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

        Thursday, January 28, 2010, Vol. 11, No. 019

                            Headlines


A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge Okays Sales of Owner's Property


A R G E N T I N A

BANCO SAENZ: Moody's Assigns 'B2' Global Currency Debt Rating
TELEFONICA DE ARGENTINA: Telefonica Buys Up Outstanding 1.8% Stake
TELEFONICA DE ARGENTINA: Government May Nationalize Firm
* ARGENTINA: S&P Retains Negative Watch on Neuquen's 'B-' Rating


B E R M U D A

SYNCORA HOLDINGS: No Action Taken at Preferreds Holders' Meeting


B R A Z I L

ANHANGUERA EDUCACIONAL: Reinstated "Outperform" at Credit Suisse
ANHANGUERA EDUCACIONAL: IFC Provides BRL50 Million Financing
BRASKEM SA: S&P Affirms Corporate Credit Rating at 'BB+'
COMPANHIA ENERGETICA: Itau Securities Ups Firm to Market Perform
COMPANHIA SIDERURGICA: BlackRock Tells Firm to Abandon Cimpor

FIDC NAO: Moody's Withdraws 'Ba2' Global Rating on Senior Shares
USIMINAS SIDERURGICAS: Upgraded to "Outperform" at Itau


C A Y M A N  I S L A N D S

ABCD COMPANY: Commences Wind-Up Proceedings
ABN AMRO: Commences Liquidation Proceedings
ACAS CLO 2007-2: Commences Liquidation Proceedings
ACP FUNDING: Commences Liquidation Proceedings
ACP III FUNDING: Commences Liquidation Proceedings

ACP IV: Commences Liquidation Proceedings
ACP IX: Commences Liquidation Proceedings
ACP V FUNDING: Commences Liquidation Proceedings
ACP VI FUNDING: Commences Liquidation Proceedings
ACP VII FUNDING: Commences Liquidation Proceedings

ACP VIII FUNDING: Commences Liquidation Proceedings
ACP X FUNDING: Commences Liquidation Proceedings
ACP XII FUNDING: Commences Liquidation Proceedings
ACP XIII FUNDING: Commences Liquidation Proceedings
ACP XIV FUNDING: Commences Liquidation Proceedings

ACP XV FUNDING: Commences Liquidation Proceedings
ASOR INTERNATIONAL: Placed Under Voluntary Wind-Up
BOA HOLDINGS: Placed Under Voluntary Wind-Up
CAMEL FUND: Placed Under Voluntary Wind-Up
DANZA CLASSICA: Placed Under Voluntary Wind-Up

GETTY CONSULTING: Placed Under Voluntary Wind-Up
LEHMAN BROTHERS: Commences Liquidation Proceedings
LILLOOET LIMITED: Commences Liquidation Proceedings
MASTER CONSULTING: Placed Under Voluntary Wind-Up
OCTANS II CDO: Commences Liquidation Proceedings

RED BLUFF: Placed Under Voluntary Wind-Up
SMITH BREEDEN: Placed Under Voluntary Wind-Up
SMITH BREEDEN: Placed Under Voluntary Wind-Up
UBS INTERNATIONAL: Commences Liquidation Proceedings

WEST RIVER: Placed Under Voluntary Wind-Up


E C U A D O R

PETROECUADOR: Posts 2009 Oil Export Revenue of US$4.46 Billion


M E X I C O

CEMEX SAB: Posts Fourth-Quarter and Full-Year 2009 Results
VITRO SAB: To Delay Debt-Restructuring Offer, Meouchi Says


P E R U

DOE RUN PERU: Workers Await News on Smelter Restart


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars



                         - - - - -


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


STANFORD INT'L: Judge Okays Sales of Owner's Property
-----------------------------------------------------
U.S. District Judge David Godbey approved the sale of real estate
owned by corporations controlled by Robert Allen Stanford, the
financier accused of orchestrating a multi-billion Ponzi scheme, Gina
Keating at Reuters reports.

According to the report, Stanford Financial Group court-appointed
receiver, Ralph Janvey, had asked the court to allow CB Richard Ellis
to publicly auction the dozens of parcels of properties in the
continental United States and U.S. Virgin Islands "in an efficient and
cost-effective manner."  "Marketing efforts will begin immediately,"
Mr. Janvey said in a statement obtained by the news agency.  "However,
the timing of any sale will necessarily depend on . . . relevant
market conditions and debt obligations associated with each property,"
he added.

Judge David Godbey, the report notes, ordered Mr. Janvey to notify the
Stanford Condominium Owner's Association if he tries to sell property
owned by the Stanford Development Corp, and give residents a chance to
object.

Reuters notes that competing offers are to be submitted to the
receiver at least five days prior to the auction.  The properties to
be auctioned are located in various counties in Texas, Michigan,
Tennessee, North Carolina, and Mississippi and in the U.S. Virgin
Islands.

The report, citing a court order, adds that Mr. Janvey also was
granted permission to dispose of certain parcels through private
sales.

                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
=================


BANCO SAENZ: Moody's Assigns 'B2' Global Currency Debt Rating
-------------------------------------------------------------
Moody's Latin America assigned an A1.ar local and foreign currency
debt rating, under the Argentinean National Scale, to Banco Saenz's
multi-currency senior unsecured debt program amounting to ARS80
million, or its equivalent in other currencies.

The A1.ar National Scale local currency debt rating was also assigned
to the first expected issuance of the program worth up to ARS35
million.

At the same time, Moody's Investors Service assigned a B2 global local
and foreign-currency debt rating to the aforementioned program, as
well as to the first debt issuance.

The outlook on all ratings is stable.

Banco Saenz S.A. is headquartered in Buenos Aires, Argentina, and had
assets for ARS420.85 million and deposits for ARS258 million, as of
September 2009.

These ratings were assigned to Banco Saenz's ARS80 million (or its
equivalent in other currencies) senior debt program:

* Global Local-Currency Debt Rating: B2
* National Scale, Local-Currency Debt Rating: A1.ar
* Global Foreign-Currency Debt Rating: B2
* National Scale, Foreign-Currency Debt Rating: A1.ar

These ratings were assigned to Banco Saenz's ARS35 million issuance:

* Global Local-Currency Debt Rating: B2
* National Scale, Local-Currency Debt Rating: A1.ar


TELEFONICA DE ARGENTINA: Telefonica Buys Up Outstanding 1.8% Stake
------------------------------------------------------------------
Spain's Telefonica has completed the acquisition of 1.8% of the shares
in its Argentine unit, Telefonica de Argentina, which it didn't
already own, Matthew Cowley at Dow Jones Newswires reports.

According to the report, citing a company statement sent to the Buenos
Aires stock exchange, the company said that as a result, Telefonica de
Argentina's shares have been delisted.  The report relates that
Telefonica completed the acquisition of the shares on January 25.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Dow Jones Newswires said that the Argentine
market regulator has approved Telefonica SA's request to buy out
the remaining stake of Telefonica de Argentina it doesn't already
control.  According to the report, citing a filing to the Spanish
market regulator, Telefonica said it would offer 1 Argentinean peso a
share for the roughly 126 million shares of its Argentine unit.  The
report related that Telefonica said it would pay roughly EUR22 million
for the stake.

                   About Telefonica de Argentina

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

                          *     *     *

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


TELEFONICA DE ARGENTINA: Government May Nationalize Firm
--------------------------------------------------------
The Argentine government may nationalize Telecom Argentina SA, Sonia
Sirletti at Bloomberg News reports, citing MF News, without saying
where it got the information.

According to the report, MF News said that President Cristina
Fernandez de Kirchner may announce the decision in a televised speech
"soon."

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said that Telecom Italia must
get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina S.A.
Dow Jones Newswires related that Argentina's National Antitrust
Commission has given Telecom Italia one year to divest its stakes
in Telecom Argentina, due to a conflict of interest.  According to
the report, CNDC said that Spain's Telefonica SA's minority stake
in Telecom Italia creates a conflict between the two companies'
Argentine operations.  The report related that Telefonica owns
Telefonica Argentina, which shares an effective duopoly over the
Argentine telecommunications sector with Telecom.

                      About Telecom Argentina

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

                           *     *     *

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


* ARGENTINA: S&P Retains Negative Watch on Neuquen's 'B-' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services stated that its 'raA+' and 'B-'
ratings on the Province of Neuquen's US$250 million secured amortizing
notes due 2014 remain on CreditWatch negative -- where they were
placed Nov. 30, 2009 -- following the publication of Provincial Law
2684.  Provincial Law 2684 enables the provincial government to issue
new debt for a voluntary exchange of the secured amortizing notes.  At
this time, however, the official exchange proposal and its terms and
conditions have not yet been formalized.

Standard & Poor's will continue to monitor the development of the debt
exchange proposal to analyze its affect on investors.  It's likely
that S&P will significantly lower the ratings on the notes if the new
exchange notes' terms and conditions offer less value than originally
promised to investors.  On the other hand, S&P will affirm the ratings
on the notes if the new exchange notes' terms and conditions do not
materially change or if the potential changes do not impair the bonds'
creditworthiness.


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


SYNCORA HOLDINGS: No Action Taken at Preferreds Holders' Meeting
----------------------------------------------------------------
Syncora Holdings Ltd. on Tuesday said that, because of the absence of
a quorum, no action was taken at the special general meeting called
January 26 for holders of its Series A Perpetual Non-Cumulative
Preference Shares.  The meeting had been called to facilitate the
exercise by holders of these shares of their right to elect two
additional members of the Company's Board of Directors due to the
Company's failure to pay dividends on the shares for six quarterly
periods.

                      About Syncora Holdings

Syncora Holdings Ltd. (OTC: SYCRF) -- http://www.syncora.com/-- is a
Bermuda-domiciled holding company.  Syncora Guarantee Inc. and Syncora
Capital Assurance Inc. are wholly owned subsidiaries of Syncora
Holdings Ltd.

                           *     *     *

As of October 8, 2009, the company continues to carry Moody's "C"
preferred stock rating.


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


ANHANGUERA EDUCACIONAL: Reinstated "Outperform" at Credit Suisse
----------------------------------------------------------------
Laura Price at Bloomberg News reports that Anhanguera Educacional
Participacoes SA was reinstated with an "outperform" rating at Credit
Suisse Group AG, which cited a 30% "upside" to its share price
estimate of BRL34.

According to the report, Credit Suisse said that Anhanguera is likely
to continue its "fast" growth and may benefit from an increase in the
average wage in Brazil and improvements in student financing.

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/-- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 21, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' global scale corporate credit rating to
Anhanguera Educacional Participacoes S.A. and affirmed its 'brA'
Brazilian national scale corporate credit and debenture ratings on
the company.  The outlooks are stable.


ANHANGUERA EDUCACIONAL: IFC Provides BRL50 Million Financing
------------------------------------------------------------
IFC will promote access to high-quality and affordable education in
Brazil with a financing of BRL50 million to Anhanguera Educacional
Participacoes SA.

In addition, PROPARCO, a subsidiary of Agence Fran‡aise de
Developpement, will provide EUR8 million and DEG, a member of KfW
Bankrengruppe, will provide EUR15 million.  The funds will help
finance Anhanguera's investment plan for 2010.

Professor Antonio Carbonari, Anhanguera's president and founder, said,
"This financing will enable us to respond to the growing demand for
education services by leveraging our business model and expanding our
network of colleges and learning centers."

Anhanguera had more than 250,000 students in 2009.  Its business model
for third-level education focuses on low- and middle-income working
adults who may not have access to public universities.  On average,
its graduates have almost tripled their income after completing their
studies.  The model offers high-quality standards and affordable
prices to the students.

Guy Ellena, IFC Director for Health and Education, said, "Anhanguera
illustrates in very human terms the development impact that IFC is
trying to achieve by reaching low- and middle-income students and
offering them opportunities to improve their professional and
technical education in order to get better jobs."  Andrew Gunther, IFC
Country Manager for Brazil, added, "Anhanguera is a very good example
of a financially sustainable private sector project that has a strong
social impact.  IFC is proud to continue supporting Anhanguera's
innovative approach and commitment to education in Brazil."

IFC's relationship with Anhanguera dates back to 2006, with a $12
million loan to the company through Fundo de Educacao para o Brasil.
In March 2007, Anhanguera became Latin America's first private
education company to list its shares through an initial public
offering.  In 2009, Anhanguera was the recipient of IFC's Client
Leadership Award in the real sector category.

IFC is the only international financial institution focused
exclusively on the private sector, the engine of sustainable
development in emerging markets.  Along with IBRD, it is currently
seeking a capital increase to strengthen its ability to create
opportunity for the poor in developing countries-including by making
loans to help meet educational demands.

                             About IFC

IFC, a member of the World Bank Group, creates opportunity for people
to escape poverty and improve their lives.

                   About Anhanguera Educacional

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/-- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 21, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' global scale corporate credit rating to
Anhanguera Educacional Participacoes S.A. and affirmed its 'brA'
Brazilian national scale corporate credit and debenture ratings on
the company.  The outlooks are stable.


BRASKEM SA: S&P Affirms Corporate Credit Rating at 'BB+'
--------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB+' corporate credit
rating on Brazil-based petrochemical company Braskem S.A. after it
announced its intention to acquire controlling stakes in several
Brazilian petrochemical assets, jointly referred to as "Quattor" (not
rated).  The outlook is stable.  The transaction is contingent upon
normal antitrust approval.

"The rating affirmation reflects the improvement in Braskem's business
profile and the deal's mostly equity funding.  S&P expects the company
to benefit from its dominant position in the Brazilian petrochemical
industry, as well as from operating synergies arising from its larger
scale, greater operating flexibility, and closer ties to Petrobras,"
said Standard & Poor's credit analyst Victor Saulytis.

While the incorporation of Quattor will delay any expected improvement
in Braskem's financial metrics, its financial profile will be
supported by the new entity's strong liquidity and greater financial
flexibility.  Braskem remains exposed to the cyclical, volatile, and
working-capital-intensive petrochemical industry, whose profitability
is influenced by both economic conditions and global competition.

The transaction will make government-owned oil company, Petroleo
Brasileiro S.A. --a GRE, a major shareholder in Braskem which actively
participates in its strategic decisions.  As a result, S&P will start
applying its GRE criteria to Braskem.  S&P's initial assessment on
Braskem's status as a GRE and the likelihood it would receive any
necessary support is 'moderate', and the current rating does not
incorporate any notch for potential support.  S&P's view is based on a
"limited importance" role and a "strong" link.  While the new entity
will play a significant role in Brazil's economy due to the linkage of
the petrochemical industry to a variety of other industries, S&P see
Braskem as a private enterprise operating in a competitive industry
and, therefore, of limited importance to the government.  On the other
hand, S&P sees Braskem's links with Petrobras as strong, since it's
the industry's main supplier and has demonstrated its commitment to
the consolidation and strengthening of the Brazilian petrochemical
sector.  S&P assesses Braskem's stand-alone credit profile at 'BB+'.

The stable outlook reflects S&P's expectation that Braskem will
benefit from stronger and more-resilient cash generation as it
improves its business profile, even as the capital injection prevents
its financial profile from deteriorating significantly -- even after
combining with Quattor's highly leveraged financial position.  S&P
sees Braskem's strong liquidity and potential support from Petrobras
as mitigating factors for its aggressive cash flow protection metrics.

"We could lower the ratings if Braskem is not able to improve the
combined financial profile by managing Quattor's more-expensive and
shorter-tenor debt, if liquidity deteriorates due to
higher-than-expected investments, or if its financial metrics do not
show signs of gradual improvement.  A positive rating action is
unlikely in the next few quarters, given the challenges the company
will face in integrating Quattor and managing its financial profile
accordingly," Mr. Saulytis added.


COMPANHIA ENERGETICA: Itau Securities Ups Firm to Market Perform
----------------------------------------------------------------
Itau Securities upgraded its recommendation for shares in Brazil
electric power utility Companhia Energetica de Minas Gerais SA
(Cemig), to market perform from underperform yesterday,
January 27, 2010, saying that political risk has been nearly fully
priced in, Kenneth Rapoza at Dow Jones Newswires reports.

According to the report, Cemig's year-ending 2010 fair value was
raised 13% to BRL39.60 (US$21.63) by Itau, due to the bank's new, and
improved, macroeconomic outlook on the Brazilian economy and Cemig's
recently increased stake in Light SA to 26% from 13%.

"We see more upside than downside in the short term," Itau analysts
wrote in a note obtained by the news agency.  "The attractive upside
potential and the accretive acquisition of Light, combined with
potentially favorable news from the October elections, make us believe
that Cemig's political risk could abate. If Fernando Pimentel or
Antonio Anastasia take leads in the polls...the market's perception of
Cemig's political risk will likely improve," they added.

Dow Jones Newswires notes that Itau reports fourth quarter earnings on
March 31.  The report relates that Itau estimates a rate increase of
10.8% in April of last year could bring net revenues to BRL3.2 billion
and earnings before interest, taxes, depreciation and amortization to
BRL1 billion.  Dividend yield is expected to be 3.7%, the report adds.

                   About Companhia Energetica

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.


COMPANHIA SIDERURGICA: BlackRock Tells Firm to Abandon Cimpor
-------------------------------------------------------------
Companhia Siderurgica Nacional S.A. should abandon plans to buy Cimpor
Cimentos de Portugal SGPS SA as shrinking economies in Spain and
Portugal cut cement consumption, Diana Kinch and Jim Silver at
Bloomberg News report, citing BlackRock Inc.

According to the report, construction demand shrank after the steepest
recession in Spain in 60 years sent home prices lower for a seventh
consecutive quarter.  The report relates that William Landers, who
helps manage US$8 billion of Latin American assets at BlackRock in
Plainsboro, New Jersey, said that CSN needs to focus on producing iron
ore and steel to meet increased purchases from China, the world's
fastest-growing major economy.  "We'd prefer CSN not to do this
diversification," the report quoted Mr. Landers as saying.  "We're not
enamored with CSN gaining exposure to Europe.  It should concentrate
on emerging markets and its core businesses of steel and iron ore," he
added.

Bloomberg News notes that CSN aims to spend US$3.3 billion in iron ore
mining and transport, boosting sales of the steelmaking raw material
to as much as 100 million metric tons from 2013, to supply its Volta
Redonda steelworks in Brazil and become a major exporter.  "Buying
Cimpor might put the company's whole financial structure under stress,
making it difficult to carry out the planned investment in iron ore,"
Gilberto Cardoso, an analyst at Banif Securities, told the news agency
in an interview. "There's great fear CSN might get over- indebted
diversifying into a new area with more international presence," he
added.

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

                             About CSN

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

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


FIDC NAO: Moody's Withdraws 'Ba2' Global Rating on Senior Shares
----------------------------------------------------------------
Moody's America Latina has withdrawn the provisional ratings of
(P)Aa3.br (Brazilian National Scale) and (P)Ba2 (Global Scale, Local
Currency) assigned to the senior shares to be issued by FIDC Nao
Padronizados Obras Civis de BH.

Moody's has withdrawn the ratings after being informed by the
originator that FIDC Nao Padronizados Obras Civis de BH will not issue
shares.

Under certain circumstances, Moody's will withdraw a rating for an
issuer or an obligation for reasons unrelated to the adequacy of
information, or bankruptcy or reorganization status of the credit.
When this occurs, Moody's will balance the market need for a rating
against the resources required to maintain and monitor a rating.

The complete rating action is:

* FIDC Nao Padronizados Obras Civis de BH -- Senior shares,
  ratings (P)Aa3.br (Brazilian National Scale) and (P)Ba2 (Global,
  Local Currency Scale), withdrawn.  The previous rating action
  occurred on July 23, 2008, when the ratings of (P) Aa3.br and
  (P)Ba2 were assigned.


USIMINAS SIDERURGICAS: Upgraded to "Outperform" at Itau
-------------------------------------------------------
Diana Kinch at Bloomberg News reports that Usinas Siderurgicas de
Minas Gerais SA was upgraded to "outperform" from "underperform" at
Itau Securities on prospects of a 30% rise in domestic sales this
year.

Usiminas's end-2010 target price was increased to BRL64 a share from
BRL55 reais, Sao Paulo-based analysts Marcos Assumpcao and Alexandre
Miguel wrote in a note obtained by the news agency.

According to the report, the analysts cited a potential partnership at
Usiminas's J.Mendes iron-ore mine and a possible sale of a stake in
Ternium as factors that could further favor the Brazilian steelmaker.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Subordinate Debt rating.


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


ABCD COMPANY: Commences Wind-Up Proceedings
-------------------------------------------
ABCD Company commenced wind-up proceedings on January 14, 2010.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-8666
         Facsimile: 949-0626


ABN AMRO: Commences Liquidation Proceedings
-------------------------------------------
ABN AMRO Finance Ireland Limited commenced liquidation 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:

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


ACAS CLO 2007-2: Commences Liquidation Proceedings
--------------------------------------------------
ACAS CLO 2007-2, Ltd. commenced liquidation proceedings on November 26, 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:

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


ACP FUNDING: Commences Liquidation Proceedings
----------------------------------------------
ACP Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP III FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
ACP III Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP IV: Commences Liquidation Proceedings
-----------------------------------------
ACP IV Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP IX: Commences Liquidation Proceedings
-----------------------------------------
ACP IX Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP V FUNDING: Commences Liquidation Proceedings
------------------------------------------------
ACP V Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP VI FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
ACP VI Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP VII FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
ACP VII Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP VIII FUNDING: Commences Liquidation Proceedings
---------------------------------------------------
ACP VIII Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP X FUNDING: Commences Liquidation Proceedings
------------------------------------------------
ACP X Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP XII FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
ACP XII Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP XIII FUNDING: Commences Liquidation Proceedings
---------------------------------------------------
ACP XIII Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP XIV FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
ACP XIV Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ACP XV FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
ACP XV Funding, Ltd. commenced liquidation proceedings on
November 26, 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:

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


ASOR INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
Asor International Ltd. commenced wind-up proceedings on
November 13, 2009.

Only creditors who were able to file their proofs of debt by December
14, 2009, will be included in the company's dividend distribution.

The company's liquidator is:

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


BOA HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
Boa Holdings Limited commenced wind-up proceedings on November 26, 2009.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-8666
         Facsimile: 949-0626


CAMEL FUND: Placed Under Voluntary Wind-Up
------------------------------------------
Camel Fund Ltd. commenced wind-up proceedings on January 20, 2010.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman, Cayman Islands
         Telephone: 949-8666
         Facsimile: 949-0626


DANZA CLASSICA: Placed Under Voluntary Wind-Up
----------------------------------------------
Danza Classica Ltd. commenced wind-up proceedings on
November 27, 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:

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


GETTY CONSULTING: Placed Under Voluntary Wind-Up
------------------------------------------------
Getty Consulting Ltd. commenced wind-up proceedings on
November 27, 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:

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


LEHMAN BROTHERS: Commences Liquidation Proceedings
--------------------------------------------------
Lehman Brothers USD Enhanced Cash Fund, Ltd. commenced liquidation
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:

         Bradley C. Tank
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


LILLOOET LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Lillooet Limited commenced liquidation proceedings on November 26, 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:

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


MASTER CONSULTING: Placed Under Voluntary Wind-Up
-------------------------------------------------
Master Consulting Ltd. commenced wind-up proceedings on
November 27, 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:

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


OCTANS II CDO: Commences Liquidation Proceedings
------------------------------------------------
Octans II CDO Ltd. commenced liquidation proceedings on
November 26, 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:

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


RED BLUFF: Placed Under Voluntary Wind-Up
-----------------------------------------
Red Bluff Limited commenced wind-up proceedings on November 26, 2009.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman, Cayman Islands
         Telephone: 949-8666
         Facsimile: 949-0626


SMITH BREEDEN: Placed Under Voluntary Wind-Up
---------------------------------------------
Smith Breeden Global Funding 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


SMITH BREEDEN: Placed Under Voluntary Wind-Up
---------------------------------------------
Smith Breeden Investment Grade Core Bond Funding 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


UBS INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------
UBS International Investment Holdings commenced liquidation
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:

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


WEST RIVER: Placed Under Voluntary Wind-Up
------------------------------------------
West River Limited commenced wind-up proceedings on November 26, 2009.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman, Cayman Islands
         Telephone: 949-8666
         Facsimile: 949-0626


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


PETROECUADOR: Posts 2009 Oil Export Revenue of US$4.46 Billion
--------------------------------------------------------------
Petroecuador reported oil export revenue of US$4.46 billion last year,
a 31% decrease from 2008, Mercedes Alvaro at Dow Jones Newswires
reports, citing a company data.  The data, which was reviewed on by
Dow Jones Newswires, showed Petroecuador exported 83.47 million
barrels of crude oil in 2009, an 8% rise from 77.48 million barrels a
year earlier.

According to the report, exports of Oriente crude totaled 61.51
million barrels, while exports of Napo crude were 21.96 million
barrels.  The report relates that the average price of Oriente in 2009
down 29% to US$60.02 a barrel from US$83.96 in 2008.  The price of
Napo crude was US$58.31 per barrel, 29% down from US$82.04 in 2008,
the report notes.

Petroecuador, the report says, reported oil export revenue of
US$602.74 million in December, a 48% increase from the US$407.8
million the previous month.  It exported 8.94 million barrels of crude
oil in December, up 56% from 5.73 million barrels in November,
according to the data, the report adds.

                        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.


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


CEMEX SAB: Posts Fourth-Quarter and Full-Year 2009 Results
----------------------------------------------------------
CEMEX, S.A.B. de C.V.  disclosed consolidated net sales decreased 17%
in the fourth quarter of 2009, to US$3.4 billion, and decreased 28%
for the full year, to US$14.5 billion, versus the comparable periods
in 2008.  Adjusting for the exclusion of our Venezuelan operations,
the sale of our assets in Australia and the Canary Islands, and
currency fluctuations, net sales decreased 20% in the fourth quarter
and decreased 19% for the full year of 2009.

EBITDA fell 37% in the fourth quarter of 2009 to US$474 million and
decreased 35% for the full year to US$2.7 billion.  On a like-to-like
basis, EBITDA decreased 39% in the fourth quarter and decreased 25%
for the full year of 2009.

A full text copy of the company's financial results is available free
at http://ResearchArchives.com/t/s?4ea2

                         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)'.


VITRO SAB: To Delay Debt-Restructuring Offer, Meouchi Says
----------------------------------------------------------
Vitro SAB will delay making a second debt-restructuring offer until it
receives proof that a group of creditors owns a quarter of the
securities, Thomas Black at Bloomberg News reports, citing investor
relations chief Adrian Meouchi.  A bondholder group that requested
Vitro SAB accelerate payments earlier failed to provide documentation
showing it held at least 25% of the defaulted debt, Mr. Meouchi told
the news agency in a telephone interview.  The company will submit its
offer to the board of directors' finance committee for approval after
it receives the creditor documentation, he added.

According to the report, Vitro's initial restructuring proposal in
August, which sought a debt writedown of US$1 billion, was rejected by
bondholders, who made a counter-offer in September.

The company, the report recalls, said that it had US$175 million of
unrestricted cash from the sale of assets and the refinancing of
account receivables to keep the company operating.  The report relates
that it has pledged to slash annual costs by as much as US$120 million
to streamline operations.

"Vitro has been successful in isolating its daily operations from the
process of debt restructuring," the report quoted Mr. Meouchi as
saying.  "Together with the cost-reduction efforts and operations to
strengthen substantially our liquidity, this definitely will allow us
to face whatever scenarios arise until the restructuring is
completed," he added.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                           *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


DOE RUN PERU: Workers Await News on Smelter Restart
----------------------------------------------------
Francisca Pouiller at Mining Weekly News reports that employees of Doe
Run Peru's shuttered La Oroya smelter are still waiting for news on
whether they can return to work, amid rumors that the start-up date
may be delayed by another 90 days.  The report, citing Online
newspaper correoperu.com.p, relates that the region of La Oroya was in
a state of "tense calm", as locals and workers awaited a verdict on
the restart.

However, the report notes, the company's 3,500 employees are uncertain
whether or not to return, amid reports that the company is still
negotiating with a new strategic partner, as well as on a deal with
banks and suppliers.

Doe Run Peru Corporate Vice President Jose Mogrovejo, the report
notes, said that it would be impossible for Doe Run Peru to start
operating the smelter again on the set date.  There has been
"significant progress" in the search for a new strategic partner to
help recapitalize the company, he added.

As reported in the Troubled Company Reporter-Latin America on
January 26, 2010, Bloomberg News said that Doe Run Peru is "close" to
reaching an agreement on US$156 million of debt to reopen its zinc and
lead smelter.  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.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference, Bellagio, Las Vegas
       Contact: http://www.turnaround.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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.

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