TCRLA_Public/090529.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 29, 2009, Vol. 10, No. 105

                            Headlines

A N T I G U A  & B A R B U D A

STANFORD INT'L BANK: Ex-Wife Seeks to Intervene in Fraud Suit


A R G E N T I N A

BANCO HIPOTECARIO: Anses to Provide US$1.5-Bln of Mortgage Credits
CAMUZZI GAS: Moody's Assigns 'B2' Corporate Family Rating
COMPUTACION: Proofs of Claim Verification Due on June 10
CONSULTORA INTEGRAL: Proofs of Claim Verification Due on June 25
DISEATO MEDITERRANEO: Proofs of Claim Verification Due on July 6

ESTANTERIAS BECA: Proofs of Claim Verification Due on August 10
FRIGORIFICO MARCO: Proofs of Claim Verification Due on June 26
ICA INVERSIONES: Proofs of Claim Verification Deadline is Aug. 24
LA TECNICA: Proofs of Claim Verification Due on July 17
MERCADEO SA: Proofs of Claim Verification Due on July 3

PLAN SAN ISIDRO: Proofs of Claim Verification Due on August 19
SANIDOS SA: Proofs of Claim Verification Due on August 12


B A H A M A S

CL FINANCIAL: Gov't to Guarantee CLICO Liabilities, PM Says


B R A Z I L

DIAGNOSTICOS DA: S&P Affirms 'BB-' Corporate Credit Ratings


C A Y M A N  I S L A N D S

ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8
ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8
BCP CAPITAL: Creditors' Proofs of Debt Due on June 26
DCP OPPORTUNITIES: Placed Under Voluntary Wind-Up
GOLDMAN SACHS: Placed Under Voluntary Wind-Up

MAAC LEASING: Members to Receive Wind-Up Report on June 16
MAAC LESSOR: Members to Receive Wind-Up Report on June 16
MABA OWNER: Members to Receive Wind-Up Report on June 16
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25
MARATHON POWER: Creditors' Proofs of Debt Due on June 25

MATRIX RM: Creditors' Proofs of Debt Due on June 25
QUADRANGLE EQUITY: Shareholder to Hear Wind-Up Report on June 18
SADDLEPOINT PARTNERS: Placed Under Voluntary Wind-Up


C H I L E

EDELNOR: Plans to Repay US$187.4 Million Debt on July 7


C O L O M B I A

ECOPETROL SA: Acquires Glencore's Shares in Reficar S.A
* COLOMBIA: Exporters See Lowest Coffee Output Since 2001


E C U A D O R

IVANHOE: Ivanhoe Energy Ecuador Grants License for Oil Field Ops.
* ECUADOR: Government to Pay Bondholders Today
* ECUADOR: May Halt 2015 Bonds Payments, Credit Suisse Says


M E X I C O

COMERCI: Extends Debt Talks Deadline to June 10


V E N E Z U E L A

PDVSA: Speeds Up Plans to Offset Oil Well Decline


                         - - - - -

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

STANFORD INT'L BANK: Ex-Wife Seeks to Intervene in Fraud Suit
-------------------------------------------------------------
Susan Stanford, ex-wife of Stanford International Bank
International Limited (SIBL) owner Robert Allen Stanford, has
asked a U.S. judge’s permission to intervene in the regulatory
lawsuit against her ex-husband, Bloomberg News reports.

Mrs. Stanford has the right to protect her half-interest in her
husband's personal and corporate assets under Texas community
property laws, her lawyer, Joe Kendall, said in a Dallas federal
court filing obtained by the news agency.  “She has done nothing
wrong and, before her presumed interest in the property is sold
off without due process of law, Susan Stanford is legally entitled
to a seat at the table and the right to be heard,” he added.

The U.S. Securities and Exchange Commission, on Feb. 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 Co (SGC), and investment
adviser Stanford Capital Management.  According to a TCR-LA report
on April 8, citing Bloomberg News, Judge Godbey seized all of Mr.
Stanford’s corporate and personal assets and placed them under the
control of court-appointed SGC receiver Ralph Janvey.

Mr. Kendall, as cited by Bloomberg News, said: “All of the
property being rounded up by the receiver, regardless of whether
held by Mr. Stanford or one of his wholly owned entities, was
acquired during his 33-plus-year marriage to Susan Stanford and
is, in fact, community property.”  Under Texas law, “she is
presumed to own one-half of all of this property.”

                   About Stanford International

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



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

BANCO HIPOTECARIO: Anses to Provide US$1.5-Bln of Mortgage Credits
------------------------------------------------------------------
Banco Hipotecario S.A. will receive US$1.5 billion of mortgage
credits from Argentina's national pension fund, Anses, aimed at
middle-class home buyers, Shane Romig of Dow Jones Newswires
reports, citing President Cristina Fernandez.  The report relates
the new credit line is aimed at jump-starting the weakening
housing market, which has seen sales drop off due to the
international financial crisis.

According to the report, the new mortgages will be extended for
40,000 home purchases, 8,000 of these in 2009.

Anses, the report says, will inject US$300 million into Banco
Hipotecario this year, US$600 million next year and another US$600
million in 2011.

DJ Newswires notes the interest rates offered on the long-term,
peso-denominated loans will be as low as 10% for new home
construction, well below the current market level, which in some
cases is triple that rate.

                     About Banco Hipotecario

Banco Hipotecario S.A. is a commercial bank that accepts deposits
and offers retail and commercial banking services.  Banco
Hipotecario offers mortgage, personal and corporate loans, credit
cards, and insurance services.  It operates through a network of
43 branches and 43 additional points of sale located in Argentina.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 1, 2009, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Banco Hipotecario S.A. and the
ratings on two of the bank's notes issues to 'CC' from 'B-',
following the announcement of a cash tender offer that S&P
considers distressed under its criteria.


CAMUZZI GAS: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's assigned a Corporate Family rating of B2 on its global
scale and A2.ar on its Argentina national scale to Camuzzi Gas
Pampeana with a stable outlook.

Pampeana's B2 rating primarily reflects its expected financial
performance and its regulatory risk profile.  The A2.ar is a
National Scale rating and it is intended to measure the relative
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks.  NSRs in Argentina are designated by the ".ar" suffix.
NSRs differ from global scale ratings in that they are not
globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The B2 and A2.ar Corporate Family Ratings assigned to Pampeana
reflect the company's strong financial performance and solid
credit metrics for its rating category.

Nevertheless, the rating also incorporates uncertainty about the
regulatory framework and the regulatory risk profile of Pampeana's
operations in Argentina.  Furthermore, the provisional 27%
increase in tariffs approved by Congress in late 2007 and ratified
by the UNIREN in October 2008 still needs presidential approval
and formal regulatory release from the ENARGAS itself.  This high
level of uncertainty is compounded by the ongoing dispute between
Pampeana's shareholders' with respect to the negotiating stand in
front of the Argentine government and the effect the outcome might
have on Pampeanas' future strategy.

As a result of very low leverage, Pampeana's liquidity position
remains comfortable.  The Series 3 local market bonds, with ARS
12.5 million in notes outstanding as of March 2009 were paid off
on May 18, 2009, out of Pampeana's cash balance.

Pampeana's main sources of liquidity are internal cash flow and
non-committed bank credit lines of about ARS30 million, although
access to these facilities may be infrequent.  As a result of
relatively low capital expenditures and no debt outstanding,
Moody's expects Pampeana to continue generating positive free cash
flows despite the recently announced increased dividend payments.

The rating outlook is stable. In Moody's view, Pampeana should
continue to generate positive levels of free cash flow while
maintaining a satisfactory operating performance and low leverage.
Upward rating pressure could result from a more predictable
regulatory environment for the company's operations and a more
stable business environment.  A resolution of the ongoing
shareholders' dispute could also be beneficial for the ratings.
Although a downgrade is not likely in the near-term, additional
cost pressures that are not addressed by the proposed tariff
adjusting mechanism, any adverse changes in the fundamental
regulatory framework for the industry or an unanticipated change
to an aggressive financial policy could lead to negative rating
actions.  Quantitatively, negative FCF or debt to EBITDA higher
than 2.0 times could lead to a rating downgrade.

Camuzzi Gas Pampeana is an Argentinean gas distribution utility,
operating in areas of Buenos Aires and La Pampa, with more than
one million clients and annual revenues of more than
AR$450 million.


COMPUTACION: Proofs of Claim Verification Due on June 10
--------------------------------------------------------
Amalia Victoria Beckerman, the court-appointed trustee for
Computacion Integral y Sistemas SRL's bankruptcy proceedings, will
be verifying creditors' proofs of claim until June 10, 2009.

Ms. Beckerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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:

          Amalia Victoria Beckerman
          Tucuman 1367
          Buenos Aires, Argentina


CONSULTORA INTEGRAL: Proofs of Claim Verification Due on June 25
----------------------------------------------------------------
The court-appointed trustee for Consultora Integral Tecnica S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 25, 2009.

The trustee will present the validated claims in court as
individual reports on August 20, 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 1, 2009.


DISEATO MEDITERRANEO: Proofs of Claim Verification Due on July 6
----------------------------------------------------------------
The court-appointed trustee for Diseato Mediterraneo S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 6, 2009.

The trustee will present the validated claims in court as
individual reports on September 2, 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 15, 2009.


ESTANTERIAS BECA: Proofs of Claim Verification Due on August 10
---------------------------------------------------------------
Ana Maria Blujerman, the court-appointed trustee for Estanterias
Beca SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 10, 2009.

Ms. Blujerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ana Maria Blujerman
          Parana 774
          Buenos Aires, Argentina


FRIGORIFICO MARCO: Proofs of Claim Verification Due on June 26
--------------------------------------------------------------
The court-appointed trustee for Frigorifico Marco S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 26, 2009.


ICA INVERSIONES: Proofs of Claim Verification Deadline is Aug. 24
-----------------------------------------------------------------
The court-appointed trustee for ICA Inversiones S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until August 24, 2009.

The trustee will present the validated claims in court as
individual reports on October 5, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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


LA TECNICA: Proofs of Claim Verification Due on July 17
-------------------------------------------------------
The court-appointed trustee for La Tecnica del Frio S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 17, 2009.

The trustee will present the validated claims in court as
individual reports on August 25, 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 6, 2009.


MERCADEO SA: Proofs of Claim Verification Due on July 3
-------------------------------------------------------
The court-appointed trustee for Mercadeo S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
July 3, 2009.

The trustee will present the validated claims in court as
individual reports on August 28, 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 9, 2009.


PLAN SAN ISIDRO: Proofs of Claim Verification Due on August 19
--------------------------------------------------------------
The court-appointed trustee for Plan San Isidro S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
August 19, 2009.


SANIDOS SA: Proofs of Claim Verification Due on August 12
---------------------------------------------------------
The court-appointed trustee for Sanidos S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
August 12, 2009.


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

CL FINANCIAL: Gov't to Guarantee CLICO Liabilities, PM Says
-----------------------------------------------------------
Bahamas Prime Minister Hubert Ingraham said that in order to
facilitate the sale of Colonial Life Insurance Company (CLICO)'s
policy liabilities, the government has agreed to provide such a
guarantee, Oscar Ramjeet of Caribbean Net News reports.  The
report relates the guarantee for CLICO, a unit of CL Financial
Limited, will be in relation to life, accident and sickness,
annuity, retirement, annuity - executive flexible, premium
annuity, group life, medical and annuity.

According to the report, Mr. Ingraham said it is expected that the
guarantee would be for a maximum of TT$30 million and for a period
of five years.  The guarantee would not apply to policies and
annuities of directors and senior management of the company or
persons closely related to them, nor would it apply to
institutional or corporate policyholders or annuities, he added.
Mr. Ingraham, the report notes, also said only policies that are
in force would be covered by the guarantee.

"In order to accommodate the operational requirement necessary for
this proposed insurance guarantee, the government will establish a
statutory insurance guarantee fund with the duty to provide
protection for Bahamian policy holders in the event of failure of
an insurance company engaging in domestic insurance business," the
report quoted Mr. Ingraham as saying.

Caribbean Net News notes Mr. Ingraham update the status of CLICO
to the parliament.  The report relates the Office of the Registrar
of Insurance Companies submitted these findings:

   -- there is a gap between the assets and liabilities of CLICO,
      leaving a net liability of TT$42 million;

   -- there are realizable assets estimated at TT$85 million and
      adjusted liabilities of TT$127 million; and

   -- policy liabilities are estimated at TT$73 million and other
      liabilities are estimated at TT$54 million.

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

DIAGNOSTICOS DA: S&P Affirms 'BB-' Corporate Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'BB-' global scale and 'brA' Brazilian
national scale long-term corporate credit ratings, on Diagnosticos
da America S.A.  The outlooks are stable.

"The ratings reflect the company's aggressive growth strategy,
organically and through acquisitions, partially financed with
additional leverage," said Standard & Poor's credit analyst Piero
Parolin.  "We also take into account integration challenges with
acquired laboratories and exposure to the competitive and
fragmented diagnostics industry, with relatively low entry
barriers and some dependence on health insurers."

These risk factors are mitigated by DASA's local market
leadership, quality improvement in its clinical and imaging
diagnostic operations, efficient multibrand platform, and
increasing business diversification as to regions, customers, and
income levels.

The ratings also reflect the favorable long-term prospects for
Brazil's diagnostic testing services industry at a time when
increasing average life expectancy and greater access to health
insurance are providing growth opportunities.



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

ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8
---------------------------------------------------------------
The creditors of Alliancebernstein Deep Value Cayman Feeder, L.P.
are required to file their proofs of debt by June 8, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         Kim Charaman
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499


ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8
---------------------------------------------------------------
The creditors of Alliancebernstein Deep Value Cayman Feeder II,
L.P. are required to file their proofs of debt by June 8, 2009, to
be included in the company's dividend distribution.

The company's liquidator is:

         Kim Charaman
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499


BCP CAPITAL: Creditors' Proofs of Debt Due on June 26
-----------------------------------------------------
The creditors of BCP Capital Finance Limited are required to file
their proofs of debt by June 26, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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


DCP OPPORTUNITIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On May 4, 2009, the sole shareholder of DCP Opportunities Fund
Ltd. resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


GOLDMAN SACHS: Placed Under Voluntary Wind-Up
---------------------------------------------
On April 21, 2009, the sole shareholder of Goldman Sachs Highland
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

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


MAAC LEASING: Members to Receive Wind-Up Report on June 16
----------------------------------------------------------
The members of Maac Leasing Limited will receive on June 16, 2009,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Bobby Toor
         Phillip Hinds
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


MAAC LESSOR: Members to Receive Wind-Up Report on June 16
---------------------------------------------------------
The members of Maac Lessor Limited will receive on June 16, 2009,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Bobby Toor
         Phillip Hinds
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


MABA OWNER: Members to Receive Wind-Up Report on June 16
--------------------------------------------------------
The members of Maba Owner Limited will receive on June 16, 2009,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Bobby Toor
         Phillip Hinds
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------------
The creditors of Marathon Petroleum Inguessi Limited are required
to file their proofs of debt by June 25, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

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


MARATHON POWER: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Marathon Power Africa/Middle East Limited are
required to file their proofs of debt by June 25, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

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


MATRIX RM: Creditors' Proofs of Debt Due on June 25
---------------------------------------------------
The creditors of Matrix RM Fund are required to file their proofs
of debt by June 25, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 28, 2009.

The company's liquidator is:

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


QUADRANGLE EQUITY: Shareholder to Hear Wind-Up Report on June 18
----------------------------------------------------------------
The sole shareholder of Quadrangle Equity Investors Ltd. will
receive on June 18, 2009, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949 1986


SADDLEPOINT PARTNERS: Placed Under Voluntary Wind-Up
----------------------------------------------------
On May 1, 2009, the sole shareholder of Saddlepoint Partners GP
(Cayman), Ltd. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

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



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

EDELNOR: Plans to Repay US$187.4 Million Debt on July 7
-------------------------------------------------------
Empresa Electrica Del Norte Grande S.A. (aka Edelnor) said it
would repay US$187.4 million worth of debt to banks ABN AMRO and
Bank of New York Mellon, Manuel Farias and Monica Vargas of
Reuters report.

According to Julian Dowling of Dow Jones Newswires, the company
will take out a US$50 million short-term bank loan to help the
debt.  Reuters relates the company would also fund the payment
from its own cash flow.

DJ Newswires recalls Edelnor plans to pay the whole debt, which
was contracted in 2002, on July 7.

                          About Edelnor

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services raised the
ratings on Empresa Electrica del Norte Grande S.A. to 'BB-' from
'B+' mainly due to the company's improved financial risk
profile, which is partly evidenced by its significantly higher
debt-service coverage ratios and its US$66 million cash reserves
as of Sept. 30, 2007.  S&P said the outlook was positive,
reflecting expected good and more stable cash flow generation in
the next two years partly as a result of its increased medium-
and long-term power sale contracts at relatively high prices.


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

ECOPETROL SA: Acquires Glencore's Shares in Reficar S.A
-------------------------------------------------------
Ecopetrol S.A. said it closed the acquisition of all shares held
by Glencore in Reficar S.A., as per the terms agreed in the
Memorandum of Understanding signed on February 28, 2009.

The purchase price of US$549 million could be reduced in
approximately US$4.8 million as a result of the due diligence
process to be performed by Ecopetrol.  The adjustment will follow
the procedure agreed by the parties in the contract but as of
May 27, Ecopetrol already controls Reficar.

Ecopetrol ratifies its willingness to continue developing the
proposed expansion and modernization of the Cartagena refinery
and, in order to maximize the benefits of the company.  Ecopetrol
is currently working on integrating synergies with its
Barrancabermeja refinery.

                        About Ecopetrol S.A.

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

                          *     *     *

As of May 19, 2009, the company continues to carry Fitch Ratings'
BB+ foreign currency issuer default ratings.


* COLOMBIA: Exporters See Lowest Coffee Output Since 2001
---------------------------------------------------------
Colombia's exporters expect the country to have its lowest coffee
harvest this year since 2001, buoying prices after farms were
battered by heavy rainfall, Heather Walsh of Bloomberg News
reports.

The report relates Jorge Lozano, president of the National
Association of Colombian Coffee Exporters, said production may
fall at least 4.3% to 11 million bags from 11.5 million bags in
200.  “The figures we’re seeing show a substantial reduction,” Mr.
Lozano told Bloomberg News in an interview.  “Eleven million would
be a miracle.”

According to the report, Mr. Lozano said exports probably won’t
surpass 10 million bags, down from 11.1 million bags a year ago.

The Colombian National Coffee Growers Federation, Bloomberg News
notes, forecasts production of between 10.5 million to 11.5
million bags this year.

The report recalls the federation said that April output in
Colombia slumped 61% to 345,000 bags in April from a year earlier
because of rainy weather and as growers replaced aging plants;
while coffee exports tumbled 40% to 550,000 bags as a truckers
strike delayed shipments to ports.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).


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

IVANHOE: Ivanhoe Energy Ecuador Grants License for Oil Field Ops.
-----------------------------------------------------------------
Executive Chairman, President and CEO of Ivanhoe Energy Inc.
Robert Friedland and Chairman and CEO of Ivanhoe Energy Latin
America Inc. David Martin disclosed that Ecuador Inc. has received
authority to assume control of Block 20 and initiate operations on
the Pungarayacu field in Ecuador.  This follows the receipt by
Ivanhoe Energy Ecuador of a key environmental license issued by
the Ecuadorean government, related to the development of the
Pungarayacu field.

Ivanhoe Energy Ecuador received an important and highly-prized
Environmental License from Ecuador's Ministry of Environment
following the Ministry's review and approval of an Environmental
Impact Study (EIS) carried out on Ivanhoe Energy's initial
development plans.  The EIS, initiated approximately six months
ago, was carried out by an independent consulting firm certified
by the Ministry of Environment.

Admiral Luis Jaramillo, President of Petroecuador, and Captain
Freddy Garcia, Vice President of Petroproduccion, officiated in a
ceremony that granted Ivanhoe Energy Ecuador the authority to
begin petroleum operations on the Pungarayacu field in Block 20.
This event formally initiated the Appraisal Period, the first of
three phases of the development program.  The authorization allows
Ivanhoe Energy Ecuador to proceed to secure the permits to begin
drilling operations in the field.

The Pungarayacu Project is a heavy-oil project in Ecuador's Amazon
Basin. Block 20 contains the Pungarayacu field, a heavy-oil field
covering approximately 250 square miles that was discovered in the
early 1980s.  Block 20 covers a 426-square-mile (1,100-square-
kilometre) area located approximately 125 miles (200 kilometres)
southeast of Quito.  Ivanhoe Energy Ecuador Inc. signed a Specific
Services Contract with Petroecuador and Petroproduccion in October
2008 that provides Ivanhoe Energy Ecuador with the right to
explore and develop Block 20 in exchange for a fixed fee per
barrel of oil produced and delivered to Petroproduccion.

The contract has an initial term of 30 years.  To recover its
investments, costs and expenses, and to provide for a profit,
Ivanhoe Energy Ecuador will receive from Petroproducción a payment
of US$37 per barrel of oil produced and delivered to
Petroproduccion.  The payment will be indexed (adjusted) quarterly
for inflation, starting from the contract date, using the weighted
average of a basket of three U.S. Government-published producer
price indices relating to steel products, refinery equipment and
upstream oil and gas equipment. Ivanhoe Energy Ecuador also has
the right to lift oil at a Pacific coast terminal in lieu of cash
payments. Ivanhoe Energy Ecuador also has the right to develop,
produce and blend any light oil that may be found on the block.

                About Ivanhoe Energy Latin America

Ivanhoe Energy Latin America is the parent company of Ivanhoe
Energy Ecuador.  Both are part of the Ivanhoe Energy Inc. group of
companies.

                      About Ivanhoe Energy

Vancouver, British Columbia, Canada, Ivanhoe Energy Inc. (TSX: IE;
Nasdaq: IVAN) -- http://www.ivanhoe-energy.com/-- is an
independent international heavy oil development and production
company focused on pursuing long-term growth in its reserve base
and production using advanced technologies, including its
proprietary, patented heavy-oil upgrading process (HTL).  Core
operations are in the United States and China, with business
development opportunities worldwide.

Ivanhoe Energy has established a number of geographically focused
entities.  The parent company, Ivanhoe Energy Inc., will pursue
HTL opportunities in the Athabasca oilsands of Western Canada and
will hold and manage the core HTL technology.  Two new
subsidiaries have been established, one for Latin America and one
or the Middle East & North Africa, complementing Sunwing Energy
Ltd., Ivanhoe Energy's existing, wholly-owned company for China.
Ivanhoe Energy Inc. owns 100% of each of these subsidiaries,
although the percentages are expected to decline as they develop
their respective businesses and raise capital independently.

For the nine months period ended Sept. 30, 2008, the company
incurred a net loss of $20,213,000 compared with a net loss of
$20,358,000 for the same period in the previous year.

At Sept. 30, 2008, the company's balance sheet showed total assets
of $363,004 million, total liabilities of $92,066,000 and
shareholders' equity of $270,938,000.

                       Going Concern Doubt

Ivanhoe Energy Inc. believes that existing conditions cast
substantial doubt about its ability to continue as a going
concern.  The company incurred a net loss of $8.5 million for the
three-month period ended March 31, 2008, and as at March 31, 2008,
had an accumulated deficit of $168.5 million and negative working
capital of $8.8 million.  In addition, the company currently
anticipates incurring substantial expenditures to further its
capital investment programs and the company's cash flows from
operating activities will not be sufficient to both satisfy its
current obligations and meet the requirements of these capital
investment programs.  Moreover, recovery of capitalized cost
related to potential HTL(TM) and GTL projects is dependent upon
finalizing definitive agreements for, and successful completion
of, the various projects, the outcome of which is uncertain.


* ECUADOR: Government to Pay Bondholders Today
----------------------------------------------
The Ecuadorian government said it will pay its debt holders who
accepted to sell their 2012 and 2030 global bonds today, May 29,
Mercedes Alvaro of Dow Jones Newswires reports, citing Finance
Minister Maria Elsa Viteri.  "All debt holders who offered up to
35 cents will be canceled.  The payment won't be postponed," Ms.
Viteri told Bloomberg News in a phone interview.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, Associated Press said Ecuador offered to buy back
nearly a third of its foreign debt at a 65% discount on May 26, in
what the finance ministry called a one-time offer to creditors
holding US$3.2 billion in defaulted sovereign bonds.  The report
related Finance Minister Maria Elsa Viteri said the government
will spend up to US$350 for every US$1,000 worth of so-called
Global 2012 and 2030 bonds that it repurchases.  The report said
Ms. Viteri said the offers will be received until June 3 and
cannot exceed 35 cents to the dollar.  Results will be announced
June 12, she added.  AP noted the only option for creditors who
refuse the offer is to present a claim before an international
arbitration body, but such cases have not forced government
payouts in other countries in the past.

The TCR-Latin America, citing Bloomberg News, reported April 23,
2009, that Ecuador President Rafael Correa offered to repay
holders of Ecuador’s defaulted bonds as little as 30 cents on the
dollar as the country’s foreign reserves plunge amid slumping oil
prices, Bloomberg News recalled President Correa skipped a US$30.6
million payment for the country’s 12% bonds due in 2012, calling
the debt “illegal” and “illegitimate.”  The move also sent its
bonds due 2015 and 2030 into default, the same report noted.  As
reported in the TCRLA on January 15, 2009, Bloomberg News said
Ecuador made an interest payment on its bond due 2015 after
defaulting on other debt for the second time in a decade.  The
Associated Press related Mr. Correa considered the Global 2015
bond series as different from the Global 2012 and 2030 bonds
because Ecuador wasn't pressured into agreeing to it.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


* ECUADOR: May Halt 2015 Bonds Payments, Credit Suisse Says
-----------------------------------------------------------
Ecuador may halt payments on its US$650 million of bonds due in
2015 as the government’s finances deteriorate and the “economic
cost” of defaulting on other securities has been low, Drew Benson
of Bloomberg News reports, citing Credit Suisse Group AG.  The
report relates Ecuador has continued to make interest payments on
its 9.375 percent bonds maturing in 2015.

As reported in the Troubled Company Reporter -Latin America on
Jan. 6, 2009, the Associated Press said President Rafael Correa
considered the Global 2015 bond series as different from the
Global 2012 and 2030 bonds because Ecuador wasn't pressured into
agreeing to it.  According to Reuters, Ecuador's government hopes
the move will improve its chances of restructuring other bonds
amid a growing cash shortfall caused by falling oil income.

Credit Suisse Group AG New York-based analysts Diego Sasson and
Alonso Cervera wrote in a report that Ecuador’s defaulted debt
buyback offer would likely be accepted by more than 75% of
bondholders.  Reaching that threshold would allow the government
to alter the terms of the defaulted bonds, they added.

According to Bloomberg News, Sasson and Cervera wrote that
investors are selling back their bonds in part because of the
“government’s threat” to change the terms of the securities and
because of the lack of success that holdout creditors have had in
seizing assets from Argentina following its 2001 default.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.



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

COMERCI: Extends Debt Talks Deadline to June 10
-----------------------------------------------
Comerci a.k.a Controladora Comercial Mexicana SAB de CV has
extended to June 10 the deadline for reaching a debt restructuring
agreement with creditors, as the company aims to restructure debt
from derivatives losses and other liabilities, Anthony Harrup of
Dow Jones Newswires reports.  The report relates this is the third
time the company has made an extension in the past week.

LatinFrance recalls Comerci had pushed out until May 27 from
May 22 the deadline to wrap up talks with derivatives
counterparties that suggests progress is being made.

According to LatinFrance, ING estimates that FX derivatives losses
for Comerci will amount to US$1.0 billion and adds that
derivatives creditors claim US$2.5 billion in losses.  The company
is provisioned for US$860 million in derivatives losses, ING adds.

An unnamed corporate debt analyst, LatinFrance notes, said an
additional US$200 million in bond debt and MXP3 billion in MXP-
denominated notes due 2037 also contribute to the pile of debt
Comerci is likely to carry with it for the coming years.

According to LatinFrance, an executive close to the talks said
banks will take a haircut on what they say they are owed.  The
same report relates, news reports surfaced that the agreement may
involve Comerci’s controlling shareholders ceding some equity in
the company.

As reported in the Troubled Company Reporter-Latin America on
April 3, 2009, Reuters said Comerci defaulted in October after
massive derivatives losses sent its debt soaring above US$2
billion.  On Oct. 9, 2008, Comerci filed for protection under
Mexico's bankruptcy code Ley de Concurso Mercantil.  According to
Bloomberg News, Mexican companies posted losses tied to
derivatives contracts in the second half of last year as the peso
plunged to record lows against the U.S. dollar and prices of
commodities such as natural gas fell.

                     About Comerci

Comerci a.k.a Controladora Comercial Mexicana SAB de CV
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.





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

PDVSA: Speeds Up Plans to Offset Oil Well Decline
-------------------------------------------------
Petroleos de Venezuela plans to speed up exploration and
production plans to offset the decline in deposits and maintain
the oil production level at 3.2 million bpd, El universal News
reports, citing PDVSA Director Hercilio Rivas.

The report recalls Venezuela's oil production has been questioned
by several international firms that claim that actual output is
some 2.1 million bpd, due to operational setbacks.  However, the
report relates, Venezuelan authorities reply that domestic
production exceeds 3 million bpd, according to a report prepared
by research firm Inspectorate, as commissioned by the Ministry of
Energy and Petroleum.  "Old oilfields have a trend to decline and
we are making efforts to avoid that," Mr. Rivas was quoted by the
report as saying.   The oil recovery factor is about 25 percent,
he added.

According to the report, Mr. Rivas said the 2009 investment plan
remains unchanged at US$12 billion.  The report notes Mr. Rivas
added that Pdvsa "has muscle and is very powerful," and stressed
that the firm has the capacity to meet commitments related to
nationalization.

                          About PDVSA

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.

                            ***********

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.


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