TCRLA_Public/090515.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

              Friday, May 15, 2009, Vol. 10, No. 95

                            Headlines

A R G E N T I N A

BAGNOT SA: Proofs of Claim Verification Deadline Is June 25
BAZAR Y EQUIPOS: Proofs of Claim Verification Deadline Is July 1
CHANAR CORRAL: Proofs of Claim Verification Deadline Is June 26
CONTENIDOS: Proofs of Claim Verification Deadline Is June 12
EMPRENDIMIENTOS: Proofs of Claim Verification Deadline Is June 6

FADIP FABRICA: Proofs of Claim Verification Deadline Is June 23
IRSA: Incurs ARS106 Million Net Loss in 9-Months 2009
MANUEL UGARTE: Proofs of Claim Verification Deadline Is June 29
MAQUINARIA SOTANA: Proofs of Claim Verification Deadline Is June 5
PAPELERA: Proofs of Claim Verification Deadline Is July 10


B E R M U D A

BERMUDA COMMERCIAL: Scraps Dividend Amid Plunge in Profit


B R A Z I L

AES CORP: Brazilian Unit's 1Q Net Profit Drops 2% to BRL148 Mln
CSN: Taps Paulo Marques as New Chief Financial Officer
CSN: First Quarter Net Revenue Drops 19% to R$2.44 Billion
SADIA SA: Incurs BRL239.2 Mln Consolidated Loss in First Quarter
TAM SA: Records 86.2% International Market Share in April


C A Y M A N  I S L A N D S

AGA STRATEGIC: Placed Under Voluntary Wind-Up
BERNARD L. MADOFF: Trustee Seeks US$1-Bln From Cayman Fund Harley
BERNI HOLDINGS: Creditors' Proofs of Debt Due on June 5
BWGLOBAL – GLOBAL: Placed Under Voluntary Wind-Up
CAYMAN ISLANDS NOMURA: Creditors' Proofs of Debt Due on June 1

CLSP OVERSEAS: Creditors' Proofs of Debt Due on May 26
CSERE ATRIUM: Placed Under Voluntary Wind-Up
EUROPEAN TELECOM: Shareholders Opt to Wind Up Operations
PRISMA SELECT: Placed Under Voluntary Wind-Up
SANTA BARBARA: Creditors' Proofs of Debt Due on June 11

WORSELEY INVESTMENTS: Creditors' Proofs of Debt Due on June 12


D O M I N I C A N  R E P U B L I C

CAP CANA: Simpson Thacher Represents Firm in Debt Restructuring
MERCATIL BANK: 10-Year Sentence Against Ex-President Sought
* DOMINICAN REP: Power Firms Seek to Force US$148MM Debt Payment


G U Y A N A

CL FIN'L: CLICO Guyana to Get US$15-Million from Petroleum Fund


J A M A I C A

AIR JAMAICA: Gets Two Privatization Offers, Minister Says
JAMAICAN PRODUCERS: Turns Around With JMD45.4 Mln Net Profit in 1Q


M E X I C O

BANCO HSBC: S&P Downgrades Counterparty Credit Rating to 'BB'


T R I N I D A D  &  T O B A G O

MARUBENI CORP: No Takers for MaruEnergy Trinidad's Bond Offer


V E N E Z U E L A

* VENEZUELA: CPC Corp Seeks Higher Compensation for Oil Assets


                         - - - - -


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

BAGNOT SA: Proofs of Claim Verification Deadline Is June 25
-----------------------------------------------------------
The court-appointed trustee for Bagnot S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 25, 2009.

The trustee will present the validated claims in court as
individual reports on August 24, 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 5, 2009.


BAZAR Y EQUIPOS: Proofs of Claim Verification Deadline Is July 1
----------------------------------------------------------------
The court-appointed trustee for Bazar y Equipos para Gastronomia
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 1, 2009.

The trustee will present the validated claims in court as
individual reports on August 11, 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 21, 2009.


CHANAR CORRAL: Proofs of Claim Verification Deadline Is June 26
---------------------------------------------------------------
Marcos Guido Conavero, the court-appointed trustee for Chanar
Corral SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until June 26, 2009.

Mr. Conavero 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.

The Trustee can be reached at:

          Marcos Guido Conavero
          Laprida 1253
          Buenos Aires, Argentina


CONTENIDOS: Proofs of Claim Verification Deadline Is June 12
------------------------------------------------------------
Bernardino Margolis, the court-appointed trustee for Contenidos
Editoriales SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 12, 2009.

Mr. Margolis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

          Bernardino Margolis
          Parana 426
          Buenos Aires, Argentina


EMPRENDIMIENTOS: Proofs of Claim Verification Deadline Is June 6
----------------------------------------------------------------
Marta Susana Guillemi, the court-appointed trustee for
Emprendimientos Gastronómicos Indigo SRL's bankruptcy proceeding,
will be verifying creditors' proofs of claim until June 6, 2009.

Ms. Guillemi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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:

          Marta Susana Guillemi
          Avenida Corrientes 1585
          Buenos Aires, Argentina


FADIP FABRICA: Proofs of Claim Verification Deadline Is June 23
---------------------------------------------------------------
Nestor Delfor Monti, the court-appointed trustee for Fadip Fabrica
Argentina de Instrumentos de Precision SA's bankruptcy proceeding,
will be verifying creditors' proofs of claim until June 23, 2009.

Mr. Monti will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 6 in
Buenos Aires, with the assistance of Clerk No. 12, 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 8, 2010.

The Trustee can be reached at:

          Nestor Delfor Monti
          avenida Córdoba 1525
          Buenos Aires, Argentina


IRSA: Incurs ARS106 Million Net Loss in 9-Months 2009
-----------------------------------------------------
IRSA Inversiones Representaciones SA (IRSA) reported a
ARS106 million (US$28.4 million) net loss for the first nine
months of the 2009 fiscal year, from a ARS22.8 million net profit
last year, Taos Turner of Dow Jones Newswires reports.

"IRSA's results for the first nine months mainly reflect the
impact of the financial market's volatility on the consumer
finance business, on the financial results derived from
fluctuations in the exchange rate applied for valuing our stock of
debt, and on the results from our related company Banco
Hipotecario S.A. caused by the lower valuation of its financial
asset portfolio," IRSA said in a statement obtained by the news
agency.

                            About IRSA

IRSA Inversiones Representaciones SA (IRSA) is an Argentinean
company active in the real estate sector.  The main activity of
the Company is the acquisition of undeveloped land in areas for
future development or sale; as well as the acquisition of offices
and other properties primarily for rental purposes.  The company
owns 11.8% of Banco Hipotecario SA.  On August 2007, the company
bought 50% of the property known as Bank Boston.  Together with
CYRELA SA, a Brazilian real estate developer, the company created
IRSA-CYRELA (CYRSA), engaged in the house development in
Argentina.  The company is also involved in purchasing and
managing shopping centers through its subsidiary, Alto Palermo SA,
which owns 10 shopping centers located in Buenos Aires and other
provinces.  The company is also involved in the purchase and
operation of luxury hotels.


MANUEL UGARTE: Proofs of Claim Verification Deadline Is June 29
---------------------------------------------------------------
Ulderico Laudren, the court-appointed trustee for Manuel Ugarte
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until June 29, 2009.

Mr. Laudren will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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:

          Ulderico Laudren
          Libertad 293
          Buenos Aires, Argentina


MAQUINARIA SOTANA: Proofs of Claim Verification Deadline Is June 5
------------------------------------------------------------------
The court-appointed trustee for Maquinaria Sotana S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until June 5, 2009.

The trustee will present the validated claims in court as
individual reports on August 5, 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 17, 2009.


PAPELERA: Proofs of Claim Verification Deadline Is July 10
----------------------------------------------------------
Estudio Canapeti y Llovera, the court-appointed trustee for
Papelera Corrientes S A's bankruptcy proceeding, will be verifying
creditors' proofs of claim until July 10, 2009.

Mr. Llovera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

          Estudio Canapeti y Llovera
          Avenida Roque, Saenz Pena 720
          Buenos Aires, Argentina



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

BERMUDA COMMERCIAL: Scraps Dividend Amid Plunge in Profit
---------------------------------------------------------
Bermuda Commercial Bank Limited has cut its semi-annual dividend
to zero after its profit for the six-months ended March 31, 2009,
plunged by US$3.71 million to US$680,000, from US$4.39 million in
the same period last year, Alex Wright of the Royal Gazette
reports.  The report relates the bank's earnings per share
decreased 11 cents from 75 cents a year ago.

According to the report, the bank's net interest income for the
period was US$3.37 million from US$5.43 million for the same time
in 2008 due to the dramatic reduction in global and, in
particular, U.S. interest rates to historically low levels.

The report says the bank's balance sheet suffered the knock-on
effect from the financial downturn, which heavily impacted the
transaction flow and deposit levels of some of its larger
customers.  The Gazette relates the bank's total assets declined
by 10.6% from US$486.84 million at September 30, 2008 to US$435.36
million at March 31, 2009, with total assets at US$696.45 million
by the end of March last year.

                         *     *     *

As of May 14, 2009, the bank continues to carry Moody's “D+” Bank
Financial Strength Rating.



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

AES CORP: Brazilian Unit's 1Q Net Profit Drops 2% to BRL148 Mln
---------------------------------------------------------------
AES Eletropaulo (AES), a unit of AES Corporation, posted a 2% drop
in its first quarter net profit to BRL148 million on weaker
consumption and a jump in retirement-related benefit costs, Jeff
Fick of Dow Jones Newswires reports.  The report relates the
company recorded a BRL151 million profit in the same period last
year.

AES Eletropaulo's first-quarter results reflected an 8.01% rate
adjustment by regulator Aneel in July, a decline in consumption
and increased retirement costs, the company said in a statement
obtained by Bloomberg News.

According to the report, the company's first quarter revenue
increased 5.3% to BRL1.85 billion from BRL1.76 billion in the
first quarter of 2008.

The report notes AES Eletropaulo's Ebitda in the first quarter
were BRL356 million, down from BRL361 million in the year-ago
quarter, while Ebitda margin fell to 19.2% in the first quarter
versus 20.6% in the year-ago period.

                      About AES Eletropaulo

AES Eletropaulo is a major Brazilian power distributor in the
state of Sao Paulo, created in the breakup of the old state-owned
power distribution company Eletropaulo that monopolized
electricity distribution in São Paulo from 1981 to 1999.
The similarity of the names makes most old customers call it
simply Eletropaulo.

Eletropaulo has around 5 million customers, and it's stock is
traded on Bovespa, where it is part of the Ibovespa index.  The
company is majority owned by AES Corporation.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


CSN: Taps Paulo Marques as New Chief Financial Officer
------------------------------------------------------
Companhia Siderurgica Nacional S.A. (CSN) has named Paulo Penido
Pinto Marques as its new Chief Financial Officer, LatinFrance
reports.  Mr. Marques will replace Otavio de Garcia Lazcano, who
had held the position since August 2006.

According to the report, Mr. Penido was previously the CFO of
Usiminas.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


CSN: First Quarter Net Revenue Drops 19% to R$2.44 Billion
----------------------------------------------------------
Companhia Siderurgica Nacional S.A.(CSN)'s first quarter net
revenue decreased 19% to R$2.44 billion from R$3.03 billion in the
same period last year.

The company's gross margin stood at 32.8%, a 7.6 p.p. year-on-year
reduction.

CSN recorded an EBITDA of R$683 million in the 1Q09, 47% down on
the first three months of last year, while the EBITDA margin fell
by 14 p.p. To 28%.

The company's net income totaled R$369 million in the 1Q09, 52%
down on the 1Q08.

CSN's market share of the domestic flat steel market in the 1Q09
amounted to 37%, while its individual shares of the tin plate,
galvanized, hot-rolled and cold-rolled markets came to 99%, 43%,
28% and 28%, respectively.

                            About CSN

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


SADIA SA: Incurs BRL239.2 Mln Consolidated Loss in First Quarter
----------------------------------------------------------------
Sadia SA incurred a BRL239.2 million net loss in the first quarter
2009 from a BRL248.3 million net profit in the same period last
year, Bloomberg News reports.  The report relates the company's
first quarter net sales rose 8.1% to BRL2.46 billion.

According to the report, Sadia faced rising interest costs after
borrowing money to cover losses on currency futures contracts.

Financial losses, the report says, were BRL260 million in the
quarter, compared with a financial gain of BRL90.2 million a year
earlier.

                        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.


TAM SA: Records 86.2% International Market Share in April
---------------------------------------------------------
TAM S.A. reports operating data for April 2009, as disclosed by
the Brazilian National Civil Aviation Agency (ANAC).

According to ANAC, the airline registered 6.5% increase in
domestic demand from the same period last year, and 10.6% increase
in domestic supply.  In April, market demand increased 2.0% and
market supply increased 6.7%.

The company registered domestic market share of 49.2%, a 2.1 p.p.
increase from the same period in 2008, while domestic load factor
was 64.1%, 1.1 p.p. higher than the market average of 63.0%.

In the international market, the company registered 23.2% growth
in demand and 25.2% in supply, compared to April 2008, while
attaining a market share of 86.2%, representing 13.8 p.p. growth
year on year.

TAM SA attained a 72.7% load factor, 4.0 p.p. higher than the
market average of 68.6%.

                          About TAM S.A.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As of April 21, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.



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

AGA STRATEGIC: Placed Under Voluntary Wind-Up
---------------------------------------------
On April 22, 2009, the sole shareholder of AGA Strategic Realty
International, 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


BERNARD L. MADOFF: Trustee Seeks US$1-Bln From Cayman Fund Harley
-----------------------------------------------------------------
Bernard L Madoff Investment Securities LLC trustee Irving
Picard -- appointed under the Securities Investor Protection Act
to liquidate the company -- has filed a lawsuit against Cayman
Islands hedge fund Harley International Ltd seeking more than US$1
billion, Reuters reports.

The report relates the lawsuit, filed with the Manhattan federal
bankruptcy court, said Harley International withdrew US$425
million from swindler Bernard L. Madoff in the three months before
his arrest.  "In just the 90 days prior to Mr. Madoff's public
disclosure of the Ponzi scheme, defendant Harley withdrew
US$425 million from BLMIS (Bernard L. Madoff Investment Securities
LLC), which it knew or should have known was nonexistent principal
and other investors' money," according to the court document
obtained by the news agency.

According to the lawsuit, Reuters notes, Harley received
unrealistically high and consistent annual returns of 13.5% from
at least 1996 until 2008.

Reuters relates the lawsuit added that between February 1998 and
November 2008 the defendant's account statements displayed at
least 148 trades purportedly executed at a price outside the daily
price range.  "This pattern in defendant's account should have
caused a sophisticated hedge fund like defendant Harley and its
managers to independently verify the trades with the public
exchanges and demand more transparency into the operations of
BLMIS."

                    About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
istrict Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


BERNI HOLDINGS: Creditors' Proofs of Debt Due on June 5
-------------------------------------------------------
The creditors of Berni Holdings (Cayman) Limited are required to
file their proofs of debt by June 5, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2009.

The company's liquidator is:

          Ogier
          c/o Bryant Terry
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815 1803
          Facsimile: (345) 949 1986


BWGLOBAL – GLOBAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On April 3, 2009, the sole shareholder of BWGlobal - Global
Currency Strategy Fund, 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


CAYMAN ISLANDS NOMURA: Creditors' Proofs of Debt Due on June 1
--------------------------------------------------------------
The creditors of Cayman Islands Nomura Fund Investments are
required to file their proofs of debt by June 1, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2009.

The company's liquidator is:

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


CLSP OVERSEAS: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------
The creditors of CLSP Overseas, Ltd. are required to file their
proofs of debt by May 26, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 24, 2009.

The company's liquidator is:

          Richard L. Finlay
          P.O. Box 2681, Grand Cayman, KY1-1111
          Cayman Islands
          Telephone: (345) 945 3901
          Facsimile: (345) 945 3902


CSERE ATRIUM: Placed Under Voluntary Wind-Up
--------------------------------------------
On March 31, 2009, the sole shareholder of Csere Atrium Limited
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


EUROPEAN TELECOM: Shareholders Opt to Wind Up Operations
--------------------------------------------------------
On March 31, 2009, the shareholders of European Telecom Investment
Corporation passed a written resolution that voluntarily winds up
the company's operations.

The company's liquidator is:

         Yoichi Nakao
         22-5, Misuzugaoka
         Aoba-ku, Yokohama
         Japan


PRISMA SELECT: Placed Under Voluntary Wind-Up
---------------------------------------------
On April 3, 2009, the sole shareholder of Prisma Select Fund SPV
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


SANTA BARBARA: Creditors' Proofs of Debt Due on June 11
-------------------------------------------------------
The creditors of Santa Barbara Holdings Ltd. 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 23, 2009.

The company's liquidators are:

          Geoffrey Varga
          Nicolas Matthews
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 623 0007


WORSELEY INVESTMENTS: Creditors' Proofs of Debt Due on June 12
--------------------------------------------------------------
The creditors of Worseley Investments Ltd. 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 24, 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



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

CAP CANA: Simpson Thacher Represents Firm in Debt Restructuring
---------------------------------------------------------------
Simpson Thacher & Bartlett LLP has represented Dominican Republic
resort developer Cap Cana S.A. in completing a successful debt
restructuring of $250 million of bonds.  The bond restructuring
allowed the 30,000-acre property to avoid default and regain
financial footing to focus on its ambitious build-out and sales
effort for luxury homes and villas.

The centerpiece of the restructuring was an exchange offer of
senior debt that substantially reduces the developer’s short-term
interest payments while extending their maturity by three years.
According to Simpson Thacher corporate partner Jaime Mercado, who
led the Cap Cana team, the exchange will substantially reduce the
developer’s interest payments on a yearly basis through maturity
of the new bonds.

Although the offer needed 51% of noteholders to take effect,
nearly 96% chose to participate in the exchange.  Noteholders are
comprised of a group of some 40 institutional investors from Asia,
Latin America, Europe and the U.S.

Specifically, the company retired substantially all of its 9.625%
senior secured notes and issued $129,990,800 in 10% notes due
2016, along with an additional $126,567,000 of 10% senior secured
recovery notes, also due in 2016.  Noteholders also approved
amendments to the indenture for the old notes, modifying or
eliminating covenants.

The debt exchange offer follows the earlier restructuring of a
$100 million bridge loan arranged by Deutsche Bank and Morgan
Stanley in December 2008.

Cap Cana, which at build-out will be approximately twice the size
of Manhattan, will include high-end villas and condos, various
hotel properties, a marina, and a pair of golf courses  (one of
which is currently in operation) designed by the legendary Jack
Nicklaus.  The property features more than five miles of coastline
and beaches and more than 45 square miles of land.  Cap Cana’s
controlling shareholders are the Hazoury family of Santo Domingo.

The worldwide financial crisis wreaked major havoc on Cap Cana’s
financial condition and on its development plans principally as a
result of the freezing of access to credit in the international
markets.  Cap Cana obtained a $100-million bridge loan in November
2007, and sought additional bond financing in 2008 through Lehman
Brothers, but that firm’s collapse and the worldwide financial
crisis precipitated the necessity of restructuring the terms of
the bridge loan and the original bond offering.

“The resolution of this issue is of major importance for Cap Cana,
as well as for the Dominican Republic and for international
financing and resort development generally,” said Mr. Mercado, who
has represented Cap Cana since its announced development plan in
2001.

“It allows Cap Cana to focus on critical short-term measures such
as reorganizing internal operations and focusing on its
obligations to stakeholders, including its core group of property
owners.  The deal reached with bondholders is a critical step in
allowing Cap Cana to realize its potential as the biggest and most
ambitious resort project in the Americas.”

Cap Cana executive vice president George Spence said the company’s
need to seek “uncharted solutions” to its debt and financing
predicament left its fate tied to the judgment and skill of the
Simpson Thacher team and that of its financial advisers, The
Weston Group.

Mr. Spence commented: “For my part, and for Cap Cana, S.A., the
success of this landmark transaction was due in no small measure
to the unstinting commitment, tireless professionalism, clarity of
judgment, and dogged persistence of a group of Simpson Thacher &
Bartlett lawyers led by Jaime Mercado.”

In addition to Mr. Mercado, the Simpson Thacher team included
Kristen Davis, Of Counsel, and associates Patrick Baron, Benjamin
Wolf and Alex de la Cruz, all of the New York office.

             About Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP -- http://www.simpsonthacher.com--
is a leading global law firm with offices in New York, Beijing,
Hong Kong, London, Los Angeles, Palo Alto, Tokyo, and Washington,
D.C. Established in 1884, the Firm has more than 800 lawyers.
Globally, the Firm provides coordinated legal advice on the
world’s largest and most complex corporate transactions and
litigation matters.

                         About Cap Cana

Cap Cana S.A. is owner and developer of a resort complex (Cap
Cana) on the Dominican easter tip.  The resort copmplex is being
developed as a multiuse luxury resort in the Caribbean with world-
class beaches, championship golf courses, yachting facilities and
other leisure amenities.  The property consists of over 46 square
miles (119.9 square kilometers) of land, including a five-mile
(eight kilometer) coastline and 2.2 miles (3.5 kilometers) of one
of the most pristine beaches in the region.  As of September 30,
2008, Cap Cana S.A. had invested approximately US$485 million in
infrastructure and other improvements.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Nov. 4, 2008, Fitch Ratings downgraded the rating on Cap Cana,
S.A.'s US$250 million senior secured notes from 'B' to 'CCC/RR4'.
The rating was also placed on Rating Watch Negative.


MERCATIL BANK: 10-Year Sentence Against Ex-President Sought
-----------------------------------------------------------
The Justice Ministry requested 10-year prison sentence and
RD$2.5 billion fine against former Mercantil Bank President Andres
Aybar, accused of embezzling more than RD$11 billion from the
bank, The Dominican Today reports.

The report relates for the other defendant, the prosecution asked
the National District First Collegiate Court to sentence:

   -- Mercantil Ex-Vice President Evelyn Perez with
      6 years in prison and RD$2 million fine;

   -- Ex-Vice President Maximiliano Moya with 4 years
      prison sentence and RD$1.5 billion fine; and

   --  Ex-Vice President Juan Reyes with 4 years
       prison sentence and RD$1.5 billion fine.

According to the report, the defendants were accused of forgery,
embezzlement, breach of trust and other irregularities.

The Dominican Today notes the Justice Ministry dropped all charges
against ex vice-president Juan Oller and requested one year in
prison against the private employee Rafael Faxas-Flores.


* DOMINICAN REP: Power Firms Seek to Force US$148MM Debt Payment
----------------------------------------------------------------
Power companies AES Dominicana, AES Andres, Itabo and DPP began
the process to place a lien on the accounts of the electricity
distributors (Edes), to seek payment of a current debt of US$148
million, The Domincan Today reports.  The report relates the debt,
which is already four months overdue, is for energy served from
part of 2008 to 2009.

“The liens were placed . . . to seek a payment of the debt, the
fact is there’s a delay with the payment basically of
US$150 million,” AES Dominicana President Marcos De La Rosa told
the news agency in an interview.  Edes also owed AES Dominicana
US$77 million in past debt frozen since 2004, he added.

According to the report, AES Dominicana said the lack of payment
to its generators will deteriorate the country’s electricity
service because the lack of funds prevents it from acquiring the
fuels to continue operating normally.

The Dominican notes EdeEste spokesman Marcos Cadet confirmed the
liens on its accounts, but said those measures don’t solve the
problem, because from their billing they have allocated US$40
million in the first fourth months.  “That lien on the account
complicates things still more," the report quoted Mr. Cadet as
saying.

The country’s power companies, the report adds, said Edes owe them
US$712 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 29, 2008, Fitch Ratings affirmed the Dominican Republic's
ratings as:

  -- Foreign currency issuer default rating at 'B';
  -- Local currency issuer default rating at 'B';
  -- Country ceiling at 'B+';
  -- Brady bonds at 'B+/RR3';
  -- Senior unsecured debt at 'B/RR4';
  -- Short-term foreign currency issuer default rating at 'B'.



===========
G U Y A N A
===========

CL FIN'L: CLICO Guyana to Get US$15-Million from Petroleum Fund
---------------------------------------------------------------
CLICO Life and General Insurance Company South America Limited
(CLICO Guyana) will get a US$15-million drawdown from Caribbean
Petroleum Fund (CPF), The Jamaica Gleaner reports.  The report
relates Guyana President Bharrat Jagdeo said the funds will be
used to shore up policyholders of Colonial Life Insurance Company
(CLICO), a unit of CL Financial Limited.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2009, Caribbean360.com said the Caribbean Community
(CARICOM) agreed to set aside funds from the Caribbean Petroleum
Fund for CLICO Guyana to close the liability-asset gap of the
local company.  According to Caribbean360.com, CARICOM's decision
followed Mr. Jagdeo's appeals at the recent Fifth Summit of the
Americas in the Americas, where he argued that it was not fair
that CARICOM was putting US$50 million from the fund into a
special facility to deal with Organisation of Eastern Caribbean
States (OECS) countries that had problems with British American
(Insurance Company) and CLICO, since it is a regional problem that
needs a regional solution.  The report related Mr. Jagdeo said the
injection of these funds, would reduce the company's
liability-asset gap even further and possibly eliminate it
altogether.

According to a TCR-LA report on April 22, 2009, citing Caribbean
Net News, during an April 14 hearing before Chief Justice Ian
Chang in the High Court of Guyana, it was revealed that CLICO
Guyana's liabilities exceed the company’s assets by US$55 million
(GY$11 billion) and its assets are not sufficient to meet its
obligations.  The report related Clico Guyana Judicial Manager
Maria van Beek said a best case presentation at liquidation shows
the liabilities exceeding assets by $8.1 billion, emphasizing that
there are ongoing concerns as it relates to the company’s assets
and liabilities.

                       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.



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

AIR JAMAICA: Gets Two Privatization Offers, Minister Says
---------------------------------------------------------
Minister without Portfolio in the Ministry of Finance and the
Public Service, Senator Don Wehby, confirmed that two offers have
been received from investors for the privatization of the national
airline, Air Jamaica Limited, according to a report posted at
CaribbeanPressReleases.com.

RadioJamaica relates Senator Wehby did not identify the bidders,
however, the news agency received reports that one of the bidders
is a consortium of major players in the tourism and airline
industries with connections in Jamaica.

Mr. Wehby, RadioJamica notes, said the two offers are being
reviewed and evaluated before being taken to Cabinet.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2009, Associated Press said the Jamaican government has
extended Air Jamaica 's divestment deadline to June 30 as it tries
to attract buyers.  Radio Jamaica related the airline has been
haemorraghing over US$150 million (JA$13.2 billion) per annum and
government has had to foot the massive bill.  In addition, Radio
Jamaica said, Air Jamaica currently has loans outstanding of over
US$600 million (JA$52.8 billion).

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


JAMAICAN PRODUCERS: Turns Around With JMD45.4 Mln Net Profit in 1Q
------------------------------------------------------------------
Jamaica Producers Group Limited recorded a JMD45.4 million net
profit in the first quarter ended March 28, 2009, a strong turn
around, from the JMD312.7 million of losses in same period last
year, Sabrina Gordon of the Jamaica Gleaner reports.

The report recalls the company incurred a massive net loss of
JMD2.86 billion, a near sixfold decline, for the year-ended
December 31, 2008; with a JMD1.64 billion loss on discontinued
operations, and had a JMD962 million charge linked to disposal of
interest in subsidiaries.

According to the Gleaner, the company attributed the first quarter
profit from JMD1.3 billion of revenue, and fourfold growth from
the JMD339.6 million that those same businesses grossed in the
year prior period.  The report relates, citing a statement to
shareholders, Chairman Charles Johnston said the boost in top-line
first quarter income was also largely from new acquisition
Hoogesteger, which grew JP Europe's revenue by 383% to JMD990
million.

In addition, the Gleaner notes Chief Executive Officer Jeffrey
Hall also said the first quarter performance was due to the
company's exit of lossmaker U.K. unit, Serious Foods Limited,
which was placed into administration for restructuring in
preparation for selling off the business.

Prior to the company's exit from Serious Foods business, the
report says, Jamaica Producers also ceased banana production in
Jamaica for export to the United Kingdom, citing major losses as a
result of several hurricanes.

Mr. Hall, the report notes, said the company's focus is now on its
fruit processing/snack business and its fresh juices and smoothies
business in The Netherlands.

                     About Jamaica Producers

Jamaica Producers Group Limited -- http://www.jpjamaica.com/ --
is engaged in juice and food manufacturing and distribution, the
cultivation, marketing and distribution of bananas locally and
overseas, shipping and the holding of investments.  The company is
organized into three business segments: Banana Division, which
comprises the growing, sourcing, ripening, marketing and
distribution of bananas, and the operation of a shipping line that
inter alia transports bananas to the United Kingdom; Fresh &
Processed Foods Division, which comprises the production and
marketing of fresh juices, drinks, and other freshly prepared
foods and tropical snacks, and Corporate segment.  The Fresh &
Processed Foods Division consists of the company's prepared foods
businesses in juice, smoothies, desserts, soups and ready meals,
chilled distribution and tropical snack foods.

                          *     *     *

This concludes the Troubled Company Reporter's coverage of
Jamaica Producers Group Limited  until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.



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

BANCO HSBC: S&P Downgrades Counterparty Credit Rating to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit and CD ratings on Banco HSBC Salvadoreno
S.A. to 'BB' from 'BB+'.  At the same time, S&P affirmed its 'B'
short-term counterparty credit rating on the bank.  The outlook is
stable.

This rating action follows the downgrade of the Republic of El
Salvador to 'BB' From 'BB+.  "The downgrade of HSBC Salvadoreno
reflects the effects of the global economic crisis on El
Salvador's economic performance and the impact S&P expects it to
have on the bank's asset quality and profitability," said Standard
& Poor's credit analyst Leonardo Bravo.

S&P expects El Salvador's real GDP growth estimate of negative
1.5% in 2009 to pressure Banco HSBC Salvadoreno's asset quality
and profitability.  S&P expects economic activity to recover
gradually, with the real GDP nearly flat in 2010 and then slowly
increasing to 3% in 2011, a trend still below that of many of El
Salvador's peers.  The weak performance in 2009 reflects falling
consumption, investments, and exports as a result of the global
recession, especially in the U.S.

The downgrade also reflects S&P's view that in current global
financial circumstances and amid a more complicated economic
outlook for El Salvador, HSBC Salvadoreno does not have sufficient
operational and financial flexibility to deal with the indirect
sovereign risk, even as it intensifies in a more difficult
environment.  It is S&P's opinion that under the current
circumstances, in a sovereign stress scenario, HSBC Salvadoreno
might suffer given the high linkages with the sovereign in asset
deterioration and S&P's expectation of a more adverse economic
environment and slower business dynamics for the sector.

S&P's rating on Banco HSBC Salvadoreño S.A. is constrained by its
vulnerable asset quality and low reserve coverage of nonperforming
assets.  The ratings are also constrained by strong competition
and the relatively small size and limited diversification of El
Salvador's economy.  The ratings are supported by the
strategically important status of Salvadoreño to HSBC Holdings PLC
(AA-/Negative/A-1+), the bank's satisfactory market position,
diversified portfolio, adequate performance, and lower exposure to
real estate-related loans than that of peers.

The stable outlook reflects S&P's opinion that given the more
adverse economic and financial environment the bank will face in
2009 and in 2010, there will be some pressure on recurrent
profitability and asset quality.  If asset quality drops
significantly, with nonperforming loans surpassing 4% and NPAs
surpassing 8%, or if profitability is negative, ratings could be
pressured.  If the slow growth in the Salvadorian economy
intensifies, the bank's overall performance ratings could also be
pressured.  If S&P change the rating or outlook on El Salvador,
S&P would also change its rating on HSBC Salvadoreno.



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

MARUBENI CORP: No Takers for MaruEnergy Trinidad's Bond Offer
-------------------------------------------------------------
A unit of Marubeni Corporation, MaruEnergy Trinidad (MET), offered
to buy back its outstanding 7.017% notes seven years before
maturity but it was not taken up by bondholders, Jamaica Gleaner
reports.

According to the report, the offer closed May 7 "with no notes
validly tendered and accepted for purchase by MET."

The report relates an earlier cash offer for the bonds by another
Marubeni subsidiary -- Marubeni Power (Cayman Islands) Finance
Limited -- had resulted in take-up of about 39 per cent of the
outstanding bonds.

Marubeni Power paid US$38.985 million "in aggregate principal" to
redeem those bonds, the report notes.

Marubeni Corporation -- http://www.marubeni.com-- is a
Japan-based trading company.  It has 13 business segments: Food,
which produces and sells grains, sugar and processed food;
Textile, including the planning, proposal, sale and logistics of
apparel products; Material and Paper Pulp, which sells rubber
products, footwear and paper; Chemical Product, which offers
electronic materials and agrochemicals; Energy, such as the
development of petroleum and gases; Metal Material, including
the manufacture and sale of nonferrous light metals;
Transportation and Industrial Machines, including the wholesale
and retail of transportation-related and manufacturing
equipment; Plant, Infrastructure and Ship, including the
delivery and engineering of industrial plants and
infrastructure-related machines; Information, which sells
computers and others; Development and Construction, which
operates real estate; Finance, Logistics and Others, including
the operation of funds, and Steel, such as the production of
steel products.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 3, 2008, Lehman Brothers Inc. filed a lawsuit against
Marubeni Corp., claiming damages totaling JPY35.2 billion for a
bogus investment scheme.

Lehman was seeking to recoup JPY35 billion it loaned to a fund
run by a unit of Japanese biotechnology company LTT Bio-Pharma
Co.  The funds were secured by Marubeni.

Previous reports said, citing unnamed sources, that Lehman
Brothers lost billions in investment in a hospital bailout
project carried out by a Tokyo-based medical consultancy named
Aesculapius.

Marubeni had denied any wrongdoing and had said it doesn't have
to cover any damage from the fund because the deal involved fake
documents.



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

* VENEZUELA: CPC Corp Seeks Higher Compensation for Oil Assets
--------------------------------------------------------------
Taiwan state-run petroleum refiner CPC Corp. is seeking increased
compensation from the Venezuelan government for oil assets seized
in 2007, Yu-huay Sun of Bloomberg News reports.

CPC Corp CEO John Hsu said the US$125 million payment Venezuela
put forward is too low.  The company owns 6.5% in the Corocoro
oilfield, which produces about 20,000 barrels of oil a day, he
added.

Bloomberg News recalls the Venezuelan government suspended CPC’s
rights in the field in February 2007 under a takeover order issued
by President Hugo Chavez.  The report relates Mr. Hsu said CPC
invested US$78.7 million in the Corocoro field in the Gulf of
Paria West and US$7 million for 7.5% in Paria East, which hasn’t
started production.

According to the report, Mr. Hsu said the Taipei-based company
will seek international arbitration if talks with the Venezuelan
government fail.

                          About CPC Corp.

Headquartered in Taipei CPC Corp. operates 42 oil and gas wells in
Taiwan.

                           *     *     *

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


                            ***********

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 * * *