TCRLA_Public/090610.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 10, 2009, Vol. 10, No. 113

                            Headlines

A R G E N T I N A

ALUAR ALUMINIO: Moody's Assigns 'B2' Corporate Family Rating
DE CANO: Trustee Verifying Proofs of Claim Until July 13
ECO SYSTEM: Asks for Preventive Contest
FERRERO CRISTIAN: Proofs of Claim Verification Deadline is June 29
GRUAS MAZZOLA: Proofs of Claim Verification Deadline is July 29

GRUPO SAN MIGUEL: Trustee Verifying Proofs of Claim Until July 17
LINKA SRL: Trustee Verifying Proofs of Claim Until July 14
SANIDAD SIGLO: Trustee Verifying Proofs of Claim Until July 8
SECURITY SISTEMS: Trustee Verifying Proofs of Claim Until Aug. 7
WALLCON SRL: Proofs of Claim Verification Deadline is August 12


B E R M U D A

NAUTICAL MANAGEMENT: Creditors' Proofs of Debt Due on June 19
NAUTICAL MANAGEMENT: Members to Receive Wind-Up Report on July 6
TUDOR MARINE: Creditors' Proofs of Debt Due on June 19
TUDOR MARINE: Members to Receive Wind-Up Report on July 6


B R A Z I L

GERDAU AMERISTEEL: Suspending Production at New Jersey Steel Mill
GERDAU AMERISTEEL: Downgraded at Desjardins Securities
GOL LINHAS: Posts Preliminary Traffic Figures for May
* BRAZIL: Car Sales Up 5.4% in May, Anfavea Says


C A Y M A N  I S L A N D S

ABSOLUTE PLUS.COM: Final General Meeting Set for June 30
ABSOLUTE PORTFOLIO: Final General Meeting Set for June 30
AHFP ASCEND: Final General Meeting Set for June 30
ALCANTARA INVESTMENTS: Creditors' Proofs of Debt Due on June 29
CHIBA CAPITAL: Final General Meeting Set for June 30

GOLDBOND FUND: Creditors' Proofs of Debt Due on June 29
GREYSHRIKE GENERAL: Final General Meeting Set for June 30
INVESTCORP LIQUIDITY: Creditors' Proofs of Debt Due on June 29
J.P. MORGAN: Placed Under Voluntary Liquidation
MALLET GLOBAL: Postpones Shareholder's Meeting

MALLET GLOBAL: Postpones Shareholder's Meeting
PELOTON ABS: Creditors' Annual Meeting Set for June 30
RANGE GLOBAL: Final General Meeting Set for June 30
SY ASSETS: Creditors' Proofs of Debt Due on June 29
THE NORTHBRIDGE: Creditors' Proofs of Debt Due on June 24


D O M I N I C A N  R E P U B L I C

CEMEX SAB: Unit Says Interest Rates Still Too High for Homebuyers


J A M A I C A

AIR JAMAICA: Caribbean Airlines and Thomas Cook May Submit Bid
AIR JAMAICA: Government to Provide More Financial Support


T U R K S  &  C A I C O S  I S L A N D S

OLINT TCI: Wind-up Move Could Lead Investors Penniless


V E N E Z U E L A

PDVSA: Supplier Debts Doubled to US$7.56 Billion Last Year
PDVSA: Ensco Unit Terminates Contract for ENSCO 69 in Venezuela


X X X X X X X X

* Caribbean Nations Continue to See Drop in Tourist Arrivals


                         - - - - -


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

ALUAR ALUMINIO: Moody's Assigns 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Latin America has assigned a first-time B2 global local
currency corporate family rating and an Aa3.ar Argentina national
scale rating to Aluar Aluminio Argentino S.A.I.C.  At the same
time, Moody's assigned a B2 global local currency rating and an
Aa3.ar National Scale Rating to Aluar's new US$50 million bonds
issue in Argentina domestic market.  The outlook for all ratings
is stable.

Aluar's B2 and Aa3.ar ratings are supported by its leading market
position as the only aluminum smelter in Argentina and its long-
term competitive agreements which has helped to preserve Aluar's
historical operating margins.  Aluar's favorable business model,
which serves all of the aluminum demand in Argentina and generates
significant foreign currency earnings through its worldwide
exports, supports its credit profile.  Some 75% of Aluar's total
production is exported.

These key strengths are offset by the nature of Aluar's operating
business, which is exposed to cyclical commodities prices in the
aluminum industry, and the limited geographical diversification in
term of operating assets.  The company operates a single primary
aluminum production facility and is dependent on a single alumina
supplier.

The ratings incorporate Moody's expectations that aluminum
industry conditions, end use demand and pricing will not evidence
sufficient improvement in 2009 to materially maintain the
company's historical operating margins, notwithstanding actions
taken to reduce costs and expected aluminum industry curtail
production.

Aluar's B2 global local currency rating reflects its global
default and loss expectation, while the Aa3.ar national scale
rating reflects the standing of Aluar's credit quality relative to
its domestic peers.  Moody's National Scale Ratings are intended
as relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Argentina are designated by
the ".ar" suffix.  Issuers or issues rated Aa.ar present above-
average creditworthiness relative to other domestic issuers within
the NSR.  The indicator "3" present below-average creditworthiness
relative to other domestic issuers within the NSR within the same
rating category NSRs differ from global scale ratings in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The stable outlook is based on Moody's expectation that Aluar will
continue to successfully execute its business strategy during what
is likely to be a much weaker macroeconomic environment in 2009
and possibly 2010.  The weaker macroeconomic environment is likely
to lower Aluar's revenues and cash flows, but Moody's expect that
the company will benefit from improved working capital management
and the ability to roll over its pre- export financing lines due
to its long standing banking relationships.

Given Moody's expectation of a further contraction will be seen in
2009 and possibly 2010, upward rating pressure is unlikely over
the medium term.  Should the company demonstrate sustainable debt/
EBITDA of less than 2.5x, EBIT/Interest greater than 6.0x and free
cash flow/debt of at least 10%, outlook or ratings could be
favorably impacted

Moody's believes the most significant risk to Aluar's ratings
continue to be a prolonged slowdown in its end markets or
sustained aluminum price weakness.  In addition, if EBIT/interest
fell below 2.5x, debt/EBITDA exceeded 5.0x, operating cash flow
less dividends to debt tracked at less than 10% for a extended
period, and the company continued to be negative free cash flow
generative then a negative rating action could be considered.

Headquartered in Buenos Aires, Argentina, Aluar is the only
primary aluminum producer and the main semi-manufactured aluminum
maker in Argentina.  With total revenues of US$1 billion as of
last twelve months ended March 31, 2009, 25% of Aluar's production
attends local demand and the remaining 75% is exported worldwide.


DE CANO: Trustee Verifying Proofs of Claim Until July 13
--------------------------------------------------------
The court-appointed trustee for De Cano Funes S.A.'s bankrupcy
proceedings will be verifying creditors' proofs of claim until
July 13, 2009.

The trustee will present the validated claims in court as
individual reports on September 8, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 21, 2009.


ECO SYSTEM: Asks for Preventive Contest
---------------------------------------
Eco System SA asked for its preventive contest.

The company stopped making its payment on December 10, 2008.


FERRERO CRISTIAN: Proofs of Claim Verification Deadline is June 29
------------------------------------------------------------------
The court-appointed trustee for Ferrero Cristian Carlos y Ferrero
Martin Miguel S.H.'s reorganization proceedings, will be verifying
creditors' proofs of claim until June 29, 2009.


GRUAS MAZZOLA: Proofs of Claim Verification Deadline is July 29
---------------------------------------------------------------
Raul Horacio Trejo, the court-appointed trustee for Gruas Mazzola
SA de Servicios, Industrial y Comercial's bankruptcy proceeding,
will be verifying creditors' proofs of claim until July 29, 2009.

Mr. Trejo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Raul Horacio Trejo
          Av. Corrientes 818
          Argentina


GRUPO SAN MIGUEL: Trustee Verifying Proofs of Claim Until July 17
-----------------------------------------------------------------
The court-appointed trustee for Grupo San Miguel S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 17, 2009.


LINKA SRL: Trustee Verifying Proofs of Claim Until July 14
----------------------------------------------------------
The court-appointed trustee for Linka S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 14, 2009.


SANIDAD SIGLO: Trustee Verifying Proofs of Claim Until July 8
-------------------------------------------------------------
The court-appointed trustee for Sanidad Siglo XXI S.R.L.'s
bankrupcy proceedings will be verifying creditors' proofs of claim
until July 8, 2009.

The trustee will present the validated claims in court as
individual reports on September 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
October 19, 2009.


SECURITY SISTEMS: Trustee Verifying Proofs of Claim Until Aug. 7
----------------------------------------------------------------
The court-appointed trustee for Security Sistems S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 7, 2009.


WALLCON SRL: Proofs of Claim Verification Deadline is August 12
---------------------------------------------------------------
Marta Serra, the court-appointed trustee for Wallcon SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until August 12, 2009.

Ms. Serra will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 12
in Buenos Aires, with the assistance of Clerk No. 24, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Marta Serra
          Av. Gaona 1488
          Argentina



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

NAUTICAL MANAGEMENT: Creditors' Proofs of Debt Due on June 19
-------------------------------------------------------------
The creditors of Nautical Management (Bermuda) Limited 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 on June 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton


NAUTICAL MANAGEMENT: Members to Receive Wind-Up Report on July 6
----------------------------------------------------------------
The members of Nautical Management (Bermuda) Limited will hold
their meeting on July 6, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton


TUDOR MARINE: Creditors' Proofs of Debt Due on June 19
------------------------------------------------------
The creditors of Tudor Marine Limited 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 on June 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton


TUDOR MARINE: Members to Receive Wind-Up Report on July 6
---------------------------------------------------------
The members of Tudor Marine Limited will hold their meeting on
July 6, 2009, at 9:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton



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

GERDAU AMERISTEEL: Suspending Production at New Jersey Steel Mill
-----------------------------------------------------------------
Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau SA,
said it is suspending production at its Sayreville, New Jersey
steel mill and closing its rolling mill in neighboring Perth
Amboy, New Jersey due to lower demand for its products resulting
from the downturn in the economy.  The company said these actions
are expected to occur gradually over the next several months.  The
company indicated that it would restart operations at the
Sayreville facility when business conditions warrant.

The company is also entering into discussions with the United
Steel Workers regarding the potential closure of the Company's
steel mill located in Sand Springs, Oklahoma.

The company will continue to offer its full range of products to
its customers throughout North America.  Service to customers will
be uninterrupted and will be provided by production from Gerdau
Ameristeel's extensive network of steel mills in the United States
and Canada.  The Sayreville facility will continue to carry a full
range of products in inventory available for shipment or customer
pickup until production resumes.

Mario Longhi, President and CEO of Gerdau Ameristeel commented:
"This was a very difficult decision that came after careful
analysis and review of the marketplace, our production
capabilities, and the most cost effective alternatives to meet the
current and future needs of our customers throughout North America
during this unprecedented economic downturn.  These actions follow
a series of steps the company has taken over the last nine months
to reduce its costs.  We understand the impact that these
decisions will have on the lives of our employees and our
communities, but unfortunately market conditions mandated that
these actions be taken at this time.  The company will make every
effort to help displaced employees through this time of
transition."

In connection with these actions, depending on the outcome of the
Sand Springs discussions, the Company expects to incur an after
tax charge from approximately US$80 million to US$140 million
related to these closures.  Of these amounts, between
approximately US$15 million to US$30 million are expected to be
cash costs for severance and facility closure expenses.  Depending
on the outcome of the Sand Springs discussions, the company
expects to realize annualized pre-tax cash savings of
approximately US$35 million to US$70 million as a result of these
actions.  In accordance with US GAAP requirements, the company
anticipates some of these charges to be included in the three
month period ended June 30, 2009 and some to be included in the
three month period ended September 30, 2009.

                     About Gerdau Ameristeel

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

                          *     *     *

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


GERDAU AMERISTEEL: Downgraded at Desjardins Securities
------------------------------------------------------
Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau SA,
was downgraded by Desjardins Securities due to price appreciation
and reduced production, David Pett at Financial Post Trading Desk
reports.

According to the report, analyst John Hughes lowered his rating on
the stock from "buy" to "hold," and maintained his US$8 price
target, noting shares in the company have doubled since early
March.  "The rapid price increase in Gerdau's shares is the
catalyst for our revised recommendation," the report quoted Mr.
Hughes as saying.

Mr. Hughes, the report notes, said that mill shutdowns recently
announced will reduce production by 1.6 million tonnes per year
and result in an after tax charge of US$80 to US$140-million or
US$18¢ to US$32¢ per share.  "We have adjusted our earnings
forecasts for Gerdau to reflect the expected higher end of the
range of charges related to the shutdowns," Mr. Hughes was quoted
by the report as saying.  "As a result of these closures, our 2Q09
earnings estimate has been reduced to - US$31¢ per share (formerly
US$3¢) and our 3Q09 estimate is now US$0.02 per share (formerly
US$0.07 per share).

                     About Gerdau Ameristeel

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

                          *     *     *

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


GOL LINHAS: Posts Preliminary Traffic Figures for May
-----------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed its preliminary
traffic figures for May 2009.

                       Management Comments

GOL recorded its third successive monthly upturn in demand in its
consolidated route network in May, when domestic passenger traffic
(measured in RPK -- revenue passenger kilometers) moved up by 5.3%
over April 2009, due to the following factors:

    (i) the Company's leading position in terms of
        landings and departures in Brazil's main airports;

   (ii) the introduction of new fare packages and the
        revitalization of SMILES (Latin America's
        biggest mileage program, with more than 6 million
        clients), which has been reflecting the
        Company's increased penetration in the
        business passenger segment; and

  (iii) pro-active yield management and route profitability.

In the same period, the Company expanded its supply of seats
(measured in ASK -- available seat kilometers) by 6.6% over the
previous month, giving a total load factor of 58% - 60% on the
domestic market and 47% on the international market.  In
comparison with May 2008, RPK fell by 19.3% due to the elimination
of long-haul routes.

GOL maintained its disciplined strategy in regard to market seat
supply and revenue management, given that the second quarter is
traditionally characterized by low demand.  In addition, this year
(exceptionally) there was a high concentration of holidays in
April and therefore most of the low season fall-off was
concentrated in May.  As a result, GOL's net yield in May remained
above the 19.43 cents (R$) recorded in 2Q08, but well below the
23.27 cents (R$) registered in FY2008.  In the first two months of
2Q09, yield was slightly below, but very close to, the 21.93 cents
(R$) recorded in 1Q08.

On the international market, given the closure of intercontinental
operations in 2008, GOL reduced its ASK by 51.2% over May 2008 and
by 4.1% over April 2009.

In year-over-year terms, the load factor also experienced a
decline, falling to 47.1% in May, chiefly due to the previously
mentioned repositioning of the international network.  In
comparison with the previous month, the load factor fell by 3.6
percentage points, reflecting May's lack of extended holidays,
given the more tourism-oriented profile of GOL's international
network.

                        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.


* BRAZIL: Car Sales Up 5.4% in May, Anfavea Says
------------------------------------------------
Brazil's auto sales rose 5.4% in May when compared to April,
rebounding after a sharp decline the previous month, Brazzil
Magazine reports, citing national automakers' association Anfavea.

According to the report, Anfavea said sales increased 2.1% from
May 2008, to 247.000 units, while automobile output rose 6.7%
month on month in May, but dropped 7.7% from a year earlier to
270,200 units.   The report relates in the first five months of
2009, new car sales totaled 1.15 million, which is 0.1% less than
the same period a year ago.

The national dealers' association, Fenabrave, the report notes,
said last week that new car, truck and bus sales in Brazil grew
5.4% in May from April.  The report relates exports on the other
hand continued to decline, in spite of a 15.3% increase in May
over April.  However compared to May 2008, exports plummeted
33.7%, 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
==========================

ABSOLUTE PLUS.COM: Final General Meeting Set for June 30
--------------------------------------------------------
The members of Absolute Plus.com Ltd. will hold their final
general 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:

          Chad Mercer
          P.O. Box 31451
          #1 – 51 Stonewall Drive
          Grand Cayman KY1-1206, Cayman Islands
          Telephone: (345) 925 7887


ABSOLUTE PORTFOLIO: Final General Meeting Set for June 30
---------------------------------------------------------
The members of Absolute Portfolio Management Ltd. will hold their
final general 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:

          Chad Mercer
          P.O. Box 31451
          #1 – 51 Stonewall Drive
          Grand Cayman KY1-1206, Cayman Islands
          Telephone: (345) 925 7887


AHFP ASCEND: Final General Meeting Set for June 30
--------------------------------------------------
The members of AHFP Ascend will hold their final general meeting
on June 30, 2009, to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


ALCANTARA INVESTMENTS: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------------------
The creditors of Alcantara Investments Holdings 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 25, 2009.

The company's liquidator is:

          Lion International Corporate Services Limited
          c/o Shakira Gourzong
          P.O. Box 484 GT, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949 7755
          Facsimile: (345) 949-7634


CHIBA CAPITAL: Final General Meeting Set for June 30
----------------------------------------------------
The members of Chiba Capital Funding (Cayman) Ltd will hold their
final general meeting on June 30, 2009, to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


GOLDBOND FUND: Creditors' Proofs of Debt Due on June 29
-------------------------------------------------------
The creditors of Goldbond Fund Management (Cayman) Limited 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 20, 2009.

The company's liquidator is:

          Lee Kwai San
          Lippo Centre, Tower 1, 39th Floor
          89 Queensway
          Hong Kong


GREYSHRIKE GENERAL: Final General Meeting Set for June 30
---------------------------------------------------------
The members of Greyshrike General Partner Limited will hold their
final general meeting on June 30, 2009, at 3:30 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Richard Mottershead
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 8656
          Facsimile: (345) 945 4237


INVESTCORP LIQUIDITY: Creditors' Proofs of Debt Due on June 29
--------------------------------------------------------------
The creditors of Investcorp Liquidity Management Limited are
required to file their proofs of debt by June 29, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


J.P. MORGAN: Placed Under Voluntary Liquidation
-----------------------------------------------
On May 11, 2009, the sole shareholder of J.P. Morgan Cayman
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


MALLET GLOBAL: Postpones Shareholder's Meeting
----------------------------------------------
A final meeting for the shareholder of Mallet Global Events Fund,
Ltd. that was initially scheduled for June 2, 2009, was postponed
until further notice.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 9877


MALLET GLOBAL: Postpones Shareholder's Meeting
----------------------------------------------
A final meeting for the shareholder of Mallet Global Events
Enhanced, Ltd. that was initially scheduled for June 2, 2009, was
postponed until further notice.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 9877


PELOTON ABS: Creditors' Annual Meeting Set for June 30
------------------------------------------------------
The creditors of Peloton ABS Master Fund will hold their annual
meeting on June 30, 2009, at 10:00 a.m.

The company's liquidator is:

          Gordon I. Macrae
          c/o Tammy Fu, tammy.fu@zolfocooper.ky
          Zolfo Cooper, 4th Floor, Bermuda House
          P.O. Box 1102, Dr. Roy’s Drive
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 946-0081
          Fax: (345) 946-0082


RANGE GLOBAL: Final General Meeting Set for June 30
---------------------------------------------------
The members of Range Global Fund Limited will hold their final
general meeting on June 30, 2009, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Elizabeth Osborne
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8686
          Facsimile: (345) 945 4237


SY ASSETS: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------
The creditors of SY Assets Limited 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 25, 2009.

The company's liquidator is:

          Lion International Corporate Services Limited
          c/o Shakira Gourzong
          P.O. Box 484 GT, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949 7755
          Facsimile: (345) 949-7634


THE NORTHBRIDGE: Creditors' Proofs of Debt Due on June 24
---------------------------------------------------------
The creditors of The Northbridge Diversified Fund are required to
file their proofs of debt by June 24, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

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



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

CEMEX SAB: Unit Says Interest Rates Still Too High for Homebuyers
-----------------------------------------------------------------
Cemex Dominicana President Carlos Jacks said despite Dominican
Republic’s low cement prices, the local banks’ high interest rates
makes it hard for the country’s most impoverished sectors to
acquire homes, The Dominican Today reports, citing
elnuevodiario.com.do.  Cemex Dominicana is the local unit of
Mexico-based Cemex S.A.B. de C.V.

According to the report, Mr. Jacks said for a buyer or investor a
local bank’s interest rate is the main challenge, because
construction materials such as rebar and cement don’t have the
impact to prevent them from acquiring a home.

The report relates Mr. Jacks said cement ranges from 4 to 10% of
the social cost in the construction of a house, for which in his
view the high interest rate is the problem in buying a house.

                         About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s  'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'.  The Rating Outlook is Negative.

According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.



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

AIR JAMAICA: Caribbean Airlines and Thomas Cook May Submit Bid
--------------------------------------------------------------
Trinidad and Tobago-owned Caribbean Airlines and British tour
operator Thomas Cook have both expressed an interest in acquiring
Air Jamaica Limited, Jamaica Observer reports, citing Caribbean
Business.

"There are two solid offers on the table and both parties are
reputable," an executive working on securing a deal told Caribbean
Business, the Observer relates.  "The British tour operator Thomas
Cook and Trinidad's Caribbean Airlines have placed serious bids
for Air Jamaica and it is now a process of evaluation and
negotiation.  This deal is likely to be completed within the
deadline."

According to the Observer, if Caribbean Airlines' bid proves to be
successful, it would make the Trinidadian carrier the largest
indigenous Caribbean airline operator in the region.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2009, a report posted at CaribbeanPressReleases.com said
Minister without Portfolio in the Ministry of Finance and the
Public Service, Senator Don Wehby, confirmed that two offers have
been received from investors for the privatization of Air Jamaica.
RadioJamaica related Senator Wehby did not identify the bidders,
however, the news agency received reports that one of the bidders
is a consortium of major players in the tourism and airline
industries with connections in Jamaica.  Mr. Wehby, RadioJamica
noted, said the two offers are being reviewed and evaluated before
being taken to Cabinet.

According to an April 6 TCR-LA report, citing Associated Press,
the Jamaican government extended Air Jamaica 's divestment
deadline to June 30 as it tries to attract buyers.  Radio Jamaica
related the airline has been haemorraghing over US$150 million
(JA$13.2 billion) per annum and government has had to foot the
massive bill.  In addition, Radio Jamaica said, Air Jamaica
currently has loans outstanding of over US$600 million (JA$52.8
billion).

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica
Limited -- http://www.airjamaica.com/-- was founded in 1969.  It
flies passengers and cargo to almost 30 destinations in the
Caribbean, Europe, and North America.  Air Jamaica offers vacation
packages through Air Jamaica Vacations.  The company closed its
intra-island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


AIR JAMAICA: Government to Provide More Financial Support
---------------------------------------------------------
The Jamaican Parliament will be asked to approve another loan
guarantee for Air Jamaica Limited, RadioJamaica reports, citing
the Financial Report.  The report relates a senior Government
official refused to tell the media how much money is being
guaranteed for the airline which is in the process of being
privatised.

As reported in the Troubled Company Reporter-Latin America on
June 11, 2007, The Jamaica Observer said the House of
Representatives has authorized a resolution calling for a US$125-
million assistance to Air Jamaica.  According to a TCR-LA June 1,
2007 report, Jamaican government officials motioned to seek a
government guarantee of US$125 million to boost Air Jamaica's
operations.  Fitz Jackson, State Minister in the Finance and
Planning Ministry, presented the notice of the motion on May 30.

The TCR-Latin America, citing CaribbeanPressReleases.com, reported
May 15, 2009, that Minister without Portfolio in the Ministry of
Finance and the Public Service, Senator Don Wehby, confirmed that
two offers have been received from investors for the privatization
of Air Jamaica.  RadioJamaica related Senator Wehby did not
identify the bidders, however, the news agency received reports
that one of the bidders is a consortium of major players in the
tourism and airline industries with connections in Jamaica.  Mr.
Wehby, RadioJamica noted, said the two offers are being reviewed
and evaluated before being taken to Cabinet.

According to an April 6 TCR-LA report, citing Associated Press,
the Jamaican government extended Air Jamaica's divestment
deadline to June 30 as it tries to attract buyers.  Radio Jamaica
related the airline has been haemorraghing over US$150 million
(JA$13.2 billion) per annum and government has had to foot the
massive bill.  In addition, Radio Jamaica said, Air Jamaica
currently has loans outstanding of over US$600 million (JA$52.8
billion).

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica
Limited -- http://www.airjamaica.com/-- was founded in 1969.  It
flies passengers and cargo to almost 30 destinations in the
Caribbean, Europe, and North America.  Air Jamaica offers vacation
packages through Air Jamaica Vacations.  The company closed its
intra-island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.



========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================

OLINT TCI: Wind-up Move Could Lead Investors Penniless
------------------------------------------------------
The Winding up of Turks & Caicos Islands-based foreign exchange
trader, Olint, was set to begin yesterday, June 9, following with
the appointment of a liquidator, Gemma Handy of the Jamaica
Observer reports.  However, the report relates the move could lead
investors to be penniless as there are scant funds to return their
investments.

According to the report, Justice Richard Williams said the amount
of cash the Attorney General said is available to repay creditors
falls short of the quantity being sought.  "The amounts that the
AG disclosed to me, there are not the amounts in that account to
meet the amounts the creditors say they are owed," the report
quoted Mr. Williams as saying.

A number of lawsuits, the report notes, are already in progress in
a bid to claw back some of the cash.  The report says the value of
claims in the TCI alone tops US$15 million; while several Internet
sources place the book value of the company at almost US$1 billion
with US$350 million in deposits.

The Observer recalls Company boss David Smith was arrested on
suspicion of money laundering in July last year.  The report
relates Mr. Smith's Providenciales home was raided and assets from
his two Island-based firms frozen amid investigations by the
country's Financial Crime Unit.

According to the report, Mr. Smith will appear before court on
August 5 to face a string of fraud, two counts of uttering forged
documents, four counts of false accounting; and two counts of
theft.  However, Mr. Smith denied all allegations and said he did
not master any Ponzi-Scheme operations.

The report recalls in January, the High Court refused to lift the
freeze order on Mr. Smith's assets.  The report relates Mr. Smith
said he will use the assets to honour a promise to make payments
owed to clients attracted by Olint's 10% month return on
investments.

Meanwhile, the Observer notes, Oliver Smith, representing both the
firm and its two directors, Mr. Smith and wife Tracy, is opposing
the appointment of the liquidator put forward by the Attorney
General on the grounds that he performed an audit in August 2008
and may be called as a witness.



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

PDVSA: Supplier Debts Doubled to US$7.56 Billion Last Year
----------------------------------------------------------
Petroleos de Venezuela S.A. said its debts to suppliers more than
doubled last year as the company fell behind on payments after
crude prices fell, Steven Bodzin of Bloomberg News reports.

According to the report, a company statement said accounts payable
to suppliers such as companies including U.S.-based Williams Cos.
and Helmerich & Payne Inc., and Italy’s Saipem SpA, climbed to
US$7.56 billion from US$3.1 billion at the end of 2007.

The TCR-Latin America, citing Dow Jones Newswires, reported
March 26, 2009 that Petroleos de Venezuela paid a fraction of its
debt to a group of 56 oil-service companies and rig operators
struggling to get paid by Venezuelan government.  The report
related unnamed industry executives said PDVSA paid as much as
much as 7% of total outstanding receivables to some of these
companies but many claim to have received even less.

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Reuters said Helmerich & Payne Inc idled four
rigs in Venezuela so far due to a payment dispute and expects all
11 there to be idled by this summer.  According to a company press
release, Helmerich & Payne disclosed that it was ceasing
operations on their rigs in Venezuela as their drilling contracts
expire due to the lateness of accounts receivable collections from
its customer, PDVSA.  Reuters related that PDVSA owes Helmerich &
Payne over nearly US$100 million.

Dow Jones Newswires relates oil service giants Halliburton Co.
(HAL) and Schlumberger Ltd. (SLB), have received anywhere between
5% and 7% of their total pending bill which adds to roughly US$1
billion combined, by some estimates.  According to the report, Oil
Minister Rafael Ramirez said the government will review the
legality of these debts.

          PDVSA 2008 Net Profit Up 50% to US$9.4 Bln

According to a TCR-LA report on June 9, 2009, citing Reuters,
PDVSA's net profits in 2008 rose 50% in 2008 to US$9.4 billion,
driven by windfall oil prices that also financed a jump in
spending by President Hugo Chavez.  The report related the
company earned a profit of US$6.3 billion.  According to Agence
France-Presse (AFP), PDVSA said that at US$126.3 billion, sales of
crude oil were up 31.3% over the previous year.

Reuters said the company's operating income rose to US$126.4
billion, up 31% from the year before as oil prices soared to a
peak of US$147 last year.

PDVSA, AFP noted, exported 2.9 million barrels a day, which would
be an increase of 108,000 barrels a day compared to 2007.  So far
this year, Venezuela's oil exports have averaged US$44 a barrel,
the same report related.  PDVSA, Reuters recalls, gave US$53
billion to the government -- 21% more than in 2007.  Reuters adds
PDVSA said it reduced its debt to US$15.1 billion from US$16.6
billion in 2007.

                           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.


PDVSA: Ensco Unit Terminates Contract for ENSCO 69 in Venezuela
---------------------------------------------------------------
Ensco International Incorporated said that a subsidiary has
terminated its contract for the ENSCO 69 jackup drilling rig with
Petrosucre, a subsidiary of Petroleos de Venezuela S.A., the
national oil company of Venezuela.  Petrosucre, which has been
operating ENSCO 69 since January 2009, has not returned the rig to
Ensco and has notified Ensco that it will continue to operate
ENSCO 69.

As noted in Ensco’s news release on May 11, 2009, Petrosucre has
failed to pay past due invoices and Ensco submitted a notice of
termination to Petrosucre, as permitted under the terms of the
ENSCO 69 contract.  The notice period has ended and the contract
between Ensco and Petrosucre is now terminated.  Ensco has removed
all of its remaining employees from ENSCO 69.

As previously disclosed, Ensco has deferred revenue under the
contract with Petrosucre since late January 2009, when Petrosucre
took over drilling operations.  Ensco’s net receivable from
Petrosucre is US$16.9 million related to work performed prior to
late January 2009, as disclosed in Ensco’s first quarter 2009 SEC
Form 10-Q.  Ensco will likely fully reserve the US$16.9 million
net receivable and write off a US$4.8 million deferred tax asset
related to the prior write down of receivables.  In total, this
would reduce earnings by approximately US$0.15 per diluted share
in second quarter 2009.

As of March 31, 2009, ENSCO 69 had a net book value of US$17.7
million and an insured value of US$65 million under a package
policy, including coverage for certain political risks, subject to
a US$10 million deductible.  Ensco is pursuing an insurance claim
under its package policy and is pursuing legal remedies for
damages relating to ENSCO 69.

                  About Ensco International

Ensco International Incorporated --
http://www.enscointernational.com.–- brings energy to the world
as a global provider of offshore drilling services to the
petroleum industry.  With a fleet of ultra-deepwater
semisubmersible and premium jackup drilling rigs, Ensco serves
customers with high-quality equipment, a well-trained workforce
and a strong record of safety and reliability.

                           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.



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

* Caribbean Nations Continue to See Drop in Tourist Arrivals
------------------------------------------------------------
Caribbean nations continue to see a decline in tourist arrivals,
CaribbeanWorldNews reports, citing latest figures released by the
Caribbean Tourism Organization for June.

According to the report, three out of the five countries reporting
April statistics reported a continued downward spiral.

CaribbeanWorldNews relates The Caribbean Tourism Organization
disclosed that:

   * Antigua and Barbuda dropped 11.3% for April compared
     to the same period last year;

   * the Cayman Islands reported a 6.7% drop;

   * Dominican Republic a 3.2% decrease;

   * St. Lucia bounced back to record an 8.8% increase
     in tourist arrivals in April; and

   * Guyana said it recorded an 11.3% increase
     in arrivals.



                       ***********

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 * * *