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

        Tuesday, January 19, 2010, Vol. 11, No. 012

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver & SEC Ask Judge to Put Suits on Hold
STANFORD INT'L: Receiver Says Investors Returning Funds


A R G E N T I N A

ARDERIU SRL: Creditors' Proofs of Debt Due on February 5
TELECOM ARGENTINA: Appeal Court Halts Stake Sale Timetable


B E R M U D A

XL CAPITAL: To Post 4Q & FY 2009 Results on February 9
XL CAPITAL: XL Insurance Adds to US Aviation Team and Expands West


B R A Z I L

BANCO BRADESCO: To Finance Companhia Siderurgica's Bid For Cimpor
CAMARGO CORREA: Bid for Cimpor Violates Bid Rules, CSN Says
COMPANHIA SIDERURGICA: Bradesco, Itau to Finance Bid For Cimpor
COMPANHIA SIDERURGICA: Camargo's Bid for Cimpor Violates Bid Rules
FIBRIA CELULOSE: Votorantim Picks Bank for Cimpor Proposal

GOL LINHAS: Launches Regular Flights to Bauru


C A Y M A N  I S L A N D S

ANAK NORTH: Shareholder Receives Wind-Up Report
BLOSSOM FUND: Members Receive Wind-Up Report
DENOS PARTNERS: Members Receive Wind-Up Report
BROCADE ENHANCED: Shareholders Receive Wind-Up Report
GLOBAL MAESTRO: Members Receive Wind-Up Report

NETINVEST (OVERSEAS): Shareholders Receive Wind-Up Report
PRINCIPIA EUROPE: Members Receive Wind-Up Report
PRINCIPIA EUROPE: Members Receive Wind-Up Report
PUNTO INTERNATIONAL: Members Receive Wind-Up Report
RAB EMEA: Shareholders Receive Wind-Up Report

RAB EMEA: Shareholders Receive Wind-Up Report
RENAISSANCE VANGUARD: Shareholder Receives Wind-Up Report
RENAISSANCE VANGUARD: Shareholder Receives Wind-Up Report
SABRE STYLE: Shareholders Receive Wind-Up Report
SABRE STYLE: Shareholders Receive Wind-Up Report

SECURITIES TRADING: Members Receive Wind-Up Report
SRL PARTICIPATION: Members Receive Wind-Up Report
THREADNEEDLE ASIA: Members Receive Wind-Up Report
THREADNEEDLE ASIA: Members Receive Wind-Up Report
THREADNEEDLE EUROPEAN: Members Receive Wind-Up Report

THREADNEEDLE EUROPEAN: Members Receive Wind-Up Report
TUCKERBROOK LONG/SHORT: Members Receive Wind-Up Report
TUCKERBROOK LONG/SHORT: Members Receive Wind-Up Report
TUCKERBROOK SHORT: Shareholder Receives Wind-Up Report
TUCKERBROOK SHORT: Shareholder Receives Wind-Up Report

TUCKERBROOK LONG/SHORT: Shareholder Receives Wind-Up Report
TUCKERBROOK LONG/SHORT: Shareholder Receives Wind-Up Report
UNITED ADVISORS: Shareholders Receive Wind-Up Report
UNITED CENTAUR: Shareholders Receive Wind-Up Report
WW GLOBAL: Members Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: NDM Concerned Over Pending Airline Sale
DIGICEL GROUP: Claro's Lower Call Rates on Hold
JAMAICAN CREDIT: S&P Puts 'B' Rating on CreditWatch Developings
NATIONAL COMMERCIAL: S&P Puts 'CCC/C' Ratings on Developing Watch
SAGICOR LIFE: S&P Corrects Press Release on Ratings


M E X I C O

HIPOTECARIA SU: Moody's Confirms Ratings on 16 Certificates


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


STANFORD INT'L: SFG Receiver & SEC Ask Judge to Put Suits on Hold
-----------------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that Ralph Janvey, the court-appointed receiver for
Stanford Financial Group, and U.S. regulators have asked a federal
judge to temporarily stop all lawsuits by investors against their
former financial advisers at Stanford Group Co. and other
Stanford-related entities.

"There have now been more than 50 cases filed in state and federal
courts that somehow relate to the sale of Stanford CDs or the
receivership," the report quoted Kevin Sadler, an attorney for Mr.
Janvey, as saying in a filing made jointly with the U.S.
Securities and Exchange Commission.  Responding to investors'
document requests to support those lawsuits "will consume more and
more" of the dwindling assets the receiver could use to repay all
investors allegedly swindled by the Texas financier, Mr. Sadler
added.

According to the report, Stanford investors have sued their former
financial advisers and the clearinghouse and trust company that
serviced their accounts in an attempt to recover some of the
estimated US$7 billion lost through an alleged Ponzi scheme.

Bloomberg News notes that in court filings, investors' lawyers
have urged the judge to allow the suits, which the receiver and
regulators want to delay until Stanford's criminal and SEC cases
are completed.  The report relates that the investors claim their
lawsuits are their best hope of generating significant recovery by
tapping insurance coverage for the brokers and other entities
before deadlines for filing such claims.

               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: Receiver Says Investors Returning Funds
-------------------------------------------------------
Anna Driver at Reuters reports that Ralph Janvey, the court-
appointed receiver for Stanford Financial Group, has recovered
nearly US$2 million from certain investors who bought certificates
of deposit from Stanford International Bank Limited.

According to the report, Mr. Janvey sued about 200 Stanford
customers in December, accusing them of unfairly cashing out
before Stanford's firm was shut down in February 2009, when the
U.S. Securities and Exchange Commission filed civil fraud charges.

So far, the report relates, Mr. Janvey has finalized more than 30
settlements totaling over US$1.8 million and additional
settlements totaling US$1 million are expected soon.

               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
=================


ARDERIU SRL: Creditors' Proofs of Debt Due on February 5
--------------------------------------------------------
The court-appointed trustee for Arderiu S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 5, 2010.

The trustee will present the validated claims in court as
individual reports on March 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.


TELECOM ARGENTINA: Appeal Court Halts Stake Sale Timetable
----------------------------------------------------------
An appeals court in Argentina has suspended the timetable in which
Telecom Italia SpA was obliged by antitrust regulators to sell its
stake in the parent company of Telecom Argentina SA, Giada Zampano
and Gilles Castonguay at Dow Jones Newswires report.  "This shows
that the justice system works in Argentina and that it always
rules in our favor in important circumstances," the report quoted
Telecom Italia Chief Executive Franco Bernabe as saying.

According to the report, Mr. Bernabe said that with Telecom Italia
appealing the order, Bernabe said he refused to be forced to sell
the stake outright.  "On the basis of the offers . . . we will
review the benefit or not of selling (it)," the report quoted Mr.
Bernabe as saying.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said 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.
Dow Jones Newswires related 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.


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


XL CAPITAL: To Post 4Q & FY 2009 Results on February 9
------------------------------------------------------
XL Capital Limited intends to release its Fourth Quarter and Full
Year 2009 results after the close of regular stock market trading
hours on Tuesday, February 9, 2010.  A conference call to discuss
the Company's results will be held at 5 p.m. Eastern Time on
Tuesday, February 9, 2010.

The conference call can be accessed through a listen-only dial-in
number or through a live webcast.  To listen to the conference
call, please dial (866) 617-1526 or (210) 795-0624: Passcode: 'xl
global'.  The webcast will be available at
http://www.xlcapital.comand will be archived on XL's website from
approximately 8:00 p.m.

Eastern Time on February 9, 2010, through midnight Eastern Time on
March 9, 2010.  A telephone replay of the conference call will
also be available beginning at 8:00 p.m. Eastern Time on February
9, until midnight Eastern Time on March 9, 2010, by dialing (866)
426-1596 or (203) 369-0883.

                          About XL Capital

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

                           *     *     *

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


XL CAPITAL: XL Insurance Adds to US Aviation Team and Expands West
------------------------------------------------------------------
XL Insurance disclosed the expansion of its US Aviation
underwriting team with the opening of an aviation branch office in
San Francisco and an addition to its New York-based underwriting
staff.

XL Insurance, through XL Specialty Insurance Company, begins the
New Year underwriting from San Francisco with the appointment of
Mark Sacco as Officer, Class Underwriter.  XL Insurance also
announced the addition of Karl Jorda as Assistant Vice President,
Class Underwriter to its New York-based underwriting team.  Both
Mr. Sacco and Mr. Jorda report to Eric Donofrio, North American
Regional Manager for XL Insurance's Aviation unit.

Commenting on the appointments, Mr. Donofrio said: "Our technical
underwriting skill and industry knowledge form the foundation of
our success and we continue to build on it.  Our clients will
surely benefit from Mark and Karl's industry experience and
underwriting skill.  They are valuable additions to our North
American team, especially as demand for our general aviation
coverage continues to grow.  They add additional strength and
knowledge to an already accomplished team."

"With Mark working from our San Francisco office, we are also
pleased to give our West coast brokers and clients more local
access to our experienced in-house underwriters.  We will continue
to add additional staff to our San Francisco team in the coming
months," added Mr. Donofrio.

Christopher O'Gwen, XL Insurance's Chief Underwriting Officer --
Global Aerospace, said: "Last year was a challenging one for the
aviation insurance industry.  At a time when the industry needs it
most, we are pleased to bring together a skillful and
knowledgeable global underwriting and claims team to address our
insureds' risk management concerns with quality coverage and
claims handling expertise."

Mr. Jorda brings more than 20 years of aviation insurance
experience to XL Insurance, most recently working as Chief
Underwriting Officer -- Aviation for Britt Paulk. His career also
includes various underwriting management positions with AXA and
United States Aircraft Insurance Group (USAIG).  He is a graduate
of Dowling College with a B.S. in Aeronautics.

Mr. Sacco joins XL Insurance from Marsh where he worked for three
years as a Vice President in their Aviation group.  Prior to this
position, he spent more than nine years as a general aviation
underwriter with United States Aircraft Insurance Group (USAIG) in
both Denver and San Francisco.  Mark is a graduate of Santa Clara
University with a B.S. in Economics.

XL Insurance's global Aerospace operations provide a broad
spectrum of coverage for international and regional airlines,
product manufacturers, as well as for aviation service providers
around the world.

                          About XL Capital

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

                           *     *     *

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


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


BANCO BRADESCO: To Finance Companhia Siderurgica's Bid For Cimpor
-----------------------------------------------------------------
Banco Bradesco SA, Banco do Brasil SA and Itau Unibanco Holding SA
will finance Companhia Siderurgica Nacional SA's offer for
Portuguese cement company Cimpor-Cimentos de Portugal SGPS SA,
Joao Lima at Bloomberg News reports, citing Jornal de Negocios.

According to the report, the newspaper said that Banco Espirito
Santo SA's investment banking unit is advising Brazilian
steelmaker CSN and is not financing the transaction.

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 Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.

                             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+.


CAMARGO CORREA: Bid for Cimpor Violates Bid Rules, CSN Says
-----------------------------------------------------------
Jim Silver at Bloomberg News reports that Companhia Siderurgica
Nacional SA's plan to take over Portugal's largest cement maker is
being sabotaged by a smaller rival violating securities rules.

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.

According to Bloomberg News, CSN said that Camargo Correa is
attempting to skirt Portuguese rules, which require a counterbid
to exceed the previous offer by at least 2%.  The report relates
that Cimpor would give either company an opportunity to benefit
from a surge in construction fueled by the 2014 World Cup and the
2016 Olympics.  "More than making a competing offer, Camargo is
preventing CSN from buying Cimpor," the report quoted Pedro
Rodrigues, a fund manager at Finivalor in Lisbon who handles 170
million euros in stocks and bonds and sold his Cimpor shares, as
saying.  "This can't be considered a counterbid," he added.

Camargo Correa, Bloomberg News notes, wants to win control of
Lisbon-based Cimpor "in more favorable conditions than would be
imposed on a competing bidder,"

According to a TCRLA report on January 14, 2010, citing Bloomberg
News, Camargo Correa offered to buy an unspecified stake in
Cimpor-Cimentos de Portugal and merge its Portuguese unit into the
company to repel a rival EUR3.86 billion (US$5.6 billion) offer
from CSN.  According to the report, citing a regulatory filing,
Camargo Correa will hold a stake of between 15% and 25% for the
transaction to close, and will "necessarily" have a stake of less
than 50 percent in Cimpor.  The report related that Camargo also
agreed to pay as much as EUR350 million to Cimpor's shareholders.

                             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+.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

  -- Foreign currency Issuer Default Rating 'BB';
  -- Local currency IDR 'BB';


COMPANHIA SIDERURGICA: Bradesco, Itau to Finance Bid For Cimpor
---------------------------------------------------------------
Banco Bradesco SA, Banco do Brasil SA and Itau Unibanco Holding SA
will finance Companhia Siderurgica Nacional SA's offer for
Portuguese cement company Cimpor-Cimentos de Portugal SGPS SA,
Joao Lima at Bloomberg News reports, citing Jornal de Negocios.

According to the report, the newspaper said that Banco Espirito
Santo SA's investment banking unit is advising Brazilian
steelmaker CSN and is not financing the transaction.

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 Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.

                             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+.


COMPANHIA SIDERURGICA: Camargo's Bid for Cimpor Violates Bid Rules
------------------------------------------------------------------
Jim Silver at Bloomberg News reports that Companhia Siderurgica
Nacional SA's plan to take over Portugal's largest cement maker is
being sabotaged by a smaller rival violating securities rules.

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.

According to Bloomberg News, CSN said that Camargo Correa is
attempting to skirt Portuguese rules, which require a counterbid
to exceed the previous offer by at least 2%.  The report relates
that Cimpor would give either company an opportunity to benefit
from a surge in construction fueled by the 2014 World Cup and the
2016 Olympics.  "More than making a competing offer, Camargo is
preventing CSN from buying Cimpor," the report quoted Pedro
Rodrigues, a fund manager at Finivalor in Lisbon who handles 170
million euros in stocks and bonds and sold his Cimpor shares, as
saying.  "This can't be considered a counterbid," he added.

Camargo Correa, Bloomberg News notes, wants to win control of
Lisbon-based Cimpor "in more favorable conditions than would be
imposed on a competing bidder,"

According to a TCRLA report on January 14, 2010, citing Bloomberg
News, Camargo Correa offered to buy an unspecified stake in
Cimpor-Cimentos de Portugal and merge its Portuguese unit into the
company to repel a rival EUR3.86 billion (US$5.6 billion) offer
from CSN.  According to the report, citing a regulatory filing,
Camargo Correa will hold a stake of between 15% and 25% for the
transaction to close, and will "necessarily" have a stake of less
than 50 percent in Cimpor.  The report related that Camargo also
agreed to pay as much as EUR350 million to Cimpor's shareholders.

                             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+.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

  -- Foreign currency Issuer Default Rating 'BB';
  -- Local currency IDR 'BB';


FIBRIA CELULOSE: Votorantim Picks Bank for Cimpor Proposal
----------------------------------------------------------
Grupo Votorantim has picked Portuguese law firm CFSC Advogados and
Deutsche Bank AG to prepare a proposal to shareholders of Cimpor-
Cimentos de Portugal SA, Joao Lima at Bloomberg News reports,
citing Jornal de Negocios.

According to the report, the newspaper said that Votorantim's
"base scenario" is not to announce a takeover bid but instead to
buy a stake of less than 33% in Portuguese cement company Cimpor.

Votorantim group is the parent company of Fibria Celulose SA.

                      About Fibria Celulose

Fibria Celulose SA (formerly known as: Industrias Papel Simao SA
Votorantim Celulose e Papel) produces and exports wood-free
printing, writing, and specialty paper.  The company also
manufactures eucalyptus pulp, which it sells and uses in the
production of specialty papers.  Fibria operates integrated pulp
and paper mills and exclusive paper mills in the state of Sao
Paulo, Brazil.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's
Ba1 Issuer rating.  The company also continuse to carry Standard
and Poor's BB LT Issuer credit ratings.

                     About Votorantim Group

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in banking, metals and
mining, pulp and paper, cement, agribusiness, and chemicals.  The
group also produces chemicals, frozen concentrated orange juice,
energy, financial services and venture capital investments.


GOL LINHAS: Launches Regular Flights to Bauru
---------------------------------------------
GOL Linhas Aereas Inteligentes S.A. began selling tickets for a
new destination in its domestic route network: The city of Bauru,
in the west of Sao Paulo state.  There will be five flights per
week from Congonhas Airport in Sao Paulo city, beginning on
February 1, 2010.

"We are launching regular operations in Bauru in the wake of our
success in Presidente Prudente (SP), a destination that handled
around 50 passengers a day before GOL moved in and now generates
more than 200 tickets per day," explained Constantino de Oliveira
Junior, GOL's CEO.  "We expect the same GOL effect at this new
destination, the 50th in our domestic network."

Bauru is the biggest city in western Sao Paulo and one of the
state's leading economic centers, with a GDP of R$5.3 billion.

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'.


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


ANAK NORTH: Shareholder Receives Wind-Up Report
----------------------------------------------
The sole shareholder of Anak North American Fund Limited received,
on December 23, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Keith Blake
          c/o Dorra Mohammed
          Telephone: 345-914-4475
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands


BLOSSOM FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of Blossom Fund Ltd received, on December 16, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Ross Higginson
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


DENOS PARTNERS: Members Receive Wind-Up Report
----------------------------------------------
The members of Denos Partners CII Limited received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Philip Mosely
          PO Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Telephone: 949 4018
          Facsimile: 949 7891
          e-mail: general@caymanmanagement.ky


BROCADE ENHANCED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Brocade Enhanced Fund Limited received, on
December 22, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Ann Smith
          Telephone: 345-914-4383
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


GLOBAL MAESTRO: Members Receive Wind-Up Report
----------------------------------------------
The members of Global Maestro Fund 1 Limited received, on
December 16, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Ross Higginson
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


NETINVEST (OVERSEAS): Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Netinvest (Overseas) Ltd. received, on
December 29, 2009, 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


PRINCIPIA EUROPE: Members Receive Wind-Up Report
------------------------------------------------
The members of Principia Europe Fund Limited received, on
December 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


PRINCIPIA EUROPE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Principia Europe (Master) Fund Limited received, on
December 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


PUNTO INTERNATIONAL: Members Receive Wind-Up Report
--------------------------------------------------
On December 14, 2009, the members of Punto International 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


RAB EMEA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Rab Emea Fund Limited received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: 1 345 769-9351


RAB EMEA: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Rab Emea Master Fund Limited received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: 1 345 769-9351


RENAISSANCE VANGUARD: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The sole shareholder of Renaissance Vanguard Fund Limited
received, on December 23, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Peadar De Barra
          Claire Cawley
          c/o Clifton Fund Consulting Limited (trading as KB
          Associates)
          Fleming Court, Fleming's Place, Mespil Road
          Dublin 4, Ireland


RENAISSANCE VANGUARD: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The sole shareholder of Renaissance Vanguard Master Fund Limited
received, on December 23, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Peadar De Barra
          Claire Cawley
          c/o Clifton Fund Consulting Limited (trading as KB
          Associates)
          Fleming Court, Fleming's Place, Mespil Road
          Dublin 4, Ireland


SABRE STYLE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Sabre Style Arbitrage Liquidfunds GP Limited
received, on December 23, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108


SABRE STYLE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Sabre Style Arbitrage Liquidfunds Inc
received, on December 23, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108


SECURITIES TRADING: Members Receive Wind-Up Report
-------------------------------------------------
The members of Securities Trading and Management Company Limited
received, on December 24, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Martin Prinsloo
          Samuel Harris House, 1st Floor
          St. George Street, Douglas IM1 IAJ


SRL PARTICIPATION: Members Receive Wind-Up Report
-------------------------------------------------
The members of SRL Participation Company received, on
December 23, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Annie Chapman
          69 Dr. Roy's Drive, P.O. Box 1043
          George Town, Grand Cayman KY1-1102


THREADNEEDLE ASIA: Members Receive Wind-Up Report
-----------------------------------------
The members of Threadneedle Asia Crescendo Fund Limited received,
on December 22, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


THREADNEEDLE ASIA: Members Receive Wind-Up Report
-------------------------------------------------
The members of Threadneedle Asia Crescendo Master Fund Limited
received, on December 22, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


THREADNEEDLE EUROPEAN: Members Receive Wind-Up Report
----------------------------------------------------
The members of Threadneedle European Focus Crescendo Fund Limited
received, on December 22, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


THREADNEEDLE EUROPEAN: Members Receive Wind-Up Report
----------------------------------------------------
The members of Threadneedle European Focus Crescendo Master Fund
Limited received, on December 22, 2009, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237


TUCKERBROOK LONG/SHORT: Members Receive Wind-Up Report
------------------------------------------------------
The members of Tuckerbrook Long/Short Concentrated Small Cap
Master Fund, Ltd. received, on December 24, 2009, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Hassett
          30 Doaks Lane, Marblehead
          MA 01945, USA


TUCKERBROOK LONG/SHORT: Members Receive Wind-Up Report
------------------------------------------------------
The members of Tuckerbrook Long/Short Concentrated Small Cap
Offshore Fund, Ltd. received, on December 24, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John Hassett
          30 Doaks Lane, Marblehead
          MA 01945, USA


TUCKERBROOK SHORT: Shareholder Receives Wind-Up Report
------------------------------------------------------
The sole shareholder of Tuckerbrook Short Alpha Composite, Ltd.
received, on December 24, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Hassett
          30 Doaks Lane, Marblehead
          MA 01945, USA


TUCKERBROOK SHORT: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The sole shareholder of Tuckerbrook Short Alpha Master Composite,
Ltd. received, on December 24, 2009, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Hassett
          30 Doaks Lane, Marblehead
          MA 01945, USA


TUCKERBROOK LONG/SHORT: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The sole shareholder of Tuckerbrook Long/Short Aggressive Growth
Master Fund, Ltd. received, on December 24, 2009, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Hassett
          30 Doaks Lane, Marblehead
          MA 01945, USA


TUCKERBROOK LONG/SHORT: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The sole shareholder of Tuckerbrook Long/Short Aggressive Growth
Offshore Fund, Ltd. received, on December 24, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John Hassett
          30 Doaks Lane, Marblehead
          MA 01945, USA


UNITED ADVISORS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of United Advisors Capital SPC Limited received,
on December 14, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Richard Barton
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


UNITED CENTAUR: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of United Centaur Master Fund received, on
December 14, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Richard Barton
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


WW GLOBAL: Members Receive Wind-Up Report
-----------------------------------------
The members of WW Global Holdings Ltd received, on December 16,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Ross Higginson
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


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


AIR JAMAICA: NDM Concerned Over Pending Airline Sale
----------------------------------------------------
National Democratic Movement is calling on the Jamaican government
to immediate disclose to the public, the details of the pending
sale of Air Jamaica Limited to Trinidad and Tobago's Caribbean
Airlines, RadioJamaica reports.  The report relates that NDM
General Secretary, Michael Williams, said that the party is
concerned that Air Jamaica may be sold without public knowledge
and at a ridiculous price.  The government needs to clarify
several issues about the sale of the national airline, he added.

"Based on the information that has been received, it seems as if
the government is doing another FINSAC with the assets of Air
Jamaica.  We need to know what is the value of Air Jamaica's slots
around the world and in particular the gateways leading to North
American cities, for example, New York and Toronto," the report
quoted Mr. Williams as saying.

Mr. Williams, the report notes added that like the government, the
NDM wants to see Air Jamaica taken off the budget however; he
contends that it must not be given away free to any foreign
entity.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, RadioJamaica said that a divestment deal could
be inked as early as this week between the national airline Air
Jamaica and Caribbean Airlines.  The report related that
sources said that discussions are presently in an advanced stage
and the stakeholders are expected to meet this week to sign the
agreement.

                         About Air Jamaica

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

                           *     *     *

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


DIGICEL GROUP: Claro's Lower Call Rates on Hold
-----------------------------------------------
Digicel Group has successfully stalled efforts by competitor Claro
to reduce rates to customers for cross network calls, RadioJamaica
reports.  The report relates that the Jamaican Supreme Court made
the ruling on January 14.

According to the report, Digicel had asked the court for leave to
argue that the Office of Utilities Regulation (OUR) has no
jurisdiction to arbitrate in the cross network charges between the
two providers.  The report relates that OUR was expected to make a
decision in the matter this month but instead, the Supreme Court
will begin hearings on the issue on Tuesday, February 9.

RadioJamaica, citing a company statement, Claro questioned why
Digicel would argue that the OUR, which is the appointed regulator
for telecommunications, would not have jurisdiction in such
matters and choose instead to move the matter into the local
courts, especially when the OUR is better equipped to deal with
these complex and dynamic issues facing the telecommunications
industry.

Claro Carrier Services Director, Robert Shaw, said that his
company has been trying for a year to assist its customers by
having the cross network charges to Digicel reduced, but has been
unable to do so because Digicel has refused to reduce rates to
Claro, the report says.

                        About Digicel Group

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

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

                          *     *     *

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

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


JAMAICAN CREDIT: S&P Puts 'B' Rating on CreditWatch Developings
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' rating on
Jamaican Credit Card Merchant Voucher Receivables Master Trust's
(the trust's) US$225 million floating-rate certificates series
2001-A due 2013 on CreditWatch with developing implications.

S&P's rating on the series 2001-A certificates reflects S&P's
long-term sovereign credit rating on Jamaica ('SD'); S&P's foreign
and local currency ratings on National Commercial Bank Jamaica
Ltd. (CCC/Watch Dev/C); and S&P's 'B' survivability assessment on
NCB, which addresses the bank's ability to acquire the necessary
Visa and MasterCard merchant voucher assets to service the
transaction even under a state of selective default or other
financial impairment.  The rating also reflects S&P's view of the
series 2001-A transaction's strong credit enhancement level
through overcollateralization and other structural features that
mitigate sovereign interference risk and other credit risks.

The rating action follows the Jan. 15, 2010, placement of S&P's
long-term foreign and local currency credit ratings on NCB on
CreditWatch developing and the Jan. 14, 2010, lowering of S&P's
long- and short-term sovereign credit ratings on Jamaica to 'SD'
from 'CCC/C'.

The CreditWatch placement of S&P's ratings on NBC reflects the
revision of its ratings on Jamaica to 'SD' due to the country's
domestic debt exchange program.  The debt exchange program can
have an impact on NCB's future development, considering the bank's
large exposure to Jamaican sovereign-debt securities and loans to
public entities, which represent 57% of its total investment and
loan portfolio.  NCB's exposure to the sovereign-debt securities
that will be restructured represents 53% of its investment
portfolio as of year-end 2009.

S&P's 'B' survivability assessment remains three notches above
NCB's counterparty credit rating based on S&P's expectation that
the Jamaican government could give certain assistance to the bank
if needed because of NCB's significant market share in the country
as well as the bank's adequate financial performance, large branch
network, and large deposit base.  If S&P's assessment of the level
of support NCB could receive from the Jamaican government changes,
NCB's survivability assessment would be affected by more than one
notch.

The trust's performance has been strong since 2001.  As of January
2010, the series 2001-A transaction's quarterly debt service
coverage ratio was 6.24x, a decrease from historical levels.  In
S&P's view, this lower DSCR reflects a decline in collections due
to the global economic downturn and the fact that the transaction
has finished its interest-only payment period and has begun paying
principal.  The 6.24x DSCR meets S&P's criteria requirements for a
'B' rating.

NCB, one of Jamaica's leading banks, sold all of its existing and
future rights to receive U.S. dollar-denominated payments from
Visa International Service Association and MasterCard
International Inc. to the issuer.  The payment rights include the
amounts owed in regard to cash advances made through Plus System
Inc. or Cirrus System Inc., the cash advance systems operated by
Visa and MasterCard, respectively.  These receivables arise from
NCB's acquisition of the electronic or paper transaction vouchers
that foreign cardholder charges generate when cardholders use
NCB's voucher processing services.


NATIONAL COMMERCIAL: S&P Puts 'CCC/C' Ratings on Developing Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC/C' ratings on
National Commercial Bank Jamaica Ltd. on CreditWatch Developing.
The CreditWatch placement follows S&P's revision of Jamaica's
sovereign rating to 'SD' from 'CCC/C' due to its new domestic debt
exchange program, which S&P believes will have an impact on NCB's
financial profile.  S&P's survivability assessment remains three
notches above NCB's long-term rating.

"The ratings on NCB were placed on CreditWatch Developing
signaling that the ratings could be upgraded, downgraded, or
remain at the current level.  In this sense, if the bank's
liquidity and asset quality are affected by Jamaica's domestic
debt-exchange program, the ratings could be lowered.  However, if
the bank is able to steer its way through Jamaica's turbulent
economic situation while maintaining an adequate financial
performance, the ratings could be maintained or upgraded up to
Jamaica's sovereign credit rating level," said Standard & Poor's
credit analyst Alfredo Calvo.

The placement of the ratings on CreditWatch Developing reflects
S&P's ratings revision on Jamaica to 'SD' due to its domestic
debt-exchange program.  S&P believes this could affect the bank's
future performance, especially considering NCB's large exposure to
Jamaican sovereign-debt securities and loans to public entities
(57% of its total investment and loan portfolio).  The bank's
exposure to the government's securities that will be restructured
represents 53% of its investment portfolio as of year-end 2009.
S&P expects to resolve the CreditWatch once S&P assess the affect
of a restructuring program on NCB's liquidity and future
performance.

S&P's survivability assessment remains three notches above NCB's
counterparty credit rating based on S&P's expectation that the
government could give certain assistance to the bank if needed
because of NCB's significant market share in the country, its
adequate financial performance, and the bank's large branch
network and deposit base.  In the case of a negative rating action
on NCB, the survivability assessment would be affected by more
than one notch if S&P decide to lower the notches of support for
the assessment.

"We will review NCB's liquidity profile and asset quality to
resolve the CreditWatch status.  The ratings could be downgraded
if NCB's liquidity comes under significant pressure in either
Jamaican or U.S. dollars, or if asset quality deteriorates
dramatically.  The ratings could be upgraded or maintained at
current rating level if the bank is able to face Jamaica's
challenging economic environment, while maintaining adequate
financial performance," Mr. Calvo added.


SAGICOR LIFE: S&P Corrects Press Release on Ratings
---------------------------------------------------
Standard & Poor's Ratings Services said that a rating cited in the
previously published version of this bulletin mistakenly implied
the lowering of the sovereign rating on Jamaica to a full, rather
than selective, default.  S&P has published a corrected version.

S&P said that its ratings on Sagicor Life Inc. and SagicorFinance
Ltd. are unaffected by the Jan. 14 sovereign downgrade of Jamaica
to 'SD' from 'CCC'.  The 'BBB' local currency financial strength
and global scale counterparty credit ratings on Sagicor, and the
'BBB-' senior unsecured rating on the obligations of its finance
subsidiary, remain on CreditWatch, where they were placed with
negative implications on Aug. 14, 2009.  S&P believes the domestic
debt exchange program that Jamaica launched officially yesterday
doesn't materially affect Sagicor's liquidity and financial
performance.  Moreoever, the company's risk management practices
seek to address its exposure to Jamaica, which is diminishing.
Meanwhile, S&P will continue to monitor Sagicor's strategies for
managing this Jamaican exposure, to resolve the CreditWatch
listing.


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


HIPOTECARIA SU: Moody's Confirms Ratings on 16 Certificates
-----------------------------------------------------------
Moody's de Mexico has confirmed the global local currency and
national scale ratings of these sixteen certificates from eleven
residential mortgage-backed securitizations issued by Hipotecaria
Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple
E.N.R. in Mexico, with ticker names ("claves de pizarra"): BRHSCCB
03U, BRHCGCB 04U, BRHSCCB 05U, BRHSCCB 06, BRHSCCB 06-2, BRHSCCB
06U, BRHSCCB 06-3U, BRHSCCB 06-4U, BRHSCCB 06-5U, BRHSCCB 06-6U,
BRHSCCB 07, BRHCCB 07U, BRHCCB 07-2U, BRHCCB08U, BRHCCB08-2U, and
BRHCCB08-3U.  The mortgage pools consist of first-lien, fixed-rate
loans denominated in UDIS or Mexican Pesos and granted primarily
to low-income borrowers ("interes social").

In May and October 2009, the ratings of the affected certificates
were placed on review for possible downgrade as a result of
concerns about the accuracy and consistency of the reported
delinquency percentages in Su Casita's monthly servicing reports.
With the rating action, none of Su Casita's Moody's-rated domestic
RMBS remain on review for possible downgrade.

The confirmation is primarily based on the change in Su Casita's
procedure for calculating mortgage delinquencies, as recently
reported by the company to Moody's and also during its third
quarter 2009 financial results call.  As a result of the change,
starting in February 2009 a loan is considered one month past due
if the borrower's monthly payment is not received by the last day
of the payment period, which is also the cut-off date for Su
Casita's monthly servicing reports.  Prior to February 2009, a
loan was considered one month past due if the monthly payment was
not received by the first day after the last day of the payment
period.  As a result, under the former delinquency reporting
method the loan would not be considered one month past due until
the following month and servicing report.  In summary, Su Casita's
revised calculation method recognizes delinquencies sooner as
compared to the former method, thereby explaining the sudden
deterioration in the "current" and other delinquency buckets
observed across Su Casita's February 2009 RMBS servicing reports
following the implementation of the new method.

                           Rating Action

The complete rating action is:

* Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
  Sociedad Financiera de Objeto Multiple E.N.R.

* Issuer: The Bank of New York Mellon, S.A.  Institucion de Banca
  Multiple, acting solely as trustee.

  -- Class A BRHSCCB 03U, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A BRHCGCB 04U, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on May 6, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A BRHSCCB 05U, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A BRHSCCB 06, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A BRHSCCB 06-2, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A BRHSCCB 06U, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on May 6, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A BRHSCCB 06-3U, ratings of Baa3 (Global Scale, Local
     Currency) and Aa2.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa3 and
     Aa2.mx ratings were downgraded from Baa1 and Aaa.mx ratings
     and maintained on review for further possible downgrade.

  -- Class B BRHSCCB 06-4U, ratings of B3 (Global Scale, Local
     Currency) and B1.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the B3 and
     B1.mx ratings were downgraded from Ba2 and A2.mx and
     maintained on review for further possible downgrade.

  -- Class A BRHSCCB 06-5U, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on May 6, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class B BRHSCCB 06-6U, ratings of Ba2 (Global Scale, Local
     Currency) and A2.mx (National Scale) confirmed.  The last
     rating action occurred on May 6, 2009, when the Ba2 and A2.mx
     ratings were placed on review for possible downgrade.

  -- Class A BRHSCCB 07, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A-1 BRHCCB 07U, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A-2 BRHCCB 07-2U, ratings of B3 (Global Scale, Local
     Currency) and Ba3.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the B3 and
     Ba3.mx ratings were downgraded from Ba3 and Baa1.mx and
     maintained on review for further possible downgrade.

Issuer, HSBC Mexico, S.A. Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

  -- Class A-1 BRHCCB 08U, ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale) confirmed.  The last
     rating action occurred on October 9, 2009, when the Baa1 and
     Aaa.mx ratings were placed on review for possible downgrade.

  -- Class A-2 BRHCCB 08-2U, ratings of Ba1 (Global Scale, Local
     Currency) and A1.mx (National Scale) confirmed.  The last
     rating action occurred on May 14, 2009, when the Ba1 and
     A1.mx ratings were downgraded from Baa1 and Aaa.mx and
     maintained on review for further possible downgrade.

  -- Class B BRHCCB 08-3U, ratings of Caa1 (Global Scale, Local
     Currency) and Caa1.mx (National Scale) confirmed.  The last
     rating action occurred on May 14, 2009, when the Caa1 and
     Caa1.mx ratings were downgraded from Ba2 and A2.mx and
     maintained on review for further possible downgrade.


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


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

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


ARGENTINA

SCDPF US    SOC COMERCIAL PL    113091441  -254639574.1
SDAGF US    SNIAFA SA-B          11489328  -840226.1187
APDSF US    AUTOPISTAS SOL      351681167  -2858782.096
CAD IX      SOC COMERCIAL PL    113091441  -254639574.1
CVVIF US    SOC COMERCIAL PL    113091441  -254639574.1
CADN EO     SOC COMERCIAL PL    113091441  -254639574.1
SCPDS LI    COMERCIAL PL-ADR    113091441  -254639574.1
COME AR     SOC COMERCIAL PL    113091441  -254639574.1
CADN SW     SOC COMERCIAL PL    113091441  -254639574.1
COMEB AR    COMERCIAL PLA-BL    113091441  -254639574.1
COMEC AR    COMERCIAL PL-C/E    113091441  -254639574.1
COMED AR    COMERCIAL PLAT-$    113091441  -254639574.1
SNIA AR     SNIAFA SA            11489328  -840226.1187
SNIA5 AR    SNIAFA SA-B          11489328  -840226.1187
AUSO AR     AUTOPISTAS SOL      351681167  -2858782.096
IMPTQ US    IMPSAT FIBER NET    535007008     -17165000
330902Q GR  IMPSAT FIBER NET    535007008     -17165000
XIMPT SM    IMPSAT FIBER NET    535007008     -17165000
IMPT AR     IMPSAT FIBER-CED    535007008     -17165000
IMPTC AR    IMPSAT FIBER-C/E    535007008     -17165000
IMPTD AR    IMPSAT FIBER-$US    535007008     -17165000
IMPTB AR    IMPSAT FIBER-BLK    535007008     -17165000

BRAZIL

IMBI1 BZ    DOC IMBITUBA-RTC    114896167  -16783228.37
IMBI2 BZ    DOC IMBITUBA-RTP    114896167  -16783228.37
81370Z BZ   TELECOMUNICA-ADR    244018546   -6054999.05
FTRX1 BZ    FABRICA TECID-RT     66779267  -50394386.07
PRMN3B BZ   PROMAN               13403497  -173711.3081
TEKAY US    TEKA-ADR            237436194  -360484909.9
BMBBF US    BOMBRIL             289000174    -166589140
CBRZF US    TELEBRAS-PF RCPT    244018546   -6054999.05
TKTQF US    TEKA                237436194  -360484909.9
TKTPF US    TEKA-PREF           237436194  -360484909.9
REIC US     REII INC             16631180      -1448544
RPMG1 BZ    PET MANG-RIGHTS      76852724  -212528966.2
RPMG2 BZ    PET MANG-RIGHTS      76852724  -212528966.2
RPMG9 BZ    PET MANG-RECEIPT     76852724  -212528966.2
RPMG10 BZ   PET MANG-RECEIPT     76852724  -212528966.2
TRES3 BZ    MMX MINERACAO       1.018E+09  -160218400.5
MMXMY US    MMX MINERACA-GDR    1.018E+09  -160218400.5
SNST3 BZ    SANESALTO            27381497    -870175.96
CEED3B BZ   CEEE-D              1.091E+09  -15249815.85
CEED4B BZ   CEEE-D-PREF         1.091E+09  -15249815.85
BDFCE US    B&D FOOD CORP        16631180      -1448544
BOBR2 BZ    BOMBRIL-RGTS PRE    289000174    -166589140
BOBR1 BZ    BOMBRIL-RIGHTS      289000174    -166589140
XMM CN      MMX MINERACA-GDR    1.018E+09  -160218400.5
TBH-W US    TELEBRAS/W-I-ADR    244018546   -6054999.05
3M11 GR     MMX MINERACA-GDR    1.018E+09  -160218400.5
MILK11 BZ   LAEP-BDR            446499199  -70952298.93
LEAP LX     LAEP INVESTMENTS    446499199  -70952298.93
MMXCF US    MMX MINERACAO       1.018E+09  -160218400.5
BLDR3 BZ    BALADARE            144928981  -33970462.85
TXRX1 BZ    TEXTEIS RENAU-RT     58969048  -91550951.89
TXRX2 BZ    TEXTEIS RENAU-RT     58969048  -91550951.89
TXRX9 BZ    TEXTEIS RENA-RCT     58969048  -91550951.89
TXRX10 BZ   TEXTEIS RENA-RCT     58969048  -91550951.89
TELB9 BZ    TELEBRAS SA-RT      244018546   -6054999.05
GASC4 BZ    GASCOIGNE EMP-PF    1.124E+09  -536003485.6
GASC3 BZ    ALL MALHA PAULIS    1.124E+09  -536003485.6
MRLM4 BZ    CIA PETROLIF-PRF    377602195  -3014291.724
MRLM3 BZ    CIA PETROLIFERA     377602195  -3014291.724
CEED3 BZ    CEEE-D              1.091E+09  -15249815.85
NOVA3 BZ    NOVA AMERICA SA      21287489  -183535527.2
NOVA4 BZ    NOVA AMERICA-PRF     21287489  -183535527.2
PRMN3 BZ    PROMAN               13403497  -173711.3081
BDFC US     B&D FOOD CORP        16631180      -1448544
CEED4 BZ    CEEE-D-PREF         1.091E+09  -15249815.85
TELB3 BZ    TELEBRAS SA         244018546   -6054999.05
TLBRON BZ   TELEBRAS SA         244018546   -6054999.05
TBASF US    TELEBRAS SA         244018546   -6054999.05
TELB4 BZ    TELEBRAS SA-PREF    244018546   -6054999.05
TLBRPN BZ   TELEBRAS SA-PREF    244018546   -6054999.05
TBAPY US    TELEBRAS-ADR        244018546   -6054999.05
TBRAY GR    TELEBRAS-ADR        244018546   -6054999.05
RCTB4 AR    TELEBRAS-CEDE PF    244018546   -6054999.05
RCT4C AR    TELEBRAS-CED C/E    244018546   -6054999.05
RCT4D AR    TELEBRAS-CEDEA $    244018546   -6054999.05
RCT4B AR    TELEBRAS-CEDE BL    244018546   -6054999.05
TBH US      TELEBRAS-ADR        244018546   -6054999.05
TBX GR      TELEBRAS-ADR        244018546   -6054999.05
RTB US      TELEBRAS-ADR        244018546   -6054999.05
TBASY US    TELEBRAS-ADR        244018546   -6054999.05
TELB10 BZ   TELEBRAS-RCT PRF    244018546   -6054999.05
RCTB1 BZ    TELEBRAS-RTS CMN    244018546   -6054999.05
RCTB2 BZ    TELEBRAS-RTS PRF    244018546   -6054999.05
TCLP1 BZ    TELEBRAS-RTS CMN    244018546   -6054999.05
TLCP2 BZ    TELEBRAS-RTS PRF    244018546   -6054999.05
TELB1 BZ    TELEBRAS-COM RT     244018546   -6054999.05
RCTB31 BZ   TELEBRAS-CM RCPT    244018546   -6054999.05
TELE31 BZ   TELEBRAS-CM RCPT    244018546   -6054999.05
RCTB33 BZ   TELEBRAS-RCT        244018546   -6054999.05
TBRTF US    TELEBRAS-CM RCPT    244018546   -6054999.05
RCTB32 BZ   TELEBRAS-CM RCPT    244018546   -6054999.05
RCTB41 BZ   TELEBRAS-PF RCPT    244018546   -6054999.05
TELE41 BZ   TELEBRAS-PF RCPT    244018546   -6054999.05
RCTB42 BZ   TELEBRAS-PF RCPT    244018546   -6054999.05
TELB4 AR    TELEBRAS-CEDE PF    244018546   -6054999.05
TEL4C AR    TELEBRAS-CED C/E    244018546   -6054999.05
RCTB30 BZ   TELEBRAS-CM RCPT    244018546   -6054999.05
RCTB40 BZ   TELEBRAS-PF RCPT    244018546   -6054999.05
TBAPF US    TELEBRAS-PF RCPT    244018546   -6054999.05
TLBRUO BZ   TELEBRAS-RECEIPT    244018546   -6054999.05
TLBRUP BZ   TELEBRAS-PF RCPT    244018546   -6054999.05
TELB30 BZ   TELEBRAS-BLOCK      244018546   -6054999.05
TELB40 BZ   TELEBRAS-PF BLCK    244018546   -6054999.05
TEL4D AR    TELEBRAS-CEDEA $    244018546   -6054999.05
ARLA3 BZ    ARTHUR LANGE         21333793  -16295577.05
ALICON BZ   ARTHUR LANGE SA      21333793  -16295577.05
ARLA4 BZ    ARTHUR LANGE-PRF     21333793  -16295577.05
ALICPN BZ   ARTHUR LANGE-PRF     21333793  -16295577.05
ARLA1 BZ    ARTHUR LANG-RT C     21333793  -16295577.05
ARLA2 BZ    ARTHUR LANG-RT P     21333793  -16295577.05
ARLA9 BZ    ARTHUR LANG-RC C     21333793  -16295577.05
ARLA10 BZ   ARTHUR LANG-RC P     21333793  -16295577.05
ARLA11 BZ   ARTHUR LAN-DVD C     21333793  -16295577.05
ARLA12 BZ   ARTHUR LAN-DVD P     21333793  -16295577.05
BOBR3 BZ    BOMBRIL             289000174    -166589140
BOBRON BZ   BOMBRIL CIRIO SA    289000174    -166589140
BOBR4 BZ    BOMBRIL-PREF        289000174    -166589140
BOBRPN BZ   BOMBRIL CIRIO-PF    289000174    -166589140
BMBPY US    BOMBRIL SA-ADR      289000174    -166589140
BMBBY US    BOMBRIL SA-ADR      289000174    -166589140
BUET3 BZ    BUETTNER             97710630  -46681943.42
BUETON BZ   BUETTNER SA          97710630  -46681943.42
BUET4 BZ    BUETTNER-PREF        97710630  -46681943.42
BUETPN BZ   BUETTNER SA-PRF      97710630  -46681943.42
BUET1 BZ    BUETTNER SA-RTS      97710630  -46681943.42
BUET2 BZ    BUETTNER SA-RT P     97710630  -46681943.42
CAFE3 BZ    CAF BRASILIA         20168618    -728730286
CSBRON BZ   CAFE BRASILIA SA     20168618    -728730286
CAFE4 BZ    CAF BRASILIA-PRF     20168618    -728730286
CSBRPN BZ   CAFE BRASILIA-PR     20168618    -728730286
CAMB3 BZ    CAMBUCI SA           91527757  -26705142.99
CAMBON BZ   CAMBUCI SA           91527757  -26705142.99
CAMB4 BZ    CAMBUCI SA-PREF      91527757  -26705142.99
CAMBPN BZ   CAMBUCI SA-PREF      91527757  -26705142.99
CXDOF US    CAMBUCI SA-PREF      91527757  -26705142.99
CCHI3 BZ    CHIARELLI SA         22274027  -44537138.21
CCHON BZ    CHIARELLI SA         22274027  -44537138.21
CCHI4 BZ    CHIARELLI SA-PRF     22274027  -44537138.21
CCHPN BZ    CHIARELLI SA-PRF     22274027  -44537138.21
IMBI3 BZ    DOC IMBITUBA        114896167  -16783228.37
IMBION BZ   DOCAS IMBITUBA      114896167  -16783228.37
IMBI4 BZ    DOC IMBITUB-PREF    114896167  -16783228.37
IMBIPN BZ   DOCAS IMBITUB-PR    114896167  -16783228.37
SCLO3 BZ    SCHLOSSER            11745600   -75930514.2
SCHON BZ    SCHLOSSER SA         11745600   -75930514.2
SCLO4 BZ    SCHLOSSER-PREF       11745600   -75930514.2
SCHPN BZ    SCHLOSSER SA-PRF     11745600   -75930514.2
CALI3 BZ    CONST A LINDEN       11147513  -15979177.01
LINDON BZ   CONST A LINDEN       11147513  -15979177.01
CALI4 BZ    CONST A LIND-PRF     11147513  -15979177.01
LINDPN BZ   CONST A LIND-PRF     11147513  -15979177.01
DHBI3 BZ    D H B               124060999  -405125352.8
DHBON BZ    DHB IND E COM       124060999  -405125352.8
DHBI4 BZ    D H B-PREF          124060999  -405125352.8
DHBPN BZ    DHB IND E COM-PR    124060999  -405125352.8
DOCA3 BZ    DOCA INVESTIMENT     88417961  -18059127.86
DOCAON BZ   DOCAS SA             88417961  -18059127.86
DOCA4 BZ    DOCA INVESTI-PFD     88417961  -18059127.86
DOCAPN BZ   DOCAS SA-PREF        88417961  -18059127.86
DOCA2 BZ    DOCAS SA-RTS PRF     88417961  -18059127.86
EALT3 BZ    ACO ALTONA           84614948  -14270921.51
EAAON BZ    ACO ALTONA SA        84614948  -14270921.51
EALT4 BZ    ACO ALTONA-PREF      84614948  -14270921.51
EAAPN BZ    ACO ALTONA-PREF      84614948  -14270921.51
FTRX3 BZ    FABRICA RENAUX       66779267  -50394386.07
FRNXON BZ   FABRICA RENAUX       66779267  -50394386.07
FTRX4 BZ    FABRICA RENAUX-P     66779267  -50394386.07
FRNXPN BZ   FABRICA RENAUX-P     66779267  -50394386.07
HAGA3 BZ    HAGA                 16483114  -62923101.98
HAGAON BZ   FERRAGENS HAGA       16483114  -62923101.98
HAGA4 BZ    FER HAGA-PREF        16483114  -62923101.98
HAGAPN BZ   FERRAGENS HAGA-P     16483114  -62923101.98
SJOS3 BZ    TECEL S JOSE         17924946  -18569451.23
FTSJON BZ   TECEL S JOSE         17924946  -18569451.23
SJOS4 BZ    TECEL S JOSE-PRF     17924946  -18569451.23
FTSJPN BZ   TECEL S JOSE-PRF     17924946  -18569451.23
GAFP3 BZ    CIMOB PARTIC SA      36817395  -33083086.54
GAFON BZ    CIMOB PARTIC SA      36817395  -33083086.54
GAFP4 BZ    CIMOB PART-PREF      36817395  -33083086.54
GAFPN BZ    CIMOB PART-PREF      36817395  -33083086.54
GAZO3 BZ    GAZOLA               12452143  -40298506.25
GAZON BZ    GAZOLA SA            12452143  -40298506.25
GAZO4 BZ    GAZOLA-PREF          12452143  -40298506.25
GAZPN BZ    GAZOLA SA-PREF       12452143  -40298506.25
GAZO9 BZ    GAZOLA-RCPTS CMN     12452143  -40298506.25
GAZO10 BZ   GAZOLA-RCPT PREF     12452143  -40298506.25
GAZO11 BZ   GAZOLA SA-DVD CM     12452143  -40298506.25
GAZO12 BZ   GAZOLA SA-DVD PF     12452143  -40298506.25
IGBR3 BZ    GRADIENTE           101669051    -189496654
IGBON BZ    GRADIENTE ELETR     101669051    -189496654
IGBR5 BZ    GRADIENTE-PREF A    101669051    -189496654
IGBAN BZ    GRADIENTE EL-PRA    101669051    -189496654
IGBR6 BZ    GRADIENTE-PREF B    101669051    -189496654
IGBBN BZ    GRADIENTE EL-PRB    101669051    -189496654
IGBR7 BZ    GRADIENTE-PREF C    101669051    -189496654
IGBCN BZ    GRADIENTE EL-PRC    101669051    -189496654
TXRX3 BZ    RENAUXVIEW SA        58969048  -91550951.89
RENXON BZ   TEXTEIS RENAUX       58969048  -91550951.89
TXRX4 BZ    RENAUXVIEW SA-PF     58969048  -91550951.89
RENXPN BZ   TEXTEIS RENAUX       58969048  -91550951.89
LCSA3 BZ    PARMALAT            388720052  -213641143.9
LCSAON BZ   PARMALAT BRASIL     388720052  -213641143.9
LCSA4 BZ    PARMALAT-PREF       388720052  -213641143.9
LCSAPN BZ   PARMALAT BRAS-PF    388720052  -213641143.9
LCSA5 BZ    PARMALAT BR-RT C    388720052  -213641143.9
LCSA6 BZ    PARMALAT BR-RT P    388720052  -213641143.9
ESTR3 BZ    ESTRELA SA           61011894  -54580283.64
ESTRON BZ   ESTRELA SA           61011894  -54580283.64
ESTR4 BZ    ESTRELA SA-PREF      61011894  -54580283.64
ESTRPN BZ   ESTRELA SA-PREF      61011894  -54580283.64
RSUL3 BZ    RIOSULENSE SA        61902902  -11292932.53
RSULON BZ   RIOSULENSE SA        61902902  -11292932.53
RSUL4 BZ    RIOSULENSE SA-PR     61902902  -11292932.53
RSULPN BZ   RIOSULENSE SA-PR     61902902  -11292932.53
MWET3 BZ    WETZEL SA            79756128  -6350930.692
MWELON BZ   WETZEL SA            79756128  -6350930.692
MWET4 BZ    WETZEL SA-PREF       79756128  -6350930.692
MWELPN BZ   WETZEL SA-PREF       79756128  -6350930.692
MNPR3 BZ    MINUPAR              89611489  -20702110.72
MNPRON BZ   MINUPAR SA           89611489  -20702110.72
MNPR4 BZ    MINUPAR-PREF         89611489  -20702110.72
MNPRPN BZ   MINUPAR SA-PREF      89611489  -20702110.72
NORD3 BZ    NORDON MET           15498217   -20133536.7
NORDON BZ   NORDON METAL         15498217   -20133536.7
NORD1 BZ    NORDON MET-RTS       15498217   -20133536.7
NOVA3B BZ   NOVA AMERICA SA      21287489  -183535527.2
NOVAON BZ   NOVA AMERICA SA      21287489  -183535527.2
NOVA4B BZ   NOVA AMERICA-PRF     21287489  -183535527.2
NOVAPN BZ   NOVA AMERICA-PRF     21287489  -183535527.2
1NOVPN BZ   NOVA AMERICA-PRF     21287489  -183535527.2
1NOVON BZ   NOVA AMERICA SA      21287489  -183535527.2
RPMG3 BZ    PETRO MANGUINHOS     76852724  -212528966.2
MANGON BZ   PETRO MANGUINHOS     76852724  -212528966.2
RPMG4 BZ    PET MANGUINH-PRF     76852724  -212528966.2
MANGPN BZ   PETRO MANGUIN-PF     76852724  -212528966.2
REEM3 BZ    RIMET                63757622  -107162239.9
REEMON BZ   RIMET                63757622  -107162239.9
REEM4 BZ    RIMET-PREF           63757622  -107162239.9
REEMPN BZ   RIMET-PREF           63757622  -107162239.9
SNSY3 BZ    SANSUY              100279115  -45812488.77
SNSYON BZ   SANSUY SA           100279115  -45812488.77
SNSY5 BZ    SANSUY-PREF A       100279115  -45812488.77
SNSYAN BZ   SANSUY SA-PREF A    100279115  -45812488.77
SNSY6 BZ    SANSUY-PREF B       100279115  -45812488.77
SNSYBN BZ   SANSUY SA-PREF B    100279115  -45812488.77
STRP3 BZ    BOTUCATU TEXTIL      35101567  -13482713.52
STARON BZ   STAROUP SA           35101567  -13482713.52
STRP4 BZ    BOTUCATU-PREF        35101567  -13482713.52
STARPN BZ   STAROUP SA-PREF      35101567  -13482713.52
TEKA3 BZ    TEKA                237436194  -360484909.9
TEKAON BZ   TEKA                237436194  -360484909.9
TEKA4 BZ    TEKA-PREF           237436194  -360484909.9
TEKAPN BZ   TEKA-PREF           237436194  -360484909.9
TKTPY US    TEKA-ADR            237436194  -360484909.9
TKTQY US    TEKA-ADR            237436194  -360484909.9
VAGV3 BZ    VARIG SA            966298026   -4695211316
VARGON BZ   VARIG SA            966298026   -4695211316
VAGV4 BZ    VARIG SA-PREF       966298026   -4695211316
VARGPN BZ   VARIG SA-PREF       966298026   -4695211316
WISA3 BZ    WIEST                39838114  -93371563.06
WISAON BZ   WIEST SA             39838114  -93371563.06
WISA4 BZ    WIEST-PREF           39838114  -93371563.06
WISAPN BZ   WIEST SA-PREF        39838114  -93371563.06
VSPT3 BZ    FER C ATLANT        1.189E+09  -35605725.65
VSPT4 BZ    FER C ATLANT-PRF    1.189E+09  -35605725.65
VSPT11 BZ   FERROVIA CEN-DVD    1.189E+09  -35605725.65
VSPT12 BZ   FERROVIA CEN-DVD    1.189E+09  -35605725.65
VSPT9 BZ    FER C ATL-RCT CM    1.189E+09  -35605725.65
VSPT10 BZ   FER C ATL-RCT PF    1.189E+09  -35605725.65
PQTM3 BZ    HOPI HARI SA         62168844  -55189836.68
PQTM4 BZ    HOPI HARI-PREF       62168844  -55189836.68
PQT5 BZ     PARQUE TEM-DV CM     62168844  -55189836.68
PQT6 BZ     PARQUE TEM-DV PF     62168844  -55189836.68
PQTM1 BZ    PARQUE TEM-RT CM     62168844  -55189836.68
PQTM2 BZ    PARQUE TEM-RT PF     62168844  -55189836.68
PQTM9 BZ    PARQUE TEM-RCT C     62168844  -55189836.68
PQTM10 BZ   PARQUE TEM-RCT P     62168844  -55189836.68
MMXM3 BZ    MMX MINERACAO       1.018E+09  -160218400.5
1TSSON BZ   TRESSEM PART SA     1.018E+09  -160218400.5
GASC3B BZ   ALL MALHA PAULIS    1.124E+09  -536003485.6
GASC4B BZ   GASCOIGNE EMP-PF    1.124E+09  -536003485.6
1GASON BZ   GASCOIGNE EMPREE    1.124E+09  -536003485.6
1GASPN BZ   GASCOIGNE EMP-PF    1.124E+09  -536003485.6
MRLM3B BZ   CIA PETROLIFERA     377602195  -3014291.724
MRLM4B BZ   CIA PETROLIF-PRF    377602195  -3014291.724
1CPMON BZ   CIA PETROLIFERA     377602195  -3014291.724
1CPMPN BZ   CIA PETROLIF-PRF    377602195  -3014291.724
LATF US     LATTENO FOOD COR     16631180      -1448544
VPTA3 BZ    VARIG PART EM TR     49432124  -399290425.8
VPTA4 BZ    VARIG PART EM-PR     49432124  -399290425.8
VPSC3 BZ    VARIG PART EM SE    101177852  -318442006.3
VPSC4 BZ    VARIG PART EM-PR    101177852  -318442006.3


COLOMBIA

TL US       CHILESAT CO-ADR     450943845  -52392581.33
TELEX CI    CHILESAT CORP SA    450943845  -52392581.33
CHISATOS CI CHILESAT CO-RTS     450943845  -52392581.33
CHILESAT CI TELMEX CORP SA      450943845  -52392581.33
TELEXA CI   TELEX-A             450943845  -52392581.33
CSAOY US    TELMEX CORP-ADR     450943845  -52392581.33
TELEXO CI   TELEX-RTS           450943845  -52392581.33


                            ***********

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

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

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

                            ***********


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

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


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

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

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

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


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