TCRLA_Public/090522.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 22, 2009, Vol. 10, No. 100

                            Headlines

A R G E N T I N A

ACEITES DE LA FRONTERA: Asks for Preventive Contest Opening
AGUA MARINA: Asks for Preventive Contest Opening
CUVERA AGROPECUARIA: To Submit Audited Report on November 4
DAROMAR SA: Trustee Verifying Proofs of Claim Until June 19
ESTABLECIMIENTOS: Verifying Proofs of Claim Until July 13

GAOMA SA: Asks for Preventive Contest Opening
NEW NORTH: Cease to Make Payments
PRECEDER SA: Trustee Verifying Proofs of Claim Until July 14
SOUTH LINK: Proofs of Claim Verification Deadline Is July 1
XYN SHI: Asks for Preventive Contest Opening


B E R M U D A

JE FUND: Creditors' Proofs of Debt Due on June 3
JE FUND: Members' Final Meeting Set for June 25
MAN MAC: Creditors' Proofs of Debt Due on June 3
MAN MAC: Members' Final Meeting Set for June 25
SAPPHIRE OVERSEAS: Creditors' Proofs of Debt Due on June 3

SAPPHIRE OVERSEAS: Members' Final Meeting Set for June 23


B R A Z I L

BNDES: OKs R$1.4-Bln Long Term Financing Package to MPX Energia
BNDES: To Finance 85% of Aerolineas Argentinas's Jet Purchase
COSAN SA: Sells Aviation Fuel Unit for US$75 Million
EMBRAER: Aerolineas Argentinas to Buy 20 Jets for About US$700MM
GERDAU AMERISTEEL: Striking Workers Reject Company's Final Offer

PERDIGAO SA: Pension Funds May Boost Stake in Sadia-Merger Firm


C A Y M A N  I S L A N D S

AGA STRATEGIC: Shareholders' Final Meeting Set for June 12
ALCHEMY ADVISORS: Shareholders' Final Meeting Set for June 9
ALCHEMY HOLDING: Shareholders' Final Meeting Set for June 9
BERNI HOLDINGS: Shareholders' Final Meeting Set for June 17
BWGLOBAL – GLOBAL: Shareholders' Final Meeting Set for June 12

CASTANET LIMITED: Members Receive Wind-Up Report
CLSP OVERSEAS: Final Meeting Slated for June 2
CELESTE EUROPEAN: Final Meeting Slated for June 11
CSERE ATRIUM: Shareholders' Final Meeting Set for June 12
CSERE DUMFRIES: Shareholders' Final Meeting Set for June 12

CSERE MILTON: Shareholders' Final Meeting Set for June 12
DIAMOND CRUISE: Shareholders' Final Meeting Set for June 8
EUROPEAN TELECOM: Shareholders' Final Meeting Set for June 15
GGI: Members to Receive Wind-Up Report on June 3
PFW II: Shareholders' Final Meeting Set for June 12

PRISMA SELECT: Shareholders' Final Meeting Set for June 12


C H I L E

VESPUCIO NORTE: S&P Downgrades Underlying Rating to 'BB'


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Power Firms Lift Lien on Distributors


J A M A I C A

BANK OF JAMAICA: BITU Seeks 7% Wage Adjustment for Bank Employees
BERGER PAINTS: Cuts Operating Cost by 28% as Part of Restructuring


M E X I C O

HIPOTECARIA SU: S&P Affirms 'BB-' Global Corporate Credit Rating
* MEXICO: Gross Domestic Product Drops 8.2% in First Quarter 2009


P A R A G U A Y

* PARAGUAY: IMF Concludes 2009 Article IV Consultation


P E R U

DOE RUN PERU: Government May Close Smelter Next Year


V E N E Z U E L A

* VENEZUELA: Economy Grew 0.3% From Last Year
PDVSA: Reaches Two Framework Agreements With CNPC


V I R G I N  I S L A N D S

WEAVERING MACRO: ISE Keeps Mum on Hedge Fund Investigation


X X X X X X X X

BRITISH AIRWAYS: To Launch Two New Caribbean Routes


                         - - - - -


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

ACEITES DE LA FRONTERA: Asks for Preventive Contest Opening
-----------------------------------------------------------
Aceites de la Frontera SA asked for the opening of preventive
contest.

The company stopped making its payment on April 25, 2009.


AGUA MARINA: Asks for Preventive Contest Opening
------------------------------------------------
Agua Marina SA asked for the opening of preventive contest.

The company stopped making its payment on April 14, 2009.


CUVERA AGROPECUARIA: To Submit Audited Report on November 4
-----------------------------------------------------------
Cuvera Agropecuaria S.A. will submit on November 4, 2009, its
general report that contains an audit of the company's accounting
and banking records.


DAROMAR SA: Trustee Verifying Proofs of Claim Until June 19
-----------------------------------------------------------
The court-appointed trustee for Daromar S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 19, 2009.

The trustee will present the validated claims in court as
individual reports on August 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 22, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 23, 2010.


ESTABLECIMIENTOS: Verifying Proofs of Claim Until July 13
---------------------------------------------------------
The court-appointed trustee for Establecimientos Metalurgicos Ando
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until July 13, 2009.

The trustee will present the validated claims in court as
individual reports on September 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 20, 2009.


GAOMA SA: Asks for Preventive Contest Opening
---------------------------------------------
Gaoma SA asked for the opening of preventive contest.


NEW NORTH: Cease to Make Payments
---------------------------------
New North SA stopped making its payments on April 2007.


PRECEDER SA: Trustee Verifying Proofs of Claim Until July 14
------------------------------------------------------------
The court-appointed trustee for Preceder S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 14, 2009.


SOUTH LINK: Proofs of Claim Verification Deadline Is July 1
-----------------------------------------------------------
Isabel Ramirez, the court-appointed trustee for South Link
Logistics SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 1, 2009.

Ms. Ramirez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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:

          Isabel Ramirez
          Tte. Gral. Juan D. Peron 2082
          Buenos Aires, Argentina


XYN SHI: Asks for Preventive Contest Opening
--------------------------------------------
Xyn Shi Ji SA asked for the opening of preventive contest.

The company stopped making its payment on April 3, 2009



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

JE FUND: Creditors' Proofs of Debt Due on June 3
------------------------------------------------
The creditors of JE Fund Ltd are required to file their proofs of
debt by June 3, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


JE FUND: Members' Final Meeting Set for June 25
-----------------------------------------------
The members of JE Fund Ltd will hold their final general meeting
on June 25, 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 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN MAC: Creditors' Proofs of Debt Due on June 3
------------------------------------------------
The creditors of Man MAC Choisir 13A Limited are required to file
their proofs of debt by June 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN MAC: Members' Final Meeting Set for June 25
-----------------------------------------------
The members of Man MAC Choisir 13A Limited will hold their final
general meeting on June 25, 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 14, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


SAPPHIRE OVERSEAS: Creditors' Proofs of Debt Due on June 3
----------------------------------------------------------
The creditors of Sapphire Overseas Insurance Company Ltd. are
required to file their proofs of debt by June 3, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2009.

The company's liquidator is:

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


SAPPHIRE OVERSEAS: Members' Final Meeting Set for June 23
---------------------------------------------------------
The members of Sapphire Overseas Insurance Company Ltd. will hold
their final general meeting on June 23, 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 14, 2009.

The company's liquidator is:

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



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

BNDES: OKs R$1.4-Bln Long Term Financing Package to MPX Energia
---------------------------------------------------------------
MPX Energia S.A. disclosed that Banco Nacional de Desenvolvimento
Economico e Social SA (BNDES) provided a long term financing
package for the Pecem I TPP project.  Pecem I is a 50/50
partnership between MPX and EDP Energias do Brasil S.A.

The financing package, a direct loan on a project finance
structure, was approved after a long and strict due diligence
process, coordinated by specialized consultants appointed by
creditors.  The due diligence has covered in details all
technical, environmental, social and financial aspects of both
projects.  The final approval of the financing package not only
reinforces the feasibility and importance of these enterprises,
but also shows that the Company is able to design robust and
assertive strategies for risk mitigation.

BNDES' loan, amounting to R$1.4 billion will have a 17-year
tenure, with a 14-year amortization period, and a grace period for
interest and principal until July 2012.  During construction,
interest will be capitalized.

In addition to BNDES' financing package, IDB has approved a direct
loan ("A loan") of US$147 million and onlending ("B loan") of
US$180 million.  Such credit lines are in final stage of
contracting.  Considering the total required capex and financing
packages from IDB and BNDES, the project will have a capital
structure of approximately 75% debt/25% equity.

Pecem I is part of the Brazilian Government's Growth Acceleration
Program and represents an important step towards the
diversification of the country's energy matrix, increasing the
reliability of electricity supply.

The plant will use clean-coal technology, complying with the most
rigorous legal requirements of the Brazilian law as well as
international agencies.  So as to foster Brazil's sustainable
development, MPX will go beyond legal requirements and will
implement a vast plan for greenhouse gas reduction.  Moreover, MPX
intends to allocate a significant part of its R&D budget to the
development of carbon sequestration technologies.

                      Porto do Pecem I TPP

Porto do Pecem I TPP project consists in a 720 MW coal-fired
thermal plant, in the State of Ceara.  Pecem I has already
contracted 615 average MW in the regulated market, securing annual
fixed revenues of R$467.5 million (as of March 2009).
Construction works started in July 2008 and according to the
implementation schedule, commercial operation should start before
January 2012, when the commitment to deliver energy to the
regulated market begins.

                           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.


BNDES: To Finance 85% of Aerolineas Argentinas's Jet Purchase
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
will finance 85% of Argentine-controlled Aerolineas Argentinas
SA's planned purchase of 20 E-190 jets from aircraft maker Empresa
Brasileira de Aeronautica SA (Embraer), Bloomberg News reports,
citing a BNDES spokeswoman.  The report relates the agreement is
valued at about US$700 million.

According to the report, a Brazilian foreign-trade fund will
insure the loan.

Bloomberg News says Austral Lineas Aereas, a sister airline of
Aerolineas, will receive the first plane in the first half of
2010.

                         About Embraer

Empresa Brasileira de Aeronautica SA ("Embraer") –-
http://www.embraer.com -- develops and produces aircraft for the
Brazilian Air Force into a public company that produces aircraft
for commercial aviation, executive jet and defense and government
purposes.  The company is a manufacturer of commercial aircraft.
The company has developed a line of executive jets based on one of
its regional jet platforms and launched executive jets in the very
light, light, and ultra-large categories, the Phenom 100, Phenom
300 and Lineage 1000, respectively.  In July 2008, the company
announced the acquisition of the remaining 40% interest in ELEB --
Embraer Liebherr Equipamentos do Brasil S.A., held by Liebherr
Aerospace S.A.S. ELEB's name will be changed to ELEB Equipamentos
S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.

                        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.


COSAN SA: Sells Aviation Fuel Unit for US$75 Million
----------------------------------------------------
Brazil-based Cosan S.A. Industria e Comercio sold its aviation
fuel unit to Shell Brasil, a unit of Royal Dutch Shell, for US$75
million, LatinFrance reports.

According to the report, citing Dealogic, the deal was privately
negotiated.

LatinFrance recalls Cosan SA got hold of the unit when it acquired
Esso’s operations in Brazil for US$950 million in April last year.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                         *     *     *

As of May 21, 2009, the company continues to carry Moody's Ba3 LT
Corp Family rating and Ba3 Senior Unsecured Debt rating.  The
company also continues to carry Standard and Poor's BB-Issuer
Credit ratings.


EMBRAER: Aerolineas Argentinas to Buy 20 Jets for About US$700MM
----------------------------------------------------------------
Argentine-controlled Aerolineas Argentinas SA will buy 20 jets
from aircraft maker Empresa Brasileira de Aeronautica SA
(Embraer), a deal value at about US$700 million, Bloomberg News
reports.

Aerolineas Argentinas will purchase E-190 jets, which can carry as
many as 96 passengers, according to an e- mailed statement
obtained by the news agency.  According to the report, Austral
Lineas Aereas, a sister airline of Aerolineas, will receive the
first plane in the first half of 2010.

Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
will finance 85% of the purchase and a Brazilian foreign-trade
fund will insure the loan, a BNDES spokeswoman told Bloomberg News
in a telephone interview.

                           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 Embraer

Empresa Brasileira de Aeronautica SA ("Embraer") –-
http://www.embraer.com -- develops and produces aircraft for the
Brazilian Air Force into a public company that produces aircraft
for commercial aviation, executive jet and defense and government
purposes.  The company is a manufacturer of commercial aircraft.
The company has developed a line of executive jets based on one of
its regional jet platforms and launched executive jets in the very
light, light, and ultra-large categories, the Phenom 100, Phenom
300 and Lineage 1000, respectively.  In July 2008, the company
announced the acquisition of the remaining 40% interest in ELEB --
Embraer Liebherr Equipamentos do Brasil S.A., held by Liebherr
Aerospace S.A.S. ELEB's name will be changed to ELEB Equipamentos
S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


GERDAU AMERISTEEL: Striking Workers Reject Company's Final Offer
----------------------------------------------------------------
Florida-based Gerdau Ameristeel Corporation's workers, who are on
strike since May 14, chose to refuse the company's final offer,
CNW Group reports.  The report relates the company insisted on
permanent changes to the Collective Agreement whereby there would
be a two-tiered set of employees:

   * two-tiered wages (for the same work),
   * two-tiered vacations (for the same seniority); and
   * two-tiered pensions (for same years of service).

According to the report, Gerdau Ameristeel also insisted on
permanent concessions to job descriptions, wage settlements and
job placement.

The TCR-Latin America, citing a report posted at 570.news.com,
reported May 21 that 200 workers of Gerdau Ameristeel, a unit of
Brazil-based Gerdau S.A., are continuing with their strike.  The
report recalled 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.

"These are hard times for companies and workers.  However, these
hard times should not be an excuse to bust unions or permanently
discriminate against hard-working, productive workers," CNW Group
News quoted USW District Director Wayne Fraser, as saying.

CNW Group News relates President of USW Local 8918, Trevor
Scurrah, said: "We believe that the Cambridge mill is profitable,
even in these times.  There aren't many steel works across the
continent that can say that.  The company's decision to attack our
collective agreement has more to do with political expedience and
union busting than cost management and plant viability."

                     About Gerdau Ameristeel

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.


PERDIGAO SA: Pension Funds May Boost Stake in Sadia-Merger Firm
---------------------------------------------------------------
Speculations are emerging that pension funds may boost their
stakes in BRF Brasil Foods SA, the resulting company from the
Perdigao SA and Sadia SA merger, Bloomberg News reports.

As reported in the Troubled Company Repoter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction.  The report
related the new company plans to sell BRL4 billion (US$1.94
billion) shares.

Demand from pension funds to raise their stakes in the new company
may help push up the price it will get in a share offering this
year, equity analyst Renato Prado told Bloomberg News in an
interview.  “The interest from the funds is a guarantee that there
will be strong demand for the shares,” the report quoted Mr. Prado
as saying.  “It will be a very relevant operation.”

According to Bloomberg News, O Estado de S. Paulo reported that
Previ, the retirement fund for Banco do Brasil SA, and other
state-company funds plan to spend as much as BRL2 billion in
Brasil Foods’ offering to raise their stakes.  Bloomberg News
relates Estado de S. Paulo said that they plan to raise their
combined ownership of Brasil Foods to 35% from 26%.

                           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
May 21, 2009, Standard & Poor's Ratings Services placed its  S&P
placed its 'B' long-term corporate credit rating on Brazilian food
producer Sadia S.A. on CreditWatch with positive implications.

                        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
May 21, 2009, Standard & Poor's Ratings Services placed its 'BB+'
corporate credit rating on Brazil-based food producer Perdigao
S.A. on CreditWatch with negative implications.



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

AGA STRATEGIC: Shareholders' Final Meeting Set for June 12
----------------------------------------------------------
The shareholders of Aga Strategic Realty International, Ltd. will
hold their final meeting on June 12, 2009, at 10:30 a.m., to hear
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


ALCHEMY ADVISORS: Shareholders' Final Meeting Set for June 9
------------------------------------------------------------
The shareholders of Alchemy Advisors Limited will hold their final
meeting on June 9, 2009, at 3:00 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers
          c/o Laura Del Fuoco
          Direct Tel: 345 814 4568
          Direct Fax: 345 814 8268
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands
          e-mail:laura.delfuoco@walkersglobal.com


ALCHEMY HOLDING: Shareholders' Final Meeting Set for June 9
-----------------------------------------------------------
The shareholders of Alchemy Holding Company will hold their final
meeting on June 9, 2009, at 4:00 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers
          c/o Laura Del Fuoco
          Direct Tel: 345 814 4568
          Direct Fax: 345 814 8268
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands
          e-mail:laura.delfuoco@walkersglobal.com


BERNI HOLDINGS: Shareholders' Final Meeting Set for June 17
-----------------------------------------------------------
The shareholders of Berni Holdings (Cayman) Limited will hold
their final meeting on June 17, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          Bryant Terry
          Telephone: (345) 815 1803
          Facsimile: (345) 949 1986


BWGLOBAL – GLOBAL: Shareholders' Final Meeting Set for June 12
--------------------------------------------------------------
The shareholders of Bwglobal - Global Currency Strategy Fund, Ltd.
will hold their final meeting on June 12, 2009, at 10:45 a.m., to
hear 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


CASTANET LIMITED: Members Receive Wind-Up Report
------------------------------------------------
On May 11, 2009, the members of Castanet Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier Corporate Services (UK) Limited
          Equitable House, 47 King William Street
          London, EC4R 9JD


CLSP OVERSEAS: Final Meeting Slated for June 2
----------------------------------------------
CLSP Overseas, Ltd. will hold its final meeting on June 2, 2009,
at 9:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Richard L. Finlay
          P.O. Box 2681, Grand Cayman KY1-1111
          Telephone: (345) 949 3901
          Facsimile: (345) 949 3902


CELESTE EUROPEAN: Final Meeting Slated for June 11
--------------------------------------------------
Celeste European Small and Midcap Fund will hold its final meeting
on June 11, 2009, at 3:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CSERE ATRIUM: Shareholders' Final Meeting Set for June 12
---------------------------------------------------------
The shareholders of Csere Atrium Limited will hold their final
meeting on June 12, 2009, at 10:15 a.m., to hear 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


CSERE DUMFRIES: Shareholders' Final Meeting Set for June 12
---------------------------------------------------------
The shareholders of Csere Dumfries Limited will hold their final
meeting on June 12, 2009, at 9:30 a.m., to hear 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


CSERE MILTON: Shareholders' Final Meeting Set for June 12
---------------------------------------------------------
The shareholders of Csere Milton Keynes Limited will hold their
final meeting on June 12, 2009, at 9:15 a.m., to hear 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


DIAMOND CRUISE: Shareholders' Final Meeting Set for June 8
----------------------------------------------------------
The shareholders of Diamond Cruise Ltd. will hold their final
meeting on June 8, 2009, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Per Arvid Skult
          Keilaranta 9, FI-02150 Espoo
          Finland


EUROPEAN TELECOM: Shareholders' Final Meeting Set for June 15
-------------------------------------------------------------
The shareholders of European Telecom Investment Corporation will
hold their final meeting on June 15, 2009, at 10:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GGI: Members to Receive Wind-Up Report on June 3
------------------------------------------------
The members of GGI will receive the liquidator's report on the
company's wind-up proceedings and property disposal on June 3,
2009.

The company's liquidator is:

          Lucas Oliver-Frost
          TA Lawyers GKJ
          Shiroyama Trust Tower 15th Floor
          4-3-1 Toranomon
          Minato-ku, Tokyo 105-6015 Japan


PFW II: Shareholders' Final Meeting Set for June 12
---------------------------------------------------
The shareholders of PFW II, Ltd. will hold their final meeting on
June 12, 2009, at 9:45 a.m., to hear 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


PRISMA SELECT: Shareholders' Final Meeting Set for June 12
----------------------------------------------------------
The shareholders of Prisma Select Fund SPV Ltd will hold their
final meeting on June 12, 2009, at 10:00 a.m., to hear 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



=========
C H I L E
=========

VESPUCIO NORTE: S&P Downgrades Underlying Rating to 'BB'
--------------------------------------------------------
On May 20, 2009, Standard & Poor's Ratings Services lowered its
SPUR on Chilean toll-road operator VNE to 'BB' from 'BBB-'.  The
outlook is stable.  At the same time, S&P affirmed the 'BBB+'
senior secured wrapped rating, reflecting that of the bond-
insurance provider MBIA Insurance Corp. (BBB+/Negative/--).  The
outlook on this rating is negative.

The downgrade is based on the project's weaker-than-expected
traffic and financial performance that would likely result in
weaker financial metrics, particularly debt service coverage
ratios.

VNE's underperformance are due to three main factors: a lower-
than-expected initial traffic capture rate, a longer-than-expected
ramp-up period, and certain delays in relevant connectivity works
(not attributable to the concessionaire) that were expected to
feed the concession.

As a result, VNE's accumulated revenues, since the beginning of
operations in early 2006 until fiscal 2008, were more than 20%
below the original estimations.  The project reached a relatively
low 1.36x DSCR in 2008, including the positive effect of about
UF550,000 received from the Ministry of Public Works as
compensations for certain additional investments.

The economic slump in Chile is likely to slow traffic levels
growth that would delay the strong revenue growth that the project
needs to converge to the original revenue projections, despite the
continuing healthy long-term traffic fundamentals.  Assuming a 10%
annual revenue growth for 2009 and 2010, the project would reach
very weak DSCR of slightly below 1x.  S&P expects the project to
cover the projected cash shortfalls, which should be less than
UF200,000 per year, with its ample liquidity.

The 'BB' SPUR on VNE continues to reflect these risks:
The project's weaker-than-expected financial performance;
Increased uncertainty about the project's ability to match traffic
expectations; VNE financial profile's dependence on strong traffic
growth which in turn depends on continued GDP growth in Chile; and
Customer management risks associated with electronic toll
collection.

These strengths offset these risks at the rating level:

  -- Strong liquidity protections in the short to medium term;

  -- Long-term potential traffic upside, evidenced by urban toll
     roads in Santiago Autopista Central Sociedad Concesionaria
     S.A. and Costanera Norte Sociedad Concesionaria S.A.; and The
     experience of the main sponsors, Actividades de Construcción
     y Servicios S.A. and Hochtief AG, in road construction and
     concession management;

VNE, formed by the consortium of Grupo ACS, Hochtief, M.M. Warburg
& Co., and Cofides, was awarded the concession for the Sistema
Américo Vespucio Nor-Poniente urban toll road system in Santiago,
Chile, in 2002.  VNE provides 29 kilometers of high-speed urban
motorways, an equal length of service roads, and seven grade-
separated junctions.  The project is a major component of the
northern and western areas around Santiago.  The road, which is
divided into six sections, runs through eight communities that
together contain 25% of Santiago's population.

The project benefits from strong liquidity protections. Along a
12-month debt service reserve account (funded with LOC), the
sponsors have committed to provide contingent equity for up to
UF1.8 million (approximately an additional two-year debt service
and insurance premium) until the project meets certain conditions
(including certain minimum financial performance).  Additionally,
as of March 2009, the project had approximately UF1.5 million in
cash balances (approximately another 1.5-year debt service) that
could only be distributed to the sponsors following the restricted
payments test which S&P considers adequate (and that also requires
certain minimum financial performance, including a minimum DSCR of
1.3x and the requirement that all the project accounts are fully
funded).

The negative outlook on the 'BBB+' wrapped rating reflects that of
MBIA.  The stable outlook on the SPUR reflects the project's
strong liquidity provisions that would provide adequate protection
against potential cash shortfalls in the medium term.  S&P could
revise the outlook to negative or further lower the SPUR if the
project revenue growth is below 10% in 2009 and/or if S&P find
evidence of poor long-term traffic fundamentals.  S&P can revise
the outlook to positive or upgrade the SPUR if the project shows
progress in matching revenue expectations.

        Sociedad Concesionaria Vespucio Norte Express S.A.

                  To                       From
                  --                       ----
                  BB(SPUR)/Stable          BBB-(SPUR)/Negative



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

* DOMINICAN REPUBLIC: Power Firms Lift Lien on Distributors
-----------------------------------------------------------
Power companies lifted the 11-day old lien they had placed on the
accounts of the electricity distributors (Edes), for debts in
arrears since 2004 totaling US$359.4 million, of which they
demanded US$150 million as an advance to continue operations, The
Dominican Today reports.

The report relates state-owned power companies CDEEE Vice
President Radhames Segura said the power companies are owed US$218
million as of May 19, including US$31.4 million from 2008 and
US$186.9 million this year, excluding the frozen debt of 2004,
which was US$453 million, which totals US$200 million on May 20.

According to the report, in order to raise the lien in effect
since May 9, the power companies AES Dominicana, AES Andres,
Generadora de Electricidad Itabo and DPP announced that they had
granted the 15 day term president Leonel Fernandez requested of
them to solve the problem.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2009, The Domincan Today said 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, which is already four months
overdue, is for energy served from part of 2008 to 2009.  The
report related 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.



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

BANK OF JAMAICA: BITU Seeks 7% Wage Adjustment for Bank Employees
-----------------------------------------------------------------
The Bustamante Industrial Trade Union (BITU) wrote to the Central
Bank of Jamaica insisting that the Bank of Jamaica's employees are
due the 7% wage adjustment agreed on for this year, as provision
has been made in the BoJ's budget, RadioJamaica reports.  The
report relates BITU President-General Kavon Gayle said the union
will not back down from its demand.

According to the report, Mr. Gayle said the BoJ is not funded from
the Government's coffers and its employees should therefore be
excluded from the public sector wage freeze.

"We'll be meeting next Tuesday to reiterate our position to the
BoJ that there is a collective agreement that gives rise to a 7%
increase and it should be honoured," the report quoted Mr. Gayle
as saying.

The BITU, the report notes, represents more than 300 BoJ workers
up to the level of Deputy Director.


BERGER PAINTS: Cuts Operating Cost by 28% as Part of Restructuring
------------------------------------------------------------------
Berger paints managed to cut 28% of its operating expenses in
March 2009 from the same period last year, due to the
restructuring of the company which saw employees and managers take
less pay, The Jamaica Observer reports.

According to report, for the three months ending March 31, 2009,
Berger incurred a net loss of JM$8 million from a JM$3 million net
profit in the same period last year.  The report relates the
company posted JM$303 million revenues in the three months ended
March 2009 from revenues of US$336 million revenues in the same
period last year.

The report notes Company Managing Director Warren McDonald said
the company was "severely impacted by the general adverse economic
climate and more specifically, the sharp deterioration in the
value of the Jamaican dollar relative to its US counterpart and
the downturn in the construction sector".  However, the report
relates Mr. McDonald said the rationalisation exercise implemented
in February this year, which saw managers take a 20% salary cut
and staff move to a four-day work week, resulted in significant
cost savings.

The Observer discloses that in a company statement, Mr. McDonald
said: "These measures are working well so far and are expected to
save some $50 million."



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

HIPOTECARIA SU: S&P Affirms 'BB-' Global Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' CCR global
scale and 'mxA-/mxA-2' national scale rating and senior unsecured
debt ratings on Mexico-based mortgage and construction lender
Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. and removed them
from CreditWatch with negative implications where they were placed
on May 5, 2009.  The outlook is negative.

"The ratings affirmation primarily reflects the agreement signed
on May 11, 2009, by Mexican government-related agency Sociedad
Hipotecaria Federal S.N.C., commercial banks, underwriters, and
six mortgage companies, including HSC.  The agreement calls for
the substitution of current market debt, maturing in 2009 and
2010, for new debt issuance with a 65% guarantee from SHF.  In
S&P's view, this agreement alleviates HSC's liquidity pressures
and reduces its refinancing risk over the next few years.  S&P
also think the agreement will allow HSC to focus on containing its
increasing nonperforming assets while trying to restore its
profitability and adjusted capitalization levels," said Standard &
Poor's credit analyst Arturo Sanchez.

The signed agreement includes an amortization plan for the new
debt issuance, which must be completed within the next three
years.  Failing to comply with the amortization plan would
constitute an early amortization event for this debt.  Keeping
this in mind, S&P will further analyze HSC's amortization plan to
assess its feasibility and any possible impact it may have on the
company's financial profile over the next few years.

The negative outlook reflects the risks that could arise from
HSC's new debt issuance amortization plan.  It also incorporates
S&P's view that negative pressures on asset quality and adjusted
capitalization will persist during 2009.  "If the company is
unable to successfully deal with these potentially harmful
developments, the ratings could be lowered.  On the other hand, if
HSC can reduce its mounting NPAs, coupled with better
profitability and adjusted capitalization levels, the outlook
could be revised to stable," Mr. Sanchez added.


* MEXICO: Gross Domestic Product Drops 8.2% in First Quarter 2009
-----------------------------------------------------------------
Mexico's first quarter 2009 gross domestic product fell 8.2% from
the same period last year, as the global financial crisis and the
outbreak of swine flu cut demand, Bloomberg News reports, citing
statistics agency.  The report relates Mexican Finance Minister
Agustin Carstens said GDP may shrink as much as 5.5% this year.

According to the report, Mexico’s economy is reeling from the
effects of the global slump, particularly the recession in the
U.S., and the swine flu out break, which further eroded economic
output.

The report recalls the government’s previous forecast for GDP this
year was a contraction of 4.1%.

“The Mexican economy fell deep into recession in the first
quarter, mainly as a result of the U.S. contraction but also
because of the weakness of domestic market,” Alfredo Coutino,
senior Latin America economist at Moody’s Economy.com in West
Chester, Pennsylvania, said in an e-mailed report obtained by the
news agency.

Bloomberg News says Mexico’s government expects the H1N1 flu
outbreak to cut GDP by 0.3 percent this year.  The report relates
the most recent official forecast by the central bank estimates
the economy will contract as much as 4.8% this year.

Since that forecast, bank Governor Guillermo Ortiz, the report
notes, said the swine flu may add another 0.5% to the contraction.



===============
P A R A G U A Y
===============

* PARAGUAY: IMF Concludes 2009 Article IV Consultation
------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Paraguay.

                           Background

The Paraguayan economy performed very well over the past five
years, with real GDP growth averaging about 5 percent a year—the
best in a generation.  The fiscal position strengthened
considerably, thereby reducing public debt sharply to relatively
low levels.  The economy grew by nearly 6 percent in 2008, but
growth decelerated in the last quarter of the year.  Paraguay’s
macroeconomic outlook has been negatively affected by the
deterioration in the global environment.  The agricultural sector
has suffered from the decline in commodity prices, aggravated by
the effects of a drought.  Economic growth in 2009 is expected to
decelerate to about 1/2 percent.  In part reflecting the weakening
global environment, inflation in Paraguay is now on a firmly
downward trend, and is projected at 5 1/2 percent by end-2009,
well within the Central Bank’s target range.  The budget recorded
a sizeable surplus of 2 1/2 percent of GDP in 2009, mainly on
account of good revenue performance and low capital expenditure
execution.  However, tax revenue performance during the first
quarter of 2009 has been lackluster, in part due to weak imports.
The external current account deficit is expected to moderate to 1
percent of GDP, largely as a result of significantly lower
imports, notwithstanding a decline in exports.

The government has reacted to the adverse economic conditions by
adopting an Economic Recovery plan.  This plan, which encompasses
policies to address both immediate challenges and medium-term
structural weaknesses, includes: (i) a fiscal stimulus of about 3
percentage points of GDP in 2009; (ii) steps to provide liquidity
to the banking system to enhance lending; (iii) securing
additional external financing from multilaterals (including
contingent credit lines); and (iv) addressing key medium-term
structural issues, including with respect to public financial
management and financial sector reform.

The government’s fiscal stimulus focuses on public investment in
infrastructure and social programs, including targeted conditional
cash transfers.  Its full implementation would be consistent with
an overall deficit of 3/4-1 percent of GDP in 2009, expected to be
financed by disbursements from multilaterals and bilateral donors.
Key to the success of the recovery program will be its effective
and timely implementation, while transparent monitoring should
help ensure that resources are spent efficiently.

                  Executive Board Assessment

While Paraguay has been affected by the global economic crisis, as
other countries in the region, Executive Directors observed that
the country faces the global downturn from a position of relative
strength.  The commendably prudent macroeconomic policies pursued
in recent years have helped build significant buffers to address
external shocks.  Against the backdrop of a significant
deterioration of the short-term outlook, Directors supported the
authorities’ economic priorities to consolidate macroeconomic
stability, implement critical structural reforms, especially in
the financial sector, and strengthen social conditions, with an
emphasis on poverty reduction.

Directors concurred that the recent fiscal surpluses and decline
in the public debt burden provide the government with a margin to
conduct well-targeted counter-cyclical policies.  They welcomed
the authorities’ economic recovery plan aimed at weathering the
current crisis, and advised that the fiscal stimulus be focused on
public investment and targeted social programs to reduce poverty.
Directors underscored the need to improve public financial
management and inter-ministerial coordination to ensure the plan’s
timely and effective implementation.  Given the revenue shortfalls
so far this year, Directors encouraged further improvements in tax
and customs administrations, and recommended that the authorities
refrain from granting tax concessions.

Executive Directors supported the current accommodative monetary
policy, given the slowdown of the economy and the downward trend
of inflation.  Nonetheless, they recommended close monitoring of
developments to enable the authorities to respond promptly to
signs of inflationary or balance of payments pressures.  They
encouraged the authorities to press ahead with their efforts to
strengthen the central bank’s balance sheet to improve the
effectiveness of monetary policy. Directors agreed that the
flexible exchange rate regime continues to serve Paraguay well by
acting as a shock absorber in the face of commodity price
fluctuations and strong regional linkages.  They noted the staff’s
assessment that the exchange rate is broadly in line with
fundamentals.

Directors underscored the need to press ahead with structural
reforms, especially in the financial and state-owned enterprise
sectors.  They welcomed the strengthening of the banking system,
while recommending continued vigilance in the face of rapid credit
growth.  Directors encouraged the authorities to enhance
significantly the regulation and supervision of financial
cooperatives and retirement plans, given the large amounts of
funds intermediated by these sectors.  They also saw a need to
improve the prudential framework for insurance companies.
Directors welcomed the authorities’ commitment to finance fully
the Deposit Guarantee Fund.  They emphasized the need to address
operational and financial weaknesses of state-owned enterprises,
which create significant bottlenecks in the productive capacity of
the economy.

                        *     *     *

According to Moody's Website, the country continues to carries
Moody's B3 foreign and local currency ratings with stable
outlooks.



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

DOE RUN PERU: Government May Close Smelter Next Year
----------------------------------------------------
The Peru government may close Doe Run Peru’s zinc and lead smelter
next year if its fails to meet an environmental clean-up deadline,
Alex Emery of Bloomberg News reports, citing Deputy Mining
Minister Felipe Isasi.  “Under the legal framework, Doe Run Peru
has to meet its environmental obligations by October,” the report
quoted Mr. Isasi as saying.  “If it fails to comply, it may be
shut down after a six-month audit.”

As reported in the Troubled Company Latin-America on April 7,
2009, Bloomberg News said Doe Run Peru’s zinc and lead smelter
received a three-month extension to complete planned environmental
cleanup projects.  The report related Mr. Brack said Renco Group
Inc.’s Peruvian unit, which has reached an agreement with
suppliers to resume operations in a government-brokered deal, has
until the end of January to reduce sulfuric-acid emissions at its
La Oroya smelter.  According to the same report, Doe Run Peru
committed 100 percent of its shares as a guarantee it will
complete the clean-up after a government- brokered deal to lend
the company US$75 million and provide US$100 million of
concentrates after banks halted funding.

                       About Doe Run Peru

Doe Run Peru S.R.L. is an indirect subsidiary of Doe Run Resources
Corporation.  Doe Run Peru operates an integrated primary lead
operation and a recycling operation located in Missouri, referred
to as Buick Resource Recycling.  Fabricated Products operates a
lead fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.



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

* VENEZUELA: Economy Grew 0.3% From Last Year
---------------------------------------------
The Venezuelan economy grew 0.3% in the first quarter from last
year, the slowest pace since 2003, as factory output contracted
and export revenue declined on a plunge in oil prices, Bloomberg
News reports.  Gross domestic product expanded less than the 1.5%
median forecast of 14 economists in a Bloomberg survey.

“We’ve got falling revenue from oil sales, and that’s led to lower
government spending,” Miguel Carpio, an economist at Banco Federal
CA in Caracas, told Bloomberg News in a telephone interview.  “For
the year, I doubt there’s going to be any growth.”

According to the report, Mr. Carpio expects the economy will
contract 2% this year, as the fastest inflation rate in Latin
America erodes purchasing power and diminishes the impact of
government spending.

Bloomberg News relates the central bank said Venezuela’s oil
sector shrank 4.8% in the first quarter, while manufacturing fell
1.1%, and mining output shrank 13.6%.

Venezuela's oil export, the report says, plunged 56% in the
quarter from a year ago, while the private sector grew 0.8%, and
public sector contracted for the first time since 2003, falling
0.4%.

President Hugo Chavez, the report notes, cut the 2009 federal
budget by 6.7%, raised the sales tax and announced plans to sell
VEB34 billion (US$15.8 billion) in domestic bonds this year to
cover a budget deficit.

The central bank, according to Bloomberg News, said Venezuela had
a US$3.5 billion current account deficit, and a US$10.5 billion
capital account deficit in the quarter.

                          *     *     *

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


PDVSA: Reaches Two Framework Agreements With CNPC
-------------------------------------------------
A framework agreement on creating a joint venture to develop
Junin-4 Block was signed by CNPC Vice President Zhou Jiping and
Venezuelan Energy and Oil Minister Rafael Ramirez, who is also
President of Petroleos de Venezuela (PDVSA).

According to the framework agreement, a joint venture will be
established by CNPC and PDVSA, in which CNPC has a 40% stake and
PDVSA has a 60% stake.  The venture will drill for and upgrade the
super-heavy oil at Junin-4 Block in the Orinoco heavy oil belt
with a target annual productivity of 20 million tons.

Another framework agreement was also signed by Zhou Jiping and
Asdrubal Chavez, Vice President of PDVSA to build a joint venture
refinery in China, in which CNPC has a 60% stake and PDVSA has a
40% stake.

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                          *     *     *

As of May 19, 2009, Petroleos de Venezuela continues to carry a
'B1' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.



==========================
V I R G I N  I S L A N D S
==========================

WEAVERING MACRO: ISE Keeps Mum on Hedge Fund Investigation
----------------------------------------------------------
Arthur Beesley at the Irish Times reports that the Irish Stock
Exchange has declined to say whether it is investigating or has
investigated the affairs of the Weavering Macro Fixed Income Fund.

"Our policy is not to comment on any investigation that may or may
not be taking place," the Irish Times quoted a spokesman for the
ISE as saying.

The fund, which was targeted at high-net-worth clients, was
incorporated in the Cayman Islands and listed on the ISE in
August 2003, the Irish Times discloses.  The Irish Times recalls
the fund's ISE listing was suspended on March 11th and it was
placed in liquidation a week later after failing to meet its
investor demands for withdrawals.

                        Hedge Fund Probe

As reported in the Troubled Company Reporter-Europe on May 20,
2009, the Serious Fraud Office on May 15 conducted searches on two
residential properties (one in Kent, the other in Surrey) assisted
by the City of London Police, in connection with its investigation
into an alleged fraud involving the recently collapsed hedge fund,
Weavering Capital.

Two men, aged 43 and 45, were arrested and have been taken to a
police station for questioning.

Weavering Capital (UK) Limited is an English incorporated
investment management firm, which went into administration on
March 19, 2009, whose primary function was to act as investment
advisor to a Cayman Islands incorporated hedge fund, Weavering
Macro Fixed Income Fund Limited.  Liquidators were appointed over
the Macro Fund on March 19, 2009.  The Weavering Macro Fixed
Income Fund was understood to have funds under management of
around US$639 million in late 2008.

The investigation is currently focused on certain interest rate
swap transactions between the Macro Fund and a company registered
in the British Virgin Islands, Weavering Capital Fund Limited,
which appears to be a related third party, and which inflated the
apparent Net Asset Value of the Weavering Macro Fixed Income Fund.

According to the Irish Times, when the ISE listing of the
Weavering Macro Fixed Income Fund was suspended, the fund itself
said an investigation into its assets had "revealed a related
party transaction in the form of a large interest rate swap
position of a material amount where the counterparty is a company
controlled by a related party".

The Irish Times says while the fund's main unencumbered asset was
a series of derivative transactions valued in its balance sheet at
US$637.1 million, the derivative counterparty had a net worth not
exceeding US$50 million.



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

BRITISH AIRWAYS: To Launch Two New Caribbean Routes
---------------------------------------------------
British Airways Plc is launching twice-weekly services from
Gatwick to Montego Bay and Punta Cana in the Dominican Republic in
its winter schedule, according to a report posted at
Travelmole.com.  The report relates the airline is also increasing
flights from Gatwick to St Lucia from three to five a week,
Barbados, from nine to 10, and Port of Spain, Trinidad, from three
to five.

“These new routes and increased frequencies underline our
commitment to the Caribbean,” the report quoted Airline Head of
Sales Richard Tams as saying.  “It’s a popular destination with
our customers and it’s due to demand that we’re increasing the
number of flights to the region.”

                     About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) –- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Mar 10,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based British Airways PLC to 'BB+'
from 'BBB-'.  At the same time, the rating remains on CreditWatch
with negative implications, where it was originally placed on
Jan. 27, 2009.



                            ***********

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


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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.


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