/raid1/www/Hosts/bankrupt/TCRLA_Public/091217.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

        Thursday, December 17, 2009, Vol. 10, No. 249

                            Headlines

A R G E N T I N A

BANCO DE VALORES: Moody's Assigns 'B2' Global Rating on Securities
CACERES SA: Creditors' Proofs of Debt Due on December 16
CEM MANTENIMIENTO: Creditors' Proofs of Debt Due on March 2
DECOR GROUP: Creditors' Proofs of Debt Due on February 12
OROCORP SA: Creditors' Proofs of Debt Due on March 11

B E R M U D A


BRITISH AMERICAN: Judge Gives Liquidators Extension

B R A Z I L


ARGENCO LIMITED: May be a Takeover Target, Rumors Says

ARGENCO LIMITED: Concludes Sale of Marialva Plant
AUTOVIA SA: Moody's Assigns Corporate Family Rating at 'Ba1'
BANCO BRADESCO: To Pay BRL1.63 Billion in Extraordinary Dividends
BANCO BRADESCO: Provides US$300 Million Loan to Marfrig Alimentos
CENTROVIAS SISTEMAS: Moody's Assigns 'Ba2' Corporate Family Rating

GERDAU SA: Strikers Accept Offer to End 7-Month Strike
JBS SA: Plans to Acquire Tatiara Meat for AU$30 Million
JBS SA: Sets Date for acquisition of Pilgrim's Pride
JBS SA: Bertin Consent Solicitation of 2016 Notes Expired Dec. 14
LUPATECH SA: Lists American Depositary Receipts on OTCQX

MARFRIG ALIMENTOS: Receives US$300-Mil. Loan From Banco Bradesco
PILGRIM'S PRIDE: JBS SA Sets Date for Acquisition of Firm
PILGRIM'S PRIDE: Court Confirms Plan of Reorganization
PILGRIM'S PRIDE: Court Oks US$1.750-Bil. Exit Financing Facility
PILGRIM'S PRIDE: Court Oks Stockholders Pact with JBS USA

* BRAZIL: Sells US$500 Million of Bonds to Yield 4.75%


B E R M U D A

PROTOSTAR LTD: Loses Bid For US$185 Million Stalking Horse Deal


C A Y M A N  I S L A N D S

APIF GP: Shareholders Receive Wind-Up Report
BATTERY PARK: Shareholders Receive Wind-Up Report
BRUNSWICK INVESTMENT: Shareholders Receive Wind-Up Report
BT HOBART: Shareholders Receive Wind-Up Report
CENTRA INDEMNITY: Members Receive Wind-Up Report

CRG PARTNERS: Shareholders Receive Wind-Up Report
EMPEROR FUND: Shareholders Receive Wind-Up Report
EMPEROR MASTER: Shareholders Receive Wind-Up Report
FCM EUROPEAN: Shareholders Receive Wind-Up Report
FCM EUROPEAN: Shareholders Receive Wind-Up Report

GOLDEN DANDELION: Shareholders Receive Wind-Up Report
GREYLOCK GLOBAL: Shareholders Receive Wind-Up Report
GREYLOCK GLOBAL: Shareholders Receive Wind-Up Report
INVESTCORP CREDIT: Shareholders to Hear Wind-Up Report on Dec. 22
INVESTCORP PROP: Shareholders Receive Wind-Up Report

IRON CONDOR: Shareholders Receive Wind-Up Report
KEMNAY MAPLE: Shareholders Receive Wind-Up Report
MIYAKODORI 2 CAPITAL: Shareholders Receive Wind-Up Report
NISR 2 LIMITED: Shareholders Receive Wind-Up Report
PARALLAX: Shareholder Receives Wind-Up Report

PENDVEST MANAGER: Shareholders Receive Wind-Up Report
PHILAN INSURANCE: Shareholders Receive Wind-Up Report
PROSPERITY AURORA: Shareholder Receives Wind-Up Report
SANTOSHI CLO: Shareholders Receive Wind-Up Report
SFC J COMPANY: Shareholders Receive Wind-Up Report

SFC LI: Shareholders Receive Wind-Up Report
SFC SECURITY: Members Receive Wind-Up Report
STEP CAPITAL: Members Receive Wind-Up Report
TANGO FINANCE: Shareholders Receive Wind-Up Report
U.S. CAPITAL: Commences Liquidation Proceedings

ZAIS INVESTMENT: Shareholders Receive Wind-Up Report


J A M A I C A

* JAMAICA: IDB Approves US$10-MM Loan for Road Safety Improvement


M E X I C O

AXTEL SAB: Joins Consortium to Make Mexico's Biometric IDs
INDUSTRIAS UNIDAS: S&P Downgrades Rating on US$200MM  Notes to 'D'


P A N A M A

* PANAMA: IDB Approves US$30 Million for Sanitation Project


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Judge Gives BAICO Liquidators Extension


V E N E Z U E L A

* VENEZUELA: Oil Production Down to 2.3 Million Barrels a Day


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BANCO DE VALORES: Moody's Assigns 'B2' Global Rating on Securities
------------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero SECUPYME XXXIV issued by
Banco de Valores S.A. - acting solely in its capacity as Issuer
and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a financial
guarantor in Argentina.  Garantizar has a rating of Aa3.ar
(Argentine National Scale) and of B2 (Global Scale, Local
Currency).

The rating assigned to this transaction is primarily based on the
rating of Garantizar.  Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction.  The rating addresses the payment of interest
and principal on or before the legal final maturity date of the
securities.

                            Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in US dollars.  The rated securities
will bear a 7% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R.  The bills of
exchange will bear the same interest rate as the rated securities.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Garantizar to
make payment under the bills of exchange.  Garantizar, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the date
on which the funds are initially deposited by either Garantizar,
the exporter, or the individual producers into the Trust account.

                          Rating Action

  -- US$1,225,000 in Fixed Rate Debt Securities of "Fideicomiso
     Financiero SECUPYME XXXIV", rated Aa3.ar (Argentine National
     Scale) and B2 (Global Scale, Local Currency)


CACERES SA: Creditors' Proofs of Debt Due on December 16
--------------------------------------------------------
The court-appointed trustee for Caceres S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 16, 2009.

The trustee will present the validated claims in court as
individual reports on February 25, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 9, 2010.


CEM MANTENIMIENTO: Creditors' Proofs of Debt Due on March 2
-----------------------------------------------------------
The court-appointed trustee for Cem Mantenimiento Integral S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 2, 2010.

The trustee will present the validated claims in court as
individual reports on April 16, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 27, 2010.


DECOR GROUP: Creditors' Proofs of Debt Due on February 12
---------------------------------------------------------
The court-appointed trustee for Decor Group S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 12, 2010.

The trustee will present the validated claims in court as
individual reports on April 13, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 14, 2010.


OROCORP SA: Creditors' Proofs of Debt Due on March 11
-----------------------------------------------------
The court-appointed trustee for Orocorp S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 11, 2010.

The trustee will present the validated claims in court as
individual reports on May 7, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 7, 2010.


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


BRITISH AMERICAN: Judge Gives Liquidators Extension
---------------------------------------------------
Jonathan Kent at The Royal Gazette reports that Bermuda Supreme
Court Judge Ian Kawaley has allowed more time for liquidators to
find a taker for the life insurance business of the Bermuda branch
of British American Insurance Company before it is wound up.  The
report relates that as the search for an alternative insurer to
take on BAICO's non-health Bermuda book continues, liquidators
have revealed they are looking for capital to reduce the likely
shortfall faced by policyholders to "an acceptable level".

According to the report, Judge Kawaley allowed Bermuda Monetary
Authority's (BMA) request for a two-month adjournment of the
petition.  The case was adjourned until February 12, 2010.  "It is
hoped that by that time, there will be a proposal with respect to
the life business, which is one of the main outstanding items, as
far as the Bermuda liquidation is concerned," the report quoted
Attorney Christian Luthi, of Conyers Dill & Pearman, representing
the BMA, as saying.

Meanwhile, the report, citing an update on KPMG Advisory Ltd.'s
website, relates that liquidators are "in the process of realising
the assets of the company for the benefit of policyholders".  A
portion of those assets have been "ring-fenced" exclusively for
Bermuda clients, which "would make a solution for non-health
policyholders more feasible", KPMG added.

The Gazette notes that the liquidators have warned BAICO clients
that they face a shortfall in the value of their policies and
investments, but that extra capital is being sought to narrow the
gap.

"As the company is insolvent, it is probable that any solution
that would allow for the continuation of policies through a
transfer would involve policyholders taking a discount on the
benefits under their policies.  However it is anticipated that
this discount would not be as large as the reduction in policy
value that would be suffered if no such transfer was to take
place," the report quoted the liquidators as saying.  "In order to
limit the reduction of policyholder benefits to what we believe
will be an acceptable level, we are working to find additional
capital that could be introduced to further bridge the funding gap
between assets available to pay claims and the total claims likely
to be made to policyholders," the liquidators added.

The Gazette notes that life policyholders have been advised to
continue paying their premiums so that their policies will be in
full effect if an alternative insurer is found.  The report
relates that if no company emerges to take on BAICO's life book of
business, then all premiums paid since July 29 will be repaid in
full.  "Should you continue to pay your premium, there is no
guarantee that cover will be re-established in the future under
your policy, however we are working towards this goal," the report
quoted KPMG as saying.

KPMG, The Gazette states, said that policyholders who opt not to
continue paying premiums can crystallize their claims against
BAICO by surrendering their policies.  Those who do so will be
repaid the premiums they have paid since July 29 this year and
will have a claim in the winding up or transfer of BAICO's
business, it added.

The report adds that claims that have arisen since the winding up
petition was filed have not been paid.

                           About BAICO

British American is a Nassau, Bahamas-based insurance and
financial services company.  It listed debt of $500 million to
$1 billion and assets of more than $100 million in its Chapter 15
petition (Bankr. S.D. Fla. Case No. 09-3588).


                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


ARGENCO LIMITED: May be a Takeover Target, Rumors Says
------------------------------------------------------
Alexander Ragir at Bloomberg News reports that a speculation has
emerged that Agrenco Limited may be a takeover target.  “It’s
probably more speculation that it's going to be bought by an
international company,” the report quoted Alexandre Ghirghi, who
manages BRL100 million (US$55 million) at Metodo Investimentos in
Sao Paulo.

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Helder Marinho at Bloomberg News said that
Agrenco denied a newsletter’s report that it is in negotiations to
be sold to Glencore International AG.

Agrenco Ltd -- http://www.agrencogroup.com-- is a Bermudas-based
company involved in the agricultural sector.  The company is
active in the distribution, sale, purchase, storage and transport
of agricultural products.  It also provides technical and
financial services to farmers.  Agrenco Ltd operates 19
warehouses.  Through a joint venture with Marubeni Corporation, a
Japanese company that operates in various sectors, including
energy, agricultural and chemicals, the company is involved in a
project for the construction of three industrial plants to produce
biofuel in Brazil.  Its product line includes corn, fertilizers
and seeds.  Agrenco Ltd’s subsidiary is Agrenco Cooperatief UA.
In addition, the company has port operations.  It is listed on the
Sao Paulo Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Bloomberg News said that Agrenco Limited's debt
holders approved the sale of producing units in Brazil and
Argentina, as well as its inventories, as as part of the company's
bankruptcy recovery plan.  According to the report, the money
raised through the sale will help Agrenco fund its operations and
complete the construction of some plants.  Bloomberg News recalled
the company filed for bankruptcy on August 27, 2008.


ARGENCO LIMITED: Concludes Sale of Marialva Plant
-------------------------------------------------
Agrenco Limited informed investors that as defined in the
Restructuring Plan approved by the Creditors in the General
Meeting held on March, 19, 2009, the company concluded the sale of
the Marialva plant and is in the process of selling its soybean
inventories that were held as collateral to a few creditors, and
shall utilize the proceeds of these sales in the conclusion of the
plants in Alto Araguaia and Caarapo and as initial working capital
for the operations.  The company is negotiating with suppliers for
the completion of the plants and some suppliers were already
hired, mostly for activities related to pavement, civil works and
water drainage.

According to the company, Glencore was chosen by the creditors as
the operator of the company’s assets.  Since June, 2009 Glencore
has been working in conjunction with Agrenco on the restarting of
the industrial complexes and has provided assistance through their
technical team, as well as financial resources, granted by means
of loans made to Agrenco with conditions stated in the Services
Agreement contract signed on May 25, 2009.

Agrenco Limited said that it has not operated since August 2008,
when the last shipment occurred in the Santos Port.  Although
there were no operations and with objective of generating income
to face the company’s current expenses, some warehouses in Mato
Grosso and Mato Grosso do Sul were leased or put to render storage
services to third parties.

                         About Agrenco Ltd

Agrenco Ltd -- http://www.agrencogroup.com-- is a Bermudas-based
company involved in the agricultural sector.  The company is
active in the distribution, sale, purchase, storage and transport
of agricultural products.  It also provides technical and
financial services to farmers.  Agrenco Ltd operates 19
warehouses.  Through a joint venture with Marubeni Corporation, a
Japanese company that operates in various sectors, including
energy, agricultural and chemicals, the company is involved in a
project for the construction of three industrial plants to produce
biofuel in Brazil.  Its product line includes corn, fertilizers
and seeds.  Agrenco Ltd’s subsidiary is Agrenco Cooperatief UA.
In addition, the company has port operations.  It is listed on the
Sao Paulo Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Bloomberg News said that Agrenco Limited's debt
holders approved the sale of producing units in Brazil and
Argentina, as well as its inventories, as as part of the company's
bankruptcy recovery plan.  According to the report, the money
raised through the sale will help Agrenco fund its operations and
complete the construction of some plants.  Bloomberg News recalled
the company filed for bankruptcy on August 27, 2008.


AUTOVIA SA: Moody's Assigns Corporate Family Rating at 'Ba1'
------------------------------------------------------------
Moody's assigned a Ba1 corporate family rating on the global scale
and Aa2.br on the Brazilian National scale to Autovias S.A.  At
the same time, Moody's assigned a BR-1 rating to Autovias' 150-day
BRL195 million promissory notes issued on November 30, 2009.  The
outlook is stable for all ratings.  This is the first time Moody's
has assigned a rating to Autovias.

The proceeds of the promissory notes will be used to pay off
existing short-term debt, originally borrowed to extend an inter-
company loan to its holding company, Obrascon Huarte Lain Brasil
S.A. Autovias expects to issue long-term debentures with tenors
ranging from five to seven years, to take out these promissory
notes.  The debentures amount is expected to be higher than the
promissory notes to complement internal cash generation to meet
cash outlays, which Moody's forecast to mostly consist either of
dividend payments or inter-company loans.  According to
management, Autovias already has a firm commitment from a group of
local banks for placement of these debentures.

The Ba1 global scale corporate family rating reflects the strong
credit fundamentals of the Autovias toll road concession as shown
by the recent strong operating performance following the
concession's poor traffic track record from 2000 through 2006.
Growth in vehicular traffic over the past three years and the
supportive and stable regulatory environment over the past eleven
years, as well as strong credit metrics for the rating category,
also support the rating.

The Ba1 rating reflects the mature and essential nature of the
concession, as evidenced by its solid performance serving a
relatively small but wealthy region.  Virtually no comparable
competition from alternative routes is foreseen during the
remaining life of the concession.

Moody's notes that the user profile consists largely of freight
traffic, the behavior of which is more volatile than commuter
traffic.  Heavy trucks, which represent close to 70% of Autovias'
road traffic in terms of equivalent vehicles, tend to be more
volatile than commuter traffic and correlate more highly with GDP
performance.  The rating is further pressured by the rather short
remaining life of the concession, which expires in nine years and
has no likely prospects for renewal or extension.

The risks associated with the huge cash needs of Autovias'
controlling shareholder also constraint the rating.  OHL Brasil is
forecasted to demand sizeable dividends and occasionally inter-
company loans from its state concession subsidiaries in order to
meet the large capital expenditure requirements of its other
concession subsidiaries.

Moody's notes that Autovias' distribution of dividends and the
extension of inter-company loans will be limited by a covenant
restriction embedded in the promissory notes.  This limit the
maximum amount of net debt to 3.5 times EBITDA calculated over the
preceding twelve months.

The Ba1 rating is lower than the global toll road rating
methodology grid outcome.  This reflects the potential for
increasing leverage and also some refinancing needs that may arise
leading to additional borrowing over the medium term.  Total debt,
however, is expected to remain within existing financial
covenants.

Autovias has strong credit metrics for the rating category.
Autovias has steadily posted strong cash flow over the past four
years as evidenced by its FFO, which has consistently been above
30% over total debt, while the interest coverage ratio has
averaged 3.7x during the same period.

Despite healthy cash generation and also a healthy capital
structure, liquidity stands out as Autovias' weakest financial
factor.  Autovias carries sizeable short-term debt.  This mostly
stems from the practice of borrowing short term funds to meet the
cash needs of its shareholders, either through distributing
dividends or through extending inter-company loans.  If the
current promissory notes are taken out by long-term debentures as
planned, liquidity should return to satisfactory levels.

The debt structure offers investors adequate debt protection by
limiting the maximum level of debt to the equivalent of 3.5 times
EBITDA for the prior 12-month period.  Moody's projections show
this level being comfortably achieved throughout the projection
period.

Assuming that these promissory notes will be taken out by long-
term debentures, the major credit risk will be further borrowings,
which will not necessarily take place when capital markets are
favorable.

The stable outlook reflects Moody's opinion that Autovias'
operational performance will be satisfactory during the remaining
life of the concession in light of strong credit fundamentals
boosted by expected growth in the Brazilian GDP.  Moody's expects
that the planned long-term debentures will contain sufficient
structural provisions to protect debentures holders such as:
restrictive financial covenants that are in line with or stronger
than those in the promissory notes, lack of cross default
provisions, liquidity reserves, and pari passu conditions for new
borrowings.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 20% and interest coverage ratio
remains below 2.5 x on a consistent basis.

The rating or the outlook could be upgraded if the company were to
steadily improve its liquidity profile and produce sustained
credit metrics in line with historical performance so that FFO to
debt ratio remains in the high twenties and interest coverage
stays above 3.5 x on a consistent basis.

Autovias is a full subsidiary of OHL Brasil, which is a holding
company with interests in the toll roads business, as it has four
state and five federal toll road concessions.

Autovias has a 20-year concession to operate the toll road
services of five small adjacent roads in the interior of the state
of Sao Paulo, which the state regulatory agency ARTESP granted
under a single concession in 1998.  The five roads consist of 316
kilometers and 5 toll plazas and have an estimated annual traffic
of 37 million of equivalent vehicles.  The region covered by the
concession comprises eighteen cities with an estimated population
of around 1.6 million people.


BANCO BRADESCO: To Pay BRL1.63 Billion in Extraordinary Dividends
-----------------------------------------------------------------
Banco Bradesco SA will pay BRL1.63 billion (US$954 million) in
extraordinary dividends in March, Francisco Marcelino at Bloomberg
News reports, citing a company regulatory filing.

According to the report, Banco Bradesco will pay about 50 centavos
for each voting share and about 55 centavos for each non-voting
share.

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

                           *     *     *

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


BANCO BRADESCO: Provides US$300 Million Loan to Marfrig Alimentos
-----------------------------------------------------------------
Marfrig Alimentos SA has received a US$300 million loan from Banco
Bradesco SA, Investnews reports.  The report relates that the loan
is maturing in seven years.

According to the report, the money will be used to help pay
Marfrig Alimentos's debts and increase its cash flow.

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

                           *     *     *

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

                    About Marfrig Alimentos

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

                          *     *     *

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

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


CENTROVIAS SISTEMAS: Moody's Assigns 'Ba2' Corporate Family Rating
------------------------------------------------------------------
Moody's assigned a Ba2 corporate family rating on the global scale
and Aa3.br on the Brazilian National scale to Centrovias Sistemas
Rodoviarios S.A.  At the same time, Moody's assigned a BR-1 rating
to Centrovias' 150-day BRL260 million promissory notes issued on
November 30, 2009.  The outlook is stable for all ratings.  This
is the first time Moody's has assigned a rating to Centrovias.

The proceeds of the promissory notes will be used to pay off
existing short-term debt, originally borrowed to extend an inter-
company loan to its holding company, Obrascon Huarte Lain Brasil
S.A.  Centrovias expects to issue long-term debentures with tenors
ranging from five to seven years, to take out these promissory
notes.  The debentures amount is expected to be higher than the
promissory notes to complement internal cash generation to meet
cash outlays, which Moody's forecast to mostly consist either of
dividend payments or inter-company loans.  According to
management, Centrovias already has a firm commitment from a group
of local banks for placement of these debentures.

The Ba2 global scale corporate family rating reflects the strong
credit fundamentals of the Centrovias toll road concession as
shown by the strong credit metrics for the rating category and the
relatively strong track record of operating performance since
1998.  The ratings are further supported by the stable regulatory
environment in the State of Sao Paulo over the past eleven years.

The Ba2 rating reflects the mature nature of the concession, as
evidenced by its solid historic performance.  Centrovias serves a
relatively small region with supportive demographics although the
economic base is relatively small and undiversified.  Virtually no
comparable competition from alternative routes is foreseen during
the remaining life of the concession.

Moody's notes that the user profile consists largely of freight
traffic, the behavior of which is more volatile than commuter
traffic.  Heavy trucks, which represent close to 60% of
Centrovias' road traffic in terms of equivalent vehicles, tend to
be more volatile than commuter traffic and correlate more highly
with GDP performance.  The rating is further pressured by the
relatively short remaining life of the concession, which expires
in nine and a half years and has no likely prospects for renewal
or extension.

The risks associated with the huge cash needs of Centrovias'
controlling shareholder also constraint the rating.  OHL Brasil is
forecasted to demand sizeable dividends and occasionally inter-
company loans from its state concession subsidiaries in order to
meet the large capital expenditure requirements of its other
concession subsidiaries.

Moody's notes that Centrovias' distribution of dividends and the
extension of inter-company loans will be limited by a covenant
restriction embedded in the promissory notes.  This limit the
maximum amount of net debt to 3.5 times EBITDA calculated over the
preceding twelve months.

The Ba2 rating is lower than the global toll road rating
methodology grid outcome.  This reflects the potential for
increasing leverage and also some refinancing needs that may arise
leading to additional borrowing over the medium term.  Total debt,
however, is expected to remain within existing financial
covenants.

Centrovias has strong credit metrics for the rating category.
Centrovias has steadily posted strong cash flow over the past four
years as evidenced by its FFO, which has consistently been above
27% over total debt, while the interest coverage ratio has
averaged 4.8x during the same period.

Despite healthy cash generation and also a healthy capital
structure, liquidity is Centrovias' weakest financial factor.
Centrovias carries sizeable short-term debt.  This mostly stems
from the practice of borrowing short term funds to meet the cash
needs of its shareholders, either through distributing dividends
or through extending inter-company loans.  If the current
promissory notes are taken out by long-term debentures as planned,
liquidity should return to satisfactory levels.

The debt structure offers investors adequate debt protection by
limiting the maximum level of debt to the equivalent of 3.5 times
EBITDA for the prior 12-month period.  Moody's projections show
this level being comfortably achieved throughout the projection
period.

Assuming that these promissory notes will be taken out by long-
term debentures, the major credit risk will be further borrowings,
which will not necessarily take place when capital markets are
favorable.

The stable outlook reflects Moody's opinion that Centrovias'
operational performance will be satisfactory during the remaining
life of the concession in light of strong credit fundamentals
boosted by expected growth in the Brazilian GDP.  Moody's expects
that the planned long-term debentures will contain sufficient
structural provisions to protect debentures holders such as:
restrictive financial covenants that are in line with or stronger
than those in the promissory notes, lack of cross default
provisions, liquidity reserves, and pari passu conditions for new
borrowings.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 20% and interest coverage ratio
remains below 2.5x on a consistent basis.

The rating or the outlook could be upgraded if the company were to
steadily improve its liquidity profile and produce sustained
credit metrics in line with historical performance so that FFO to
debt ratio remains in the high twenties and interest coverage
stays above 3.5x on a consistent basis.

Centrovias is a full subsidiary of OHL Brasil, which is a holding
company with interests in the toll roads business, as it has four
state and five federal toll road concessions.

Centrovias has a 21-year concession to operate the toll road
services of two small adjacent roads in the interior of the state
of Sao Paulo, which the state regulatory agency ARTESP granted
under a single concession in 1998.  The five roads consist of 218
kilometers and 5 toll plazas and have an estimated annual traffic
of 22 million of equivalent vehicles.  The region covered by the
concession comprises twelve cities with an estimated population of
around 1.0 million people.


GERDAU SA: Strikers Accept Offer to End 7-Month Strike
------------------------------------------------------
Gerdau SA strikers at a mill in Canada will return to work on
January 4, after accepting a labor contract from the company,
ending a seven-month strike, Diana Kinch at Bloomberg News
reports, citing Tom Walsh, a United Steelworkers regional
coordinator.

According to the report, a new offer from Gerdau SA was approved
by 56% of unionized workers at the Cambridge construction steel
mill in Ontario.  The report relates that the new contract is a
three-year accord retroactive to May 16.  "The company withdrew
their proposal on two-tier wages but the defined contribution
pension plan for new hires remained on the table and was accepted
by the union," the report quoted Mr. Walsh as saying.  "Most
people thought it was better to get back to work after seven
months as there was some financial hardship," he added.

As reported in the Troubled Company Reporter-Latin America on
November 20, 2009, Bloomberg News said 190 workers at Gerdau's
Cambridge mill stopped work on May 16 after turning down a
proposal to introduce a contribution-based pension plan for new
hires, replacing the previous defined-benefit system.  The report
related that the workers' actions caused the management to keep
the mill operating at a reduced rate since then.  "Gerdau
Ameristeel stands by its offer," the company said in an
e-mailed statement obtained by Bloomberg News.  The report related
The proposal didn't call for "any reduction in base wages or
pension benefits for current employees," the company added.

                         About Gerdau SA

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


JBS SA: Plans to Acquire Tatiara Meat for AU$30 Million
-------------------------------------------------------
Laura Price at Bloomberg News reports that JBS SA agreed to buy
Tatiara Meat Co. for AU$30 million ($27 million).

According to the report, JBS's Swift Australia unit will have the
capacity to slaughter 24,500 head of lamb a day after the
acquisition from Vion Food Group.  Tatiara Meat processes lamb and
sells its products in the U.S., Canada, Europe and Australia.

Bloomberg News notes that the purchase of Bordertown, Australia-
based Tatiara Meat is part of JBS's plan to grow beyond the beef
market.  The report says Tatiara Meat has annual revenue of about
A$200 million.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.

In November 2009, following JBS's announcement of plans to buy
Pilgrim's PRide COrp., Moody's affirmed JBS's 'B1' corporate
family rating, with postiive outlook. "Given the positive outlook,
a downgrade to the ratings is unlikely in the near term, but could
be caused by weaker liquidity or a large debt-financed
acquisition," the ratings agency said.


JBS SA: Sets Date for acquisition of Pilgrim's Pride
----------------------------------------------------
Rod Smith at FeedStuffs News reports that JBS S.A. will conduct a
special stockholder meeting on December 29 at which stockholders
will be asked to approve the company's acquisition of Pilgrim's
Pride Corp. and issuance of US$2 billion in bonds to help finance
that acquisition.  The meeting will be held at JBS headquarters in
Sao Paulo, Brazil.

As reported in the Troubled Company Reporter-Latin America on
December 16, 2009, Bloomberg News said that JBS SA plans to sell
US$2 billion of convertible bonds to help pay for the acquisition
of Pilgrim's Pride Corp and said it's in "advanced talks” with a
potential investor.  The report related the company, citing a
regulatory filing, said that the bonds will be convertible into
20% to 25% of the shares in JBS's U.S. unit.  The investor may buy
all the bonds and the deal may be announced in the next few days,
the company added.

A TCRLA report on September 22, 2009, related that JBS SA, through
its U.S. subsidiary, JBS USA Holdings, Inc., has agreed to
purchase 64% of Pilgrim's Pride, currently in bankruptcy, for
US$800 million in cash.  The US$800 million will be funded with a
portion of the US$2.5 billion from the sale of up to 26.3% common
equity interest in JBS USA Holdings, the immediate parent of JBS
USA, LLC, to a private investor.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.

In November 2009, following JBS's announcement of plans to buy
Pilgrim's PRide COrp., Moody's affirmed JBS's 'B1' corporate
family rating, with postiive outlook. "Given the positive outlook,
a downgrade to the ratings is unlikely in the near term, but could
be caused by weaker liquidity or a large debt-financed
acquisition," the ratings agency said.

                     About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  Lazard Freres & Co., LLC, is the
Company's investment bankers and William K. Snyder of CRG Partners
Group LLC is chief restructuring officer.  Kurtzman Carson
Consulting LLC serves as claims and notice agent.  Kelly Hart and
Brown Rudnick represent the official equity committee.  Attorneys
at Andrews Kurth LLP represents the official committee of
unsecured creditors.

As of December 27, 2008, the Company had US$3,215,103,000 in total
assets, US$612,682,000 in total current liabilities,
US$225,991,000 in total long-term debt and other liabilities, and
US$2,253,391,000 in liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JBS SA: Bertin Consent Solicitation of 2016 Notes Expired Dec. 14
-----------------------------------------------------------------
Bertin S.A. and Bertin Finance Limited disclosed the results of
their consent solicitation relating to their US$350,000,000 in
aggregate principal amount of 10.25% Notes due 2016 conducted in
accordance with the Issuers' Consent Solicitation Statement, dated
November 24, 2009, which expired at 5:00 pm on December 14, 2009.

As of the Expiration Time, the Issuers received consents from
holders representing more than 85% of the aggregate principal
amount of the Notes.  Accordingly, the Issuers will execute the
Supplemental Indenture relating to the Consent Solicitation.  The
Issuers expect to settle the Consent Solicitation within five
business days of the Expiration Time.

Santander Investment Securities Inc. acted as Solicitation Agent
for the Consent Solicitation.  D.F. King & Co was the Information
Agent for the Consent Solicitation.

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.

In November 2009, following JBS's announcement of plans to buy
Pilgrim's PRide COrp., Moody's affirmed JBS's 'B1' corporate
family rating, with postiive outlook. "Given the positive outlook,
a downgrade to the ratings is unlikely in the near term, but could
be caused by weaker liquidity or a large debt-financed
acquisition," the ratings agency said.


LUPATECH SA: Lists American Depositary Receipts on OTCQX
--------------------------------------------------------
Pink OTC Markets Inc. disclosed that Lupatech S.A. has chosen to
list its American Depositary Receipts on OTCQX (R).

Lupatech's ADRs has begun trading on the OTC market's highest
tier, OTCQX International Premier.  Investors can find current
financial disclosure and real-time Level 2 quotes for the company
on http://www.otcqx.com/and http://www.pinksheets.com/

"OTCQX enables companies, like Lupatech, to communicate with and
engage their U.S. investors, while providing them with transparent
trading and easy access to company information," said R. Cromwell
Coulson, President and CEO of Pink OTC Markets.  "We are pleased
to welcome Lupatech to OTCQX."

J.P. Morgan, which acts as Depositary for Lupatech's ADR program,
will serve as Lupatech's Principal American Liaison ("PAL") on
OTCQX, responsible for providing guidance on listing requirements.

                           About OTCQX

The OTCQX marketplace is the premier tier of the U.S. Over-the-
Counter market.  Investor-focused companies use the quality
controlled OTCQX listing platform to offer investors transparent
trading, superior information, and easy access through their
regulated U.S. broker-dealers.  The innovative OTCQX platform
offers companies and their shareholders a level of marketplace
services formerly available only on a U.S. exchange.

                  About Pink OTC Markets Inc.

Pink OTC Markets Inc. -- http://www.pinkotc.com-- is a financial
information and technology services company that operates the
leading electronic quotation and trading system in the Over-the-
Counter, or OTC, securities market.  The OTCQX and Pink Sheets (R)
marketplaces that we operate constitute, by dollar volume, the
third largest U.S. liquidity pool for trading public company
shares, after The NASDAQ Stock Market, Inc. and The New York Stock
Exchange.

                      About Lupatech SA

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments:
Energy Products, Flow Control and Metallurgy.  In the Energy
Products segment, the company provides such products as deepwater
platform anchoring ropes, valves, tools for oil exploration and
tube coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA?s
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America today,
November 17, 2009, Standard & Poor's Ratings Services said that it
placed its ratings, including the 'BB-' global scale and 'brA-'
Brazilian national scale corporate credit ratings, on Brazil-based
Lupatech S.A., a supplier of industrial valves, equipment to the
oil and gas industry, and automotive chain products, on
CreditWatch with negative implications.


MARFRIG ALIMENTOS: Receives US$300-Mil. Loan From Banco Bradesco
----------------------------------------------------------------
Marfrig Alimentos SA has received a US$300 million loan from Banco
Bradesco SA, Investnews reports.  The report relates that the loan
is maturing in seven years.

According to the report, the money will be used to help pay
Marfrig Alimentos's debts and increase its cash flow.

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

                           *     *     *

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

                    About Marfrig Alimentos

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

                          *     *     *

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

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


PILGRIM'S PRIDE: JBS SA Sets Date for Acquisition of Firm
---------------------------------------------------------
Rod Smith at FeedStuffs News reports that JBS S.A. will conduct a
special stockholder meeting on December 29 at which stockholders
will be asked to approve the company's acquisition of Pilgrim's
Pride Corp. and issuance of US$2 billion in bonds to help finance
that acquisition.  The meeting will be held at JBS headquarters in
Sao Paulo, Brazil.

As reported in the Troubled Company Reporter-Latin America on
December 16, 2009, Bloomberg News said that JBS SA plans to sell
US$2 billion of convertible bonds to help pay for the acquisition
of Pilgrim's Pride Corp and said it's in "advanced talks” with a
potential investor.  The report related the company, citing a
regulatory filing, said that the bonds will be convertible into
20% to 25% of the shares in JBS's U.S. unit.  The investor may buy
all the bonds and the deal may be announced in the next few days,
the company added.

A TCRLA report on September 22, 2009, related that JBS SA, through
its U.S. subsidiary, JBS USA Holdings, Inc., has agreed to
purchase 64% of Pilgrim's Pride, currently in bankruptcy, for
US$800 million in cash.  The US$800 million will be funded with a
portion of the US$2.5 billion from the sale of up to 26.3% common
equity interest in JBS USA Holdings, the immediate parent of JBS
USA, LLC, to a private investor.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.

In November 2009, following JBS's announcement of plans to buy
Pilgrim's PRide COrp., Moody's affirmed JBS's 'B1' corporate
family rating, with postiive outlook. "Given the positive outlook,
a downgrade to the ratings is unlikely in the near term, but could
be caused by weaker liquidity or a large debt-financed
acquisition," the ratings agency said.

                     About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  Lazard Freres & Co., LLC, is the
Company's investment bankers and William K. Snyder of CRG Partners
Group LLC is chief restructuring officer.  Kurtzman Carson
Consulting LLC serves as claims and notice agent.  Kelly Hart and
Brown Rudnick represent the official equity committee.  Attorneys
at Andrews Kurth LLP represents the official committee of
unsecured creditors.

As of December 27, 2008, the Company had US$3,215,103,000 in total
assets, US$612,682,000 in total current liabilities,
US$225,991,000 in total long-term debt and other liabilities, and
US$2,253,391,000 in liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PILGRIM'S PRIDE: Court Confirms Plan of Reorganization
------------------------------------------------------
Judge D. Michael Lynn of the United States Bankruptcy Court for
the Northern District of Texas, Fort Worth Division, confirmed
the Amended Plan of Reorganization of Pilgrim's Pride Corporation
and its debtor affiliates on December 8, 2009.

The Debtors, in a regulatory filing with the U.S. Securities and
Exchange Commission, expect to emerge from the Chapter 11
bankruptcy proceedings on or about December 28, 2009.  However,
the consummation of the Plan is subject to certain conditions
that the Debtors must satisfy prior to the Effective Date,
including (a) contemporaneous effectiveness of the Exit Credit
Facility and (b) there will have been no modification or stay of
the confirmation order or entry of other court order prohibiting
the consummation of the transactions contemplated by the Plan.
In addition, the Debtors must perform various other actions
described in the Plan in conjunction with emergence from Chapter
11.  The Debtors said there can be no assurance that they will
satisfy these conditions, complete the required actions and
emerge from Chapter 11 within the anticipated timeframe or at
all.

The Plan is premised on (i) a transaction with JBS USA whereby,
pursuant to the SPA, JBS USA will purchase approximately 64% of
the common stock of Reorganized PPC in exchange for US$800 million
in cash, to be used by the Debtors to, among other things, fund
distributions to holders of allowed claims under the Plan, and
(ii) the Debtors entering into a new credit facility having an
aggregate commitment of up to US$1.750 billion.

         Plan Satisfies Section 1129 Requirements

In a 57-page decision signed December 10, 2009, Judge Lynn
concluded that the Plan complied with the statutory requirements
of Sections 1129 of the Bankruptcy Code, and has satisfied all
conditions precedent to its confirmation:

A. Section 1129(a)(1) requires that the Second Amended Plan
  comply with all applicable provisions of the Bankruptcy Code,
  which includes compliance with Sections 1122 and 1123,
  governing classification and contents of the Plan.

  As required by Section 1123(a)(1), in addition to
  Administrative Expenses Claims, Priority Tax Claims, and DIP
  Claims, which need not be classified, the Plan designates 50
  classes of Claims against and Equity Interests in the Debtors.
  As required by Section 1122(a), the Claims and Equity
  Interests placed in each class are substantially similar to
  other Claims and Equity Interests, as the case may be, in each
  Class.  Valid business, factual, and legal reasons exist for
  separately classifying the various Classes of Claims and
  Equity Interests created under the Plan, and those Classes do
  not effect unfair discrimination between holders of Claims and
  Equity Interests.

  The Plan specify that Classes 1(a)-(g), Classes 2(a)-(c),
  Class 3, Classes 4(a)-(g), Classes 5(a)-(g), Classes 6(a)-(c),
  Classes 7(a)-(g), Class 8, Class 9(a)-(g) and Classes 10(b)-
  (g) are unimpaired under the Plan, thereby satisfying Section
  1123(a)(2) of the Bankruptcy Code.

  The Plan designates Class 10(a) as impaired, satisfying
  Section 1123(a)(3) of the Bankruptcy Code.

  The Plan also provides for the same treatment by the Debtors
  for each claim or Equity Interest in each Class unless the
  holder of a particular Claim or Equity Interest has agreed to
  a less favorable treatment in respect of that Claim of Equity
  Interest, thereby satisfying Section 1123(a)4) of the
  Bankruptcy Code.

  Furthermore, the Plan and the various documents in the Plan
  Supplement provide for adequate and proper means of
  implementation of the Plan, thereby satisfying Section
  1123(a)(5) of the Bankruptcy Code.

  The Reorganized Debtors' appointment of officers and directors
  to the Board of Directors are consistent with the interests of
  creditors and equity holders and public policy, thereby
  satisfying Section 1123(a)(7) of the Bankruptcy Code.  The
  Reorganized Debtors' initial directors and officers are set
  forth in the Plan Supplement and the Reorganized Debtor
  Constituent Documents for each Reorganized Debtor.

  The additional provisions of the Plan are appropriate and
  consistent with the applicable provisions of Section 1123(b)
  of the Bankruptcy Code.

  Pursuant to the Plan, classes 1(a)-(g), Classes 2(a)-(c),
  Class 3, Classes 4(a)-(g), Classes 5(a)(g), Classes 6(a)-(c)
  Classes 7(a)-(g), Class 8, Classes 9(a)-(g) and class 10(b)-
  (g) are unimpaired and Class 10(a) is impaired, as
  contemplated by Section 1123(b)(1) of the Bankruptcy Code.

  The Plan also provides for the rejection of the executory
  contracts and unexpired leases of the Debtors as of the
  Effective Date.

B. The Debtors have complied with the provisions of Section 1129
  of the Bankruptcy Code because:

   (1) each of the Debtors is an eligible debtor under Section
       109 of the Bankruptcy Code;

   (2) the Debtors have complied with applicable provisions of
       the Bankruptcy Code, except as otherwise provided or
       permitted by orders of the Court;

   (3) the Debtors have complied with the applicable provisions
       of the Bankruptcy Code, the Bankruptcy Rules, and the
       Local Rules in transmitting the Plan the Disclosure
       Statement, the Ballots, the Election Forms and related
       documents and notices and in soliciting and tabulating
       the votes on the Plan.

C. The Debtors have proposed the Plan in good faith and not by
  any means forbidden by law, thereby satisfying Section
  1129(a)(3).

D. The Plan fully satisfies Section 1129(a)(4) by subjecting for
  Court approval, any payment by the Debtors, or by a person
  issuing securities or acquiring property under the Plan, for
  services or for costs and expenses in connection with the
  Chapter 11 Cases.

E. The Debtors have fully complied with Section 1129(a)(5) with
  the disclosure in the Plan Supplement of the identity and
  affiliations of the persons proposed to serve as the initial
  directors and officers of the Reorganized Debtors after
  confirmation of the Plan.

F. In conformance with Section 1129(a)(6), the Plan does not
  provide for any rate changes over which a governmental
  regulatory commission has jurisdiction.

G. The Plan satisfies the "best interest of creditors" test,
  pursuant to Section 1129(a)(7).  The liquidation analysis
  provided in the Disclosure Statement is (persuasive and
  credible, (ii) has not been controverted by other evidence,
  (iii) based on reasonable and sound assumptions, and (iv)
  provides a reasonable estimate of the liquidation values upon
  conversion to a case under Chapter 7 of the Bankruptcy Code.

H. Classes 1(a)-(g), Classes 2(a-)c), Class 3, Classes 4(a)-(g),
  Classes 6(a)-(c), Classes 7(a)-(g), Class 8, Classes 9(a)-(g)
  and Classes 10(b)-(g) are unimpaired by the Plan and,
  accordingly, holders of Claims in these Classes are
  conclusively presumed to have accepted the Plan pursuant to
  Section 1126(f) of the Bankruptcy Code.  Class 10(a) is
  impaired by the Plan.  At least two-thirds in amount of the
  Allowed Equity Interests held by equity holders in Class 10(a)
  that voted, even excluding the votes of Insiders, have voted
  to accept the Plan, in accordance with Section 1126(d).

I. The treatment of Administrative Expense Claims, Priority
  Claims, Secured Tax Claims and Other Priority Claims pursuant
  to the Plan satisfies the requirements of Section 1129(a)(9).

J. Section 1129(a)(10) is inapplicable in these cases, as the
  Plan does not impair any Class of Claims.

K. The evidence proffered at the Confirmation Hearing (i) is
  persuasive and credible, (ii) has not been controverted by
  other evidence, and (iii) establishes that the Plan is
  feasible and that there is a reasonable prospect of the
  Reorganized Debtors being able to meet their financial
  obligations under the Plan and their business in the ordinary
  course, and that the confirmation of the Plan is not likely to
  be followed by the liquidation or the need for further
  financial reorganization of the Reorganized Debtors, thereby
  satisfying Section 1129(a)(11) of the Bankruptcy Code.

L. The Debtors have paid or will pay on the Effective Date, all
  fees due and payable pursuant to Section 1930 of the Judiciary
  and Judicial Procedures Code, thereby satisfying Section
  1129(a)(12) of the Bankruptcy Code.

M. In accordance with Section 1129(a)(13), the Plan provides that
  on and after the Effective Date, the Reorganized Debtors will
  continue to pay all retiree benefits of the Debtors, if any,
  for the duration of the period for which the Debtors obligated
  themselves to provide these benefits, subject to the
  Reorganized Debtors' right to modify or terminate the
  benefits, if any, in accordance with the terms thereof.

N. Section 1129(a)(14) is inapplicable in these cases because the
  Debtors are not required by a judicial or administrative
  order, or by statute, to pay a domestic support obligation.

O. Each of the Debtors is a corporation and does not need to pay
  five years' worth of disposable income to unsecured creditors.
  Accordingly, Section 1129(a)(15) is not applicable in these
  Chapter 11 cases.

P. The Plan does not provide for transfers of property by
  non-profit entities, and each of the Debtors is a moneyed,
  business, or commercial corporation.  Accordingly, Section
  1129(a)(16) is not applicable in these Chapter 11 cases.

Judge Lynn ruled that the Confirmation Order is and will be
deemed a separate Confirmation Order with respect to each of the
Debtors in each Debtor's separate Chapter 11 cases for all
purposes.  Judge Lynn further ruled that the confirmation of the
Debtors' Plan of Reorganization will take effect on December 21,
2009.

A full-text copy of the Confirmation Order, signed by Judge Lynn
on December 10, 2009, is available for free at:

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

                        Other Provisions

For reasons stated on the record, Judge Lynn overruled all
objections, responses, statements, and comments in
opposition to the Plan, other than those withdrawn with prejudice
in their entirety prior to the Confirmation Hearing or otherwise
resolved on the record of the Confirmation Hearing or addressed
by the Confirmation Order or any future order of the Court
contemplated by the Confirmation Order.

The objection filed by (i) United Food & Commercial Workers
International Union - Industry Pension Fund, (ii) United Food
& Commercial Workers International Union, (iii) Atmos Energy
Marketing, LLC and Atmos Energy Corporation, and (iv) Old
Republic Insurance Company to cure amounts or assumption or
rejection of certain contracts will be discussed in a hearing on
December 15, 2009.

The Reorganized Debtors and the disbursing Agents will have no
obligation to recognize the transfer of or the sale of any
participation in, any Allowed Claim that occurs after
December 24, 2009, Judge Lynn ruled.

The Reorganized Debtors and the Disbursing Agents will have
no obligation to recognize the transfer of any Equity Interest
that occurs after the Effective Date, and will be entitled for
all purposes herein to recognize and distribute only to those
holders of Equity Interests who are holders of "Equity
Distribution Record Date."

Any distributions under the Plan that are unclaimed for a period
of one year after distribution will be unclaimed distributions
and any entitlement of any holder of any Claim to those
distributions will be extinguished and forever barred.  These
unclaimed distributions will revert to the applicable Reorganized
Debtor.

The Exit Facility Documents are approved in their entirety, Judge
Lynn decreed.

All applications for final allowance of compensation for services
rendered or reimbursement of expenses incurred throughout and
including the Confirmation Date under Sections 328 and 330 of the
Bankruptcy Code will be due on or before March 31, 2010.

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. filed for Chapter 11 on December 1, 2008
(Bankr. N.D. Tex. Lead Case No. 08-45664).  Weil, Gotshal & Manges
LLP served as bankruptcy counsel.  Lazard Freres & Co., LLC, was
the Company's investment bankers.  Kurtzman Carson Consulting LLC
served as claims and notice agent.  Kelly Hart and Brown Rudnick
represented the official equity committee.  Attorneys at Andrews
Kurth LLP represented the official committee of unsecured
creditors.

On Dec. 10, 2009, the Bankruptcy Court entered an order confirming
Pilgrim's Pride's Chapter 11 plan of reorganization.  The plan
relies upon a sale of the business to JBS SA.


PILGRIM'S PRIDE: Court Oks US$1.750-Bil. Exit Financing Facility
----------------------------------------------------------------
Bankruptcy Judge Michael Lynn authorized Pilgrim's Pride
Corporation to enter into bankruptcy exit financing.

Pilgrim's Pride and certain of its subsidiaries, consisting of To-
Ricos, Ltd. and To-Ricos Distribution, Ltd., expect to enter into
the Exit Credit Facility that provides for an aggregate commitment
of up to US$1.750 billion consisting of:

  -- a revolving loan commitment of at least US$600 million,

  -- a term loan A commitment of up to US$375 million, and

  -- a term loan B commitment of up to US$775 million.

The revolving loan commitment will mature in 2012.  Term A loans,
which cannot exceed US$375 million in the aggregate, will mature
in 2012.  Term B loans, which cannot exceed US$775 million in the
aggregate, will mature in 2014.  CoBank ACB will serve as
administrative agent on behalf of the lenders under the Exit
Credit Facility.  PPC has received non-binding mandate letters
from the potential lenders party to the Exit Credit Facility.

The Term A loans mature three years from the effective date of
the Exit Credit Facility and must be repaid in 12 equal quarterly
principal installments of US$12.5 million beginning on April 15,
2010, with the final installment due on the maturity date for the
Term A loans.  The Term B loans mature five years from the
effective date of the Exit Credit Facility and must be repaid in
16 equal quarterly principal installments of US$12.5 million
beginning on April 15, 2011, with the final installment due on
the maturity date for the Term B loans.  Additionally, following
the end of each fiscal year, a portion of PPC's cash flow must be
used to repay outstanding principal amounts under the Term A and
Term B loans.  Covenants in the Exit Credit Facility will also
require the Company to use the proceeds it receives from certain
asset sales and specified debt or equity issuances and upon the
occurrence of other events to repay outstanding borrowings under
the Exit Credit Facility.

Outstanding borrowings under the revolving loan commitment will
bear interest at a per annum rate equal to 3.50% plus the greater
of (i) the U.S. prime rate as published by the Wall Street
Journal, (ii) the average federal funds rate plus 0.5%, and (iii)
the one-month LIBOR rate plus 1.0%, in the case of alternate base
rate loans, or 4.50% plus the one, two, three or six month LIBOR
rate adjusted by the applicable statutory reserve, in the case of
Eurodollar loans.  Outstanding Term A and Term B-1 loans will
bear interest at a per annum rate equal to 4.00% plus greater of
(i) the U.S. prime rate, as published by the Wall Street Journal,
(ii) the average federal funds rate plus 0.5%, and (iii) the one
month LIBOR rate plus 1.0%, in the case of alternate base rate
loans, or 5.00%, plus the one, two, three or six month LIBOR Rate
adjusted by the applicable statutory reserve, in the case of
Eurodollar loans. Outstanding Term B-2 loans will bear interest
at a per annum rate equal to 9.00%.

The proceeds of the borrowings under the Exit Credit Facility
will be used to (i) repay outstanding secured and unsecured
indebtedness of the Company and (ii) pay fees, costs and expenses
related to and contemplated by the Exit Credit Facility and the
Plan.  In addition, proceeds of the borrowings under the
revolving loan commitment may be used to finance the general
corporate purposes of the borrowers, including capital
expenditures, permitted acquisitions and principal and interest
under the Exit Credit Facility.

All obligations under the Exit Credit Facility will be
unconditionally guaranteed by certain of PPC's subsidiaries and
will be secured by a first priority lien on (i) the domestic
(including Puerto Rico) accounts and inventory of the Company and
its subsidiaries, (ii) 100% of the equity interests in the To-
Ricos Borrowers and PPC's domestic subsidiaries and 65% of the
equity interests in PPC's direct foreign subsidiaries, (iii)
substantially all of the personal property and intangibles of the
Company, the To-Ricos Borrowers and the guarantor subsidiaries,
and (iv) substantially all of the real estate and fixed assets of
the Company and the subsidiary guarantors.

On the Effective Date, all liens and security interests to be
granted in accordance with the Exit Facility will be deemed to be
approved and will be legal, binding and enforceable liens.

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. filed for Chapter 11 on December 1, 2008
(Bankr. N.D. Tex. Lead Case No. 08-45664).  Weil, Gotshal & Manges
LLP served as bankruptcy counsel.  Lazard Freres & Co., LLC, was
the Company's investment bankers.  Kurtzman Carson Consulting LLC
served as claims and notice agent.  Kelly Hart and Brown Rudnick
represented the official equity committee.  Attorneys at Andrews
Kurth LLP represented the official committee of unsecured
creditors.

On Dec. 10, 2009, the Bankruptcy Court entered an order confirming
Pilgrim's Pride's Chapter 11 plan of reorganization.  The plan
relies upon a sale of the business to JBS SA.


PILGRIM'S PRIDE: Court Oks Stockholders Pact with JBS USA
---------------------------------------------------------
Bankruptcy Judge Michael Lynn also approved, and authorized the
Debtors to enter into, the Stockholders Agreement with JBS USA and
will adopt and file the Restated Certificate of Incorporation with
the U.S. Securities and Exchange Commission.

The Restated Certificate of Incorporation will provide that the
total number of shares of all classes of stock which Pilgrim's
Pride Company will have the authority to issue is 850,000,000,
consisting of 800,000,000 shares of common stock and 50,000,000
shares of preferred stock.

The Stockholders Agreement and the Restated Certificate of
Incorporation will govern the constitution of PPC's board of
directors and the selection of its members.  The Stockholders
Agreement, among other things, will also restrict the ability of
JBS USA to purchase shares of the common stock of Reorganized
PPC, require the approval of PPC's stockholders with respect to
specified amendments to the Restated Certificate of Incorporation
and Restated Bylaws and require JBS USA to use commercially
reasonable efforts to maintain the listing of the common stock of
Reorganized PPC on a national securities exchange.  Among other
rights, the Restated Certificate of Incorporation provides that,
if JBS USA completes an initial public offering of its common
stock, then, JBS USA has the right to exchange all of the
outstanding common stock of Reorganized PPC for JBS USA common
stock.

For a period beginning upon the completion of the offering and
ending two years and 30 days after the effective date of the
Plan, JBS USA  may exercise this exchange right during limited
exchange windows in each fiscal quarter beginning six trading
days after both Reorganized PPC and JBS USA have made their
respective periodic reports or earnings releases for the
preceding quarter or year, as applicable, and ending on the last
day of the fiscal quarter during which the report or release was
made.

The number of shares of JBS USA common stock to be issued in
exchange for the Reorganized PPC common stock will be dependent
upon the relative average volume-weighted daily trading prices
per share of the common stock of Reorganized PPC and the JBS USA
common stock during the period immediately preceding the time JBS
USA exercises its exchange right.  Holders of Reorganized PPC's
common stock may ultimately receive shares of JBS USA common
stock.

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. filed for Chapter 11 on December 1, 2008
(Bankr. N.D. Tex. Lead Case No. 08-45664).  Weil, Gotshal & Manges
LLP served as bankruptcy counsel.  Lazard Freres & Co., LLC, was
the Company's investment bankers.  Kurtzman Carson Consulting LLC
served as claims and notice agent.  Kelly Hart and Brown Rudnick
represented the official equity committee.  Attorneys at Andrews
Kurth LLP represented the official committee of unsecured
creditors.

On Dec. 10, 2009, the Bankruptcy Court entered an order confirming
Pilgrim's Pride's Chapter 11 plan of reorganization.  The plan
relies upon a sale of the business to JBS SA.


* BRAZIL: Sells US$500 Million of Bonds to Yield 4.75%
------------------------------------------------------
Francisco Marcelino and Veronica Navarro Espinosa at Bloomberg
News report that Brazil sold US$500 million of 10-year bonds in
the country's fifth international dollar bond offering this year.
The report relates Brazil sold the bonds to yield 4.75%, down from
6.13% in an initial offering in January and from 5.80% in a second
sale in May.

According to the report, the government said that plans to sell up
to US$25 million of the securities in Asian markets.  The report
relates that Brazil tapped debt markets as a global economic
recovery fuels demand for the securities.  Emerging-market debt
sales rose 83% to a record US$597 billion this year, according to
Bloomberg data.

Bloomberg News notes that Paul Biszko, emerging-markets strategist
at RBC Capital Markets in Toronto, said that Brazil is returning
to overseas markets after Abu Dhabi's bailout yesterday of Dubai
World boosted demand for higher-yielding assets.  “Brazil is using
Dubai as an opportunity to issue now versus a potentially even
more volatile backdrop next year,” the report quoted Mr. Biszko as
saying.

An unnamed source told the news agency that Morgan Stanley and
Goldman Sachs Group Inc. arranged today's bond offering.

                           *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


PROTOSTAR LTD: Loses Bid For US$185 Million Stalking Horse Deal
---------------------------------------------------------------
Law360 reports a bankruptcy judge has rejected ProtoStar Ltd.'s
emergency bid to approve a US$185 million stalking horse deal with
SES Satellite Leasing Ltd. for the sale of a satellite, which
would have included a 3 percent breakup fee.

As reported by the TCR on Nov. 12, ProtoStar has won approval to
sell the ProtoStar I satellite and related equipment for US$210
million to an affiliate of Intelstat Holdings Ltd.

The Official Committee of Unsecured Creditors has a suit pending
where it contends secured lenders don't have valid liens securing
aUS$10 million working capital loan and US$183 million in 12.5%
and 18% secured notes.  The creditors believe the noteholders and
working capital lenders filed notices of their security interests
in the wrong place, as a result invalidating their liens.  If the
Creditors Committee wins the lawsuit, the lenders would have an
unsecured creditor status and they won't be paid ahead of other
creditors.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  In their
petition, the Debtors listed between US$100 million and US$500
million each in assets and debts.  As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


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


APIF GP: Shareholders Receive Wind-Up Report
--------------------------------------------
On December 10, 2009, the shareholders of APIF GP Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          dms House, 20 Genesis Close
          P.O. Box 1344, George Town
          Grand Cayman KY1-1108, Cayman Islands


BATTERY PARK: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 14, 2009, the shareholders of Battery Park CDO Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


BRUNSWICK INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On December 14, 2009, the shareholders of Brunswick Investment
Holdings Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


BT HOBART: Shareholders Receive Wind-Up Report
----------------------------------------------
On December 14, 2009, the shareholders of BT Hobart (Cayman) No.1
Limited received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


CENTRA INDEMNITY: Members Receive Wind-Up Report
------------------------------------------------
On November 2, 2009, the members of Centra Indemnity, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Rhonda Perry
          c/o Global Captive Management Ltd.
          Governors Square, 2nd Floor, Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 1363, Grand Cayman KY1-1108
          Cayman Islands
          Peter Mackay
          Telephone: (345) 949 7966


CRG PARTNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 16, 2009, the shareholders of CRG Partners, Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


EMPEROR FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 11, 2009, the shareholders of Emperor Fund, SPC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          dms House, 20 Genesis Close
          P.O. Box 1344, George Town
          Grand Cayman KY1-1108, Cayman Islands


EMPEROR MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 11, 2009, the shareholders of Emperor Master Fund SPC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          dms House, 20 Genesis Close
          P.O. Box 1344, George Town
          Grand Cayman KY1-1108, Cayman Islands


FCM EUROPEAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 16, 2009, the shareholders of FCM European
Opportunities Master Fund Limited received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FCM EUROPEAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 16, 2009, the shareholders of FCM European
Opportunities Fund Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GOLDEN DANDELION: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 14, 2009, the shareholders of Golden Dandelion
(Cayman) LLC received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


GREYLOCK GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On November 10, 2009, the sole shareholder of Greylock Global
Distressed Debt Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Bradley Kruger
          Telephone: (345) 815-1877
          Facsimile: (345) 949 1986


GREYLOCK GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On November 10, 2009, the sole shareholder of Greylock Global
Distressed Debt Master Fund, Ltd. received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Bradley Kruger
          Telephone: (345) 815-1877
          Facsimile: (345) 949 1986


INVESTCORP CREDIT: Shareholders to Hear Wind-Up Report on Dec. 22
-----------------------------------------------------------------
The shareholders of Investcorp Credit Opportunities Hedge Fund
Limited SPC will receive, on December 22, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVESTCORP PROP: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 9, 2009, the shareholders of Investcorp Prop
Opportunities Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bonnie Willkom
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


IRON CONDOR: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 11, 2009, the shareholders of Iron Condor Master Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KEMNAY MAPLE: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 10, 2009, the shareholders of Kemnay Maple Leaf B Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman, KY1-1106
          Cayman Islands


MIYAKODORI 2 CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On December 11, 2009, the shareholders of Miyakodori 2 Capital
Corporation received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


NISR 2 LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 14, 2009, the shareholders of NISR 2 Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


PARALLAX: Shareholder Receives Wind-Up Report
---------------------------------------------
On December 1, 2009, the sole shareholder of Parallax received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Matthew Mulry
          Telephone: (345) 815 1761
          Facsimile: (345) 949 1986


PENDVEST MANAGER: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On December 11, 2009, the shareholders of Pendvest Manager Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PHILAN INSURANCE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On December 1, 2009, the shareholders of Philan Insurance Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          Peter Bigwood
          P.O. Box 1370, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


PROSPERITY AURORA: Shareholder Receives Wind-Up Report
------------------------------------------------------
On December 1, 2009, the sole shareholder of Prosperity Aurora
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Matthew Mulry
          Telephone: (345) 815 1761
          Facsimile: (345) 949 1986


SANTOSHI CLO: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 11, 2009, the shareholders of Santoshi CLO 2 Capital
Corporation received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


SFC J COMPANY: Shareholders Receive Wind-Up Report
--------------------------------------------------
On December 11, 2009, the shareholders of SFC J Company
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SFC LI: Shareholders Receive Wind-Up Report
-------------------------------------------
On December 10, 2009, the shareholders of SFC LI Company received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SFC SECURITY: Members Receive Wind-Up Report
--------------------------------------------
On December 10, 2009, the shareholders of SFC Security Company
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STEP CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
On December 11, 2009, the shareholders of Step Capital China Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TANGO FINANCE: Shareholders Receive Wind-Up Report
--------------------------------------------------
On December 14, 2009, the shareholders of Tango Finance Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          David Dyer
          Alan Corkish
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984
          Grand Cayman KY1-1104


U.S. CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
U.S. Capital Funding VII Limited commenced liquidation proceedings
on October 20, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ZAIS INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
On October 30, 2009, the shareholders of Zais Investment Grade
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104


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


* JAMAICA: IDB Approves US$10-MM Loan for Road Safety Improvement
-----------------------------------------------------------------
The Inter-American Development Bank approved a US$10 million loan
to help Jamaica increase road safety and improve its highways
system.  The project will reduce traffic related deaths and
injuries as well as cut transportation costs for its 2.7 million
inhabitants.

The loan is one of the first provided by a multilateral
development institution that specifically focuses on road safety
as one of its prime objectives, part of a broader effort, recently
commenced at the IDB, to increase road safety in all of Latin
America and the Caribbean.

Jamaica's roads are in need of urgent upgrades due to inadequate
maintenance and the effects of several natural disasters in recent
years. Between the years 2001 to 2008, the Jamaican government
reported about 98,000 crashes and almost 3,000 fatalities.  In
2005, the estimated costs of road accidents to the national
economy totaled about US$100 million.

The IDB loan will help reduce traffic fatalities and injuries by
financing civil works to improve road safety conditions and
provide adequate signage and pedestrian crossings.  As part of its
institutional strengthening component, the program will include
the development of a road safety assessment plan for drivers and
pedestrians and the production of road design manuals that
establish road safety standards.

The loan will also improve the conditions of the road network by
supporting innovative ways of contracting road maintenance and
financing surface repairs, removal of debris, maintenance of
damaged structures as well as repair and replacement of traffic
signs and guardrails.

This loan features a 25-year term, with a five-year disbursement
and grace periods, and carries a Libor-based interest rate.

                          *     *     *

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


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


AXTEL SAB: Joins Consortium to Make Mexico's Biometric IDs
----------------------------------------------------------
A consortium comprising Axtel S.A.B. de C.V. and the Mexican
subsidiary of U.S. information technology giant Unisys won a
contract to create biometric identity cards for Mexico's 107
million people, TMC News reports, citing the Mexican government.
The report relates that the bid from Axtel SAB and Unisys de
Mexico SA de CV was MXN664.5 million (US$51 million).

According to the report, at midyear the Mexican government
announced the creation of a population register with citizen ID
cards that would include biometric data including fingerprints,
iris scans and blood type.

The government, the report notes, said that the winning bid
included the installation of an IT infrastructure for the storage
and maintenance of data at the interior ministry, plus the
"acquisition of biometric search engines.

                           About Axtel

Axtel S.A.B. de C.V. provides local and long distance
telecommunications services, data transmission and internet
services in Mexico, to both residential and business customers.

                           *     *     *

As of December 16, 2009, the company continues to carry Moody's
Ba2 LT Corp Family rating and Senior Unsecured debt rating.   The
company also continues to carry Standard and Poor's BB Issuer
credit ratings.


INDUSTRIAS UNIDAS: S&P Downgrades Rating on US$200MM  Notes to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered the
foreign currency rating on the US$200 million, 11.5% senior
unsecured notes due 2016 of Industrias Unidas S.A. de C.V. to 'D'
from 'CC'.  The recovery rating on the notes remained unchanged at
'4', indicating expectation of average (30%-50%) recovery in the
event of a payment default.

The 'SD' (selective default) global scale corporate credit rating
on IUSA also remained the same.

"The lowering of the rating on IUSA's senior unsecured notes was
based on its failure to pay its coupon payment because of low
liquidity," said Standard & Poor's credit analyst Marcela Duenas.

The payment was due Nov. 15, 2009, and IUSA failed to pay it
within the 30-day grace period.

The 'SD' global scale corporate credit rating reflects S&P's
understanding that the company is current on its U.S. operating
subsidiaries' financial obligations, despite the Chapter 11 filing
of U.S. subsidiaries Tubo de Pastejé S.A. de C.V. and Cambridge-
Lee Holdings Inc.

According to Standard & Poor's definition, a selective default is
representative of an issuer defaulting on one issue or class of
issues but honoring others in a timely fashion.  S&P's default
definitions include payment defaults on both rated and unrated
financial obligations.

The 'SD' corporate credit rating also reflects the company's
inability to meet some of its financial obligations because of
tight financial flexibility.  The continued economic weakness in
the U.S. and Mexico -- IUSA's principal markets -- is still
affecting its performance, based on first-and second-quarter
results.

To date, the issuer has not released its third-quarter results.

IUSA is one of Mexico's largest and most diversified industrial
companies, offering a large variety of products through integrated
manufacturing and distribution operations, mainly in Mexico and
the U.S.  The company's operations focus on seven principal
businesses: copper tubing, wire and cable, copper alloys,
electrical products, watt-hour meters, valves and controls, and
diversified assets.


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


* PANAMA: IDB Approves US$30 Million for Sanitation Project
-----------------------------------------------------------
The Inter-American Development Bank approved a US$30 million loan
to Panama for a project to improve sanitation and environmental
conditions in its capital city and the Bay of Panama.

The financing will provide additional resources to expand Panama
City's sewer system, a project that has experienced increases in
the costs of building materials, equipment and labor due to the
construction boom the country has seen in recent years.  The IDB
first supported the project with a US$45 million loan approved in
2006.

Panama has made progress in the project, finishing the
construction of 34 kilometers of sewers which have benefited more
than 2,500 families in poor neighborhoods.  Nevertheless, more
resources are required to complete other infrastructure needed to
reduce pollution caused by raw sewage dumped in ravines and rivers
crossing the capital.

Some 50 kilometers of sewers are yet to be completed in the
outskirts of the city, including areas recently included in the
metropolitan region.  These works will benefit 7.000 more
families. In addition, collectors and interconnectors must be
built to catch wastewater going into ravines and rivers.

The project also entails strengthening the state-owned water and
sanitation utility, IDAAN, which is executing the project together
with Panama's Health Ministry.

The Panamanian government has secured international support for a
second stage of the sanitation project, which calls for building a
wastewater treatment plant and an intercepting tunnel along the
bay shoreline.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency and local currency Issuer Default
Ratings of 'BB+' and simultaneously revised the Rating Outlook
to Positive from Stable.  Fitch also affirmed the short-term
foreign currency IDR of 'B'.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB
long-term sovereign local and foreign currency ratings on Panama.
S&P said the outlook for all the ratings is positive.


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


CL FINANCIAL: Judge Gives BAICO Liquidators Extension
-----------------------------------------------------
Jonathan Kent at The Royal Gazette reports that Bermuda Supreme
Court Judge Ian Kawaley has allowed more time for liquidators to
find a taker for the life insurance business of the Bermuda branch
of British American Insurance Company before it is wound up.  The
report relates that as the search for an alternative insurer to
take on BAICO's non-health Bermuda book continues, liquidators
have revealed they are looking for capital to reduce the likely
shortfall faced by policyholders to "an acceptable level".

According to the report, Judge Kawaley allowed Bermuda Monetary
Authority's (BMA) request for a two-month adjournment of the
petition.  The case was adjourned until February 12, 2010.  "It is
hoped that by that time, there will be a proposal with respect to
the life business, which is one of the main outstanding items, as
far as the Bermuda liquidation is concerned," the report quoted
Attorney Christian Luthi, of Conyers Dill & Pearman, representing
the BMA, as saying.

Meanwhile, the report, citing an update on KPMG Advisory Ltd.'s
website, relates that liquidators are "in the process of realising
the assets of the company for the benefit of policyholders".  A
portion of those assets have been "ring-fenced" exclusively for
Bermuda clients, which "would make a solution for non-health
policyholders more feasible", KPMG added.

The Gazette notes that the liquidators have warned BAICO clients
that they face a shortfall in the value of their policies and
investments, but that extra capital is being sought to narrow the
gap.

"As the company is insolvent, it is probable that any solution
that would allow for the continuation of policies through a
transfer would involve policyholders taking a discount on the
benefits under their policies.  However it is anticipated that
this discount would not be as large as the reduction in policy
value that would be suffered if no such transfer was to take
place," the report quoted the liquidators as saying.  "In order to
limit the reduction of policyholder benefits to what we believe
will be an acceptable level, we are working to find additional
capital that could be introduced to further bridge the funding gap
between assets available to pay claims and the total claims likely
to be made to policyholders," the liquidators added.

The Gazette notes that life policyholders have been advised to
continue paying their premiums so that their policies will be in
full effect if an alternative insurer is found.  The report
relates that if no company emerges to take on BAICO's life book of
business, then all premiums paid since July 29 will be repaid in
full.  "Should you continue to pay your premium, there is no
guarantee that cover will be re-established in the future under
your policy, however we are working towards this goal," the report
quoted KPMG as saying.

KPMG, The Gazette states, said that policyholders who opt not to
continue paying premiums can crystallize their claims against
BAICO by surrendering their policies.  Those who do so will be
repaid the premiums they have paid since July 29 this year and
will have a claim in the winding up or transfer of BAICO's
business, it added.

The report adds that claims that have arisen since the winding up
petition was filed have not been paid.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* VENEZUELA: Oil Production Down to 2.3 Million Barrels a Day
-------------------------------------------------------------
Venezuela's oil production in November stood at 2 million 317
thousand barrels per day, lower than 2 million 329 thousand
barrels a day in October, El Universal News reports, citing
figures from the Organization of the Petroleum Exporting Countries
(OPEC).  The report relates that the OPEC figures suggest
production has tended to decline throughout the year, with the
lowest level in April, May and June, when average oil output was
2.3 million barrels.

According to the report, the financial and operational report of
Petroleos de Venezuela at the end of the first half of this year
stated that the total production of oil and natural gas stood at
3.58 million barrels.  Out of that overall figure, the report
notes, 3.2 million barrels are oil, which is 186,000 barrels lower
than the average in the first half of 2008.

EL Universal states that OPEC's said that the decline is due to
production cuts agreed under the OPEC that forced Venezuela to
stop pumping 364,000 barrels, thus lowering production to an
average of 3.11 million barrels early this year.

However, the report points out, analysts argue that the
operational problems with heavy crude upgraders at the Orinoco Oil
Belt, extensive nationalizations in the oil services sector in May
and the fact that some companies stopped operations because of
Pdvsa's failure to pay debts have taken a heavy toll in the
Venezuelan oil production level.

EL Universal relates that PDVSA accumulated accounts receivable in
the first half of this year are US$8.1 billion higher than US$7.5
billion last year; which forced the conglomerate to develop a
payment schedule tied to a reduction in company rates.

                           *     *     *

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.


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


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


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. 4-8, 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/

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 2009.  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 * * *