TCRLA_Public/090612.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, June 12, 2009, Vol. 10, No. 115

                            Headlines


A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Assets Placed in AMC Liquidators' Warehouse


A R G E N T I N A

BONCOMPAGNI DANIEL: Proofs of Claim Verification Due on Aug. 14
CLINICA PRIVADA: Trustee Verifying Proofs of Claim Until July 6
FEMME SRL: Trustee Verifying Proofs of Claim Until August 4
GARANTIZAR SGR: Moody's Reviews 'B1' Global Currency Ratings
MACCHIA Y VOGT: Trustee Verifying Proofs of Claim Until Sept. 8

PLATEA 10 SRL: Trustee Verifying Proofs of Claim Until July 6
RECORTERA VESUBIO: Trustee Verifying Proofs of Claim Until July 3
SULFUR SA: To Submit Records Court on July 1
TELEFONICA ARGENTINA: Launches Triple-Play Services With DirecTV
* ARGENTINA: Banks Told to Halt Dividend Payment After Stress Test

* ARGENTINA: World Bank Approves US$3.3-Billion Program


B A R B A D O S

AIC BARBADOS: May Obtain Debt Maturity Extension


B R A Z I L

BNDES: Bradespar Sets Local Roadshow on June 15
* BRAZIL: IMF Director Welcomes Intention to Invest in Notes


C A Y M A N  I S L A N D S

BATCHKOVA VENTURES: Commences Wind-Up Proceedings
CLINTON LEVERED: Creditors' Proofs of Debt Due on July 8
CLINTON LEXINGTON: Creditors' Proofs of Debt Due on July 8
CLINTON STATISTICAL: Creditors' Proofs of Debt Due on July 8
GLOBALIS EMERGING: Commences Wind-Up Proceedings

GLOBALIS EMERGING: Commences Wind-Up Proceedings
GLOBALIS SOVEREIGN: Commences Wind-Up Proceedings
GREAT OFFSHORE: Creditors' Proofs of Debt Due on July 10
IZANAGI JAPAN: Creditors' Proofs of Debt Due on July 8
LONDON RIVER: Commences Wind-Up Proceedings

MANAMA RE: Commences Wind-Up Proceedings
MAXIMILIAN CAPITAL: Creditors' Proofs of Debt Due on July 8
MAXIMILIAN FUNDING: Creditors' Proofs of Debt Due on July 8
NAIR VENTURES: Creditors' Proofs of Debt Due on August 26
TITIAN INVESTMENTS: Creditors' Proofs of Debt Due on July 8


C O L O M B I A

BANCO DE BOGOTA: Moody's Rating Review Won't Affect 'Ba2' Rating


C U B A

* CUBA: Rolls Over Euro Bonds; Central Bank Head Resigns


J A M A I C A

AIR JAMAICA: Bidder's Parent Firm Files for Bankruptcy Protection
CABLE & WIRELESS: Digicel Contempt Case Against LIME Dismissed
CABLE & WIRELESS: LIME Appoints Two New Board Directors


M E X I C O

ASARCO LLC: Objects to Harbinger Disclosure Statement
GMAC MEXICANA: Moody's Affirms 'MX-4' Short-Term National Rating


P U E R T O  R I C O

* Moody's Affirms 'Ba1' Rating on Highway and Transportation Bonds


T R I N I D A D  &  T O B A G O

CL FIN'L: Government to Approve New Board of Directors


V E N E Z U E L A

PDVSA: US$13.9-Bln Owed to Service Providers Down to Nearly Half
* VENEZUELA: Gov't to Seize Natural Gas Compression Plants



                         - - - - -


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

STANFORD INT'L: SFG Assets Placed in AMC Liquidators' Warehouse
---------------------------------------------------------------
Stanford Financial Group's gilded furnishings and lavish artwork
at its Miami office are now being placed at AMC Liquidators'
Tamarac warehouse to be sold, Douglas Hanks of the Miami Herald
reports.  This is a move to liquidate the Group's assets in the
midst of its owner Robert Allen Stanford's alleged involvement in
a Ponzi scheme.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include , Stanford International Bank Limited, Stanford
Group Company (SGC), and investment adviser Stanford Capital
Management.  According to a TCR-LA April 8 report, citing
Bloomberg News, U.S. District Judge David Godbey seized all of Mr.
Stanford's corporate and personal assets and placed them under the
control of court-appointed SGC receiver Ralph Janvey.
According to the Herald, AMC hauled 24 truckloads from the
Stanford offices.  The report relates, among the inventory were:

   * intricately carved entry tables with marble tops
     and hand-painted floral accents;

   * Bronze sculptures of eagles poised for a kill;

   * a wall tapestry depicting French royalty on
     horseback;

   * knit tapestry of King Louis XIV that hung on a
     Stanford International wall in Miami, which is
     priced at $1,200;

   * Stanford marble side table with claw feet
     at US$1,699;

   * bronze eagle statues go for US$999;

   * silk carpets;

   * a mahogany easel for original artwork;

   * eighty-six paintings, and

   * hundreds of cherry-wood desks

The Herald says AMC hopes to profit from the assets as it markets
the estimated US$2 million worth of stuff hauled from offices on
the 12th, 21st, 26th and 27th floors of a Miami high rise that
Stanford Financial Group rented.

AMC, the report notes, typically pays pennies on the dollar for
unwanted furniture in exchange for absorbing moving costs, but
Michael Grimme, who runs AMC, would not disclose how much the
company paid for the Stanford merchandise.  The report relates Mr.
Grimee said he negotiated with the office building to obtain the
furniture, with the landlord keeping the proceeds.

                   About Stanford International

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



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

BONCOMPAGNI DANIEL: Proofs of Claim Verification Due on Aug. 14
---------------------------------------------------------------
The court-appointed trustee for Boncompagni Daniel Celso y Belloni
Hugo Alberto S.H.'s reorganization proceedings, will be verifying
creditors' proofs of claim until August 14, 2009.


CLINICA PRIVADA: Trustee Verifying Proofs of Claim Until July 6
---------------------------------------------------------------
The court-appointed trustee for Clinica Privada Alvear S.A.'s
bankrupcy proceedings will be verifying creditors' proofs of claim
until July 6, 2009.

The trustee will present the validated claims in court as
individual reports on September 2, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 15, 2009.


FEMME SRL: Trustee Verifying Proofs of Claim Until August 4
-----------------------------------------------------------
The court-appointed trustee for Femme S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 4, 2009.


GARANTIZAR SGR: Moody's Reviews 'B1' Global Currency Ratings
------------------------------------------------------------
Moody's Latin America (Moody's) has placed on review for possible
downgrade the Aa3.ar (National Scale) and the B1 (Global Scale,
Local Currency) ratings of several Argentine securitizations
linked to Garantizar S.G.R.  This rating action follows a recent
rating action on Garantizar S.G.R., the guarantor of the
underlying assets.

The rated securities are backed by a pool of bills of exchange
signed by small and medium size companies and guaranteed by
Garantizar S.G.R., a financial guarantor in Argentina.

The ratings assigned to these transactions are primarily based on
the rating of Garantizar. Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to these transactions.

On June 4, 2009, Moody's placed on review for possible downgrade
the insurance financial strength ratings of Garantizar S.G.R.,
including its B1 global local currency IFS rating and the Aa3.ar
IFS rating on the Argentine National Scale.

The complete rating action is:

  -- Fideicomiso Financiero Multipyme VI, B1 (Global Rating, Local
     Currency) and Aa3.ar (Argentine National Scale) ratings
     placed on review for possible downgrade.

  -- Fideicomiso Financiero Multipyme VII, B1 (Global Rating,
     Local Currency) and Aa3.ar (Argentine National Scale), placed
     on review for possible downgrade.

  -- Fideicomiso Financiero Multipyme VIII, B1 (Global Rating,
     Local Currency) and Aa3.ar (Argentine National Scale) ratings
     placed on review for possible downgrade.

  -- Fideicomiso Financiero Agro Alianza I, B1 (Global Rating,
     Local Currency) and Aa3.ar (Argentine National Scale) ratings
     placed on review for possible downgrade.

  -- Fideicomiso Financiero Secupyme XXIX, B1 (Global Rating,
     Local Currency) and Aa3.ar (Argentine National Scale) ratings
     placed on review for possible downgrade.

  -- Fideicomiso Financiero Secupyme XXXIII, B1 (Global Rating,
     Local Currency) and Aa3.ar (Argentine National Scale) ratings
     placed on review for possible downgrade.



MACCHIA Y VOGT: Trustee Verifying Proofs of Claim Until Sept. 8
---------------------------------------------------------------
The court-appointed trustee for Macchia y Vogt Los Cuatados
S.R.L.'s bankrupcy proceedings will be verifying creditors' proofs
of claim until September 8, 2009.


PLATEA 10 SRL: Trustee Verifying Proofs of Claim Until July 6
-------------------------------------------------------------
The court-appointed trustee for Platea 10 S.R.L.'s bankrupcy
proceedings will be verifying creditors' proofs of claim until
July 6, 2009.

The trustee will present the validated claims in court as
individual reports on August 31, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 28, 2009.


RECORTERA VESUBIO: Trustee Verifying Proofs of Claim Until July 3
-----------------------------------------------------------------
The court-appointed trustee for Recortera Vesubio S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until July 3, 2009.

The trustee will present the validated claims in court as
individual reports on August 13, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 23, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 13, 2009.


SULFUR SA: To Submit Records Court on July 1
--------------------------------------------
Sulfur S.A. will submit before the court its general report that
contains an audit of the company's accounting and banking records
on July 1, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 15, 2009.


TELEFONICA ARGENTINA: Launches Triple-Play Services With DirecTV
----------------------------------------------------------------
Buenos Aires-based Telefonica de Argentina SA and US satellite TV
provider DirecTV launched triple-play services in Mendoza
province, Telegeography reports, citing Business News Americas.

According to the report, the pair's TRIO package offers basic
telephony, high speed internet and satellite TV services and
includes unlimited local calls, broadband download speeds of up to
3Mbps and digital TV.

Buenos Aires-based Telefonica de Argentina SA --
http://www.telefonica.com.ar/-- provides telecommunication
services, which include telephony business both in Spain and Latin
America, mobile communications businesses, directories and guides
businesses, Internet, data and corporate services, audiovisual
production and broadcasting, broadband and Business-to-Business e-
commerce activities.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 11, 2009 Fitch Ratings these rating actions on Telefonica de
Argentina S.A.:
  -- Local currency Issuer Default Rating affirmed at 'BB-';

  -- Foreign currency IDR affirmed at 'B+';

  -- National scale rating affirmed at 'AA+(arg)';

  -- Approximately US$331 million of Obligaciones Negociables
     affirmed at 'BB-/RR3'and 'AA+(arg)';

The Rating Outlook is Stable.


* ARGENTINA: Banks Told to Halt Dividend Payment After Stress Test
------------------------------------------------------------------
Argentina's central bank has been keeping a number of private
sector banks from paying dividends to shareholders in a temporary,
precautionary measure after stress tests analyzing areas of
concern, Fiona Ortiz of Reuters reports.  The report relates the
central bank wants to make very sure that no bank will need a
bailout or capital injection before it allows them to pay
dividends.

As reported in the Troubled Company Reporter-Latin America on
April 17, 2009, Bloomberg News said Argentina central bank is
considering a plan to require local banks to delay dividend
payments to shareholders.  The report related delaying the
payments would help strengthen bank capital, a"prudent move in
light of the international crisis," the official was quoted by
Bloomberg News as saying.

According to Reuters, the central bank analyzed rising delinquent
loan rates and the limited access to lending markets if it were
needed.  "We did stress tests ... this is a precautionary
measure," the report quoted an unnamed central bank source as
saying.  Once the economy has stabilized, the restrictions would
no longer apply, the source said.

Reuters notes that media reports say the banks are seeking to pay
out a total of some US$110 million in dividends that was approved
in shareholder assemblies in April.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'.  The rating
outlook on the local currency IDR is Stable.

In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.


* ARGENTINA: World Bank Approves US$3.3-Billion Program
-------------------------------------------------------
The World Bank approved a US$3.3-billion program -- the "Country
Partnership Strategy 2010-2012 -- to help Argentina keep its
economic growth in the global downturn, Xinhua News reports.

According to the report, the Argentine Economy Ministry said some
US$840 million will be used to clean the Matanza-Riachuelo river
basin, while the remainder will be used to strengthen social
plans.  The program will run until 2012, the ministry added.

The World bank, the report relates, said the program seeks to
advance the Argentine government's development vision by providing
strategic support in three areas -- sustainable growth with
equity, social inclusion and improved governance.

Reuters says the fund will be operated through the Internal Bank
of Reconstruction and Development and executed by the Argentine
Environment and Sustainable Ministry and the Argentine Water and
Sanity.  The report relates a spokesman from the Ministry of Plan
and Public Investment said the credit was aimed to contribute to
the improvement of the environment quality in the Matanza-
Riachuelo river basin and the sanitary conditions at the edge of
De La Plata River.

Reuters adds US$450 million will be allocated for the "Basic
Protection Project," to strengthen social aid programs.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'.  The rating
outlook on the local currency IDR is Stable.

In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.



===============
B A R B A D O S
===============

AIC BARBADOS: May Obtain Debt Maturity Extension
------------------------------------------------
Michael Lee-Chin led company AIC Barbados Limited seems set to get
bondholders' approval on June 18 to extend debt maturity to
November 27, Jamaica Gleaner reports.  "I think the investors came
to the conclusion that the prudent decision would be to approve
the resolution for the extension of maturity," the report quoted
an industry source close to the issue as saying.

According to the Gleaner, investors normally have several days in
which to indicate their decision to the trustee; in this case,
they have two weeks from the June 5 consultation.

"The noteholders have until June 18 to decide whether or not to
approve the resolution.  The 13.25 percent (interest on the bonds
to November) is the same rate that was agreed at the last
refinancing.  The investor base is across all classes of
investors," a Pan Caribbean Financial Services Limited (PCFS)
representative told Wednesday Business, the report notes.

The Gleaner says PCFS in a June 8 circular sent out to bondholders
disclosed that the trustee has refrained from making a
recommendation on whether to accept the AICB proposal.  The report
relates PDFS said there were "other matters" to consider "before
any definitive resolution is presented" for their consideration.

As reported in the Troubled Company Reporter-Latin America on
June 8, 2009, RadioJamica said AIC Barbados asked its creditors
for another extension to make payments on maturing instruments as
divestment of the sale of assets in its portfolio is taking longer
than expected.  The Jamaica Gleaner related Mr. Lee-Chin is
selling his Pan Caribbean fibre optic cable business, Columbus
Communications, to pay off the debt.  According to Jamaica
Gleaner, Mr. Chin failed to come up with the US$155 million
(J$13.8 billion) that AIC Barbados owes bond holders.  The Gleaner
related that based on an internal document, about US$108 million
of the debt is owed to Jamaican investors, of which US$47 million
is due this year.  Mr. Lee Chin, The Gleaner said, was already
granted one extension to June 11 to repay the bonds, however, he
asked investors again to extend the wait to November.  The same
report recalls Mr. Lee Chin already missed the initial maturity
date for US$40 million of the debt in March this year.

PCFS, in a June 8 circular sent out to bondholders, and acquired
by Wednesday Business, said the trustee has refrained from making
a recommendation on whether to accept the AICB proposal put
forward by Robert Almeida and his boss Lee Chin, saying there were
"other matters" to consider "before any definitive resolution is
presented" for their consideration.

                       About AIC Barbados

AIC Barbados Limited, which is valued at more than US$1 billion,
comprises several Caribbean holdings including Jamaica's largest
deposit taking institution the National Commercial Bank.



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

BNDES: Bradespar Sets Local Roadshow on June 15
-----------------------------------------------
Banco Bradesco S.A. 's investment arm, Bradespar, will launch a
2-day roadshow on June 15 supporting its debenture issue of up to
BRL800 million, LatinFrance reports.

According to the report, Bradespar is planning to divide the issue
into a 1-year tranche paying up to 112% of DI and a 2-year tranche
at up to 115% of DI.  The report relates it does not specify the
size of each portion.

Bradesco, LatinFrance says, is managing the sale.

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

                          *     *     *

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


* BRAZIL: IMF Director Welcomes Intention to Invest in Notes
------------------------------------------------------------
International Monetary Fund (IMF) Managing Director Dominique
Strauss-Kahn has issued a statement welcoming Brazil's intention
to invest up to US$10 billion in notes to be issued by the IMF:

"I welcome President Luiz Inacio Lula da Silva's decision, and the
announcement by Finance Minister Guido Mantega, that Brazil will
contribute to the Fund's resources to help member countries
weather the current global economic crisis by investing in IMF
notes.  With this announcement, Brazil is joining other countries
in fulfilling the commitment of the G-20 leaders in April.

"The Brazilian authorities have shown great leadership and
engagement in the whole process of IMF reform and expansion of our
funding, and I am pleased that Brazil is clearly showing its
strong support to the international economic and financial system.
Brazil once more reaffirms its strong role as a leading emerging
market economy.

"IMF staff will present the necessary documentation to the Fund's
Executive Board to allow the issuance of notes as early as
possible," Mr. Strauss-Kahn said.

                        *     *     *

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
==========================

BATCHKOVA VENTURES: Commences Wind-Up Proceedings
-------------------------------------------------
Batchkova Ventures Limited commenced wind-up proceedings on May 1,
2009.

The company's liquidator is:

          Scott Seaman
          c/o Ian Gobin
          Walkers
          Walker House, PO Box 72
          28-34 Hill Street, St Helier, Jersey JE4 8PN
          Tel: +44 1534 700773
          Fax: +44 1534 700800


CLINTON LEVERED: Creditors' Proofs of Debt Due on July 8
--------------------------------------------------------
The creditors of Clinton Levered Multistrategy (2x) Fund, Ltd. are
required to file their proofs of debt by July 8, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2009.

The company's liquidator is:

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


CLINTON LEXINGTON: Creditors' Proofs of Debt Due on July 8
----------------------------------------------------------
The creditors of Clinton Lexington Fund, Ltd. are required to file
their proofs of debt by July 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2009.

The company's liquidator is:

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


CLINTON STATISTICAL: Creditors' Proofs of Debt Due on July 8
------------------------------------------------------------
The creditors of Clinton Statistical Arbitrage Master Fund (2x)
Ltd. are required to file their proofs of debt by July 8, 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:

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


GLOBALIS EMERGING: Commences Wind-Up Proceedings
------------------------------------------------
Globalis Emerging Growth Fund I, Limited commenced wind-up
proceedings on May 20, 2009.

The company's liquidator is:

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


GLOBALIS EMERGING: Commences Wind-Up Proceedings
------------------------------------------------
Globalis Emerging Growth Master Fund, Ltd. commenced wind-up
proceedings on May 20, 2009.

The company's liquidator is:

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


GLOBALIS SOVEREIGN: Commences Wind-Up Proceedings
-------------------------------------------------
Globalis Sovereign Growth and Income Fund I Limited commenced
wind-up proceedings on May 20, 2009.

The company's liquidator is:

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


GREAT OFFSHORE: Creditors' Proofs of Debt Due on July 10
--------------------------------------------------------
The creditors of Great Offshore (Cayman Islands) Limited are
required to file their proofs of debt by July 10, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 18, 2009.

The company's liquidators are:

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


IZANAGI JAPAN: Creditors' Proofs of Debt Due on July 8
------------------------------------------------------
The creditors of Izanagi Japan Fund are required to file their
proofs of debt by July 8, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 22, 2009.

The company's liquidator is:

          Keith Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Krissa Jeffers
          Telephone: 345-914-4390
          Facsimile: 345-949-7164


LONDON RIVER: Commences Wind-Up Proceedings
-------------------------------------------
London River Limited commenced wind-up proceedings on May 12,
2009.

The company's liquidator is:

          Salomao Consulting S.A.
          c/o Trident Chambers
          P.O. Box 146, Road Town, Tortola
          British Virgin Islands


MANAMA RE: Commences Wind-Up Proceedings
----------------------------------------
Manama Re Ltd. commenced wind-up proceedings on May 5, 2009.

The company's liquidator is:

          Tamer Ayasli
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


MAXIMILIAN CAPITAL: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------------
The creditors of Maximilian Capital Corporation are required to
file their proofs of debt by July 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2009.

The company's liquidator is:

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


MAXIMILIAN FUNDING: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------------
The creditors of Maximilian Funding Corporation are required to
file their proofs of debt by July 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2009.

The company's liquidator is:

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


NAIR VENTURES: Creditors' Proofs of Debt Due on August 26
---------------------------------------------------------
The creditors of Nair Ventures Ltd. are required to file their
proofs of debt by August 26, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman
          KY1-1203 Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


TITIAN INVESTMENTS: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------------
The creditors of Titian Investments Ltd. are required to file
their proofs of debt by July 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 22, 2009.

The company's liquidator is:

          J.A Priaulx
          c/o Maples and Calder, Attorneys at Law
          PO Box 309 Ugland House, South Church Street
          Grand Cayman KY1-1104
          Cayman Islands



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

BANCO DE BOGOTA: Moody's Rating Review Won't Affect 'Ba2' Rating
----------------------------------------------------------------
Moody's Investors Service placed the A2 local currency deposit
rating of Banco de Bogota on review for possible downgrade in
light of its global review of systemic support for bank ratings.
The bank's Ba2/Not Prime foreign currency deposit ratings and
Prime-2 short term local currency deposit rating are not affected
by this review and have been affirmed.  Moody's also affirmed
Bogota's C- bank financial strength rating with a stable outlook.

In affirming Bogota's C- BFSR, Moody's indicated that the bank's
capitalization ratios are adequate to withstand anticipated
increases in expected credit losses within the next four quarters,
supported by the bank's ability to generate recurring earnings and
its high levels of reserve coverage.  This is in line with the
increased focus and relative importance that Moody's is attaching
to capital adequacy in particular, according to its bank rating
methodology.

The review of local currency deposit ratings will consider the
extent to which the government's ability to provide support to its
banking system, should such support be needed, is converging with
the government's own debt capacity as a result of the ongoing
global economic and credit crisis.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debts -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support.  However, as the financial crisis wears on, the
capacity of a country through its central bank to support its
banks converges with, and is constrained by, the government's own
debt capacity, assessed at Colombia's local currency debt rating
of Baa3.

Moody's has previously used Colombia's A1 local currency deposit
ceiling as the main input for its assessment of the ability of the
national government to support its banks.  Although anchoring the
probability of support at the LCDC is appropriate in many
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity of the central bank to
support financial institutions in the event that a banking crisis
may become both truly systemic and protracted.

The rating agency will be reassessing the level of systemic
support that is presently incorporated into the deposit rating of
Banco de Bogota.  The review will determine to what extent ratings
should be more closely aligned to the Colombian government's Baa3
local currency bond rating.  This approach is outlined in Moody's
Special Comment entitled "Financial Crisis More Closely Aligns
Bank Credit Risk and Government Ratings in Non-Aaa Countries",
which was published in May 2009.

Factors that Moody's will consider in its assessment of systemic
support include (i) the size of the banking system in relation to
government resources, (ii) the foreign currency obligations of the
banking system relative to the government's own foreign exchange
resources, (iii) the level of stress in the banking system, and
(iv) changes to the government's political patterns.

The Colombian banking system is relatively small when compared to
the government's resources, and its banks' foreign currency
obligations are limited, as is foreign currency lending.
Moreover, credit stress in the Colombian banking system has been
contained as the banks entered the economic crisis with high core
earnings and good liquidity and asset quality.  Moody's continues
to believe that banking system stability remains a high priority
of the government.

Moody's noted that the review should lead to no more than a two
notch change in the local currency deposit rating.  Moody's
expects to conclude the review over the next several weeks.

        Previous Rating Action and Principal Methodologies

Moody's last rating action on Banco de Bogota was on June 19,
2008, when its foreign currency deposit rating was upgraded to Ba2
as a result of the upgrade of Colombia's foreign currency ceilings
for deposits and debt.

These ratings of Banco de Bogota were affected:

  -- Long term local currency deposit rating of A2, on review for
     possible downgrade

  -- Bank financial strength rating of C-, affirmed with stable
     outlook

  -- Short term local currency deposit rating of Prime-2, affirmed

  -- Long term foreign currency deposit rating of Ba2, affirmed
     with stable outlook

  -- Short term foreign currency deposit rating of Not Prime,
     affirmed



=======
C U B A
=======

* CUBA: Rolls Over Euro Bonds; Central Bank Head Resigns
--------------------------------------------------------
Cuba has rolled over EUR200 million in bond issues that were due
in May, as the country's central bank asked for another year to
repay foreign holders of the debt, Marc Frank of Reuters reports,
citing financial sources in London and Havana.  The report relates
the move is yet another sign that the country is suffering a cash
crisis, as it struggles with sharp declines in revenues from
tourism and key exports due to the global economic crisis.

The report recalls the two-year euro-denominated bonds of EUR150
million and EUR50 million that were rolled over were issued on the
London Stock Exchange on May 3, 2007, at interest rates of 9% and
8.5% respectively.  The report relates they were held mostly by
Cuban entities, though some foreign banks with a history of
providing credit to the island also participated.

According to the report, Stuart Culverhouse, chief economist at
London-based brokerage firm Exotix, said there was apparently a
high participation rate in the rollover by the bondholders.  "Cuba
had been talking to holders in advance to negotiate rollover and
was believed to have achieved a high rate of participation before
the maturity date, but the exact terms are not clear," the report
quoted Mr. Culverhouse as saying.

However, Reuters says there are increasing signs now that Cuba's
finances face severe strains.  The report relates foreign
businesses have had difficulty this year transferring funds abroad
from their accounts in Cuba or even making significant
withdrawals.

The report notes the central bank has also been working to
restructure some of its active debt, estimated at around US$11
billion.  The government reported Cuba's chronic trade deficit
increased 70% last year to nearly US$12 billion, Reuters says.

The report relates Cuba's 2008 service exports were US$9.2
billion, but local economists estimate the current account
measuring the inflow and outflow of foreign exchange still fell
US$1.5 billion to US$2.5 billion into the red, after registering a
US$500 million surplus in 2007.  Reuters adds Cuba's reserves were
drawn on heavily last year after three hurricanes struck the
Caribbean island.

                    Central Bank Head Resigns

Central Bank President Francisco Soberon resigned from his post as
Cuba President Raul Castro pushes ahead with a government
reorganisation amid signs of a cash crunch, The Jamaica Gleaner
reports.  The report relates Banco Financiero Inter-nacional Head
Ernesto Medina will takeover Mr. Soberon's post.

According to the report, no explanation was offered for Mr.
Soberon's resignation but recent restrictions placed on large cash
withdrawals suggest a liquidity problem on the island.

                         *     *     *

The country continues to carry Moody's Caa1 foreign currency
rating with stable outlook.



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

AIR JAMAICA: Bidder's Parent Firm Files for Bankruptcy Protection
-----------------------------------------------------------------
British tour operator Thomas Cook's parent company, Arcandor AG,
which owns 53% of Thomas Cook, filed for bankruptcy protection
after the German government rejected a request for loan
guarantees, RadioJamaica reports.  The report relates it is
unclear whether the failure of the German-based conglomerate will
have implications for Air Jamaica Limited's divestment.

As reported in the Troubled Company Reporter-Latin America on
June 10, 2009, Jamaica Observer said Trinidad and Tobago-owned
Caribbean Airlines and Thomas Cook have both expressed an interest
in acquiring Air Jamaica.  "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 related.
"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 RadioJamaica, Thomas Cook moved quickly to reassure
its customers that it would not be affected by the problems at
Arcandor.  The report relates Thomas Cook said it was completely
ring-fenced from Arcandor and the two companies were operationally
and financially distinct.

                        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.


CABLE & WIRELESS: Digicel Contempt Case Against LIME Dismissed
--------------------------------------------------------------
Hon. Justice Glen Brown has dismissed the Contempt proceedings
brought by Digicel against Lime (formerly Cable & Wireless
Jamaica), LIME Country Manager Geoff Houston and LIME Executive
Vice President of Carrier Services Lawrence McNaughton, Jamaica
Observer reports.  The report relates Mr. Brown ordered Digicel to
pay all of the legal costs incurred by LIME as a result of the
application.

According to CaribWorldNews, Digicel's contempt proceedings came
in response to legal action taken by LIME earlier this year when
Digicel allegedly blocked LIME's international call circuits.

As reported in the Troubled Company Reporter - Latin America on
January 12, 2009, The Jamaica Gleaner said LIME Jamaica accused
Digicel of blocking calls from LIME customers in other Caribbean
countries to the Digicel network in Jamaica.  Lawrence McNaughton,
LIME's executive vice-president of carrier services for the
Caribbean, told The Gleaner in an interview that LIME customers in
the Caribbean and some parts of the United Kingdom, United States
and Canada were unable to contact Digicel customers in Jamaica.
This was because Digicel turned down a number of circuits, which
take traffic from the rest of the region and from the US and other
locations, the same report said.  LIME, Carribbean 360.com said,
also claimed damages for breach of the Interconnection Agreement
between the parties; damages pursuant to the Fair Competition Act;
costs; interest; and any further or other relief which the court
deems just.

According to CaribWorlNews, as part of its case for an injunction,
LIME obtained an affidavit from Claro which led to Digicel filing
a new action seeking an ex parte injunction against Claro (but
which also named LIME in the Order) to prevent the use of the
information in the Claro Affidavit.


                            About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

As of March 17, 2009, Cable & Wireless plc continues to carry
Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company also continues to Standard & Poor's "BB-" long-term
foreign and local issuer credit ratings and "B" short-term foreign
and local issuer credit ratings.


CABLE & WIRELESS: LIME Appoints Two New Board Directors
-------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) disclosed that Messrs.
Mark Kerr-Jarrett and Ken McFadyen have been appointed board of
directors effective May 20, 2009.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

As of March 17, 2009, Cable & Wireless plc continues to carry
Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company also continues to Standard & Poor's "BB-" long-term
foreign and local issuer credit ratings and "B" short-term foreign
and local issuer credit ratings.



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

ASARCO LLC: Objects to Harbinger Disclosure Statement
-----------------------------------------------------
ASARCO LLC and its debtor-affiliates believe that the disclosure
statement of the plan of reorganization filed by Harbinger Master
Fund I, Ltd. does not provide "adequate information" under Section
1125 of the Bankruptcy Code.  The Debtors thus ask the U.S.
Bankruptcy Court for the Southern District of Texas to direct
Harbinger to make certain modifications to its Disclosure
Statement, or to the portions of the combined disclosure statement
describing the Harbinger Plan, prior to its dissemination to
creditors.

As reported by the Troubled Company Reporter on June 2, 2009,
Harbinger Capital Partners Master Fund I, Ltd., delivered to the
U.S. Bankruptcy Court for the Southern District of Texas a
Chapter 11 Plan of Reorganization and Disclosure Statement for
ASARCO LLC, Southern Peru Holdings, LLC, AR Sacaton, LLC, and
ASARCO Master, Inc., on May 27, 2009.  Harbinger is one of the
Debtors' major bondholders.  Harbinger previously sought and
obtained the Court's permission to file its own plan to take
ASARCO LLC out of bankruptcy.  The Harbinger Plan provides for the
purchase of ASARCO LLC's assets for $500 million and the
assumption of certain liabilities.  Lawrence M. Clark, Jr.,
Harbinger's vice president, signed the Harbinger Plan.  Copies of
the Harbinger Plan and Disclosure Statement, as well a redlined
copy of the Harbinger Plan versus the Debtors' Plan, are available
for free at:

  http://bankrupt.com/misc/ASARCO_Harbinger_Plan_05272007.pdf
  http://bankrupt.com/misc/ASARCO_Harbinger_DS_05272007.pdf
  http://bankrupt.com/misc/ASARCO_Harbinger_ComparedPlan.pdf

Representing the Debtors, Jack L. Kinzie, Esq., at Baker Botts
L.L.P., in Dallas, Texas, contends that the Disclosure Statement
completely neglects to discuss specific terms of the Harbinger
Plan.  He asserts that Harbinger should discuss in detail the
various provisions of the Harbinger Plan to give creditors an
opportunity to make an informed decision.  The Harbinger
Disclosure Statement is confusing in that it purports to adopt
provisions of the Debtors' Disclosure Statement without providing
any detail as to which provisions are incorporated and which
provisions are excluded, Mr. Kinzie argues.  He insists that
Harbinger should specify which components of the Debtors'
financial information, if any, it does not endorse in its
Disclosure Statement.

In general, Mr. Kinzie points out, the Harbinger Disclosure
Statement fails to provide any meaningful analysis and discussion
regarding the Harbinger Plan.  Accordingly, the Debtors reserve
their right to further object to the Disclosure Statement once it
is amended to provide a more detailed analysis of the Harbinger
Plan to allow the Debtors, the creditor constituents, and their
professionals an opportunity for a meaningful review.  The Debtors
also argue that the Disclosure Statement lacks important
information, including:

-- an analysis why Harbinger's offering of $500 million is a
   reasonable value for ASARCO's assets or is preferable to
   the consideration offered under the new purchase and sale
   agreement of Sterlite (USA), Inc.;

-- Harbinger's position on litigations involving the Debtors;

-- the basis of Harbinger's estimation on asbestos-related
   claims;

-- the agreement in principle between the Asbestos Fiduciaries
   and the Parent;

-- estimated recoveries of claims;

-- labor issues; and

-- source of funding of the Harbinger Plan.

                       More Objections

(1) ASARCO Incorporated
  Americas Mining Corporation

ASARCO Incorporated and Americas Mining Corporation contend that
the disclosure statement filed by Harbinger Capital Partners
Master Fund I, Ltd., in support of its Chapter 11 plan of
reorganization should not be approved because (i) it fails to
provide adequate information with respect to matters that are
important and material to the determinations to be made by those
parties-in-interest that would vote on the Harbinger Plan, and
(ii) it pertains to the patently unconfirmable Harbinger Plan.

Unless the Disclosure Statement is modified to address issues,
the parties-in-interest solicited to vote on the Harbinger Plan
will not be able to make an informed voting decision, argues
Charles A. Beckham, Jr., Esq., at Haynes and Boone, LLP, in
Houston, Texas.  Even if the Disclosure Statement's material
omissions are corrected, he maintains, the Disclosure Statement
still should not be approved because the matters that make the
Harbinger Plan unconfirmable cannot be corrected.

(2) Official Committee of Asbestos Claimants
  Future Claims Representative

The Official Committee of Asbestos Claimants and the Future
Claims Representative, Robert C. Pate, complain that the
Disclosure Statement fails to disclose that $500,000,000 is less
than fair market value for ASARCO LLC's assets.  The Asbestos
Fiduciaries argue that the Disclosure Statement fails to disclose:

-- that the proponents of the Harbinger Plan have refused to
   put up a deposit to guarantee performance of the Harbinger
   plan sponsor's obligations under the Harbinger Plan;

-- that the proponents of the Harbinger Plan have no evidence
   to dispute the validity of the proposed settlement of the
   Debtors' asbestos liabilities embodied in the agreement in
   principle between the Asbestos Fiduciaries and the Parent;

-- the extent of the Harbinger plan proponents' ownership or
   holdings, directly and through affiliates, of bonds issued
   by ASARCO LLC, and non-bond claims against the Debtors'
   bankruptcy estates, if any;

-- what asbestos creditors will receive under the Harbinger
   Plan; and

-- any details about the proposed auction or bid process
   contemplated by Harbinger in connection with its
   declaration that the Harbinger Plan will permit any
   alternative plan sponsor to purchase substantially all of
   ASARCO's assets.

(3) Fireman's Fund Insurance Company

Fireman's Fund Insurance Company tells the Court that it opposes
Harbinger Capital Partners Master Fund I Ltd.'s Disclosure
Statement on a limited basis, out of an abundance of caution to
seek confirmation that its "Position Statement Regarding Risk Of
No Insurance Coverage" will be fully incorporated into the
Harbinger Disclosure Statement.  In the event Harbinger asserts
that the Position Statement is not included in the Harbinger
Disclosure Statement, FFIC objects to the approval of the
Disclosure Statement because it lacks adequate information as
required by Section 1125 of the Bankruptcy Code, and describes an
unconfirmable Plan.

(4) Century Indemnity Company

Century Indemnity Company, as successor to CCI Insurance Company,
as successor to Insurance Company of North America and as
successor to CIGNA Specialty Insurance Company, is concerned that
the Disclosure Statement lacks adequate information as required by
Section 1125 of the Bankruptcy Code.  M. Forest Nelson, Esq., at
Burt Barr & Associates, L.L.P., in Dallas, Texas, contends that
numerous exhibits to the Harbinger Plan are missing in the
Disclosure Statement.  He argues that the Disclosure Statement is
missing crucial documents necessary for creditors to make an
informed decision to accept or reject the Harbinger Plan.

(5) Mitsui & Co.

Mitsui & Co. (U.S.A.), Inc., points out that there are certain
incomplete areas of the Disclosure Statement.  Mitsui thus asks
the Court to direct Harbinger to supplement its Disclosure
Statement.  If a single "Joint Disclosure Statement" is to be
produced describing both the Harbinger Plan and any other
competing plan of reorganization, Mitsui says its clarifications
should be included in the Joint Disclosure Statement with respect
to all Plans.  Mitsui insists that the Disclosure Statement should
include clarifications regarding:

-- the treatment of the Debtors' capital stock interest in AR
   Silver Bell, Inc.;

-- the actual or alleged impairment of any sub-Class for
   purposes of satisfying the requirement of Section
   1129(a)(10) of the Bankruptcy Code; and

-- sufficient liquidation analysis to explain how the
   Harbinger Plan will satisfy the requirements of Section
   1129(a)(7).

                      About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
$2.6 billion.  By October 2008, ASARCO LLC informed the Court that
Sterlite refused to close the proposed sale and thus, the Original
Plan could not be confirmed.  The parties has since renewed their
purchase and sale agreement and ASARCO LLC has obtained Court
approval of a settlement and release contained in the new PSA for
the sale of the ASARCO assets for $1.1 billion in cash and a $600
million note.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors.  AMC offered provide up to $2.7 billion in cash and a
$440 million guarantee to assure payment of all allowed creditor
claims, including payment of liabilities relating to asbestos and
environmental claims.  AMC's plan is premised on the estimation of
the approximate allowed amount of the claims against ASARCO.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GMAC MEXICANA: Moody's Affirms 'MX-4' Short-Term National Rating
----------------------------------------------------------------
Moody's de Mexico affirmed the MX-4 short-term Mexican National
Scale debt rating assigned to GMAC Mexicana, S.A., SOFOL's short-
term Certificados Bursatiles.  This rating is at the lowest level
on Moody's Mexican National Scale.

The rating affirmation follows Moody's rating action on parent
company GMAC, LLC's ratings (senior unsecured rating was upgraded
to Ca -- on review for possible upgrade -- from C).

GMAC Mexicana's debt rating is based on an irrevocable and
unconditional guarantee provided by GMAC LLC, which serves as
credit substitution.

The last rating action on GMAC Mexicana was on Novermber 21, 2008
when Moody's affirmed the company's MX-4 Mexican National Scale
short term debt rating.

The short-term Mexican National Scale rating of MX-4 indicates
that issuer has a below average ability to repay short-term senior
unsecured debt obligations relative to other domestic issuers.

This rating was affirmed:

GMAC Mexicana, S.A. SOFOL's short term Certificados Bursatiles:

  -- Mexican National Scale short-term debt rating of MX-4,
     affirmed



====================
P U E R T O  R I C O
====================

* Moody's Affirms 'Ba1' Rating on Highway and Transportation Bonds
------------------------------------------------------------------
Moody's Investors Service has affirmed the outstanding ratings on
the revenue bonds of the Puerto Rico Highway and Transportation
Authority.  This includes affirmation of these: the Baa2 rating on
the Highway Revenue Bonds (approximately $1.6 billion
outstanding); the Baa3 rating on the Senior Transportation Revenue
Bonds (approximately $4.3 billion outstanding); the Baa3 rating on
the Subordinated Transportation Revenue Bonds, Series 1998 (Puerto
Rico State Infrastructure Bank) (approximately $75 million
outstanding); the Ba1 rating on the Subordinate Transportation
Revenue Bonds (approximately $300 million outstanding); and the
Ba1 rating on the Special Facility Revenue Bonds (Teodoro Moscoso
Bridge) (approximately $150 million outstanding).  The outlook on
the bonds is stable.

The affirmation reflects the dip in revenues the authority is
experiencing due to the recession, the plans in place to deal with
expected gaps between revenues and expenses, the legal provisions
and security on the bonds, and the relatively healthy coverage of
the bonds' debt service.  In addition, the ratings on the
Authority's Transportation Revenue Bonds and Highway Revenue Bonds
reflect these credit strengths and weaknesses:

                         Credit Strengths

* Large, diverse pledged revenue stream consisting of highway
  system tolls, motor fuel taxes, vehicle fees, and excise taxes
  on imported petroleum;

* Significant toll rate increase in 2006, and new tolls in the San
  Juan metropolitan area; and

* Support of the authority provided by the commonwealth, the
  legislature, and the Government Development Bank.

                        Credit Weaknesses

* Large, complex, and debt-intensive capital program;

* Declines in revenues in past year, as well as expected declines
  in 2009; and

* Constitutional prior claim of commonwealth general obligation
  bonds (currently rated Baa3/stable) on the authority's tax
  revenues-but not toll revenues, which are exclusively pledged to
  the authority's debt service-if necessary to pay G.O. debt
  service.

                      Security For The Bonds

The authority issues debt under a 1968 Resolution (the Highway
Revenue bonds) and a 1998 Resolution (the Transportation Revenue
bonds), which has a senior and a junior tranche.  The PRHTA
revenue bonds are secured by: toll revenues; gasoline taxes and
diesel taxes; taxes on petroleum; vehicle license fees; and
investment income.  The bonds have a gross pledge on the revenues.
The authority has the ability to raise tolls when necessary, after
public hearings.

The authority's Highway Revenue Bonds are secured by 1968
Resolution revenues.  These include: gasoline taxes ($0.16 per
gallon, 100% goes to authority); diesel taxes ($0.08 per gallon,
50% goes to the authority); motor vehicle license fees (first $15
per vehicle goes to the authority); and toll revenues from
existing roads (22 toll plazas in operation).  The Transportation
Revenue Bonds are secured by the 1998 Resolution revenues, which
include: residual revenues after debt service is paid on the
Highway Revenue Bonds (1968 Resolution); petroleum products tax
revenues (a tax levied per barrel of petroleum produced in Puerto
Rico, based on a sliding scale that reduces tax as price per
barrel rises); and new eastern corridor toll revenues (tolls were
implemented in mid-2006, and are security for the Transportation
Revenue Bonds).

There is an additional bonds test of 1.5 times for the
Transportation Senior Revenue Bonds and 1.25 times on the junior
tranche of the 1998 Resolution. The lien on the Highway Revenue
Bonds is closed.  There is a debt service reserve fund for the
Highway Revenue Bonds and Senior Transportation Revenue Bonds
funded at the lesser of MADS or 10% of the issued amount.  There
is a debt service reserve fund for the Subordinated Transportation
Revenue Bonds, Series 1998 (Puerto Rico State Infrastructure Bank)
funded at 2.5 times MADS.  Further enhancing bondholder
protection, the commonwealth covenants not to reduce tolls, taxes,
licenses, or fees while they are security for bonds.

          Clawback Provision Affects Pledged Revenues

Most of the revenues that are pledged to the bonds are subject to
the commonwealth's constitutional "clawback" provision, which
provides that the revenues are first available to the commonwealth
to pay debt service on its general obligation bonds, if needed.
Toll revenues, however, are not subject to the clawback provision.
The rating on the Highway Revenue Bonds reflects this exemption,
and the fact that the Highway Revenue Bonds have coverage of debt
service provided by toll revenues alone.  The rating on the
Transportation Revenue Bonds reflects a lack of coverage of debt
service solely by toll revenues and the fact that most of the
revenues are subject to the clawback.

2008 Pledged Revenues Declined; Further Decline Expected In 2009

The recession and high oil prices together caused a decline in the
revenues that are pledged to the bonds in fiscal year 2008.  The
revenues pledged to the Highway Revenue Bonds declined by almost
$15 million, or 3.4%, in 2008.  The revenues pledged to the
Transportation Revenue Bonds fell by $16 million, or 3.6%, in
2008.  The authority is expecting further declines in 2009 of
similar magnitudes, followed by an increase in fiscal 2010 as the
economy stabilizes.

                    Coverage Remains Moderate

Revenues are forecast to decline in 2009 based on the continuation
of the recession.  Revenues are then forecast to pick up in fiscal
2010.  Based on these revenue forecasts, and even after applying
some stress to the forecasts, revenues should provide sufficient
coverage of the bonds' debt service.  Assuming revenues fall from
the fiscal 2009 projected levels by 5%, there would still be
coverage of maximum annual debt service on the Highway Revenue
Bonds of 2.9 times, and coverage on the senior Transportation
Revenue Bonds of 1.4 times.  Coverage on the senior and
subordinate liens of the Transportation Revenue Bonds would be 1.3
times.  A decline of 5% would be the largest decline in revenues
the authority has experienced.

          Additional Information On Rating Affirmation

As mentioned earlier, Moody's has affirmed the Baa2 rating on the
Highway Revenue Bonds, the Baa3 rating on the Senior
Transportation Revenue Bonds, the Baa3 rating on the Subordinated
Transportation Revenue Bonds, Series 1998 and the Ba1 rating on
the Subordinate Transportation Revenue Bonds.  The Series 1998
Subordinated Transportation Revenue Bonds, unlike the other PRHTA
bonds, benefit from a large debt service reserve fund, which is
funded at the greater of 20% of the par amount, or 2.5 times
maximum annual debt service.  That Baa3 rating assigned to these
bonds, which is the same rating assigned to the senior
Transportation Revenue Bonds, reflects this credit feature.

In addition, Moody's has affirmed the Ba1 rating on the Special
Facility Revenue Bonds (Teodoro Moscoso Bridge).  A private
company, Autopistas de Puerto Rico, operates the toll bridge
called the Teodoro Moscoso Bridge pursuant to a concession
agreement with PRHTA.  The bridge is owned by PRHTA, and the bonds
are payable from net toll revenues collected by Autopistas de
Puerto Rico.  If net revenues are not sufficient to pay debt
service, however, PRHTA assumes Autopistas de Puerto Rico's
obligation to pay the bonds, the concession returns to PRHTA, and
PRHTA is required to issue new senior or subordinate
Transportation Revenue Bonds to take out the Special Facility
Revenue Bonds.  If the authority is unable to issue Transportation
Revenue Bonds, due to the restrictions of the additional bonds
test or any other reason, the authority is required to pay debt
service on the Special Facility Revenue Bonds from available PRHTA
revenues, after payment of debt service on the senior
Transportation Revenue Bonds and on parity with payment of debt
service on subordinate Transportation Revenue Bonds.

Toll revenues collected in 2008 provided sufficient coverage of
debt service.

                        Variable Rate Debt

Out of more than $6 billion in total debt outstanding, PRHTA has
approximately $644 million of variable rate debt outstanding.  Of
that, $200 million is variable rate demand debt, backed by a
Letter of Credit provided by Scotia Bank.  The authority has
approximately $58 million in consumer price index bonds, and
$389 million in floating rate notes, neither of which have demand
features.  All of the variable rate debt is hedged with swaps.
Moody's believes that the commonwealth and the Government
Development Bank would support the authority with available
resources if the authority faced unexpected cash needs due to
increased costs related to variable rate debt.

       Most Recent Rating Action And Principal Methodology

The last rating action with respect to the PRHTA underlying
ratings was on February 7, 2007, when Moody's assigned a Baa3
rating to the Transportation Revenue Bonds, Series M, and
Transportation Revenue Refunding Bonds, Series N, and assigned a
rating of Baa2 to the Highway Revenue Refunding Bonds, Series CC.

PRHTA ratings were assigned by evaluating factors believed to be
relevant to the credit profile of the issuer such as i) the
business risk and competitive position of the issuer versus others
within its industry or sector, ii) the capital structure and
financial risk of the issuer, iii) the projected performance of
the issuer over the near to intermediate term, iv) the issuer's
history of achieving consistent operating performance and meeting
budget or financial plan goals, v) the nature of the dedicated
revenue stream pledged to the bonds, vi) the debt service coverage
provided by such revenue stream, vii) the legal structure that
documents the revenue stream and the source of payment, and viii)
and the issuer's management and governance structure related to
payment.  These attributes were compared against other issuers
both within and outside of PRHTA's core peer group and PRHTA's
ratings are believed to be comparable to ratings assigned to other
issuers of similar credit risk.

                             Outlook

The rating outlook for the Puerto Rico Highway and Transportation
Authority's revenue bonds is stable, primarily reflecting the
stable outlook assigned to the Commonwealth of Puerto Rico's G.O.
bonds, which have a prior lien on authority tax revenues.  The
stable outlook also reflects the recessionary environment in which
the authority is operating, as well as its plans to address
declining revenues and increasing expenditures.

                What could change the rating -- UP?

* Upgrade of commonwealth's G.O. rating, together with significant
  improvement in performance of authority's pledged revenues and
  debt service coverage levels.

               What could change the rating -- DOWN?

* Downgrade of Commonwealth of Puerto Rico's G.O. rating;

* Significant negative variance from authority's revenue
  projections, leading to lower debt service coverage levels and
  difficulty covering operating expenses;

* Significantly higher-than-expected future debt issuance, unless
  associated with significant new revenues.



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

CL FIN'L: Government to Approve New Board of Directors
------------------------------------------------------
The Trinidad and Tobago government will deliver the final approval
for a new board of directors to lead CL Financial Limited, Curtis
Rampersad of Trinidad and Tobago Express reports.  The report
recalls Central Bank Governor Ewart Williams confirmed that the
new CL Financial board would have four out of seven Government
representatives.

According to the report, Finance Minister Karen Nunez-Teshiera
said the names of the new board will be signed off when Cabinet
meets today, June 12, after which it is expected the new board
will be officially announced.

The new CL board, the report says, is expected to be in place for
three years, during which time the Government is expected to spend
about $4 billion to protect policy holders of insurance company
CLICO and CLICO Investment Bank depositors who were initially
unable to get their money back late last year.

T&T Newsday notes CL Financial issued notices to 375 shareholders
advising them of an extraordinary general meeting of the
conglomerate to be held on June 30 at the Queen's Park Oval, Port
of Spain.

                       About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.


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

PDVSA: US$13.9-Bln Owed to Service Providers Down to Nearly Half
----------------------------------------------------------------
Petroleos de Venezuela (PDVSA), in its 2008 financial results,
reported that its US$13.9 billion in pending payments to oil-
service providers was reduced nearly half to US$7.5 billion, after
reviewing and renegotiating some of the contracts with these
companies, Darcy Crowe of Dow Jones Newswires reports.

"Under no circumstances were we going to keep agreements with the
kind of tariffs that were reflected there [in the year-end
report]," the report quoted Mr. Ramirez as saying.  The reduction
in the outstanding debt with suppliers reflected in part a
decrease in oil revenue in the last quarter of 2008 and the
renegotiation of contracts with these companies, he added.

According to the report, Mr. Ramirez said, "A lot of the tariffs
in these contracts were unjust."  The report relates Mr. Ramirez
said some companies are discussing their current contracts and
that PdVSA was willing to take as long as necessary in these talks
to reduce the tariffs.  "The companies, if they want to keep
providing their services in Venezuela and stay in the country,
have to adjust to this," the report quoted Mr. Ramirez as saying.

DJ Newswires notes PDVSA already paid US$2 billion of its debt
with providers from 2008, and hopes to bring the debt level down
to zero by year-end.

                  PDVSA Won't Nationalize All
                       Oil-Service Firms

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, Reuters said Venezuela will not nationalize all the
oil service companies present in the country.

The TCR-Latin America, citing Bloomberg News, reported June 8,
2009, that the Venezuelan government took control of 70 gas
compression units and will take more as President Hugo Chavez
increases control of energy-related facilities in South America's
biggest oil exporter.  According to the report, President Chavez
said the government plans to take over more facilities until
June 8.  The state is targeting operators that "don't
comply with the constitution," he said.

As reported in the Troubled Companny Reporter-Latin America on
May 7, 2009, Bloomberg News said stated-owned Petroleos de
Venezuela (PDVSA) will take over some oil field services being
carried out by private companies after lawmakers approved a bill
to increase government control.  The National Assembly gave
preliminary approval to allow the government to take over
activities including water injection into oil wells, compressing
natural gas and management of docks and boats in Lake Maracaibo,
Energy and Mines Commission Head Angel Rodriguez said in an e-
mailed statement obtained by Bloomberg News.  The same report
said based on the statement, if the state took control from a
company, the government would assess payment at so- called book
value and deduct labor and environmental costs.  Payment would be
in cash, or securities, it added.  According to Bloomberg News,
Venezuela has called on services companies to lower fees by as
much as 40% this year as PDVSA faces increased debt after oil
prices plunged.

                        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.


* VENEZUELA: Gov't to Seize Natural Gas Compression Plants
----------------------------------------------------------
The Venezuelan government plans to seize 14 natural gas
compression plants as it moves forward with the takeover of
private companies in Venezuela's oil industry, the Associated
Press reports.

As reported in the Troubled Companny Reporter-Latin America on
May 7, 2009, Bloomberg News said stated-owned Petroleos de
Venezuela (PDVSA) will take over some oil field services being
carried out by private companies after lawmakers approved a bill
to increase government control.  The National Assembly gave
preliminary approval to allow the government to take over
activities including water injection into oil wells, compressing
natural gas and management of docks and boats in Lake Maracaibo,
Energy and Mines Commission Head Angel Rodriguez said in an e-
mailed statement obtained by Bloomberg News.  The same report said
based on the statement, if the state took control from a
company, the government would assess payment at so- called book
value and deduct labor and environmental costs.  Payment would be
in cash, or securities, it added.  According to Bloomberg News,
Venezuela has called on services companies to lower fees by as
much as 40% this year as PDVSA faces increased debt after oil
prices plunged.

According to AP, those affected include Houston-based gas
processor and distributor Exterran Holdings Inc.  The report
relates Exterran, in a filing with the U.S. Securities and
Exchange Commission, said that state-run Petroleos de Venezuela SA
(PDVSA) took over its operations.

Exterran, AP notes, said it had already been affected through the
seizure of three joint ventures in which it has minority stakes --
including SIMCO consortium, and two gas plants in eastern
Venezuela owned by Williams Companies Inc., based in Tulsa,
Oklahoma.  However, AP relates the latest seizures represent the
first takeover of Exterran's "wholly owned operations" -- which
accounted for about 5% of the company's total revenues last year.

In April, AP recalls Exterran said it was experiencing long delays
in payments from PDVSA.

                         *     *     *

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


                            ***********

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 * *