TCRLA_Public/100105.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, January 5, 2010, Vol. 11, No. 002

                            Headlines



A R G E N T I N A

DELFOR CONSTRUCCIONES: Creditors' Proofs of Debt Due on April 15
PAMPAS BEEF: Creditors' Proofs of Debt Due on February 26
ROTAGRAF SA: Creditors' Proofs of Debt Due on April 15
SOLMEL SRL: Creditors' Proofs of Debt Due on April 13


B E R M U D A

ESG REINSURANCE: Appoints Morrison and Thresh as Liquidators
GEORGETTE LIMITED: Court to Hear Wind-Up Petition on January 22
INTELSAT JACKSON: Bank Debt Trades at 10% Off in Secondary Market
J O HAMBRO: Creditors' Proofs of Debt Due on January 13
J O HAMBRO: Member to Receive Wind-Up Report on February 8

MAC ISTABRAQ: Creditors' Proofs of Debt Due on January 13
MAC ISTABRAQ: Members to Receive Wind-Up Report on February 3
QFV FEEDER: Creditors' Proofs of Debt Due on January 13
QFV FEEDER: Members to Receive Wind-Up Report on February 3
VCGA III: Creditors' Proofs of Debt Due on January 13

VCGA III: Members to Receive Wind-Up Report on February 3


B R A Z I L

BANK BTG PASCUAL: Plans IPO by June
COMPANHIA SIDERURGICA: Gives Update on CSN Galvasud SA Subsidiary
EMBRAER: Opens New Service Center for Executive Jets
GOL LINHAS: Has US$150MM Loan to Close 2010 Aircraft Financing
LEHMAN BROTHERS: Court OKs Forgiveness of Brazil Unit Debt


C A Y M A N  I S L A N D S

ABN AMRO: Commences Wind-Up Proceedings
ASGODIA CDO: Commences Liquidation Proceedings
BT CAYMAN: Commences Liquidation Proceedings
CASGODIA CDO: Commences Liquidation Proceedings
CHALKSTREAM (ISTRA): Commences Liquidation Proceedings

CHALKSTREAM (TUCKERMAN): Commences Liquidation Proceedings
CREDITCO (CAYMAN): Commences Liquidation Proceedings
GEOFLY 1997: Commences Liquidation Proceedings
GHIR LIMITED: Commences Liquidation Proceedings
ING CLARION: Commences Liquidation Proceedings

ING CLARION: Commences Liquidation Proceedings
JULIA CDO: Commences Liquidation Proceedings
MALBEC QUANTYS: Commences Wind-Up Proceedings
MAYON, LTD: Commences Wind-Up Proceedings
MUTUAL FUND: Commences Liquidation Proceedings

MUTUAL FUND: Commences Liquidation Proceedings
NAUTIQUE FUNDING: Commences Wind-Up Proceedings
ORSILOCHUS (CAYMAN): Commences Liquidation Proceedings
PALMETTO SYNTHETIC: Commences Liquidation Proceedings
PANTERA ARABIA: Commences Wind-Up Proceedings

PANTERA ARABIA: Commences Wind-Up Proceedings
PANTERA GLOBAL: Commences Liquidation Proceedings
PANTON ALTERNATIVE: Commences Wind-Up Proceedings
RAVENNA INVESTMENT: Placed Under Voluntary Wind-Up
SEAMOUNT GLOBAL: Commences Liquidation Proceedings

STONE TOWER: Commences Liquidation Proceedings
UNITED GLOBAL: Commences Liquidation Proceedings
VANTAGE ALTERNATIVE: Commences Liquidation Proceedings
VANTAGE ALTERNATIVE: Commences Liquidation Proceedings


G R E N A D A

* GRENADA: Prime Minister Sees Economy to Shrink 1.8% in 2010


J A M A I C A

AMR CORP: Port Royal Businesses Hurt by Crash; Firm May Sue
* JAMAICA: Government to Divest Companies


V E N E Z U E L A

CITGO PETROLEUM: Lemont Refinery to Undergo Safety Audit
PETROLEOS DE VENEZUELA: Forms JV With Eni to Refine Junin 5 Oil
* VENEZUELA: May Develop More Orinoco Oil Blocks With Russia


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


DELFOR CONSTRUCCIONES: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------------------
The court-appointed trustee for Delfor Construcciones S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 24, 2010.

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

Inadmissible claims may be subject to appeal in a separate
proceedings 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
August 19, 2010.


PAMPAS BEEF: Creditors' Proofs of Debt Due on February 26
---------------------------------------------------------
The court-appointed trustee for Pampas Beef S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 26, 2010.

The trustee will present the validated claims in court as
individual reports on April 14, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceedings 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 27, 2010.


ROTAGRAF SA: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------
The court-appointed trustee for Rotagraf S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
April 15, 2010.

The trustee will present the validated claims in court as
individual reports on August 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 17, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 8, 2011.


SOLMEL SRL: Creditors' Proofs of Debt Due on April 13
-----------------------------------------------------
The court-appointed trustee for Solmel S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
April 13, 2010.

The trustee will present the validated claims in court as
individual reports on May 24, 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
proceedings 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
July 6, 2010.


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


ESG REINSURANCE: Appoints Morrison and Thresh as Liquidators
------------------------------------------------------------
On December 24, 2009, the Supreme Court of Bermuda appointed
Messrs. Mike W Morrison and Charles Thresh as the provisional
liquidators of ESG Reinsurance (Bermuda) Limited.


GEORGETTE LIMITED: Court to Hear Wind-Up Petition on January 22
---------------------------------------------------------------
A petition to wind up the operations of Georgette Limited will be
heard before the Supreme Court of Bermuda on January 22, 2010, at
9:30 a.m.


INTELSAT JACKSON: Bank Debt Trades at 10% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Intelsat Jackson
Holdings is a borrower traded in the secondary market at 90.45
cents-on-the-dollar during the week ended Thursday, Dec. 31, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.70
percentage points from the previous week, The Journal relates.
The Company pays 300 basis points above LIBOR to borrow under the
loan facility, which matures on Feb. 5, 2014.  The bank debt
carries Moody's B3 rating and Standard & Poor's B+ rating.  The
debt is one of the biggest gainers and losers among 166 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Dec. 31, 2009.

Intelsat Jackson Holdings is an indirect subsidiary of Intelsat
Ltd.  Headquartered in Penbroke, Bermuda, Intelsat is the largest
fixed satellite service operator in the world and is privately
held by financial investors.

As reported by the Troubled Company Reporter on Oct. 16, 2009,
Standard & Poor's assigned its 'B+' issue-level and '2' recovery
ratings to Intelsat Jackson Holdings Ltd.'s proposed US$500
million senior notes due 2019.  The '2' recovery rating indicates
expectations for substantial (70%-90%) recovery in the event of a
payment default.  The proposed notes are also guaranteed by
Intelsat Subsidiary Holding Co. Ltd.  Issue proceeds will be used
to purchase and retire about US$400 million of the 11.5%/12.5%
senior paid-in-kind election notes due 2017 that reside at
Intelsat Bermuda Ltd. (US$2.4 billion outstanding as of June 30,
2009) and for general corporate purposes.  Ratings are based on
preliminary documentation and are subject to review of final
documents.

In addition, S&P lowered the issue-level ratings on Intelsat Sub
Holdco's unsecured debt to 'B+' from 'BB-'.  This rating action
also applies to the debt at Intelsat Jackson Holdings that is
guaranteed by Sub Holdco.  The downgrade of about US$3.7 billion
in debt is due to the increased debt that is guaranteed by
Intelsat Sub Holdco.  S&P revised the recovery rating on these
notes to '2' from '1'.  Also, S&P affirmed the 'B' corporate
credit rating on parent Intelsat Ltd.  The outlook is stable.

The TCR reported on Oct. 16, 2009, that Moody's assigned a B3
rating to Intelsat Jackson Holdings, Ltd.'s new US$500 million 10-
year note issue.  The new notes are guaranteed by Intelsat
Jackson's indirect, wholly owned subsidiary, Intelsat Subsidiary
Holding Company, Ltd. and, as they rank equally with existing B3-
rated senior notes issued by Intelsat SubHoldCo (and with senior
notes at Intelsat SubHoldCo's sister company, Intelsat
Corporation), they are rated at the same B3 level.


J O HAMBRO: Creditors' Proofs of Debt Due on January 13
-------------------------------------------------------
The creditors of J O Hambro Capital Management (Bermuda) Limited
are required to file their proofs of debt by January 13, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on December 24, 2009.

The company's liquidator is:

         Christopher C. Morris
         Century House, 16 Par-la-Ville Road\
         Hamilton HM 08
         Bermuda


J O HAMBRO: Member to Receive Wind-Up Report on February 8
----------------------------------------------------------
The member of J O Hambro Capital Management (Bermuda) Limited will
receive, on February 8, 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 24, 2009.

The company's liquidator is:

         Christopher C. Morris
         Century House, 16 Par-la-Ville Road\
         Hamilton HM 08
         Bermuda


MAC ISTABRAQ: Creditors' Proofs of Debt Due on January 13
---------------------------------------------------------
The creditors of MAC Istabraq 18A Limited are required to file
their proofs of debt by January 13, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 29, 2009.

The company's liquidator is:

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


MAC ISTABRAQ: Members to Receive Wind-Up Report on February 3
-------------------------------------------------------------
The members of MAC Istabraq 18A Limited will receive, on
February 3, 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 29, 2009.

The company's liquidator is:

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


QFV FEEDER: Creditors' Proofs of Debt Due on January 13
-------------------------------------------------------
The creditors of QFV Feeder Fund Ltd are required to file their
proofs of debt by January 13, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 29, 2009.

The company's liquidator is:

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


QFV FEEDER: Members to Receive Wind-Up Report on February 3
-----------------------------------------------------------
The members of QFV Feeder Fund Ltd will receive, on February 3,
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 29, 2009.

The company's liquidator is:

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


VCGA III: Creditors' Proofs of Debt Due on January 13
-----------------------------------------------------
The creditors of VCGA III Limited are required to file their
proofs of debt by January 13, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 29, 2009.

The company's liquidator is:

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


VCGA III: Members to Receive Wind-Up Report on February 3
---------------------------------------------------------
The members of VCGA III Limited will receive, on February 3, 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 29, 2009.

The company's liquidator is:

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


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


BANK BTG PASCUAL: Plans IPO by June
-----------------------------------
Banco BTG Pactual SA may sell shares in an initial public offering
by the end of June, Francisco Marcelino at Bloomberg News reports,
citing O Globo columnist Ancelmo Gois.

According to the report, Mr. Gois said the bank has a valuation of
about BRL10 billion (US$5.77 billion).

Banco BTG Pascual SA is an investment banking firm focused
primarily on research, corporate financing, capital markets, asset
management, private banking, propriety trading, investment sales,
and trade/broker dealer services.

                           *     *     *

As of January 5, 2009, the company continues to carry Fitch BB+ LT
Issuer default ratings.


COMPANHIA SIDERURGICA: Gives Update on CSN Galvasud SA Subsidiary
-----------------------------------------------------------------
According to an article posted at Steel Guru News on Saturday,
Companhia Siderurgica Nacional provided shareholders and other
market players an update on its subsidiary CSN Galvasud SA.

According to the article, CSN said development studies are still
ongoing and details of the terms and conditions of the Merger will
be the subject of the Protocol and Justification of Merger yet to
be reached between the Directors of CSN and Galvasud and
subsequently submitted for resolution by shareholders of the
companies in their respective General Assemblies Extraordinary,
yet to be convened.

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+.


EMBRAER: Opens New Service Center for Executive Jets
----------------------------------------------------
Empresa Brasileira de Aeronautica SA in December officially opened
a service center dedicated exclusively to executive jets at its
headquarters in Sao Jose dos Campos.  Now, the company offers a
new support and services option, especially for Latin American
customers.

"As promised at the last LABACE, we have met our goal of
delivering this new service center dedicated to executive
aviation to our customers, during 2009," said Edson Carlos
Mallaco, Embraer Vice President, Customer Support and
Services - Executive Jets.  "It is with a profound sense of
satisfaction that we have moved forward in our purpose of always
serving our customers better, and I want to take advantage of the
moment to congratulate everyone who is involved in this
achievement."

The service center began its activities at the end of October
2009.  Since then, both light (routine and six-month check) and
heavy (48-month overhaul) maintenance have been performed on the
Legacy 600 jet, as well as several services on the Phenom 100
aircraft.  Located in the Sao Jose dos Campos Airport, the new
center has 17,438 square feet (1,620 square meters) of area
aircraft and another 1,938 square feet (180 square meters) for
administrative functions.

At the facility, Embraer offers scheduled and unscheduled
maintenance for the Phenom and Legacy families of executive jets,
as well as remote assistance (at the site where the aircraft is
located, when it is unable to fly to the service center).
Embraer's fleet of executive jets has grown rapidly in Latin
America, in recent years. At the present time, the backlog of firm
orders to be delivered is more than 100 airplanes.  Eleven Legacy
600 jets operate in the region and more than ten Phenom 100s have
been delivered.  Celebrating the 1st Legacy 600 maintenance
performed in the Sao Jose dos Campos service center

                         About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB?Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


GOL LINHAS: Has US$150MM Loan to Close 2010 Aircraft Financing
--------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has secured a US$150 million
credit line, to finance aircraft acquisition prepayments.  This
concludes the financing of such payments until the end of 2010, in
accordance with the company's plan to renew its fleet, which will
consist exclusively of Boeing 737-800s and Next Generation 737-
700s.

The credit line was taken out with Natixis Transport Finance, a
European financial institution specializing in financing for the
industrial area, at the Libor plus 2.45% per year and
amortizations (principal plus interest) will coincide with the
2010 aircraft delivery schedule.

"Few airlines had access to this type of financing in 2009. We
believe this contract will play an important role in improving our
cash flow in 2010 and confirm the financial institutions' positive
view of GOL's business plan," declared Leonardo Pereira, GOL's
Executive Vice-President.

                        About GOL Linhas

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

                           *     *     *

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

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

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

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

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


LEHMAN BROTHERS: Court OKs Forgiveness of Brazil Unit Debt
----------------------------------------------------------
Lehman Brothers Special Financing Inc., an affiliated debtor of
Lehman Brothers Holdings Inc., sought and obtained an order from
the U.S. Bankruptcy Court for the Southern District of New YOrk
authorizing it to forgive a Brazil-based affiliate's
BRL56.7 million debt.

The amount represents a portion of the BRL82.6 million in accrued
interest on the promissory notes, which Libro Companhia
Securitizadora de Creditos Financeiros did not remit to LBSF and
LB I Group Inc.  Libro Companhia issued the notes to LBSF and LB
I Group in the sum of BRL457 million, which the Brazilian company
used to purchase its assets.

Richard Krasnow, Esq., at Weil Gotshal & Manges LLP, in New York,
says the ruling sought by LBSF is part of its plan to sell the
Brazilian company.

LBSF, which owns substantially all of the equity of Libro
Companhia, anticipates that any prospective buyer of the
Brazilian company would require either payment or a reserve for
payment from the sale proceeds, of BRL14.5 million in taxes
payable to the Brazilian government on account of the unpaid
interest.

Under Brazilian law, interest payments to non-Brazilian residents
such as LBSF and LB I Group are subject to withholding income tax
at a rate of 15% payable at the time of remittance.

"In order to maximize proceeds from the Libro sale, LBSF and LB I
Group intend to waive and forgive a portion of the accrued
interest," Mr. Krasnow says in court papers.

Of the BRL56.7 million, LBSF will waive and forgive interest in
the sum of BRL13.5 million while LB I Group will waive and
forgive BRL43.2 million.

LBSF will also compensate LB I Group for its waiver and
forgiveness from a portion of the money, if any, that LBSF would
receive under the sale that is attributable to its equity
interest.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


ABN AMRO: Commences Wind-Up Proceedings
---------------------------------------
ABN AMRO Asset Management Investments (Asia) Limited commenced
wind-up proceedings on November 3, 2009.

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:

         Fides Limited
         c/o Ian Goddard
         Cereita Lawrence
         P.O. Box 10338, Grand Cayman KY1 ?1003
         Telephone: 345-949-7232
         e-mail: mdonaldson@ky.equitytrust.com


ASGODIA CDO: Commences Liquidation Proceedings
----------------------------------------------
Asgodia CDO Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


BT CAYMAN: Commences Liquidation Proceedings
--------------------------------------------
BT Cayman Income No. 2 Limited commenced liquidation proceedings
on November 12, 2009.

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

David Dyer is the company's liquidator.


CASGODIA CDO: Commences Liquidation Proceedings
-----------------------------------------------
Casgodia CDO Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


CHALKSTREAM (ISTRA): Commences Liquidation Proceedings
------------------------------------------------------
Chalkstream (Istra) Subsidiary, Ltd. commenced liquidation
proceedings on November 6, 2009.

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:

         Andrew K. Tsai
         590 Madison Avenue, 9th Floor
         New York, NY 10022, U.S.A.


CHALKSTREAM (TUCKERMAN): Commences Liquidation Proceedings
----------------------------------------------------------
Chalkstream (Tuckerman) Subsidiary II, Ltd. commenced liquidation
proceedings on November 6, 2009.

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:

         Andrew K. Tsai
         590 Madison Avenue, 9th Floor
         New York, NY 10022, U.S.A.


CREDITCO (CAYMAN): Commences Liquidation Proceedings
----------------------------------------------------
Creditco (Cayman) Ltd commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


GEOFLY 1997: Commences Liquidation Proceedings
----------------------------------------------
Geofly 1997 Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


GHIR LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
GHIR Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


ING CLARION: Commences Liquidation Proceedings
----------------------------------------------
ING Clarion Global Liquidfund Ltd. commenced liquidation
proceedings on November 3, 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.

Maricorp Services Ltd. is the company's liquidator.


ING CLARION: Commences Liquidation Proceedings
----------------------------------------------
ING Clarion Global Liquidfund GP Ltd. commenced liquidation
proceedings on November 10, 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.

Maricorp Services Ltd. is the company's liquidator.


JULIA CDO: Commences Liquidation Proceedings
--------------------------------------------
Julia CDO Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


MALBEC QUANTYS: Commences Wind-Up Proceedings
---------------------------------------------
Malbec Quantys GP Limited commenced wind-up proceedings on
November 11, 2009.

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

The company's liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


MAYON, LTD: Commences Wind-Up Proceedings
-----------------------------------------
Mayon, Ltd. commenced wind-up proceedings on November 5, 2009.

Creditors are required to file their proofs of debt by
December 14, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (8-A) Europe Focus Limited
commenced liquidation proceedings on November 10, 2009.

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:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (8-B) Pacific Focus Limited
commenced liquidation proceedings on November 10, 2009.

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:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


NAUTIQUE FUNDING: Commences Wind-Up Proceedings
-----------------------------------------------
Nautique Funding II Ltd. commenced wind-up proceedings on
November 12, 2009.

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 SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


ORSILOCHUS (CAYMAN): Commences Liquidation Proceedings
------------------------------------------------------
Orsilochus (Cayman) Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


PALMETTO SYNTHETIC: Commences Liquidation Proceedings
-----------------------------------------------------
Palmetto Synthetic CDO Limited commenced liquidation proceedings
on November 12, 2009.

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

David Dyer is the company's liquidator.


PANTERA ARABIA: Commences Wind-Up Proceedings
---------------------------------------------
Pantera Arabia Fund Ltd. commenced wind-up proceedings on
November 3, 2009.

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:

         Ogier
         c/o Mike Tremmel
         Telephone: +1.415.869.6600
         Facsimile: +1.415.869.6610
         c/o Pantera Capital Management LP
         Four Embarcadero Center, Suite 3660
         San Francisco, California 94111
         United States of America


PANTERA ARABIA: Commences Wind-Up Proceedings
---------------------------------------------
Pantera Arabia Master Fund Ltd. commenced wind-up proceedings on
November 3, 2009.

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:

         Ogier
         c/o Mike Tremmel
         Telephone: +1.415.869.6600
         Facsimile: +1.415.869.6610
         c/o Pantera Capital Management LP
         Four Embarcadero Center, Suite 3660
         San Francisco, California 94111
         United States of America


PANTERA GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
Pantera Global Macro Fund Ltd. commenced liquidation proceedings
on November 3, 2009.

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:

         Ogier
         c/o Mike Tremmel
         Telephone: +1.415.869.6600
         Facsimile: +1.415.869.6610
         c/o Pantera Capital Management LP
         Four Embarcadero Center, Suite 3660
         San Francisco, California 94111
         United States of America


PANTON ALTERNATIVE: Commences Wind-Up Proceedings
-------------------------------------------------
Panton Alternative Fund, Ltd. commenced wind-up proceedings on
November 10, 2009.

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:

         Ogier
         Jonathan McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


RAVENNA INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
Ravenna Investment Ltd commenced wind-up proceedings on
November 3, 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:

         Charles Hotton
         c/o Philip Sutcliffe
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103


SEAMOUNT GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
Seamount Global Fund Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


STONE TOWER: Commences Liquidation Proceedings
----------------------------------------------
Stone Tower CDO IV Ltd commenced liquidation proceedings on
October 29, 2009.

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

David Dyer is the company's liquidator.


UNITED GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
United Global CDO2 II Limited commenced liquidation proceedings on
November 12, 2009.

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

David Dyer is the company's liquidator.


VANTAGE ALTERNATIVE: Commences Liquidation Proceedings
------------------------------------------------------
Vantage Alternative Investments Feeder Fund Limited commenced
liquidation proceedings on October 28, 2009.

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


VANTAGE ALTERNATIVE: Commences Liquidation Proceedings
------------------------------------------------------
Vantage Alternative Investments Fund Limited commenced liquidation
proceedings on October 28, 2009.

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


=============
G R E N A D A
=============


* GRENADA: Prime Minister Sees Economy to Shrink 1.8% in 2010
-------------------------------------------------------------
Grenada Prime Minister Tillman Thomas expects the Caribbean
island's economy to shrink 1.8% in 2010 before returning to growth
in 2011, Jamaica Observer reports.

According to the report, the gross domestic product fell 7.7% in
2009 due largely to declines in construction and tourism.

Mr. Thomas, the report notes, said that an economic recovery
program nevertheless has helped the island to "restore
international financial credibility."  The government now has
access to previously unavailable funds from the World Bank,
International Monetary Fund and European Union, he added.


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


AMR CORP: Port Royal Businesses Hurt by Crash; Firm May Sue
-----------------------------------------------------------
Alicia Roache at Jamaica Observer reports that the crash of
American Airlines Inc. flight 331 is reverberating in Port Royal
and businesses say they are feeling the effects, Jamaica Observer
reports.  The report relates that one company is even threatening
to go as far as file a lawsuit for what it alleges are revenues
lost as a result of the crash.

According to the report, the crash not only threatened the lives
and livelihood of those on board the ill-fated carrier, but many
others whose survival depended on the road that leads to Port
Royal as the road was ordered closed immediately following the
crash.  The report relates that business operators in Port Royal,
the road closures have caused a major disruption in commercial
activity in the small East Kingston community.

As reported in the Troubled Company Reporter-Latin America on
December 30, 2009, RadioJamaica said that Attorney Anthony Hylton
said that American Airlines Inc. could face legal action from the
Airports Authority of Jamaica and the operators of the Norman
Manley International Airport following an accident at the Jamaican
airport.  The report related that following the incident, the
airport was forced to close for several hours resulting in a major
disruption in flights.  The report noted that the airport as well
as the AAJ also incurred expenses associated with its emergency
response system.

                       About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

AMR Corp. reported a net loss of US$390 million for the second
quarter of 2009, or US$1.39 per share.  At June 30, 2009, the
Company had US$24.1 billion in total assets; US$8.2 billion in
total current liabilities, US$8.3 billion in long- term debt, less
current maturities, US$572 million in obligations under capital
leases, less current obligations, US$6.8 billion in pension and
postretirement benefits, and US$3.1 billion in other liabilities,
deferred gains and deferred credits; resulting in a US$3.0 billion
stockholders' deficit.

                       *     *     *

As reported in the Troubled Company reporter on November 4, 2009,
Moody's Investors Service assigned a B1 rating to the US$276
million of senior secured notes due August 2016 of American
Airlines, Inc., which were privately-placed on July 31, 2009.
Moody's is maintaining its other ratings of American and its
parent AMR Corporation, including the Caa1 Corporate Family and
Probability of Default ratings and the SGL-2 Speculative Grade
Liquidity rating.  The outlook is stable.


* JAMAICA: Government to Divest Companies
-----------------------------------------
The government of Jamaica is to divest a number of companies in
which it has full or part ownership, Caribbean Net News reports.
The report relates that Prime Minister Bruce Golding said that the
companies to be divested are:

   -- Clarendon Aluminum Productions,
   -- Port of Kingston,
   -- the Norman Manley International Airport (NMIA),
   -- National Road and Operating Construction Company (NROCC),
   -- Central Waste Water Treatment Plant,
   -- Air Jamaica Limited,
   -- the Montego Bay Convention Center,
   -- Sugar Company of Jamaica,
   -- Sabina Park,
   -- Trelawny Stadium; and
   -- shares in the Jamaica Public Service Company.

Mr. Golding, the report notes, said that the government has equity
in Clarendon Aluminum Productions but the company has accumulated
debt that the government has to bring to finality.  "We are
looking at the option of divesting the shares that the government
has and to see to what extent we can offset the amount that is
owed for our share of capital investment, offset that debt and
have it liquidated," the report quoted Mr. Golding as saying.  "We
have taken a decision at Cabinet . . . to appoint a team to pursue
the privatization of the NMIA.  The method that was used for the
Sangster International Airport was a good method and we intend to
pursue that", he added.

Meanwhile, the report relates, with regards to the Montego Bay
Convention Center, Mr. Golding said that it is going to require a
subsidy unless some other arrangements can be made to relieve the
government of the burden.  The Trelawny Stadium costs about US$25
to US$30 million for servicing and is not generating income, he
added.

                       *     *     *

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


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


CITGO PETROLEUM: Lemont Refinery to Undergo Safety Audit
--------------------------------------------------------
The U.S. Chemical Safety Board last month issued urgent safety
recommendations to Citgo Petroleum Corp., requesting that third-
party audits be performed at all three of the company's
refineries, including its Lemont refinery, Lemont News reports.
The report relates that the company-wide audit requests are in
response to an explosion and fire that occurred July 19 at Citgo's
Corpus Christi, Texas refinery.

"(CSB) was down in Corpus Christi and recommended that these
audits take place," the report quoted said Pete Colarelli,
government and public affairs manager at the Citgo refinery in
Lemont, as saying.

According to the report, the audits of Citgo refineries in Lemont,
Corpus Christi and Lake Charles, La. will include maintenance and
equipment checks, and will focus on the refineries' Hydrofluoric
Acid units (HF units), Mr. Colarelli said.  The report relates
that the HF units are used as a catalyst to break down crude oil
into different products.

Mr. Colarelli, the report notes, said that no deadline has been
set for the audit, but it will begin as soon as possible.  "It's
just a matter that you're making sure you're doing things right
and all the equipment is in working order," the report quoted Mr.
Colarelli as saying.

                       About Citgo Petroleum

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

                           *     *     *

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

Fitch affirmed these ratings for CITGO:

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


PETROLEOS DE VENEZUELA: Forms JV With Eni to Refine Junin 5 Oil
---------------------------------------------------------------
Petroleos de Venezuela is forming a joint venture with Italy's Eni
to extract and refine up to 240,000 barrels per day from the Junin
5 block of the Orinoco belt, Marianna Parraga at Reuters reports.
Pending approval from the boards of both companies, a final accord
will be signed in Venezuela on January 26 next year, PDVSA said in
a statement obtained by the news agency.

According to the report, PDVSA will have a 60% participation, and
ENI the remaining 40%, in the project to produce oil from the 424
km square area and build a refinery nearby.  The report relates
that the agreement would be the first joint venture to build and
operate a refinery in Venezuela's Orinoco belt oil-fields.

PDVSA has so far operated with upgraders to handle the Orinoco
region's heavy crude.

"This agreement is the result of two years of continuous work
between PDVSA and ENI," the report quoted Eni head Paolo Scaroni
as saying.   "Junin is among the blocks with greatest expectations
within the very attractive Orinoco belt," the report quoted Mr.
Scaroni as saying.  The refinery will give the project "greater
robustness," he added.

                            About PDVSA

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

                           *     *     *

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

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


* VENEZUELA: May Develop More Orinoco Oil Blocks With Russia
------------------------------------------------------------
Venezuela and Russia may develop the Junin 3, Ayacucho 2 and
Ayacucho 3 oil blocks in the South American country's Orinoco Belt
as part of agreements signed late last year, Jose Orozco at
Bloomberg News reports, citing El Universal.

According to the report, El Universal said that the three Orinoco
blocks would add more than 450,000 barrels of oil per day to joint
production between the two countries.

The newspaper, the report adds, said that Russia wants to develop
its Venezuelan oil business to strengthen its presence in the U.S.
East Coast market.


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

SOC COMERCIAL PL    SCDPF US     113091441   -254639574
SNIAFA SA-B         SDAGF US      11489328  -840226.119
AUTOPISTAS SOL      APDSF US     351681167   -2858782.1
SOC COMERCIAL PL    CAD IX       113091441   -254639574
SOC COMERCIAL PL    CVVIF US     113091441   -254639574
SOC COMERCIAL PL    CADN EO      113091441   -254639574
COMERCIAL PL-ADR    SCPDS LI     113091441   -254639574
SOC COMERCIAL PL    COME AR      113091441   -254639574
SOC COMERCIAL PL    CADN SW      113091441   -254639574
COMERCIAL PLA-BL    COMEB AR     113091441   -254639574
COMERCIAL PL-C/E    COMEC AR     113091441   -254639574
COMERCIAL PLAT-$    COMED AR     113091441   -254639574
SNIAFA SA           SNIA AR       11489328  -840226.119
SNIAFA SA-B         SNIA5 AR      11489328  -840226.119
AUTOPISTAS SOL      AUSO AR      351681167   -2858782.1
IMPSAT FIBER NET    IMPTQ US     535007008    -17165000
IMPSAT FIBER NET    330902Q GR   535007008    -17165000
IMPSAT FIBER NET    XIMPT SM     535007008    -17165000
IMPSAT FIBER-CED    IMPT AR      535007008    -17165000
IMPSAT FIBER-C/E    IMPTC AR     535007008    -17165000
IMPSAT FIBER-$US    IMPTD AR     535007008    -17165000
IMPSAT FIBER-BLK    IMPTB AR     535007008    -17165000


BRAZIL

DOC IMBITUBA-RTC    IMBI1 BZ     114896167  -16783228.4
DOC IMBITUBA-RTP    IMBI2 BZ     114896167  -16783228.4
TELECOMUNICA-ADR    81370Z BZ    244018546  -6054999.05
FABRICA TECID-RT    FTRX1 BZ      66779267  -50394386.1
PROMAN              PRMN3B BZ     13403497  -173711.308
TEKA-ADR            TEKAY US     237436194   -360484910
BOMBRIL             BMBBF US     289000174   -166589140
TELEBRAS-PF RCPT    CBRZF US     244018546  -6054999.05
TEKA                TKTQF US     237436194   -360484910
TEKA-PREF           TKTPF US     237436194   -360484910
REII INC            REIC US       16631180     -1448544
PET MANG-RIGHTS     RPMG1 BZ      76852724   -212528966
PET MANG-RIGHTS     RPMG2 BZ      76852724   -212528966
PET MANG-RECEIPT    RPMG9 BZ      76852724   -212528966
PET MANG-RECEIPT    RPMG10 BZ     76852724   -212528966
MMX MINERACAO       TRES3 BZ     1.018E+09   -160218401
MMX MINERACA-GDR    MMXMY US     1.018E+09   -160218401
SANESALTO           SNST3 BZ      27381497   -870175.96
CEEE-D              CEED3B BZ    1.091E+09  -15249815.8
CEEE-D-PREF         CEED4B BZ    1.091E+09  -15249815.8
B&D FOOD CORP       BDFCE US      16631180     -1448544
BOMBRIL-RGTS PRE    BOBR2 BZ     289000174   -166589140
BOMBRIL-RIGHTS      BOBR1 BZ     289000174   -166589140
MMX MINERACA-GDR    XMM CN       1.018E+09   -160218401
TELEBRAS/W-I-ADR    TBH-W US     244018546  -6054999.05
MMX MINERACA-GDR    3M11 GR      1.018E+09   -160218401
LAEP-BDR            MILK11 BZ    440611400  -32930986.3
LAEP INVESTMENTS    LEAP LX      440611400  -32930986.3
MMX MINERACAO       MMXCF US     1.018E+09   -160218401
BALADARE            BLDR3 BZ     144928981  -33970462.8
TEXTEIS RENAU-RT    TXRX1 BZ      58969048  -91550951.9
TEXTEIS RENAU-RT    TXRX2 BZ      58969048  -91550951.9
TEXTEIS RENA-RCT    TXRX9 BZ      58969048  -91550951.9
TEXTEIS RENA-RCT    TXRX10 BZ     58969048  -91550951.9
TELEBRAS SA-RT      TELB9 BZ     244018546  -6054999.05
GASCOIGNE EMP-PF    GASC4 BZ     1.124E+09   -536003486
ALL MALHA PAULIS    GASC3 BZ     1.124E+09   -536003486
CIA PETROLIF-PRF    MRLM4 BZ     377602195  -3014291.72
CIA PETROLIFERA     MRLM3 BZ     377602195  -3014291.72
CEEE-D              CEED3 BZ     1.091E+09  -15249815.8
NOVA AMERICA SA     NOVA3 BZ      21287489   -183535527
NOVA AMERICA-PRF    NOVA4 BZ      21287489   -183535527
PROMAN              PRMN3 BZ      13403497  -173711.308
B&D FOOD CORP       BDFC US       16631180     -1448544
CEEE-D-PREF         CEED4 BZ     1.091E+09  -15249815.8
TELEBRAS SA         TELB3 BZ     244018546  -6054999.05
TELEBRAS SA         TLBRON BZ    244018546  -6054999.05
TELEBRAS SA         TBASF US     244018546  -6054999.05
TELEBRAS SA-PREF    TELB4 BZ     244018546  -6054999.05
TELEBRAS SA-PREF    TLBRPN BZ    244018546  -6054999.05
TELEBRAS-ADR        TBAPY US     244018546  -6054999.05
TELEBRAS-ADR        TBRAY GR     244018546  -6054999.05
TELEBRAS-CEDE PF    RCTB4 AR     244018546  -6054999.05
TELEBRAS-CED C/E    RCT4C AR     244018546  -6054999.05
TELEBRAS-CEDEA $    RCT4D AR     244018546  -6054999.05
TELEBRAS-CEDE BL    RCT4B AR     244018546  -6054999.05
TELEBRAS-ADR        TBH US       244018546  -6054999.05
TELEBRAS-ADR        TBX GR       244018546  -6054999.05
TELEBRAS-ADR        RTB US       244018546  -6054999.05
TELEBRAS-ADR        TBASY US     244018546  -6054999.05
TELEBRAS-RCT PRF    TELB10 BZ    244018546  -6054999.05
TELEBRAS-RTS CMN    RCTB1 BZ     244018546  -6054999.05
TELEBRAS-RTS PRF    RCTB2 BZ     244018546  -6054999.05
TELEBRAS-RTS CMN    TCLP1 BZ     244018546  -6054999.05
TELEBRAS-RTS PRF    TLCP2 BZ     244018546  -6054999.05
TELEBRAS-COM RT     TELB1 BZ     244018546  -6054999.05
TELEBRAS-CM RCPT    RCTB31 BZ    244018546  -6054999.05
TELEBRAS-CM RCPT    TELE31 BZ    244018546  -6054999.05
TELEBRAS-RCT        RCTB33 BZ    244018546  -6054999.05
TELEBRAS-CM RCPT    TBRTF US     244018546  -6054999.05
TELEBRAS-CM RCPT    RCTB32 BZ    244018546  -6054999.05
TELEBRAS-PF RCPT    RCTB41 BZ    244018546  -6054999.05
TELEBRAS-PF RCPT    TELE41 BZ    244018546  -6054999.05
TELEBRAS-PF RCPT    RCTB42 BZ    244018546  -6054999.05
TELEBRAS-CEDE PF    TELB4 AR     244018546  -6054999.05
TELEBRAS-CED C/E    TEL4C AR     244018546  -6054999.05
TELEBRAS-CM RCPT    RCTB30 BZ    244018546  -6054999.05
TELEBRAS-PF RCPT    RCTB40 BZ    244018546  -6054999.05
TELEBRAS-PF RCPT    TBAPF US     244018546  -6054999.05
TELEBRAS-RECEIPT    TLBRUO BZ    244018546  -6054999.05
TELEBRAS-PF RCPT    TLBRUP BZ    244018546  -6054999.05
TELEBRAS-BLOCK      TELB30 BZ    244018546  -6054999.05
TELEBRAS-PF BLCK    TELB40 BZ    244018546  -6054999.05
TELEBRAS-CEDEA $    TEL4D AR     244018546  -6054999.05
ARTHUR LANGE        ARLA3 BZ      21333793    -16295577
ARTHUR LANGE SA     ALICON BZ     21333793    -16295577
ARTHUR LANGE-PRF    ARLA4 BZ      21333793    -16295577
ARTHUR LANGE-PRF    ALICPN BZ     21333793    -16295577
ARTHUR LANG-RT C    ARLA1 BZ      21333793    -16295577
ARTHUR LANG-RT P    ARLA2 BZ      21333793    -16295577
ARTHUR LANG-RC C    ARLA9 BZ      21333793    -16295577
ARTHUR LANG-RC P    ARLA10 BZ     21333793    -16295577
ARTHUR LAN-DVD C    ARLA11 BZ     21333793    -16295577
ARTHUR LAN-DVD P    ARLA12 BZ     21333793    -16295577
BOMBRIL             BOBR3 BZ     289000174   -166589140
BOMBRIL CIRIO SA    BOBRON BZ    289000174   -166589140
BOMBRIL-PREF        BOBR4 BZ     289000174   -166589140
BOMBRIL CIRIO-PF    BOBRPN BZ    289000174   -166589140
BOMBRIL SA-ADR      BMBPY US     289000174   -166589140
BOMBRIL SA-ADR      BMBBY US     289000174   -166589140
BUETTNER            BUET3 BZ      97710630  -46681943.4
BUETTNER SA         BUETON BZ     97710630  -46681943.4
BUETTNER-PREF       BUET4 BZ      97710630  -46681943.4
BUETTNER SA-PRF     BUETPN BZ     97710630  -46681943.4
BUETTNER SA-RTS     BUET1 BZ      97710630  -46681943.4
BUETTNER SA-RT P    BUET2 BZ      97710630  -46681943.4
CAF BRASILIA        CAFE3 BZ      20168618   -728730286
CAFE BRASILIA SA    CSBRON BZ     20168618   -728730286
CAF BRASILIA-PRF    CAFE4 BZ      20168618   -728730286
CAFE BRASILIA-PR    CSBRPN BZ     20168618   -728730286
CAMBUCI SA          CAMB3 BZ      91527757    -26705143
CAMBUCI SA          CAMBON BZ     91527757    -26705143
CAMBUCI SA-PREF     CAMB4 BZ      91527757    -26705143
CAMBUCI SA-PREF     CAMBPN BZ     91527757    -26705143
CAMBUCI SA-PREF     CXDOF US      91527757    -26705143
CHIARELLI SA        CCHI3 BZ      22274027  -44537138.2
CHIARELLI SA        CCHON BZ      22274027  -44537138.2
CHIARELLI SA-PRF    CCHI4 BZ      22274027  -44537138.2
CHIARELLI SA-PRF    CCHPN BZ      22274027  -44537138.2
DOC IMBITUBA        IMBI3 BZ     114896167  -16783228.4
DOCAS IMBITUBA      IMBION BZ    114896167  -16783228.4
DOC IMBITUB-PREF    IMBI4 BZ     114896167  -16783228.4
DOCAS IMBITUB-PR    IMBIPN BZ    114896167  -16783228.4
SCHLOSSER           SCLO3 BZ      11745600  -75930514.2
SCHLOSSER SA        SCHON BZ      11745600  -75930514.2
SCHLOSSER-PREF      SCLO4 BZ      11745600  -75930514.2
SCHLOSSER SA-PRF    SCHPN BZ      11745600  -75930514.2
CONST A LINDEN      CALI3 BZ      11147513    -15979177
CONST A LINDEN      LINDON BZ     11147513    -15979177
CONST A LIND-PRF    CALI4 BZ      11147513    -15979177
CONST A LIND-PRF    LINDPN BZ     11147513    -15979177
D H B               DHBI3 BZ     124060999   -405125353
DHB IND E COM       DHBON BZ     124060999   -405125353
D H B-PREF          DHBI4 BZ     124060999   -405125353
DHB IND E COM-PR    DHBPN BZ     124060999   -405125353
DOCA INVESTIMENT    DOCA3 BZ      88417961  -18059127.9
DOCAS SA            DOCAON BZ     88417961  -18059127.9
DOCA INVESTI-PFD    DOCA4 BZ      88417961  -18059127.9
DOCAS SA-PREF       DOCAPN BZ     88417961  -18059127.9
DOCAS SA-RTS PRF    DOCA2 BZ      88417961  -18059127.9
ACO ALTONA          EALT3 BZ      84614948  -14270921.5
ACO ALTONA SA       EAAON BZ      84614948  -14270921.5
ACO ALTONA-PREF     EALT4 BZ      84614948  -14270921.5
ACO ALTONA-PREF     EAAPN BZ      84614948  -14270921.5
FABRICA RENAUX      FTRX3 BZ      66779267  -50394386.1
FABRICA RENAUX      FRNXON BZ     66779267  -50394386.1
FABRICA RENAUX-P    FTRX4 BZ      66779267  -50394386.1
FABRICA RENAUX-P    FRNXPN BZ     66779267  -50394386.1
HAGA                HAGA3 BZ      16483114    -62923102
FERRAGENS HAGA      HAGAON BZ     16483114    -62923102
FER HAGA-PREF       HAGA4 BZ      16483114    -62923102
FERRAGENS HAGA-P    HAGAPN BZ     16483114    -62923102
TECEL S JOSE        SJOS3 BZ      17924946  -18569451.2
TECEL S JOSE        FTSJON BZ     17924946  -18569451.2
TECEL S JOSE-PRF    SJOS4 BZ      17924946  -18569451.2
TECEL S JOSE-PRF    FTSJPN BZ     17924946  -18569451.2
CIMOB PARTIC SA     GAFP3 BZ      36817395  -33083086.5
CIMOB PARTIC SA     GAFON BZ      36817395  -33083086.5
CIMOB PART-PREF     GAFP4 BZ      36817395  -33083086.5
CIMOB PART-PREF     GAFPN BZ      36817395  -33083086.5
GAZOLA              GAZO3 BZ      12452143  -40298506.3
GAZOLA SA           GAZON BZ      12452143  -40298506.3
GAZOLA-PREF         GAZO4 BZ      12452143  -40298506.3
GAZOLA SA-PREF      GAZPN BZ      12452143  -40298506.3
GAZOLA-RCPTS CMN    GAZO9 BZ      12452143  -40298506.3
GAZOLA-RCPT PREF    GAZO10 BZ     12452143  -40298506.3
GAZOLA SA-DVD CM    GAZO11 BZ     12452143  -40298506.3
GAZOLA SA-DVD PF    GAZO12 BZ     12452143  -40298506.3
RENAUXVIEW SA       TXRX3 BZ      58969048  -91550951.9
TEXTEIS RENAUX      RENXON BZ     58969048  -91550951.9
RENAUXVIEW SA-PF    TXRX4 BZ      58969048  -91550951.9
TEXTEIS RENAUX      RENXPN BZ     58969048  -91550951.9
PARMALAT            LCSA3 BZ     353615265   -165164436
PARMALAT BRASIL     LCSAON BZ    353615265   -165164436
PARMALAT-PREF       LCSA4 BZ     353615265   -165164436
PARMALAT BRAS-PF    LCSAPN BZ    353615265   -165164436
PARMALAT BR-RT C    LCSA5 BZ     353615265   -165164436
PARMALAT BR-RT P    LCSA6 BZ     353615265   -165164436
ESTRELA SA          ESTR3 BZ      61011894  -54580283.6
ESTRELA SA          ESTRON BZ     61011894  -54580283.6
ESTRELA SA-PREF     ESTR4 BZ      61011894  -54580283.6
ESTRELA SA-PREF     ESTRPN BZ     61011894  -54580283.6
RIOSULENSE SA       RSUL3 BZ      61902902  -11292932.5
RIOSULENSE SA       RSULON BZ     61902902  -11292932.5
RIOSULENSE SA-PR    RSUL4 BZ      61902902  -11292932.5
RIOSULENSE SA-PR    RSULPN BZ     61902902  -11292932.5
WETZEL SA           MWET3 BZ      79756128  -6350930.69
WETZEL SA           MWELON BZ     79756128  -6350930.69
WETZEL SA-PREF      MWET4 BZ      79756128  -6350930.69
WETZEL SA-PREF      MWELPN BZ     79756128  -6350930.69
MINUPAR             MNPR3 BZ      89611489  -20702110.7
MINUPAR SA          MNPRON BZ     89611489  -20702110.7
MINUPAR-PREF        MNPR4 BZ      89611489  -20702110.7
MINUPAR SA-PREF     MNPRPN BZ     89611489  -20702110.7
NORDON MET          NORD3 BZ      15498217  -20133536.7
NORDON METAL        NORDON BZ     15498217  -20133536.7
NORDON MET-RTS      NORD1 BZ      15498217  -20133536.7
NOVA AMERICA SA     NOVA3B BZ     21287489   -183535527
NOVA AMERICA SA     NOVAON BZ     21287489   -183535527
NOVA AMERICA-PRF    NOVA4B BZ     21287489   -183535527
NOVA AMERICA-PRF    NOVAPN BZ     21287489   -183535527
NOVA AMERICA-PRF    1NOVPN BZ     21287489   -183535527
NOVA AMERICA SA     1NOVON BZ     21287489   -183535527
PETRO MANGUINHOS    RPMG3 BZ      76852724   -212528966
PETRO MANGUINHOS    MANGON BZ     76852724   -212528966
PET MANGUINH-PRF    RPMG4 BZ      76852724   -212528966
PETRO MANGUIN-PF    MANGPN BZ     76852724   -212528966
RIMET               REEM3 BZ      63757622   -107162240
RIMET               REEMON BZ     63757622   -107162240
RIMET-PREF          REEM4 BZ      63757622   -107162240
RIMET-PREF          REEMPN BZ     63757622   -107162240
SANSUY              SNSY3 BZ     100279115  -45812488.8
SANSUY SA           SNSYON BZ    100279115  -45812488.8
SANSUY-PREF A       SNSY5 BZ     100279115  -45812488.8
SANSUY SA-PREF A    SNSYAN BZ    100279115  -45812488.8
SANSUY-PREF B       SNSY6 BZ     100279115  -45812488.8
SANSUY SA-PREF B    SNSYBN BZ    100279115  -45812488.8
BOTUCATU TEXTIL     STRP3 BZ      35101567  -13482713.5
STAROUP SA          STARON BZ     35101567  -13482713.5
BOTUCATU-PREF       STRP4 BZ      35101567  -13482713.5
STAROUP SA-PREF     STARPN BZ     35101567  -13482713.5
TEKA                TEKA3 BZ     237436194   -360484910
TEKA                TEKAON BZ    237436194   -360484910
TEKA-PREF           TEKA4 BZ     237436194   -360484910
TEKA-PREF           TEKAPN BZ    237436194   -360484910
TEKA-ADR            TKTPY US     237436194   -360484910
TEKA-ADR            TKTQY US     237436194   -360484910
VARIG SA            VAGV3 BZ     966298026  -4695211316
VARIG SA            VARGON BZ    966298026  -4695211316
VARIG SA-PREF       VAGV4 BZ     966298026  -4695211316
VARIG SA-PREF       VARGPN BZ    966298026  -4695211316
WIEST               WISA3 BZ      39838114  -93371563.1
WIEST SA            WISAON BZ     39838114  -93371563.1
WIEST-PREF          WISA4 BZ      39838114  -93371563.1
WIEST SA-PREF       WISAPN BZ     39838114  -93371563.1
FER C ATLANT        VSPT3 BZ     1.189E+09  -35605725.7
FER C ATLANT-PRF    VSPT4 BZ     1.189E+09  -35605725.7
FERROVIA CEN-DVD    VSPT11 BZ    1.189E+09  -35605725.7
FERROVIA CEN-DVD    VSPT12 BZ    1.189E+09  -35605725.7
FER C ATL-RCT CM    VSPT9 BZ     1.189E+09  -35605725.7
FER C ATL-RCT PF    VSPT10 BZ    1.189E+09  -35605725.7
HOPI HARI SA        PQTM3 BZ      62168844  -55189836.7
HOPI HARI-PREF      PQTM4 BZ      62168844  -55189836.7
PARQUE TEM-DV CM    PQT5 BZ       62168844  -55189836.7
PARQUE TEM-DV PF    PQT6 BZ       62168844  -55189836.7
PARQUE TEM-RT CM    PQTM1 BZ      62168844  -55189836.7
PARQUE TEM-RT PF    PQTM2 BZ      62168844  -55189836.7
PARQUE TEM-RCT C    PQTM9 BZ      62168844  -55189836.7
PARQUE TEM-RCT P    PQTM10 BZ     62168844  -55189836.7
MMX MINERACAO       MMXM3 BZ     1.018E+09   -160218401
TRESSEM PART SA     1TSSON BZ    1.018E+09   -160218401
ALL MALHA PAULIS    GASC3B BZ    1.124E+09   -536003486
GASCOIGNE EMP-PF    GASC4B BZ    1.124E+09   -536003486
GASCOIGNE EMPREE    1GASON BZ    1.124E+09   -536003486
GASCOIGNE EMP-PF    1GASPN BZ    1.124E+09   -536003486
CIA PETROLIFERA     MRLM3B BZ    377602195  -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ    377602195  -3014291.72
CIA PETROLIFERA     1CPMON BZ    377602195  -3014291.72
CIA PETROLIF-PRF    1CPMPN BZ    377602195  -3014291.72
LATTENO FOOD COR    LATF US       16631180     -1448544
VARIG PART EM TR    VPTA3 BZ      49432124   -399290426
VARIG PART EM-PR    VPTA4 BZ      49432124   -399290426
VARIG PART EM SE    VPSC3 BZ     101177852   -318442006
VARIG PART EM-PR    VPSC4 BZ     101177852   -318442006


COLOMBIA

CHILESAT CO-ADR     TL US        450943845  -52392581.3
CHILESAT CORP SA    TELEX CI     450943845  -52392581.3
CHILESAT CO-RTS     CHISATOS CI  450943845  -52392581.3
TELMEX CORP SA      CHILESAT CI  450943845  -52392581.3
TELEX-A             TELEXA CI    450943845  -52392581.3
TELMEX CORP-ADR     CSAOY US     450943845  -52392581.3
TELEX-RTS           TELEXO CI    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 2010.  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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