TCRLA_Public/090514.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, May 14, 2009, Vol. 10, No. 94

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Executive Charged With Obstruction of Justice


A R G E N T I N A

ABBA SALUD: Proofs of Claim Verification Due on July 10
BANCO MACRO: JPMorgan Upgrades Bank's Stock to “Neutral”
COMPAATIA DE SERVICIOS: Verifying Proofs of Claim Until June 10
DINAMIC GROUP: Proofs of Claim Verification Due on July 6
EUROFLON SA: Proofs of Claim Verification Due on June 16

INTECEL SA: Proofs of Claim Verification Deadline is July 10
MARFLET SRL: Proofs of Claim Verification Deadline is June 8
NOVA CONSTRUCTIVA: Verifying Proofs of Claim Until July 13
PAPELERA CORRIENTES: Verifying Proofs of Claim Until July 10


B A H A M A S

CL FINANCIAL: Bahamas Seeks to Reform Insurance Sector


B E R M U D A

BERMUDA TELECOMMUNICATIONS: Cuts 20 Jobs After Talks With Unions


B R A Z I L

AWB LTD: Cuts Profit Forecast on Brazil Unit's Poor Performance
BICBANCO: Downgraded to “Neutral” at UBS AG
BNDES: Approves BRL555 Million Financing for Braskem
CESP: Posts BRL139 Million Net Profit in First Quarter
MTI GLOBAL: In Talks with Lenders on Covenant Waivers

PERDIGAO SA: In Merger Talks With Sadia SA, Report Says
SADIA SA: In Merger Talks With Sadia SA, Report Says


C A Y M A N  I S L A N D S

CAYMAN ISLANDS INVESTCORP: Fixes June 1 as Last Day to File Claims
CELESTE EUROPEAN: Creditors' Proofs of Debt Due on June 11
CSERE MILTON ET AL: Commences Wind-Up Proceedings
DIAMOND CRUISE: Placed Under Voluntary Wind-Up
HMTF PREMIER: Creditors' Proofs of Debt Due on June 12

INVESTCORP CFO: Commences Liquidation Proceedings
INVESTCORP EVENT ET AL: Creditors' Proofs of Debt Due on June 23
INVESTCORPET ET AL: Fixes June 23 as Last Day to File Claims
MANAT HOLDINGS: Creditors' Proofs of Debt Due on June 11
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 11

NS ALTERNATIVE: Creditors' Proofs of Debt Due on June 2
NS BOND: Creditors' Proofs of Debt Due on June 2
PFW II: Placed Under Voluntary Wind-Up
THE CUSHING MLP: Placed Under Voluntary Wind-Up


C O L O M B I A

BANCOLOMBIA SA: Moody's Upgrades Bank Strength Rating to 'D+'
ECOPETROL SA: To Borrow US$3.7 Billion for Expansion, CEO Says
ECOPETROL SA: Sets Aside US$10 Billion for Overseas Buys


E C U A D O R

PETROECUADOR: To Go Ahead With Seized Perenco Oil Auction


J A M A I C A

CARIBBEAN CEMENT: Dispute With Workers Settled
SUPER PLUS: Turns to Real Estate Portfolio to Raise Funds


M E X I C O

GRUPO GICSA: Moody's Affirms 'B1' Global Currency Issuer Rating


P U E R T O  R I C O

FIRSTBANK PUERTO: S&P Gives Negative Outlook; Keeps 'BB+' Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD INT'L: SFG Executive Charged With Obstruction of Justice
-----------------------------------------------------------------
A federal grand jury in Houston returned a two-count indictment
charging Laura Pendergest-Holt, the chief investment officer of
Houston-based Stanford Financial Group (SFG), with conspiring to
obstruct a U.S. Securities and Exchange Commission (SEC)
proceeding investigating SFG, as well as a substantive count of
obstructing the SEC proceeding, Assistant Attorney General of the
Criminal Division Lanny A. Breuer and acting U.S. Attorney for the
Southern District of Texas Tim Johnson disclosed.

The federal court in Houston will be issuing an order summoning
Ms. Pendergest-Holt to appear in the near future for arraignment.
Ms. Pendergest-Holt has been free on a US$300,000 bond since being
charged with obstruction in a criminal complaint issued from the
Northern District of Texas on Feb. 26, 2009.

According to the indictment, Stanford International Bank Ltd.
(SIBL), marketed certificates of deposits (CDs).  In a December
2008 monthly report, SIBL purported to have more than 30,000
clients and US$8.5 billion in assets.  The indictment alleges that
investors were not advised of the fact that SIBL internally
segregated its investment portfolio into three tiers: “Tier I,”
which represented cash and cash equivalents; “Tier II,” which
contained investments with “outside portfolio managers;” and “Tier
III,” described as “other assets.”

Internal SIBL documents show that as of June 30, 2008, Tier III
contained more than 80% of SIBL’s purported investments, according
to the indictment.  The indictment also alleges that approximately
US$3.2 billion of the purported Tier III value included
investments in artificially valued real estate and approximately
US$1.6 billion included notes on personal loans to SFG “Executive
A.”

The indictment alleges that in December 2008, as part of an
ongoing investigation, the SEC made official inquiries of SFG
regarding the value and content of SIBL’s purported investments
and provided notice that it intended to schedule testimony of
witnesses.  The indictment further alleges that on or about
Jan. 21, 2009, at a meeting in Miami, Ms. Pendergest-Holt and SFG
Executives “A” and “B” and an attorney for SFG, discussed how to
respond to the SEC subpoenas.  In addition, the indictment alleges
that at a meeting in Houston on or about Jan. 23, 2009, the
attorney for SFG requested that the SEC defer the subpoenas to
Executives A and B and represented that Pendergest-Holt and the
president of SIBL would be better witnesses because, the attorney
claimed, Executives A and B were not knowledgeable about the
details of SIBL’s assets.

The indictment alleges that prior to her SEC testimony,
Ms. Pendergest-Holt suggested at a meeting in Miami that she only
disclose the June 30, 2008, financials as those numbers “looked
better,” and that she received a phone call from Executive B in
which he reminded her to only discuss Tier II. According to the
indictment, as early as November 2008, Pendergest-Holt was aware
of the current value of Tier III and the real estate holdings in
Tier III.

The indictment further alleges that just prior to her SEC
testimony, Ms. Pendergest-Holt participated in preparing a
document reflecting the value of Tier III and the assets in Tier
III.  The indictment alleges that on Feb. 10, 2009, Pendergest-
Holt provided sworn testimony to the SEC in Fort Worth, Texas,
where in response to questions by the SEC, she did not disclose
the Miami meetings to prepare for her testimony and falsely
represented that she did not know the content or allocations of
the Tier III assets.

The indictment further alleges that on Feb. 12, 2009, after her
false testimony, Ms. Pendergest-Holt caused US$4.3 million in SIBL
funds to be wiretransferred to SIBL’s operating account in
Houston.

Finally, on Feb. 17, 2009, as the indictment alleges, at a meeting
with SEC attorneys in Memphis, Tenn., Pendergest-Holt falsely
represented that if she “knew anything about Tier III,” she would
tell them.

An indictment is a formal accusation of criminal conduct, not
evidence.  A defendant is presumed innocent unless proven guilty
beyond a reasonable doubt.

The maximum penalties for each of the conspiracy and obstruction
counts are five years in prison and a fine of US$250,000.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

                          *     *     *

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Robert Allen Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, Stanford Group Company (SGC), and
investment adviser Stanford Capital Management.



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

ABBA SALUD: Proofs of Claim Verification Due on July 10
-------------------------------------------------------
Hugo D'Ubaldo, the court-appointed trustee for Abba Salud S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 10, 2009.

Mr. D'Ubaldo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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.

The Trustee can be reached at:

          Hugo D'Ubaldo
          Tucuman 1577
          Buenos Aires, Argentina


BANCO MACRO: JPMorgan Upgrades Bank's Stock to “Neutral”
-------------------------------------------------------
Banco Macro SA's stock was upgraded to “neutral” from
“underweight” at JPMorgan Chase & Co., following the company's
release of its first-quarter earnings growth, Bloomberg News
reports.

“The company’s strong financial performance and relatively
conservative balance sheet warrant a different rating versus the
other Argentine banks in our coverage universe,” JPMorgan analysts
Saul Martinez and Frederic de Mariz wrote in a note to clients,
Bloomberg News relates.  Banco Macro “will continue posting solid
profitability levels in 2009 and 2010 in spite of the potentially
difficult economic growth environment.”

As reported in the Troubled Company Reporter-Latin America on
May 12, 2009, Banco Macro S.A.'s net income increased 3% to
ARS156.0 million in the first quarter ended March 31, 2009, from
the ARS151.6 million posted for the first quarter of 2008.  The
annualized 1Q09 ROAE and ROAA were 21.7% and 2.6%, respectively.

                        About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA  --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                          *     *     *

The bank continues to carry Moody's Caa1 foreign long-term bank
deposits rating and Fitch's CCC+ subordinate debt rating.


COMPAATIA DE SERVICIOS: Verifying Proofs of Claim Until June 10
---------------------------------------------------------------
The court-appointed trustee for Compaatia de Servicios Ambientales
S.A.'s bankruptcy proceeding, will be verifying creditors' proofs
of claim until June 10, 2009.


DINAMIC GROUP: Proofs of Claim Verification Due on July 6
---------------------------------------------------------
Daniel Bendersky, the court-appointed trustee for Dinamic Group
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 6, 2009.

Ms. Bendersky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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.

The Trustee can be reached at:

          Daniel Bendersky
          Rodriguez Pena 431
          Buenos Aires, Argentina


EUROFLON SA: Proofs of Claim Verification Due on June 16
--------------------------------------------------------
Hector Edgardo Grun, the court-appointed trustee for Euroflon
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until June 16, 2009.

Mr. Grun will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 9, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 7, 2010.

The Trustee can be reached at:

          Hector Edgardo Grun
          San Martin 551
          Buenos Aires, Argentina


INTECEL SA: Proofs of Claim Verification Deadline is July 10
------------------------------------------------------------
The court-appointed trustee for Intecel S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 10, 2009.

Maria del Pilar Enriquez, the trustee, will present the validated
claims in court as individual reports.  The National Commercial
Court of First Instance No. 10 in Buenos Aires, with the
assistance of Clerk No. 19, 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.

The trustee will present the validated claims in court as
individual reports on September 7, 2009.  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.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 20, 2009.

The Trustee can be reached at:

          Maria del Pilar Enriquez
          Alsina 1495
          Buenos Aires, Argentina


MARFLET SRL: Proofs of Claim Verification Deadline is June 8
------------------------------------------------------------
The court-appointed trustee for Marflet S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 8, 2009.

The trustee will present the validated claims in court as
individual reports on July 23, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 16, 2009.


NOVA CONSTRUCTIVA: Verifying Proofs of Claim Until July 13
----------------------------------------------------------
The court-appointed trustee for Nova Constructiva S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 13, 2009.

The trustee will present the validated claims in court as
individual reports on September 10, 2009.  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
October 22, 2009.


PAPELERA CORRIENTES: Verifying Proofs of Claim Until July 10
------------------------------------------------------------
The court-appointed trustee for Papelera Corrientes S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 10, 2009.

The trustee will present the validated claims in court as
individual reports on September 7, 2009.  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
October 21, 2009.



=============
B A H A M A S
=============

CL FINANCIAL: Bahamas Seeks to Reform Insurance Sector
------------------------------------------------------
Bahamas Prime Minister Hubert Ingraham introduced three bills --
amendments to the Insurance Act, the Companies Act and the new
External Insurance Act -- in the House of Assembly that seek to
reform the insurance sector following the collapse of CLICO
Bahamas Limited, a unit of CL Financial Limited, Oscar Ramjeet of
Caribbean Net News reports.

"I might say that some of these amendments are driven by the
company called CLICO and by the time we come back to the House to
debate these bills, we will have an announcement to make to the
public about the government's position with respect to CLICO and
the policyholders in The Bahamas," the report quoted Mr. Ingraham
as saying.

According to the report, the Opposition has criticized the prime
minister for previously advising policyholders to continue their
payment to CLICO without offering a guarantee during the
liquidation process.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, CaribWorldNews said the Bahamian Supreme Court
granted a request from the islands government to liquidate Clico
Bahamas for the protection of company shareholders.  The report
related Craig Gomez of Baker Tilley Gomez was appointed as the
liquidator of the company.  Mr. Ingraham, as cited by Caribbean
Net News, said Clico (Bahamas) went into liquidation because it
was unable to pay US$2.6 billion to policyholders.

                        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.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.



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

BERMUDA TELECOMMUNICATIONS: Cuts 20 Jobs After Talks With Unions
----------------------------------------------------------------
Bermuda Telecommunications Company (BTC) gave 20 employees pink
slips as part of its restructuring process following discussions
with the worker's unions, Alex Wright at the Royal Gazette
reports.

The report recalls BTC President and CEO Francis Mussenden said
that after talks with its union partners, it had decided to make
the 20 positions redundant in the outside plant, premises
management and administration departments.  Of the 20 posts, six
people have been redeployed in other roles within the company, he
added.

As reported in the Troubled Company Reporter-Latin America on
March 23, 2009, The Royal Gazette said BTC will lay off employees
as part of its restructuring plan.  The report relates the company
move was prompted by the shift in customer preferences to wireless
services, coupled with the current economic downturn, an
increasingly competitive marketplace, and changes in technology
and infrastructure.  The report said Mr. Mussenden said employees
had been advised of the changes and that BTC would provide
outplacement services and employee assistance counseling to laid
off staff, as well as severance benefits.

                            About BTC

Bermuda Telecommunications Company –- http://www.btc.bm/–-
provides the network infrastructure that families and businesses
throughout Bermuda depend on for reliable voice, data, and
internet access.  The company has been providing service for more
than 100 years.



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

AWB LTD: Cuts Profit Forecast on Brazil Unit's Poor Performance
---------------------------------------------------------------
AWB Ltd said it cut its profit forecast because of the “poor
performance” of its Brazilian unit, Rebecca Keenan at Bloomberg
News reports.

First-half net income may be between AU$8 million (US$6.1 million)
and AU$9 million, AWB said in a statement obtained by Bloomberg
News.  That compares with profit of AU$22.3 million in the six
months to March 31 last year and to its forecast in February of
between AU$10 million and AU$12 million, the report says.

The report relates according to AWB, an accounting error at its
Brazilian unit will require last year’s full-year profit to be
restated and reduced by AU$4 million.

“Conditions in Brazil remain challenging and it is likely that we
will emerge with a smaller and refocused business,” the report
quoted Managing Director Gordon Davis
as saying in the statement, noting a review of the business is
underway.

Headquartered in Melbourne, Australia, AWB Limited (ASX:AWB) ---
http://www.awb.com.au/--- operates in three business areas: Rural
Services, Financial Services and Commodity Management.  Rural
Services offers customers a range of agribusiness services,
including merchandise, fertilizer, farm services, wool and
livestock, finance, insurance and real estate.  The Financial
Services business provides financial solutions to clients across
rural and regional Australia, including lending solutions, savings
and investment accounts, insurance solutions, equipment finance,
wealth management and online trading.  Commodity Management
business include commodity trading, origination and sales of
commodities, such as wheat, canola and pulses, logistics and
chartering, and risk management.  These operations include Pool
Management Services, Australian Commodity Management,
International Commodity Management, and Supply Chain and Other
Investments.


BICBANCO: Downgraded to “Neutral” at UBS AG
-------------------------------------------
Banco Industrial e Comercial S.A (Bicbanco) was downgraded to
neutral from buy at UBS AG, Rogerio Jelmayer of Dow Jones
Newswires reports, citing the investment house's research report.

"So far this year, the bank's shares are up more than 128% and we
do not see much more upside to our target price at this point.  In
our view, the bank's second quarter results should come on the
weak side pressured by strong provisions.  The bank wasn't able to
maintain the same level of coverage ratio which we think is
negative," DJ Newswires quoted UBS as saying.

According to the report, UBS has a target price for Bicbanco's
shares at BRL7.10 Brazilian (US$3.4).

Banco Industrial e Comercial S.A. is headquartered in Sao Paulo,
Brazil, with BRL10,937 million in total assets and
BRL1,630 million in equity as of March 31, 2008.

                            *    *    *

In February 2008, Moody's Investor Service assigned a Ba2
foreign currency deposit rating for Banco Industrial e Comercial
S.A.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2007, Standard & Poor's Ratings Services assigned its
'B+' counter party credit rating to Banco Industrial e Comercial
SA.  S&P said the outlook is stable.


BNDES: Approves BRL555 Million Financing for Braskem
----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
has approved a BRL555 million (US$268 million) financing for
petrochemicals company Braskem SA, Rogerio Jelmayer of Dow Jones
Newswires reports.

According to the report, Brakem SA will use the credit line to
finance part of its investment program in its green polyethylene
project in the Petrochemical Center of Triunfo, in Rio Grande do
Sul state.

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

                          *     *     *

As of April 22, 2009, Banco Nacional continues to carry a Ba2
foreign long-term bank deposit rating from Moody's Investors
Service.  The rating was assigned in August 2007.


CESP: Posts BRL139 Million Net Profit in First Quarter
------------------------------------------------------
Companhia Energetica Sao Paulo (CESP) reported a BRL139 million
(US$66.2 million) net profit in the first quarter 2009, up from
BRL56.5 million in the same period a year earlier, Gerald Jeffris
of Dow Jones Newswires reports.  The report relates the company
attributed the increase to the rate increases during the period
and lower operating costs.

According to the report, CESP reported first-quarter net revenue
of BRL669 million, up from BRL588 million in the first quarter of
2008.

The company's Ebitda rose 73% in the period to BRL462.9 million,
while Ebitda margin ended the first quarter at 69.2%, up from
45.5% a year ago, the report says.

Headquartered in Sao Paulo, Brazil, Companhia Energetica de Sao
Paulo (BOVESPA: CESP3, CESP5 and CESP6) is the country's third
largest power generator, majority owned by the State of Sao
Paulo.  CESP operates 6 hydroelectric plants with total
installed capacity of 7,456 MW and reported net revenues of
BRL1,983 million in the last twelve months through Sept. 30,
2006.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 18, 2008, Moody's Investors Service upgraded Companhia
Energetica de Sao Paulo's corporate family rating and long-term
senior unsecured debt rating to Ba2 from Ba3.  Moody's said the
outlook is stable.

In October 2007, Standard & Poor's Ratings Services raised its
ratings on electricity generator Companhia Energetica de Sao
Paulo, including its corporate credit rating to 'B' from 'B-'.
At the same time, S&P raised its Brazil national scale ratings
on CESP to 'brBBB-' from 'brBB'.  S&P said the outlook remains
positive on both scales.


MTI GLOBAL: In Talks with Lenders on Covenant Waivers
-----------------------------------------------------
MTI Global Inc. is in breach of financial and general covenants
under the credit facilities with its principal Canadian bank and
it mezzanine lender.  In particular, the Company did not achieve
its December 31, 2008 earnings before interest, taxes and
depreciation, fixed charge coverage and funded debt to earnings
before interest, taxes and depreciation covenants or its March 31,
2009 fixed charge coverage covenant.  Furthermore, the Company is
in breach of certain general covenants it was obligated to satisfy
pursuant to waiver agreements entered into by the Company with its
Bank and Lender based on its June 30, 2008 and subsequent interim
monthly results.  The covenant violation provides the Bank and
Lender with the right to demand repayment of its indebtedness.

Subsequent to March 31, 2009, the Company is in continuing
discussions with the Bank and the Lender to obtain a waiver of the
breaches including amended covenants.

MTI Global posted a net loss for the quarter of C$4.8 million or
C$0.17 per share compared to a loss in prior year of C$900,000 or
C$0.03 per share.  Sales for the three months ended March 31,
2009, were C$13.5 million, approximately 4.2% ahead of last year's
sales of C$13.0 million.  This includes an increase of
approximately C$2.3 million, due to the impact of currency
fluctuations.

At March 31, 2009, MTI Global had C$52.1 million in total assets,
including cash and cash equivalents of C$2.5 million; C$29.4
million in total liabilities; and C$22.6 million in shareholders'
equity.

Based on the sale of the majority of its Leewood and Richmond,
Virginia silicone assets, operational changes completed to date,
and preliminary indications in the aerospace market, the Company
remains cautiously optimistic that it will report improving
results through the balance of 2009.  In view of the Canadian
dollar value against the U.S. dollar, the Company is increasingly
confident about achieving improved results with most of its
aerospace programs relocated to Mexico and the sale of the
majority of the assets of Leewood and N.A. Silicone's Richmond,
Virginia plant.  In addition, the Company is making satisfactory
progress on the disposition of the remaining silicone assets,
although the current economic climate is slowing the process.  The
Company has engaged an investment bank to assist in these
transactions.

The results for the first quarter of 2009 were better than prior
year but below expectations.  Revenues and gross margin improved
primarily through increased volume in Aerospace at Polyfab
divisions and favorable exchange rates compared to prior year.
However, the Company continued to incur lower than expected
revenues at N.A. Silicone due to the continued decline in the
North American automotive market.

                          About MTI Global

MTI Global Inc. -- http://www.mtiglobalinc.com/-- designs,
develops and manufactures custom-engineered products using
silicone and other cellular materials.  The Company serves a
variety of specialty markets focused on two main areas: Silicone
and MTI Polyfab, comprising, Aerospace and Fabricated Products.
The Company designs and fabricates energy management systems from
a variety of flexible, cellular materials.  MTI Global also
produces and distributes specialty silicone elastomer products.
MTI Global's primary markets are aerospace and mass transit.
Secondary markets include sporting goods, automotive, industrial,
institutional, electronics, and the medical market through a 51%
interest in MTI Sterne SARL of Cavaillon, France.  MTI Global's
head office and Canadian manufacturing operations are located in
Mississauga, Ontario, with international manufacturing operations
located in Milton, Florida and a contract manufacturer venture in
Ensenada, Mexico.  The Company also maintains engineering support
centers in Brazil and Toulouse, France.


PERDIGAO SA: In Merger Talks With Sadia SA, Report Says
-------------------------------------------------------
Paulo Winterstein of Bloomberg News reports that local newpaper
Folha de S. Paulo, citing unnamed sources, said merger talks
between Perdigao SA and Sadia SA resumed in mid-April and are
likely to lead to an agreement in the next few days.

However, according to a company press release, Perdigao said it
had not reached any agreement on the terms of any such association
and have not signed any document, even of a preliminary nature,
with respect to the merger with Sadia.  The company also said its
continuing discussions should not be understood by the market as
representing any kind of commitment by Perdigao with respect to
the conclusion of any association between the companies.

Citing Bloomberg News, the Troubled Company Reporter-Latin America
on April 17, 2009, reported that Sadia said it is in “weekly”
merger talks with competitor Perdigao and may also sell shares or
assets to shore up losses from wrong-way bets on the Brazilian
currency.  The report related Sadia Chairman Luiz Furlan said a
decision by Sadia about a merger, asset or share sale will likely
be made by June.  Bloomberg News noted Sadia is facing pressure to
merge with Perdigao as its BRL3.5 billion (US$1.5 billion) short-
term debt payment deadline approaches.

“Such a merger makes a lot of sense,” Credit Suisse AG analyst
Marcel Moraes wrote in a note obtained by Bloomberg News.  “The
resulting synergies could enable PDA to pay a higher valuation for
SDA’s controlling stake than any other financial group.”

                         About Sadia S.A.

Headquartered n Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based food producer
Sadia S.A. and its rating on Sadia Overseas Ltd.'s $250 million
senior unsecured notes to 'B' from 'BB'.  The outlook on the
corporate credit rating is negative.

                        About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on Brazil-based food
producer Perdigao S.A.  The outlook is revised to negative from
stable.


SADIA SA: In Merger Talks With Sadia SA, Report Says
----------------------------------------------------
Paulo Winterstein of Bloomberg News reports that local newpaper
Folha de S. Paulo, citing unnamed sources, said merger talks
between Perdigao SA and Sadia SA resumed in mid-April and are
likely to lead to an agreement in the next few days.

However, according to a company press release, Perdigao said it
had not reached any agreement on the terms of any such association
and have not signed any document, even of a preliminary nature,
with respect to the merger with Sadia.  The company also said its
continuing discussions should not be understood by the market as
representing any kind of commitment by Perdigao with respect to
the conclusion of any association between the companies.

Citing Bloomberg News, the Troubled Company Reporter-Latin America
on April 17, 2009, reported that Sadia said it is in “weekly”
merger talks with competitor Perdigao and may also sell shares or
assets to shore up losses from wrong-way bets on the Brazilian
currency.  The report related Sadia Chairman Luiz Furlan said a
decision by Sadia about a merger, asset or share sale will likely
be made by June.  Bloomberg News noted Sadia is facing pressure to
merge with Perdigao as its BRL3.5 billion (US$1.5 billion) short-
term debt payment deadline approaches.

“Such a merger makes a lot of sense,” Credit Suisse AG analyst
Marcel Moraes wrote in a note obtained by Bloomberg News.  “The
resulting synergies could enable PDA to pay a higher valuation for
SDA’s controlling stake than any other financial group.”

                         About Sadia S.A.

Headquartered n Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based food producer
Sadia S.A. and its rating on Sadia Overseas Ltd.'s $250 million
senior unsecured notes to 'B' from 'BB'.  The outlook on the
corporate credit rating is negative.

                        About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on Brazil-based food
producer Perdigao S.A.  The outlook is revised to negative from
stable.



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

CAYMAN ISLANDS INVESTCORP: Fixes June 1 as Last Day to File Claims
------------------------------------------------------------------
The creditors of Cayman Islands Investcorp CFO are required to
file their proofs of debt by June 1, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


CELESTE EUROPEAN: Creditors' Proofs of Debt Due on June 11
----------------------------------------------------------
The creditors of Celeste European Small and Midcap Fund are
required to file their proofs of debt by June 11, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2009.

The company's liquidator is:

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


CSERE MILTON ET AL: Commences Wind-Up Proceedings
-------------------------------------------------
On March 31, 2009, a special resolution was passed that
voluntarily winds up the operations of:

   -- Csere Milton Keynes Limited; and
   -- Csere Milton Dumfries Limited.

The companies' liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


DIAMOND CRUISE: Placed Under Voluntary Wind-Up
----------------------------------------------
On April 22, 2009, the shareholders of Diamond Cruise Ltd. passed
a written resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Per Arvid Skult
          Keilaranta 9, FI-02150 Espoo
          Finland


HMTF PREMIER: Creditors' Proofs of Debt Due on June 12
------------------------------------------------------
The creditors of HMTF Premier Limited are required to file their
proofs of debt by June 12, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 21, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          P.O. Box 2510, Grand Cayman KY1-1104
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


INVESTCORP CFO: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on April 22, 2009, the
members of Investcorp CFO Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Janick Fierens
          Gary S. Long
          Elizabeth Warren
          Harsh Shethia
          c/o Evania Ebanks
          Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP EVENT ET AL: Creditors' Proofs of Debt Due on June 23
----------------------------------------------------------------
Westport Services Ltd. fixed June 23, 2009, as the last day to
file proofs of debt for the creditors of:

   -- Investcorp Event Arbitrage Fund Limited SPC; and
   -- Investcorp Event Arbitrage Leveraged Master Fund Limited SPC

The Liquidator can be reached at:

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


INVESTCORPET ET AL: Fixes June 23 as Last Day to File Claims
------------------------------------------------------------
Paget-Brown Trust Company Ltd. fixed June 23, 2009, as the last
day to file proofs of debt for the creditors of:

   -- Investcorp Washington Corner Distressed Opportunity Master
      Fund Limited;
   -- Investcorp Washington Corner Distressed Opportunity
      Intermediate Fund Limited; and
   -- Investcorp Washington Corner Distressed Opportunity Fund
      Limited.

The Liquidator can be reached at:

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


MANAT HOLDINGS: Creditors' Proofs of Debt Due on June 11
--------------------------------------------------------
The creditors of Manat Holdings Limited are required to file their
proofs of debt by June 11, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Jorge E. Bacardi
          P.O. Box N-10272, Columbia Road
          Lyford Cay, Nassau
          Bahamas


MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 11
------------------------------------------------------------
The creditors of Marathon Petroleum Akoumba Limited are required
to file their proofs of debt by June 11, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Yvonne Kunetka
          Marathon Oil Company
          5555 San Felipe Street
          Houston, Texas 77056-2799
          United States


NS ALTERNATIVE: Creditors' Proofs of Debt Due on June 2
-------------------------------------------------------
The creditors of NS Alternative Fund II are required to file their
proofs of debt by June 2, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          UBS Fund Services (Cayman) Ltd
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


NS BOND: Creditors' Proofs of Debt Due on June 2
------------------------------------------------
The creditors of NS Bond Fund are required to file their proofs of
debt by June 2, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          UBS Fund Services (Cayman) Ltd
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


PFW II: Placed Under Voluntary Wind-Up
--------------------------------------
On April 24, 2009, the sole shareholder of PFW II, Ltd. passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


THE CUSHING MLP: Placed Under Voluntary Wind-Up
-----------------------------------------------
On April 16, 2009, the sole shareholder of The Cushing MLP
Opportunity Offshore Fund I, Ltd. passed a resolution that
voluntarily winds up the company's operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002, Cayman Islands
          Telephone: (345) 914-6314



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

BANCOLOMBIA SA: Moody's Upgrades Bank Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service upgraded Bancolombia S.A.'s bank
financial strength rating to D+, from D.  The outlook on the BFSR
was changed to stable, from positive.  At the same time, the
bank's long- and short-term local currency deposit ratings of Baa2
and Prime-3, as well as the long- and short-term foreign currency
deposit ratings of Ba2 and Not Prime, were affirmed.  The bank's
foreign currency subordinated debt rating of Baa3 was also
affirmed with a stable outlook.

The upgrade of the bank's BFSR was based on the bank's improved
financial fundamentals and franchise value, as well as the
successful integration of Banco Agrícola, S.A. of El Salvador.
Through this process, Bancolombia has continued to generate stable
core earnings, supported by an ample net interest margin and
improved operating efficiency.

Moody's said that Bancolombia maintains a strong franchise in all
areas of traditional banking, as the largest bank in both Colombia
and El Salvador.  The bank holds leading positions in retail
banking and commercial lending, with a broad and stable core
deposit base.  In Colombia, the bank has defended its market share
of 19% of deposits and 22% of gross loans, as of year-end 2008.
In El Salvador, Banagrícola maintained its largest market shares
by far of 30% in loans and deposits, with solid profitability and
asset quality indicators through the first quarter of 2009.

The rating agency noted it expects Bancolombia to be challenged by
less favorable credit and macro-economic environments in 2009.
Colombia's GDP growth is expected to slow down to slightly above
zero, from 2.5% in 2008.  The decline in economic growth should
further stress the bank's asset quality, which is nevertheless
supported by proactive risk management and solid reserve coverage.
During the first quarter of 2009, Bancolombia also reported higher
earnings in line with loan and fee expansion though marked by
higher credit costs.

Moody's also noted that while Bancolombia's tier one ratio is
weaker than that of peers in Latin America, its capitalization has
been supported by the bank's good earnings generation and
retention, as well as capitalization of reserves.  Further
acquisitions could however put undue pressure on capital levels,
said the agency.

Moody's last rating action on Bancolombia was on June 19, 2008
when the foreign currency deposit and subordinated debt ratings
were upgraded to Ba2 and Baa3, respectively, as a result of the
upgrade of Colombia's foreign currency ceilings for deposits and
debt.

Bancolombia is headquartered in Medellín, Colombia. As of March
31, 2009, the entity had US$25.5 billion in assets and US$2.4 in
shareholders' equity.  Banagrícola represented 15% of
Bancolombia's consolidated assets and 11% of net income for the
first quarter of 2009.

These ratings were affected:

  -- Bank financial strength rating, upgraded to D+, from D,
     stable outlook

  -- Long term local currency deposit rating of Baa2, affirmed

  -- Short term local currency deposit rating of Prime-3, affirmed

  -- Long term foreign currency deposit rating of Ba2, affirmed

  -- Short term local currency deposit rating of Not Prime,
     affirmed

  -- Long term foreign currency subordinated debt rating of Baa3,
     affirmed


ECOPETROL SA: To Borrow US$3.7 Billion for Expansion, CEO Says
--------------------------------------------------------------
Ecopetrol S.A. Chief Executive Officer Javier Gutierrez said the
company will borrow US$3.7 billion this year to finance its
expansion, Inti Landauro of Dow Jones Newswires reports.  The
report relates the company plans to invest more than
US$6.22 billion this year in increasing production, seeking new
reserves and acquiring operations in Colombia and abroad.

According to the report, Mr. Gutierrez said Ecopetrol will get the
financing partly by selling bonds and partly through loans from
commercial banks.  The company will secure the financing by the
end of the first half of the year, he added.

DJ Newswires notes Ecopetrol's shareholders recently approved
plans to sell as much as US$4 billion in local or foreign bonds,
as part of a broader US$8.1 billion debt program the company will
need over the next three years to finance its expansion.

                       About Ecopetrol S.A.

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

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.


ECOPETROL SA: Sets Aside US$10 Billion for Overseas Buys
--------------------------------------------------------
Ecopetrol S.A. has budgeted US$10 billion to purchase overseas
assets over the next six years, Robert Campbell of Reuters
reports, citing Ecopetrol Vice President in Charge of Exploration
and Production Nelson Navarrete.  The report relates Mr. Navarrete
said the company is considering expanding into Venezuela, Egypt,
Norway and Indonesia.

According to the report, the company plans to spend US$60 billion
to more than double crude oil production by 2015.  The report says
the company is expected to tap international bond markets later
this year for at least US$500 million.

Reuters notes rising production from Ecopetrol has been a key
factor behind the renaissance of Colombia's oil sector.  The
report relates part of the rise in the company's production is
from the Rubiales field, where new pipeline infrastructure will
allow Ecopetrol to boost production.

Ecopetrol, the report notes, will also take over one of the three
operating licenses at the Cusiana-Cupiagua oil and gas field later
this year when BP Plc's license covering the Cupiagua section
expires.

As reported in the Troubled Company Reporter-Latin America on
May 8, 2009, Reuters said Ecopetrol S.A. plans to close a deal to
buy Glencore International AG's 51% share in a local refinery.
Reuters related Ecopetrol S.A. also hopes to close its planned
takeover of Hocol affiliate of France's Maurel and Prom.
Ecopetrol President Javier Gutierrez, as cited by Reuters, said
the company wants to participate in the Ayacucho heavy crude
fields and the Carabobo area in Venezuela as part of its
international expansion plan.

                       About Ecopetrol S.A.

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

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.



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

PETROECUADOR: To Go Ahead With Seized Perenco Oil Auction
---------------------------------------------------------
Petroecuador will move ahead with an auction of 1.4 million
barrels of oil seized from French oil company Perenco SA tomorrow,
May 15, even after the International Centre for the Settlement of
Investment Disputes ordered it to halt the sale, Stephan Kueffner
of Bloomberg News reports, citing Petroecuador spokesman Byron
Galarza.  “There will be no changes to the schedule of the sale
unless the attorney general intervenes,” the report quoted Mr.
Galarza as saying.

As reported in the Troubled Company Reporter-Latin America on
April 22, 2009, Reuters said Petroecuador plans to auction 1
million barrels in seized crude from Perenco.  Ecuador Oil
Minister Derlis Palacios told Reuters in an interview that the
country will continue to auction Perenco's seized crude until the
French oil company repays US$350 million in late taxes.  The
government expects to receive around US$40 million from the
upcoming sale of Perenco's seized crude, he added.

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

                          *     *     *

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



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

CARIBBEAN CEMENT: Dispute With Workers Settled
----------------------------------------------
The dispute which led to a three day strike by workers at
Caribbean Cement Company Limited has reportedly been settled,
RadioJamaica News reports, citing word coming out of a meeting at
the Ministry of Labour.

As reported in the Troubled Company Reporter-Latin America on
May 13, 2009, The Gleaner said Jamaica's Industrial Dispute
Tribunal (IDT) has ordered staff at the Caribbean Cement to resume
work.  Labour Minister Pearnel Charles told The Gleaner that the
matter was brought before the IDT on Sunday after unions
representing workers at the cement company failed to show up for
meetings at the ministry.

According to a TCR-LA report on May 12, 2009, RadioJamaica News
said Caribbean Cement's 200 production workers, around 80% of the
total workforce, walked off from their jobs at the Rockfort in St.
Andrew protesting against the failure of the company to grant them
a pay increase.  The report related the workers were also upset
about new policies which have reportedly been implemented by
Caribbean Cement's management, and other changes implemented by
the company which they claim are contrary to a collective
bargaining agreement.

                     About Caribbean Cement

Headquartered in Rockfort, Kingston, Jamaica, Caribbean Cement
Company Limited -- http://www.caribcement.com-- has been
producing a consistently high quality of portland cement using one
hundred percent Jamaican raw materials since 1952. Carib Cement
has as a subsidiary company Jamaica Gypsum and Quarries Limited
(JGQ), which supplies the company with the gypsum used in the
manufacture of its cement.  The company exports its surplus gypsum
and boasts its own ports for the shipment abroad of both its
cement and gypsum.

The company is a major contributor to the Jamaican economy and
employs some 250 persons.


SUPER PLUS: Turns to Real Estate Portfolio to Raise Funds
---------------------------------------------------------
The Super Plus food chain has turned to its multi-billion dollar
real estate portfolio in order to raise much needed capital,
RadioJamaica reports.  The report relates Super Plus said it is
seeking cash, to among other things, reduce its debt.

"We are under pressure but we're working our way out.  We have
assets that we're divesting to recapitalize the chain but in this
time, it's a slow process,” RadioJamaica quoted SuperPlus Chairman
Wayne Chen as saying.  "We have a lot of real estate and we'll get
liquidity and lower any interest bearing debt."

As reported in the Troubled Company Reporter-Latin America on
April 15, 2009, RadioJamaica said Super Plus closed its branches
in Liguanea, St. Andrew, New Kingston, and Oasis Centre in Spanish
Town, St. Catherine.  The report related Super Plus' head office
at Beverly Vale has reportedly been sold as the company seeks to
rationalize its operations, closing non- performing stores while
at the same time trimming waste.

Super Plus is one of Jamaica's largest food chains.



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

GRUPO GICSA: Moody's Affirms 'B1' Global Currency Issuer Rating
---------------------------------------------------------------
Moody's de Mexico affirmed Grupo GICSA, S.A. de C.V.'s MX-2
national scale short-term rating, Not Prime global scale local
currency short-term rating, Baa1.mx national scale issuer rating,
and its B1 global scale local currency issuer rating.  The rating
outlook is stable, which reflects Moody's expectation that GICSA
will at least maintain it's current metrics and liquidity position
until general economic and financial uncertainties subside.

According to Moody's, these ratings reflect GICSA's business model
as an owner and operator of a portfolio of shopping centers,
offices and industrial properties with recurring leases as well as
an existing development pipeline and a sales revenue stream.
GICSA also has a well established luxury residential sale business
and a 50% JV for the development and ownership of hotels.  The
company has a well diversified portfolio by property type, tenants
and geography.  GICSA has a strong management team with an average
of more than 15 years of experience in the Mexican real estate
sector.  These strengths are tempered by the entity's high
leverage with heavy reliance on property/development specific
financing, some speculative building and cash flows dependent on
property and unit sales, which creates volatility.

Moody's also noted that GICSA's liquidity and funding has been
managed on a non-recourse, project specific, secured debt basis.
The company obtains construction financing for its projects, which
amortizes depending on the type of project.  Its current debt
maturity schedule is well laddered with no more than approximately
8% of its total debt coming due in the next three years.  GICSA's
construction financing providers are institutional long term
investors.  However, like most companies in Mexico, GICSA has no
committed line of credit as a backstop to its commercial paper
program.  Nevertheless, the company has generated free cash flows
to cover its commercial paper program by at least 2.5x.  On the
other hand, the company has no unencumbered assets.  However,
GICSA does manage its cash-flow well with enough internally
managed cash-flow and funding to meet its growth plans and pay all
its debt service and it does not pay a regular dividend.

The real estate market in Mexico is very fragmented and highly
competitive and GICSA's large development pipeline translates into
funding and earnings risk.  The company's asset size, however, is
large by Mexican standards and average vs. US real estate
operators, which somewhat mitigates this risk.  Nevertheless,
GICSA's EBITDA has fluctuated substantially due to its aggressive
growth, through development mostly.  Its fixed charge coverage has
fluctuated from 1.5x at its low to 1.9x at its high in the past
three years.  This is a solid number for a developer and
commercial property owner rated B1.  Also, due to the company's
revenues and earnings capabilities, its EBITDA margins have
consistently been healthy.

The stable outlook incorporates Moody's expectation that GICSA's
credit metrics at least remain at current levels and or continue
to improve as the company continues to enhance and grow its owned
portfolio, while prudently managing its development pipeline and
at least maintaining its operating margins.  The outlook also
incorporates GICSA's position as a leading owner, operator and
developer of real estate in Mexico.  Moody's will monitor GICSA's
opportunistic investment and growth strategy and the funding of
its growth strategy.

Moody's stated that upward rating movements will be predicated
upon continued successful progress in its development and growth
strategy accompanied by material improvements in the company's
credit profile including: increase in size closer US$5 billion in
total assets, fixed charge coverage including interest,
capitalized interest, principal amortization and JVs, closer to
3X, and Debt/EBITDA closer to 4X.  The company's aggressive growth
and funding strategy, coupled with its limited history of
accessing the public debt markets are challenges to ratings
improvement in the medium term.  Downward rating pressure on both
the global and national scales ratings would occur from any
significant missteps in its development pipeline or growth plans
causing a 10% or more of reduction in revenues.  In addition,
material mismanagement of its development pipeline, causing
returns to fall by more than 15%, its projected occupancies to
decline by more than 10% and deterioration in GICSA's credit
profile: fixed charge coverage below 1.8X and Debt/EBITDA close to
12X, will also place downward ratings pressure.

These ratings were affirmed with a stable outlook:

* Grupo GICSA, S.A. de C.V. -- MX-2 national scale short-term
  rating; Not Prime global scale local currency short-term rating;
  Baa1.mx national scale issuer rating, and a B1 global scale
  local currency issuer rating.

In its most recent rating action with respect to GICSA, Moody's
assigned its MX-2 national scale rating and its Not Prime global
scale local currency rating to GICSA for its Mexican Pesos
commercial paper program on July 28, 2008.

GICSA, based in Mexico City, Mexico is an owner, operator and
developer of real estate in Mexico.  The company owns a portfolio
of shopping centers, offices and industrial properties with
recurring leases as well as an existing development pipeline and a
sales revenue stream.  GIGSA also has a well established luxury
residential sale business and a 50% JV for the development and
ownership of hotels.



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

FIRSTBANK PUERTO: S&P Gives Negative Outlook; Keeps 'BB+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
FirstBank Puerto Rico to negative from stable.  At the same time,
Standard & Poor's affirmed its 'BB+' long-term counterparty credit
rating on FirstBank Puerto Rico.

"The negative outlook reflects S&P's increased concerns over the
rapid deterioration in credit quality showing up in elevated
nonperforming assets and net charge-offs; this points to higher
reserves in future," said Standard & Poor's credit analyst Lidia
Parfeniuk.  S&P expects that rising credit costs will continue to
pressure operating earnings growth and capital ratios.

S&P is factoring in material additions to nonperforming levels
(NPA including delinquencies/total assets stood at 7.14% at March
31, 2009 while NCOs were 1.18%) this year and next, which also are
currently higher than some peers'.  This reflects the continued
deterioration in the bank's material concentration to construction
and land loans in the high-risk Florida real estate market where
home prices have weakened substantially and sales activity remains
depressed.  Meanwhile, the bank's domestic consumer portfolio and
business including construction loans portfolio are coming under
increased pressure, reflecting the protracted recession in Puerto
Rico.

The negative outlook reflects S&P's expectation of further
deterioration in credit quality coupled with the likelihood for
additional losses in 2009 given the weak economic environment.
Consequently, the rating is under pressure and further material
increases in NPAs will result in a downgrade.  Should asset
quality stabilize and begin to improve, S&P could revise the
outlook to stable; however, S&P view this scenario as less likely,
given the general weak economy.



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

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

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

Oct. 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.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, 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 * * *