TCRLA_Public/090615.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

               Monday, June 15, 2009, Vol. 10, No. 116

                            Headlines

A R G E N T I N A

ESTUAR SRL: Trustee Verifying Proofs of Claim Until July 2
MANIFESTO SA: Trustee Verifying Proofs of Claim Until Oct. 22
MULTIFINANZAS COMPANIA: Moody's Assigns 'E+' Bank Strength Rating
TRADER GROUP:  Trustee Verifying Proofs of Claim Until Aug. 3


A R U B A

VALERO ENERGY: To Temporarily Shut Down Aruba Refinery


B E R M U D A

AHL P3: Creditors' Proofs of Debt Due on June 24
AHL P3: Members to Receive Wind-Up Report on July 16
GLOBAL FUTURES: Creditors' Proofs of Debt Due on June 24
GLOBAL FUTURES: Members to Receive Wind-Up Report on July 16
GLOBAL FUTURES: Creditors' Proofs of Debt Due on June 24

GLOBAL FUTURES: Members to Receive Wind-Up Report on July 16
XL CAPITAL: Merrill Lynch Upgrades Firm to 'Buy'
XL CAPITAL: Warren Buffett to Guarantee Firm's Insurance Policies


C A Y M A N  I S L A N D S

1657 COMPANY: Placed Under Voluntary Wind-Up
ASH FUNDING: Placed Under Voluntary Wind-Up
COMMERCIAL MORTGAGE: Placed Under Voluntary Wind-Up
DB AOTEAROA: Placed Under Voluntary Wind-Up
DD GROWTH: Placed Under Voluntary Wind-Up

DEUTSCHE OFFSHORE: Placed Under Voluntary Wind-Up
ENTERPRISE COMPANY: Placed Under Voluntary Wind-Up
HF FUNDING: Placed Under Voluntary Wind-Up
L-JAC ONE: Placed Under Voluntary Wind-Up
LEO CAPITAL: Placed Under Voluntary Wind-Up

OSCAR FUNDING: Placed Under Voluntary Wind-Up
OSCAR FUNDING: Placed Under Voluntary Wind-Up
SIGNUM VEGA: Placed Under Voluntary Wind-Up
THE HEADQUARTERS: Placed Under Voluntary Wind-Up
TOPAZ 1997-1: Placed Under Voluntary Wind-Up

YOURS FINANCE: Placed Under Voluntary Wind-Up


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: 500 Haitian Workers Sue San Pedro Mill


E C U A D O R

* ECUADOR: Spends US$900MM to Buy Back 91% of 2012 & 2030 Bonds


G U Y A N A

CL FIN'L: Commissioner of Insurance Wants CLICO Guyana Liquidated


J A M A I C A

AIR JAMAICA: May Still Incur Losses Despite Operating Cuts
NATIONAL COMMERCIAL: Fitch Affirms Issuer Default Rating at 'B'
OLINT: Joseph Connolly Appointed as Liquidator


M E X I C O

COMERCI: Extends Derivative Talks Until July 10


T R I N I D A D  &  T O B A G O

SAMMY'S CONCRETE: Union Heads to Court Following Workers' Layoff
TRINIDAD CEMENT: SEC Uncovers "Unacceptable Market Conduct"


V E N E Z U E L A

* VENEZUELA: Set to Nationalize Port Operators


X X X X X X X X

* BOND PRICING: For the Week June 8 to June 12, 2009


                         - - - - -


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

ESTUAR SRL: Trustee Verifying Proofs of Claim Until July 2
----------------------------------------------------------
The court-appointed trustee for Estuar S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 2, 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
October 13, 2009.


MANIFESTO SA: Trustee Verifying Proofs of Claim Until Oct. 22
-------------------------------------------------------------
The court-appointed trustee for Manifesto S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
October 22, 2009.

The trustee will present the validated claims in court as
individual reports on October 22, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 3, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 23, 2010.


MULTIFINANZAS COMPANIA: Moody's Assigns 'E+' Bank Strength Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E+ (plus) to Multifinanzas Compania Financiera S.A.  At
the same time, Moody's assigned long- and short term global local-
currency deposit ratings of B2 and Not Prime, as well as long- and
short-term foreign-currency deposit ratings of Caa1 and Not Prime.
Moody's has also assigned A2.ar local- currency and Ba1.ar
foreign-currency deposit ratings to Multifinanzas on the Argentine
national scale.

The outlook on all the ratings is stable.

Moody's said that Multifinanzas' B2 global local currency deposit
rating is based on the entity's E+ BFSR that translates to a
baseline credit assessment of B2 and as such does not incorporate
systemic support.

The rating agency explained that the E+ BFSR reflects
Multifinanzas' modest niche business franchise and market shares
that are primarily concentrated on foreign exchange and factoring
services for small and medium-sized businesses.  Multifinanzas'
business focus entails a high level of competition and while
margins have come under pressure in recent years, the bank remains
profitable, with a sound liquidity and capital profile.

Moody's also indicated that the bank's major challenges include
its developing risk management infrastructure and processes in the
context of its growing business volumes, relatively high deposit
concentrations, and corporate governance issues such as those that
arise from its private ownership and lack of board independence.

Multifinanzas Compania Financiera S.A. is headquartered in Buenos
Aires, Argentina, and it had assets of Ar$ 101.8 million, deposits
for Ar$ 42.8 million and equity of Ar$ 15.2 million as of March
2009.

These ratings were assigned to Multifinanzas Compania Financiera
S.A.

  -- Bank Financial Strength Rating: E+, with stable outlook.

  -- Long- and short-term global local-currency deposit ratings:
     B2 and Not Prime, with stable outlook.

  -- Long- and short-term foreign-currency deposit ratings: Caa1
     and Not Prime, with stable outlook.

  -- Long-Term National Scale Local-Currency Deposit Rating:
     A2.ar, with stable outlook.

  -- Long -Term National Scale Foreign Currency Deposit Rating:
     Ba1.ar, with stable outlook.


TRADER GROUP:  Trustee Verifying Proofs of Claim Until Aug. 3
-------------------------------------------------------------
The court-appointed trustee for Trader Group S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 3, 2009.

The trustee will present the validated claims in court as
individual reports on September 30, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 13, 2009.



=========
A R U B A
=========

VALERO ENERGY: To Temporarily Shut Down Aruba Refinery
------------------------------------------------------
Valero Energy Corporation said it will shutdown its 235,000-
barrel-per-day refinery in Aruba for two to three months due to
poor margins, Erwin Seba of Reuters reports.  The report relates
Valero spokesman Bill Day said the shutdown was scheduled to begin
in late June and the refinery would be completely offline by early
July.

According to the report, Mr. Day said during the shutdown, Valero
plans to do maintenance on the refinery's electrical system and
other work.

Mr. Day, the report notes, said refinery employees would be
retained with compensation during the shutdown.

Mr. Day also denied rumors that the shutdown was a company tactic
due to its long-standing dispute over taxes with the Aruban
government.  "For the most part, this is due to economic reasons,
especially low distillate margins," the report quoted Mr. Day as
saying.  Near the end of the planned shutdown, Valero will review
the economics of restarting operations at the refinery, he added.

                       About Valero Energy

Valero Energy Corporation -- http://www.valero.com/--
incorporated in 1981, owns and operates 16 refineries located in
the United States, Canada, and Aruba that produce conventional
gasolines, distillates, jet fuel, asphalt, petrochemicals,
lubricants, and other refined products, as well as a slate of
premium products, including conventional blendstock for oxygenate
blending (CBOB) and reformulated gasoline blendstock for oxygenate
blending (RBOB).  The Company markets refined products on a
wholesale basis in the United States and Canada through bulk and
rack marketing network.  It also sells refined products through a
network of about 5,800 retail and wholesale branded outlets in the
United States, Canada, and Aruba.  The Company operates through
two segments: refining and retail.



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

AHL P3: Creditors' Proofs of Debt Due on June 24
------------------------------------------------
The creditors of AHL P3 Limited 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 June 5, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


AHL P3: Members to Receive Wind-Up Report on July 16
----------------------------------------------------
The members of AHL P3 Limited will hold their final general
meeting on July 16, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GLOBAL FUTURES: Creditors' Proofs of Debt Due on June 24
--------------------------------------------------------
The creditors of Global Futures VIII Trading Limited 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 June 5, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GLOBAL FUTURES: Members to Receive Wind-Up Report on July 16
------------------------------------------------------------
The members of Global Futures VIII Trading Limited will hold their
final general meeting on July 16, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GLOBAL FUTURES: Creditors' Proofs of Debt Due on June 24
--------------------------------------------------------
The creditors of Global Futures Fund VIII Limited 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 June 5, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GLOBAL FUTURES: Members to Receive Wind-Up Report on July 16
------------------------------------------------------------
The members of Global Futures Fund VIII Limited will hold their
final general meeting on July 16, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


XL CAPITAL: Merrill Lynch Upgrades Firm to 'Buy'
------------------------------------------------
Bermuda-based XL Capital Limited was upgraded to a "buy" at Bank
of America/Merill Lynch on June 10, The Royal Gazette reports.

According to the report, XL Capital was raised to a "Buy" from a
previous "Neutral" rating by BoA/Merrill.  The report relates the
investment analyst also raised XL's price target to US$14.

Previously, the report says Merrill had set a US$12 price target.

The analyst maintained current full-year EPS estimates for XL of
US$2.50 per share, the report notes.

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

                        *     *     *

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


XL CAPITAL: Warren Buffett to Guarantee Firm's Insurance Policies
-----------------------------------------------------------------
Warren Buffett's Berkshire Hathaway Inc. agreed to guarantee
insurance policies sold by Bermuda-based XL Capital Ltd. to
clients who want increased assurance their claims will be paid,
Erik Holm of Bloomberg News reports.

According to the report, Berkshire's National Indemnity unit will
get as much as US$250 million to back claims on coverage that
protects corporate boards and executives against lawsuits if XL is
unable to do so.  The report relates XL Capital said the agreement
is for 10 years.

The deal "addresses both client and broker need for a programme
that offers the utmost protection to directors and officers in the
event that the client's indemnity coverage fails to respond", the
report quoted David Duclos, the head of the firm's XL Insurance
unit, as saying.

                         About XL Capital

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

                          *     *     *

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



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

1657 COMPANY: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 28, 2009, the sole shareholder of 1657 Company R, Inc.
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


ASH FUNDING: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 28, 2009, the sole shareholder of Ash Funding Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


COMMERCIAL MORTGAGE: Placed Under Voluntary Wind-Up
---------------------------------------------------
On May 28, 2009, the sole shareholder of Commercial Mortgage
Company VII-R, Inc. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


DB AOTEAROA: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 28, 2009, the sole shareholder of DB Aotearoa Finance
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


DD GROWTH: Placed Under Voluntary Wind-Up
-----------------------------------------
On May 22, 2009, the Grand Court entered an order to wind up the
operations of DD Growth Premium Master Fund.

The company's liquidator is:

           Hugh Dickson
           c/o Peter Bigwood
           PO Box 1370 GT, Grand Cayman KY1- 1108
           Cayman Islands
           Telephone: (345) 815 8242
           Facsimile: (345) 949 7120


DEUTSCHE OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On May 28, 2009, the sole shareholder of Deutsche Offshore Finance
Investments (Pacific) Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


ENTERPRISE COMPANY: Placed Under Voluntary Wind-Up
--------------------------------------------------
On May 28, 2009, the sole shareholder of Enterprise Company
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


HF FUNDING: Placed Under Voluntary Wind-Up
------------------------------------------
On May 28, 2009, the sole shareholder of HF Funding Company R,
Inc. resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


L-JAC ONE: Placed Under Voluntary Wind-Up
-----------------------------------------
On May 28, 2009, the sole shareholder of L-Jac One Funding Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


LEO CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 28, 2009, the sole shareholder of Leo Capital Corporation
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


OSCAR FUNDING: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 28, 2009, the sole shareholder of Oscar Funding Corp. XIII
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


OSCAR FUNDING: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 28, 2009, the sole shareholder of Oscar Funding Corp. XII
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


SIGNUM VEGA: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 28, 2009, the sole shareholder of Signum Vega Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


THE HEADQUARTERS: Placed Under Voluntary Wind-Up
------------------------------------------------
On May 28, 2009, the sole shareholder of The Headquarters Building
Company R, Inc. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


TOPAZ 1997-1: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 28, 2009, the sole shareholder of Topaz 1997-1 Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands


YOURS FINANCE: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 28, 2009, the sole shareholder of Yours Finance Corporation
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          David Dyer
          PO Box 1984, Grand Cayman KY1-1104
          Cayman Islands



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

* DOMINICAN REPUBLIC: 500 Haitian Workers Sue San Pedro Mill
------------------------------------------------------------
The Vicini Group's Cristóbal Colon C. x A. MILL -- a sugar mill
based in San Pedro, Dominican Republic -- is being sued by around
500 of its Haitian workers, demanding contracts with labor rights
from the company, The Dominican Today reports, citing
clavedigital.com.  The report recalls testimony began June 9, with
62 Haitians who went to the Labor Court of Appeals demand
contracts, health insurance and other benefits from the mill.

According to the report, the case went to the Appeals Court after
the company challenged a previous ruling handed down by the lower
Labor court, ordering the mill to formalize the work contracts.

The report says that around 500 sugar mill workers have been
scheduled to appear for testimony.  The Dominican Today relates
the workers’ lawyers said the case is without precedent in the
Dominican Republic, because of the type of claim and from the
large number of plaintiffs and their condition of immigrants.

Meanwhile, the Dominican Today notes the Vicini group refuses to
enter into contracts with the workers alleging that they are
"nomads."

"They are nomads, they don’t remain in one site, they often sleep
in a batey and at dawn the other day they aren’t there, they take
their belongings and go," the report quoted company lawyer Mario
Carbuccia as saying.  "There’s no control of that floating
population to be able to make a contract, because nothing
guarantees that they’re going to remain the six months it takes to
harvest the sugarcane.”



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

* ECUADOR: Spends US$900MM to Buy Back 91% of 2012 & 2030 Bonds
---------------------------------------------------------------
Ecuador bought back 91% of its defaulted bonds due 2012 and 2030
and will re-open its offer to bondholders who didn’t participate,
Stephan Kueffner of Bloomberg News reports, citing Finance
Minister Maria Elsa Viteri.

Mercedes Alvaro of Dow Jones Newswires relates that Ms. Viteri
said 8.7% of the 2012 bonds remain in the market, while 7.2% of
the 2030 bonds are still outstanding.  DJ Newswires relates
President Rafael Correa said that the government had spent about
US$900 million on the bond buyback and had repurchased about
US$2.9 billion worth of the debt.

According to Bloomberg News, the Ecuador government will offer the
holdouts 35 cents on each dollar of the bonds’ face value, the
same term as the initial offer.

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, DJNewswires said Ecuador has three overseas bond
issues outstanding:

   -- US$510 million in bonds due 2012, which carry
      a 12% coupon;

   -- US$650 million of 9.375% bonds due 2015; and

   –- US$2.7 billion of 10% bonds due 2030.

Citing the Associated Press, the TCR-LA reported that Ecuador
offered to buy back nearly a third of its foreign debt at a 65%
discount on May 26, in what the finance ministry called a one-time
offer to creditors holding US$3.2 billion in defaulted sovereign
bonds.

The TCR-LA, citing Bloomberg News, reported on April 23, 2009,
that Mr. Correa offered to repay holders of Ecuador’s defaulted
bonds as little as 30 cents on the dollar as the country’s foreign
reserves plunge amid slumping oil prices.  Bloomberg News said
President Correa skipped a US$30.6 million payment for the
country’s 12% bonds due in 2012, calling the debt “illegal” and
“illegitimate.”  The move also sent its bonds due 2015 and 2030
into default, the same report noted.

As reported in the TCR-LA on January 15, 2009, Bloomberg News said
Ecuador made an interest payment on its bond due 2015 after
defaulting on other debt for the second time in a decade.  The
Associated Press related Mr. Correa considered the Global 2015
bond series as different from the Global 2012 and 2030 bonds
because Ecuador wasn't pressured into agreeing to it.

Meanwhile, Mr. Viteri, as cited by DJ Newswires, said that the
government will continue to pay "normally" the Global 201



===========
G U Y A N A
===========

CL FIN'L: Commissioner of Insurance Wants CLICO Guyana Liquidated
-----------------------------------------------------------------
Guyana Commissioner of Insurance Maria van Beek, in an affidavit
filed in the court, requested a winding up order for CLICO Life
and General Insurance Company South America Limited (CLICO
Guyana), a unit of CL Financial Limited, Oscar Ramjeet of
Caribbean Net News reports, citing The Stabroek News.  The report
relates this has come nearly three months after the company was
placed under judicial management.

"That in the light of all the foregoing and having regard to the
previous affidavits and reports I have come to the conclusion that
it is the best interest of all concerned that this honourable
court now order the winding up and or liquidation of the company
by due process of law...." Ms. van Beek was quoted in the report
as saying.  Further action is "inevitable" and restated a previous
request for the court to permit an order for sale of the
businesses, she added.

According to Caribbean Net News, Ms. van Beek noted that the
original petition presented to the court had asked that there be
"a winding up in the first instance and only as an alternative was
the placing of the company under judicial management sought",
together with any order under Section 67 of the Insurance Act.
The report says the court however placed the company under
judicial management and Ms. van Beek contended that given the
facts and statistics then available, this would have been the
correct course of action.

The report relates Ms. Van Beek stated in her affidavit, "I am
unaware of and nothing has been shown to this honourable court
which will salvage what is an irreversible failure of the company
based on directions it felt constrained to carry out as to the
above unlawful investment."  Further, she added, because of
developments with CL Financial, the company is unable to meet its
obligations.

                       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.



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

AIR JAMAICA: May Still Incur Losses Despite Operating Cuts
----------------------------------------------------------
Air Jamaica Limited is still expected to rack up more financial
losses this year despite a reduction in its operating expenses and
a modest profit last month, RadioJamaica reports, citing released
information.

According to the report, Finance Minister Audley Shaw told
sitting Parliament on June 9, that he was confident that the
airline's new business plan was having the desired effect in
restoring it to viability.

He pointed to a decline in spending and more than 100 workers
positions being cut since the restructuring started, the report
relates.

However, RadioJamaica notes a Ministry Paper later tabled in
Parliament revealed that Air Jamaica is projected to incur US$63
million in net operational losses and transitional costs for the
12 months ending December.  The report says Air Jamaica will need
US$150 million to finance its operations, with US$135 targeted for
January to June and the remaining US$15 million for the next six
months.

            Government Approves US$101-Million Loan

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, RadioJamaica said the Jamaican Government
guaranteed a stock of loans totaling just over US$101 million as
working capital for Air Jamaica.  According to the report, the
loan facilities, which were negotiated by the airline, will be
financed by several entities including:

   * Scotiabank,
   * the National Commercial Bank,
   * NCB Capital Markets,
   * First Global Bank,
   * International Lease Finance Corporation, and
   * S.I.T Aerospace.

The report related the loan facilities granted to the Lovebird
also include an exemption from the payment of duties or fees
payable under the Stamp Duty Act.  RadioJamaica said that the
government guarantee comes against the background of Air Jamaica's
business plan for the 2009-2010 fiscal year that is aimed at
stabilising the airline and making it more attractive for
divestment.  The report said the plan focused on comprehensive
restructuring to achieve a break-even position by this summer and
a return to net profit next year.

                        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.


NATIONAL COMMERCIAL: Fitch Affirms Issuer Default Rating at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed Jamaica-based National Commercial Bank
Jamaica Limited's ratings:

  -- Long-term local and foreign currency Issuer Default Ratings
     at 'B';

  -- Short-term foreign and local currency IDR at 'B';

  -- Individual at 'D';

  -- Support at 4;

  -- Support floor rating at 'B'.

The Rating Outlook is Negative.

The Outlook on the bank's ratings is Negative and in line with
Fitch's view of the sovereign's creditworthiness.  Future rating
movement will be highly contingent upon a change in this view,
given the bank's sizeable sovereign exposure.  Changes in the
individual rating will be contingent to an unexpected
deterioration of asset quality and capitalization; while a
reduction on its asset concentration could be viewed positively.

NCBJ ratings reflect its strong domestic franchise, adequate
profitability, good asset quality and capital levels.  NCBJ's high
exposure to sovereign and large corporate loans, as well as the
negative effects of a challenging operating environment, limits
the bank's ratings.

Investments and loans to the Jamaican government and public
entities still represent the bulk of NCBJ assets (51% at end-
September 2008, almost 5 times [x] its equity), despite its
sustained decline, it remains high and is a concern for Fitch
given Jamaica's relatively low sovereign rating (long-term IDR
rated 'B', Negative Outlook by Fitch).  Retail and consumer
lending have been a priority for NCBJ, but the sluggish economic
activity and a conservative loan originating process have resulted
in still high borrower concentrations.  Even when asset quality
remains sound with a ratio of total impaired loans of 2.3% at end-
September 2008 (2.8% if public sector loans are excluded) and loan
impairment reserves (including capital reserves) represent a
healthy 3.6% of total loans; the challenging operating environment
could impose some pressures on credit costs and asset quality
ratios going forward.

Adequate spreads sustained by its low funding cost and high yield
of the Jamaican government debt; jointly with controlled credit
and operating costs, benefits NCBJ's profitability and resulted in
adequate internal equity generation.  During the last three fiscal
years, the bank's return on average assets ratio has averaged
almost 3%, while the equity-to-assets ratio remained at 11% at
end-March 2009.  NCBJ asset concentration and the challenges of
the operating environment demand a conservative cash dividend
policy to preserve its capital base.

NCBJ is the largest bank in the system in terms of assets 38% at
December 2008.  In 2002, the Jamaican government sold a majority
stake in the bank to Advantage Investment Corporation, one of
Canada's largest privately held mutual fund management companies.



OLINT: Joseph Connolly Appointed as Liquidator
----------------------------------------------
Joseph Connolly of PricewaterhouseCoopers was appointed as
liquidator to wind-up Turks & Caicos Islands-based foreign
exchange trader, Olint, Go-Jamaica reports.  The report relates
Mr. Connolly now has the duty of attempting to reimburse Olint
investors.

According to the report, Oliver Smith, the lawyer for Olint boss
David Smith, is against Mr. Connolly's appointment on the grounds
that Mr. Connolly is expected to be called as a state witness in
August in criminal proceedings against Mr. Smith.

However, the report relates Supreme Court Judge Justice Richard
Williams said problems could arise if an alternative liquidator is
appointed, at great expense to the company, who reaches the same
conclusions.

As reported in the Troubled Company Reporter-Latin America on
June 10, 2009, Jamaica Observer said the winding up of Olint 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 Justice Williams as saying.

A number of lawsuits, Jamaica Observer noted, are already in
progress in a bid to claw back some of the cash.  The report said
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.

According to Jamaica Observer, Mr. Smith was arrested on suspicion
of money laundering in July last year.  The report related 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 news agency, 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.  Mr. Smith denied all
allegations and said he did not master any Ponzi-Scheme
operations.  Jamaica Observer said in January, the High Court
refused to lift the freeze order on Mr. Smith's assets.  The
report related 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.



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

COMERCI: Extends Derivative Talks Until July 10
-----------------------------------------------
Controladora Comercial Mexicana SAB de CV a.k.a Comerci said it
has extended derivative talks with 3 out of 4 counterparties –-
Merrill Lynch, Barclays and Goldman Sachs -– until July 10, from
June 10, LatinFrance reports, citing a statement with Mexican
authorities.

The report relates an unnamed source said JPMorgan, the fourth
counterparty bank, has chosen not to extend because of a
disagreement on the terms of the ongoing settlement.  According to
the report, the source said JPMorgan has held its claim against
the company in a New York court and Comerci counter-claimed.
“It’s a question of what percentage of the recovery they will be
getting,” the report quoted the source as saying.

Comerci, the report notes, said it has determined it can pay a
total US$1.46 billion back to all creditors, including derivatives
counterparties, banks, and bondholders.  The report relates the
amount includes US$940 million to be paid in MXP and additional
assets worth US$520 million posted as additional security.

LatinFrance discloses that banks, local bondholders and
international holders have some US$800 million worth of debt
alone, and the 4 investment banks have filed claims of US$2.2
billion in derivatives, which was countered with a US$1.08 billion
derivatives writedown by the company.

LatinFrance relates an executive close to Comerci said the firm is
having trouble dividing the US$1.46 billion among the various
parties.  That, apparently, has to be decided among creditors, and
not by Comerci, he said.

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

                         About Comerci

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



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

SAMMY'S CONCRETE: Union Heads to Court Following Workers' Layoff
-----------------------------------------------------------------
All Trinidad General Workers’ Trade Union -- the union
representing Sammy’s Concrete's 33 laid-off workers -- is heading
to the Industrial Court after it could not reach an agreement with
the company's management, Trinidad and Tobago Newsday reports.
The report recalls the management of Sammy's Concrete, a unit of
Junior Sammy Limited, and the union failed to reach an agreement
in a meeting held June 10.

According to T&T Newsday, the union is asking that the retrenched
workers be reinstated or be given better separation packages.

Anika Gumbs-Sandiford of the Guardian reported on May 26, 2009,
that Junior Sammy was forced to shut down its concrete plant and
send home 32 workers due to the downturn in the economy and
resultant slowdown in the construction.  The Guardian relates
Sammy’s Concrete was informed via letter, signed by Junior Sammy
CEO Dave Aqui, that the company was to be shut down.  "The current
economic downturn and other circumstances that are affecting T&T
and, particularly the construction industry, have forced Sammy’s
Concrete to take immediate drastic action,” the company said in
the letter.
Union President Rudranath Indarsingh, as cited by T&T Newsday,
said the issue of the dismissal was first lodged as a grievance
dispute with the Ministry of Labour.  “We were unable to come to a
resolution and in keeping with the process, we have asked the
representative to issue an unresolved certificate which the union
is expected to receive within 14 days.  The matter would then be
formally reported for determination before the Industrial Court,”
the report quoted Mr. Indarsingh as saying.

T&T Newday relates Mr. Indarsingh said the company was still
providing concrete for customers under the subsidiary, Jusamco
Pavers Ltd, and that company officials failed to meet with workers
to discuss the decision to retrench.


TRINIDAD CEMENT: SEC Uncovers "Unacceptable Market Conduct"
-----------------------------------------------------------
The United States Securities and Exchange Commission (SEC) has
found “evidence of unacceptable market conduct” in an
investigation into certain allegations of insider trading in
relation to shares of Trinidad Cement Limited (TCL), Andre Bagoo
of Trinidad and Tobago Newsday reports.

According to T&T Newsday, in the SEC’s annual report for 2008,
which was laid in Parliament this month, the regulatory body said
that it completed an investigation of the allegations in that
year.

“During the year, the commission concluded its investigations into
certain allegations of insider trading in relation to shares of
Trinidad Cement Limited (TCL),” the SEC said in the annual report
cited by T&T Newsday.  However, the report says the SEC took no
action to follow-through on its findings and closed the case after
taking legal advice.

The SEC's report, as cited by T&T Newsday, disclosed: “While the
investigation found evidence of unacceptable market conduct, the
commission, on the advice of counsel, decided to close the matter
without seeking to bring actions against any persons of interest.”

T&T Newday relates the SEC also noted that it has “initiated
enquiries into a number of matters that came to its attention
through the surveillance process or that were otherwise referred.”



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

* VENEZUELA: Set to Nationalize Port Operators
----------------------------------------------
Venezuela is set to nationalize the companies that run some of the
Caribbean nation's main ports, the latest move by the socialist
President Hugo Chavez to put key areas of the economy in state
hands, Antonio de la Jara and Enrique Andres Pretel of Reuters
report.  The report relates the affected ports receive many of the
imports that Venezuela depends on, but do not handle vital oil
shipping from the OPEC nation.

According to the report, the government's official gazette said
authorities are revising the contracts of the port operators.

Public Works Minister Diosdado Cabello, as cited in the report,
said the state would take control.  "The government understands
that these are strategic, state security activities and the
decision is to revert the administration that until now has been
in hands of individuals," the report quoted Mr. Cabello as saying.

                       *     *     *

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



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

* BOND PRICING: For the Week June 8 to June 12, 2009
----------------------------------------------------

Issuer                  Coupon    Maturity   Currency   Price
  ------                  ------    --------   --------   -----

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      66.34
Argentina – NGB          2.000    02/04/18     ARS      61.84
Argent-DIS               5.830    12/31/33     ARS      38.00
Argent-CDIS              7.820    12/31/33     ARS      39.12
Argent-$DIS              8.280    12/31/33     ARS      43.30
Argent-$DIS              8.280    12/31/33     ARS      51.00
Argent-Par               0.630    12/31/38     ARS      19.51
Argnt-Bocon PRE8         2.000    01/03/10     ARS      34.63
Argnt-Bocon PR11         2.000    12/03/10     ARS      32.49
Argnt-Bocon PRE9         2.000    03/15/24     ARS      73.60
Argnt-Bocon PR12         2.000    01/03/16     ARS      75.00
Argnt-Bocon PR13         2.000    03/15/24     ARS      34.59
Arg Boden                2.000    09/30/14     ARS      63.05
Arg Boden                7.000    10/03/15     ARS      42.62
Arg-Quasi Par            3.310    12/31/45     ARS      45.01
Autopistas Del S        11.500    05/23/17     USD      39.83
Banco Hipot SA           9.750    11/16/10     USD      74.39
Banco Hipot SA           9.750    04/27/16     USD      65.66
Banco Macro SA           8.500    02/01/17     USD      72.55
Banco Hipot SA           9.750    12/18/36     USD      66.87
Buenos Aire Prov         9.625    04/18/28     USD      35.70
Buenos Aire Prov         9.375    09/14/18     USD      36.00
Buenos-$DIS              9.250    04/15/17     USD      41.62
Buenos-$DIS              8.500    04/15/17     USD      42.00
Industrias Metal        11.250    10/22/14     USD      62.05
Invers Rep Y Soc         8.500    02/02/17     USD      67.62
Masterllone Herma        8.000    06/30/12     USD      42.88
Mendoza Province         5.500    09/04/18     USD      45.75
Prov Rio Negro           2.000    02/04/18     USD      73.74
Transener                8.875    12/15/16     USD      56.12


   BRAZIL
   ------
CESP                     9.750    01/15/15     BRL      56.11
Cosan SA Industr         8.250    02/28/49     USD      72.05
Cosan SA Industr         8.250    02/28/49     USD      73.67
Rede Empresas           11.120    04/29/49     USD      48.75
Vigor                    9.250    02/23/17     USD      69.75

   CAYMAN ISLANDS
   --------------
AIG Sunamerica           6.375    10/05/20     GBP      60.20
Asif II                  5.125    01/28/13     GBP      71.00
Bancaja Intl Fin         5.700    06/30/22     EUR      59.53
Banco BPI (CI)           1.150    11/14/35     EUR      70.90
Barion Funding           0.100    12/20/56     USD       4.62
Barion Funding           0.250    12/20/56     USD       4.90
Barion Funding           0.250    12/20/56     USD       4.86
Barion Funding           0.250    12/20/56     USD       4.86
Barion Funding           0.250    12/20/56     USD       4.86
Barion Funding           0.250    12/20/56     USD       4.86
Barion Funding           0.250    12/20/56     USD       4.86
Barion Funding           0.250    12/20/56     USD       4.58
Barion Funding           1.440    12/20/56     USD      23.85
BCP Finance Company      4.239    10/29/49     EUR      69.50
BCP Finance Company      5.543    06/29/49     EUR      69.50
Bes Finance Limited      4.500    12/29/49     EUR      69.00
Bes Finance Limited      5.580    07/29/49     EUR      71.00
BishopGate Asse          5.107    09/28/37     GBP      73.86
China Med Tech           4.000    08/15/13     USD      67.00
China Properties         9.125    05/04/14     USD      57.12
Dubai Holding Comm       4.750    01/30/14     EUR      59.00
Dubai Holding Comm       6.000    02/01/17     GBP      58.25
Esfg Internation         5.753    06/29/49     EUR      64.00
Gol Finance              7.500    04/03/17     USD      69.12
Gol Finance              7.500    04/03/17     USD      67.87
Gol Finance              8.750    04/29/49     USD      49.55
Ja Solar Hold Company    4.500    05/15/13     USD      66.82
Ldk Solar Co Ltd         1.750    01/15/13     USD      71.00
Lunar Funding I          6.442    09/18/32     GBP      52.56
Malachite Fdg            0.630    12/21/56     EUR      19.08
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.83
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.78
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.78
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.78
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.78
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.78
Mazarin Fdg Ltd          0.630    09/20/68     USD      10.66
Mazarin Fdg Ltd          1.440    09/20/68     USD      22.18
Minerva Oversea          9.500    02/01/17     USD      55.50
Minerva Oversea          9.500    02/01/17     USD      59.12
Minerva Oversea          9.500    02/01/17     USD      62.83
Mizuho Capital I         5.020    06/29/49     EUR      60.75
Mizuho Capital INV I     6.686    03/29/49     EUR      73.75
Mufg Cap Fin2            4.850    07/29/49     EUR      61.25
Mufg Cap Fin4            5.271    01/29/49     EUR      68.50
Mufg Cap Fin5            6.299    01/25/49     GBP      70.00
Prince Fin Global        4.500    01/26/17     EUR      65.42
Pubmaster Fin            5.943    12/30/24     GBP      65.99
Pubmaster Fin            8.440    06/30/25     GBP      52.71
Punch Taverns            4.767    06/30/33     GBP      67.93
Reg Div Funding          5.251    01/25/36     USD      62.79
Resona PFD Glob          7.191    12/29/49     USD      67.42
Santander                7.250    12/29/49     GBP      74.00
Shin Fin Caym            6.418    01/29/49     USD      40.62
Shin Fin Caym            6.418    01/29/49     USD      40.91
SMFG Preferred           6.164    01/29/49     USD      68.00
STB Finance              5.834    09/29/49     GBP      71.00
Suntech Power            3.000    03/15/13     USD      73.74
Tam Capital Inc.         7.375    04/25/17     USD      73.05
Tam Capital Inc.         7.375    04/25/17     USD      73.17
Vestel Elec Fin          8.750    05/09/12     USD      74.50
XL Capital Limited       6.250    05/15/27     USD      66.93
XL Capital Limited       6.500    12/31/49     USD      52.00

   DOMINICAN REPUBLIC
   ------------------
Dom Rep CBN             13.000    02/22/13     USD      73.31
Dominican Republ         8.625    04/20/27     USD      75.00
Dominican Republ         9.040    01/23/13     USD      75.00



   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      68.73
Rep of Ecuador           9.375    12/15/15     USD      68.73


   JAMAICA
   -------
Air Jamaica Limited      8.125    06/14/27     USD      71.60
Jamaica Govt LRS         7.500    10/06/12     JMD      63.71
Jamaica Govt             8.000    03/15/39     USD      67.87
Jamaica Govt             8.500    02/28/36     USD      67.00
Jamaica Govt LRS        12.750    06/29/22     JMD      51.68
Jamaica Govt LRS        12.750    06/29/22     JMD      51.71
Jamaica Govt LRS        12.850    05/31/22     JMD      52.13
Jamaica Govt LRS        13.375    04/27/32     JMD      51.58
Jamaica Govt LRS        13.375    12/15/21     JMD      54.57
Jamaica Govt LRS        13.575    12/15/26     JMD      52.44
Jamaica Govt LRS        13.625    06/23/14     JMD      69.91
Jamaica Govt LRS        13.875    05/17/13     JMD      74.95
Jamaica Govt            14.000    06/30/21     EUR      57.29
Jamaica Govt            14.125    07/08/13     EUR      74.87
Jamaica Govt            14.250    08/19/15     EUR      69.93
Jamaica Govt LRS        14.375    05/03/14     EUR      73.71
Jamaica Govt LRS        14.375    05/30/14     EUR      73.48
Jamaica Govt LRS        14.375    09/06/14     EUR      71.37
Jamaica Govt LRS        14.375    06/28/14     EUR      71.99
Jamaica Govt LRS        14.375    09/13/14     EUR      71.87
Jamaica Govt LRS        14.400    08/03/17     JMD      57.32
Jamaica Govt LRS        14.500    11/13/13     JMD      74.53
Jamaica Govt LRS        14.500    06/28/17     JMD      66.01
Jamaica Govt LRS        14.500    08/02/17     JMD      61.78
Jamaica Govt LRS        14.625    04/19/14     JMD      74.52
Jamaica Govt LRS        15.000    07/31/16     JMD      68.50
Jamaica Govt LRS        15.000    11/15/21     JMD      60.78
Jamaica Govt LRS        15.000    09/06/32     JMD      58.46
Jamaica Govt LRS        15.000    07/31/14     JMD      73.43
Jamaica Govt LRS        15.125    04/24/14     JMD      73.65
Jamaica Govt LRS        15.500    03/24/28     JMD      59.78
Jamaica Govt LRS        15.000    08/30/32     JMD      59.75
Jamaica Govt LRS        15.750    08/22/19     JMD      65.70
Jamaica Govt LRS        15.800    06/26/17     JMD      70.66
Jamaica Govt LRS        16.000    12/06/32     JMD      61.76
Jamaica Govt LRS        16.000    06/13/22     JMD      64.16
Jamaica Govt LRS        16.000    05/17/17     JMD      69.84
Jamaica Govt LRS        16.125    08/21/32     EUR      64.18
Jamaica Govt LRS        16.250    05/22/27     EUR      62.74
Jamaica Govt LRS        16.150    06/12/22     EUR      64.70
Jamaica Govt LRS        16.150    06/12/22     EUR      66.61
Jamaica Govt LRS        16.250    07/26/32     EUR      62.63
Jamaica Govt LRS        16.250    06/18/27     EUR      65.62
Jamaica Govt LRS        16.250    05/22/22     EUR      67.48
Jamaica Govt LRS        16.250    08/26/32     EUR      64.68
Jamaica Govt LRS        16.500    06/14/27     EUR      63.73
Jamaica Govt LRS        17.000    07/11/23     EUR      67.14


    NETHERLANDS  ANTILLES
    ---------------------
Soc Gen Accept           0.750    12/21/11     EUR      50.55
Soc Gen Accept           7.000    12/19/12     EUR      25.46
Soc Gen Accept           7.000    02/27/13     EUR      22.66
Soc Gen Accept           8.000    12/20/13     EUR      43.75


      PANAMA
      ------

Carnival Corp            6.650    01/15/28     USD      74.53

   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      59.87
Doral Fin Corp           7.100    04/26/17     USD      55.12
Doral Fin Corp           7.150    04/26/22     USD      49.75
Doral Fin Corp           7.650    03/26/16     USD      58.75
Puerto Rico GNMA         5.750    04/01/21     USD      73.76

  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      70.91


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      48.50
Petroleos de Ven         5.375    04/12/27     USD      41.25
Petroleos de Ven         5.500    04/12/37     USD      41.25
Venezuela                6.000    12/09/20     EUR      51.00
Venezuela                5.750    02/26/16     EUR      59.32
Venezuela                7.000    03/31/38     USD      51.25
Venezuela                7.000    03/16/15     USD      65.25
Venezuela                7.000    03/16/15     USD      67.37
Venezuela                7.000    12/01/18     USD      59.00
Venezuela                7.650    04/21/25     USD      56.29
Venezuela                9.000    05/07/23     USD      63.52
Venezuela                9.250    09/15/27     USD      69.00
Venezuela                9.250    05/07/28     USD      63.75
Venzod - 189000          9.375    01/13/34     USD      63.05



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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