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

        Friday, January 8, 2010, Vol. 11, No. 005

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Appeals Bail Decision Again
STANFORD INT'L: Clients to Get Back Gold Coins & Bullion
STANFORD INT'L: Owner's Daughter Could Face Contempt Charge


A R G E N T I N A

TELEFONICA DE ARGENTINA: Government Slaps US$27 Million Fine
* ARGENTINA: Central Bank Boss Asked to Quit Amid Soaring Debt


A R U B A

VALERO ENERGY: Mulls Sale of Refinery in Aruba


B R A Z I L

BANCO INDUSTRIAL: To Issue Three-Year Overseas Bonds
GOL LINHAS: Elects Paulo Kakinoff as Independent Board Member
GRUPO TMM: Completes Debt Restructuring
MASTELLONE HERMANOS: Extends US$222.5 Million Debt Revamp
MARFRIG ALIMENTOS: Added to Itau Unibanco's Model Portfolio

NET SERCVICOS: Advances on Transmission Capacity Acquisition


B E R M U D A

EMERALD CAPITAL: Creditors and Contributories to Meet on Jan. 27


C A Y M A N  I S L A N D S

ABSPOKE 2005-IB: Commences Liquidation Proceedings
ASCLEPIUS FINANCIAL: Commences Liquidation Proceedings
ASCELPIUS INVESTMENTS: Commences Liquidation Proceedings
BABSON QUANTITATIVE: Commences Liquidation Proceedings
BAFC 2007-NIM7: Commences Liquidation Proceedings

BAFC 2007-NIM6: Commences Liquidation Proceedings
BAFC 2007-NIM2: Commences Liquidation Proceedings
BRIDGE FUNDING: Commences Liquidation Proceedings
BRYN MAWR: Commences Liquidation Proceedings
CARIBEX RECEIVABLES: Commences Liquidation Proceedings

CLOSPOKE 2005-IA: Commences Liquidation Proceedings
CLOSPOKE 2005-IB: Commences Liquidation Proceedings
CLOSPOKE 2005-II: Commences Liquidation Proceedings
COMMODITY 3 YEAR: Commences Liquidation Proceedings
CREDIPIA 2005: Commences Liquidation Proceedings

DILLON READ: Commences Liquidation Proceedings
ENHANCED MORTGAGE-BACKED: Commences Liquidation Proceedings
ENHANCED MORTGAGE-BACKED: Commences Liquidation Proceedings
FORTIS HEDGE: Commences Liquidation Proceedings
GSC GROUP: Commences Liquidation Proceedings

ICF CAYMAN: Commences Liquidation Proceedings
LCG SELECT: Commences Liquidation Proceedings
LCM VII: Commences Liquidation Proceedings
LIBERTY HARBOUR: Commences Liquidation Proceedings
LIQUIDITY ASSETS: Commences Liquidation Proceedings

LR GLOBAL: Commences Liquidation Proceedings
MAPLE LEAF: Commences Liquidation Proceedings
MAPLE LEAF: Commences Liquidation Proceedings
MBNA AMERICA: Commences Liquidation Proceedings
SUPPLI INVESTMENTS: Commences Liquidation Proceedings


M E X I C O

GRUPO POSADAS: S&P Assigns 'B+' Senior Unsecured Debt Rating
URBI DESARROLLOS: To Sell US$250 Million of 10-Yr Bonds Next Week


P E R U

DOE RUN PERU: Smelter Unlikely to Restart This Month


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Finalize Acquisition of REFIDOMSA Soon


X X X X X X X X

NORTEL NETWORKS: Contemplates Feb. 24 Auction for VOIP Business
* Fitch Issues List of December Latin American Rating Actions




                         - - - - -


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


STANFORD INT'L: Appeals Bail Decision Again
-------------------------------------------
Robert Allen Stanford's lawyers asked an appeals court for the
second time to review U.S. District Judge David Hittner's decision
denying the accused swindler bail.  The report relates that Mr.
Stanford's lawyers, Kent Schaffer and George Secrest, filed the
latest appeal with the appellate court in New Orleans, court
documents showed.

According to the report, Judge Hittner issued an order denying
pleas from Mr. Stanford's lawyers and family that he be released
from jail due to his deteriorating mental and physical health.

As reported in the Troubled Company Reporter-Latin America on
December 21, 2009, Reuters said that Judge Hittner has set Mr.
Stanford's criminal trial for January 2011.  "This criminal case
is going to get under way and it is going to go on schedule," the
report quoted Judge Hittner as saying.  According to the report,
the date was a compromise between Mr. Stanford's attorneys, who
said they wanted the trial to start in summer 2011 because they
needed more time to prepare, and U.S. prosecutors, who pushed for
a September 2010 date.

              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: Clients to Get Back Gold Coins & Bullion
--------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that Robert Allen Stanford's gold customers will regain
possession of US$21.2 million in coins and bullion seized 11
months ago from the company's Houston headquarters when federal
regulators raided the company's offices.

According to the report, investors had urged U.S. District Judge
David Godbey, who is overseeing the U.S. Securities and Exchange
Commission's fraud lawsuit against Mr. Stanford in Dallas, to
release their gold as prices for the metal reached an all-time
high during 2009.  "Coins and bullion that have been individually
marked and stored for 147 Stanford Coin and Bullion customers"
will be returned to their owners, the report quoted Judge Godbey
as saying.  The report notes that Judge Godbey ruled that gold
that had been paid for in full and not delivered to another 70
customers will also be released.

Court-appointed receiver, Ralph Janvey, the report says, didn't
oppose the return of coins and bullion that were stored in
individually labeled boxes in Stanford's vault.  The report
related that those customers argued that Stanford held their gold
as a courtesy and that the company had no ownership interest in
their gold.

Judge Godbey, Bloomberg News notes, deferred ruling on whether the
receiver should return about US$500,000 in cash collected from
gold customers whose orders weren't filled.  The judge, the report
adds, ruled that Mr. Janvey need not hand over about US$1 million
in coins and bullion to customers who hadn't finished paying for
their purchases when regulators seized Mr. Stanford's operations.

Bloomberg News says that Mr. Janvey got permission to liquidate
about US$1.8 million in coins and bullion in the division's unsold
inventory.

               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: Owner's Daughter Could Face Contempt Charge
-----------------------------------------------------------
Robert Allen Stanford's, Randi Stanford, has to appear in a Dallas
court later this month to show why she should not be held in
contempt of court, Caribbean World News reports.  The report
relates that Judge David C. Godbey has set a show cause hearing
for January 28 in the case of Ms. Stanford versus the court-
appointed receiver, Ralph Janvey, Esq.

According to the report, Mr. Janvey alleged that Ms. Stanford
should be held in contempt for refusing to cooperate with the
receiver's reasonable efforts to take control of her US$1.3
million Houston condominium.  The report relates that Mr. Janvey
maintained that the condominium falls under his authority because
it was bought by Allen Stanford using money from his personal bank
account.  Mr. Janvey, the report adds, wants to sell the property,
with the proceeds going to investors allegedly fleeced by Mr.
Stanford.

However, the report notes, Ms. Stanford has argued in court papers
that she is entitled to stay in the 2,800-square foot condo
because it was a gift from her father and that the apartment is
not part of the allegedly tainted assets seized by the government.
She also accused the receiver of 'Gestapo-like tactics.'

                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
=================


TELEFONICA DE ARGENTINA: Government Slaps US$27 Million Fine
------------------------------------------------------------
Argentina has fined the local unit of Spain's Telefonica US$27
million for failing to inform antitrust authorities of ownership
changes that could have affected the Argentine telecommunications
market, Helen Popper and Cesar Illiano at Reuters report.

According to the report, Economy Minister Amado Boudou said that
the fine on Telefonica de Argentina related to its parent
company's investments in Italy's Telecom Italia, saying the local
company had not acted swiftly enough to inform authorities.  "A
fine has been put on those Argentine companies that as a result of
this international takeover have changed ownership within our
country," the report quoted Mr. Boudou as saying.

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

                          *     *     *

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


* ARGENTINA: Central Bank Boss Asked to Quit Amid Soaring Debt
--------------------------------------------------------------
Argentina Central Bank Governor Martin Redrado has rejected a call
from the country's president to resign, News.BBC. Co reports.

According to the report, Mr. Redrado was asked to leave his
position after refusing to use central bank reserves to help pay
of some of Argentina's rising debts.  The report relates that
President Cristina Fernandez had asked Mr. Redrado to transfer
US$6.5 billion (GBP4.1 billion) of reserves into a government
fund.

The report notes that Argentina's debts rise this year to US$13
billion with a hole in its budget estimated at between US$2
billion and US$7 billion.


=========
A R U B A
=========


VALERO ENERGY: Mulls Sale of Refinery in Aruba
----------------------------------------------
Valero Energy Corp., state oil giant PetroChina, and Aruba's Prime
Minister Mike Eman were negotiating the sale of Valero's refinery
located in the Caribbean nation, Janet McGurty at Reuters reports,
citing government spokesman Lisand Besselink.

According to the report, the refinery, which can process 235,000
barrels per day of oil, has been on the selling block for at least
a year.  The report relates that Valero shuttered the plant in
July due to poor refining economics.  "They are still in
negotiations," the report quoted Mr. Besselink as saying.

Valero spokesman Bill Day, the report notes, confirmed discussions
about the sale of the refinery but would not confirm the identity
of the buyer nor how far along the process was.  The report notes
that Aruba is keen on keeping the refinery operational.  "It
provides 30 to 35% of our GDP and keeps many Arubans employed,"
the report quoted Mr. Besselink as saying.

                       About Valero Energy

Valero Energy Corporation -- http://www.valero.com/--
incorporated in 1981, owns and operates 16 refineries located in
the United States, Canada, and Aruba that produce conventional
gasolines, distillates, jet fuel, asphalt, petrochemicals,
lubricants, and other refined products, as well as a slate of
premium products, including conventional blendstock for oxygenate
blending (CBOB) and reformulated gasoline blendstock for oxygenate
blending (RBOB).  The Company markets refined products on a
wholesale basis in the United States and Canada through bulk and
rack marketing network.  It also sells refined products through a
network of about 5,800 retail and wholesale branded outlets in the
United States, Canada, and Aruba.  The Company operates through
two segments: refining and retail.

                           *     *     *

As of June 25, 2009, the company continues to carry Moody's "Ba1"
Preferred Stock rating.


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


BANCO INDUSTRIAL: To Issue Three-Year Overseas Bonds
----------------------------------------------------
Brazilian mid-sized bank Banco Industrial e Comercial SA
(Bicbanco) is planning to issue three-year overseas bonds, a
person close to the operation told Dow Jones Newswires in an
interview.

According to the report, the bank hired Bank of America Merrill
Lynch, HSBC and Banco Itau Unibanco to coordinate the bond sale.
The report relates that the unnamed source did not unveil the
amount to be raised from the operation.

Dow Jones Newswires notes that the source said that Bicbanco's
executives are in U.S. and Europe, coordinating a road show with
potential investors.

Banco Industrial e Comercial S.A. is headquartered in Sao Paulo,
Brazil, with BRL10.937 billion in total assets and BRL1.630
billion in equity as of March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Moody's Investors Service upgraded Banco
Industrial e Comercial S.A's Long-term foreign currency deposit
rating to Ba1 from Ba2, with stable outlook.


GOL LINHAS: Elects Paulo Kakinoff as Independent Board Member
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed the election of
Paulo Kakinoff as the newest member of its Board of Directors.
The election took place today at an extraordinary meeting of GOL
shareholders.

Paulo Kakinoff, 35, is currently CEO of Audi Brasil and has 17
years of experience in the auto industry, having served as Sales &
Marketing Director at Volkswagen do Brasil and as Executive
Director for South America at the Volkswagen Group's head offices
in Germany.  Mr. Kakinoff holds a bachelor's degree in Business
Administration from Mackenzie University.

"I am honored to be part of this board, because I have always seen
GOL as one of the best companies in terms of brand building. My
main objective is to help ensure that GOL continues to stand out
in the market for the quality of its services," said the new board
member.  "GOL will benefit enormously from Kakinoff's expertise in
the consumption sector, especially in the middle class, which is
our main focus," said Constantino de Oliveira Junior, GOL's CEO.

GOL's Board of Directors, which is currently composed of nine
members (four of whom are independent members, including the
chairman), is responsible for establishing the company's strategic
policies and general guidelines.  The Board's responsibilities
include electing the members of the executive board and overseeing
the exercise of their functions.  GOL stands out in corporate
governance through its compliance with Bovespa Level 2 practices,
whereby at least 20% of its Board of Directors must be composed of
independent members.

                          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'.


GRUPO TMM: Completes Debt Restructuring
---------------------------------------
Grupo TMM, S.A.B. disclosed the subscription and payment of its
capital stock increase, approved at the extraordinary shareholders
meeting held on December 15, 2009.

Pursuant to the resolution adopted at the Meeting and to the
approval granted by the Mexican Securities and Exchange Commission
under Article 102, Item III of the Securities Law of Mexico, and
as completion of the restructuring of GTMM's receivables
securitization facility announced in December 2009, VEX
subscribed US$41,181,715.53 dollars at a price of US$0.88 dollars
per share, represented by 46,797,404 nominative common shares
without par value, and paid the subscription price per share
mentioned above through the conversion of GTMM's debt into equity.
The subscription price per share was 10 percent higher than the
closing price of the ADR on January 5, 2010.

It is important to mention that no shareholder exercised its
preferential right to subscribe to the mentioned capital increase
during the designated period.

As a result, the subscribed and paid capital increase totaled
US$532,174,837 Mexican Pesos and the number of outstanding shares
of GTMM increased to 102,024,441 shares.  The portion of the
issued capital stock that was not subscribed was automatically
cancelled pursuant to the resolution of the Meeting.  Clause six
of the bylaws of the Company was amended accordingly.

Jose F. Serrano, chairman and chief executive officer of GTMM,
said, "The successful completion of the debt restructuring through
this capital increase strengthens the Company's balance sheet and
improves overall cash flow, thereby increasing the viability of
the Company."

                        About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Grant Thornton, S.C., raised substantial doubt
about the ability of Grupo TMM, S.A.B, to continue as a going
concern after it audited the company's financial statements for
the year ended Dec. 31, 2007.  The auditing firm pointed to the
company's sustained substantial losses from continuing
operations during the past five years.


MASTELLONE HERMANOS: Extends US$222.5 Million Debt Revamp
---------------------------------------------------------
Mastellone Hermanos has increased the deadline for refinancing
some US$222.5 million in debt, Emii.com reports, citing the Wall
Street Journal.  The report relates that the dairy company has
extended the deadline to January 29, 2010 from January 8, 2010.

According to the report, the company is seeking to swap US$166.7
million in bonds maturing in 2012 with new bonds due in 2018.  The
report notes that it is also planning to replace US$55.8 million
in bank loans expiring in 2011 and 2013 with new securities due in
2015.  The deal is being managed by Bank of America Merrill Lynch.

Mastellone Hermanos SA produces and distributes milk and other
dairy products in Argentina.  Masterllome's main products include
milk, cheese and yogurt.  The company uses the brand name "La
Serenisima."


MARFRIG ALIMENTOS: Added to Itau Unibanco's Model Portfolio
-----------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Marfrig Alimentos
SA has been added to Itau Unibanco Holding SA's model portfolio on
the outlook lower costs and rising demand will improve profit.
The report relates that the company has been named as one of
Itau's "top picks" for 2010.

"The company has a lot of idle capacity that will probably be used
this year, spurring market share gains and margin expansion,"
Carlos Constantini, a Sao Paulo-based strategist, wrote in a note
obtained by the news agency.  Costs will likely fall on "sizable"
cattle supply, while growth in Brazil's economy and in consumer
incomes will spur "strong" demand, he added.

Mr. Constantini, the report notes, said that the company's
purchase of Seara Alimentos SA will also contribute to wider
margins.

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, Dow Jones Newswires said that Marfrig
Alimentos SA agreed to acquire Cargill Inc.'s Brazilian business,
for US$900 million in cash and assumed debt, a move to bolster the
company's poultry and pork businesses while opening up better
access to markets such as the U.K. and Japan.  According to the
report, Marfrig said it will Seara Alimentos for US$706.2
million in cash and US$193.8 million in assumed debt.  The report
related that Mafrig Alimentos said that it may sell new shares in
order to finance the acquisition.

                     About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                          *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;
  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and
  -- Fitch ratings' "B+" LT Issuer Credit ratings


NET SERCVICOS: Advances on Transmission Capacity Acquisition
------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Net Servicos de
Comunicacao SA said that it plans to buy transmission capacity for
its broadband service.

According to the report, the net will buy so-called backbone
capacity from Empresa Brasileira de Telecomunicacoes SA.  The
report relates that Embratel is the Brazilian unit of Carlos
Slim's Telefonos de Mexico SAB.

Net "will reduce its monthly payments to Embratel and will also
guarantee some capacity for its broadband users," Alexandre
Garcia, an analyst at Raymond James & Associates Inc., wrote in a
note to obtained by the news agency.  Because about 70 percent of
the internet content in Brazil comes from abroad, "they demand the
connection," Mr. Garcia added.

                        About Net Servicos

Net Servicos de Comunicacao SA provides cable television services
under the brand name NET, hihg-speed broadband Internet services
under the bame Virtuua, and data transmission services using both
satellite ad terrestrial technology under the name Vicom.  The
company mainly operates from Sao Paulo, rio de Janerio and Beo
Horizonte, Brazil.

                           *     *     *

As of January 7, 2009, the company continues to carry Moody's Ba1
LT Corp Family and Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poor's BB+ LT Issuer Credit
ratings.


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


EMERALD CAPITAL: Creditors and Contributories to Meet on Jan. 27
----------------------------------------------------------------
The creditors and contributories of Emerald Capital International
Limited will hold their first meetings on January 27, 2010, at
10:00 a.m., and 10:30 a.m., respectively, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's official receiver/provisional liquidator can be
reached at KPMG Advisory Limited, Crown House, 4 Par-la-Ville
Road, Hamilton HM 08.


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


ABSPOKE 2005-IB: Commences Liquidation Proceedings
--------------------------------------------------
ABSPOKE 2005-IB, Ltd. commenced liquidation proceedings on
November 13, 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:

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


ASCLEPIUS FINANCIAL: Commences Liquidation Proceedings
------------------------------------------------------
Asclepius Financial Products Limited commenced liquidation
proceedings on November 13, 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:

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


ASCELPIUS INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
Ascelpius Investments Limited 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:

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


BABSON QUANTITATIVE: Commences Liquidation Proceedings
------------------------------------------------------
Babson Quantitative Mortgage CDO Ltd. commenced liquidation
proceedings on November 11, 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:

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


BAFC 2007-NIM7: Commences Liquidation Proceedings
-------------------------------------------------
BAFC 2007-NIM7 Ltd. commenced liquidation proceedings on
November 11, 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:

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


BAFC 2007-NIM6: Commences Liquidation Proceedings
-------------------------------------------------
BAFC 2007-NIM6 Ltd. commenced liquidation proceedings on
November 11, 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:

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


BAFC 2007-NIM2: Commences Liquidation Proceedings
-------------------------------------------------
BAFC 2007-NIM2 Ltd. commenced liquidation proceedings on
November 11, 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:

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


BRIDGE FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
Bridge Funding Corporation commenced liquidation proceedings on
November 13, 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:

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


BRYN MAWR: Commences Liquidation Proceedings
--------------------------------------------
Bryn MAWR CLO II Ltd. commenced liquidation proceedings on
November 13, 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:

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


CARIBEX RECEIVABLES: Commences Liquidation Proceedings
------------------------------------------------------
Caribex Receivables Finance Co. 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.

The company's liquidator is:

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


CLOSPOKE 2005-IA: Commences Liquidation Proceedings
---------------------------------------------------
Clospoke 2005-IA, Ltd. commenced liquidation proceedings on
November 13, 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:

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


CLOSPOKE 2005-IB: Commences Liquidation Proceedings
---------------------------------------------------
Clospoke 2005-IB, Ltd. commenced liquidation proceedings on
November 13, 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:

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


CLOSPOKE 2005-II: Commences Liquidation Proceedings
---------------------------------------------------
Clospoke 2005-II, Ltd. commenced liquidation proceedings on
November 13, 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:

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


COMMODITY 3 YEAR: Commences Liquidation Proceedings
---------------------------------------------------
Commodity 3 Year Guaranteed Fund 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.

The company's liquidator is:

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


CREDIPIA 2005: Commences Liquidation Proceedings
------------------------------------------------
Credipia 2005 International Limited commenced liquidation
proceedings on November 12, 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:

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


DILLON READ: Commences Liquidation Proceedings
----------------------------------------------
Dillon Read Asia Finance commenced liquidation proceedings on
November 12, 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:

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


ENHANCED MORTGAGE-BACKED: Commences Liquidation Proceedings
-----------------------------------------------------------
Enhanced Mortgage-Backed Securities Fund III Limited commenced
liquidation proceedings on November 11, 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:

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


ENHANCED MORTGAGE-BACKED: Commences Liquidation Proceedings
-----------------------------------------------------------
Enhanced Mortgage-Backed Securities Fund IV Limited commenced
liquidation proceedings on November 11, 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:

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


FORTIS HEDGE: Commences Liquidation Proceedings
-----------------------------------------------
Fortis Hedge Euro High Yield Master Limited commenced liquidation
proceedings on November 12, 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:

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


GSC GROUP: Commences Liquidation Proceedings
--------------------------------------------
GSC Group CDO Fund XII, Ltd. commenced liquidation proceedings on
November 12, 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:

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


ICF CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
ICF Cayman Holdings commenced liquidation proceedings on
October 29, 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:

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


LCG SELECT: Commences Liquidation Proceedings
---------------------------------------------
LCG Select Offshore, 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.

The company's liquidator is:

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


LCM VII: Commences Liquidation Proceedings
------------------------------------------
LCM VII Ltd. commenced liquidation proceedings on November 13,
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:

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


LIBERTY HARBOUR: Commences Liquidation Proceedings
--------------------------------------------------
Liberty Harbour II CDO, Ltd. commenced liquidation proceedings on
November 12, 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:

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


LIQUIDITY ASSETS: Commences Liquidation Proceedings
---------------------------------------------------
Liquidity Assets Holding Limited commenced liquidation proceedings
on November 4, 2009.

Only creditors who were able to file their proofs of debt by
December 15, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LR GLOBAL: Commences Liquidation Proceedings
--------------------------------------------
LR Global Charter 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.

The company's liquidator is:

         Geoffrey Varga
         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


MAPLE LEAF: Commences Liquidation Proceedings
---------------------------------------------
Maple Leaf Leasing 5 Limited 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.

The company's liquidator is:

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


MAPLE LEAF: Commences Liquidation Proceedings
---------------------------------------------
Maple Leaf Finance 4 Limited 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.

The company's liquidator is:

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


MBNA AMERICA: Commences Liquidation Proceedings
---------------------------------------------
MBNA America European Structured Offering No. 1 commenced
liquidation proceedings on November 11, 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:

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


SUPPLI INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
Suppli Investments (Cayman) No. 1 Limited commenced liquidation
proceedings on November 3, 2009.

Only creditors who were able to file their proofs of debt by
December 24, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jeremy Simon Spratt
         c/o KPMG LLP
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         FAO: Lauren Christie
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


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


GRUPO POSADAS: S&P Assigns 'B+' Senior Unsecured Debt Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
senior unsecured debt rating to Mexican hotel chain owner/operator
Grupo Posadas S.A.B. de C.V.'s (B+/Negative/--) new $200 million,
five-year debt issue.  The recovery rating is '4'.  The proceeds
of the notes will be used mainly to refinance significant
maturities that the company faces throughout 2010.

"The ratings on Posadas reflect its aggressive financial policy,
the cyclical nature of the lodging industry, the company's
geographic concentration in Mexico, and its relatively high debt
leverage," said Standard & Poor's credit analyst Monica Ponce.
"These factors are partially offset by the company's consistent
operating performance, its position as the largest hotel operator
in Mexico, and its diversified hotel portfolio, including well-
recognized brands such as Fiesta Americana."

The negative outlook on the corporate credit rating reflects S&P's
uncertainty regarding the important maturities that the company
faces in 2010 that could tighten its liquidity position.
Moreover, the company still has an open position on derivative
instruments that, under foreign-exchange volatility, could further
constrain its liquidity.  S&P could lower the rating if the
company's financial profile deteriorates, posting debt-to-EBITDAR
ratios, adjusted for operating leases, above the high-5x area, or
if there are any liquidity constraints.  S&P could revise the
outlook to stable if the company successfully refinances its
short-term debt maturities due in 2010.

Posadas operates 112 hotels, with a total of 19,687 rooms, about
85% of which are located in Mexico.  The company also operates 10
hotels in Brazil, three in the U.S., and one each in Argentina and
Chile.  Approximately 20% of its rooms are located in coastal
hotels and 80% in urban hotels -- offsetting, to some extent, the
industry's cyclicality.

                           Ratings List

                   Grupo Posadas S.A.B. de C.V.

   Corporate Credit Rating                       B+/Negative/--

                            New Rating

         $200 mil five-yr sr unsecd notes              B+
          Recovery Rating                              4


URBI DESARROLLOS: To Sell US$250 Million of 10-Yr Bonds Next Week
-----------------------------------------------------------------
Urbi Desarrollos Urbanos SAB plans to sell US$250 million of
10-year bonds in international markets as soon as next week,
Veronica Navarro Espinosa at Bloomberg News reports, citing an
unnamed source.

According to the report, Urbi hired Deutsche Bank AG and Banco
Santander SA to manage the offering.  The report relates that the
source said that the terms of the sale aren't set.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


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


DOE RUN PERU: Smelter Unlikely to Restart This Month
----------------------------------------------------
Doe Run Peru Vice President of Environmental Affairs, Jose
Mogrovejo, said that "it's unlikely (operations) could restart
this month," Dana Ford at Reuters reports.

"Up to now, we're continuing talks with our potential strategic
associates," the report quoted Mr. Mogrovejo as saying.  Any
agreement would need to be reviewed by the government, he added.

"There have been advances, but unfortunately the negotiations have
not ended. Once they're complete, we expect to have an estimate
(for a restart)," the report quoted Mr. Mogrovejo as saying.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, AMM News said that a Doe Run Peru spokesman said
that the company will delay the reopening of its smelter following
reports that Peru's congress voted to give the company a 30-month
extension on its environmental cleanup deadline, which expired on
October.  The report recalls that Doe Run Peru filed for a
government-monitored financial restructuring because it was
worried creditors might try to freeze its assets or operations.
Reuters related that Doe Run Peru owes some US$100 million to its
suppliers and needs to spend another US$150 million to clean up La
Oroya.

                        About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


PETROLEOS DE VENEZUELA: To Finalize Acquisition of REFIDOMSA Soon
-----------------------------------------------------------------
Dominican Republic Treasury Minister Vicente Bengoa said that the
sale of a 49% stake in Dominican Republic's only refinery
REFIDOMSA, to Petroleos de Venezuela would be finalized very soon,
Dominican Today reports.

According to the report, Mr. Bengoa said the signing of the
contract was scheduled in the country for yearend, but situation
unforeseen by PDVSA authorities and because of the last summit of
the countries grouped in regional organism ALBA, spearheaded by
Venezuela, made that date impossible.

"If Venezuela's Energy minister Rafael Ramirez can't come to
Dominican Republic to sign the contract to sell 49% of REFIDOMSA's
shares to the Venezuelan company in the next few days, then we in
representation of the Dominican State, will go to Venezuela next
week to leave that topic settled," the report quoted Mr. Bengoa as
saying.  The Dominican Government will get US$131.5 million for
the 49% refinery stake, Mr. Bengoa 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


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


NORTEL NETWORKS: Contemplates Feb. 24 Auction for VOIP Business
---------------------------------------------------------------
Nortel Networks Corporation announced that it, its principal
operating subsidiary Nortel Networks Limited, and certain of its
other subsidiaries, including Nortel Networks Inc. and Nortel
Networks UK Limited (in administration), have entered into a
"stalking horse" asset sale agreement with GENBAND, Inc., for the
sale of substantially all of the assets of its North America,
Caribbean and Latin America (CALA) and Asia Carrier VoIP and
Application Solutions (CVAS) business, and an asset sale agreement
with GENBAND for the sale of substantially all of the assets of
the Europe, Middle East and Africa (EMEA) portion of its CVAS
business for a purchase price of US$282 million, subject to
balance sheet and other adjustments currently estimated at
approximately US$100 million.

These agreements include the planned sale of substantially all
assets of the CVAS business globally including softswitching,
gateways and SIP applications.  These agreements also include all
patents and intellectual property that are predominantly used in
the CVAS business.

GENBAND has teamed with one of its existing shareholders, One
Equity Partners III, L.P. (OEP), to assist in financing the
proposed purchase of Nortel's CVAS assets.  OEP manages
investments and commitments for JP Morgan Chase & Co. in private
equity transactions.

Accordingly, Nortel filed with the Bankruptcy Court a Sale Motion
of its CVAS Business on December 23, 2009.  Nortel provided the
Court details of the proposed sale transaction.  Nortel
specifically seek to enter into two separate purchase agreements
in relation to the sale of its CVAS Business: (1) a Stalking
Horse Agreement between the Nortel Debtor Entities and GENBAND,
and (2) an Asset Sale Agreement between the EMEA Nortel Entities
and GENBAND.

The Assets to be acquired by GENBAND include certain inventory
and supplies; unbilled accounts receivable; equipment; contracts;
prepaid expenses; intellectual property; net insurance proceeds
and tax records.  Excluded from the assets to be acquired are
certain cash and cash equivalents; accounts receivable; bank
account balances and petty cash and certain rights.  The Assets
may be sold in a single sale or in parts.

Under the Stalking Horse Agreement, the parties anticipate
entering into ancillary agreements, which include a Transition
Services Agreement, an Intellectual Property License Agreement, a
Trademark License Agreement, a Loaned Employee Agreement, and
Real Estates Terms and Conditions.

A full-text copy of the Stalking Horse Agreement is available for
free at:

    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_1.pdf
    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_2.pdf
    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_3.pdf

Nortel seeks to subject the proposed sale to uniform bidding
procedures.  Among others, Nortel proposes that potential bidders
be required to (i) execute a confidentiality agreement; (ii)
present financial disclosures evidencing their capability to
consummate the transaction; and (iii) submit a preliminary
written proposal.

Bid must be submitted no later than February 16, 2010.  A
potential bid must offer to Nortel a value that is greater than
the value offered by GENBAND, plus the amount of any break-up
fee, plus $4 million, no later than the Bid Deadline.  If more
than one Qualified Bid is received, Nortel will conduct an
auction of the Assets on February 24, 2010.

In the event GENBAND is not selected as the successful purchaser,
Nortel agrees to entitle GENBAND to a $5 million break-up fee and
reimbursement of its reasonable expenses in preparing the Sale
Agreements.  Two thirds of the aggregate "Bid Protections" will
be payable by the Nortel Debtor Entities while the remaining one
third will be payable by the Nortel EMEA Entities.

Moreover, the sale parties agree to provide One Equity Partners
an incentive fee to induce its continued participated in the
auction process.  The agreed OEP Incentive Fee is US$3.6 million,
funded as $1.2 million by each of Nortel Networks Inc., Nortel
Networks Corporation and Nortel Networks UK Limited.  Nortel
acknowledged OEP' good faith efforts to participate in certain
Nortel divestitures.  OEP, which currently holds 35% of GENBAND's
common stock, has committed to provide financing for the payment
of the purchase price of the CVAS Business.  A full-text copy of
the Incentive Letter is available for free at:

       http://bankrupt.com/misc/NORTEL_OEPIncentiveFee.pdf

Nortel seeks to provide notice of the auction details, the sale
hearing and the sale objection deadline to parties-in-interest.
Nortel also intends to publish the Sale Notice in The Wall Street
Journal, The Globe & Mail, and The Financial Times.

To facilitate and effect the sale of the CVAS Business Assets,
Nortel seeks to assume and assign to the Successful Purchaser
certain contracts related to the Assets, including customer
contracts.  Nortel clarifies that it intends to file the list of
Customer Contracts under seal to protect confidential commercial
information.  Nortel intend to send no later than January 15,
2010, an Assumption and Assignment Notice to each contract
counterparty involved.  Nortel will also be filing a cure
schedule in relation to the planned contract assumptions.
Counterparties will be given the opportunity to respond to, or
seek adequate assurance of, the contract assumptions.

A copy of the proposed Bidding Procedures is available for free
at http://bankrupt.com/misc/NORTEL_CVASBizBiddingProc.pdf

In a declaration filed with the Court, NNC Chief Strategy Officer
George Reidel disclosed the efforts Nortel undertook to market
the CVAS Business.  He further related that he believes the
GENBAND deal represents the best proposal available for the CVAS
Business.  He cited that the potential purchase price is likely
to decline over time if the Assets remain unsold.

Nortel urges the Bankruptcy Court to set a sale hearing for
March 3, 2010, where it intends to present the Successful Bid and
Alternate Bid, if any.  All objections to the sale must be filed
no later than February 17.

The Bankruptcy Court is set to convene a hearing on January 6,
2010, to consider approval of the proposed Bidding Procedures.

NNC and its four Canadian affiliates also filed a motion in the
Ontario Superior Court of Justice, seeking approval of the sale
agreement with GENBAND and the proposed process governing the
sale of the CVAS Business Assets.

                        GENBAND's Statement

GENBAND, Inc., a leading developer of next-generation IP
infrastructure solutions, announced that it has entered into an
agreement with Nortel to acquire substantially all of the assets
of its Carrier VoIP and Application Solutions Business (CVAS)
globally, for a purchase price of $282 million and a total cost of
ownership in excess of $400 million.  The proposed transaction
combines GENBAND's next-generation access, trunking, session and
security gateway technology and Nortel's widely used softswitch
and application technology, offering global service providers a
comprehensive VoIP portfolio.  GENBAND's vision behind the
acquisition will be to institute open standards, open interfaces,
promote interoperability and continue to build on its global OEM
business partner relationships.

GENBAND has teamed with one of its existing shareholders, One
Equity Partners (OEP), to purchase the Nortel assets.  Established
in 2001, OEP manages $8 billion of investments and commitments for
JPMorgan Chase & Co. in direct private equity transactions.


"From a customer and partner standpoint, we believe our vision
behind this acquisition is aligned with the industry's desired
evolution path to IP," said Charles D. Vogt, Chief Executive
Officer of GENBAND.  "This transaction, although potentially
subject to a competitive bidding process, represents an
opportunity to fuel affordable network migration to cutting-
edge VoIP technology.  As a leader in next generation VoIP
solutions today, our aim will be to empower service providers and
their partners to access a range of leading VoIP solutions to
interoperate with Nortel's installed base, without having to
replace existing infrastructure and investment.

"In addition to our complementary product portfolios and customer
bases, we enjoy common locations such as Texas, India and China;
and, should we succeed in the auction process, we will expand our
operational footprint in Canada and North Carolina.  We expect to
make employment offers to a significant majority of Nortel CVAS
employees."

GENBAND will continue its commitment to OEM partnering activity
and anticipates it will expand product, service and support
relationships following the proposed Nortel CVAS transaction.

This transaction, which encompasses substantially all of the
assets of Nortel's North American, Caribbean and Latin American
(CALA) and Asian CVAS business, as well as substantially all of
the assets of the European, Middle Eastern and African (EMEA)
portion of its CVAS business, is subject to a competitive bidding
process and requires the approval of Canadian and U.S. Courts.
In addition, consummation of the transaction is subject to the
satisfaction of regulatory and other conditions and the receipt
of various approvals, including governmental clearances in Canada
and the United States and the approval of the court in Israel.
The agreements are also subject to purchase price adjustments
under certain circumstances.

GENBAND is a global leader and innovator of next generation IP
media, session border and fixed mobile convergence security
solutions deployed in over two-thirds of the world's 100 largest
service providers.  These high-performance gateway solutions are
at the core of fixed and mobile networks around the world --
evolving, securing and enhancing communications networks.
Headquartered in Plano, Texas, GENBAND has Centers of Excellence
around the world and serves customers and partners in more than
80 countries.  Additional information is available at:

                      http://www.genband.com/

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.
(http://bankrupt.com/newsstand/=20or 215/945-7000)


* Fitch Issues List of December Latin American Rating Actions
-------------------------------------------------------------
This is a comprehensive list of Fitch Ratings' 74 Latin America
National scale rating changes for the month of December 2009,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating actions were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Banco IBI S.A. Banco Multiplo (IBI) (Brasil)

  -- National long-term rating to 'AAA(bra)' from 'A-(bra)';

  -- National short-term rating to 'F1+(bra)' from 'F2(bra)'.
     Outlook remains Stable.

  * (Rating action took place on Nov. 30, 2009.)

Telefonica Chile (Chile)

  -- National long-term rating to 'AA(cl)' from 'AA-(cl)';

  -- Local Bonds series L, F, N and M to 'AA(cl)' from 'AA-(cl)'.
     Outlook remains Stable.

  * (Rating action took place on Dec. 1, 2009.)

Forum Servicios Financieros S.A. (Chile)

  -- Financial Strength to 'AA+(cl)' from 'AA(cl)';

  -- Bonds to 'AA+(cl)' from 'AA(cl)';

  -- Commercial Effects Lines to 'F1+/AA+(cl)' from 'F1+/AA(cl)'.
     Outlook remains Stable.

  * (Rating action took place on Dec. 2, 2009.)

Scotiabank Chile (Chile)

  -- Senior Bonds to 'AAA(cl)' from 'AA+(cl)';

  -- Subordinated Bonds to 'AA+(cl)' from 'AA(cl)'.
     Outlook remains Stable.

  * (Rating action took place on Dec. 2, 2009.)

BBVA Chile (Chile)

  -- National long-term rating to 'AAA(cl)' from 'AA+(cl)'.
     Outlook remains Stable.

  * (Rating action took place on Dec. 2, 2009.)

Globo (Brasil)

  -- National long-term rating to 'AAA(bra)' from 'AA+ (bra)'.
     Outlook remains Stable

  * (Rating action took place on Dec. 4, 2009.)

Chubb Chile Compania de Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength to 'AA+(cl)' from 'AA-
      (cl)'.  Outlook remains Stable.

  * (Rating action took place on Dec. 7, 2009.)

America Latina Logistica S.A. (Brasil)

  -- National long-term rating to 'A (bra)' from 'BBB+ (bra)'

  -- National long-term rating of the 5th Debenture Issue to 'A-
     (bra)' from 'BBB+(bra)';

  -- National long-term rating of the 6th Debenture Issue to 'A-
     (bra)' from 'BBB+(bra)'.  Outlook remains Stable.

* (Rating action took place on Dec. 7, 2009.)

Banco Daycoval S.A. (Brasil)

  -- National long-term rating to 'A+ (bra)' from 'A(bra)'.
     Outlook remains Stable.

  * (Rating action took place on Dec. 8, 2009.)

Banco de San Juan S.A. (Argentina)

  -- National short-term debt rating to 'A1(arg)' from 'A2(arg)'.
  * (Rating action took place on Dec. 9, 2009.)

Banco de Santa Cruz S.A. (Argentina)

  -- National short-term debt rating to 'A1(arg)' from 'A2(arg)'.
  * (Rating action took place on Dec. 9, 2009.)

Nuevo Banco de Santa Fe S.A. (Argentina)

  -- National long-term debt rating to 'A(arg)' from 'A-(arg)'.
     Assigned Stable Outlook.

  * (Rating action took place on Dec. 9, 2009.)

Fitch has also downgraded these ratings:

Septimo Patrimonio Separado de Transa Securitizadora S.A. (Chile)

  -- Serie A to 'BBB+(cl)' from 'A(cl)';

  -- Serie B to 'BBB-(cl)' from 'BBB(cl)'.  Rating Watch remains
     Negative

  * (Rating action took place on Dec. 1, 2009.)

Comision Estatal de Servicios Publicos de Tijuana (CESPT),
(Mexico)

  -- National long-term rating to 'A(mex)' from 'A+(mex).
     Outlook remains Stable.

  * (Rating action took place on Dec. 1, 2009.)

BPN Brasil Banco Multiplo S.A. (Brasil)

  -- National long-term rating to 'BB(bra)' from 'A+(bra)'.
     Outlook remains Stable.

  -- National short-term rating to 'B(bra)' from 'F1(bra)'.

  * (Rating action took place on Dec. 2, 2009.)

Corporacion Interamericana de Entretenimiento (Mexico)

  -- National long-term rating to 'D(mex)' from 'C(mex)';
  -- National short-term rating to 'D(mex)' from 'C(mex)';
  -- Certificates CIE 06 to 'D(mex)' from 'C(mex)';
  -- Short-term Programme of Certificates 'D(mex)' from 'C(mex)'.
  * (Rating action took place on Dec. 4, 2009.)

Financiera Independencia (Mexico)

  -- National long-term rating to 'A(mex)' from 'A+(mex)'.
     Assigned Outlook Negative.

  * (Rating action took place on Dec. 4, 2009.)

Corporacion Interamericana de Entretenimiento (Mexico)

  -- National long-term rating CIE 05 to 'D(mex)' from 'C(mex)';
  -- National short-term rating CIE 08 to 'D(mex)' from 'C(mex)'.
  * (Rating action took place on Dec. 9, 2009.)

Fideicomiso Financiero BACS I (Argentina)

  -- ARP $65 million notes TD class AF to 'CCC(arg)' from 'B-
     (arg)';

  -- ARP $30 million notes TD class AV to 'CCC(arg)' from 'B-
     (arg)';

  -- ARP $12.16 million notes TD class AF to 'C(arg)' from
     'CC(arg)'.

  * (Rating action took place on Dec. 9, 2009.)

COAGRA S.A. (Chile)

  -- Serie A to 'BBB-(cl)' from 'BBB(cl)';
  -- Serie B to 'BBB-(cl)' from 'BBB(cl)'.
  * (Rating action took place on Dec. 16, 2009.)

Municipio de Acapulco de Juarez (Mexico)

  -- National long-term rating to 'A(mex)' from 'A+(mex)'.
  * (Rating action took place on Dec. 17, 2009.)

Grupo Collado (Mexico)

  -- National long-term rating to 'C(mex)' from 'BB(mex)';
  -- National short-term rating to 'C(mex)' from 'B(mex)'.
  * (Rating action took place on Dec. 29, 2009.)

Fitch has made these Outlook and Rating Watch revisions:

Estado de Nuevo Leon (Mexico)

  -- National long-term rating 'A+(mex)'.
     Rating Watch revised to Negative.

  * (Rating action took place on Dec. 2, 2009.)

Silvio Santos Participacoes Ltda. (SSP) (Brasil)

  -- National long-term rating 'BBB(bra)'.
     Rating Watch revised to Positive.

  * (Rating action took place on Dec. 3, 2009.)

Banco Panamericano S.A. (Panamericano) (Brasil)

  -- National long-term rating 'BBB+(bra)'.  Rating Watch revised
     to Positive.

  -- National short term rating 'F2(bra)'.  Rating Watch revised
     to Positive.

  * (Rating action took place on Dec. 3, 2009.)

Universidad Autonoma de Nuevo Leon (Mexico)

  -- National long-term rating 'A+(mex)'.  Rating Watch revised to
     Negative.

  * (Rating action took place on Dec. 3, 2009.)

MXMACFW 06U (Mexico)

  -- National long-term rating bonds 'BBB(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 14, 2009.)

MXMACFW 062U (Mexico)

  -- National long-term rating bonds 'BB(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 14, 2009.)

BRHSCCB 05U

  -- National long-term rating bonds 'AAA(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

Su Casita Trust (Mexico)

  -- National long-term rating class A bonds 'AA(mex)'.  Rating
     Watch revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

Su Casita Trust (Mexico)

  -- National long-term rating class B bonds 'A+(mex)'.  Rating
     Watch revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

BRHCCB 08-4U (Mexico)

  -- National long-term rating bonds 'AAA(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

BRHCCB 08-5U (Mexico)

  -- National long-term rating bonds 'AAA(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

CREYCB 06U (Mexico)

  -- National long-term rating bonds 'AA-(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

CREYCB 062U (Mexico)

  -- National long-term rating bonds 'A-(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

CREYCCB 06U (Mexico)

  -- National long-term rating bonds 'AA+(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

MXMACCB 05U (Mexico)

  -- National long-term rating bonds 'AAA(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

MXMACCB 052U (Mexico)

  -- National long-term rating bonds 'AA+(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

MXMACCB 06U (Mexico)

  -- National long-term rating bonds 'AA+(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

MXMACFW 07U (Mexico)

  -- National long-term rating bonds 'A+(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

MXMACFW 072U (Mexico)

  -- National long-term rating bonds 'A-(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

MXMACFW 074U (Mexico)

  -- National long-term rating bonds 'A-(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

MXMACFW 076U (Mexico)

  -- National long-term rating bonds 'BBB(mex)'.  Rating Watch
     revised to Negative.

  * (Rating action took place on Dec. 17, 2009.)

Banco KDB do Brasil S.A. (Brasil)

  -- National long-term rating 'AAA(bra)'.  Rating Watch revised
     to Negative.

  -- National short-term rating 'F1+(bra)'.  Rating Watch revised
     to Negative.

  * (Rating action took place on Dec. 18, 2009.)

Fitch has affirmed and withdrawn these ratings:

Columbia Tarjetas XII (Argentina)

  -- ARP 7.4 million class C notes 'B(arg)'.
  * (Rating action took place on Dec. 3, 2009.)

Ribeiro XXV (Argentina)

  -- ARP 5.8 million certificates of participation 'B-(arg)'.
  * (Rating action took place on Dec. 10, 2009.)

Citibank Mercado de Capitales C.A. Asesora de Inversion y Casa de
Bolsa (CITIMERCA) (Venezuela)

  -- National Short-term rating 'F1+(ve)'.
  * (Rating action took place on Dec. 10, 2009.)

Credi-al II (Argentina)

  -- ARP 20.63 million class A notes 'AA(arg)'.
  * (Rating action took place on Dec. 14, 2009.)

Banco Credit Suisse Mexico S.A. (Mexico)

  -- National long-term rating 'AAA(mex)'.
  -- National short-term rating 'F1+(mex)'.
  * (Rating action took place on Dec. 15, 2009.)

Pagan III (Argentina)

  -- ARP 18.06 million VRD notes 'A+(arg)'.
  * (Rating action took place on Dec. 15, 2009.)

Montemar X (Argentina)

  -- ARP 1.52 million class B notes 'A(arg)'.
  * (Rating action took place on Dec. 16, 2009.)

SMSV XIII (Argentina)

  -- ARP 40.2 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Dec. 17, 2009.)

SMSV XVI (Argentina)

  -- ARP 20 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Dec. 17, 2009.)

SMSV XVIII (Argentina)

  -- ARP 34 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Dec. 17, 2009.)

GMAC I (Argentina)

  -- ARP 33.9 million class B notes 'AAA(arg)'.
  * (Rating action took place on Dec. 17, 2009.)

Consubono XXXII (Argentina)

  -- ARP 34.8 million class A notes 'AA(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Consubono XXXIII (Argentina)

  -- ARP 18.18 million class A notes 'AA(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Consubono XXXIV (Argentina)

  -- ARP 2.26 million class B notes 'A-(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Consubono XXXVII (Argentina)

  -- ARP 12 million class A notes 'AA(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Ribeiro XXX (Argentina)

  -- ARP 18.68 million certificates of participation 'CC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Empresur I (Argentina)

  -- ARP 15.27 million class A notes 'AA-(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Tarjeta Saenz I (Argentina)

  -- ARP 24 million class A notes 'AAA(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Cuencred VIII (Argentina)

  -- ARP 11.4 million certificates of participation class A
     'AAA(arg)';

  -- ARP 2.9 million certificates of participation class B
     'CCC(arg)'.

  * (Rating action took place on Dec. 30, 2009.)

Tarjeta Naranja Trust VI (Argentina)

  -- ARP 127.5 million class A notes 'AAA(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Montemar X (Argentina)

  -- ARP 1.52 million class B notes 'A(arg)';
  -- ARP 5.97 million certificates of participation 'CC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Consubond LXVIII (Argentina)

  -- ARP 14.98 million class A notes 'AAA(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Tarjeta Kadicard IV (Argentina)

  -- ARP 27.84 million notes 'AAA(arg)';
  -- ARP 9.48 million certificates of participation 'CCC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

CMR Falabella XVII (Argentina)

  -- ARP 12.9 million certificates of participation 'B (arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Fava XX (Argentina)
  -- ARP 6.2 million certificates of participation 'CCC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Fava XXII (Argentina)

  -- ARP 5.1 million certificates of participation 'CCC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Fava XXIII (Argentina)

  -- ARP 2.8 million certificates of participation 'CCC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

CFA VI (Argentina)

  -- ARP 17 million certificates of participation 'CCC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Ribeiro XXVI (Argentina)

  -- ARP 6.86 million certificates of participation 'CCC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)

Best Leasing VII (Argentina)

  -- ARP 4.2 million certificates of participation 'CCC(arg)'.
  * (Rating action took place on Dec. 30, 2009.)


                            ***********

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.


           * * * End of Transmission * * *