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

        Tuesday, January 12, 2010, Vol. 11, No. 007

                            Headlines



A R G E N T I N A

ARMANI HNOS: Trustee Verifying Proofs of Claim Until April 9
FRIGORIFICO ALLER: Creditors' Proofs of Debt Due on February 26
FROSUR VENTA: Trustee Verifying Proofs of Claim Until March 15
INDUSTRIAS PIP: Creditors' Proofs of Debt Due on March 12
TELECOM ARGENTINA: Telecom Italia Gets Date to Leave Argentina

* ARGENTINA: Investors Should "Generally" Avoid Equities


B R A Z I L

BANCO NACIONAL: To Resume Loans to Cosan SA
BRASKEM SA: May Close Quattor Peroquimica Deal Soon
COMPANHIA SIDERURGICA: Cimpor Snubs EUR3.8-Billion Take Over Bid
COSAN SA: BNDES to Resume Loan to Firm
GERDAU AMERISTEEL: To Keep Rebar Plant Idle

GERDAU AMERISTEEL: To Adopt Int'l Financial Reporting Standards
TAM SA: Domestic Network to Expand in TRIP Linhas Deal


C A Y M A N  I S L A N D S

ABSOLUTE RETURN: Shareholders Receive Wind-Up Report
ADMINISTRATION GUADALUPE: Shareholders Receive Wind-Up Report
AMATHEA IX: Members Receive Wind-Up Report
AMATHEA X: Members Receive Wind-Up Report
CARMEL ENTERPRISES: Members Receive Wind-Up Report

CASPIAN LEASING: Shareholder Receives Wind-Up Report
CLEVELAND LEASING: Shareholder Receives Wind-Up Report
DENALI CAPITAL: Shareholders Receive Wind-Up Report
FAIR LAWN: Members Receive Wind-Up Report
FARMINGTON LIMITED: Placed Under Voluntary Wind-Up

FBP LIMITED: Shareholders Receive Wind-Up Report
FONTAINE LIMITED: Placed Under Voluntary Wind-Up
GV INTERNATIONAL: Members Receive Wind-Up Report
INNOVATION CAPITAL: Members Receive Wind-Up Report
J2 QUANTITATIVE: Placed Under Voluntary Wind-Up

LINBES HOLDINGS: Members Receive Wind-Up Report
LINBES INVESTMENTS: Members Receive Wind-Up Report
NORTH BROOK: Placed Under Voluntary Wind-Up
PATHFINDER INVESTMENTS: Placed Under Voluntary Wind-Up
PENARTH INVESTMENTS: Placed Under Voluntary Wind-Up

PRINTEMPS INVESTMENT: Members Receive Wind-Up Report
PRISM PARTNERS: Shareholders Receive Wind-Up Report
SAWDON HOLDINGS: Shareholder Receives Wind-Up Report
SHERLOCK LIMITED: Placed Under Voluntary Wind-Up
SOLID HOLDINGS: Placed Under Voluntary Wind-Up

SQUIRE INVESTMENTS: Placed Under Voluntary Wind-Up
TOWERLINE INVESTMENTS: Placed Under Voluntary Wind-Up
VEINTICINCO LIMITED: Placed Under Voluntary Wind-Up
XENERGY FUND: Members Receive Wind-Up Report


C H I L E

* CHILE: Economists Expect 4.6% Economic Growth in 2010


E C U A D O R

PETROECUADOR: 2009 Output up 8.42% From 2008


J A M A I C A

WEST INDIES ALUMINA: May Close Operations by End of March
* JAMAICA: Private Sector Braces for Extremely Challenging Year


M E X I C O

DESARROLLADORA METROPOLITANA: Moody's Downgrades Ratings to 'C'
GRUPO POSADAS: Sells US$200M 5-Year Bonds at 99.023; Yield 9.5%
URBI DESARROLLOS: Fitch Assigns 'BB' Rating on $250 Mil. Notes


V E N E Z U E L A

* VENEZUELA: May Shut Metal Output to Save Power


X X X X X X X X
* Large Companies With Insolvent Balance Sheets





                         - - - - -


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


ARMANI HNOS: Trustee Verifying Proofs of Claim Until April 9
------------------------------------------------------------
The court-appointed trustee for Armani Hnos S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 9, 2010.

The trustee will present the validated claims in court as
individual reports on June 23, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 10, 2010.


FRIGORIFICO ALLER: Creditors' Proofs of Debt Due on February 26
---------------------------------------------------------------
The court-appointed trustee for Frigorifico Aller S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until February 26, 2010.


FROSUR VENTA: Trustee Verifying Proofs of Claim Until March 15
--------------------------------------------------------------
The court-appointed trustee for Frosur Venta Directa S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 15, 2010.

The trustee will present the validated claims in court as
individual reports on April 29, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 11, 2010.


INDUSTRIAS PIP: Creditors' Proofs of Debt Due on March 12
---------------------------------------------------------
The court-appointed trustee for Industrias Pip S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 12, 2010.


TELECOM ARGENTINA: Telecom Italia Gets Date to Leave Argentina
--------------------------------------------------------------
Mary Lennighan at Total Telecom News reports that Telecom Italia
must get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina S.A.
The report relates that the deadline date was published by
Argentine newspaper El Cronista after the government announced
that it will get involve in the matter to protect competition.

According to the report, the newspaper said government
intervention could include imposing concrete measures on the sale
process, imposing sanctions, or involving antitrust bodies.

As reported in the Troubled Company Reporter-Latin America on
August 28, 2009, Dow Jones Newswires said that Argentina's
National Antitrust Commission has given Telecom Italia one year to
divest its stakes in Telecom Argentina, due to a conflict of
interest.  According to the report, CNDC said that Spain's
Telefonica SA's minority stake in Telecom Italia creates a
conflict between the two companies' Argentine operations.  The
report related that Telefonica owns Telefonica Argentina, which
shares an effective duopoly over the Argentine telecommunications
sector with Telecom.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


* ARGENTINA: Investors Should "Generally" Avoid Equities
--------------------------------------------------------
Investors should "generally" avoid Argentina equities amid a
dispute between the government and the central bank, Laura
Cochrane at Bloomberg News reports, citing investor Mark Mobius.

"What we are seeing in Argentina is not that attractive, that's
for sure," Mr. Mobius, executive chairman at Templeton Asset
Management Ltd., told the news agency in a phone interview.  The
government also needs to repay foreign debt and has been taking
over the pension funds, which "is not good news when you put all
of them together," he added.

According to the report, Argentine President Cristina Fernandez de
Kirchner fired central bank President Martin Redrado for
"misconduct" and dereliction of duty after failing to force his
resignation on January 6, saying the move would allow the
government to tap US$6.6 billion in reserves to pay debt due this
year.  The report relates that opposition lawmakers said they will
hold an emergency session of Congress to denounce the move.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


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


BANCO NACIONAL: To Resume Loans to Cosan SA
-------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
resume lending to sugar and ethanol producer Cosan S.A.
Industria e Comercio after government labor inspectors removed the
company from the blacklist, Inae Riveras and Guillermo Parra-
Bernal at Reuters report.

According to the report, a BNDES spokesman said that it will keep
monitoring the case.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, Reuters said that BNDES suspended loans Cosan
S.A. after it was included in a government's list of companies
with workers in slave-like conditions.  According to the report,
Cosan SA was included in December on Brazil's Labor Ministry's
black list, which is updated every six months, after inspectors
found workers in irregular conditions in 2007.  The report, citing
a statement from BNDES, related that the bank has decided to
suspend "preventively" all transactions with Cosan, adding that
new contracts with the bank would depend on the company's
exclusion of the list.  In June, the report recalled, the company
obtained a loan of BRL788 million (US$452 million) from BNDES, to
be used mainly to build a new sugar and ethanol mill in Goias
state.

                           About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba3
LT Corp Family rating and Senior Unsecured debt rating.  The
company also continues to carry S&P's BB- Issuer credit ratings;
and Fitch ratings' BB LT Issuer default ratings.

                            About BNDES

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

                           *     *     *

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


BRASKEM SA: May Close Quattor Peroquimica Deal Soon
---------------------------------------------------
Diana Kinch at Bloomberg News reports that it is speculated that
Braskem SA will soon take over rival Quattor Peroquimica SA.
"People are anticipating an accord in the coming days," Reginaldo
Alexandre, director of equity research firm Proxycon Assessoria
Financeira in Sao Paulo, told the news agency in a phone
interview.

According to the report, Braskem SA said in August that it started
talks on a possible "strategic alliance" with Quattor.  The report
relates that Braskem spokesman Marcelo Xavier said, "these talks
are down to the fine details, though not yet complete."

Bloomberg News, citing O Estado de S. Paulo newspaper, notes that
Braskem shareholders Petroleo Brasileiro SA and Odebrecht SA
delayed the takeover of Quattor because of disagreements on the
main management posts at the new company.

                        About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


COMPANHIA SIDERURGICA: Cimpor Snubs EUR3.8-Billion Take Over Bid
----------------------------------------------------------------
Cimpor - Cimentos de Portugal SGPS SA's board of directors
recommended that shareholders reject a EUR3.8 billion (US$5.4
billion) takeover bid by Companhia Siderurgica Nacional S.A,
Business Week News reports.

According to the report, Cimpor said that the offer was too low.
The report, citing a Cimport statement, relates the company's
board said that the bid "significantly undervalues the company and
is not in the best interests of its shareholders."  It regarded
the bid as "hostile, because it is opportunistic, irrelevant and
disrupts the running of the company," Cimpor's board added.

As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, Reuters said that CSN offered to buy Cimpor for
as the steelmaker slowly diversifies from its core business
outside its home base.  The report related that the bid
underscores efforts by CSN's Chief Executive Benjamin Steinbruch
to grow in areas other than steel and mining.  CSN Managing
Director Juarez Avelar told Reuters the company expects little
difficulty in buying the stake.  The company considers the price
for Cimpor fair and would not enter into a bidding war for the
stake, he added.  Reuters noted that Cimpor has net debt of EUR1.8
billion.

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, 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+.


COSAN SA: BNDES to Resume Loan to Firm
--------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
resume lending to sugar and ethanol producer Cosan S.A.
Industria e Comercio after government labor inspectors removed the
company from the blacklist, Inae Riveras and Guillermo Parra-
Bernal at Reuters report.

According to the report, a BNDES spokesman said that it will keep
monitoring the case.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, Reuters said that BNDES suspended loans Cosan
S.A. after it was included in a government's list of companies
with workers in slave-like conditions.  According to the report,
Cosan SA was included in December on Brazil's Labor Ministry's
black list, which is updated every six months, after inspectors
found workers in irregular conditions in 2007.  The report, citing
a statement from BNDES, related that the bank has decided to
suspend "preventively" all transactions with Cosan, adding that
new contracts with the bank would depend on the company's
exclusion of the list.  In June, the report recalled, the company
obtained a loan of BRL788 million (US$452 million) from BNDES, to
be used mainly to build a new sugar and ethanol mill in Goias
state.

                           About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba3
LT Corp Family rating and Senior Unsecured debt rating.  The
company also continues to carry S&P's BB- Issuer credit ratings;
and Fitch ratings' BB LT Issuer default ratings.

                            About BNDES

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

                           *     *     *

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


GERDAU AMERISTEEL: To Keep Rebar Plant Idle
-------------------------------------------
Gerdau Ameristeel Corporation has decided to idle indefinitely its
steel mini-mill in Sand Springs, Okla., because of the extensive
modernization needed at the 94-year-old mill, and the poor outlook
for rebar and merchant bar products, Purchasing.com reports.

According to the report, Gerdau shuttered the rebar mill last
summer while it reviewed proposals to modernize the facility.
The report relates that Company COO Terry Sutter said that the
decision to keep the plant mothballed is "due to a combination of
on-going weak market conditions, the company's need for a
significantly more flexible workforce structure at the mill, and
the significant capital investment required."

The mini-mill, the report notes, normally produced 550,000 tons of
finished steel rebar and merchant bars annually until the
recession decimated the southwest's construction marketplace.

Meanwhile Purchasing.com relates that, contrary to various news
reports, the company has no immediate plans to tear down or sell
the mill.

                     About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


GERDAU AMERISTEEL: To Adopt Int'l Financial Reporting Standards
---------------------------------------------------------------
Gerdau Ameristeel Corporation will defer the early adoption of
International Financial Reporting Standards until periods
beginning on or after January 1, 2010.  As previously disclosed in
prior filings, the company was contemplating either adopting IFRS
for 2009 or deferring adoption until 2010.  The company has been
granted approval by the Ontario Securities Commission to adopt
IFRS for periods beginning on or after January 1, 2009.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


TAM SA: Domestic Network to Expand in TRIP Linhas Deal
------------------------------------------------------
TAM SA and TRIP Linhas Aereas will expand the codeshare agreement
signed between the two companies starting January 11, that will
allow TAM SA to sell flights operated by TRIP, Breaking Travel
News reports.

According to the report, under the code, TAM SA can sell flights
to the cities Bonito (MS), via Campo Grande (MS) and Lencois (BA)
and Petrolina (PE), via Salvador (SA).  The report relates that
the two companies currently maintain a codeshare agreement for the
operation of flights to 39 destinations within Brazil.

"We are expanding the scope of our domestic network through this
new stage of our partnership with TRIP.  With the three new cities
involved in this agreement, we now serve a total of 82
destinations in Brazil, either through our own flights or through
agreements with regional companies.  Through the agreement, we are
able to offer more convenience and better services to our
passengers," the report quoted TAM's Commercial and Planning Vice
President, Paulo Castello Branco.

The partnership, the report notes, enables passengers to benefit
from simplified flight reservations, convenient connections with a
single airline ticket and baggage check until the final
destination.

                          About TAM SA

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

                           *     *     *

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


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


ABSOLUTE RETURN: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 29, 2009, the shareholders of Absolute Return
Strategies Fund, Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ADMINISTRATION GUADALUPE: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
On December 23, 2009, the shareholders of Administration Guadalupe
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


AMATHEA IX: Members Receive Wind-Up Report
------------------------------------------
On December 23, 2009, the members of Amathea IX Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AMATHEA X: Members Receive Wind-Up Report
-----------------------------------------
On December 23, 2009, the members of Amathea X Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CARMEL ENTERPRISES: Members Receive Wind-Up Report
--------------------------------------------------
On December 23, 2009, the shareholders of Carmel Enterprises
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CASPIAN LEASING: Shareholder Receives Wind-Up Report
----------------------------------------------------
On December 23, 2009, the shareholder of Caspian Leasing Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


CLEVELAND LEASING: Shareholder Receives Wind-Up Report
------------------------------------------------------
On December 23, 2009, the shareholder of Cleveland Leasing Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


DENALI CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 23, 2009, the shareholders of Denali Capital Credit
Opportunity Offshore Fund, Ltd. received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FAIR LAWN: Members Receive Wind-Up Report
-----------------------------------------
On November 30, 2009, the members of Fair Lawn Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FARMINGTON LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
On November 6, 2009, the shareholders of Farmington Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


FBP LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 30, 2009, the shareholders of FBP Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FONTAINE LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On November 6, 2009, the shareholders of Fontaine Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


GV INTERNATIONAL: Members Receive Wind-Up Report
------------------------------------------------
On November 30, 2009, the members of GV International received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INNOVATION CAPITAL: Members Receive Wind-Up Report
--------------------------------------------------
On December 23, 2009, the members of Innovation Capital received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


J2 QUANTITATIVE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On October 28, 2009, the sole shareholder of J2 Quantitative Asset
Allocation Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


LINBES HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
On December 23, 2009, the shareholders of Linbes Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LINBES INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
On December 23, 2009, the shareholders of Linbes Investments
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NORTH BROOK: Placed Under Voluntary Wind-Up
-------------------------------------------
On November 6, 2009, the shareholders of North Brook Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


PATHFINDER INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------------
On November 6, 2009, the shareholders of Pathfinder Investments
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


PENARTH INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On November 6, 2009, the shareholders of Penarth Investments
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


PRINTEMPS INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------------
On November 30, 2009, the members of Printemps Investment Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PRISM PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 24, 2009, the shareholders of Prism Partners II
Offshore Fund received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


SAWDON HOLDINGS: Shareholder Receives Wind-Up Report
----------------------------------------------------
On December 22, 2009, the sole shareholder of Sawdon Holdings
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 7904
         PO Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 7904


SHERLOCK LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On November 6, 2009, the shareholders of Sherlock Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


SOLID HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
On November 6, 2009, the shareholders of Solid Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


SQUIRE INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On November 6, 2009, the shareholders of Squire Investments
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


TOWERLINE INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On November 6, 2009, the shareholders of Towerline Investments
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


VEINTICINCO LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------------
On November 6, 2009, the shareholders of Veinticinco Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


XENERGY FUND: Members Receive Wind-Up Report
--------------------------------------------
On December 23, 2009, the members of Xenergy Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


=========
C H I L E
=========


* CHILE: Economists Expect 4.6% Economic Growth in 2010
-------------------------------------------------------
Chilean economists raised their forecast for 2010 economic growth
for a fifth straight month, Sebastian Boyd at Bloomberg News
reports, citing a survey of analysts.

According to the report, citing median of 26 forecasts in a
monthly central bank survey taken January 8, the country's gross
domestic product may expand 4.6% in 2010.  The report relates that
economists in the survey raised their forecasts for 2010 economic
growth from 3% in August's survey.  Chilean GDP, the report notes,
will probably expand 4 percent year-on-year in the first quarter
of 2010, as the country's economy rebounds from three quarters of
recession in the first nine months of 2009.

"The market keeps revising its growth forecasts upward," the
report quoted Rodrigo Aravena, an economist at Banchile
Inversiones in Santiago, as saying.  "It is expecting a
significant recovery.  The next survey should show faster growth,"
he added.

Economists, the report relates, said that economic activity
probably expanded 3% in December from a year earlier.  The report
notes that the bank expects GDP to grow 4.5% to 5.5% in 2010,
driven by stronger demand and low interest rates.


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


PETROECUADOR: 2009 Output up 8.42% From 2008
--------------------------------------------
Petroecuador boosted average production by 8.42% last year from a
year earlier to 181,010 barrels per day, Santiago Silva at Reuters
reports, citing a company statement.  The report relates that the
company produced an average 166,948 bpd in 2008 and 162,682 bpd in
2007.

According to the report, while Petroecuador output has risen in
recent years, production by private companies operating in the
Andean country has fallen due to cutbacks in investment.  The
report notes that private production fell 14% last year compared
with 2008.

Reuters relates that private investment has dropped in Ecuador
under President Correa, who has taken a tough stance in contract
talks with international oil companies.

                      About Petroecuador

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

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


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


WEST INDIES ALUMINA: May Close Operations by End of March
---------------------------------------------------------
Rumors have emerged that West Indies Alumina Company (Windalco)
may close operations in Jamaica at the end of March, RadioJamaica
reports.

According to the report, Windalco has not been producing since
early last year after challenges in the global aluminum market
forced it to scale back operations to three days per week and lay
off some workers.  The report relates that the company's parent
firm, the Russian based UC Rusal has been facing financial
difficulties and problems with the Russian government.

The report notes that Vincent Morrison, President of the National
Workers Union, which represents the workers, said that with the
situation improving with prices and slow but steady recovery in
global economies, there was hope the operations could be saved.

The shutdown of Windalco's Jamaican operations will affect its
plants in Ewarton, and Kirkvine as well Port Esquivel.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, Go-Jamaica News said that Windalco will be
making the positions of 762 permanent employees redundant.  The
report related that the decision comes nine months after the
company suspended production at its Kirkvine and Ewarton
Refineries as a result of the drastic reduction in demand for
aluminium.  According to the report, at that time the permanent
employees started working three days a week.  The report relates
that WINDALCO said that there has been some improvement in the
global economy but the alumina industry has only seen marginal
movement.

                          About WINDALCO

West Indies Alumina Company (Windalco) is situated on the island
of Jamaica in the Caribbean.  The company comprises two alumina
refineries (Ewarton Works and Kirkvine Works), a shipping port
(Port Esquivel) and also bauxite mines in Schwallenburgh (Ewarton)
and Russell Place (Kirkvine) and farms in Manchester and St. Ann.


* JAMAICA: Private Sector Braces for Extremely Challenging Year
---------------------------------------------------------------
Jamaica's private sector says it is bracing for what is expected
to be an extremely challenging year, RadioJamaica reports.  The
report relates that with the economy forecast to contract even
further, the Jamaica Chamber of Commerce said that its members are
devising innovative strategies to cope with the continuing decline
in commercial activity.

According to the report, JCC President, Milton Samuda, said it
will not be business as usual in the New Year.  "So far the
feedback is that people expect economic contraction and so
pressure on the sale of goods and services.  So we realize that it
will have to be innovative, it would have to be business unusual.
We are to maintain sales or even increase sales in what is going
to be an extremely challenging environment," the report quoted Mr.
Samuda as saying.

The report notes that in 2010 is expected to be an even tougher
one for the local equities market.

                           *     *     *

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


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


DESARROLLADORA METROPOLITANA: Moody's Downgrades Ratings to 'C'
---------------------------------------------------------------
Moody's de Mexico has downgraded the ratings of Desarrolladora
Metropolitana SA de CV to C from Ca senior unsecured debt; to C,
from Ca global scale local currency issuer rating and to C.mx,
from Ca.mx national scale issuer rating.  This action concludes
Moody's review.

The rating action reflects the potential for above-average loss
severity on Demet's senior unsecured debt as the company has not
been able to resolve its failure to pay the debt service due on
its US dollar senior unsecured global bonds with a maturity of
May 9, 2017, and has not presented a refinancing plan for its
outstanding bonds.  The bonds currently have a balance of
approximately US$174 million.  No resolution to the company's
current debt payment default and no acceptable refinancing plan in
place with its bond holders will most likely lead to an imminent
acceleration of the total debt balance.

These ratings were downgraded:

* Desarrolladora Metropolitana SA de CV -- global scale local
  currency issuer rating to C, from Ca; national scale issuer
  rating to C.mx, from Ca.mx, senior unsecured long-term debt to
  C, from Ca.

Moody's last rating action with respect to Demet was on May 11,
2009, when Moody's downgraded the ratings to Ca from B2 senior
unsecured debt; to Ca, from B2 global scale local currency issuer
rating and to Ca.mx, from Ba1.mx national scale issuer rating.
The ratings were placed under review for possible downgrade.

Desarrolladora Metropolitana is a homebuilder engaged in the
development, construction, marketing and sale of affordable
housing in Mexico.


GRUPO POSADAS: Sells US$200M 5-Year Bonds at 99.023; Yield 9.5%
---------------------------------------------------------------
Grupo Posadas SAB de CV raised US$200 million in a five-year bond
deal Friday as the company looks to refinance debt that is
maturing over the next two years, Kejal Vyas at Dow Jones
Newswires reports.

According to the report, the bonds priced at 99.023 and offer a
yield of 9.5%.  The report relates that the yield came in within
the range market watchers had anticipated but below the 9.75%-to-
10% range RBS analysts had said would be fair value.  JPMorgan was
lead underwriter of the offering.

Terms were:

   Amount:         $200 Million
   Maturity:       January 15, 2015
   Coupon:         9.25%
   Price:          99.023
   Yield:          9.5%
   Ratings:        B2 (Moody's Investors Service)
                   B+ (Standard & Poor's)
                   B+ (Fitch)

                      About Grupo Posadas

Headquartered in Mexico City, Grupo Posadas, S.A.B. de C.V., is a
leading hotel chain operator in Latin America, with MXN7.05
billion (USD580 million) in revenues for the 12 months ended March
31, 2009, and 109 hotels and 19,653 rooms in operation.  Posadas
derives most of its revenues from Mexico, where it operates its
key 5 and 4-star Fiesta Americana and Fiesta Inn formats, a 3-star
format ("One") and its Vacation Club timeshare business.  The
company also operates hotels in Brazil, Argentina and Chile under
its Caesar Park and Caesar Business brands and has a small
operation in Texas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 8, 2010, 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 US$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.


URBI DESARROLLOS: Fitch Assigns 'BB' Rating on $250 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Urbi Desarrollos
Urbanos; S.A.B. de C.V.'s proposed US$250 million senior notes.
Proceeds from the issuance will be used to refinance debt.

Fitch currently rates Urbi:

  -- Local currency IDR 'BB';
  -- Foreign currency IDR 'BB';
  -- US$150 million senior notes due 2016 'BB';
  -- Long-term national scale 'A(mex)';
  -- Short-term national scale 'F2(mex)'.

The Rating Outlook is Stable.

Urbi's ratings reflect its strong market position in the highly
fragmented Mexican homebuilding industry, being the third largest
homebuilder in Mexico in terms of homes sold; its geographic
diversification; and its significant land reserve.  Urbi's ratings
are constrained by its dependence upon government-related mortgage
funding of low-income homes, and its high working capital
requirements.

The Stable Outlook reflects Urbi's consistent operating
performance over the last several years and its proven ability to
weather difficult market conditions, without compromising its
capital structure, while pursing a its growth strategy.  The
company should benefit from additional consolidation of the
industry due to its strong market and liquidity positions.  The
ratings incorporate Fitch's expectations that URBI's total debt to
EBITDA ratio will be approximately 1.9 times considering the
adoption of INIF-14, which recognizes revenues under the title-
method rather than Urbi's historical use of percentage-of-
completion method.  Fitch incorporates a gradual strengthening of
its debt to EBITDA indicator during 2010; otherwise the current
rating could be notched downward.

Urbi's financial strategy was focused on improving liquidity
during 2009, favoring free cash flow generation over growth.  As a
result, the company reduced its targeted revenue growth for fiscal
year end (FYE) 2009 from +10% to -13%, allowing the company to
reduce its working capital needs and generate positive free cash
flow.  Urbi's free cash flow had been negative during the last
several years as cash flow was used to fund significant sales
growth and increased accounts receivables.  During the first nine
month period ended in September 2009, the company has been able to
reduce working capital and generate positive free cash flow of
MXN957 million.  Further improvements are expected in working
capital management during the fourth quarter of 2009 and should
result in free cash flow generation of MXN 2,000 million through
the full year.

Manageable Debt Schedule:

Urbi's leverage, as measured by the ratio of total debt/EBITDA,
was 2.1x as of Sept. 30, 2009.  The company's debt of
MXN8.3 billion was composed primarily of local and international
bonds (MXN3.1 billion), bank loans (MXN2.8 billion); factoring
transactions (MXN2 billion), and leasing transactions
(MXN335 million).  Urbi faces debt amortizations of MXN1.8 billion
during 2010, which is comfortably covered by its cash and
marketable securities balance of MXN3 billion at the end of
September.  Urbi has good access to credit through capital markets
and banks, and financial flexibility resulting from its strong
cash position.

With the proposed issuance the company would improve its average
debt maturity profile, and minimize refinancing risk, as proceeds
will be used to refinance near term maturities.  On a pro forma
basis, Urbi's total debt is expected to be MXN8.2 billion, with
the current portion and long-term portions of its debt
representing 23% and 77% of the total debt, respectively.
Currently 54% of Urbi's debt is short-term.

Consistent Diversification Strategy:

Urbi has an important geographic diversification with operations
in 13 states of Mexico, which diminishes operating and funding
risks.  Baja California has traditionally been one of the most
important locations for Urbi, nonetheless, other regions have
started to become increasingly important, most notably Mexico
City, Sinaloa and the Monterrey region.  This strategy follows the
company's diversification strategy away from the border region of
Baja California towards densely populated regions with more
attractive growth prospects.  In terms of product diversification,
Urbi's strong growth in low-middle income housing for the last
year is the result of the company's decision to focus on these
market segments, to take advantage of the mortgage availability
for this type of housing mainly through Mexican government
agencies, i.e. Infonavit, Fovissste and SHF's Rent-to-Own program.
For the third quarter of 2009 (3Q'09), the Affordable Entry-Level
segment accounted for 73% and 88% of URBI's total revenues and
units sold; while during 3Q'08 this segment represented only 50%
and 68%, respectively.

Sizable Land Reserve:

Urbi's land reserve is adequate, well-distributed, and reduces the
need for major land acquisitions in the medium term; an adequate
land bank provides the company with additional operating and
financial flexibility.  By the end of September 2009, Urbi's land
reserve of 4,765 hectares represented approximately 6.5 years of
production at current run rates, equivalent to 259,095 housing
units.  Urbi has land reserves in more than 13 states, providing
to the company a strong platform to support its growth without
requiring the need to complete major land acquisitions.  Urbi's
policy and operating strategy are to maintain land reserves of
approximately 2.5 to 3 years of future production in medium-sized
cities and from 5 to 7 years in major metropolitan areas.  Of this
reserve, approximately 4,332 hectares, 92.6% of Urbi's total land
reserve is suitable for the development of affordable entry level
and low middle-income housing, which is sufficient to build
239,983 units.  Additionally, 433 hectares are classified for high
middle-income and upper-income housing, with construction capacity
of 19,112 units.

Strong Long Term Sector Fundamentals:

Despite difficult economic environment resulting from Mexico's
recession, the Mexican homebuilding sector maintains strong
fundamentals in the long term based on its underlying strengths,
positive demographic trends, and the housing deficit.  It is
important to note, a full recovery will depend on the future
health of the Mexican economy and the government's continued
support of the housing sector.

The affordable entry or low-income segment remains the primary
growth driver in the sector.  The strength in the low-income
sector remains supported by government efforts to make lenders
shift their focus towards it.  Government agency, Infonavit will
issue 500,000 and 570,000 mortgages in 2009 and 2010.  Fovissste,
Infonavit's equivalent for public sector employees, will issue
100,000 and 121,000, respectively.  However, growth prospects for
homebuilding remain limited as new construction financing is
scarce.  Consolidation in the industry continues, as small
homebuilders find it increasingly difficult to fund construction
and are forced to walk away from projects.  Main players, as Urbi,
are well positioned to weather the recession over the intermediate
term based on their purchase power with the supplier, operational
efficiency, and financial strengthen.


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


* VENEZUELA: May Shut Metal Output to Save Power
------------------------------------------------
Venezuela may be forced to close its aluminum, steel and bauxite
operations in the south-east of Venezuela due to a drought and
electricity shortfall, Patricia Rondon at Reuters reports, citing
Electricity Minister Angel Rodriguez.

"If we have to close the basic industries in Guayana, because the
Guri (reservoir) is drying up, well we have to close them," the
report quoted Mr. Rodriguez as saying in an interview with
financial daily El Mundo.  "We have to avoid the reservoir drying
up completely," he added.

According to the report, the Guri supplies about two-thirds of the
South American oil-producing nation's electricity, but is at
dangerously low levels.  The report relates that President Hugo
Chavez's government has imposed electricity rationing across the
nation, from Caracas shopping-malls to the state-owned heavy
industries in Guayana state that consume around a quarter of the
nation's power output.

However, Reuters notes, after drastic cuts already at aluminum
smelters Venalum and Alcasa, plus steel mill Sidor, the industries
may need to be shut altogether to ease strain on the system.

Mr. Rodriguez gave no timetable for taking a decision on closing
the basic industries.

                           *     *     *

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


===============
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  -840226.12
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  -840226.12
SNIAFA SA-B         SNIA5 AR       11489328  -840226.12
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
DOC IMBITUBA-RTP    IMBI2 BZ      114896167   -16783228
TELECOMUNICA-ADR    81370Z BZ     244018546    -6054999
FABRICA TECID-RT    FTRX1 BZ       66779267   -50394386
PROMAN              PRMN3B BZ      13403497  -173711.31
TEKA-ADR            TEKAY US      237436194  -360484910
BOMBRIL             BMBBF US      289000174  -166589140
TELEBRAS-PF RCPT    CBRZF US      244018546    -6054999
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   -15249816
CEEE-D-PREF         CEED4B BZ     1.091E+09   -15249816
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
MMX MINERACA-GDR    3M11 GR       1.018E+09  -160218401
LAEP-BDR            MILK11 BZ     446499199   -70952299
LAEP INVESTMENTS    LEAP LX       446499199   -70952299
MMX MINERACAO       MMXCF US      1.018E+09  -160218401
BALADARE            BLDR3 BZ      144928981   -33970463
TEXTEIS RENAU-RT    TXRX1 BZ       58969048   -91550952
TEXTEIS RENAU-RT    TXRX2 BZ       58969048   -91550952
TEXTEIS RENA-RCT    TXRX9 BZ       58969048   -91550952
TEXTEIS RENA-RCT    TXRX10 BZ      58969048   -91550952
TELEBRAS SA-RT      TELB9 BZ      244018546    -6054999
GASCOIGNE EMP-PF    GASC4 BZ      1.124E+09  -536003486
ALL MALHA PAULIS    GASC3 BZ      1.124E+09  -536003486
CIA PETROLIF-PRF    MRLM4 BZ      377602195  -3014291.7
CIA PETROLIFERA     MRLM3 BZ      377602195  -3014291.7
CEEE-D              CEED3 BZ      1.091E+09   -15249816
NOVA AMERICA SA     NOVA3 BZ       21287489  -183535527
NOVA AMERICA-PRF    NOVA4 BZ       21287489  -183535527
PROMAN              PRMN3 BZ       13403497  -173711.31
B&D FOOD CORP       BDFC US        16631180    -1448544
CEEE-D-PREF         CEED4 BZ      1.091E+09   -15249816
TELEBRAS SA         TELB3 BZ      244018546    -6054999
TELEBRAS SA         TLBRON BZ     244018546    -6054999
TELEBRAS SA         TBASF US      244018546    -6054999
TELEBRAS SA-PREF    TELB4 BZ      244018546    -6054999
TELEBRAS SA-PREF    TLBRPN BZ     244018546    -6054999
TELEBRAS-ADR        TBAPY US      244018546    -6054999
TELEBRAS-ADR        TBRAY GR      244018546    -6054999
TELEBRAS-CEDE PF    RCTB4 AR      244018546    -6054999
TELEBRAS-CED C/E    RCT4C AR      244018546    -6054999
TELEBRAS-CEDEA $    RCT4D AR      244018546    -6054999
TELEBRAS-CEDE BL    RCT4B AR      244018546    -6054999
TELEBRAS-ADR        TBH US        244018546    -6054999
TELEBRAS-ADR        TBX GR        244018546    -6054999
TELEBRAS-ADR        RTB US        244018546    -6054999
TELEBRAS-ADR        TBASY US      244018546    -6054999
TELEBRAS-RCT PRF    TELB10 BZ     244018546    -6054999
TELEBRAS-RTS CMN    RCTB1 BZ      244018546    -6054999
TELEBRAS-RTS PRF    RCTB2 BZ      244018546    -6054999
TELEBRAS-RTS CMN    TCLP1 BZ      244018546    -6054999
TELEBRAS-RTS PRF    TLCP2 BZ      244018546    -6054999
TELEBRAS-COM RT     TELB1 BZ      244018546    -6054999
TELEBRAS-CM RCPT    RCTB31 BZ     244018546    -6054999
TELEBRAS-CM RCPT    TELE31 BZ     244018546    -6054999
TELEBRAS-RCT        RCTB33 BZ     244018546    -6054999
TELEBRAS-CM RCPT    TBRTF US      244018546    -6054999
TELEBRAS-CM RCPT    RCTB32 BZ     244018546    -6054999
TELEBRAS-PF RCPT    RCTB41 BZ     244018546    -6054999
TELEBRAS-PF RCPT    TELE41 BZ     244018546    -6054999
TELEBRAS-PF RCPT    RCTB42 BZ     244018546    -6054999
TELEBRAS-CEDE PF    TELB4 AR      244018546    -6054999
TELEBRAS-CED C/E    TEL4C AR      244018546    -6054999
TELEBRAS-CM RCPT    RCTB30 BZ     244018546    -6054999
TELEBRAS-PF RCPT    RCTB40 BZ     244018546    -6054999
TELEBRAS-PF RCPT    TBAPF US      244018546    -6054999
TELEBRAS-RECEIPT    TLBRUO BZ     244018546    -6054999
TELEBRAS-PF RCPT    TLBRUP BZ     244018546    -6054999
TELEBRAS-BLOCK      TELB30 BZ     244018546    -6054999
TELEBRAS-PF BLCK    TELB40 BZ     244018546    -6054999
TELEBRAS-CEDEA $    TEL4D AR      244018546    -6054999
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
BUETTNER SA         BUETON BZ      97710630   -46681943
BUETTNER-PREF       BUET4 BZ       97710630   -46681943
BUETTNER SA-PRF     BUETPN BZ      97710630   -46681943
BUETTNER SA-RTS     BUET1 BZ       97710630   -46681943
BUETTNER SA-RT P    BUET2 BZ       97710630   -46681943
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
CHIARELLI SA        CCHON BZ       22274027   -44537138
CHIARELLI SA-PRF    CCHI4 BZ       22274027   -44537138
CHIARELLI SA-PRF    CCHPN BZ       22274027   -44537138
DOC IMBITUBA        IMBI3 BZ      114896167   -16783228
DOCAS IMBITUBA      IMBION BZ     114896167   -16783228
DOC IMBITUB-PREF    IMBI4 BZ      114896167   -16783228
DOCAS IMBITUB-PR    IMBIPN BZ     114896167   -16783228
SCHLOSSER           SCLO3 BZ       11745600   -75930514
SCHLOSSER SA        SCHON BZ       11745600   -75930514
SCHLOSSER-PREF      SCLO4 BZ       11745600   -75930514
SCHLOSSER SA-PRF    SCHPN BZ       11745600   -75930514
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   -18059128
DOCAS SA            DOCAON BZ      88417961   -18059128
DOCA INVESTI-PFD    DOCA4 BZ       88417961   -18059128
DOCAS SA-PREF       DOCAPN BZ      88417961   -18059128
DOCAS SA-RTS PRF    DOCA2 BZ       88417961   -18059128
ACO ALTONA          EALT3 BZ       84614948   -14270922
ACO ALTONA SA       EAAON BZ       84614948   -14270922
ACO ALTONA-PREF     EALT4 BZ       84614948   -14270922
ACO ALTONA-PREF     EAAPN BZ       84614948   -14270922
FABRICA RENAUX      FTRX3 BZ       66779267   -50394386
FABRICA RENAUX      FRNXON BZ      66779267   -50394386
FABRICA RENAUX-P    FTRX4 BZ       66779267   -50394386
FABRICA RENAUX-P    FRNXPN BZ      66779267   -50394386
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
TECEL S JOSE        FTSJON BZ      17924946   -18569451
TECEL S JOSE-PRF    SJOS4 BZ       17924946   -18569451
TECEL S JOSE-PRF    FTSJPN BZ      17924946   -18569451
CIMOB PARTIC SA     GAFP3 BZ       36817395   -33083087
CIMOB PARTIC SA     GAFON BZ       36817395   -33083087
CIMOB PART-PREF     GAFP4 BZ       36817395   -33083087
CIMOB PART-PREF     GAFPN BZ       36817395   -33083087
GAZOLA              GAZO3 BZ       12452143   -40298506
GAZOLA SA           GAZON BZ       12452143   -40298506
GAZOLA-PREF         GAZO4 BZ       12452143   -40298506
GAZOLA SA-PREF      GAZPN BZ       12452143   -40298506
GAZOLA-RCPTS CMN    GAZO9 BZ       12452143   -40298506
GAZOLA-RCPT PREF    GAZO10 BZ      12452143   -40298506
GAZOLA SA-DVD CM    GAZO11 BZ      12452143   -40298506
GAZOLA SA-DVD PF    GAZO12 BZ      12452143   -40298506
GRADIENTE           IGBR3 BZ      101669051  -189496654
GRADIENTE ELETR     IGBON BZ      101669051  -189496654
GRADIENTE-PREF A    IGBR5 BZ      101669051  -189496654
GRADIENTE EL-PRA    IGBAN BZ      101669051  -189496654
GRADIENTE-PREF B    IGBR6 BZ      101669051  -189496654
GRADIENTE EL-PRB    IGBBN BZ      101669051  -189496654
GRADIENTE-PREF C    IGBR7 BZ      101669051  -189496654
GRADIENTE EL-PRC    IGBCN BZ      101669051  -189496654
RENAUXVIEW SA       TXRX3 BZ       58969048   -91550952
TEXTEIS RENAUX      RENXON BZ      58969048   -91550952
RENAUXVIEW SA-PF    TXRX4 BZ       58969048   -91550952
TEXTEIS RENAUX      RENXPN BZ      58969048   -91550952
PARMALAT            LCSA3 BZ      388720052  -213641144
PARMALAT BRASIL     LCSAON BZ     388720052  -213641144
PARMALAT-PREF       LCSA4 BZ      388720052  -213641144
PARMALAT BRAS-PF    LCSAPN BZ     388720052  -213641144
PARMALAT BR-RT C    LCSA5 BZ      388720052  -213641144
PARMALAT BR-RT P    LCSA6 BZ      388720052  -213641144
ESTRELA SA          ESTR3 BZ       61011894   -54580284
ESTRELA SA          ESTRON BZ      61011894   -54580284
ESTRELA SA-PREF     ESTR4 BZ       61011894   -54580284
ESTRELA SA-PREF     ESTRPN BZ      61011894   -54580284
RIOSULENSE SA       RSUL3 BZ       61902902   -11292933
RIOSULENSE SA       RSULON BZ      61902902   -11292933
RIOSULENSE SA-PR    RSUL4 BZ       61902902   -11292933
RIOSULENSE SA-PR    RSULPN BZ      61902902   -11292933
WETZEL SA           MWET3 BZ       79756128  -6350930.7
WETZEL SA           MWELON BZ      79756128  -6350930.7
WETZEL SA-PREF      MWET4 BZ       79756128  -6350930.7
WETZEL SA-PREF      MWELPN BZ      79756128  -6350930.7
MINUPAR             MNPR3 BZ       89611489   -20702111
MINUPAR SA          MNPRON BZ      89611489   -20702111
MINUPAR-PREF        MNPR4 BZ       89611489   -20702111
MINUPAR SA-PREF     MNPRPN BZ      89611489   -20702111
NORDON MET          NORD3 BZ       15498217   -20133537
NORDON METAL        NORDON BZ      15498217   -20133537
NORDON MET-RTS      NORD1 BZ       15498217   -20133537
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   -45812489
SANSUY SA           SNSYON BZ     100279115   -45812489
SANSUY-PREF A       SNSY5 BZ      100279115   -45812489
SANSUY SA-PREF A    SNSYAN BZ     100279115   -45812489
SANSUY-PREF B       SNSY6 BZ      100279115   -45812489
SANSUY SA-PREF B    SNSYBN BZ     100279115   -45812489
BOTUCATU TEXTIL     STRP3 BZ       35101567   -13482714
STAROUP SA          STARON BZ      35101567   -13482714
BOTUCATU-PREF       STRP4 BZ       35101567   -13482714
STAROUP SA-PREF     STARPN BZ      35101567   -13482714
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  -4.695E+09
VARIG SA            VARGON BZ     966298026  -4.695E+09
VARIG SA-PREF       VAGV4 BZ      966298026  -4.695E+09
VARIG SA-PREF       VARGPN BZ     966298026  -4.695E+09
WIEST               WISA3 BZ       39838114   -93371563
WIEST SA            WISAON BZ      39838114   -93371563
WIEST-PREF          WISA4 BZ       39838114   -93371563
WIEST SA-PREF       WISAPN BZ      39838114   -93371563
FER C ATLANT        VSPT3 BZ      1.189E+09   -35605726
FER C ATLANT-PRF    VSPT4 BZ      1.189E+09   -35605726
FERROVIA CEN-DVD    VSPT11 BZ     1.189E+09   -35605726
FERROVIA CEN-DVD    VSPT12 BZ     1.189E+09   -35605726
FER C ATL-RCT CM    VSPT9 BZ      1.189E+09   -35605726
FER C ATL-RCT PF    VSPT10 BZ     1.189E+09   -35605726
HOPI HARI SA        PQTM3 BZ       62168844   -55189837
HOPI HARI-PREF      PQTM4 BZ       62168844   -55189837
PARQUE TEM-DV CM    PQT5 BZ        62168844   -55189837
PARQUE TEM-DV PF    PQT6 BZ        62168844   -55189837
PARQUE TEM-RT CM    PQTM1 BZ       62168844   -55189837
PARQUE TEM-RT PF    PQTM2 BZ       62168844   -55189837
PARQUE TEM-RCT C    PQTM9 BZ       62168844   -55189837
PARQUE TEM-RCT P    PQTM10 BZ      62168844   -55189837
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  -3014291.7
CIA PETROLIF-PRF    MRLM4B BZ     377602195  -3014291.7
CIA PETROLIFERA     1CPMON BZ     377602195  -3014291.7
CIA PETROLIF-PRF    1CPMPN BZ     377602195  -3014291.7
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
CHILESAT CORP SA    TELEX CI      450943845   -52392581
CHILESAT CO-RTS     CHISATOS CI   450943845   -52392581
TELMEX CORP SA      CHILESAT CI   450943845   -52392581
TELEX-A             TELEXA CI     450943845   -52392581
TELMEX CORP-ADR     CSAOY US      450943845   -52392581
TELEX-RTS           TELEXO CI     450943845   -52392581



                            ***********

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

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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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