI3 BZ    DOC IMBITUBA        114896167  -16783228.4
IMBION BZ   DOCAS IMBITUBA      114896167  -16783228.4
IMBI4 BZ    DOC IMBITUB-PREF    114896167  -16783228.4
IMBIPN BZ   DOCAS IMBITUB-PR    114896167  -16783228.4
SCLO3 BZ    SCHLOSSER          11745600.4  -75930514.2
SCHON BZ    SCHLOSSER SA       11745600.4  -75930514.2
SCLO4 BZ    SCHLOSSER-PREF     11745600.4  -75930514.2
SCHPN BZ    SCHLOSSER SA-PRF   11745600.4  -75930514.2
CALI3 BZ    CONST A LINDEN       11147513    -15979177
LINDON BZ   CONST A LINDEN       11147513    -15979177
CALI4 BZ    CONST A LIND-PRF     11147513    -15979177
LINDPN BZ   CONST A LIND-PRF     11147513    -15979177
DHBI3 BZ    D H B               124060999   -405125353
DHBON BZ    DHB IND E COM       124060999   -405125353
DHBI4 BZ    D H B-PREF          124060999   -405125353
DHBPN BZ    DHB IND E COM-PR    124060999   -405125353
DOCA3 BZ    DOCA INVESTIMENT   88417960.9  -18059127.9
DOCAON BZ   DOCAS SA           88417960.9  -18059127.9
DOCA4 BZ    DOCA INVESTI-PFD   88417960.9  -18059127.9
DOCAPN BZ   DOCAS SA-PREF      88417960.9  -18059127.9
DOCA2 BZ    DOCAS SA-RTS PRF   88417960.9  -18059127.9
EALT3 BZ    ACO ALTONA         84614947.9  -14270921.5
EAAON BZ    ACO ALTONA SA      84614947.9  -14270921.5
EALT4 BZ    ACO ALTONA-PREF    84614947.9  -14270921.5
EAAPN BZ    ACO ALTONA-PREF    84614947.9  -14270921.5
FTRX3 BZ    FABRICA RENAUX     66779266.7  -50394386.1
FRNXON BZ   FABRICA RENAUX     66779266.7  -50394386.1
FTRX4 BZ    FABRICA RENAUX-P   66779266.7  -50394386.1
FRNXPN BZ   FABRICA RENAUX-P   66779266.7  -50394386.1
HAGA3 BZ    HAGA               16483114.1    -62923102
HAGAON BZ   FERRAGENS HAGA     16483114.1    -62923102
HAGA4 BZ    FER HAGA-PREF      16483114.1    -62923102
HAGAPN BZ   FERRAGENS HAGA-P   16483114.1    -62923102
SJOS3 BZ    TECEL S JOSE       17924946.1  -18569451.2
FTSJON BZ   TECEL S JOSE       17924946.1  -18569451.2
SJOS4 BZ    TECEL S JOSE-PRF   17924946.1  -18569451.2
FTSJPN BZ   TECEL S JOSE-PRF   17924946.1  -18569451.2
GAFP3 BZ    CIMOB PARTIC SA    36817394.8  -33083086.5
GAFON BZ    CIMOB PARTIC SA    36817394.8  -33083086.5
GAFP4 BZ    CIMOB PART-PREF    36817394.8  -33083086.5
GAFPN BZ    CIMOB PART-PREF    36817394.8  -33083086.5
GAZO3 BZ    GAZOLA             12452143.1  -40298506.3
GAZON BZ    GAZOLA SA          12452143.1  -40298506.3
GAZO4 BZ    GAZOLA-PREF        12452143.1  -40298506.3
GAZPN BZ    GAZOLA SA-PREF     12452143.1  -40298506.3
GAZO9 BZ    GAZOLA-RCPTS CMN   12452143.1  -40298506.3
GAZO10 BZ   GAZOLA-RCPT PREF   12452143.1  -40298506.3
GAZO11 BZ   GAZOLA SA-DVD CM   12452143.1  -40298506.3
GAZO12 BZ   GAZOLA SA-DVD PF   12452143.1  -40298506.3
TXRX3 BZ    RENAUXVIEW SA      58969047.8  -91550951.9
RENXON BZ   TEXTEIS RENAUX     58969047.8  -91550951.9
TXRX4 BZ    RENAUXVIEW SA-PF   58969047.8  -91550951.9
RENXPN BZ   TEXTEIS RENAUX     58969047.8  -91550951.9
LCSA3 BZ    PARMALAT            353615265   -165164436
LCSAON BZ   PARMALAT BRASIL     353615265   -165164436
LCSA4 BZ    PARMALAT-PREF       353615265   -165164436
LCSAPN BZ   PARMALAT BRAS-PF    353615265   -165164436
LCSA5 BZ    PARMALAT BR-RT C    353615265   -165164436
LCSA6 BZ    PARMALAT BR-RT P    353615265   -165164436
ESTR3 BZ    ESTRELA SA         61011893.6  -54580283.6
ESTRON BZ   ESTRELA SA         61011893.6  -54580283.6
ESTR4 BZ    ESTRELA SA-PREF    61011893.6  -54580283.6
ESTRPN BZ   ESTRELA SA-PREF    61011893.6  -54580283.6
RSUL3 BZ    RIOSULENSE SA      61902901.7  -11292932.5
RSULON BZ   RIOSULENSE SA      61902901.7  -11292932.5
RSUL4 BZ    RIOSULENSE SA-PR   61902901.7  -11292932.5
RSULPN BZ   RIOSULENSE SA-PR   61902901.7  -11292932.5
MWET3 BZ    WETZEL SA          79756128.3  -6350930.69
MWELON BZ   WETZEL SA          79756128.3  -6350930.69
MWET4 BZ    WETZEL SA-PREF     79756128.3  -6350930.69
MWELPN BZ   WETZEL SA-PREF     79756128.3  -6350930.69
MNPR3 BZ    MINUPAR            89611489.4  -20702110.7
MNPRON BZ   MINUPAR SA         89611489.4  -20702110.7
MNPR4 BZ    MINUPAR-PREF       89611489.4  -20702110.7
MNPRPN BZ   MINUPAR SA-PREF    89611489.4  -20702110.7
NORD3 BZ    NORDON MET         15498217.4  -20133536.7
NORDON BZ   NORDON METAL       15498217.4  -20133536.7
NORD1 BZ    NORDON MET-RTS     15498217.4  -20133536.7
NOVA3B BZ   NOVA AMERICA SA      21287489   -183535527
NOVAON BZ   NOVA AMERICA SA      21287489   -183535527
NOVA4B BZ   NOVA AMERICA-PRF     21287489   -183535527
NOVAPN BZ   NOVA AMERICA-PRF     21287489   -183535527
1NOVPN BZ   NOVA AMERICA-PRF     21287489   -183535527
1NOVON BZ   NOVA AMERICA SA      21287489   -183535527
RPMG3 BZ    PETRO MANGUINHOS   76852724.2   -212528966
MANGON BZ   PETRO MANGUINHOS   76852724.2   -212528966
RPMG4 BZ    PET MANGUINH-PRF   76852724.2   -212528966
MANGPN BZ   PETRO MANGUIN-PF   76852724.2   -212528966
REEM3 BZ    RIMET              63757621.6   -107162240
REEMON BZ   RIMET              63757621.6   -107162240
REEM4 BZ    RIMET-PREF         63757621.6   -107162240
REEMPN BZ   RIMET-PREF         63757621.6   -107162240
SNSY3 BZ    SANSUY              100279115  -45812488.8
SNSYON BZ   SANSUY SA           100279115  -45812488.8
SNSY5 BZ    SANSUY-PREF A       100279115  -45812488.8
SNSYAN BZ   SANSUY SA-PREF A    100279115  -45812488.8
SNSY6 BZ    SANSUY-PREF B       100279115  -45812488.8
SNSYBN BZ   SANSUY SA-PREF B    100279115  -45812488.8
STRP3 BZ    BOTUCATU TEXTIL    35101566.8  -13482713.5
STARON BZ   STAROUP SA         35101566.8  -13482713.5
STRP4 BZ    BOTUCATU-PREF      35101566.8  -13482713.5
STARPN BZ   STAROUP SA-PREF    35101566.8  -13482713.5
TEKA3 BZ    TEKA                237436194   -360484910
TEKAON BZ   TEKA                237436194   -360484910
TEKA4 BZ    TEKA-PREF           237436194   -360484910
TEKAPN BZ   TEKA-PREF           237436194   -360484910
TKTPY US    TEKA-ADR            237436194   -360484910
TKTQY US    TEKA-ADR            237436194   -360484910
VAGV3 BZ    VARIG SA            966298026  -4695211316
VARGON BZ   VARIG SA            966298026  -4695211316
VAGV4 BZ    VARIG SA-PREF       966298026  -4695211316
VARGPN BZ   VARIG SA-PREF       966298026  -4695211316
WISA3 BZ    WIEST              39838113.9  -93371563.1
WISAON BZ   WIEST SA           39838113.9  -93371563.1
WISA4 BZ    WIEST-PREF         39838113.9  -93371563.1
WISAPN BZ   WIEST SA-PREF      39838113.9  -93371563.1
VSPT3 BZ    FER C ATLANT       1189275625  -35605725.7
VSPT4 BZ    FER C ATLANT-PRF   1189275625  -35605725.7
VSPT11 BZ   FERROVIA CEN-DVD   1189275625  -35605725.7
VSPT12 BZ   FERROVIA CEN-DVD   1189275625  -35605725.7
VSPT9 BZ    FER C ATL-RCT CM   1189275625  -35605725.7
VSPT10 BZ   FER C ATL-RCT PF   1189275625  -35605725.7
PQTM3 BZ    HOPI HARI SA       62168844.1  -55189836.7
PQTM4 BZ    HOPI HARI-PREF     62168844.1  -55189836.7
PQT5 BZ     PARQUE TEM-DV CM   62168844.1  -55189836.7
PQT6 BZ     PARQUE TEM-DV PF   62168844.1  -55189836.7
PQTM1 BZ    PARQUE TEM-RT CM   62168844.1  -55189836.7
PQTM2 BZ    PARQUE TEM-RT PF   62168844.1  -55189836.7
PQTM9 BZ    PARQUE TEM-RCT C   62168844.1  -55189836.7
PQTM10 BZ   PARQUE TEM-RCT P   62168844.1  -55189836.7
MMXM3 BZ    MMX MINERACAO      1018389001   -160218401
1TSSON BZ   TRESSEM PART SA    1018389001   -160218401
GASC3B BZ   ALL MALHA PAULIS   1123596482   -536003486
GASC4B BZ   GASCOIGNE EMP-PF   1123596482   -536003486
1GASON BZ   GASCOIGNE EMPREE   1123596482   -536003486
1GASPN BZ   GASCOIGNE EMP-PF   1123596482   -536003486
MRLM3B BZ   CIA PETROLIFERA     377602195  -3014291.72
MRLM4B BZ   CIA PETROLIF-PRF    377602195  -3014291.72
1CPMON BZ   CIA PETROLIFERA     377602195  -3014291.72
1CPMPN BZ   CIA PETROLIF-PRF    377602195  -3014291.72
LATF US     LATTENO FOOD COR     16631180     -1448544
VPTA3 BZ    VARIG PART EM TR   49432124.2   -399290426
VPTA4 BZ    VARIG PART EM-PR   49432124.2   -399290426
VPSC3 BZ    VARIG PART EM SE    101177852   -318442006
VPSC4 BZ    VARIG PART EM-PR    101177852   -318442006

COLOMBIA

TL US       CHILESAT CO-ADR     450943845  -52392581.3
TELEX CI    CHILESAT CORP SA    450943845  -52392581.3
CHISATOS CI CHILESAT CO-RTS     450943845  -52392581.3
CHILESAT CI TELMEX CORP SA      450943845  -52392581.3
TELEXA CI   TELEX-A             450943845  -52392581.3
CSAOY US    TELMEX CORP-ADR     450943845  -52392581.3
TELEXO CI   TELEX-RTS           450943845  -52392581.3

                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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