TCRLA_Public/090603.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

              Wednesday, June 3, 2009, Vol. 10, No. 107

                            Headlines


A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Used Clients' Funds for "Lavish Life"


A R G E N T I N A

ARTES GRAFICAS: Verifying Proofs of Claim Until August 10
COMPAATIA ARGENTINA: Verifying Proofs of Claim Until August 10
CONSOLIDAR SEGUROS: Moody's Affirms 'Ba3' Financial Ratings
ESTANTERIAS BECA: Verifying Proofs of Claim Until August 10
GENERACION ECONOMICA: Verifying Proofs of Claim Until June 8

LOUCEN INTERNATIONAL: Verifying Proofs of Claim Until August 31


B E R M U D A

NEWPAK INTERNATIONAL: Creditors' Proofs of Debt Due on June 12
NEWPAK INTERNATIONAL: Members' Final Meeting Set for June 30
XL CAPITAL: Inks US$2.4-MM Consultancy Deal With Former Chairman


B R A Z I L

BNDES: To Meet Investors This Week After "Non-Deal" Roadshow
BNDES: Gradiente Electronica May Seek Financing Aid
BRADESCO: Approves Buyback Program for 35 Million Shares
DIAGNOSTICOS DA: Fitch Affirms 'BB' Issuer Default Ratings
GOL: Shares Jump on Speculation Strong Real May Cut U.S. Debt

IMCOPA IMPORTACAO: Coupon Nonpayment Cues S&P's Rating Cut to 'D'
REDE ENERGIA: Launches Offer for 11.125% Perpetual Bonds
TAM SA: Shares Gain on Speculation Strong Real May Cut U.S. Debt
TELEMAR NORTE: Brasil Telecom Acquisition Boosts Customers Base


C A Y M A N  I S L A N D S

A&C CONSTRUCTION: Creditors' Proofs of Debt Due on June 30
APPLETON PROTECTED: Creditors' Proofs of Debt Due on June 29
CASTLEVIEW ASSET: Creditors' Proofs of Debt Due on June 25
CRANE CORPORATION: Placed Under Voluntary Liquidation
FORT DENISON: Creditors' Proofs of Debt Due on June 25

GOLDMAN SACHS ALPHA-BETA: Placed Under Voluntary Wind-Up
GOLDMAN SACHS LIQUID: Placed Under Voluntary Wind-Up
KENSINGTON INVESTORS: Placed Under Voluntary Wind-Up
LYDIAN OFFSHORE: Commences Wind-Up Proceedings
ORCHID JAPAN: Creditors' Proofs of Debt Due on June 25

PALM BEACH: Creditors' Proofs of Debt Due on June 25
PRISM PARTNERS: Commences Wind-Up Proceedings
SL (2003-2): Creditors' Proofs of Debt Due on June 25
START CLO: Creditors' Proofs of Debt Due on June 25
TCM SELECT: Creditors' Proofs of Debt Due on June 29


C H I L E

EMPRESAS IANSA: Liquidity Concerns Cue S&P to Junk Ratings
EMPRESAS IANSA: Concerns on Liquidity Cues S&P's Junk Rating


C O L O M B I A

ECOPETROL: Mulls Bond Sale Within "Weeks"


P A N A M A

* PANAMA: JPMorgan Cuts Panama GDP Growth Forecast to 1.5%


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Not Selling Stake in Lascelles de Mercad


V E N E Z U E L A

PDVSA: To Invest Up to US$13 Billion to Boost Output



                         - - - - -


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

STANFORD INT'L BANK: Owner Used Clients' Funds for "Lavish Life"
----------------------------------------------------------------
Court-appointed joint liquidators for Stanford International Bank
Limited (SIBL) Nigel Hamilton-Smith and Peter Wastell -- client
partners at Vantis Business Recovery Services -- said SIBL owner
Robert Allen Stanford used client funds to pay for his jet-set
lifestyle, Reuters reports.  "I believe that depositor funds in
Stanford Bank were moved into other Stanford Group companies to
fund the expansion and the running of the Stanford empire," the
report quoted Mr. Hamilton-Smith as saying.

Mr. Hamilton-Smith told Reuters in an interview that Mr. Stanford
used the money to pay for jets, lavish homes and yachts.

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.

                   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
=================

ARTES GRAFICAS: Verifying Proofs of Claim Until August 10
---------------------------------------------------------
The court-appointed trustee for Artes Graficas Sifer S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until August 10, 2009.

The trustee will present the validated claims in court as
individual reports on September 22, 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
November 4, 2009.


COMPAATIA ARGENTINA: Verifying Proofs of Claim Until August 10
--------------------------------------------------------------
The court-appointed trustee for Compaatia Argentina de Semillas
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until August 10, 2009.


CONSOLIDAR SEGUROS: Moody's Affirms 'Ba3' Financial Ratings
-----------------------------------------------------------
Moody's Latin America has affirmed and withdrawn these two ratings
of Consolidar Seguros de Vida S.A.: its Ba3 global local-currency
insurance financial strength rating and its Aa2.ar IFS rating on
Argentina's national scale.  The affirmation and withdrawal of
Consolidar Vida's ratings follows its merger into its affiliate,
Consolidar Seguros de Retiro S.A., effective April 1, 2009. In the
same rating action, Moody's also affirmed the Ba3 global local-
currency IFS and Aa2.ar Argentine national scale IFS ratings of
Consolidar Retiro and of another affiliate, BBVA Consolidar
Seguros.  The rating outlooks for Consolidar Retiro and Consolidar
Seguros are stable.

Consolidar Retiro and Consolidar Seguros (as well as Consolidar
Vida prior to the merger) are primary insurers, wholly-owned by
the large Spanish bank Banco Bilbao Vizcaya Argentaria S.A., are
engaged in the annuities, life insurance, and general insurance
business in Argentina.  The firms are well integrated with Banco
Frances -- the major Argentine bank belonging to the BBVA Group.

According to Moody's, its affirmation of these ratings reflects
the companies' overall sustained and strong business and financial
performance.  The rating agency cited their solid profitability,
their continuous leadership in several segments of the local
market, and the likely support these companies will receive from
their ultimate parent, BBVA.

Commenting on the specific impact of the merger with Consolidar
Vida on Consolidar Retiro's credit profile, Moody's explained that
Consolidar Retiro's capitalization would improve as it received a
large amount of assets and very few liabilities from Consolidar
Vida.  In terms of Consolidar Vida's policyholder reserves, the
rating agency pointed out that they had previously been
transferred to BBVA's other company, Consolidar Seguros.  Although
weak capitalization was a credit concern for Consolidar Retiro,
its capitalization and surplus should be strengthened and lifted
significantly above local capital requirements.  Consolidar Retiro
may also benefit from the additional financial income that the
investments transferred from Consolidar Vida will produce, thereby
allowing the company to sustain its normal profitability levels,
despite the economic pressures recently seen in Argentina.

Nevertheless, the expected improvement in Consolidar Retiro's
capitalization will not result in an upgrade of its ratings
because 1) Moody's believes that policyholder reserves may have to
be strengthened considerably given the risk that part of the
policyholder reserves are already being dollarized (e.g. converted
from local currency liabilities into US dollar liabilities) and 2)
the current ratings of the BBVA insurance companies already
reflect an uplift from their stand-alone credit profile due to
ownership and implied support from BBVA.

BBVA Consolidar Seguros, based in Buenos Aires, reported a net
profit of AR$30.6 million in the third quarter of the 2008/09
fiscal year, ended March 31, 2009.  The company's shareholders'
equity rose to AR$93.3 million -- an increase of almost 50%
relative to fiscal year-end June 30, 2008.  Consolidar Seguros de
Retiro, also headquartered in Buenos Aires, reported net income of
AR$4.9 million in the third quarter of 2008/09 fiscal year.
Shareholders' equity rose to AR$115.4 million, representing a 5%
increase since June 30, 2008.  Finally, Consolidar Seguros de Vida
posted net income of AR$1.9 million during the nine-month period,
ended 1Q09, at which date the company also reported total assets
of AR$222.9 million and shareholders' equity of AR$208 million.

NOTE: Moody's national scale insurance financial strength ratings
rank an enterprise's financial strength on a relative basis in
comparison with other firms' within the same country.  Such
ratings are designed for use at the local (national) level, and
they are not globally comparable.  For Argentine companies,
national scale ratings carry the identifier of ".ar". In contrast,
global local-currency insurance-financial strength ratings
indicate the relative credit risk of an insurance company on a
globally comparable scale.  In the case of ratings of insurers
domiciled in a country with a speculative grade sovereign rating,
such as Argentina, these ratings are the result of several
factors: the political risk; the risk of a generalized debt
moratorium; the weakness of the legal environment or framework;
and the risk of interference in the functioning of the financial
system.  Taken together, the national scale and global local-
currency ratings provide a more comprehensive opinion about the
credit risk of the company.  Moody's insurance financial strength
ratings are opinions about the ability of insurance companies to
punctually pay senior policyholder claims and obligations.


ESTANTERIAS BECA: Verifying Proofs of Claim Until August 10
-----------------------------------------------------------
The court-appointed trustee for Estanterias Beca S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 10, 2009.

The trustee will present the validated claims in court as
individual reports on September 22, 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
November 4, 2009.


GENERACION ECONOMICA: Verifying Proofs of Claim Until June 8
------------------------------------------------------------
The court-appointed trustee for Generacion Economica S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 8, 2009.

The trustee will present the validated claims in court as
individual reports on August 4, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


LOUCEN INTERNATIONAL: Verifying Proofs of Claim Until August 31
---------------------------------------------------------------
The court-appointed trustee for Loucen International Arentina
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until August 31, 2009.

The trustee will present the validated claims in court as
individual reports on October 6, 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
November 18, 2009.



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

NEWPAK INTERNATIONAL: Creditors' Proofs of Debt Due on June 12
--------------------------------------------------------------
The creditors of Newpak International, Ltd. are required to file
their proofs of debt by June 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2009.

The company's liquidator is:

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


NEWPAK INTERNATIONAL: Members' Final Meeting Set for June 30
------------------------------------------------------------
The members of Newpak International, Ltd. will hold their final
general meeting on June 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 26, 2009.

The company's liquidator is:

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


XL CAPITAL: Inks US$2.4-MM Consultancy Deal With Former Chairman
----------------------------------------------------------------
XL Capital Limited will take a US$2.4 million, three-year
consulting deal with its former chairman and chief executive
officer Brian O'Hara, The Royal Gazette reports.

According to the report, citing a March 5 regulatory filing, Mr.
O'Hara would receive a fee of US$800,000 per year for advisory
services.

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.



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

BNDES: To Meet Investors This Week After "Non-Deal" Roadshow
------------------------------------------------------------
Brazilian government-backed development bank, Banco Nacional de
Desenvolvimento Economico e Social SA (BNDES), is meeting
investors in New York this week, after starting a "non-deal"
roadshow in London on June 1, LatinFrance reports.  The report
relates investors expect a transaction very soon, perhaps a
sizeable 10-year, from the bank.

According to the report, HSBC and Goldman Sachs are managing the
tour.

Bankers away from the deal, the report says, expect a yield of
under 7%, given that the existing 6.369% of 2018s are trading
around par, after being up at 101 recently.

LatinFrance recalls BNDES returned to the international bond
markets last year after a 7-year hiatus.

                          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.

                         *     *     *

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: Gradiente Electronica May Seek Financing Aid
---------------------------------------------------
Brazilian consumer electronics company Gradiente Electronica is
studying a debt-restructuring plan that would include financing
from Banco Nacional de Desenvolvimento Economico e Social SA
(BNDES), Jeff Fick of Dow Jones Newswires reports.

According to the report, citing a statement to stock regulators,
Gradiente said that BNDES could participate by financing the debt
restructuring through bank guarantees that would be offered to
creditors.  The report relates Gradiente said that it intended to
meet all of its debt obligations and not seek any discounts on
outstanding debt as part of the restructuring effort.

The report recalls local press reported that BNDES would loan
Gradiente enough funds to pay off its BRL300 million (US$154
million), but that creditors would have to accept steep discounts.

A new company would then emerge from the restructuring, with a
fresh capital infusion of BRL150 million, half of which would come
from a local family of entrepreneurs, the report says.

                          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.

                          *     *     *

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.


BRADESCO: Approves Buyback Program for 35 Million Shares
--------------------------------------------------------
Banco Bradesco S.A. has approved a buyback program of up to 35
million shares, LatinFrance reports.

According to the report, the 6-month program includes up to
10 million common shares and 25 million preferred shares, out of
an outstanding 551 million common and 1.47 billion preferred
shares.

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

                         *     *     *

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


DIAGNOSTICOS DA: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed the 'BB' Foreign and Local Currency
Issuer Default Ratings of Diagnosticos da America S.A.  Fitch has
also affirmed the company's 'A+(bra)' national scale rating and
the 'BB' rating of its US$250 million senior unsecured notes due
in 2018.  The Rating Outlook for DASA is Stable.

DASA's credit ratings are supported by the company's leading
position in the Brazilian medical diagnostics industry.  The
ratings of DASA also take into consideration the company's
conservative management of its credit profile, historically using
a mix of debt and equity to fund growth.  Further factored into
DASA's ratings are its presence in many segments of the diagnostic
healthcare market and the diversification of its exposure to
multiple counterparties.  Considerations that limit DASA's ratings
are the rapid consolidation of the diagnostic industry, the need
to manage reputation risk and the potential for counterparty
payment risk to increase during an economic crisis and currency
mismatch risk.

As the leading provider of diagnostic services in Brazil, DASA is
able to provide an array of services not offered by its
competitors.  Its size and reputation have enabled it to charge
competitive prices versus most of its peers and to lower per unit
diagnostic costs, which benefit its profitability.

DASA generated BRL245 million of EBITDA and BRL414 million of
funds from operations during 2008.  These figures compare with the
BRL179 million of EBITDA and BRL184 million of FFO in 2007.  DASA
had a very strong first quarter of 2009.  Its EBITDA during the
quarter was BRL77 million, an increase from BRL59 million during
the same quarter in 2008.  As a result, the company's last 12
months EBITDA for the period ended March 31, 2009, was
BRL267 million.  The cash flow growth during the past year was due
to increased demand for the company's products, the opening of 17
new patient service centers and the acquisition of three smaller
companies.

Free cash flow, defined as cash flow from operations less
dividends and capital expenditures, grew to BRL224 million during
the LTM ended March 2009 from BRL205 million during 2008.  DASA's
free cash flow was a negative BRL56 million during 2006 due to
BRL186 million of capital expenditures.  DASA had BRL1.04 billion
of total consolidated debt and BRL492 million of cash and
financial applications on Dec. 31, 2008.  The company's debt
increased from BRL406 million at the end of 2007 due to the
issuance of a US$250 million bond during May 2008 and the
subsequent devaluation of the Brazilian real versus the U.S.
dollar.  The company has kept most of the cash from this issuance
to improve liquidity in the face of the current credit crisis.  As
of March 31, 2009, DASA had BRL395 million of cash and
BRL970 million of debt.  The company faces debt amortizations of
BRL210 million during 2009, BRL142 million during 2010 and 2011.

Approximately 72% of DASA's debt is denominated in US$.  With all
of its revenues generated in Brazilian reais, the company is
exposed to the risk of currency mismatch.  The company has
attempted to hedge this risk with swap transactions that cover its
interest payments during the next four years.  Out of the total
debt, BRL943 million is at the holding company, which also
operates as an operating company.  The remaining BRL27 million of
debt is at various subsidiaries.  The debt consists primarily of
BRL596 million of senior notes due 2018, BRL133 million of
debentures that will continue amortizing through 2011 and
BRL120 million of banking debt.  The debentures have financial
covenants.  The most restrictive are a consolidated net
debt/EBITDA lower or equal to 2.5 times (x) and an EBITDA/net
consolidated financial expenses ratio of at least 2.0x.

The outlook for the Brazilian private medical diagnostic industry
remains favorable, despite the challenging scenario in 2009.  An
improved socio-economic environment in Brazil during the last few
years has increased per capita GDP levels and has lowered
unemployment.  These factors have enabled many people to switch
from public healthcare to private healthcare.  For 2009, Fitch
expects a 1.2% decrease of GDP but forecasts a 3.5% recovery by
2010, which should be beneficial for DASA's business evolution.
The availability of a larger number of diagnostic tests, as well
as an aging population should also support the increase of sector
demand, in the next few years.

In March 2009, DASA's FFO adjusted leverage ratio was 1.8x, while
its total debt/ EBITDA ratio was 3.6x.  The company's net debt/
EBITDA remains below covenant levels at 2.2x.  DASA intends to
issue equity, if necessary, to maintain its net debt/EBITDA ratio
below 2.5x in case of a significant acquisition.  The uncertainty
in the capital market, however, adds risk to the success of
executing an offering of shares.

DASA is the largest private medical diagnostic company in Brazil.
As of the end of 2008, the company operated 328 inpatient and
outpatient service centers in Brazil.  Services offered at its
PSCs include imaging, clinical analysis and vaccinations.  DASA
also offers lab-to-lab services and has entered into agreements
with state and local governments.  DASA is 93.5% publicly owned.
Board members and management own the remaining 6.5% of the
company.


GOL: Shares Jump on Speculation Strong Real May Cut U.S. Debt
-------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.'s
shares jumped 13% yesterday to BRL9.9, the most since Oct. 30, in
Sao Paulo trading on speculation the stronger Brazilian currency
will reduce costs to service U.S. debt, Fabiola Moura of Bloomberg
News reports.

"A big part of . . . Gol Linhas' long- and short-term debt is
linked to the North American currency," Planner Corretora analyst
Brian Moretti told Bloomberg News in a phone interview.  About 93%
of Gol's short-term debt and 98% of its long-term debt are dollar-
denominated, he added.

According to the report, Brazil's real rose to the highest since
October yesterday on speculation the nation's economic recovery
and this year's rally in equities will lure investors.  The report
relates it has gained 27% since March 2, the biggest advance among
the six most-traded Latin American currencies.

                         About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  The
company was founded in 2001.

                          *     *     *

As of May 19, 2009, the company continues to carry Moody's B1 LT
Corp Family ratings.  The company also continues to carry Fitch's
B+ Issuer Credit Ratings and B Senior Unsecured Rating and
Preferred Stock ratings.


IMCOPA IMPORTACAO: Coupon Nonpayment Cues S&P's Rating Cut to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
rating on Brazil-based soy processor Imcopa Importacao, Exportacao
e Industria de Oleos S.A. to 'D' from 'CCC-'. At the same time,
S&P lowered its rating on Imcopa International Cayman Ltd.'s
$100 million 10.375% notes due 2009 to 'D'.

The rating action follows the Imcopa's failure to pay the coupon
on its bonds after the expiration of a five-day cure period on
June 1, 2009.  The company is currently negotiating with its
creditors (including its relationship banks) to restructure its
debt profile, and has also hired a financial advisor to help with
the broad restructuring plan.  Imcopa has experienced tight
liquidity due to the credit crunch in bank markets since late
2008, since it has had to pay down a significant portion of its
short-term debt (primarily export prepayments) used to finance its
working capital expenditures.  Higher inventories as export
clients delay acceptance of delivery also aversely affected the
company's liquidity," said Standard & Poor's credit analyst
Reginaldo Takara.

Imcopa is currently working with banks to restructure its debt
profile.  It has solicited consent from bondholders to amend the
indenture, waiving the noncompliance with financial covenants and
other defaults on the bonds' indenture and removing certain limits
on liens.  S&P expects to revise the ratings once the company
completes a definitive debt restructuring with all of its
creditors and sets the conditions for payment of its existing debt
and secure financing to sustain operations over the next few
growing seasons.


REDE ENERGIA: Launches Offer for 11.125% Perpetual Bonds
--------------------------------------------------------
Rede Energia launched a cash tender offer for its 11.125%
perpetual bonds, LatinFrance reports.  The report relates the
company can purchase up to BRL300 million-equivalent in dollars
through the offer expiring June 26.

According to the report, accepting holders are set to receive
US$400 per US$1,000 tendered, plus a clearing premium of up to
US$80 to be determined through a modified Dutch auction.

The report says holders tendering before June 12 will receive an
extra US$50 per US$1,000 principal.  Bank of America and Planner
Securities are dealer-managers, the report notes.

LatinFrance notes the company plans to fund the buyback using
proceeds from an upcoming issue of BRL320 million in 1-year
promissory notes expected to pay 120% of DI.

                       About Rede Energia

Rede Energia is one of the largest electric utility distribution
groups in Brazil, serving approximately 4.2 million customers in
approximately 35% of the national territory.  In 2008, the group
distributed 15,995 giga watts hours of electricity through its
operating assets.  The group holds a small portfolio in generation
assets with a total installed capacity of 82.9 mega watts.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 11, 2009, Fitch Ratings downgraded and placed on Rating Watch
Negative Rede Energia S.A.'s Local and Foreign Currency Issuer
Default Ratings to 'CCC'; long-term National Rating to 'CCC(bra)';
and US$575 million perpetual notes long-term International Rating
to 'CCC/RR4'.


TAM SA: Shares Gain on Speculation Strong Real May Cut U.S. Debt
----------------------------------------------------------------
Brazil-based TAM S.A. gained 6.6% to BRL18.60 yesterday, June 2,
in Sao Paulo trading on speculation the stronger Brazilian
currency will reduce costs to service U.S. debt, Fabiola Moura of
Bloomberg News reports.

"A big part of . . . Tam Sa's long- and short-term debt is linked
to the North American currency," Planner Corretora analyst Brian
Moretti told Bloomberg News in a phone interview.  About 93% of
Gol's short-term debt and 98% of its long-term debt are dollar-
denominated, he added.

According to the report, Brazil's real rose to the highest since
October yesterday on speculation the nation's economic recovery
and this year's rally in equities will lure investors.  The report
relates it has gained 27% since March 2, the biggest advance among
the six most-traded Latin American currencies.

                         About TAM S.A.

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

                          *     *     *

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


TELEMAR NORTE: Brasil Telecom Acquisition Boosts Customers Base
---------------------------------------------------------------
Telemar Norte Leste Participacoes S.A., which operates under the
Oi brand, boosted its customer base to 31.84 million at the end of
first quarter 2009, following its acquisition of Brasil Telecom,
Cellular-News reports.  The report relates the company's quarterly
gain of 7.45 million included approximately 5.6 million Brasil
Telecom customers.

According to the report, the company's prepaid base increased by
6.37 million to 26.86 million, while the contract base added 1.08
million to finish on 4.98 million, or 15.6% of the total.

The report says that at the end of Q1 09, Oi's annual growth rate
stood at 83.7% from 29.7% for the prior twelve month period, while
net additions were up from 3.97 million to 14.50 million.

These figures, Cellular-News notes, account for the effect not
only of the Brasil Telecom acquisition, but also of the
acquisition of Tele Norte in Q2 08.  This added a further 1.47
million to Oi's customer base, the report adds.

Meanwhile, Cellular-News notes that in terms of the financial
figures, Oi saw a 3.5% year-on-year gain in revenues on a proforma
basis to BRL7.5 billion in Q1 09.  However, the report says
adjusted EBITDA was down 8.0% to BRL2.4 billion; and net debt
surged from BRL3.0 billion in Q1 08 to BRL19.2bn in Q1 09 as a
result of the acquisition.

                   About Telemar Norte Leste

Headquartered in Rio de Janeiro, Brazil, Telemar Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; Tele Norte
Leste Participacoes PCS SA; Telemar Internet Ltda.; and Companhia
AIX Participacoes SA.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
Sept. 2, 2008, Standard & Poor's Ratings Services revised its
outlooks on Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA (collectively, Telemar), and Amazonia Celular SA to
positive from stable, while affirming the 'BB+' long-term
corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.



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

A&C CONSTRUCTION: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------------
The creditors of A&C Construction Ltd. are required to file their
proofs of debt by June 30, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2009.

The company's liquidator is:

          Clive Wesley Smith
          P.O. Box 2549 GT, Grand Cayman KY1-1104
          Cayman Islands


APPLETON PROTECTED: Creditors' Proofs of Debt Due on June 29
------------------------------------------------------------
The creditors of Appleton Protected Currency Fund Limited - Series
2 are required to file their proofs of debt by June 29, 2009, to
be included in the company's dividend distribution.

Russell Smith is the company's liquidator.


CASTLEVIEW ASSET: Creditors' Proofs of Debt Due on June 25
----------------------------------------------------------
The creditors of Castleview Asset Management Ltd 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 May 12, 2009.

The company's liquidators are:

          Chris Watler
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


CRANE CORPORATION: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on May 4, 2009, the
members of Crane Corporation resolved to voluntarily wind up the
company's operations.

Bernard Mcgrath is the company's liquidator.


FORT DENISON: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------
The creditors of Fort Denison Funding, Ltd. 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 May 13, 2009.

The company's liquidators are:

          Carrie Bunton
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


GOLDMAN SACHS ALPHA-BETA: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On April 30, 2009, the sole shareholder of Goldman Sachs Alpha-
Beta Continuum 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 LIQUID: Placed Under Voluntary Wind-Up
----------------------------------------------------
On April 30, 2009, the sole shareholder of Goldman Sachs Liquid
Value Alpha Fund Offshore, 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


KENSINGTON INVESTORS: Placed Under Voluntary Wind-Up
----------------------------------------------------
On April 16, 2009, the shareholders of Kensington Investors, 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


LYDIAN OFFSHORE: Commences Wind-Up Proceedings
----------------------------------------------
Lydian Offshore Private Investors Ltd. commenced wind-up
proceedings on May 8, 2009.

Rose Burke is the company's liquidator.


ORCHID JAPAN: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------
The creditors of Orchid Japan Limited 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 May 12, 2009.

The company's liquidators are:

          Chris Marett
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


PALM BEACH: Creditors' Proofs of Debt Due on June 25
----------------------------------------------------
The creditors of Palm Beach Strategic Offshore, Ltd. 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 May 14, 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


PRISM PARTNERS: Commences Wind-Up Proceedings
---------------------------------------------
On May 6, 2009, the sole shareholder of Prism Partners Offshore
Fund 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


SL (2003-2): Creditors' Proofs of Debt Due on June 25
-----------------------------------------------------
The creditors of SL (2003-2) Limited 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 May 13, 2009.

The company's liquidator is:

          Ellen J. Christian
          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945 9208
          Fax: 345 945 9210


START CLO: Creditors' Proofs of Debt Due on June 25
---------------------------------------------------
The creditors of Start CLO Limited 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 May 13, 2009.

The company's liquidators are:

          Victor Murray
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


TCM SELECT: Creditors' Proofs of Debt Due on June 29
----------------------------------------------------
The creditors of TCM Select Opportunities Fund (Offshore) Ltd are
required to file their proofs of debt by June 29, 2009, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801



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

EMPRESAS IANSA: Liquidity Concerns Cue S&P to Junk Ratings
----------------------------------------------------------
On June 1, 2009, Standard & Poor's Ratings Services lowered its
ratings on Chilean sugar producer Empresas Iansa S.A. to 'CCC+'
from 'B-', and removed it from CreditWatch, where it was placed
with negative implications on March 4, 2009.  The outlook is
negative.

The rating action reflects S&P's concerns about IANSA's liquidity
and financial flexibility over the next few quarters, given the
upcoming harvest season for sugar beets in Chile (mainly during
third-quarter 2009), which often causes working capital investment
to peak.  IANSA's currently weak liquidity and very limited
financial flexibility follows the deterioration in the company's
main business unit (sugar processing) and the increase in working
capital requirements for its juice business unit.  This has
translated into weaker-than-expected EBITDA and cash flow
generation and brought debt levels to their maximum.  IANSA's
financial flexibility is aggravated by significant short-term debt
maturities and projected minimal free cash flow, and the current
limits on the firm's incurring additional indebtedness (as set
forth in its notes' terms and conditions), which S&P expects to
continue at least through the second half of 2009.

During the past few quarters, IANSA's performance has been hurt by
a shortage of sugar beets (since farmers have switched to more
profitable crops such as wheat and corn).  Since IANSA doesn't own
enough arable land to maintain its sugar production volumes, the
company depends on independent farmers.  Crop substitution reduces
the company's source of beet supply, raises beet prices, and
causes sugar imports to increase, reducing IANSA's overall
profitability.  Although S&P expects these factors to moderate or
even start reverting by the end of 2009, S&P still have concerns
about beet prices going forward, and IANSA's ability to improve
profitability.

The ratings on IANSA reflect a highly leveraged financial profile
with narrow financial flexibility and a weak liquidity position.
The ratings also incorporate IANSA's leading position as Chile's
only sugar producer, providing for close to 60% of the country's
sugar market.  IANSA's EBITDA and funds-from-operations declined
to $4.7 million and $1.6 million, respectively, in first-quarter
2009 compared with $5.7 million and $4.9 million in first-quarter
2008.  Although operations are improving, free operating cash flow
generation is still weak.

Since S&P expects the company to neither materially lower its
financial leverage nor significantly improve its operating
performance, S&P anticipates IANSA's main credit indicators will
remain weak during 2009, with some improvement possible from 2010
onwards.  Nevertheless, short-term financing risks still prevail
and constitute the main driver in S&P's credit quality analysis.
IANSA's liquidity position is weak.  As of March 31, 2009, the
company's cash holdings amounted to $37 million, while its short-
term debt totaled $77 million.  In addition, given that the
company's interest coverage ratio is below the 2.4x limit stated
in its notes' terms and conditions, the company is currently
limited in incurring additional debt in excess of its notes'
balances plus $70 million -- mainly for working capital purposes.

Because S&P believes IANSA's inability to raise its debt limit
will continue throughout 2009, the firm might face significant
challenges in the upcoming harvest season, which would demand
additional working capital investments.  The need for additional
working capital financing in the next two quarters, together with
already high refinancing risk in its short-term debt position,
represent S&P's main source of concern regarding IANSA's liquidity
position and financial flexibility in 2009.  The negative outlook
reflects S&P's concerns regarding IANSA's ability to withstand the
challenges the upcoming harvest season presents, considering its
limited financial flexibility.  S&P could lower the ratings if S&P
think the company's liquidity position and financial flexibility
deteriorate further -- absent some improvement on its EBITDA and
cash generation ability -- in the coming quarters.  In contrast,
the outlook or the ratings could be revised upward if the company
successfully makes its way through the harvest season without
further weakening its frail financial condition, while improving
the performance of its main businesses and financial flexibility
The negative outlook reflects S&P's concerns regarding IANSA's
ability to withstand the challenges the upcoming harvest season
presents, considering its limited financial flexibility.  S&P
could lower the ratings if S&P think the company's liquidity
position and financial flexibility deteriorate further -- absent
some improvement on its EBITDA and cash generation ability -- in
the coming quarters.  In contrast, the outlook or the ratings
could be revised upward if the company successfully makes its way
through the harvest season without further weakening its frail
financial condition, while improving the performance of its main
businesses and financial flexibility.

              Downgraded; CreditWatch/Outlook Action

                       Empresas Iansa S.A.

                                To                 From
                                --                 ----
Corporate Credit Rating        CCC+/Negative/--   B-/Watch Neg/--

               Empresas Iansa S.A., Agencia Panama

                                 To                 From
                                 --                 ----
Senior Unsecured                CCC+               B-/Watch Neg


EMPRESAS IANSA: Concerns on Liquidity Cues S&P's Junk Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
ratings on Chilean sugar producer Empresas Iansa S.A. to 'CCC+'
from 'B-', and removed it from CreditWatch, where it was placed
with negative implications on March 4, 2009.  The outlook is
negative.

"The rating action reflects S&P's concerns about IANSA's liquidity
and financial flexibility over the next few quarters, given the
upcoming harvest season for sugar beets in Chile (mainly during
third-quarter 2009), which often causes working capital investment
to peak.  IANSA's currently weak liquidity and very limited
financial flexibility follows the deterioration in the company's
main business unit (sugar processing) and the increase in working
capital requirements for its juice business unit.  This has
translated into weaker-than-expected EBITDA and cash flow
generation and brought debt levels to their maximum.  IANSA's
financial flexibility is aggravated by significant short-term debt
maturities and projected minimal free cash flow, and the current
limits on the firm's incurring additional indebtedness (as set
forth in its notes' terms and conditions), which S&P expects to
continue at least through the second half of 2009," said Standard
& Poor's credit analyst Diego Ocampo.

During the past few quarters, IANSA's performance has been hurt by
a shortage of sugar beets (since farmers have switched to more
profitable crops such as wheat and corn).  Since IANSA doesn't own
enough arable land to maintain its sugar production volumes, the
company depends on independent farmers.  Crop substitution reduces
the company's source of beet supply, raises beet prices, and
causes sugar imports to increase, reducing IANSA's overall
profitability.  Although S&P expects these factors to moderate or
even start reverting by the end of 2009, S&P still have concerns
about beet prices going forward, and IANSA's ability to improve
profitability.

The ratings on IANSA reflect a highly leveraged financial profile
with narrow financial flexibility and a weak liquidity position.
The ratings also incorporate IANSA's leading position as Chile's
only sugar producer, providing for close to 60% of the country's
sugar market.  IANSA's EBITDA and funds-from-operations declined
to $4.7 million and $1.6 million, respectively, in first-quarter
2009 compared with $5.7 million and $4.9 million in first-quarter
2008.  Although operations are improving, free operating cash flow
generation is still weak.

Since S&P expects the company to neither materially lower its
financial leverage nor significantly improve its operating
performance, S&P anticipate IANSA's main credit indicators will
remain weak during 2009, with some improvement possible from 2010
onwards.  Nevertheless, short-term financing risks still prevail
and constitute the main driver in S&P's credit quality analysis.

The negative outlook reflects S&P's concerns regarding IANSA's
ability to withstand the challenges the upcoming harvest season
presents, considering its limited financial flexibility.  "We
could lower the ratings if S&P think the company's liquidity
position and financial flexibility deteriorate further -- absent
some improvement on its EBITDA and cash generation ability -- in
the coming quarters.  In contrast, the outlook or the ratings
could be revised upward if the company successfully makes its way
through the harvest season without further weakening its frail
financial condition, while improving the performance of its main
businesses and financial flexibility," Mr. Ocampo added.


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

ECOPETROL: Mulls Bond Sale Within "Weeks"
-----------------------------------------
Colombia state-run oil company, Ecopetrol S.A., may tap the
international market, and also possibly sell local bonds,
"relatively fast" as part of its US$3.7 billion borrowing plan
this year, Heather Walsh of Bloomberg News reports, citing Chief
Executive Officer Javier Gutierrez.

The company won't make more acquisitions this year as it
"organizes" recent purchases, the report quoted Mr. Gutierrez as
saying.  According to the report, Ecopetrol is expanding
refineries, buying pipelines and exploring fields internationally
as part of a plan to pump 1 million barrels a day by 2015.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2009, Dow Jones Newswires said Ecopetrol plans to invest
more than US$6.22 billion this year in increasing production,
seeking new reserves and acquiring operations in Colombia and
abroad.  The report related Mr. Gutierrez said Ecopetrol will get
the financing partly by selling bonds and partly through loans
from commercial banks.  The company will secure the financing by
the end of the first half of the year, he added.  DJ Newswires
noted Ecopetrol's shareholders recently approved plans to sell as
much as US$4 billion in local or foreign bonds, as part of a
broader US$8.1 billion debt program the company will need over the
next three years to finance its expansion.

                       About Ecopetrol S.A.

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

                          *     *     *

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



===========
P A N A M A
===========

* PANAMA: JPMorgan Cuts Panama GDP Growth Forecast to 1.5%
----------------------------------------------------------
JPMorgan has lowered its 2009 GDP growth forecast for Panama to
1.5% from 4.0%, LatinFinance reports.  The report relates JPMorgan
said growth in the monthly index of economic activity decelerated
to 2.3% in March from 2.8% in February to record its lowest
monthly level since June 2003.

According to the report, JPMorgan said March's relatively weak
reading was prompted by declines in commerce and agriculture.  The
report says JPMorgan added that although it has chopped its
forecast for Panama will still be the fastest growing economy in
CentAm and the Caribbean this year.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency and local currency Issuer Default
Ratings of 'BB+' and simultaneously revised the Rating Outlook
to Positive from Stable.  Fitch also affirmed the short-term
foreign currency IDR of 'B'.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB
long-term sovereign local and foreign currency ratings on Panama.
S&P said the outlook for all the ratings is positive.


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

CL FINANCIAL: Not Selling Stake in Lascelles de Mercad
------------------------------------------------------
Trinidad and Tobago-based CL Financial Limited said it is not
selling its 86% shares in Jamaican conglomerate Lascelles de
Mercado, LatinFrance reports, citing Giselle Laronde, spokeswoman
for sister company Angostura; which is 78% owned by CL Financial.
"There is no intention to sell [Lascelle] at present," the report
quoted Ms. Laronde as saying.

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.

The Trinidad and Tobago central bank, as cited by  LatinFrance,
said other units of CL Financial could be sold.

According to a Feb 24, 2009 TCR-LA report, citing Trinidad and
Tobago Newsday, CL Financial Limited might have to use the cash
from its rum distillery in Jamaica to finance the balance of the
US$340 million (TT$2.1 billion) loan it made from the purchase of
Lascelles de Mercado.  The report recounted CL Financial spent
US$676 million on the total investment cost to purchase 86.87% of
Lascelles.

                        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.



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

PDVSA: To Invest Up to US$13 Billion to Boost Output
----------------------------------------------------
Petroleos de Venezuela (PDVSA) will invest US$12 billion to US$13
billion this year and "at least" as much again next year as it
seeks to expand crude output by about two-thirds, Bloomberg News
reports.

PDVSA Research and Development Director Hercilio Rivas told
Bloomberg News in an interview that investment spending will
depend on oil prices.  The company needs a "floor" of US$70 a
barrel to reach a target to pump 5 million barrels a day in 2020,
up from 3 million today, he added.

The report recalls PDVSA President Rafael Ramirez said PDVSA's
investment plan will boost the company's output to 4.8 million
barrels a day by 2013.

                          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.


           * * * End of Transmission * *