TCRLA_Public/100126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Tuesday, January 26, 2010, Vol. 11, No. 017

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Bank Loses Bid to End Investments Lawsuit


A R G E N T I N A

RCI BANQUE: Moody's Corrects Watch on 'Ba1' Rating to Stable


B R A Z I L

BANCO NACIONAL: Pres. Hopes Investment Will Boost Brazil Capacity
BRASKEM SA: Acquires Quattor; Prepares for International Expansion
BRASKEM SA: To Invest US$13 Billion on New Projects, Valor Says
BRASKEM SA: Moody's Affirms Corporate Family Rating at 'Ba1'
MINERVA SA: Minerva Overseas Sells US$250 Million Notes

MRS LOGISTICA: Board Approves US$166.6 Million Debenture Issue


C A Y M A N  I S L A N D S

ABSOLUTE LARGE: Commences Wind-Up Proceedings
ABSOLUTE LARGE: Commences Wind-Up Proceedings
ADAMO CONSULTING: Commences Wind-Up Proceedings
APOSTOLORUM LTD: Commences Wind-Up Proceedings
ATHENA TRADING: Commences Wind-Up Proceedings

AZUL INVESTMENTS: Commences Wind-Up Proceedings
BGI BLUEGRASS: Commences Wind-Up Proceedings
BLOCK CAPITAL: Commences Wind-Up Proceedings
CARAMORE LIMITED: Commences Liquidation Proceedings
CONNING ILS: Commences Wind-Up Proceedings

CONSTELLATION ASSETS: Commences Wind-Up Proceedings
CORMEX INTERNATIONAL: Commences Wind-Up Proceedings
CRESENT WAY: Commences Wind-Up Proceedings
EBBI LTD: Commences Wind-Up Proceedings
GLOBAL MULTI: Commences Liquidation Proceedings

GOLDSHARES INVESTMENT: Commences Wind-Up Proceedings
JOYOUS HOLDINGS: Commences Wind-Up Proceedings
LIGHT WEST: Commences Wind-Up Proceedings
MAREA FUND: Commences Wind-Up Proceedings
MAREA MASTER: Commences Wind-Up Proceedings

MULTI-STRATEGY: Commences Wind-Up Proceedings
PREMIER HEDGE: Commences Wind-Up Proceedings
SAPIC 98: Commences Liquidation Proceedings
SCARLETT INVESTMENTS: Commences Wind-Up Proceedings
SEPANG TRADING: Commences Wind-Up Proceedings

SHELL COVE: Commences Wind-Up Proceedings
TREESDALE BONDS: Commences Wind-Up Proceedings
TRIDENT III: Commences Wind-Up Proceedings
TURTLE GROWTH: Commences Wind-Up Proceedings
WHITE BEACH: Commences Wind-Up Proceedings


C O L O M B I A

ECOPETROL SA: Reveals Proved Reserves as of December 31, 2009


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: Partners W/ Paragon to Cut Greenhouse Emissions


E C U A D O R

PETROECUADOR: Petroamazonas to Invest US$550MM for Oil Block 31
* ECUADOR: Foreign Debt in November Down 19% to US$13.7 Billion


J A M A I C A

AIR JAMAICA: Staff Make Yet Another Appeal to Acquire Airline
AIR JAMAICA: Trinidad & Tobago to Reveal Acquisition Decision Soon
NATIONAL COMMERCIAL BANK: Accepts Government's Debt Exchange Offer
* JAMAICA: Government Says Growth Ahead
* JAMAICA: Moody's Downgrades Government Bond Rating to 'Caa2'


M E X I C O

CEMEX SAB: Davenport Plant to Close Permanently


P A N A M A

SMURFIT-STONE: Three Panama Unions Get New Labor Contract


P E R U

DOE RUN PERU: Nears Accord on US$156 Million Debt, Union Says
* PERU: Plans 300-Million Sol Bond Sale, Finance Ministry Says


P U E R T O  R I C O

EL AMAL: Walgreens to Buy Three Locations From Firm
POPULAR INC: Incurs US$573.9 Million Net Loss for 2009


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Discards Purchase of Dominican Refinery
PETROLEOS DE VENEZUELA: Guangdong Refining Project Gets Gov't OK
RADIO CARCAS: Venezuela Orders Cable Providers to Remove Station


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: Bank Loses Bid to End Investments Lawsuit
---------------------------------------------------------
Joe Schneider at Bloomberg News reports that Canada-based Toronto-
Dominion Bank must face a lawsuit accusing it of negligence for
accepting deposits for Stanford International Bank Limited.

According to the report, investors in Alberta and Quebec claim in
the suit that they lost C$17 million (US$16.1 million) when SIBL
collapsed last year.  The report relates Ontario Superior Court
Judge Herman Wilton-Siegel in Toronto ruled that the case can move
ahead on narrower grounds than initially proposed.

"The court has allowed the negligence claim to proceed based on
actual knowledge, willful blindness and recklessness," Jim
Patterson of Bennett Jones LLP, who represents the plaintiffs,
told the news agency in a phone interview.  "We will proceed," he
added.

Bloomberg News notes that the five plaintiffs in the case are:

   -- Calgary-based Dynasty Furniture Manufacturing Ltd.,
   -- Alberta investors Shafiq Hirani, Hanif Asaria and
      Dinmohamed Sunderji; and
   -- a Quebec company.

The high-yield certificates of deposit bought by the plaintiffs
appear to have been issued as part of a Ponzi scheme that
collapsed in February, Judge Wilton-Siegel wrote in anote obtained
by the news agency.  Toronto-Dominion maintained 12 accounts for
Stanford International and accepted deposits into the accounts,
the judge added.

Judge Wilton-Siegel, the report relates, dismissed the investors'
claims that the bank had a duty of care to investigate the
Stanford accounts and to verify they were legitimate.  The report
notes that Judge Wilton-Siegel also dismissed claims the bank
ought to have known the Stanford scheme was illegal.

Bloomberg News adds that Judge Wilton-Siegel allowed the investors
to change the wording in their filing to proceed with a claim that
the bank failed to comply with the Proceeds of Crime Act, a
federal anti-money laundering law.

                 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
=================


RCI BANQUE: Moody's Corrects Watch on 'Ba1' Rating to Stable
------------------------------------------------------------
Moody's Investers Services has released a correction to watch
status of LT issuer rating.

Moody's has corrected the outlook on the ratings of RCI Banque
Sucursal Argentina.  The outlook is currently stable.  Moody's has
also confirmed the LT issuer rating at Ba1.

Moody's notes that due to an administrative oversight the outlook
for RCI Banque Sucursal Argentina was not updated to stable and
the LT issuer rating for RCI Banque Sucursal Argentina was not
confirmed along with the rating action for RCI Banque, the parent
company, on 23rd November 2009.

The last rating action on RCI Banque, the parent company, was on
23rd November 2009 when the BFSR and the long term ratings were
downgraded to C-/Baa2 and assigned a stable outlook.

Headquartered in Noisy-le Grand, RCI Banque reported total assets
of EUR22.451 billion and reported shareholders' equity (including
minority interests) of EUR2.059 billion as of 30 June 2009.


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


BANCO NACIONAL: Pres. Hopes Investment Will Boost Brazil Capacity
-----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA President
Luciano Coutinho said that he hopes investment will boost the
capacity of the Brazilian economy this year, thus reducing
pressure for an increase in interest rates, Adam Mitchell at Dow
Jones Newswires reports.  "The Brazilian government is conscious
that it isn't desirable that the economy overheats too much," the
report quoted Mr. Coutinho  as saying.  "I hope that productive
investment in 2010 grows and creates a lot of productive capacity,
in such a way as to render it unnecessary to raise interest
rates," he added.

According to the report, Brazil has returned to growth following a
brief recession and there are now some fears that the country's
economy could begin to overheat in 2010, fueling inflation and
potentially prompting a rise in interest rates.  The report
relates Mr. Coutinho said that he expects investment to increase
strongly in Brazil in 2010 and beyond.

Mr. Coutinho, the report notes, went on to say that Brazil's
ability to shake off global economic woes bodes well for
investment.  "The Brazilian economy reacted in such an effective
way to the crisis that this strengthened the confidence that the
Brazilian economy has in itself, and that of the Brazilian
business community in itself, a great deal," the report quoted Mr.
Coutinho as saying.  "This strengthening of confidence projects,
for the future, a vigorous expansion in private investment," he
added.

                            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: Acquires Quattor; Prepares for International Expansion
------------------------------------------------------------------
Braskem SA disclosed the completion of negotiations for the
acquisition of Quattor through an Investment Agreement signed
today between Odebrecht, Petrobras, Braskem and Unipar.  The
agreement will allow Petrobras to consolidate its main
petrochemical assets in Braskem, which will remain as a private
company of open capital and will increase its ability to compete
globally.

The consolidation of the assets to Braskem will position it as the
largest company in the Americas in the thermoplastic resin
capacity (PE, PP and PVC), placing it in a new level of scale and
efficiency to meet the challenges of the international market.
Listed on 3 grants (BM & FBovespa, and NYSE) stock exchanges, the
company is replaced by annual revenues from R$ 26 billion.  With
integration between 1st and 2nd petrochemical generation, its 26
plants located in five states (Sao Paulo, Rio de Janeiro, Rio
Grande do Sul, Bahia and Alagoas) will have the capacity to
process 5.5 million tons/year of resins.

"The establishment of the first and second petrochemical
generations, which are intensive in capital, creates the
conditions for the Brazilian player that is one of the most
challenging and competitive global industries, the market for
thermoplastic resins.  Furthermore, it allows the investment
needed to meet the growing national economy", says Bernardo
Gradin, president of Braskem.  "The creation of a company with
global business and vocation is in line with the growing role of
Brazil in the international market", he adds.
The transaction is valued at R$ 700 million, including the figures
for the acquisition of companies Polibutenos and Unipar Comercial
by Braskem, which will also take commitments of Unipar along witho
BNDESPar.

Additionally, an Association Agreement signed among Petrobras,
Odebrecht and Braskem gives Braskem the right of first refusal to
participate as a member of the projects of the Petrochemical
Complex of Rio de Janeiro - Comperj - and Petrochemical Complex of
Suape in Pernambuco.  These projects, already underway, will
increase significantly the supply of basic petrochemicals in the
country, as well as the one of resins.

Among the steps of the operation, they provided: (1) the creation
of a holding company in which Odebrecht and Petrobras transferred
their actions and realize capitalization of R$ 3.5 billion, (2)
there is an increase of capital at a Braskem value between R$ 4.5
and R$ 5 billion by the current shareholders of Braskem, once
Petrobras and Odebrecht would take part, through the holding
company created, with the R$ 3.5 billion contributed in step (1),
(3) acquisition by Braskem of Quattor shares held by Unipar and
other shares of Unipar, (4) the incorporation by Braskem shares of
Quattor owned by Petrobras.

The capital increase will strengthen the company's structure
allowing greater financial flexibility to continue its program of
investment and internationalization.

According to the president of Braskem, with the integration of
modern and competitive plants, the complementary geographic
diversification (units in five states) and raw materials (naphtha,
ethane, propane, HLR, propylene refinery and ethanol), Braskem
will have gains of scale, flexibility and operational efficiency.
The Investment Agreement will be referred to the assessment of
CADE, the Administrative Council of Economic Defense, with the
offer of a voluntary of an Agreement for the Reversibility of
Operation -- APRO.

Mr. Gradin said that Braskem will continue its
internationalization project, combining vocation for growth with
the capacity to invest and compete globally.  "We will have a
positive impact on the close relationship with our customers
through greater integration in the supply chain, access to
services of high added value, innovative and consistent
investments in research and development".  The company will
maintain the highest standards of corporate governance prevailing
in the international market, based on: transparency and
independence of executive management; search for consistent
results for shareholders; commitment to improving the
competitiveness of the productive chain and the promotion of
sustainable development.

                         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


BRASKEM SA: To Invest US$13 Billion on New Projects, Valor Says
---------------------------------------------------------------
Braskem SA may invest as much as $13 billion in new projects over
the next seven years, Diana Kinch at Bloomberg News reports,
citing Valor Economico.

According to the report, the newspaper said that the investments
may include the purchase of U.S. assets worth as much as US$1
billion, joint venture projects in Venezuela and Mexico, and
developing the Comperj and Suape petrochemicals complexes in
Brazil in partnership with Petroleo Brasileiro SA.

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


BRASKEM SA: Moody's Affirms Corporate Family Rating at 'Ba1'
------------------------------------------------------------
Moody's Investors Service has affirmed Braskem S.A.'s corporate
family ratings of Ba1 on the global scale and Aa2.br on the
Brazilian national scale.  Moody's has also affirmed the Ba1
foreign currency rating of the US$500 million guaranteed senior
unsecured notes due 2018 issued by Braskem Finance Ltd. (Cayman
Islands) and guaranteed by Braskem.  The ratings outlook remains
stable.

Ratings affirmed are:

Issuer: Braskem S.A.

  - Corporate Family Rating: Ba1 (global scale); Aa2.br (Brazilian
    national scale)

Issuer: Braskem Finance Ltd. (Cayman Islands)

  - US$500 million senior unsecured notes due 2018 guaranteed by
    Braskem S.A.: Ba1 foreign currency rating

The outlook for all ratings is stable.

The affirmation of Braskem's ratings and stable outlook follows
the announcement that Braskem has entered into an agreement to
acquire 100% of the shares of Quattor Participa‡oes S.A., Brazil's
second largest producer of petrochemical resins with a total
annual capacity of 1.24 million tons of ethylene and 1.9 million
tons of polymers.  The transaction, as announced, will include a
capital injection in Braskem of up to BRL5 billion which proceeds
will be used to retire part of Quattor's existing debt.

The acquisition of Quattor is regarded as accretive to Braskem
from an operational standpoint, making Braskem the largest
petrochemical company in the Americas and with enhanced market
position in Brazil.  Moody's believe that the company's
strengthened market position in Brazil will translate into
improved market discipline and lower volatility of its operating
margin and cash flow.

Also, the addition of nine facilities in two site locations in Rio
de Janeiro and Sao Paulo will improve Braskem's operational
diversity.  The additional facilities are located in the
southeastern region of Brazil, which is the country's most
industrialized region and concentrates some 70% of the domestic
demand for thermoplastic resins.  While Braskem already serves the
southeastern region from its current facilities, the acquisition
will allow the optimization of logistics with a commensurate
reduction in freight expenses.

Braskem has a successful track record of incorporating new assets.
The company's proven ability to integrate and turnaround acquired
assets mitigates the integration risk involved in the acquisition
of Quattor, which technologies are known by Braskem.  Moody's
expect that the combination of the two companies will result in
significant gains from synergies and operational improvements.  In
Moody's view, immediate gains should be captured primarily from
the improvement of Quattor's commercial strategy, logistics and
capacity optimization.

Liquidity is expected to remain robust backed by an equity
injection of up to BRL 5 billion (thereof BRL 2.5 billion
contribution by Petrobras and BRL 1 billion by Odebrecht), which
proceeds should be used to retire expensive debt of Quattor.
Accordingly, consolidated leverage as measured by Total Adjusted
Net Debt to EBITDA is expected to increase modestly to about 3.2x
upon the conclusion of the deal, and decline gradually to 3.0x
during 2010 as synergies are achieved.  Moody's expect that
Braskem will keep a minimum cash position of BRL 3 billion as a
liquidity cushion, and that the company will extend the average
debt maturity profile of its consolidated debt pro-forma for the
acquisition of Quattor.

Following the private equity placement, it is expected that
Petrobras (A3, stable outlook) interest in the total capital of
Braskem will increase to about 33%, while Odebrecht will maintain
the majority of the company's voting capital.  Moody's sees
Petrobras' relevant interest in Braskem, together with its
position as a major supplier to the company, as a net credit
positive.

The affirmation of the Ba1 foreign currency rating of the senior
unsecured notes assumes that Braskem will not guarantee the debt
at Quattor so that Braskem's debt will not be structurally
subordinated to the debt at Quattor.

Braskem's Ba1 corporate family rating is supported by its above
industry average operating margin that results from historically
high capacity utilization rates, long-term client relationships,
product customization and logistics-related barriers for
thermoplastic resin imports.  The rating also factors in the
company's high exposure to volatile naphtha prices, its low
geographic and operational diversification compared to
international peers, and the event risk associated with the
company's internationalization process, which includes investments
in greenfield projects in neighboring countries with higher
sovereign risk than Brazil.  Finally, Braskem's above-average
level of disclosure, its overall good governance practices and the
relevant interest of Petrobras in the company are regarded as
credit positives.

The stable outlook reflects Moody's expectation that Braskem will
maintain its leading position in the Brazilian thermoplastic
resins market, improve its consolidated margins, and prudently
manage its liquidity position (maintaining a minimum cash position
of BRL3 billion) and capital structure, which would include
reducing leverage in terms of Total Adjusted Net Debt to EBITDA to
about 3.0x in the near term.  Also, the stable outlook assumes
that the green field projects in Venezuela will be structured in a
way to ring-fence Braskem from any obligations other than the 15%
anticipated equity contribution.

Given Braskem's high leverage for its rating category Moody's do
not anticipate upward pressure on the company's rating or outlook
over the near term.  Nevertheless, the rating or outlook could be
upgraded if leverage decreases to a level which Moody's considers
to be more compatible with the volatile nature of Braskem's cash
flows, with Total Adjusted Net Debt to EBITDA expected to
stabilize at around 2.5x even during years when there is margin
pressure.  An upgrade would also require that Braskem maintain
strong liquidity.  Finally, Braskem's ability to maintain EBITDA
margins above 15% during a down cycle in the global industry would
be positive for the ratings.

Negative pressure on the rating or outlook could result from
weaker liquidity management or from persistently high leverage,
with Retained Cash Flow (defined as Funds from Operations less
Dividends) to Total Adjusted Net Debt materially below 20% and
Total Adjusted Net Debt to EBITDA above 3.0x.  Furthermore, the
rating or outlook could be negatively affected if Braskem assumes
higher risks in the Venezuelan projects than anticipated.  The
foreign currency rating of Braskem Finance Ltd's guaranteed notes
could be under negative pressure if Braskem's level of
consolidated secured debt increases or in case Braskem provides
guarantees to Quattor's debt.

Moody's last rating action on Braskem occurred on May 21, 2008
when Moody's assigned a Ba1 foreign currency rating and stable
outlook to the US$500 million guaranteed senior unsecured notes
issued by Braskem Finance Ltd..

Braskem is the largest petrochemical company in Brazil and Latin
America, with annual production capacity of some 4 million tons of
olefins, 5.3 million tons of polyolefins, vynilics, aromatics and
1 million m3 of automotive gasoline.  Braskem reported
consolidated net revenues of about US$7.1 billion in the last
twelve months ended on September 30, 2009.  The acquired
operations of Quattor should add some US$2 billion in annual
revenues to Braskem.


MINERVA SA: Minerva Overseas Sells US$250 Million Notes
-------------------------------------------------------
Minerva Overseas II Ltd sold US$250 million of senior notes in the
144a private placement market, Reuters reports, citing IFR, a
Thomson Reuters service.   The report relates that the notes are
guaranteed by Minerva SA.

Goldman Sachs and BB Securities were the joint bookrunning
managers for the sale.

BORROWER: MINERVA OVERSEAS II LTD
AMT $250 MLN      COUPON 10.875 PCT   MATURITY 11/15/2019
TYPE SR NOTES     ISS PRICE 98.131    FIRST PAY 5/15/2010
MOODY'S B3        YIELD 11.20 PCT     SETTLEMENT 1/29/2010
S&P B-MINUS       SPREAD N/A          PAY FREQ SEMI-ANNUAL
FITCH SINGLE-B     MORE THAN TREAS    NON-CALLABLE 5 YRS*

                      About Minerva S.A.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly-owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch
also maintains these ratings on Minerva, which remain on Rating
Watch Negative:

Minerva S.A.

  -- Local currency Issuer Default Rating 'B';
  -- Foreign currency IDR 'B';
  -- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

  -- US$200 million senior unsecured notes due 2017 'B/RR4'.


MRS LOGISTICA: Board Approves US$166.6 Million Debenture Issue
--------------------------------------------------------------
MRS Logistica approved a BRL300 million (US$166.6 million)
debenture issue, Kenneth Rapoza at Dow Jones Newswires reports,
citing a company filing with the local Securities Exchange
Commission.

According to the report, MRS said that it will issue the non-
convertible local bonds, or debentures, in one series only with a
maturity date of February 1, 2020.  The report relates that the
company will pay a variable interest rate based on the interbank
deposit rate plus a spread of 1.5 percentage points annually.  The
first payment is scheduled for August 1, 2010.

Dow Jones Newswires notes that Chief Financial Officer and
Investor Relations Director Henrique Pillar couldn't be reached
for comment on the debenture issue.

Banco Bradesco is coordinating the operation.

                      About MRS Logistica

The MRS consortium is a railway freight transport company
established in 1996 to operate approximately 1,700 kilometers of
track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo.
MRS's rail network is also linked to the Central Atlantic,
Vitoria-Minas and Sao Paulo Railroads, offering intramodal
transportation options to the other parts of the country.  The
company mainly transports cargo for its principle shareholders.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 15, 2009, Standard & Poor's Ratings Services said that it
raised its Brazilian national scale corporate credit rating on MRS
Logistica S.A. to 'brAA' from 'brAA-'.  At the same time, S&P
affirmed its 'BB' global scale corporate credit rating on the
company.


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


ABSOLUTE LARGE: Commences Wind-Up Proceedings
---------------------------------------------
Absolute Large CAP Master Fund Limited commenced wind-up
proceedings on November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Julian Lloyd-Vine
         Telephone: (345) 943-1206
         Facsimile: (345) 943-1207
         P.O. Box 31298, Grand Cayman KY1-1206


ABSOLUTE LARGE: Commences Wind-Up Proceedings
---------------------------------------------
Absolute Large CAP Limited commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Julian Lloyd-Vine
         Telephone: (345) 943-1206
         Facsimile: (345) 943-1207
         P.O. Box 31298, Grand Cayman KY1-1206


ADAMO CONSULTING: Commences Wind-Up Proceedings
-----------------------------------------------
Adamo Consulting Ltd. commenced wind-up proceedings on November
23, 2009.

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

The company's liquidator is:

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


APOSTOLORUM LTD: Commences Wind-Up Proceedings
----------------------------------------------
Apostolorum Ltd. commenced wind-up proceedings on November 19,
2009.

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

The company's liquidator is:

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


ATHENA TRADING: Commences Wind-Up Proceedings
---------------------------------------------
Athena Trading (Capital A1) Limited commenced wind-up proceedings
on November 17, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769-4422
         Facsimile: (+1) 345 769-9351
         Landmark Square
         1st Floor, 64 Earth Close, West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107, Cayman Islands


AZUL INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------
Azul Investments Limited commenced wind-up proceedings on
November 20, 2009.

Only creditors who were able to file their proofs of debt by
December 22, 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


BGI BLUEGRASS: Commences Wind-Up Proceedings
--------------------------------------------
The BGI Bluegrass Fund Ltd. commenced wind-up proceedings on
November 23, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLOCK CAPITAL: Commences Wind-Up Proceedings
--------------------------------------------
Block Capital Offshore, Ltd. commenced wind-up proceedings on
October 26, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier Fiduciary Services (Cayman) Limited
         c/o Philip Hughes
         Telephone: (345) 815-1402
         Facsimile: (345) 945-6265
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


CARAMORE LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Caramore Limited commenced wind-up proceedings on November 18,
2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8236
         Facsimile: (345) 949-7120


CONNING ILS: Commences Wind-Up Proceedings
------------------------------------------
The Conning ILS Fund Ltd. commenced wind-up proceedings on
November 25, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CONSTELLATION ASSETS: Commences Wind-Up Proceedings
---------------------------------------------------
Constellation Assets Ltd. commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 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


CORMEX INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Cormex International Limited commenced wind-up proceedings on
November 20, 2009.

Only creditors who were able to file their proofs of debt by
December 22, 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


CRESENT WAY: Commences Wind-Up Proceedings
------------------------------------------
Cresent Way Holdings Limited commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 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


EBBI LTD: Commences Wind-Up Proceedings
---------------------------------------
EBBI Ltd. commenced wind-up proceedings on November 19, 2009.

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

The company's liquidator is:

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


GLOBAL MULTI: Commences Liquidation Proceedings
-----------------------------------------------
Global Multi Strategy Fund Limited commenced liquidation
proceedings on November 17, 2009.

Only creditors who were able to file their proofs of debt by
January 8, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ian D. Stokoe
         Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


GOLDSHARES INVESTMENT: Commences Wind-Up Proceedings
----------------------------------------------------
Goldshares Investment Limited commenced wind-up proceedings on
November 24, 2009.

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

The company's liquidator is:

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


JOYOUS HOLDINGS: Commences Wind-Up Proceedings
----------------------------------------------
Joyous Holdings Limited commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 22, 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


LIGHT WEST: Commences Wind-Up Proceedings
-----------------------------------------
Light West Investments Limited commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 22, 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


MAREA FUND: Commences Wind-Up Proceedings
-----------------------------------------
Marea Fund Ltd. commenced wind-up proceedings on November 6, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MAREA MASTER: Commences Wind-Up Proceedings
-------------------------------------------
Marea Master Fund Ltd. commenced wind-up proceedings on November
6, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MULTI-STRATEGY: Commences Wind-Up Proceedings
---------------------------------------------
Multi-Strategy Alpha Port (Maps) TM Fund, Ltd. commenced wind-up
proceedings on November 26, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Richard Barton
         Telephone: (345) 814-7366
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PREMIER HEDGE: Commences Wind-Up Proceedings
--------------------------------------------
Premier Hedge Enhanced, Ltd. commenced wind-up proceedings on
November 18, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SAPIC 98: Commences Liquidation Proceedings
-------------------------------------------
SAPIC 98 Reference Fund (6) Limited commenced liquidation
proceedings on November 13, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SCARLETT INVESTMENTS: Commences Wind-Up Proceedings
---------------------------------------------------
Scarlett Investments Limited commenced wind-up proceedings on
November 20, 2009.

Only creditors who were able to file their proofs of debt by
December 22, 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


SEPANG TRADING: Commences Wind-Up Proceedings
---------------------------------------------
Sepang Trading Ltd. commenced wind-up proceedings on November 20,
2009.

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

The company's liquidator is:

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


SHELL COVE: Commences Wind-Up Proceedings
-----------------------------------------
Shell Cove Capital SPC commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TREESDALE BONDS: Commences Wind-Up Proceedings
----------------------------------------------
Treesdale Bonds Plus SPC commenced wind-up proceedings on
November 23, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TRIDENT III: Commences Wind-Up Proceedings
------------------------------------------
Trident III, L.L.C. commenced wind-up proceedings.

Only creditors who were able to file their proofs of debt by
December 25, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Pound Capital Corporation
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


TURTLE GROWTH: Commences Wind-Up Proceedings
--------------------------------------------
Turtle Growth Limited commenced wind-up proceedings on November
12, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         David Anthony Brookland
         Telephone: +44 1534 501000
         Facsimile: +44 1534 501935
         Corporate Filing Services Ltd.
         P.O. Box 613, Grand Cayman KY1-1107
         Cayman Islands


WHITE BEACH: Commences Wind-Up Proceedings
------------------------------------------
White Beach Investments Limited commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 22, 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


===============
C O L O M B I A
===============


ECOPETROL SA: Reveals Proved Reserves as of December 31, 2009
-------------------------------------------------------------
Ecopetrol S.A. disclosed its proved gross reserves of oil,
condensate and natural gas as of December 31, 2009, according to
these two criteria: 1) Securities and Exchange Commission (SEC)
technical standard and price, and 2) Securities and Exchange
Commission (SEC) technical standard with company prices.

98% of total proved reserves were audited by three independent
firms: Gaffney, Cline & Associates, Ryder Scott Company and
Degolyer and McNaughton.

1)  SEC technical standard and price

Ecopetrol disclosed that at year-end 2009 the company's and its
subsidiaries' proved reserves amounted to 1.88 billion barrels of
oil equivalent (BOE) compared to 1.38 billion BOE at the end of
2008. The reserves replacement ratio was 359 % for 2009 compared
to 37.3 % in 2008.  At the end of 2009, consolidated reserves-to-
production ratio, assuming future production remaining at 2009
levels was 9.9 years.  Total addition was 682 million BOE of
proved reserves, which increased 35.5% compared to 2008.

The additions were due to:

    * New Discoveries : 63 MMboe
    * Fields Production Revaluation: 572 MMboe
    * Price Variation: -61 MMboe
    * Acquisitions: 108.5 MMboe

Proved reserves for 2009 were calculated using a SEC base price of
US$ 61.18/bl, while for 2008 it was U$ 44.60/ bl.

The largest reserves addition came from the Central Region (37%),
mainly from the Castilla and Chichimene fields, both located in
the Meta province and operated by Ecopetrol.  The North East
region was second largest in reserves addition (29%), the main
contributor of which was the Pauto field located in the Casanare
province and operated by BP.

Out of the entire 1.88 billion barrels of oil equivalent (BOE),
Ecopetrol S.A itself accounts for 95%, Hocol, 3%, and 2% its
participation in Petrotech.

2) SEC technical standard with company prices:

At year-end 2009, applying company prices to SEC technical
standard, Ecopetrol and its subsidiaries' proved reserves amounted
to 1.79 billion barrels of oil equivalent (BOE) compared to 1.47
billion BOE in 2008.  The replacement ratio in 2009 was 269 %,
compared to 110% in 2008.  At the end of 2009, consolidated
reserves-to-production ratio, assuming future production remaining
at 2009 levels was 9.4 years.  Addition totals 510.2 million BOE
of proved reserves, with an increase of 21.7% compared to 2008.
Proved developed represented 61 % of total proved reserves.

The additions were attributable to:

    * New Discoveries: 44 MMboe
    * Fields Production Revaluation: 394 MMboe
    * Price Variation: -42 MMboe
    * Acquisitions: 114 MMboe

The largest reserves addition came from the Central Region (47%),
mainly from the Castilla and Chichimene fields, both located in
the Meta province and operated by Ecopetrol.  The North East
region was second largest in reserves addition (22%), the main
contributor of which was the Pauto field located in the Casanare
province and operated by BP.

Out of the total 1.79 billion barrels of oil equivalent (BOE),
Ecopetrol S.A itself represents 95%, Hocol 3%, and 2% its
participation in Petrotech.

                      About Ecopetrol S.A.

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

                           *     *     *

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

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

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

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


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


AES DOMINICANA: Partners W/ Paragon to Cut Greenhouse Emissions
---------------------------------------------------------------
AES Dominicana Energia Finance S.A. has implemented Paragon
Airheater Technologies's high-performance seals and basketed
elements for rotary, regenerative airheaters and are showing
significant improvement in the company's operations, Dominican
Today reports.

According to the report, the products installed by AES Dominican
have resulted in improved plant efficiency and reduced carbon
emissions.   The report relates that the decision to purchase was
made after a review of other alternatives to determine the most
cost effective way to reduce carbon emissions and lower operating
costs.

The Dominican Today says that AES is pleased with the early
results and value that Paragon's sealing solutions have brought to
their company.  Reducing leakage and increasing plant efficiency
has enabled AES to burn less fuel thus resulting in cost savings
and reduction in carbon emission, the report adds.

                      About AES Dominicana

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Fitch Ratings has affirmed AES Dominicana Energia
Finance, S.A.'s international foreign currency Issuer Default
Rating at 'B-'.  The rating action applies to US$160 million of
notes due 2015 issued by AES Dominicana.  The Recovery Rating has
also been affirmed at 'RR4'.  The Rating Outlook is Stable.


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


PETROECUADOR: Petroamazonas to Invest US$550MM for Oil Block 31
---------------------------------------------------------------
Petroamazonas SA, a unit of state-run Petroecuador, plans to
invest around US$550 million to develop oil block 31, and aims to
produce up to 35,000 barrels per day, Mercedes Alvaro at Dow Jones
Newswires reports, citing Company General Manager Wilson Pastor.

According to the report, Mt. Pastor said that this year
Petroamazonas will invest US$100 million, next year around US$190
million, and the remaining US$260 million will be invested in
2012.  The report notes that Petroamazonas plans to start
producing 25,000 barrels of oil a day in the middle of 2012.

Mr. Pastor, the report relates, said that the company is currently
carrying out engineering studies.

In 2008, the report recalls, the Ecuadorian government and Brazil-
based Petroleo Brasileiro SA, agreed to terminate its contract for
Block 31, which was transferred to the state.  The report adds
that Petroamazonas will use the development plan approved for
Petrobras and won't build an oil facility in the Yasuni National
Park.

                        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.


* ECUADOR: Foreign Debt in November Down 19% to US$13.7 Billion
---------------------------------------------------------------
Ecuador's total foreign debt in November was US$13.70 billion, a
19% decrease from $16.97 billion in the same month of 2008,
Mercedes Alvaro at Dow Jones Newswires reports, citing the
country's central bank.  The report relates that the amount is
equivalent to 27% of Ecuador's US$51.39 billion gross domestic
product forecast for 2009.

According to the report, the banks said that the country's public
debt totaled US$7.53 billion in November, down 25% from $9.98
billion in the year-on-year comparison.  The report notes that the
November public debt figure is equal to about 15% of GDP.

Dow Jones Newswires says that the private sector debt, meanwhile,
stood at US$6.17 billion, down 12% from the $6.99 billion posted
in November 2008.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


AIR JAMAICA: Staff Make Yet Another Appeal to Acquire Airline
-------------------------------------------------------------
Air Jamaica Limited's staff has made yet another appeal to the
Jamaican government to allow them to take over the national
airline, Go-Jamaica reports.

According to the report, citing an open letter to Prime Minister
Bruce Golding, the staff declared that they're not willing to have
the airline leave Jamaican ownership.  The report relates that the
staff said that they say their position is not merely based on
passion or a desire to save their jobs, but one which stretches
into the bloodline of the founding fathers of the country.

The staff, the report notes, further appealed for the prime
minister and the government to allow them the chance to help them
keep the airline Jamaican owned and operated.  The situation
demands a collective fortitude to save the airline, which has
triumphed amidst struggles experienced, they added.

Go-Jamaica says that President General of the Bustamante
Industrial Trade Union, Kavan Gayle, said that the staff has
intensified their quest for the airline by launching a campaign
among themselves and members of the public.  The report relates
that Mr. Gayle is hoping the prime minister will have a favorable
response for the staff soon.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, RadioJamaica said that a divestment deal could
be inked soon 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 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.


AIR JAMAICA: Trinidad & Tobago to Reveal Acquisition Decision Soon
------------------------------------------------------------------
Trinidad will reveal its decision within the week on whether it is
buying Air Jamaica Limited, and will disclose the terms under
which it will takeover the loss-making carrier, Jamaica Gleaner
reports, citing Jamaica Finance Minister Audley Shaw.  "We expect
to get a firm answer, aye or nay in January," the report quoted
Mr. Shaw as saying.

According to the report, Jamaica is negotiating with Trinidad and
Tobago state-owned airline, Caribbean Airlines for a friendly
takeover of Air Jamaica, but if the deal goes through, about 70%
of the airline's staff would lose their jobs.  "The new owners, if
they are successful, have already sent the signal that if they
take it over, they want 350 Jamaican workers -- in maintenance,
air hostesses and pilots -- 350, coming down from 1,200," the
report quoted Mr. Shaw as saying.

Go-Jamaica News notes that the divestment of Air Jamaica is one of
the conditions of the agreement with the International Monetary
Fund, which is expected to sign off on a JM$1.25 billion loan
facility for Jamaica on Wednesday, January 27.  Mr. Shaw, the
report relates, said to divest the airline it would cost the
Jamaican Government JM$27 billion (US$300 million).

"We are going to have to pay redundancy; we are going to have to
pay a lot of legacy obligations, like the IRS (Internal Revenue
Service), which has been owed over US$34 million for the longest
while," the report quoted Mr. Shaw as saying.

Caribbean Airlines, the report points out, will not be assuming
the airline's US$1.3 billion of accumulated debt.

                         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.


NATIONAL COMMERCIAL BANK: Accepts Government's Debt Exchange Offer
------------------------------------------------------------------
National Commercial Bank Jamaica Limited and its major
subsidiaries, NCB Capital Markets and NCB Insurance Co. Ltd, have
formally accepted the government's Debt Exchange offer, three days
after the official launch of the program.

"As we have said publicly before, we believe the main objective of
the debt exchange programme -- to reduce the interest cost burden
on our government, and ultimately our country -- can only be
achieved with the support of the financial sector.  NCB therefore
has been cooperating closely with the government in the
implementation of this program." stated NCB Group Managing
Director, Patrick Hylton.

Mr. Hylton continued, "We believe a lower interest rate
environment will provide revenue opportunities such as more
affordable access to credit by our customers.  That, coupled with
our ongoing focus on improving efficiency in all areas of our
business, will see us continuing to ensure our customers are well
served and that the group maintains strong and profitable
operations."

The acceptance will result in NCB and its subsidiaries exchanging
100% of its J$ and locally issued US$ government securities
maturing after February 16, 2010.  Those securities represent 16%
of the Bank's Total Assets and will now provide lower income
yields.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.

Fitch said the ratings have a stable rating outlook.


* JAMAICA: Government Says Growth Ahead
---------------------------------------
The Jamaican government is projecting growth to return to the
economy in the next fiscal year, RadioJamaica reports.  The report
relates that in the Letter of Intent submitted to the
International Monetary Fund, the government indicated that the
economy was forecasted to grow about 0.5% in the upcoming 2010/11
fiscal year.

According to the report, the following year, 2011/2012, is
expected to see stronger growth for the economy, with a forecast
of at least 2%.  The report notes that both scenarios are in
contrast to the 3% decline in the economy expected in the
2009/2010 fiscal year.

Finance Minister Audley Shaw, the report says, outlined the
forecasts for growth in the economy.  The report relates that he
also charged that the forecasts are conservative and that growth
could be much stronger.

RadioJamaica says that recovery in the mining sector and continued
growth in the tourism sector are the main planks on which the
resurgence in the economy is predicated.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 18, 2010, Moody's Investors Service has announced that it
considers Jamaica's debt exchange proposal for domestic creditors
as an event of default.  As reflected in the nation's current
sovereign ratings of Caa1, with a negative outlook, on both
domestic and foreign currency debt, Moody's had anticipated that
Jamaica's long-standing commitment to honor its obligations in
full and on schedule might finally break this year.


* JAMAICA: Moody's Downgrades Government Bond Rating to 'Caa2'
--------------------------------------------------------------
Moody's has downgraded to Caa2 from Caa1 the local currency
government bond rating of the Government of Jamaica, reflecting
estimated losses to investors on the bonds involved in the ongoing
domestic debt exchange.  The foreign currency government bond
rating remains at Caa1, and both ratings now carry a stable
outlook.

The Caa2 local currency bond rating reflects Moody's estimation
that losses to investors on the bonds that are part of the
exchange will be approximately 20%.  The Caa2 rating is associated
with a recovery rate of 80% to 90%.  Although the terms of the
exchange do not provide a loss of principal, the extension of
maturities by an average of 2 years and an average reduction of
coupons by 35% will result in losses for investors.  The exchange
offer involves the entire stock of domestic marketable debt,
equivalent to around 60% of GDP.

Moody's expects the debt exchange to be completed in an orderly
fashion and with a high participation rate.  Once the new bonds
settle, around mid-February, Moody's will assess all of Jamaica's
ratings in light of the prospects for substantial multilateral
assistance, a macro-economic program designed to restore debt
sustainability in the medium term and a significant improvement in
liquidity.

In the rating action, the outlooks on the B1 foreign-currency
country ceiling for bonds and the Caa1 foreign-currency country
ceilings for deposits were moved to stable from negative.

The last change to Jamaica's ratings was implemented on
November 18, 2009, when the government's B2 bond ratings were
downgraded to Caa1 with a negative outlook.


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


CEMEX SAB: Davenport Plant to Close Permanently
-----------------------------------------------
Kurtis Alexander at Mercury News reports that CEMEX, S.A.B. de
C.V. will permanently shut down its cement plant and quarry on
Santa Cruz County's North Coast.

According to the report, the factory, which has been in operation
for 133 years, had closed temporarily in March because of the weak
national economy.  The report relates that company officials said
that the plant would re-open when the demand for cement improved,
but notice given to employees today indicates otherwise.

"Unfortunately, market conditions have not improved and the
company has made the very difficult decision to permanently shut
down operations," wrote Cemex Vice President of Humans Resources
John Andrews in a letter to employees that was obtained by the
news agency.

The report notes that the facility employed about 120 people, and
was by far the biggest employer and social mainstay in the town.

                         About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

-- Foreign currency Issuer Default Rating at 'B';

-- Local currency IDR at 'B';

-- Long-term national scale rating at 'BB-(mex)';

-- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

-- MXN30 billion Programa Dual Revolvente de Certificados
    Bursatiles program at 'BB-(mex)';

-- Senior unsecured debt obligations at 'B+/RR3';

-- Unsecured debt issued through the Certificados Bursatiles
    program at 'BB-(mex)';

-- Short-term national scale rating at 'B (mex)';

-- MXN2.5 billion short-term portion of Programa Dual Revolvente
    de Certificados Bursatiles program at 'B (mex)'.


===========
P A N A M A
===========


SMURFIT-STONE: Three Panama Unions Get New Labor Contract
---------------------------------------------------------
The International Brotherhood of Electrical Workers, the
International Association of Machinists and Aerospace Workers,
and the United Steel Workers ratified a new labor contract with
Smurfit-Stone Container Corporation in Panama City, The News
Herald reports.

According to the new report, the New Contract will protect
workers' pensions.  In addition, workers will get two-percent
raises each year for four years, two extra holidays, and
retroactive pay.

                        About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and US$5.582
billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


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


DOE RUN PERU: Nears Accord on US$156 Million Debt, Union Says
-------------------------------------------------------------
Doe Run Peru is "close" to reaching an agreement on $156 million
of debt to reopen its zinc and lead smelter, Alex Emery at
Bloomberg News reports, citing Roiberto Guzman, general secretary
of the zinc producer's workers union.  The report relates Mr.
Guzman said that Doe Run aims to sign an accord with creditors and
restart the plant within "a few weeks."  "We've been told they're
close to reaching a framework agreement with a strategic partner,"
Mr. Guzman told the news agency in a telephone interview.  "No one
said anything about another 90 days," he added.

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

                        About Doe Run Peru

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

                          *     *     *

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


* PERU: Plans 300-Million Sol Bond Sale, Finance Ministry Says
--------------------------------------------------------------
Peru's government plans to sell a 32-year, 300 million soles
($105.2 million) bond today, January 26, 2010, John Quigley at
Bloomberg News reports, citing the country's finance ministry.

According to the report, citing state gazette El Peruano, the
fixed-rate bond is due February 2042.  The report relates that the
newspaper said that proceeds from the bond will be used to finance
regional government investment projects.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, Moody's Investors Service has placed Peru's Ba1
foreign-currency government bond rating on review for possible
upgrade, reflecting the country's track record of stable economic
policymaking and reduced risks from the economy's relatively high
degree of dollarization.


====================
P U E R T O  R I C O
====================


EL AMAL: Walgreens to Buy Three Locations From Firm
---------------------------------------------------
Walgreens disclosed an agreement to acquire three El Amal
pharmacies in Puerto Rico.  The pharmacies located at Rio Grande
Shopping Center, Salinas Shopping Center, and Plaza Las Americas
are expected to transition to Walgreens by the end of February.

In addition, Walgreens has agreed to purchase prescription files
associated with 11 El Amal pharmacies.  Patients currently served
by these 11 pharmacies will see notices in the storesand receive
letters notifying them of the change.  These locations, listed
below, are expected to close by the end of the month.  Patients
will have immediate access to their prescription histories at a
nearby Walgreens, or any of the Walgreens stores on the Island.

-- Mayaguez Shopping Center, Mayaguez

-- Santa Maria Shopping Center, Ponce

-- Centro Del Sur Shopping Center, Ponce

-- Miramar #540, Arecibo

-- Valle Real Shopping Center, Ponce

-- Yauco Plaza, Yauco

-- Dorado Shopping Center, Dorado

-- Berwind Shopping Center, Rio Piedras

-- Corozal Plaza, Corozal

-- Bayamon Oeste Shopping Center, Bayamon

-- Ave. Sanchez Osorio, Carolina

"Pharmacy is the heart of our business and is a service we take
great pride in providing," said Nivia Santiago, Puerto Rico Market
Vice President for Walgreens.  "This agreement allows us to
quickly provide our innovative pharmacy services to more of the
Island's population.  Lastly, we strongly believe in Puerto Rico's
potential for long-term economic growth.  We've been a part of
Puerto Rico for five decades and have witnessed Puerto Rico's
capacity to overcome difficult economic periods."

Walgreens offers pharmacy services and conveniences not found at
many other pharmacies, including 24-hour pharmacy service, drive-
thru pharmacy access, prescription label directions in 14
different languages and the Prescription Savings Club, which
offers discounts on a wide range of medications.

The proposed transaction remains subject to the approval of the
Bankruptcy Court.  Terms of the transaction were not disclosed.

After the transaction closes, Walgreens will re-merchandise and
refresh the acquired stores, incorporating new signage and
displays as well as high quality, value-priced Walgreens brand
products and services including complete online and digital photo
offerings.  The transaction is expected to close in the first
quarter of calendar 2010, with the store transitions expected to
be completed by this fall.

                     About Walgreens-Puerto Rico

Walgreens is the largest chain of pharmacies in Puerto Rico.  It
started operations on the island in 1960.  The Company has 100
pharmacies, about 5,000 employees and more than 450 licensed
pharmacists in Puerto Rico.


POPULAR INC: Incurs US$573.9 Million Net Loss for 2009
------------------------------------------------------
Popular, Inc., reported a net loss of US$213.2 million for the
quarter ended December 31, 2009, compared with a net loss of
US$125.0 million for the quarter ended September 30, 2009, and a
net loss of US$702.9 million for the quarter ended December 31,
2008.

For the year ended December 31, 2009, the corporation's net loss
totaled US$573.9 million, compared with a net loss of US$1.2
billion for the same period in 2008.

A full-text copy of the company's financial report is available
free at http://ResearchArchives.com/t/s?4de9

                        About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2009, Standard & Poor's Ratings Services said that it
lowered its ratings on Popular Inc., including lowering the long-
term counterparty credit rating to 'BB-' from 'BB+' and the rating
on the company's preferred shares to 'C' from 'B-', and affirmed
the short-term counterparty credit rating at 'B'.


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


PETROLEOS DE VENEZUELA: Discards Purchase of Dominican Refinery
---------------------------------------------------------------
The Venezuelan Government has discarded the negotiations to buy a
49% stake in Dominican Republic's only refinery, REFIDOMSA,
affirming that the operation "is not advisable" for the South
American nation, The Dominican Today reports, citing Caracas
Energy Minister Rafael Ramirez.

"We are not going to participate in the acquisition of the
refinery in Santo Domingo.  There is no participation.  It doesn't
seem advisable to us and we aren't going to do it," the report
quoted Mr. Ramirez as saying.

As reported in the Troubled Company Reporter-latin America on
January 15, 2010, Dominican Republic Treasury Minister Vicente
Bengoa said that the sale of a 49% stake in the country's only
refinery REFIDOMSA, to Venezuelan par Petroleos de Venezuela would
be finalized no later than next week.  According to the report,
the signing of the contract was scheduled in the country for
yearend, but situation unforeseen by PDVSA authorities and because
of the last summit of the countries grouped in regional organism
ALBA, spearheaded by Venezuela, made that date impossible.

The Dominican Government will get US$131.5 million for the
49% refinery stake.

                          About PDVSA

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

                          *     *     *

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

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


PETROLEOS DE VENEZUELA: Guangdong Refining Project Gets Gov't OK
----------------------------------------------------------------
The PetroChina and Petroleum de Venezuela S.A. (PDVSA) refining
joint venture in Jieyang city, Guangdong province, has been
approved by the National Development and Reform Commission, Xinhua
News reports.  The report relates that the Jieyang Refinery,
boasting an annual refining capacity of eight million metric tons
(tonne), will feed on heavy oil imported from Venezuela.

According to the report, many Chinese oil firms have already been
attracted to the energy guzzling Guangdong province.  However, the
report notes, an oversupply have been looming in Guangdong
province, suggesting both fiercer competition and more oil product
exports from Guangdong in the future.

                           About PDVSA

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

                           *     *     *

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

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


RADIO CARCAS: Venezuela Orders Cable Providers to Remove Station
----------------------------------------------------------------
Jose Orozco at Bloomberg News reports that Venezuela's
telecommunications regulator (Conatel) ordered cable television
providers to stop carrying Radio Caracas Television, the network
whose broadcast rights President Hugo Chavez revoked in 2007, for
allegedly violating rules including not televising the president's
speeches.

According to the report, Public Works and Housing Minister
Diosdado Cabello, who also heads Conatel, called on cable
providers to pull networks off the air that haven't registered
with the regulator and whose media classification has been changed
to national from international.  The report notes that
international networks, whose programming must be 70% foreign,
don't have to follow rules such as broadcasting President Chavez's
speeches.

"The fight is about wants to be, or not, classified as an
international producer," the report quoted Mr. Cabello as saying.
"If you want to be international, your programming has to be more
than 70% foreign.  If it's fewer than 70%, you have to comply with
Venezuelan norms," he added.

Bloomberg News recalls that President Chavez revoked the broadcast
rights of RCTV that led to a 2002 coup attempt.  The closure
spurred student protests that helped defeat a Chavez-led
referendum on changing the constitution later that year, the
report relates.

The report, citing Channel 13 of Intercable, adds that the RCTV,
American Network, America TV and TV Chile networks would be
dropped temporarily from the service's programming schedule for
noncompliance.

                      About Radio Caracas

Radio Caracas Television Internacional is a Venezuelan cable
television network headquartered in the Caracas neighborhood of
Quinta Crespo.  It was sometimes referred to as the Canal de
B rcenas.  Owned by Empresas 1BC, RCTV Internacional was
inaugurated as Radio Caracas Television (RCTV) on 15 November 1953
by William H. Phelps, Jr..  Its radio counterpart was Radio
Caracas Radio.


===============
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  -254639574.1
SNIAFA SA-B        SDAGF US       11489328  -840226.1187
AUTOPISTAS SOL     APDSF US      351681167  -2858782.096
SOC COMERCIAL PL   CAD IX        113091441  -254639574.1
SOC COMERCIAL PL   CVVIF US      113091441  -254639574.1
SOC COMERCIAL PL   CADN EO       113091441  -254639574.1
COMERCIAL PL-ADR   SCPDS LI      113091441  -254639574.1
SOC COMERCIAL PL   COME AR       113091441  -254639574.1
SOC COMERCIAL PL   CADN SW       113091441  -254639574.1
COMERCIAL PLA-BL   COMEB AR      113091441  -254639574.1
COMERCIAL PL-C/E   COMEC AR      113091441  -254639574.1
COMERCIAL PLAT-$   COMED AR      113091441  -254639574.1
SNIAFA SA          SNIA AR        11489328  -840226.1187
SNIAFA SA-B        SNIA5 AR       11489328  -840226.1187
AUTOPISTAS SOL     AUSO AR       351681167  -2858782.096
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  -16783228.37
DOC IMBITUBA-RTP   IMBI2 BZ      114896167  -16783228.37
TELECOMUNICA-ADR   81370Z BZ     244018546   -6054999.05
FABRICA TECID-RT   FTRX1 BZ       66779267  -50394386.07
PROMAN             PRMN3B BZ      13403497  -173711.3081
TEKA-ADR           TEKAY US      237436194  -360484909.9
BOMBRIL            BMBBF US      289000174    -166589140
TELEBRAS-PF RCPT   CBRZF US      244018546   -6054999.05
TEKA               TKTQF US      237436194  -360484909.9
TEKA-PREF          TKTPF US      237436194  -360484909.9
REII INC           REIC US        16631180      -1448544
PET MANG-RIGHTS    RPMG1 BZ       97015785  -251755220.1
PET MANG-RIGHTS    RPMG2 BZ       97015785  -251755220.1
PET MANG-RECEIPT   RPMG9 BZ       97015785  -251755220.1
PET MANG-RECEIPT   RPMG10 BZ      97015785  -251755220.1
MMX MINERACAO      TRES3 BZ      1.018E+09  -160218400.5
MMX MINERACA-GDR   MMXMY US      1.018E+09  -160218400.5
SANESALTO          SNST3 BZ       27381497    -870175.96
CEEE-D             CEED3B BZ     1.091E+09  -15249815.85
CEEE-D-PREF        CEED4B BZ     1.091E+09  -15249815.85
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  -160218400.5
TELEBRAS/W-I-ADR   TBH-W US      244018546   -6054999.05
MMX MINERACA-GDR   3M11 GR       1.018E+09  -160218400.5
LAEP-BDR           MILK11 BZ     446499199  -70952298.93
LAEP INVESTMENTS   LEAP LX       446499199  -70952298.93
MMX MINERACAO      MMXCF US      1.018E+09  -160218400.5
BALADARE           BLDR3 BZ      144928981  -33970462.85
TEXTEIS RENAU-RT   TXRX1 BZ       58969048  -91550951.89
TEXTEIS RENAU-RT   TXRX2 BZ       58969048  -91550951.89
TEXTEIS RENA-RCT   TXRX9 BZ       58969048  -91550951.89
TEXTEIS RENA-RCT   TXRX10 BZ      58969048  -91550951.89
TELEBRAS SA-RT     TELB9 BZ      244018546   -6054999.05
GASCOIGNE EMP-PF   GASC4 BZ      1.124E+09  -536003485.6
ALL MALHA PAULIS   GASC3 BZ      1.124E+09  -536003485.6
CIA PETROLIF-PRF   MRLM4 BZ      377602195  -3014291.724
CIA PETROLIFERA    MRLM3 BZ      377602195  -3014291.724
CEEE-D             CEED3 BZ      1.091E+09  -15249815.85
NOVA AMERICA SA    NOVA3 BZ       21287489  -183535527.2
NOVA AMERICA-PRF   NOVA4 BZ       21287489  -183535527.2
PROMAN             PRMN3 BZ       13403497  -173711.3081
B&D FOOD CORP      BDFC US        16631180      -1448544
CEEE-D-PREF        CEED4 BZ      1.091E+09  -15249815.85
TELEBRAS SA        TELB3 BZ      244018546   -6054999.05
TELEBRAS SA        TLBRON BZ     244018546   -6054999.05
TELEBRAS SA        TBASF US      244018546   -6054999.05
TELEBRAS SA-PREF   TELB4 BZ      244018546   -6054999.05
TELEBRAS SA-PREF   TLBRPN BZ     244018546   -6054999.05
TELEBRAS-ADR       TBAPY US      244018546   -6054999.05
TELEBRAS-ADR       TBRAY GR      244018546   -6054999.05
TELEBRAS-CEDE PF   RCTB4 AR      244018546   -6054999.05
TELEBRAS-CED C/E   RCT4C AR      244018546   -6054999.05
TELEBRAS-CEDEA $   RCT4D AR      244018546   -6054999.05
TELEBRAS-CEDE BL   RCT4B AR      244018546   -6054999.05
TELEBRAS-ADR       TBH US        244018546   -6054999.05
TELEBRAS-ADR       TBX GR        244018546   -6054999.05
TELEBRAS-ADR       RTB US        244018546   -6054999.05
TELEBRAS-ADR       TBASY US      244018546   -6054999.05
TELEBRAS-RCT PRF   TELB10 BZ     244018546   -6054999.05
TELEBRAS-RTS CMN   RCTB1 BZ      244018546   -6054999.05
TELEBRAS-RTS PRF   RCTB2 BZ      244018546   -6054999.05
TELEBRAS-RTS CMN   TCLP1 BZ      244018546   -6054999.05
TELEBRAS-RTS PRF   TLCP2 BZ      244018546   -6054999.05
TELEBRAS-COM RT    TELB1 BZ      244018546   -6054999.05
TELEBRAS-CM RCPT   RCTB31 BZ     244018546   -6054999.05
TELEBRAS-CM RCPT   TELE31 BZ     244018546   -6054999.05
TELEBRAS-RCT       RCTB33 BZ     244018546   -6054999.05
TELEBRAS-CM RCPT   TBRTF US      244018546   -6054999.05
TELEBRAS-CM RCPT   RCTB32 BZ     244018546   -6054999.05
TELEBRAS-PF RCPT   RCTB41 BZ     244018546   -6054999.05
TELEBRAS-PF RCPT   TELE41 BZ     244018546   -6054999.05
TELEBRAS-PF RCPT   RCTB42 BZ     244018546   -6054999.05
TELEBRAS-CEDE PF   TELB4 AR      244018546   -6054999.05
TELEBRAS-CED C/E   TEL4C AR      244018546   -6054999.05
TELEBRAS-CM RCPT   RCTB30 BZ     244018546   -6054999.05
TELEBRAS-PF RCPT   RCTB40 BZ     244018546   -6054999.05
TELEBRAS-PF RCPT   TBAPF US      244018546   -6054999.05
TELEBRAS-RECEIPT   TLBRUO BZ     244018546   -6054999.05
TELEBRAS-PF RCPT   TLBRUP BZ     244018546   -6054999.05
TELEBRAS-BLOCK     TELB30 BZ     244018546   -6054999.05
TELEBRAS-PF BLCK   TELB40 BZ     244018546   -6054999.05
TELEBRAS-CEDEA $   TEL4D AR      244018546   -6054999.05
ARTHUR LANGE       ARLA3 BZ       21333793  -16295577.05
ARTHUR LANGE SA    ALICON BZ      21333793  -16295577.05
ARTHUR LANGE-PRF   ARLA4 BZ       21333793  -16295577.05
ARTHUR LANGE-PRF   ALICPN BZ      21333793  -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ       21333793  -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ       21333793  -16295577.05
ARTHUR LANG-RC C   ARLA9 BZ       21333793  -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ      21333793  -16295577.05
ARTHUR LAN-DVD C   ARLA11 BZ      21333793  -16295577.05
ARTHUR LAN-DVD P   ARLA12 BZ      21333793  -16295577.05
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  -46681943.42
BUETTNER SA        BUETON BZ      97710630  -46681943.42
BUETTNER-PREF      BUET4 BZ       97710630  -46681943.42
BUETTNER SA-PRF    BUETPN BZ      97710630  -46681943.42
BUETTNER SA-RTS    BUET1 BZ       97710630  -46681943.42
BUETTNER SA-RT P   BUET2 BZ       97710630  -46681943.42
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  -26705142.99
CAMBUCI SA         CAMBON BZ      91527757  -26705142.99
CAMBUCI SA-PREF    CAMB4 BZ       91527757  -26705142.99
CAMBUCI SA-PREF    CAMBPN BZ      91527757  -26705142.99
CAMBUCI SA-PREF    CXDOF US       91527757  -26705142.99
CHIARELLI SA       CCHI3 BZ       22274027  -44537138.21
CHIARELLI SA       CCHON BZ       22274027  -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ       22274027  -44537138.21
CHIARELLI SA-PRF   CCHPN BZ       22274027  -44537138.21
DOC IMBITUBA       IMBI3 BZ      114896167  -16783228.37
DOCAS IMBITUBA     IMBION BZ     114896167  -16783228.37
DOC IMBITUB-PREF   IMBI4 BZ      114896167  -16783228.37
DOCAS IMBITUB-PR   IMBIPN BZ     114896167  -16783228.37
SCHLOSSER          SCLO3 BZ       11745600   -75930514.2
SCHLOSSER SA       SCHON BZ       11745600   -75930514.2
SCHLOSSER-PREF     SCLO4 BZ       11745600   -75930514.2
SCHLOSSER SA-PRF   SCHPN BZ       11745600   -75930514.2
CONST A LINDEN     CALI3 BZ       11147513  -15979177.01
CONST A LINDEN     LINDON BZ      11147513  -15979177.01
CONST A LIND-PRF   CALI4 BZ       11147513  -15979177.01
CONST A LIND-PRF   LINDPN BZ      11147513  -15979177.01
D H B              DHBI3 BZ      124060999  -405125352.8
DHB IND E COM      DHBON BZ      124060999  -405125352.8
D H B-PREF         DHBI4 BZ      124060999  -405125352.8
DHB IND E COM-PR   DHBPN BZ      124060999  -405125352.8
DOCA INVESTIMENT   DOCA3 BZ       88417961  -18059127.86
DOCAS SA           DOCAON BZ      88417961  -18059127.86
DOCA INVESTI-PFD   DOCA4 BZ       88417961  -18059127.86
DOCAS SA-PREF      DOCAPN BZ      88417961  -18059127.86
DOCAS SA-RTS PRF   DOCA2 BZ       88417961  -18059127.86
ACO ALTONA         EALT3 BZ       84614948  -14270921.51
ACO ALTONA SA      EAAON BZ       84614948  -14270921.51
ACO ALTONA-PREF    EALT4 BZ       84614948  -14270921.51
ACO ALTONA-PREF    EAAPN BZ       84614948  -14270921.51
FABRICA RENAUX     FTRX3 BZ       66779267  -50394386.07
FABRICA RENAUX     FRNXON BZ      66779267  -50394386.07
FABRICA RENAUX-P   FTRX4 BZ       66779267  -50394386.07
FABRICA RENAUX-P   FRNXPN BZ      66779267  -50394386.07
HAGA               HAGA3 BZ       16483114  -62923101.98
FERRAGENS HAGA     HAGAON BZ      16483114  -62923101.98
FER HAGA-PREF      HAGA4 BZ       16483114  -62923101.98
FERRAGENS HAGA-P   HAGAPN BZ      16483114  -62923101.98
TECEL S JOSE       SJOS3 BZ       17924946  -18569451.23
TECEL S JOSE       FTSJON BZ      17924946  -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ       17924946  -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ      17924946  -18569451.23
CIMOB PARTIC SA    GAFP3 BZ       36817395  -33083086.54
CIMOB PARTIC SA    GAFON BZ       36817395  -33083086.54
CIMOB PART-PREF    GAFP4 BZ       36817395  -33083086.54
CIMOB PART-PREF    GAFPN BZ       36817395  -33083086.54
GAZOLA             GAZO3 BZ       12452143  -40298506.25
GAZOLA SA          GAZON BZ       12452143  -40298506.25
GAZOLA-PREF        GAZO4 BZ       12452143  -40298506.25
GAZOLA SA-PREF     GAZPN BZ       12452143  -40298506.25
GAZOLA-RCPTS CMN   GAZO9 BZ       12452143  -40298506.25
GAZOLA-RCPT PREF   GAZO10 BZ      12452143  -40298506.25
GAZOLA SA-DVD CM   GAZO11 BZ      12452143  -40298506.25
GAZOLA SA-DVD PF   GAZO12 BZ      12452143  -40298506.25
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  -91550951.89
TEXTEIS RENAUX     RENXON BZ      58969048  -91550951.89
RENAUXVIEW SA-PF   TXRX4 BZ       58969048  -91550951.89
TEXTEIS RENAUX     RENXPN BZ      58969048  -91550951.89
PARMALAT           LCSA3 BZ      388720052  -213641143.9
PARMALAT BRASIL    LCSAON BZ     388720052  -213641143.9
PARMALAT-PREF      LCSA4 BZ      388720052  -213641143.9
PARMALAT BRAS-PF   LCSAPN BZ     388720052  -213641143.9
PARMALAT BR-RT C   LCSA5 BZ      388720052  -213641143.9
PARMALAT BR-RT P   LCSA6 BZ      388720052  -213641143.9
ESTRELA SA         ESTR3 BZ       61011894  -54580283.64
ESTRELA SA         ESTRON BZ      61011894  -54580283.64
ESTRELA SA-PREF    ESTR4 BZ       61011894  -54580283.64
ESTRELA SA-PREF    ESTRPN BZ      61011894  -54580283.64
RIOSULENSE SA      RSUL3 BZ       61902902  -11292932.53
RIOSULENSE SA      RSULON BZ      61902902  -11292932.53
RIOSULENSE SA-PR   RSUL4 BZ       61902902  -11292932.53
RIOSULENSE SA-PR   RSULPN BZ      61902902  -11292932.53
WETZEL SA          MWET3 BZ       79756128  -6350930.692
WETZEL SA          MWELON BZ      79756128  -6350930.692
WETZEL SA-PREF     MWET4 BZ       79756128  -6350930.692
WETZEL SA-PREF     MWELPN BZ      79756128  -6350930.692
MINUPAR            MNPR3 BZ       64999716  -103795048.3
MINUPAR SA         MNPRON BZ      64999716  -103795048.3
MINUPAR-PREF       MNPR4 BZ       64999716  -103795048.3
MINUPAR SA-PREF    MNPRPN BZ      64999716  -103795048.3
NORDON MET         NORD3 BZ       15498217   -20133536.7
NORDON METAL       NORDON BZ      15498217   -20133536.7
NORDON MET-RTS     NORD1 BZ       15498217   -20133536.7
NOVA AMERICA SA    NOVA3B BZ      21287489  -183535527.2
NOVA AMERICA SA    NOVAON BZ      21287489  -183535527.2
NOVA AMERICA-PRF   NOVA4B BZ      21287489  -183535527.2
NOVA AMERICA-PRF   NOVAPN BZ      21287489  -183535527.2
NOVA AMERICA-PRF   1NOVPN BZ      21287489  -183535527.2
NOVA AMERICA SA    1NOVON BZ      21287489  -183535527.2
PETRO MANGUINHOS   RPMG3 BZ       97015785  -251755220.1
PETRO MANGUINHOS   MANGON BZ      97015785  -251755220.1
PET MANGUINH-PRF   RPMG4 BZ       97015785  -251755220.1
PETRO MANGUIN-PF   MANGPN BZ      97015785  -251755220.1
RIMET              REEM3 BZ       63757622  -107162239.9
RIMET              REEMON BZ      63757622  -107162239.9
RIMET-PREF         REEM4 BZ       63757622  -107162239.9
RIMET-PREF         REEMPN BZ      63757622  -107162239.9
SANSUY             SNSY3 BZ      100279115  -45812488.77
SANSUY SA          SNSYON BZ     100279115  -45812488.77
SANSUY-PREF A      SNSY5 BZ      100279115  -45812488.77
SANSUY SA-PREF A   SNSYAN BZ     100279115  -45812488.77
SANSUY-PREF B      SNSY6 BZ      100279115  -45812488.77
SANSUY SA-PREF B   SNSYBN BZ     100279115  -45812488.77
BOTUCATU TEXTIL    STRP3 BZ       35101567  -13482713.52
STAROUP SA         STARON BZ      35101567  -13482713.52
BOTUCATU-PREF      STRP4 BZ       35101567  -13482713.52
STAROUP SA-PREF    STARPN BZ      35101567  -13482713.52
TEKA               TEKA3 BZ      237436194  -360484909.9
TEKA               TEKAON BZ     237436194  -360484909.9
TEKA-PREF          TEKA4 BZ      237436194  -360484909.9
TEKA-PREF          TEKAPN BZ     237436194  -360484909.9
TEKA-ADR           TKTPY US      237436194  -360484909.9
TEKA-ADR           TKTQY US      237436194  -360484909.9
VARIG SA           VAGV3 BZ      966298026   -4695211316
VARIG SA           VARGON BZ     966298026   -4695211316
VARIG SA-PREF      VAGV4 BZ      966298026   -4695211316
VARIG SA-PREF      VARGPN BZ     966298026   -4695211316
WIEST              WISA3 BZ       39838114  -93371563.06
WIEST SA           WISAON BZ      39838114  -93371563.06
WIEST-PREF         WISA4 BZ       39838114  -93371563.06
WIEST SA-PREF      WISAPN BZ      39838114  -93371563.06
FER C ATLANT       VSPT3 BZ      1.189E+09  -35605725.65
FER C ATLANT-PRF   VSPT4 BZ      1.189E+09  -35605725.65
FERROVIA CEN-DVD   VSPT11 BZ     1.189E+09  -35605725.65
FERROVIA CEN-DVD   VSPT12 BZ     1.189E+09  -35605725.65
FER C ATL-RCT CM   VSPT9 BZ      1.189E+09  -35605725.65
FER C ATL-RCT PF   VSPT10 BZ     1.189E+09  -35605725.65
HOPI HARI SA       PQTM3 BZ       62168844  -55189836.68
HOPI HARI-PREF     PQTM4 BZ       62168844  -55189836.68
PARQUE TEM-DV CM   PQT5 BZ        62168844  -55189836.68
PARQUE TEM-DV PF   PQT6 BZ        62168844  -55189836.68
PARQUE TEM-RT CM   PQTM1 BZ       62168844  -55189836.68
PARQUE TEM-RT PF   PQTM2 BZ       62168844  -55189836.68
PARQUE TEM-RCT C   PQTM9 BZ       62168844  -55189836.68
PARQUE TEM-RCT P   PQTM10 BZ      62168844  -55189836.68
MMX MINERACAO      MMXM3 BZ      1.018E+09  -160218400.5
TRESSEM PART SA    1TSSON BZ     1.018E+09  -160218400.5
ALL MALHA PAULIS   GASC3B BZ     1.124E+09  -536003485.6
GASCOIGNE EMP-PF   GASC4B BZ     1.124E+09  -536003485.6
GASCOIGNE EMPREE   1GASON BZ     1.124E+09  -536003485.6
GASCOIGNE EMP-PF   1GASPN BZ     1.124E+09  -536003485.6
CIA PETROLIFERA    MRLM3B BZ     377602195  -3014291.724
CIA PETROLIF-PRF   MRLM4B BZ     377602195  -3014291.724
CIA PETROLIFERA    1CPMON BZ     377602195  -3014291.724
CIA PETROLIF-PRF   1CPMPN BZ     377602195  -3014291.724
LATTENO FOOD COR   LATF US        16631180      -1448544
VARIG PART EM TR   VPTA3 BZ       49432124  -399290425.8
VARIG PART EM-PR   VPTA4 BZ       49432124  -399290425.8
VARIG PART EM SE   VPSC3 BZ       84848505  -430964847.6
VARIG PART EM-PR   VPSC4 BZ       84848505  -430964847.6


CHILE

CHILESAT CO-ADR    TL US         450943845  -52392581.33
CHILESAT CORP SA   TELEX CI      450943845  -52392581.33
CHILESAT CO-RTS    CHISATOS CI   450943845  -52392581.33
TELMEX CORP SA     CHILESAT CI   450943845  -52392581.33
TELEX-A            TELEXA CI     450943845  -52392581.33
TELMEX CORP-ADR    CSAOY US      450943845  -52392581.33
TELEX-RTS          TELEXO CI     450943845  -52392581.3


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *