TCRLA_Public/090521.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 21, 2009, Vol. 10, No. 99

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD GROUP: Less Than $1-Bil. Available to Pay $7.2B Deposits


A R G E N T I N A

INDUSTRIAS METALURGICAS: S&P Affirms 'B-' Corporate Credit Rating
INDUSTRIAS METALURGICAS: S&P Keeps Corporate Credit Rating at 'B-'
NEXUS CAPITAL: Trustee to Present Validated Claims on Sep. 23
PESQUERA OLIVOS: Trustee Verifying Proofs of Claim Until Aug. 14
PROTECCION BUENOS: Trustee Verifying Proofs of Claim Until July 8


B A R B A D O S

CL FIN'L: Gov't Puts Oversight Committee to Control CLICO Holdings


B E R M U D A

THUNDERHEAD RE: Creditors' Proofs of Debt Due on May 29
THUNDERHEAD RE: Members' Final Meeting Set for June 17


B R A Z I L

BANCO BRADESCO: Bradesco SA Sells 3.5% Stake in CPFL Energia
INFINITY BIO-ENERGY: Seeks Bankruptcy Protection
INFINITY BIO-ENERGY: Cut Off From Jamaica's Sugar-Factory Auction
GERDAU AMERISTEEL: Employees Remain on Strike
GERDAU SA: To Fire Up New Blast Furnace in Tocancipa Plant

GERDAU SA: In Talks With Lenders Over Leverage Covenant
PERDIGAO SA: Agrees to Takes Over Sadia SA
PERDIGAO SA: S&P Puts 'BB+' Corp. Rating on Negative CreditWatch
SADIA SA: Perdigao SA Agrees to Takes Over Firm
SADIA SA: Brazil First Quarter Sales Up 10.3% to 281,590 Tons

* BRAZIL: Budget Ministry Sees 1% Economy Expansion This Year


C A Y M A N  I S L A N D S

ADMIRALTY HOLDINGS: Placed Under Voluntary Wind-Up
BIRMINGHAM LIMITED: Shareholder to Hear Wind-Up Report on June 30
EVEN EUROPEAN: Shareholders' Final Meeting Set for June 12
INTEGRAL TRADE: Shareholder to Hear Wind-Up Report on June 12
INTEGRAL TRADE FUND: Shareholder to Hear Wind-Up Report on June 12

MANAT HOLDINGS: Shareholder to Hear Wind-Up Report on June 12
MARATHON PETROLEUM: Members' Final Meeting Set for June 12
PETROPROD LTD: Creditors Meeting Scheduled on May 28
SORIN CDO: Shareholders' Final Meeting Set for June 12
THE CUSHING MLP: Shareholders' Final Meeting Set for June 12

THE MAGENTA FUND: Shareholders' Final Meeting Set for June 12
THE MAGENTA MASTER: Shareholders' Final Meeting Set for June 12
VIMAJO LTD: Placed Under Voluntary Wind-Up


J A M A I C A

LIME CAY: Health Authorities Shut Operations
SCJ: Former Owners Oppose State Divestment of Business


M E X I C O

METROFINANCIERA SA: S&P Changes Senior Debt Ratings to 'mxD'


P U E R T O  R I C O

MAROT RENTAL: Case Summary & 9 Largest Unsecured Creditors


X X X X X X X X

* IMF Ends Eastern Caribbean Currency Union Talks on Policies
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD GROUP: Less Than $1-Bil. Available to Pay $7.2B Deposits
-----------------------------------------------------------------
Nigel Hamilton-Smith and Peter Wastell, liquidators and receiver-
managers of Stanford International Bank Limited (SIBL) in Antigua,
sent letters to all investors of SIBL, setting out their initial
findings in relation to the actions that have been taken both as
receiver-managers and liquidators, and their initial views on the
financial position of SIBL.

According to Messrs. Smith and Wastell, records indicated that as
of February 19, 2009 the Bank had 27,992 active clients.
Including accrued interest to February 19, 2009 the Bank's records
indicate a total of US$7.2 billion is owed to depositors.

"Since our appointment we have been seeking to confirm the true
value of the Bank's assets," the Liquidators say.  They estimate
that SIB has these assets:

* Cash assets -- US$46 million
* Assets held by financial institutions -- US$472 million
* Sums invested / loaned to corporations -- US$470 million
* Tracing claims -- uncertain

"Total asset values could therefore be below US$1 billion against
depositor liabilities of US$7.2 billion," Messrs. Smith and
Wastell say.  The Liquidators though have not yet tallied all
claims against Stanford.  It said that its online claims
management system will be operational by June 30, 2009, and will
be available at http://www.vantisplc.com/Stanford

The assets they have identified include:

   -- As of close of business on Wednesday, February 18, 2009,
      SIB's records detailed the cash balances being held of
      US$46 million with monies being held in Antigua, Canada,
      United Kingdom and the United States.

   -- Significant amounts of paperwork detail accounts with
      financial institutions and corporations where it would
      appear that SIB had invested monies:

        * Paperwork shows assets, which include equities, bonds,
          private equity investments and cash, being held with
          financial institutions up to a maximum value of US$472
          million, although these values have to be confirmed.

        * Reporting schedules from Stanford Group Company the
          latest being December 31, 2008, showed 17 different
          equity investments managed on behalf of SIB totaling
          US$365 million and loans to 7 companies of a further
          US$105 million, although these values, according to the
          Liquidators, may have been significantly inflated.

        * The last return submitted to the Antiguan Financial
          Services Regulatory Commission in September 2008
          detailed that other Stanford entities held in excess of
          US$4 billion on behalf of SIB.  Initial responses
          received from the US Receiver indicate that they have
          been unable to confirm any monies being held on behalf
          of SIB.

   -- According to its balance sheet, SIB has non investment
      assets valued at US$6.2 million, which include:

        * The freehold property at 1000 Airport Boulevard,
          Coolidge, St John's, Antigua which is occupied by Bank
          of Antigua;

        * A further 3 small parcels of land in Antigua;

        * Office furniture and IT equipment within the Bank's
          head office at No.11 Pavillion Drive, St John's,
          Antigua, the office furniture and IT equipment in
          Montreal, Canada; and

        * A number of motor vehicles.

According to the Liquidators, Swiss financial institutions have
refused to release information without an order of the Swiss
Court. The Liquidators have made the required applications to the
Swiss Court to obtain full disclosure of assets held on behalf of
SIB.

Messrs. Smith and Wastell were appointed receiver-managers Feb. 19
and liquidators on April 16.  They say their appointment arose
because of the restraining order obtained by the U.S. Securities
and Exchange Commission in the United States of America which
meant that SIB no longer had access to its bank accounts (which
were held in a number of countries including Canada, Switzerland,
the United Kingdom, Panama and the United States) to continue its
operations. Separately SIB was in receipt of significant volumes
of e-mails, telephone calls and personal visits from depositors
seeking confirmation that their investments were safe and, in many
instances, seeking the withdrawal of their funds which could not
be processed.

                      About Stanford Group

Stanford companies operated by selling certificates of deposit in
more than 100 discrete locations spanning 15 states in the United
States and 13 countries in Europe, the Caribbean, Canada and Latin
America. Stanford claimed to have more than 30,000 clients located
in 133 countries.

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, on February 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, Stanford Group Company, and investment
adviser Stanford Capital Management.  As reported in the Troubled
Company Reporter-Latin America on April 8, 2009, Bloomberg News
said U.S. District Judge David Godbey seized all of Mr. Stanford's
corporate and personal assets and placed them under the control of
court-appointed SGC receiver Ralph Janvey.

Ralph S. Janvey was appointed on February 16, 2009, by the United
States District Court for the Northern District of Texas to take
possession of all the assets and records of Stanford International
Bank, Ltd., Stanford Group Company, Stanford Capital Management,
LLC, R. Allen Stanford, James M. Davis, and Laura Pendergest-Holt
and of all entities they own or control.

Nigel Hamilton-Smith and Peter Wastell of Vantis Plc were
appointed as liquidators and receiver-managers of the Stanford
bank by the High Court of Justice for Antigua and Barbuda.



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

INDUSTRIAS METALURGICAS: S&P Affirms 'B-' Corporate Credit Rating
-----------------------------------------------------------------
On May 19, 2009, Standard & Poor's Ratings Services affirmed its
global scale ratings, including the corporate credit rating, on
Argentine turbine producer Industrias Metalurgicas Pescarmona
S.A.I.C. y F. at 'B-' and removed them from CreditWatch with
developing implications, where they were placed on April 6, 2009.
The outlook is stable.

The action follows S&P's understanding that IMPSA's liquidity and
financial flexibility are adequate to face the maturity of its $65
million in notes on June 4, 2009.

S&P also believe the company's liquidity could benefit further
from other external cash sources during the next few months, such
as the collection from the sale of a 49% stake in its Ceara wind
project to Brazilian Companhia Energetica de Minas Gerais for
close to $90 million.  Nevertheless, S&P will only give credit to
these after their collection and once S&P get better understanding
of how the company intends to use these monies.

The ratings on IMPSA reflect the company's high leverage and
short-term debt concentration, its exposure to the inherent
volatility of the capital goods industry, and economic turbulence
in the main countries in which it operates.  IMPSA's adequate
competitive position in the hydropower generation turbines
business and some geographic diversification partially mitigate
these factors.  The ratings also incorporate S&P's expectation
that IMPSA's cash generation and financial profile will improve,
on its sizable backlog and business diversification and on its
relatively new division producing wind power generators.

IMPSA is incorporated in Argentina.  However, partially mitigating
the company's Argentine country risk is its traditional
concentration of revenues outside the country and, after a recent
corporate restructuring, nearly completely offshore.
Nevertheless, the company's backlog is concentrated in the
emerging economies of Latin America, mainly in Brazil (42% of the
current backlog) and Venezuela (47%).

In 2008, the company developed a new business unit, wind power
generation, which comprises, at this time, two projects located in
the Brazilian states of Ceara and Santa Catarina and involving an
installed capacity of 100 megawatts and 217 MW, respectively.  The
first project was financed by the Brazilian state-owned
development bank, Caixa Economica Federal, with no recourse to
IMPSA.  National power company Eletrobras S.A. will be the off-
taker for the Ceara project through 20-year power purchase
agreements.  Completion of the Ceara project has been delayed and
now is expected for third-quarter 2009.  For the Santa Catarina
project, completion is expected by late 2010; the company is
currently setting up the financing structure.

For analytical purposes, S&P does not add the debt allocated at
the wind farms' special purpose vehicles to IMPSA's debt.  As of
May 4, 2009, this amounted to $164 million and should increase to
close to $600 million with the financing of the Santa Catarina
project.  S&P does not follow a consolidated approach when
analyzing IMPSA, because even when these projects are strategic
for the company, S&P expects IMPSA to limit its support to planned
equity infusions.  Also, the debt allocated at the SPVs is
nonrecourse to IMPSA.

In recent quarters, working capital needs escalated sharply,
fueled by the ramp-up of Ceara, which as of January 2009 accounted
for more than $200 million.  (The investment in assets related to
the wind farm facility is considered a receivable for accounting
purposes.)  As a consequence, during the fiscal year ended January
2009, IMPSA's free cash flow generation was negative by
approximately $225 million, financed through nonrecourse debt
under the SPV -- although isolating that effect, the company's
free cash flow generation was minimal in fiscal 2009.  Because it
intends to develop the Santa Catarina project similarly to Ceara,
S&P anticipate IMPSA's consolidated financial statements will
continue to show increasing working capital requirements in the
future.  The Santa Catarina wind farm development will contribute
$440 million to IMPSA's backlog.

As of May 4, 2009, IMPSA's backlog in capital goods was adequate,
reaching $1.5 billion, mainly in hydropower turbines (62%) and
wind power generators (38%).  Also, in recent months the company
has transferred its stakes in subsidiaries Impsa Asia Ltd. and TCA
S.A. to related companies, narrowing its business strategy to
producing capital goods and developing greenfield projects.  Impsa
Asia was involved in cranes and TCA in auto parts.  S&P expects
IMPSA's new business focus to give it stronger and more
predictable streams of cash flows and profits.

During the fiscal year ended in January, IMPSA's EBITDA increased
to $98 million, from $68 million in fiscal 2008.  A loss of
$10 million coming from the divested cranes business segment hurt
EBITDA.  The wind power (capital goods) division's increasing
share in revenues and profits contributed with approximately
$51 million to EBITDA, fueling operating performance.  Funds from
operations also improved in the period, to $47 million, compared
to $35 million in previous years.

Including only debt with recourse to IMPSA, S&P expects EBITDA
interest coverage and FFO-to-debt ratios to improve to 3x and 15%,
respectively, in fiscal 2010 and 2011, from 2.3x and 8.2%,
respectively, in the fiscal year ended January 31, 2009.  Although
credit metrics have improved, S&P still see them as somewhat weak,
especially when considering the company's sizable debt maturities
from 2011 to 2014.

As of May 4, 2009, the company's stand-alone debt totaled
$394 million, excluding $164 million of nonrecourse debt.  S&P
expects IMPSA's debt to fall to less than 3.5x EBITDA in fiscal
2010 and 2011, mainly as a consequence of higher EBITDA
generation, compared with 4.2x as of January 2009.  (These ratios
exclude nonrecourse debt and EBITDA generation from the SPVs.)

After transferring its cranes and auto parts operations, IMPSA has
focused its business on providing equipment for hydroelectric and
wind power generation in Latin America and Asia.  The company will
also operate its turnkey wind farms in Brazil in association with
local players.

As of May 4, 2009, IMPSA's liquidity was tight, with consolidated
cash and short-term investments of about $34 million, compared
with short-term debt of about $73 million (principal only), which
includes a bullet bond amortization of $65 million that comes due
on June 4, 2009.  S&P expects the company to collect funds from
external sources in excess of $40 million before that maturity
date, and this would significantly reduce IMPSA's short-term
refinancing risk.

In addition, IMPSA's financial flexibility should improve during
the next few months, with the collection of close to $90 million
from the sale of a 49% stake in the Ceara project to CEMIG, and
some additional working capital inflows of more than $50 million.


The stable outlook incorporates S&P's updated assessment of
IMPSA's short-term refinancing risk.  The ratings or the outlook
could come under pressure if the company encounters problems in
strengthening its cash balances after the payment of the
$65 million, particularly during the following quarter.  In
contrast, S&P could revise the outlook to positive and/or raise
the ratings if the company's cash inflows exceed S&P's base case,
reducing IMPSA's medium-term financial obligations.

         Industrias Metalurgicas Pescarmona S.A.I.C.y.F.

                 Ratings Affirmed; Off CreditWatch

                               To                 From
                               --                 ----
Corporate Credit Rating       B-/Stable/--       B-/Watch Dev/--
Senior Unsecured
  Global Scale                 B-                 B-/Watch Dev

                  Rating Remaining On CreditWatch

       Senior Unsecured
        National Scale                        raBBB+/Watch Dev


INDUSTRIAS METALURGICAS: S&P Keeps Corporate Credit Rating at 'B-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
global scale ratings, including the corporate credit rating, on
Argentine turbine producer Industrias Metalurgicas Pescarmona
S.A.I.C. y F. at 'B-' and removed them from CreditWatch with
developing implications, where they were placed on April 6, 2009.
The outlook is stable.

"The action follows our understanding that IMPSA's liquidity and
financial flexibility are adequate to face the maturity of its
notes in June," said Standard & Poor's credit analyst Diego
Ocampo.

The company's $65 million in notes come due on June 4, 2009.

S&P also believe the company's liquidity could benefit further
from other external cash sources during the next few months, such
as the collection from the sale of a 49% stake in its Ceara wind
project to Brazilian Companhia Energetica de Minas Gerais for
close to $90 million.   Nevertheless, S&P will only give credit to
these after their collection and once S&P get better understanding
of how the company intends to use these monies.

The ratings on IMPSA reflect the company's high leverage and
short-term debt concentration, its exposure to the inherent
volatility of the capital goods industry, and economic turbulence
in the main countries in which it operates.

IMPSA's adequate competitive position in the hydropower generation
turbines business and some geographic diversification partially
mitigate these factors.  The ratings also incorporate S&P's
expectation that IMPSA's cash generation and financial profile
will improve, on its sizable backlog and business diversification
and on its relatively new division producing wind power
generators.


NEXUS CAPITAL: Trustee to Present Validated Claims on Sep. 23
-------------------------------------------------------------
The trustee for Nexus Capital de Argentina S.A. will present the
creditors' validated claims in court as  individual reports on
September 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.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 4, 2009.


PESQUERA OLIVOS: Trustee Verifying Proofs of Claim Until Aug. 14
----------------------------------------------------------------
The court-appointed trustee for Pesquera Olivos S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 14, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 21, 2010.


PROTECCION BUENOS: Trustee Verifying Proofs of Claim Until July 8
-----------------------------------------------------------------
The court-appointed trustee for Proteccion Buenos Aires S.A.
Compaatia de Seguros's liquidation proceedings will be verifying
creditors' proofs of claim until July 8, 2009.

The trustee will present the validated claims in court as
individual reports on September 8, 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.



===============
B A R B A D O S
===============

CL FIN'L: Gov't Puts Oversight Committee to Control CLICO Holdings
-----------------------------------------------------------------
The Barbados government is placing a six-member Oversight
Committee to control the affairs of CLICO Holdings subsidiaries,
prompted by problems faced by its parent CL Financial Limited,
CBC.bb News reports.  The report relates four members of the
Oversight Committee are to be appointed by the government and the
other two by CLICO.

"In the interim, the committee will be responsible for the
approval of expenditure and such decisions as relate to the
financial subsidiaries of CLICO Holdings (CLICO Mortgage and
Finance, CLICO International Life and CLICO International General
Insurance)”, the report quoted Prime Minister David Thompson as
saying.  "We have chosen this route rather than the lengthy and
cumbersome route of judicial management under the Insurance Act."

According to the report, Mr. Thompson said a Memorandum of
Understanding (MOU) had been signed with CLICO to avoid any
uncertainty and to ensure that government's objectives are met.

                        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
=============

THUNDERHEAD RE: Creditors' Proofs of Debt Due on May 29
-------------------------------------------------------
The creditors of Thunderhead Re Ltd. are required to file their
proofs of debt by May 29, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 13, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


THUNDERHEAD RE: Members' Final Meeting Set for June 17
------------------------------------------------------
The members of Thunderhead Re Ltd. will hold their final general
meeting on June 17, 2009, at 9:30 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 13, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda



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

BANCO BRADESCO: Bradesco SA Sells 3.5% Stake in CPFL Energia
------------------------------------------------------------
Heloiza Canassa of Bloomberg News reports that Bradespar SA -- the
investment arm of Banco Bradesco SA -- sold a 3.5% stake in CPFL
Energia SA to reduce debt.

Acccording to the report, Bradespar said in a regulatory filing
that the sale of 16.6 million common shares helped it raise as
much as BRL531.2 million (US$260.5 million).

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

                          *     *     *

As of May 20, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.


INFINITY BIO-ENERGY: Seeks Bankruptcy Protection
------------------------------------------------
Brazilian sugar and ethanol producer Infinity Bio-Energy Brasil
Participacoes S.A. has filed for bankruptcy protection, Peter
Murphy of Reuters reports.  The report relates in a statement,
the company said it was seeking an "orderly" financial recovery by
filing for protection from creditors.

According to Dow Jones Newswires, citing Estado news service,
Company President Sergio Thompson-Flores said the company's woes
were a result of previously low sugar and ethanol prices as well
as delays in the delivery of new equipment.  DJ Newswires relates
Estado said that Infinity also racked up debt of BRL1 billion
(US$500 million).  The company has assets of BRL1.2 billion, DJ
Newswires notes.

Reuters relates the company said it was examining ways of
restructuring its debts and the possibility of seeking more
capital while seeking to preserve jobs and return to growth.
Operations would carry on as usual while it sought to stabilize,
the company said.

                    About Infinity Bio-Energy

Headquartered in Brazil, Infinity Bio-Energy Brasil Participacoes
S.A. produces sugar and ethanol.  It was founded in early 2006.
The company operates five mills in the states of Mato Grosso do
Sul, Minas Gerais and Espirito Santo.


INFINITY BIO-ENERGY: Cut Off From Jamaica's Sugar-Factory Auction
-----------------------------------------------------------------
Brazilian sugar and ethanol producer Infinity Bio-Energy Brasil
Participacoes S.A. has been axed from the list of firms that have
been given the go signal to submit formal bids for the acquisition
of state-owned Sugar Company of Jamaica ("SCJ")'s five sugar
factories, RadioJamaica reports.  The report recalls Infinity Bio
was selected to purchase the entities but failed to come up with
the cash to complete the deal.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, the Gleaner said SCJ's sugar factories are now
expected to be sold off to what has been described as a "priority
four investors.”

According to the Gleaner, the shortlisted four are:

   *  a conglomerate -- Hussey family and American
      partners -- who is going after the Long Pond and Hampden
      Estates in Trelawny;

   *  U.S.-based Energen Corporation for the Petrojam Ethanol
      facility and Bernard Lodge, Innswood, Monymusk estates in
      Clarendon;

   *  Italians Eridania Sadam, who is eyeing the Frome estate in
      Westmoreland; and

   *  Fred M. Jones, in partnership with Seprod Limited, has set
      his sights on the Duckenfield estate in St Thomas.

Meanwhile, Agriculture Minister Dr. Christopher Tufton, as cited
by RadioJamaica, said sugar workers, whose positions were made
redundant, will be paid by June 19.  "They will be paid within the
legally specified period, the six months between the notice pay,
in which the redundancy must be completed.  That six months period
expires on June 19 so there's still some time for the Government
to put in place the necessary measure to complete the payment and
that will be done," the report quoted Dr. Tufton as saying.

                    About Infinity Bio-Energy

Headquartered in Brazil, Infinity Bio-Energy Brasil Participacoes
S.A. produces sugar and ethanol.  It was founded in early 2006.
The company operates five mills in the states of Mato Grosso do
Sul, Minas Gerais and Espirito Santo.


GERDAU AMERISTEEL: Employees Remain on Strike
---------------------------------------------
Two hundred workers of Gerdau Ameristeel Corporation, a unit of
Brazil-based Gerdau S.A., are continuing with their strike that
started May 14, according a report posted at 570.news.com

The report recalls the company's workers walked off the job after
the company said it would pay new hires less and reduce their
benefits in comparison to existing employees.

According to the report, the company said its proposal is aimed at
helping the mill weather the recession and call it fair.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


GERDAU SA: To Fire Up New Blast Furnace in Tocancipa Plant
----------------------------------------------------------
Brazil-based Gerdau S.A. plans to fire up a new blast furnace in
the next few days at its Tocancipa plant, Business News Americas
reports.

"The new equipment will boost the company's installed steel
capacity in Colombia from 510,000 tonne to 760,000 tonne per
year,” a sector executive told BNAmericas in an interview.

According to the report, the executive said that Tocancipa plant
was called Comsisa until Gerdau purchased the company in 2008.
Installation works for the new furnace were delayed because of the
sector crisis, the report relates.

                        About Gerdau S.A.

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

                          *     *     *

As of May 20, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


GERDAU SA: In Talks With Lenders Over Leverage Covenant
-------------------------------------------------------
Brazil-based Gerdau S.A. is close to wrapping up talks with its
main relationship lenders to waive leverage covenants on some of
its syndicated facilities, LatinFrance reports.

The report relates the company has not yet breached the covenants,
which stipulate a gross debt to Ebitda ratio of 4x or lower, but
in anticipation of deteriorating conditions, it is requesting that
the ceiling be moved up to 5x.

According to the report, a number of banks have already approved
the amendment, which is heard costing the company a 25bp amendment
fee per bank plus an increase in margin.  One of the company's
main facilities is a June 2008-US$500 million syndication led by
Citi, which drew around 20 participants, which paid 125bp over
Libor at launch, the report notes.

In late August, LatinFrance recalls, Gerdau also closed a
US$150 million 7-year IDB B loan at Libor plus 150bp when
launched.

                         About Gerdau S.A.

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

                       *     *     *

As of May 20, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


PERDIGAO SA: Agrees to Takes Over Sadia SA
------------------------------------------
Perdigao SA agreed to take over rival Sadia SA through a share-
swap transaction, Carlos Caminada of Bloomberg News reports.
After the take over, the new company will be known as BRF Brasil
Foods SA and incorporate Sadia shares owned by HFF Participacoes
SA -– a holding company formed by investors who have more than 51%
of Sadia’s voting stock -- Perdigao said in a statement obtained
by the news agency.  The new company will also sell BRL4 billion
(US$1.94 billion) of shares, Perdigao said.

"We are creating a champion," DJ Newswires quoted Sadia Chairman
Luiz Fernando Furlan as saying.  The new firm is having "the
musculature for world competition," he added.

According to DJ Newswires, the take over deal was forced by
financial troubles as both firms posted quarterly losses this year
on a drop in exports; and Sadia has struggled after huge losses on
currency bets last year left it burdened by debt.

Sadia's controlling shareholders will get about BRL1.4 billion in
shares of the new company, Mr. Furlan told Bloomberg News in an
interview.  The report relates Perdigao's shareholders will have
68% of the new company and Sadia’s 32%, while Brazilian pension
fund Previ, which currently owns shares of both, will hold about
12%.

According to Bloomberg News, the new company will be co-chaired by
Perdigao Chairman Nildemar Secches and Mr. Furlan.  Bloomberg News
relates Perdigao said HFF will name three of Brasil Food’s 11
board members, including a co-chairman.

Bloomberg News adds BNDES President Luciano Coutinho said Banco
Nacional de Desenvolvimento Economico e Social SA (BNDES) is
financing the merger of the companies, and has plans to buy new
shares of the new entity.

Meanwhile, Sadia's finance unit, Banco Concordia, said it will
continue operations even if its parent company is taken over by
rival Perdigao, according to an internal e-mail obtained by
Reuters.

Paula Laier of Reuters reports that the liquidation or sale of the
Concordia unit has been the target of speculation in recent weeks,
with local media reporting it may have been the main cause for
delays in sealing the deal.

According to Reuters, citing Brazilian newspaper O Estado de
S.Paulo, shareholders of both companies might keep Concordia after
the merger and then put it up for sale.

                           About BNDES

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

                          *     *     *

As of May 18, 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.

                         About Sadia S.A.

Headquartered in 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.


PERDIGAO SA: S&P Puts 'BB+' Corp. Rating on Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' corporate
credit rating on Brazil-based food producer Perdigao S.A. on
CreditWatch with negative implications.  At the same time, S&P
placed its 'B' long-term corporate credit rating on Brazilian food
producer Sadia S.A. on CreditWatch with positive implications.
S&P also placed S&P's rating on Sadia Overseas Ltd.'s $250 million
notes due 2017 on CreditWatch with positive implications.

"The CreditWatch placements reflect the announcement that Perdigao
and Sadia have reached an association agreement that will
eventually lead to the combination of the two companies'
operations.  The transaction is subject to approval by the
shareholders of both companies and by the Brazilian antitrust
authority, CADE.  The association agreement signed is also subject
to certain other conditions, including Sadia's divestment of its
financial arm, Concordia Holding Financeira S.A., and an affirming
vote of at least 51% of Sadia's existing voting shareholders,"
said Standard & Poor's credit analyst Milena Zaniboni.

The company resulting from the merger, Brasil Foods S.A., had it
existed in 2008, would have reported pro forma net revenues of
R$22 billion for that year and rank as one of Brazil's largest
food companies and exporters, with around R$10 billion in overseas
revenues (nearly 45% of net revenues).  It was also announced that
BRF intends to offer a subsequent equity issuance of R$4 billion.
S&P believes that BRF could realize significant cost synergies
through the integration of its production facilities and
distribution networks (domestic and foreign), and savings in its
procurement, administrative, and commercial costs.

The downside potential for S&P's rating on Perdigao arises from
the considerable debt BRF would have to incorporate from Sadia.
Sadia experienced significant losses on its derivatives
transactions in 2008, and S&P think its current liquidity position
is a bit tight to support its high financial leverage and exposure
to refinancing risk.  S&P's recent affirmation of Perdigao's
rating took into consideration S&P's expectation that improvements
in its operating performance for the second half of 2009, along
with a gradual decrease in its total debt, would result in the
credit metrics expected for the rating category.

On the other hand, the more robust cash flow of the combined
entity plus the resulting stronger financial profile and greater
access to debt and capital markets would partly mitigate the risk
related to Sadia's highly leverage capital structure and likely
lead to an upgrade of Sadia's ratings.  The merged companies' pro
forma combined total debt-to-EBITDA ratio in 2008 would have been
5.9x, compared with Perdigao's and Sadia's individual ratios of
4.6x and 7.5x, respectively, for the same period.

"We expect to resolve the CreditWatch placements as soon as S&P
obtain additional information regarding the capital structure of
the resulting merged entity and upon final approval from CADE.
The final rating outcome is uncertain, since this will depend on
BRF's ability to raise equity and the new entity's resulting
capital structure," Ms. Zaniboni added.



SADIA SA: Perdigao SA Agrees to Takes Over Firm
-----------------------------------------------
Perdigao SA agreed to take over rival Sadia SA through a share-
swap transaction, Carlos Caminada of Bloomberg News reports.
After the take over, the new company will be known as BRF Brasil
Foods SA and incorporate Sadia shares owned by HFF Participacoes
SA -– a holding company formed by investors who have more than 51%
of Sadia’s voting stock -- Perdigao said in a statement obtained
by the news agency.  The new company will also sell BRL4 billion
(US$1.94 billion) of shares, Perdigao said.

"We are creating a champion," DJ Newswires quoted Sadia Chairman
Luiz Fernando Furlan as saying.  The new firm is having "the
musculature for world competition," he added.

According to DJ Newswires, the take over deal was forced by
financial troubles as both firms posted quarterly losses this year
on a drop in exports; and Sadia has struggled after huge losses on
currency bets last year left it burdened by debt.

Sadia's controlling shareholders will get about BRL1.4 billion in
shares of the new company, Mr. Furlan told Bloomberg News in an
interview.  The report relates Perdigao's shareholders will have
68% of the new company and Sadia’s 32%, while Brazilian pension
fund Previ, which currently owns shares of both, will hold about
12%.

According to Bloomberg News, the new company will be co-chaired by
Perdigao Chairman Nildemar Secches and Mr. Furlan.  Bloomberg News
relates Perdigao said HFF will name three of Brasil Food’s 11
board members, including a co-chairman.

Bloomberg News adds BNDES President Luciano Coutinho said Banco
Nacional de Desenvolvimento Economico e Social SA (BNDES) is
financing the merger of the companies, and has plans to buy new
shares of the new entity.

Meanwhile, Sadia's finance unit, Banco Concordia, said it will
continue operations even if its parent company is taken over by
rival Perdigao, according to an internal e-mail obtained by
Reuters.

Paula Laier of Reuters reports that the liquidation or sale of the
Concordia unit has been the target of speculation in recent weeks,
with local media reporting it may have been the main cause for
delays in sealing the deal.

According to Reuters, citing Brazilian newspaper O Estado de
S.Paulo, shareholders of both companies might keep Concordia after
the merger and then put it up for sale.

                           About BNDES

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

                          *     *     *

As of May 18, 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.

                         About Sadia S.A.

Headquartered in 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: Brazil First Quarter Sales Up 10.3% to 281,590 Tons
-------------------------------------------------------------
Sadia SA's first quarter 2009 sales in Brazil grew 10.3% and
totaled 281,590 tons, Brazzil Magazine reports.  The report
relates the company's domestic revenues totaled to BRL1.7 billion
(US$ 812 million), representing growth of 22.7% over the first
quarter of 2008.

The company posted revenues of BRL2.9 billion (US$ 1.3 billion) in
the first quarter of 2009, and ended the period as the 5th largest
exporting company in Brazil, according to the report, citing a
Global Pulse survey, conducted by the New York-based Reputation
Institute.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2009, Bloomberg News said 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.  The report related the
company's first quarter net sales rose 8.1% to BRL2.46 billion.
According to Bloomberg News, Sadia faced rising interest costs
after borrowing money to cover losses on currency futures
contracts.  Financial losses, the report said, were BRL260 million
in the quarter, compared with a financial gain of BRL90.2 million
a year earlier.

                        About Sadia S.A.

Headquartered in 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.


* BRAZIL: Budget Ministry Sees 1% Economy Expansion This Year
-------------------------------------------------------------
Brazil's economy will grow 1% this year, the slowest pace in nine
years, because of the global recession, Bloomberg News reports,
citing the Budget Ministry.  The forecast was reduced from 2%, the
ministry said in an e-mailed statement obtained by the news
agency.

Economists expect gross domestic product to shrink 0.49%, the
report notes citing median estimate of analysts surveyed May 15 by
the central bank.

According to the report, the ministry said the government was
forced to revise its previous growth forecast because of the
worldwide economic contraction.  The report relates Brazil is
suffering from reduced demand for exports and a slowdown in
consumer spending, which reduced gross domestic product by
3.6% in the fourth quarter from the previous three months.

                          *     *     *

The country continues to carry Moody's Rating Agency’s “Ba1” local
and foreign currency ratings.



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

ADMIRALTY HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Admiralty Holdings Limited passed a resolution
that voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


BIRMINGHAM LIMITED: Shareholder to Hear Wind-Up Report on June 30
-----------------------------------------------------------------
The shareholder of Birmingham Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 30, 2009, at 10:00 a.m.

The company's liquidators are:

          Ian Goddard
          Cereita Lawrence
          P.O. Box 10338, Grand Cayman KY1-1003
          Telephone: (345) 949-7232
          Facsimile: (345) 949-7230


EVEN EUROPEAN: Shareholders' Final Meeting Set for June 12
----------------------------------------------------------
The shareholders of Even European Opportunities Ltd. will hold
their final meeting on June 12, 2009, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INTEGRAL TRADE: Shareholder to Hear Wind-Up Report on June 12
-------------------------------------------------------------
The shareholder of Integral Trade Master Fund SPC will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 12, 2009, at 10:15 a.m.

The company's liquidator is:

          Ogier
          c/o Colin J. MacKay
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


INTEGRAL TRADE FUND: Shareholder to Hear Wind-Up Report on June 12
------------------------------------------------------------------
The shareholder of Integral Trade Fund Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 12, 2009, at 10:00 a.m.

The company's liquidator is:

          Ogier
          c/o Colin J. MacKay
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


MANAT HOLDINGS: Shareholder to Hear Wind-Up Report on June 12
-------------------------------------------------------------
The shareholder of Manat Holdings Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 12, 2009, at 10:00 a.m.

The company's liquidator is:

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


MARATHON PETROLEUM: Members' Final Meeting Set for June 12
----------------------------------------------------------
The members of Marathon Petroleum Akoumba Limited will hold their
final meeting on June 12, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company'a liquidator is:

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


PETROPROD LTD: Creditors Meeting Scheduled on May 28
----------------------------------------------------
A meeting of Petroprod Ltd's creditors will be held at 2:00 p.m.
(GMT) on May 28, 2009, by tele-conference.

To attend the meeting, creditors must be able to submit a
registration form on or before 12:00 p.m. (GMT) on May 27, 2009.

For more information, contact the joint provisional liquidator:

       Simon Whicker
       P.O. Box 493 GT
       Grand Cayman, KY1-1106
       Cayman Islands

       -or-

       Lucy Henderson
       Tel: (345) 815 2638
       Fax: (345) 949 7164


SORIN CDO: Shareholders' Final Meeting Set for June 12
------------------------------------------------------
The shareholders of Sorin CDO V Ltd. will hold their final meeting
on June 12, 2009, at 8:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


THE CUSHING MLP: Shareholders' Final Meeting Set for June 12
------------------------------------------------------------
The shareholders of The Cushing MLP Opportunity Offshore Fund I,
Ltd. will hold their final meeting on June 12, 2009, at 9:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


THE MAGENTA FUND: Shareholders' Final Meeting Set for June 12
-------------------------------------------------------------
The shareholders of The Magenta Fund Limited will hold their final
meeting on June 12, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


THE MAGENTA MASTER: Shareholders' Final Meeting Set for June 12
---------------------------------------------------------------
The shareholders of The Magenta Master Fund will hold their final
meeting on June 12, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VIMAJO LTD: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on April 16, 2009, the
shareholders of Vimajo Ltd. passed a resolution that volunarily
winds up the company's operations.

Only creditors who were able to file their proofs of debt by
May 18, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360



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

LIME CAY: Health Authorities Shut Operations
--------------------------------------------
The Health Authorities ordered facilities on Lime Cay island
closed for breaches of the Public Health Nuisance Act and the
Public Food Handler's Regulations, RadioJamaica reports.

According to the report, sources at the Ministry of Health said
the shut down followed visits by the Kingston and St. Andrew
Health Department's Inspectors who found out that facilities had
no proper toilet facilities; no clean running water; improper
storage and disposal of garbage; poor food hygiene; and a massive
rat infestation.

The report recalls since at least 2003, Lime Cay has been leased
to the Tourism Product Development Company (TPDCo.) by the
Commissioner of Lands and was sub-leased to Lime Cay Enterprises
following an open tender process.

Sources, RadioJamaica notes, said the closure of Lime Cay is the
subject of deliberations by the company's Board which is at this
moment collating reports on the state of affairs at the
attraction.

                          About Lime Cay

Lime Cay is the popular weekend island haunt off the coast of Port
Royal in Kingston.


SCJ: Former Owners Oppose State Divestment of Business
------------------------------------------------------
The Jamaican government's plan to divest the state-owned Sugar
Company of Jamaica ("SCJ")'s five sugar factories may face trouble
if the original owners of the Hampden Estate succeed in their
legal battle in the High Court, RadioJamaica News reports.  The
report recalls Hampden Estate's original owners obtained an
injunction in April to block the government's planned sale.

According to the report, the Supreme Court Justice Gloria Smith
granted Hampden Estate Limited's lawyers an extension of an
injunction, which now blocks the sale of the assets of the
factory, located in Trelawny.  The report relates the injunction
was extended to June 18.

The report says Hampden has sued the SCJ, the Trelawny Sugar
Company which operated the factory, and the former
receiver/manager John Lee in its objection to the divestment.

The Hampden Estate, RadioJamaica recalls, was taken over by the
Financial Sector Adjustment Company- FINSAC in the 1990s during
the financial meltdown, and was later placed into receivership.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, The Gleaner said SCJ's sugar factories are now
expected to be sold off to what has been described as a "priority
four investors."  The report recalled sources said the government
failed to offload the company as a single entity.

According to the report, the shortlisted four are:

   *  a conglomerate -- Hussey family and American
      partners -- who is going after the Long Pond and Hampden
      Estates in Trelawny;

   *  U.S.-based Energen Corporation for the Petrojam Ethanol
      facility and Bernard Lodge, Innswood, Monymusk estates in
      Clarendon;

   *  Italians Eridania Sadam, who is eyeing the Frome estate in
      Westmoreland; and

   *  Fred M. Jones, in partnership with Seprod Limited, has set
      his sights on the Duckenfield estate in St Thomas.



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

METROFINANCIERA SA: S&P Changes Senior Debt Ratings to 'mxD'
------------------------------------------------------------
On May 19, 2009, Standard & Poor's Ratings Services revised its
senior unsecured debt ratings on Mexico-based mortgage and
construction lender Metrofinanciera S.A. de C.V. SOFOM E.N.R. to
'mxD' after the company missed its Mexican peso 10.5 million in
interest payment on its long-term market-debt series 'METROFI 07',
and the MXN4.9 million owed for series 'METROFI 07-2', both due
May 18, 2009.

The company's global and national scale counterparty credit
ratings are now at 'D' and 'mxD', respectively, after the company
defaulted on all of its financial obligations.  The rating on the
mortgage company's $100 million perpetual, noncumulative
subordinated step-up securities remains at 'C'.



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

MAROT RENTAL: Case Summary & 9 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Marot Rental & Development, Corp.
       PO Box 363035
       San Juan, PR 00936

Bankruptcy Case No.: 09-03992

Chapter 11 Petition Date: May 18, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

Judge: Bankruptcy Judge Enrique S. Lamoutte Inclan

Debtor's Counsel: Jesus Santiago Malavet, Esq.
                 Santiago Malavet and Santiago Law Office
                 470 Sagrado Corazon Street
                 San Juan, PR 00915
                 Tel: (787) 727-3058
                 Fax: (787) 726-5906
                 E-mail:smslopsc@prtc.net

Total Assets: $1,251,510

Total Debts: $1,692,576

A full-text copy of the Debtor's petition, including a list of its
9 largest unsecured creditors, is available for free at:

         http://bankrupt.com/misc/prb09-03992.pdf

The petition was signed by Juan Ramon Natal Henriquez, president
of the Company.



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

* IMF Ends Eastern Caribbean Currency Union Talks on Policies
-------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the 2009 Discussion on Common Policies of Member
Countries of the Eastern Caribbean Currency Union (ECCU).

                          Background

In the face of a weak and volatile external environment, economic
activity in the ECCU has faltered, and the ECCU has entered a
recession.  Led by construction and tourism, average annual growth
reached 4 1/2 percent during 2003–07.  However, growth declined to
1.8 percent in 2008, and the region’s real GDP is expected to
contract by a further 2 1/2 percent in 2009, reflecting a sharply-
slowing global economy, declining tourist arrivals and foreign
direct investment (FDI) flows, and increased financial sector
stresses.  Following a strong acceleration during the first three
quarters of 2008 (to reach about 9 percent), inflation eased
toward end-2008 amid the retreat of world commodity prices, and is
projected to return to its long-run average of 2–3 percent per
year in 2009.

Limited progress has been made towards fiscal consolidation.  Tax
revenues have increased, benefiting from strengthened tax
administration and broader tax bases (particularly owing to the
introduction of VATs).  Capital expenditure peaked in 2006,
reflecting Cricket World Cup and tourism-related investment, but
has since declined, and current expenditure remained high.  As a
result, while some fiscal consolidation was achieved during 2007,
no major progress was made in 2008.  Recession-induced revenue
losses and higher debt-servicing costs are projected to raise the
region’s overall fiscal deficit to 6.8 percent of GDP in 2009 (4
2/3 percent in 2008), with public debt rising to 98 percent of GDP
at end-2009 (91 percent at end-2008).

The region’s financial system has not been immune to the global
crisis.  Growth of monetary aggregates decelerated markedly in
2008, particularly during the last quarter, and the trend of
improving bank prudential indicators in recent years has started
to reverse.  High government exposures, credit risk, and liquidity
risk present major threats to ECCU banking system stability.
Shocks emanating from the collapse of CL Financial Group, a
Caribbean conglomerate headquartered in Trinidad and Tobago, and
the Stanford International Bank, an offshore bank based in Antigua
and Barbuda, have also increased the stress in the nonbank
financial sector (including the offshore financial institutions),
with knock-on effects to domestic banks.  Against this background,
the authorities have accelerated their efforts in strengthening
financial sector regulation and supervision, including through the
establishment of effective national single regulatory units for
nonbanks.

The current account deficit remained elevated at 34 percent of GDP
in 2008, as slowing construction-related imports offset falling
tourism receipts and higher fuel and food imports.  The deficit is
projected to contract markedly to about 24 percent of GDP in 2009,
with weaker demand for imports (owing to slowing FDI and domestic
demand) and favorable movement in the region’s terms of trade
(underpinned by falling commodity import prices) more than
offsetting the impact of continued lackluster tourism performance
and declines in remittances and exports.  Gross international
reserves are expected to fall in 2009 (by about 1 1/2 percent of
GDP), as capital inflows are projected to decline by more than the
contracting current account deficit.  Despite some recent real
appreciation, the Eastern Caribbean dollar’s real effective
exchange rate is in line with its equilibrium level, and remains
close to its most depreciated level in almost 20 years.

                    Executive Board Assessment

The Executive Board noted that the tourism-dependent ECCU region
has been hit hard by the global downturn, particularly through
sharply-declining tourist arrivals, remittances, and foreign
direct investment.  Directors considered that the ECCU economy
will experience a severe contraction of uncertain length and depth
and increased financing strains.  Against this background,
Directors supported the authorities’ focus on policies to manage
near-term challenges and downside risks, while continuing to
address fundamental fiscal and debt sustainability issues.  They
also endorsed the authorities’ ongoing efforts in crisis
prevention, and encouraged the authorities to further enhance
contingency plans for possible crisis scenarios.

Directors commended the ECCU authorities’ prompt and coordinated
responses to address threats to the region’s financial stability
emanating from the collapse of the Trinidad and Tobago-based CL
Financial Group and the Antigua-based offshore Stanford
International Bank.  Directors also welcomed progress in
strengthening regulation and supervision of the financial sector,
particularly the passage of harmonized legislation governing
nonbank financial institutions.  Nonetheless, they recommended
reinforced efforts to intensify oversight of banks, particularly
through further increasing the frequency and scope of on-site
inspections, and to strengthen follow-up and enforcement of
remedial measures.  Directors stressed that non-bank and offshore
financial sectors need to be quickly brought under effective
regulation and supervision, through establishing fully functioning
national Single Regulatory Units.  Given the increasing presence
of financial conglomerates in the Caribbean, they welcomed the
ongoing efforts by the ECCU authorities to strengthen cross-
functional and cross-border consolidated supervision, and to
enhance collaboration and information sharing.  A number of
Directors called for enhancing implementation of Anti-Money
Laundering/Combating the Financing of Terrorism (AML/CFT)
frameworks, while a few encouraged the authorities to implement
the internationally agreed tax standard developed by the
Organisation for Economic Co-operation and Development (OECD).

Directors considered that the currency board arrangement continues
to serve the region well by fostering price and financial
stability, including in the face of adverse external shocks.  They
observed the staff’s assessment that, despite some recent
appreciation, the real effective exchange rate appears to be in
line with fundamentals.  Nevertheless, given the deteriorating
terms of trade and export performance, Directors welcomed the
region’s continued efforts—including through the establishment by
end-2009 of the Organization of Eastern Caribbean States Economic
Union—to enhance regional integration and external
competitiveness.

Directors observed that the region’s very large external current
account deficits are narrowing, and continue to be predominantly
financed by non-debt creating foreign direct investment.  They
cautioned that any sudden slowing of capital inflows in a
deteriorating external environment could raise pressures on
international reserves.  Directors supported the authorities’
intentions to monitor closely private sector capital flows and the
ECCU’s net asset position, and to enhance statistics in this area.
They encouraged the authorities to improve the business climate
through regulatory, administrative, and legal reforms.

Given the region’s high public debt levels and currency board
arrangement, Directors considered that there is little room for
counter-cyclical fiscal policy during the current economic
downturn.  They stressed that fiscal discipline is key to
underpinning external stability and maintaining credibility of the
currency board arrangement.  Directors encouraged the authorities
to minimize the worsening in the fiscal deficit and over the
medium term to reduce the public debt-to-GDP ratio.  Toward those
objectives, they endorsed the authorities’ plans to complete tax
reforms in the remaining ECCU jurisdictions, prioritize capital
expenditures, contain wage bills, and enhance debt management.
Fiscal credibility would be enhanced by establishing a strong and
transparent link between national fiscal policies and achievement
of the ECCB Monetary Council’s fiscal benchmarks.  Directors
supported the authorities’ plans to increase expenditure on
targeted social safety nets, in order to mitigate the hardship on
vulnerable groups during the economic downturn.

Directors commended the progress, led by the ECCB, in improving
the region’s statistics and institutional building.  They
encouraged national and regional authorities to further improve
statistical practices and bolster data management, and supported
the ongoing efforts to develop an integrated regional statistical
system for the ECCU.

Directors agreed that the views they have expressed today will
form part of their discussions in the context of the Article IV
consultations for individual members of the ECCU that take place
until the next Board discussion of the ECCU’s common policies.


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

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 * * *