TCRLA_Public/090604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

             Thursday, June 4, 2009, Vol. 10, No. 108

                            Headlines

A R G E N T I N A

AMERICAN INT'L: To Sell Consumer Finance Operations in Argentina
ARCUCCI HNOS: Proofs of Claim Verification Due on July 15
BONESI SA: Proofs of Claim Verification Due on August 11
FINEHIDE SA: Proofs of Claim Verification Due on August 28
MARROC SA: Proofs of Claim Verification Due on August 3

SACR SRL: Proofs of Claim Verification Due on June 29
VECTRA AGROPECUARIA: Proofs of Claim Verification Due on July 28
WALLCON SRL: Proofs of Claim Verification Due on August 12


B E R M U D A

EAGLE YIELD: Creditors' Proofs of Debt Due on June 19
EAGLE YIELD: Members' General Meeting Set for July 8


B R A Z I L

BNDES: Sells US$1-Billion 10-Year Notes
GENERAL MOTORS: GM Brazil Doesn't Need Parent Company's Aid
GERDAU SA: Shares Drop After Itau Downgrade on Valuation
GLOBO COMUNICACAO: Moody's Upgrades Senior Rating From 'Ba1'
* BRAZIL: Oil Industry Needs US$5BB in New Investments, BNDES Says


C A Y M A N  I S L A N D S

AOI INVESTMENTS: Shareholder to Hear Wind-Up Report on June 25
CAMPOS VERDES: Sole Shareholder to Hear Wind-Up Report on June 26
CARIBBEAN CATASTROPHE: Shareholders' Final Meeting Set for June 30
CASTLEVIEW 3 ASSET: Creditors' Proofs of Debt Due on June 25
CASTLEVIEW 2 ASSET: Creditors' Proofs of Debt Due on June 25

DCP OPPORTUNITIES: Shareholders' Final Meeting Set for June 26
FIRST STATE: Commences Wind-Up Proceedings
FIRST STATE: Commences Wind-Up Proceedings
GOLDMAN SACHS: Shareholders' Final Meeting Set for June 26
LIBRARY ASSETS: Creditors' Proofs of Debt Due on June 25

MARATHON PETROLEUM: Members' Final Meeting Set for June 26
MARATHON POWER: Members' Final Meeting Set for June 26
MARATHON POWER: Members' Final Meeting Set for June 26
SADDLEPOINT PARTNERS: Shareholders' Final Meeting Set for June 26
TRIDENT EUROPEAN: Creditors' Proofs of Debt Due on June 25


C H I L E

EMPRESA ELECTRICA: S&P Puts 'BB-' Rating on Positive CreditWatch


E L  S A L V A D O R

* EL SALVADOR: IMF Gives Report on Precautionary Stand-By Deal


E C U A D O R

PETROECUADOR: Gets 5 Offers for Marginal Fields


J A M A I C A

CASH PLUS: Gets Several Formal Bids for Assets, Liquidator Says
CITRUS GROWERS: Gov't May Place Firm Into Receivership


P E R U

DOE RUN PERU: Shuts 100% of Zinc Smelter Operations


S T  K I T T S  &  N E V I S

* ST. KITTS & NEVIS: IMF Concludes 2009 Article IV Consultation


X X X X X X X X

* LATAM: Foreign Investment May Drop 35-45% This Year
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

AMERICAN INT'L: To Sell Consumer Finance Operations in Argentina
----------------------------------------------------------------
American International Group Inc. (AIG) said it has entered into
an agreement to sell 100% of its shares in its consumer finance
operations in Argentina -- Compania Financiera Argentina S.A.
(CFA), Cobranzas y Servicios S.A., and AIG Universal Processing
Center S.A. -- to Banco de Galicia y Buenos Aires S.A. and an
investment group arranged by Grupo Pegasus.

The company said the transaction is subject to the satisfaction of
certain conditions, including approvals by the Argentine Central
Bank and the Argentine National Commission for the Defense of
Competition.

UBS Investment Bank acted as financial advisor and Kramer Levin
Naftalis & Frankel served as legal counsel to AIG on this
transaction.

                            About AIG

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on September 8, 2008, to
$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These factors and other events severely limited AIG's access to
debt and equity markets.

On September 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since September 30, 2008, AIG has borrowed additional amounts
under the Fed Facility and has announced plans to sell assets and
businesses to repay amounts owed in connection with the Fed Credit
Agreement.  Certain of AIG's domestic life insurance subsidiaries
subsequently entered into an agreement with the NY Fed pursuant to
which the NY Fed has borrowed, in return for cash collateral,
investment grade fixed maturity securities from the insurance
subsidiaries.

On November 10, 2008, the U.S. Treasury agreed to purchase,
through its Troubled Asset Relief Program, $40 billion of newly
issued AIG perpetual preferred shares and warrants to purchase a
number of shares of common stock of AIG equal to 2% of the issued
and outstanding shares as of the purchase date.  All of the
proceeds will be used to pay down a portion of the Federal Reserve
Bank of New York credit facility.  The perpetual preferred shares
will carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG more time to complete its planned asset sales in an
orderly manner.  The equity interest that taxpayers will hold in
AIG, coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had $1.022 trillion in total
consolidated assets and $950.9 billion in total debts.
Shareholders' equity was $71.18 billion, including the addition of
$23 billion of consideration received for preferred stock not yet
issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.


ARCUCCI HNOS: Proofs of Claim Verification Due on July 15
---------------------------------------------------------
The court-appointed trustee for Arcucci Hnos. S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 15, 2009.

The trustee will present the validated claims in court as
individual reports on September 16, 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 28, 2009.


BONESI SA: Proofs of Claim Verification Due on August 11
--------------------------------------------------------
The court-appointed trustee for Bonesi S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
August 11, 2009.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on June 25, 2010.


FINEHIDE SA: Proofs of Claim Verification Due on August 28
----------------------------------------------------------
The court-appointed trustee for Finehide S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 28, 2009.

The trustee will present the validated claims in court as
individual reports on October 14, 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 26, 2009.


MARROC SA: Proofs of Claim Verification Due on August 3
-------------------------------------------------------
The court-appointed trustee for Marroc S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 3, 2009.


SACR SRL: Proofs of Claim Verification Due on June 29
-----------------------------------------------------
The court-appointed trustee for S.A.C.R. S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
June 29, 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 7, 2009.


VECTRA AGROPECUARIA: Proofs of Claim Verification Due on July 28
----------------------------------------------------------------
The court-appointed trustee for Vectra Agropecuaria S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until July 28, 2009.


WALLCON SRL: Proofs of Claim Verification Due on August 12
----------------------------------------------------------
The court-appointed trustee for Wallcon S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 12, 2009.

The trustee will present the validated claims in court as
individual reports on September 23, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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
December 2, 2009.



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

EAGLE YIELD: Creditors' Proofs of Debt Due on June 19
-----------------------------------------------------
The creditors of Eagle Yield Enhancement Fund Ltd. are required to
file their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings in May 28, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canonaes Court, 22 Victoria Street
          Hamilton


EAGLE YIELD: Members' General Meeting Set for July 8
----------------------------------------------------
The members of Eagle Yield Enhancement Fund Ltd. will hold their
general meeting on July 8, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings in May 28, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canonaes Court, 22 Victoria Street
          Hamilton



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

BNDES: Sells US$1-Billion 10-Year Notes
---------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
sold US$1 billion of 10-year bonds as it expands lending on
everything from financing mergers and acquisitions to power
projects in Venezuela, Bloomberg News reports.  BNDES priced the
bonds to yield 3 percentage points above U.S. Treasuries,
Bloomberg data show.

The report relates HSBC Holdings Plc and Goldman Sachs Group Inc.
are managing the sale.

According to the report, BNDES President Luciano Coutinho said the
bank will boost lending as much as 30% this year to BRL120 billion
(US$62 billion).

As reported in the Troubled Company Reporter-Latin America on
April 23, 2009, Brazzil Magazine said BNDES will offer BRL10
billion credit line to support activities in agribusiness
following Brazil National Monetary Council's approval during an
extraordinary meeting.  The report related Mr. Mantega said the
funds would go mostly to support Brazil's ailing meatpacking
sector and would be offered at an annual interest rate of 11.25%.
According to Brazzil Magazine, the move is the latest of a series
of Brazilian government initiatives to boost local credit
circulation.

According to a May 25, 2009 TCRLA report, citing Dow Jones
Newswire, Venezuelan President Hugo Chavez is negotiating a
financing package with BNDES as the Venezuelan government is
facing cash shortages as oil revenues decline.  According to EL
Universal, Folha de Sao Paulo said BNDES President Luciano
Coutinho said the financial institution could commit up to
US$4.3 billion in loans.

                          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.


GENERAL MOTORS: GM Brazil Doesn't Need Parent Company's Aid
-----------------------------------------------------------
Heloiza Canassa and Laura Price of Bloomberg News report that
General Motors Corp.'s Brazil unit said it doesn’t need help from
its U.S. parent after South American sales of new cars, trucks and
buses increased to 247,005 units in May from 242,010 a year
earlier.

The report relates GM brazil CEO Jaime Ardila said the company
expected sales to be about 240,000 units.  “GM Brazil is a
lucrative and healthy company,” the report quoted Mr. Ardila as
saying.  “It had its best year in 2008 and hasn’t needed help from
the parent company since 2005.”

According to the report, Mr. Ardila said Brazil unit won’t pay
dividends to its parent company and doesn’t need help from local
governments.

Mr. Ardila, Bloomberg News notes, said GM’s Brazilian and
Argentine units will invest US$2.5 billion in regional operations
from 2007 through 2012, an increase over the US$1.5 billion
originally planned, and will fund the spending from local cash
flow.

The report says Mr. Ardila said GM is focusing its operations on
the so-called BRIC countries of Brazil, Russia, India and China,
and has never considered selling its Brazilian operations.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of $6.0 billion, including special items, in the first quarter of
2009.  This compares with a reported net loss of $3.3 billion in
the year-ago quarter.  As of March 31, 2009, GM had $82.2 billion
in total assets and $$172.8 billion in total liabilities,
resulting in $90.5 billion in stockholders' deficit.

On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008.  The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt.  It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value.  The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies.  A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.


GERDAU SA: Shares Drop After Itau Downgrade on Valuation
--------------------------------------------------------
Brazil-based Gerdau S.A.'s shares slid 2.9% to BRL21.60 in Sao
Paulo trading, yesterday, June 3, the most in three weeks, after
Itau Corretora cut the company to “underperform” on valuation,
Bloomberg News reports.  The report relates Itau, a unit of Itau
Unibanco Holding SA, previously had a “sector perform” rating on
the company.

“Gerdau . . . are expensive looking at any valuation metric,”
Marcos Assumpcao, a Sao Paulo-based analyst, wrote in a report
obtained by Bloomberg News.  “At some point fundamentals will
likely prevail and a correction in Brazilian steels would be
expected.”

According to the report, Mr. Assumpcao wrote that Gerdau’s
enterprise value is 8.4 times its estimated 2010 earnings before
interest, taxes, depreciation and amortization.  That is an
“expensive valuation even in a peak-of-cycle” scenario when steel
prices recover, he added.

Bloomberg News notes Mr. Assumpcao wrote that the gains from lower
material costs and the potential for higher steel prices “were
already priced into the stocks in this recent bear market rally,”.
There is “little risk” that prices will increase “substantially”
and a stronger Brazilian real versus the dollar limits gains from
higher prices abroad, he added.

                        About Gerdau S.A.

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

                          *     *     *

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


GLOBO COMUNICACAO: Moody's Upgrades Senior Rating From 'Ba1'
------------------------------------------------------------
Moody's upgraded Globo Comunicacao e Participacoes S.A.'s foreign
currency senior unsecured rating to Baa3 from Ba1.
Simultaneously, Moody's assigned an issuer rating of Baa3 on its
global scale to Globo and withdrew its corporate family rating,
which have been replaced with the newly assigned issuer rating.
The rating outlook is stable.

Rating assigned is:

  -- Issuer Rating: Baa3 (Global scale)

Rating upgraded is:

  -- US$200 million 7.25% foreign currency senior unsecured notes
     due 2022: upgraded to Baa3 from Ba1

"Globo's upgrade to Baa3 is based on the company's stable
operational track-record post the completion of its debt-
restructuring in 2005, its comfortable liquidity position and very
strong debt protection measures compared to peers in the Baa
rating category," explained Moody's VP Senior Analyst, Soummo
Mukherjee.  "The upgrade also reflects Globo's advertising and
total revenues' growth that exceeded Brazil's overall TV
advertising growth for the last four quarters; as well as, Globo's
increasing diversification into the less cyclical content and
programming segment, which grew from 12% of Globo's total revenues
in 2006 to 15% in 2008," added Mukherjee.

Globo's Baa3 rating is mainly supported by its scale, size and
leading market position in the Brazilian TV broadcasting market
with 45% of the overall average national audience share for the
last twelve months.  The rating also recognizes Globo's high
quality content with 76% of its programming produced in-house, the
company's low leverage (Debt to EBITDA of 0.7 times for LTM
March 31, 2009, according to Moody's standard adjustments and
definitions) and comfortable debt maturity profile.

The main factors constraining Globo's rating are its concentration
of revenues in the cyclical Brazilian TV advertising market,
gradual decline in its audience share, exposure to foreign
exchange fluctuations, high fixed cost base, stemming from its
high quality programming strategy, and intensifying competition
that pressures its margins.  The company's lack of independent
board members, audit committee, set dividend policy and weaker
audited disclosure of individual business unit performance are
also factors that continue to constrain Globo's ratings.

The Brazilian TV advertising market demonstrated resilience thus
far to the worldwide economic downturn and Brazil's -3.6% GDP
contraction in the Q408 vs. Q308, by growing 8% in Q408 vs. Q308,
and 7% in Q408 and 8.5% in Q109 versus the same period a year ago.
Meanwhile, broadcast TV advertising increased its percentage of
total advertising expenditures in Brazil in the first quarter of
2009 compared to the same period of 2008, from 58% to 60%,
according to Intermeios, an independent measure of the Brazilian
advertising market.  In the meantime, Globo experienced a higher
revenue growth than the Brazilian TV advertising market, growing
revenues by 15% in Q109 vs. Q108 and expanding reported EBITDA
margin to 24% from 20% in the same period.  Moody's note, however,
that the Brazilian advertising market could still experience a
contraction in the next few quarters that might meaningfully
impact Globo's operating margins and increase its leverage.

At the end of March 31, 2009, Globo reported total cash of
BRL2.4 billion, which is primarily in local currency that exceeded
its total debt of BRL 1.5 billion.  The company's Total Adjusted
Debt to EBITDA was 0.7 times and Net Debt to EBITDA was -0.3 times
for the last twelve months ended in March 31st, 2009 (all ratios
according to Moody's standard adjustments and definitions).  The
company has a very comfortable debt maturity profile with only
minor debt repayments of less than US$1 million for the next two
years, US$43.2 million in 2012, US$200 million bond due in 2022
and its US$325 million perpetual notes.

Globo, however, had approximately BRL 897 million (US$390 million)
of accounts payable and other obligations denominated in US$at the
end of March 31, 2009, of which BRL 665 million (US$289 million)
was related to the acquisition of the FIFA World Cup transmission
rights of 2010 and 2014.  The company does partly mitigate its
foreign exchange exposure through its hedging policy to hedge all
of its core commitments in US dollars via US dollar options,
futures and swaps on a rolling 12 month period.

The stable outlook on Globo's Baa3 ratings reflect Moody's view
that the company will manage its dividend payout and acquisitions
as to maintain a high cash balance to comfortably address all of
Globo's liquidity needs, including its dollar denominated exposure
associated with debt service and programming costs.

Globo's Baa3 ratings or outlook are likely to come under negative
pressure should the Brazilian economy and TV advertising market
experience a greater than expected downturn that causes Globo's
leverage to increase above 2.0 times or EBITDA margin to fall
below 15% on a continued basis.  Negative pressure would also
arise, if Globo's current cash position were to significantly
reduce and/or a significant BRL depreciation were to cause the
company to be significantly more exposed to its dollar-denominated
programming and debt service costs.

Although unlikely in the near-term, upward rating pressure on
Globo's Baa3 rating could be prompted by reduced foreign exchange
exposure and further diversification away from the more cyclical
advertising revenues, so that its programming and content segment
grows to represent at least 20% of Globo's total revenues, on a
sustainable basis.  Upward pressure could also arise by continued
improvement of Globo's financial disclosure standards and Moody's
corporate governance assessment.

Moody's last rating action on Globo was on April 12, 2007, when
Moody's assigned a Ba1 foreign currency rating to the company's
US$200 million senior unsecured notes due in 2022.

Headquartered in Rio de Janeiro, Globo is Brazil's largest media
group, owned by the Marinho family.  TV Globo is Brazil's leading
broadcast TV network and accounts for over 75% of Globo's net
revenues in 2008.  Globo has other business activities including:
sound-recording, magazine publishing, pay-TV production and
programming, and interests in Brazil's leading satellite direct-
to-home and cable operator.


* BRAZIL: Oil Industry Needs US$5BB in New Investments, BNDES Says
------------------------------------------------------------------
Brazil's oil industry needs US$5 billion in new investments to
finance expansion of domestic oil production, Jeff Fick at Dow
Jones Newswires reports, citing Banco Nacional de Desenvolvimento
Economico e Social SA (BNDES) aide Rafael Oliva.

According to the report, Mr. Oliva said BNDES had been working
with the government to establish rules needed for development of
the country's recently discovered offshore oil deposits.  The
report relates Mr. Oliva said BNDES targeted eight key areas for
investment in the oil sector supply chain.

DJ Newswires notes BNDES targets include:

   -- development of Brazil's shipyards;

   -- the need to strengthen national engineering firms; and

   -- stimulus packages to attract foreign firms in areas where
      local industry is lacking.

Demand for equipment and services for the oil and natural gas
industry is soaring in Brazil, thanks to a series of recent
deepwater discoveries, the report says.

                             *     *     *

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



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

AOI INVESTMENTS: Shareholder to Hear Wind-Up Report on June 25
--------------------------------------------------------------
The sole shareholder of AOI Investments 2 will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 25, 2009. at 10:00 a.m.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          South Church Street, Grand Cayman
          Telephone: (345) 914 1693
          Facsimile: (345) 945 8604


CAMPOS VERDES: Sole Shareholder to Hear Wind-Up Report on June 26
-----------------------------------------------------------------
The sole shareholder of Campos Verdes Advisors Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on June 26, 2009. at 10:00 a.m.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          South Church Street, Grand Cayman
          Telephone: (345) 914 1693
          Facsimile: (345) 945 8604


CARIBBEAN CATASTROPHE: Shareholders' Final Meeting Set for June 30
------------------------------------------------------------------
The shareholders of Caribbean Catastrophe Insurance Ltd. will hold
their final meeting on June 30, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Melanie Myers-Khouri
          c/o Thorp Alberga
          Harbour Place 2nd Floor
          103 South Church Street, George Town
          Grand Cayman KY1-1106
          Telephone: +1 345 949 0699
          Fax: +1 345 949 8171


CASTLEVIEW 3 ASSET: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------------
The creditors of Castleview 3 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


CASTLEVIEW 2 ASSET: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------------
The creditors of Castleview 2 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


DCP OPPORTUNITIES: Shareholders' Final Meeting Set for June 26
--------------------------------------------------------------
The shareholders of DCP Opportunities Fund Ltd. will hold their
final meeting on June 26, 2009, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FIRST STATE: Commences Wind-Up Proceedings
------------------------------------------
On April 16, 2009, the shareholder of First State Investments Gold
& Precious Metals Long Short Fund Limited passed a written
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Hall Chadwick Chartered Accountants
          c/o Rothstein Kass & Company (Cayman)
          Cayman Corporate Centre
          P.O. Box 1748, Grand Cayman KY1-1109
          Cayman Islands


FIRST STATE: Commences Wind-Up Proceedings
------------------------------------------
On April 16, 2009, the shareholder of First State Investments Gold
& Precious Metals Long Short Master Fund Limited passed a written
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Hall Chadwick Chartered Accountants
          c/o Rothstein Kass & Company (Cayman)
          Cayman Corporate Centre
          P.O. Box 1748, Grand Cayman KY1-1109
          Cayman Islands


GOLDMAN SACHS: Shareholders' Final Meeting Set for June 26
----------------------------------------------------------
The shareholders of Goldman Sachs Highland Fund, Ltd. will hold
their final meeting on June 26, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LIBRARY ASSETS: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Library Assets 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 14, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Elisa Charlton
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: echarlton@deloitte.com


MARATHON PETROLEUM: Members' Final Meeting Set for June 26
----------------------------------------------------------
The members of Marathon Petroleum Inguessi Limited will hold their
final meeting on June 26, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARATHON POWER: Members' Final Meeting Set for June 26
------------------------------------------------------
The members of Marathon Power Africa/Middle East Limited will hold
their final meeting on June 26, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARATHON POWER: Members' Final Meeting Set for June 26
------------------------------------------------------
The members of Marathon Power Argentina Limited will hold their
final meeting on June 26, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SADDLEPOINT PARTNERS: Shareholders' Final Meeting Set for June 26
-----------------------------------------------------------------
The shareholders of Saddlepoint Partners GP (Cayman), Ltd. will
hold their final meeting on June 26, 2009, at 8:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TRIDENT EUROPEAN: Creditors' Proofs of Debt Due on June 25
----------------------------------------------------------
The creditors of Trident European 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 May 7, 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



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

EMPRESA ELECTRICA: S&P Puts 'BB-' Rating on Positive CreditWatch
----------------------------------------------------------------
On June 2, 2009, Standard & Poor's Ratings Services placed its
ratings, including its 'BB-' corporate credit rating, on Empresa
Electrica del Norte Grande S.A. on CreditWatch with positive
implications.

The CreditWatch follows Edelnor's recent announcement that it will
prepay its outstanding financial debt, mainly with its own cash
holdings and, to a lesser extent, short-term bank lines.  S&P
expects the debt prepayment to result in a significant decline in
consolidated debt, to relatively low levels of about $80 million,
compared with $158.9 million as of March 31, 2009, and in a
further improvement in Edelnor's financial profile and financial
flexibility.

S&P will analyze the impact of the debt prepayment announcement on
Edelnor's credit quality.  This debt, among other issues, will
remove restrictions on carrying out new projects.  S&P will
analyze the company's business strategy, especially its investment
plans and financial policy.  S&P could raise the ratings if
Edelnor's business plan and financial policy reduce its cash flow
volatility while helping it maintain relatively strong debt
service coverage ratios.  The ratings could be revised to stable
if the company's business strategy incorporates significant new
investments, which result in a strong increase in debt levels and
weaker debt service coverage ratios, but reducing cash flow
volatility.  S&P expects to resolve the CreditWatch listing within
the next 90 days.

The ratings on Edelnor mainly reflect its volatile cash flow
generation and the market environment in which the company
operates, partially resulting from high natural gas shortages and
volatile diesel oil prices.  These weaknesses are mainly offset by
Edelnor's diversified generation base, a commercial strategy that
has increased its contract base, and low debt.

Edelnor operates in Chile's Northern Interconnected System (SING),
where about 2,100 megawatts, representing about 60% of the nearly
3,600 MW of its total installed generation capacity, has come
mostly from natural gas imported from Argentina.  However, the
SING has been facing rising natural gas shortages since 2004, when
the Argentine government began to restrict these exports because
of strong domestic demand and stagnating natural gas production.
The situation has deteriorated greatly since 2007, as evidenced by
very little natural gas available to produce power in the SING.  A
great part of natural gas-fired capacity can run on diesel oil,
but at a higher variable cost.  The higher use of diesel oil and
the increases in diesel prices resulted in a significant increase
in spot and contracted prices in the SING in 2007 and 2008.
Although at lower levels than in 2008, S&P expects power prices to
remain high in 2009 and 2010, as S&P foresee restrictions on
natural gas exports from Argentina to persist.  S&P expects gas
restrictions to be mitigated by the entry in operations of
Mejillone's LNG (liquefied natural gas) in 2010.

Edelnor benefits from its diverse power generation base of 47%
coal, 35% natural gas (which can run on diesel), and 18% diesel,
fuel oil, and hydro.  This is a competitive advantage because it
grants the company a more reliable supply of power than that of
its more natural-gas-dependent peers.  The coal-fired generation
capacity (341 MW), the relatively high contracted sale prices, and
the likelihood that the company can pass through higher costs to
its contracted customers when burning diesel have allowed Edelnor
to define a favorable commercial strategy.  On the negative side,
the company has to apply a portion of its cash flow to honor its
ship-or-pay agreements for natural gas transportation with the
Gasoducto Norandino pipeline, even when no gas is available.
However, it recovers part of these costs through dividends
received from its 21% equity stake in the pipeline.

Despite higher fuel costs in 2007 and 2008, mainly diesel-related,
Edelnor's cash flow generation has improved significantly, mostly
because of the increased spot and contracted prices.  As a result
of this and the company's reduction in financial debt, adjusted
funds from operations interest coverage and adjusted FFO-to-total
debt jumped to 14.9x and 96.0%, respectively, in 2008, from
already good levels of 11.7x and 47.8% in 2007.  Adjusted FFO-to-
total debt includes cash flows from Edelnor's 21%-owned Norandino
pipeline and a $41.3 million debt (currently $38.5 million) to
shareholders.  For 2009, despite the estimated decline in power
prices compared with the very high levels of 2008 (brought on by a
reduction in fuel prices), S&P expects the company to exhibit an
additional improvement in credit metrics as a result of the
announced debt reduction.  However, this improvement would depend
on the company's business plan and developments in financial
policy.  S&P will analyze these factors and their impact on
Edelnor's overall credit quality.

Edelnor is a partially integrated utility, operating chiefly in
power generation and, to a lesser extent, in transmission, in
northern Chile.  The company owns and operates generation
facilities with a total capacity of 688 MW, leases another 29 MW
of diesel units, and commercializes 3 MW of a hydroelectric plant.
Edelnor also owns about 1,100 kilometers of transmission lines.

A Chilean holding company, Inversiones Mejillones S.A. (not
rated), owns 82.34% of Edelnor.  Another Chilean holding company,
Inversiones Tocopilla Ltda. (not rated), owns 65.2% of Inversiones
Mejillones, and Chilean copper producer Corporación Nacional del
Cobre de Chile (Codelco; A/Stable/--) owns the remainder.
Belgium-based Suez-Tractebel S.A. (not rated) owns 51% of
Inversiones Tocopilla, and Codelco owns the remainder.

As of March 2009, the company had strong liquidity, with cash
holdings of $106.9 million, which will be devoted to a great
extent to prepaying financial debt, as recently announced.  S&P
expects the company to maintain an adequate liquidity position of
about $20 million after the debt prepayment.

To date, principal debt with third parties amounted to almost $185
million, of which Edelnor repurchased about $80 million in 2008
and first-quarter 2009.  Edelnor also has a $38.5 million loan
(after a $2.8 million amortization in May 2009) from its parent,
Inversiones Mejillones.  This debt has been coming due in 20
semiannual equal installments since May 2008.

S&P expects that the prepayment of financial debt will improve
Edelnor's financial flexibility because it will release it from
the relatively restrictive conditions under the terms of the
novation loan agreement.  These include limitations on additional
debt, dividend distributions, and capital expenditures.

          Ratings Affirmed; CreditWatch/Outlook Action

              Empresa Electrica del Norte Grande S.A.

                               To                 From
                               --                 ----
Corporate Credit Rating       BB-/Watch Pos/--   BB-/Positive/--
Senior Secured                BB-/Watch Pos      BB-



====================
E L  S A L V A D O R
====================

* EL SALVADOR: IMF Gives Report on Precautionary Stand-By Deal
--------------------------------------------------------------
A mission from the International Monetary Fund (IMF), headed by
Alfred Schipke, visited San Salvador during May 18-27 to initiate
discussions for the first review under the US$800 million
precautionary Stand-By Arrangement, approved on January 16, 2009
(see Press Release No. 09/10).  The mission had joint discussions
with senior government officials and members of the incoming
administration’s economic team, and also met with private sector
representatives.

At the conclusion of the mission, Mr. Schipke said:

“Over the past 10 days, an IMF staff mission visited San Salvador
to review performance under the precautionary Stand-By Arrangement
approved last January.  The mission found that El Salvador’s
financial system has weathered well the aftershocks of the global
financial crisis and the uncertainties surrounding the elections,
and remains liquid and well capitalized.  It also found that the
impact of the global economic slowdown on El Salvador’s economy
has been greater than anticipated when the SBA was approved.
Exports, remittances, bank credit, and overall economic activity
have been significantly below initial program projections.

“The weaker than expected output performance has had a large
effect on government revenue.  Tax collections of the central
government totaled US$692 million in the first quarter of 2009,
about US$55 million (7 percent) lower than in the same period in
2008 and more than US$100 million below projections under the
program.  In response to this shortfall, the authorities adopted
prudent expenditure restraining measures, including on electricity
subsidies and its public savings program.  Notwithstanding these
efforts, the overall deficit of the non-financial public sector
through end-March was US$115 million above the program target.

“Looking forward, the mission agreed with both the outgoing and
incoming administrations that the immediate challenge is to adopt
an economic program that takes into account the effects of the
global slowdown on the fiscal accounts, while safeguarding El
Salvador’s fiscal sustainability.  With this overarching objective
in mind, the mission held productive discussions on a revised
macroeconomic framework and a new fiscal deficit target for
2009-10.  The mission was encouraged by the broad-based political
support displayed by Congress in the recent approval of the
financing package for the government.  A similarly unified
approach to the measures that are necessary to ensure the
sustainability of the fiscal position will allow El Salvador to
successfully overcome the challenges brought about by the global
crisis.

“The mission commended the authorities for submitting the
financial supervision law to Congress and urged for its prompt
approval.  The mission highlighted the need for continued close
vigilance of the financial sector.

“The mission welcomed the incoming authorities’ commitment to
maintaining macroeconomic stability, fiscal sustainability and
dollarization, and to honoring all contractual obligations.  The
mission also reiterated the IMF’s disposition to maintain a close
relationship with the new government. The incoming authorities
indicated that they intend to continue treating the Stand-By
Arrangement as precautionary.

“The mission is scheduled to return to El Salvador shortly after
the new government has taken office to conclude program
discussions.”



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

PETROECUADOR: Gets 5 Offers for Marginal Fields
-----------------------------------------------
Ecuador-based Petroecuador received five offers in its auction of
three marginal oil fields in the country's Amazon region,
Mercedes Alvaro of Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
April 14, 2009, Dow Jones Newswires said Petroecuador called for
bids to develop three marginal oil fields –- Chanangue, Eno-Ron
and Ocano-Pena-Blanca -- in the Amazonas region.  The report
related Petroecuador hopes to receive investments of about US$30
million for these fields.  The fields, DJ Newswires said, have
reserves of around 18.3 million barrels, while crude at the fields
ranges between 21.5 and 26 API grades.  DJ Newswires recalled this
is the third time that Petroecuador called for bids for the
fields.

Petroecuador, as cited by DJ Newswires, said in a statement that
these bids were submitted:

   -- Consorcio Drilling and Workover-Marmaoil submitted an
      offer for the Chanangue field;
   -- Consorcio Maranon for the Eno-Ron field; and
   –- Subandean Exploration and Production, Consorcio
      Interpec, and Consorcio Drilling and
      Workover-Marmaoil submitted offers for the
      Ocano-Pena Blanca field.

                       About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                         *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.



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

CASH PLUS: Gets Several Formal Bids for Assets, Liquidator Says
---------------------------------------------------------------
Cash Plus Limited and its subsidiaries received several formal
bids for its prime real estate properties, RadioJamaica reports,
citing Cash Plus Provisional Liquidator Hugh Wildman.  "Well we
have several offers that came in that we will need to go through
and see what they are in terms of what price they are asking to
pay," the report quoted Mr. Wildman as saying.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, RadioJamaica said Cash Plus's depositors and
creditors expect to get back some of their money soon, as
properties owned by the company were advertised for sale.   The
report said that according to an advertisement published in The
Sunday Gleaner, seven properties owned by Cash Plus Limited and
its subsidiaries and affiliates were advertised for sale:

   -- houses, with an estimated value of more
      than US$30 million each:

      * a town house in Armour Heights,
      * a town house on Cherry Drive,
      * a town house on Norbrook Drive, and
      * apartment at Waterworks Mews.

   -- property at Mainland International, March Pen,
      St Catherine;

   -- property on Old Harbour Road, St Catherine, and

   -- property in Kencot, St Andrew.

Meanwhile, the report relates Mr. Wildman said actions are being
done to evict former Cash Plus boss Carlos Hill from a house which
he occupies in East Armour Heights, as the property is close to
being sold.

According to RadioJamaica, bailiffs turned up at the property to
enforce a 30-day eviction notice that expired on June 1, however,
following a last minute application by Mr. Hill's lawyers the
court granted a 14 day extension for the property to be vacated.

                        About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


CITRUS GROWERS: Gov't May Place Firm Into Receivership
------------------------------------------------------
The Jamaican government warned that it will not be reluctant to
place Citrus Growers Limited Limited (CGA) into receivership if
its board of directors fails to make certain critical decisions,
by the end of this week, about the restructuring of the company,
Jamaica Gleaner reports.

As reported in the Troubled Company Reporter-Latin America on
March 27, 2009, the Jamaica Observer CGA's members agreed to the
Jamaican government's short-term bailout conditions in return for
short-term funds as the organization struggles under debt.
According to the Observer the government asked CGA to agree to:

  -- restructure the organization;

  -- accept a ministry proposal to engage an equity partner; and

  -- the appointment of an interim financial controller by the
     ministry or the Development Bank of Jamaica to manage the
     funds and the establishment of a team with representatives
     from the association.  The ministry and the DBJ will outline
     the terms of reference for the equity partnership.

The Observer related Herschell Brown, the agriculture ministry's
representative on the CGA board, said the ministry will be
providing bridge financing to take off this year's orange crop
despite the $120 million that the association already owed to the
government.  "We are hoping that some time . . .the first
tranche will be made accessible," Mr. Brown told the Observer in
an interview, adding that he was, however, uncertain of the amount
to be disbursed.  Chairman of the CGA John Thompson, the Observer
noted, was also on uncertain grounds, saying that he did not know
the full extent of government's proposed bailout.  "We are still
in negotiation, but we had to take off the fruit from the farmers.
It is a perishable item and could not be left on the trees," the
Observer quoted Mr. Thompson as saying.

Radio Jamaica News recalled the government plans to inject around
$100 million bail-out fund to CGA and its subsidiary, Jamaica
Citrus Growers Limited, which are on the verge of bankruptcy.
Minister of Agriculture and Lands Dr. Christopher Tufton, The
Jamaica Observer related, requested a management audit into the
operations of the companies before considering their request
for a $70 million loan.  Dr. Tufton's decision, the same report
said, followed complaints from citrus farmers about a $14 million
debt owed to them by CGA from last June, and the agricultural
ministry's confirmation that CGA also owed them over $50 million.

However, Agriculture Minister Dr Christopher Tufton, as cited by
the Gleaner, said that the board has been "dragging its feet" in
making those decisions about the restructuring exercise.  "If they
don't make the critical decision this week, then the creditors,
which essentially involves the Government, would have to consider
other critical options and would not rule out the receivership
option," Mr. Tufton warned, the report relates.

                       About Jamaica Citrus

The Jamaica Citrus Growers Limited, a limited liability company
since 1949, is engaged in the business of processing, packing and
marketing of citrus and dairy products as well as chilled
beverages under the Dairy Farmers and Juciful brand names.  It is
a subsidiary of Citrus Growers Association Limited (CGA).



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

DOE RUN PERU: Shuts 100% of Zinc Smelter Operations
---------------------------------------------------
Doe Run Peru S.R.L. -- an indirect subsidiary of Doe Run Resources
Corporation -- shut all its smelter operations after failing to
reach an agreement with banks and mining suppliers, Alex Emery of
Bloomberg News reports, citing Mining Federation General Secretary
Luis Castillo.  The report relates Mr. Castillo said the company,
a unit of New York Renco Group Inc., is unable to pay its 3,700
workers and has no cash for metal supplies for its La Oroya zinc
and lead smelter.

According to the report, the smelter was operating at 30% of
capacity until last week.

As reported in the Troubled Company Reporter-Latin America on
March 27, 2009, Bloomberg News said Doe Run Peru S.R.L. shut 95%
of its operations in Peru because of a lack of financing.  The
company in a statement obtained by Bloomberg News said Doe Run's
La Oroya smelter closed its copper plant, adding to zinc- and
lead-processing installations that have been shut since
March 15-20.  Luis Castillo, general secretary of the Mining
Federation, told Bloomberg News in a telephone interview that the
company may close its facilities entirely if it can’t find a
solution in a government- brokered talks with banks and suppliers.
“Apparently the government is going to provide Doe Run with
guarantees,” the report quoted Mr. Castillo as saying.  According
to the report, the collapse of metals prices during the global
financial crisis forced about 30 mining companies in the Peruvian
central highlands, the country’s biggest-producing region of zinc,
lead and silver, to seek other buyers after banks halted financing
to Doe Run on Feb. 24.

Meanwhile, Bloomberg News says Doe Run Resources Inc. CEO Bruce
Neil and Doe Run Peru President Juan Carlos Huyhua will meet with
government and mining company officials in a bid to wrap up a
US$175 million bailout this week.  “This is a make-or-break week
as the situation is unsustainable,” Mr. Huaroc told Bloomberg News
in a telephone interview.  “There has to be a government decision
as right now we’re trapped in a blind alley.”  The government may
operate the smelter as a last resort to prevent workers and 16,000
miners in the central Andes who supply the smelter from losing
their jobs, he added.

                        About Doe Run Peru

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

                          *     *     *

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



============================
S T  K I T T S  &  N E V I S
============================

* ST. KITTS & NEVIS: IMF Concludes 2009 Article IV Consultation
---------------------------------------------------------------
The International Monetary Fund (IMF)'s Executive Board Concluded
2009 Article IV Consultation with St. Kitts and Nevis

                           Background

Near-term growth prospects have deteriorated markedly in the wake
of the global recession, the collapse of Trinidad-based CL
Financial Group, and damage from Hurricane Omar, further
complicating an already difficult situation.  The island of Nevis,
in particular, has been badly affected by Hurricane Omar which
passed the region in October 2008, with the island’s largest hotel
likely to remain closed during 2009 due to damage from the
hurricane’s storm surge.  Thus, after growing by 3.2 percent in
2008, St. Kitts and Nevis’ real output is projected to contract by
1.2 percent in 2009.  Risks to the outlook are clearly on the
downside, as strains from the global crisis have become
increasingly evident in the local financial system, including
through extensive cross-border linkages with the troubled CL
Financial Group.

Higher food and fuel prices led to a pick-up in inflation in the
first ten months of 2008, peaking in October 2008 at 8.3 percent
before moderating to 7.6 percent at end-2008.  Inflation is
projected to ease further in 2009 on the back of lower oil prices.

The government’s commitment to debt reduction resulted in a fiscal
primary surplus in 2008—at more than 5 percent of GDP—for the
fourth consecutive year, helping to lower the public debt ratio
(as a percent of GDP) by 20 percentage points over the past four
years.  However, the primary surplus is projected to decline to 2½
percent of GDP in 2009, largely due to an expected drop in
revenues without concomitant cuts in expenditures, and the debt
ratio is expected to trend up again.

With a debt ratio at more than 175 percent of GDP by end-2008,
debt service comprises nearly a quarter of government revenues,
leaving no space for fiscal policy to respond to the adverse
shocks.  Fiscal consolidation will be important not only for
restoring debt sustainability, but also for supporting
competitiveness, maintaining stability, and underpinning the
Eastern Caribbean Currency Union (ECCU) quasi-currency board
arrangement.

Financial sector vulnerability stems from banks’ continued high
government exposure and a needed further strengthening of
supervision of the nonbank sector.  Moreover, should the global
slowdown be prolonged, the adverse impact could spread to the
banking sector through a rise in nonperforming loans.  The
insurance sector, meanwhile, is grappling with the fallout of CL
Financial Group’s problems.

The authorities have made a request for an Emergency Natural
Disaster Assistance (ENDA) purchase equivalent to 25 percent of
quota (SDR2.225 million).  Although Hurricane Omar struck in
October 2008, the full impact due to the indefinite closure of a
major tourism resort on Nevis, has been slow to evolve.  The
authorities are attempting to address the effects of the
hurricane, but face severe financing constraints. Fund financing
is expected to partly offset the balance-of-payments impact,
estimated at 3½ percent of GDP due largely to a decline in tourism
receipts.

                    Executive Board Assessment

The Executive Directors noted that, on the heels of several years
of robust growth, the economy of St. Kitts and Nevis has weakened
markedly in the wake of the shocks from the global recession, the
collapse of the Trinidad and Tobago-based CL Financial Group, and
the devastating impact of Hurricane Omar.  Directors concurred
that, while the global downturn and heavy debt burden are likely
to weigh heavily on near-term growth, the economy is well placed
to achieve strong growth over the medium term provided that the
authorities continue to implement appropriate policies and press
ahead with the reform agenda.

Directors welcomed the authorities’ commitment to restore fiscal
and debt sustainability, as evidenced by the achievement of four
consecutive years of large primary surpluses, contributing to a
substantial lowering of the public debt ratio.  Given the
continued large financing needs, Directors encouraged the
authorities to push ahead with their goal of achieving even larger
primary surpluses over the medium term.  They underscored the need
for strengthened expenditure control, together with further
structural fiscal reforms including, most critically, the
implementation of the VAT.  Directors also encouraged the
authorities to tighten oversight of the broader public sector;
work closely with donors to tap additional grants or highly
concessional loans; accelerate land and/or other asset sales to
lower debt more rapidly; and strengthen debt management capacity.

Directors underscored the importance of fiscal consolidation in
supporting competitiveness and underpinning the ECCU’s quasi-
currency board arrangement.  Although the real effective exchange
rate is broadly in line with fundamentals, they noted that
maintaining competitiveness in the context of relatively high wage
levels and a highly competitive tourism market will require
sustained efforts to improve the business climate and labor
market.

Directors stressed the need to enhance monitoring and supervision
of both the bank and nonbank financial sectors, given the much
less benign global environment, the heavy exposure of the domestic
banking system to the government, and the recent shocks to the
insurance and offshore financial sectors.  They welcomed the plans
to put in place an effective single regulatory unit for the
nonbank financial sector.  Directors also commended the
authorities’ efforts to coordinate with other regional governments
to address the regional financial turmoil resulting from the
fallout of the collapse of the CL Financial Group.

Directors generally agreed that the Fund’s emergency assistance
for natural disasters would provide valuable support in assisting
the authorities with their efforts to mitigate Hurricane Omar’s
severe effects on the economy and the balance of payments.  While
noting the country’s large public debt and inherent vulnerability,
Directors were encouraged by the authorities’ exemplary record of
debt service on external obligations and their resolve to sustain
fiscal consolidation, foster private sector-led growth, and work
closely with the Fund in pursuing their reform strategy. In this
context, some Directors felt that the Stand-By Arrangement might
be a more appropriate instrument.

Directors encouraged the authorities to develop a full-fledged
contingency and crisis preparedness plan, including the
identification of emergency fiscal measures.  This would allow the
government to respond quickly to possible adverse scenarios that
may arise against the present background of the difficult
financial climate and the country’s high vulnerability to
exogenous shocks.



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

* LATAM: Foreign Investment May Drop 35-45% This Year
-----------------------------------------------------
Latin America's direct foreign investment (DFI) may fall 35-45
percent in 2009, from a US$128.301 billion historical record in
2008, The Dominican Today reports, citing the Economic Commission
for Latin America and the Caribbean (ECLAC).  The report relates
ECLAC Executive Secretary Alicia Barcena said DFI currents in the
region surpassed 13% in 2008 as compared to the previous year
although this represents a deceleration in relation to 52% of
growth in 2007.

According to Dominican Today, citing the ECLAC report, high prices
for basic products and growth of some of the development economies
explain that increase.  The Dominica Today relates another figure
of interest is that developing countries increased their
participation as receptors of world DFI representing 31% in 2007
and 39 percent in 2008.

The report says the main receptor regions were Asia and Oceania
with 21 percent and eight percent in Latin America and the
Caribbean; while south America received 24% more DFI in 2008
(US$89.862 billion).

Meanwhile, the Dominican Today notes Brazil, Chile and Colombia
were the main receptors of South America concentrating 80%.  "The
strong relationship of Mexico and the Caribbean with US economy
had a negative impact on the flow of FDI to the region," ECLAC was
quoted by the report as saying.

The report adds that Ms. Barcena also said the United States
"discouraged the manufacturing export industry and tourism."
Flows to the Caribbean increased 42% through the DFI registered in
the Dominican Republic and Trinidad and Tobago that compensated
the fall in other countries of the region, he added.


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

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *