TCRLA_Public/090619.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 19, 2009, Vol. 10, No. 120

                            Headlines

A N T I G U A  & B A R B U D A

STANFORD INT'L BANK: Louisiana Investigates Stanford Group


A R G E N T I N A

ACEITES DE LA FRONTERA: Creditors' Proofs of Debt Due on Aug. 28
CHAATAR CORRAL: Creditors' Proofs of Debt Due on June 26
DE NICOLO: Trustee Verifying Proofs of Claim Until August 11
DOORGLASS SA: Creditors' Proofs of Debt Due on July 15
INTERNATIONAL COLLECTION: Creditors' Proofs of Debt Due on Aug. 13

SNIAFA SAICFEI: Creditors' Proofs of Debt Due on Aug. 18


B A R B A D O S

BWA:Has BDS$150 Million Debt; BDS$26 Million Owed by Customers
CL FIN'L: Barbados Gov't Considers Local Bid for CLICO Assets


B E R M U D A

BRITISH AIRWAYS: Bermuda Managers Take Voluntary 5% Pay Cut
BRUNSWICK CAPITAL: Members' Final Meeting Set for July 20
GLOBE RE: S&P Withdraws Credit Ratings on Class A to C Notes


B R A Z I L

BANCO DO: Moody's Assigns 'D-' Bank Financial Strength Rating
COMPANHIA SIDERURGICA: Cut to “Underperform” at Bank of America
GERDAU SA: Raised to “Neutral” at Bank of America
JBS SA: Denies Involvement in Local Bribery Investigation
TAM SA: Domestic Traffic Drops 13.9% in May

USINIMAS: Bank of Amrica Upgrades Firm to “Neutral”


C A Y M A N  I S L A N D S

ALCANTARA INVESTMENTS: Shareholder Receives Wind-Up Report
CLINTON LEVERED: Final General Meeting Set for July 8
CLINTON LEXINGTON: Final General Meeting Set for July 8
CLINTON STATISTICAL: Final General Meeting Set for July 8
DEUTSCHE OFFSHORE: Shareholders to Hear Wind-Up Report on July 10

GENNAKER I: S&P Downgrades Ratings on Four Classes of Notes
GLOBALIS EMERGING: Shareholders to Hear Wind-Up Report on July 10
GLOBALIS EMERGING: Shareholders to Hear Wind-Up Report on July 10
GLOBALIS SOVEREIGN: Shareholders to Hear Wind-Up Report on July 10
JADE WORLD: Shareholders to Hear Wind-Up Report on July 7

JAPAN OPPORTUNITIES: Members to Hear Wind-Up Report on July 13
MAXIMILIAN CAPITAL: Shareholders to Hear Wind-Up Report on July 8
MAXIMILIAN FUNDING: Shareholders to Hear Wind-Up Report on July 8
NAIR VENTURES: Final General Meeting Set for August 11
SY ASSETS: Shareholder Receives Wind-Up Report

THE HEADQUARTERS: Shareholders to Hear Wind-Up Report on July 10


C O L O M B I A

BANCOLOMBIA SA: Prosecutor Seeks to Bar Probe Against Officers
ECOPETROL SA: Transfers U.S. Assets to Spanish Affiliate
* COLOMBIA: Fitch Affirms 'BB+' Rating on US$300MM Notes of Bogota


D O M I N I C A N  R E P U B L I C

CARIBAIR: IDAC Lifts Airline Suspension


E C U A D O R

* ECUADOR: To Offer Bond Holdouts Less Than 35 Cents
* ECUADOR: Jan-April Oil Revenue Drops 49% to US$182.33 Million


J A M A I C A

RBTT BANK: Workers Union Gives Management 1-Month to Pay Employees
* JAMAICA: STATIN Figures Reveal Significant Job Losses


M E X I C O

CEMEX SAB: S&P Retains Negative CreditWatch on 'B-' Corp. Rating


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

OLINT TCI: Liquidator Says Firm Has US$13 Million in Frozen Cash
OLINT: OLINT Scheme Victim Sues Former Turks& Caicos Premier


T R I N I D A D  & T O B A G O

CL FIN'L: To Get JM$1.16-Bln Cashback From Lascelles de Mercado
CL FINANCIAL: Minority Shareholders Look For Option


V E N E Z U E L A

* VENEZUELA: Government to Seize Chemicals Plants
* VENEZUELA: Interested to Buy Japanese Aluminium Stake


                         - - - - -


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

STANFORD INT'L BANK: Louisiana Investigates Stanford Group
----------------------------------------------------------
The Attorney General's Office in the American state of Louisiana
has launched a criminal investigation into Stanford International
Bank Limited (SIBL) owner Robert Allen Stanford's Stanford Group
Company (SGC) and Stanford Trust Company's operations,
Caribbean360.com reports.  The report relates Attorney General
James "Buddy" Caldwell said that their investigation is not any
way connected with the United States Securities and Exchange
Commission (SEC)'s probe.

"Independent from the allegations in the federal complaints and in
order to fully protect the rights and interests of Louisiana
victims, Attorney Caldwell has opened a criminal investigation to
determine what violations of State law may have occurred," the
Attorney General's office said in a statement obtained by the news
agency.

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, SGC, and investment adviser Stanford
Capital Management.   According to a TCR-LA report on April 8,
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 SFG court-appointed receiver, Ralph Janvey.

According to Caribbean360.com, David Caldwell, head of the public
corruption and special prosecutions unit, said there were
potentially hundreds of victims of Stanford Group's financial
schemes.  "We know of hundreds of people who've lost their life
savings due to the actions of the Stanford group.  We know there
are potentially hundreds more.  In order to fully investigate this
case and ultimately hold those responsible for what occurred, we
need to develop a complete and accurate list of potential victims
and their experiences with the Stanford Group," the report quoted
Mr. Cadwell as saying.

                 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
=================

ACEITES DE LA FRONTERA: Creditors' Proofs of Debt Due on Aug. 28
----------------------------------------------------------------
The court-appointed trustee for Aceites de la Frontera S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until August 28, 2009.

The trustee will present the validated claims in court as
individual reports on October 9, 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 20, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 20, 2010.


CHAATAR CORRAL: Creditors' Proofs of Debt Due on June 26
--------------------------------------------------------
The court-appointed trustee for Chaatar Corral S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 26, 2009.

The trustee will present the validated claims in court as
individual reports on August 25, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 7, 2009.


DE NICOLO: Trustee Verifying Proofs of Claim Until August 11
------------------------------------------------------------
The court-appointed trustee for De Nicolo S.A.I. y C.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 11, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 10, 2010.


DOORGLASS SA: Creditors' Proofs of Debt Due on July 15
------------------------------------------------------
The court-appointed trustee for Doorglass S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 15, 2009.

The trustee will present the validated claims in court as
individual reports on September 10, 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 23, 2009.


INTERNATIONAL COLLECTION: Creditors' Proofs of Debt Due on Aug. 13
------------------------------------------------------------------
The court-appointed trustee for International Collection
Management S.A.'s reorganization proceedings, will be verifying
creditors' proofs of claim until August 13, 2009.

The trustee will present the validated claims in court as
individual reports on September 25, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 17, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 19, 2010.


SNIAFA SAICFEI: Creditors' Proofs of Debt Due on Aug. 18
--------------------------------------------------------
The court-appointed trustee for Sniafa S.A.I.C.F.E.I.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until August 18, 2009.

The trustee will present the validated claims in court as
individual reports on September 29, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 8, 2010.



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

BWA:Has BDS$150 Million Debt; BDS$26 Million Owed by Customers
--------------------------------------------------------------
Financially-strapped Barbados Water Authority (BWA) plans to raise
water rates to help the institution earn money, Caribbean360.com
reports, citing Prime Minister David Thompson.

According to the report, BWA has BDS$150 million (US$75 million)
in debt and the non-payment of bills by its customers isn't
helping the situation.  The report relates the company is owed
BDS$26 million (US$13 million) by residential and business
customers.

"The financial challenge facing the Authority is the most serious
one and has its origins in a widening gap between expenses which
keep rising and revenues which remain relatively fixed," the
report quoted Mr. Thompson as saying.  Except for the 2005-2006
financial year, the BWA recorded losses for the 13 years it has
been in operation, he added.

Caribbean360.com notes Mr. Thompson said: "The only viable option
is to grant a rate increase at this time to permit the conduct of
orderly operations, while giving some breathing space for
modernising the organisation and commencing a number of projects
critical to the development of the water and wastewater sector."

Mr. Thompson, the report relates, said the revised rates will be
known after the Cabinet meets next week.

                           About BWA

Barbados Water Authority Limited (BWA) is the exclusive municipal
potable water provider in Barbados.  The water supplied by the BWA
in Barbados is pumped from wells within natural coral aquifers.


CL FIN'L: Barbados Gov't Considers Local Bid for CLICO Assets
-------------------------------------------------------------
The Barbados government is considering a serious offer from a
local company for a take over of at least one of Colonial Life
Insurance Company (CLICO)'s Barbados operations, Caribbean360.com
reports.  The report relates that interest has also been shown in
other parts of the CLICO operations.

"That Oversight Committee has accepted bids.  There is currently
on the table a serious offer in relation to CLICO Mortgage and
Finance which would see the absorption of that portfolio into
other mortgage companies in Barbados," the report quoted Prime
Minister David Thompson as saying.  "There are currently four bids
in relation to the other operations of CLICO."

According to the report, Mr. Thompson said the Oversight Committee
–- which was set up to supervise sales and major expenditures of
CLICO Holdings' financial subsidiaries –- was making progress in
its work.

                       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.



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

BRITISH AIRWAYS: Bermuda Managers Take Voluntary 5% Pay Cut
-----------------------------------------------------------
England-based British Airways Plc's (BA) Bermuda management team
is taking a voluntary five percent pay cut as the airline's
financial crisis deepens, Bermuda Sun reports.

"This is a voluntary scheme only for non-union staff.  It depends
on the BA location and also the laws of each country.  In Bermuda
all of the small management team are taking a voluntary five per
cent pay cut,” the report quoted BA Bermuda spokesperson Sallie
Singleton as saying.  "It depends on the BA location and also the
laws of each country.  In Bermuda all of the small management team
are taking a voluntary five per cent pay cut,” he added.

According to the report, Mr. Singleton said, "The remainder of the
staff are part-time employees and it would not be fair to ask
them."

As reported in the Troubled Company Reporter-Europe on March 6,
2009, Bloomberg News said British Airways expects operating loss
for the 12 months through next March to be broadly similar to the
GBP150 million (US$213 million) deficit forecast for the current
fiscal year.  The report related revenue will probably slump 5
percent next year to 3.5 percent, compared to the 4 percent
predicted last month.  According to Bloomberg News, the airline
aims to shave GBP220 million from non-fuel costs through
management job cuts and other savings, including freezing basic
salaries.

Bermuda Sun relates BA is also negotiating pay deals and job
reductions in a bid to reduce its operating costs.  It is believed
that the airline is seeking 4,000 job cuts in total, with 2,000
voluntary redundancies from among the 14,000 cabin crew, the
report says.

                     About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) –- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                        *     *     *

As of June 18, 2009, the company continues to carry Moody's Ba2 LT
Corp Family and Probability of Default ratings.  The company also
continues to carry Standard and Poor's BB LT Issuer Credit
Ratings.


BRUNSWICK CAPITAL: Members' Final Meeting Set for July 20
---------------------------------------------------------
The members of Brunswick Capital Limited will hold their final
general meeting on July 20, 2009, at 2:00 p.m., at the 2nd floor
of Wessex House, 45 Reid Street, in Hamilton HM 12, Bermuda.

At the meeting, Edward Allanby, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GLOBE RE: S&P Withdraws Credit Ratings on Class A to C Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
the class A to C notes issued by Globe Re Ltd.

The withdrawal follows the full repayment of the obligations.

                           Ratings List

                           Globe Re Ltd.
$45 Million Class A, $40 Million Class B, And $15 Million Class C
         Principal-At-Risk Variable-Rate Notes Series 1

                        Ratings Withdrawn

                                     Rating
                                     ------
              Class           To                From
              -----           --                ----
              A               NR                BBB-
              B               NR                BB
              C               NR                B

                        NR — Not rated.



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

BANCO DO: Moody's Assigns 'D-' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D- (D minus) to Banco do Estado de Sergipe S.A.  At the
same time, Moody's assigned both global local- and foreign-
currency deposit ratings of Ba2 and Not Prime, for long and short
term debt respectively, as well as Brazilian National Scale
ratings of A1.br and BR-1.  All the ratings have a stable outlook.

Moody's noted that the D- BFSR reflects Banese's small -- although
regionally defensible -- franchise as a state-government bank with
strong business connectivity to the economy of the Brazilian state
of Sergipe.  The rating also incorporates the good profitability
profile of Banese, which is supported by steady funding structure,
as well as by its low-risk banking activities.  These include
short-term commercial loans to local small and medium-sized
companies and payroll- loans to the state servants.  The
granularity and secured nature of Banese's credit portfolio is
indicated in its long track record of adequate asset quality
ratios, which compares well with other similarly rated peers' in
the region.

Moody's rating also incorporates the bank's limited geographic
diversification and thus its constrained business scope, which
makes it more vulnerable in times of growing competition in the
banking sector and declining interest rates.  These are factors
that are likely to pressure the bank's future profitability and
capital- replenishment capacity.  In fact, after analyzing
Banese's loan portfolio under a number of scenarios (both
anticipated and stressed), Moody's said that the bank's tight
capital ratio, which currently satisfies the regulators'
requirements, could still come under pressure if asset quality
substantially deteriorates.

Moody's believes that the ongoing improvement in risk tools and
controls should benefit transparency and efficiency, however,
which are two challenges Banese must overcome, especially when
compared with the strengths of its local D- rated peers.

The Ba2 global local-currency deposit rating derives from Banese's
Baseline Credit Assessment of Ba3.Moody's believes that local
government support from its sole shareholder, the Estado de
Sergipe would be forthcoming in case of stress because of its
regional importance in terms of deposits -- with 33% share of
deposits in the state in 2008 -- and also because of its regional
identity.

Banco do Estado de Sergipe S.A. is headquartered in Aracaju,
Brazil.  As of December 2008, the bank reported BRL2.2 billion
(US$912.6 million) in assets and BRL131.3 million (US$71.2
million) in equity.

These ratings were assigned to Banco do Estado de Sergipe S.A.
(Banese):

  -- Bank Financial Strength Rating: D-, stable outlook

  -- Global long- term local- currency deposit rating: Ba2, stable
     outlook

  -- Global short- term local- currency deposit rating: Not Prime

  -- Long- term foreign currency deposit rating: Ba2, stable
     outlook

  -- Short- term foreign currency deposit rating: Not Prime

  -- Brazilian long- term national scale rating: A1.br, stable
     outlook

  -- Brazilian short term national scale rating: BR-1


COMPANHIA SIDERURGICA: Cut to “Underperform” at Bank of America
---------------------------------------------------------------
Companhia Siderurgica Nacional S.A. (CSN) was cut to
“underperform” from “neutral,” at Bank of America Corp., Shiyin
Chen and Veronica Navarro Espinosa of Bloomberg News report.  The
report relates the bank said the cut was due to valuation and
lower iron ore sales.

“We see downside risk to iron ore volumes,” analysts led by Felipe
Hirai wrote in a note obtained by the news agency.  Bank of
America reduced sales estimates for 2009 “given higher
competition, lower spot price and high freight rates,” he added.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                        *     *     *

As of June 19, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+


GERDAU SA: Raised to “Neutral” at Bank of America
-------------------------------------------------
Shiyin Chen and Veronica Navarro Espinosa of Bloomberg News report
that Brazil-based Gerdau SA was raised to “neutral” from
“underperform” at Bank of America Corp., which cited an improving
steel outlook in the U.S.

“Inventories are at 26-year low, companies are announcing price
increases that we think will stick and capacity utilization ratios
should start to improve” in the U.S., analysts led by Felipe Hirai
wrote in a report obtained by the news agency.

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

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


JBS SA: Denies Involvement in Local Bribery Investigation
---------------------------------------------------------
JBS SA denied any wrongdoing in connection with a bribery
investigation in Brazil, LatinFrance reports.  “JBS affirms that
it does not have any involvement in crimes associated with [the]
investigation, which originated with the federal agriculture
service in the State of Rondonia, or in any other state,” the
report quoted the company as saying.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2009, Bloomberg News said JBS SA's Brazil unit in the
Rondonia state is under federal police and prosecutors
investigation as part of a probe into alleged graft in the
country's meatpacking industry.  Reuters related that public
prosecutor Reginaldo Trindade, who is leading the probe, said the
company's Rondonia operations was under investigation for
arranging for inspectors to turn a blind eye to their allegedly
adding water to meats to boost weights.

JBS spokeswoman Vanessa Esteves told Reuters by e-mail that the
company's legal department was looking into the investigation and
would comment on the case after it had a better understanding of
prosecutors' concerns.  According to Reuters, the widespread
corruption case has targeted several companies in Brazil's beef
industry.  Other meatpackers and leather companies including Bihl,
Margen and Curtume Nossa Senhora Aparecida are also part of the
investigation into the bribing of public officials, racketeering,
corruption, fraud and collusion, an unnamed representative at the
federal prosecutor's office told Reuters in an interview.

                         About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                        *      *     *

As of June 17, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.


TAM SA: Domestic Traffic Drops 13.9% in May
-------------------------------------------
Brazil-based TAM S.A.'s domestic revenue passenger kilometres
(demand) dropped 13.9% from the same month in 2008, while domestic
available seat miles (supply) rose by 11.0%, resulting in a
domestic load factor of 56.7%, Comtex News reports.  The report
relates the drop in the domestic load factor shows a decrease of
of 16.4 percentage points from 73.1% in May last year.

According to the report, international demand for May 2009
increased by 10.8%, while international supply grew 25.9%,
resulting in the load factor falling 8.9 percentage points to
65.5%, from 74.5% a year ago.

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

                          *     *     *

As of June 17, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.
The company also continues to carry Moody's B1 LT Corp Family
Rating and Senior Unsecured Debt Ratings.


USINIMAS: Bank of Amrica Upgrades Firm to “Neutral”
---------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA (Usinimas) was raised to
“neutral” from “underperform” at Bank of America Corp., which
cited an improving steel outlook in the U.S., Shiyin Chen and
Veronica Navarro Espinosa of Bloomberg News report.

“Inventories are at 26-year low, companies are announcing price
increases that we think will stick and capacity utilization ratios
should start to improve” in the U.S., analysts led by Felipe Hirai
wrote in a report obtained by the news agency.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                          *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Suboridate Debt rating.



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

ALCANTARA INVESTMENTS: Shareholder Receives Wind-Up Report
----------------------------------------------------------
On May 25, 2009, the shareholder of Alcantara Investments Holdings
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLINTON LEVERED: Final General Meeting Set for July 8
-----------------------------------------------------
The members of Clinton Levered Multistrategy (2x) Fund, Ltd. will
hold their final general meeting on July 8, 2009, at 3:00 p.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Final General Meeting Set for July 8
-------------------------------------------------------
The members of Clinton Lexington Fund, Ltd. will hold their final
general meeting on July 8, 2009, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Final General Meeting Set for July 8
---------------------------------------------------------
The members of Clinton Statistical Arbitrage Master Fund (2x) Ltd.
will hold their final general meeting on July 8, 2009, at
3:00 p.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

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


DEUTSCHE OFFSHORE: Shareholders to Hear Wind-Up Report on July 10
-----------------------------------------------------------------
The shareholders of Deutsche Offshore Finance Investments
(Pacific) Limited will hold their final meeting on July 10, 2009,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           David Dyer
           P.O. Box 1984, Grand Cayman KY1-1104
           Telephone: (345)949-8244
           Facsimile: (345)949-5223


GENNAKER I: S&P Downgrades Ratings on Four Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class A-1A, A-1B, A-2, and B notes issued by Gennaker I CDO
Ltd.  S&P also lowered and withdrew S&P's rating on the CP notes
and affirmed S&P's rating on the class C notes.

The rating actions reflect S&P's assessment of continuing credit
deterioration in the underlying portfolio of this collateralized
debt obligation transaction.  Notably, the share of assets rated
'CC' by us has increased to 3.6% in early June from 1.4% in March.

The transaction documents include a wide definition for defaulted
obligations. Under this definition, about 12% of the portfolio is
currently classified as defaulted.  The treatment of assets
classified as defaulted in the par coverage calculation has
reduced the par coverage ratio for the senior notes to below 100%,
triggering an event of default.  Following the event of default,
the trustee issued a notice of acceleration, declaring the notes
payable and due. S&P understand that the decision to proceed to
liquidation of the portfolio collateral now rests with the class
A1A noteholders.

Our analysis indicates that, while cash flows in the transaction
appear sufficient to service interest payments on class A-1A, A-
1B, A-2, and B notes, principal coverage is unlikely, in S&P's
opinion, to be sufficient to provide full repayment of principal
on all the notes.  S&P has therefore lowered to 'CCC-' its ratings
on these classes of notes.  S&P also lowered to 'C' and withdrew
S&P's rating on the CP notes as S&P understand there are no CP
notes outstanding.

                           Ratings List

        $600 Million Floating- And Deferrable-Rate Notes

                         Ratings Lowered

              Class          To                From
              -----          --                ----
              CP             C                 A-3
              A-1A           CCC-              BBB-
              A-1B           CCC-              BBB-
              A-2            CCC-              BBB-
              B              CCC-              BB-

                         Rating Withdrawn

              Class          To                From
              -----          --                ----
              CP             NR                C

                         Rating Affirmed

                       Class          Rating
                       -----          ------
                       C              CCC-


GLOBALIS EMERGING: Shareholders to Hear Wind-Up Report on July 10
-----------------------------------------------------------------
The shareholders of Globalis Emerging Growth Fund I, Limited will
hold their final meeting on July 10, 2009, at 11:15 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GLOBALIS EMERGING: Shareholders to Hear Wind-Up Report on July 10
-----------------------------------------------------------------
The shareholders of Globalis Emerging Growth Master Fund, Ltd.
will hold their final meeting on July 10, 2009, at 11:30 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


GLOBALIS SOVEREIGN: Shareholders to Hear Wind-Up Report on July 10
------------------------------------------------------------------
The shareholders of Globalis Sovereign Growth and Income Fund I
Limited will hold their final meeting on July 10, 2009, at
11:00 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


JADE WORLD: Shareholders to Hear Wind-Up Report on July 7
---------------------------------------------------------
The shareholders of Jade World Ltd. will hold their final meeting
on July 7, 2009, at 10:30 a.m., to hear the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Baraterre Limited
          Tarpumbay Limited
          Bahamas Financial Centre, 2nd Floor
          Shirley and Charlotte Streets
          Nassau, Bahamas


JAPAN OPPORTUNITIES: Members to Hear Wind-Up Report on July 13
--------------------------------------------------------------
The members of Japan Opportunities Fund Limited will receive on
July 13, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Arnold Ip Tin Chee
          c/o Sakura Management Limited
          Hong Kong Diamond Exchange Building, 8th Floor
          8 Duddell Street, Central
          Hong Kong


MAXIMILIAN CAPITAL: Shareholders to Hear Wind-Up Report on July 8
-----------------------------------------------------------------
The shareholders of Maximilian Capital Corporation will hold their
final meeting on July 8, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders to Hear Wind-Up Report on July 8
-----------------------------------------------------------------
The shareholders of Maximilian Funding Corporation will hold their
final meeting on July 8, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Final General Meeting Set for August 11
------------------------------------------------------
The members of Nair Ventures Ltd. will hold their final general
meeting on August 11, 2009, at 12:00 noon, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


SY ASSETS: Shareholder Receives Wind-Up Report
----------------------------------------------
On May 25, 2009, the shareholder of SY Assets Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


THE HEADQUARTERS: Shareholders to Hear Wind-Up Report on July 10
----------------------------------------------------------------
The shareholders of The Headquarters Building Company R, Inc. will
hold their final meeting on July 10, 2009, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

           David Dyer
           P.O. Box 1984, Grand Cayman KY1-1104
           Telephone: (345)949-8244
           Facsimile: (345)949-5223



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

BANCOLOMBIA SA: Prosecutor Seeks to Bar Probe Against Officers
--------------------------------------------------------------
Bancolombia S.A. ("Bancolombia") disclosed that prosecutor
(Procuraduria General de la Nacion) filed a motion in connection
with the ongoing criminal investigations against Jorge Londono
Saldarriaga and Federico Ochoa Barrera, President and Vice-
President of Bancolombia, respectively.

These investigations are related to the acquisition by Bancolombia
(formerly Banco Industrial Colombiano S.A.) of Banco de Colombia
S.A. and their subsequent merger.

The prosecutor's motion requests that the Attorney General
(Fiscalia General de la Nacion) deliver an order ("preclusion
order") barring the criminal investigation against both
Mr. Saldarriaga and Mr. Barrera for the alleged crime of improper
use of public funds.  The motion also requests a preclusion order
barring the criminal investigation against Mr. Barrera for the
alleged crime of fraud but recommends the continuation of such
investigation against Mr. Saldarriaga.

Bancolombia emphatically disagrees with the motion regarding the
continuation of the criminal investigation against Mr.
Saldarriaga, on the grounds that:

   (i) it exceeds the scope established by the Colombian
       Constitutional Court (Corte Constitucional)
       when it ordered the reopening of the criminal
       investigation; and

  (ii) it contradicts previous decisions of the
       prosecutor and the Attorney General, who have
       previously determined an absence of willful
       misconduct by Bancolombia's management in the
       transactions related to the acquisition of Banco de
       Colombia S.A.  Bancolombia notes that the motion
       is not a final decision and that any final
       decision in this matter will be made by the
       Attorney General.

Bancolombia and its management will continue to follow the
development of this investigation and will continue to enforce
their rights before the competent forums.

                        About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                         *     *     *

As of June 19, 2009, the company continues to carry Fitch Ratings'
“BB+” LT Issuer Credit rating and “B” ST Issuer Default Rating.
The company also continues to carry Moody's “D+” Bank Financial
Strength Rating.


ECOPETROL SA: Transfers U.S. Assets to Spanish Affiliate
--------------------------------------------------------
Colombia-based Ecopetrol S.A. said it has undertaken a
reorganization of its affiliates abroad, to which end it has
established Ecopetrol Global Energy S.L., a foreign securities
holding company headquartered in Spain.

As part of said reorganization, Ecopetrol transferred all of its
stake in Ecopetrol America Inc (Ecopetrol's affiliate in the
United States) to its investment affiliate Ecopetrol Global Energy
S.L.

The transfer of the assets amounts to US$610.1 million (EUR445.7
million) and was carried out at book value, in accordance with the
norms and procedures set forth in the jurisdictions involved in
the transaction.

                       About Ecopetrol S.A.

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

                          *     *     *

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


* COLOMBIA: Fitch Affirms 'BB+' Rating on US$300MM Notes of Bogota
------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' long-term foreign currency
debt rating, including the US$300 million equivalent, 9.75%
Colombian Peso-denominated notes due 2028, and the 'BBB-' long-
term local currency debt rating of Bogota, Capital District of
Colombia.  The Rating Outlook remains Stable.

Bogota's international ratings are limited by Colombia's sovereign
risk and are based on these credit strengths:

  -- Strong fiscal management;

  -- Consistent budgetary surplus position;

  -- Affordable debt, given the district's positive financial
     performance, high liquidity levels and favorable terms and
     conditions in its financial obligations;

  -- Highly valuable assets that generate a consistent stream of
     capital revenues for the District, strengthening the entity's
     financial flexibility;

  -- Economic strength within the national context, being the
     largest regional economy.

However, they also show these risks or limitations:

  -- Relatively high debt level;

  -- High unemployment rates, although with a declining trend;

  -- Contingent liabilities regarding pension and retirement
     payments of employees that have been funded partially;

  -- Increasing social and infrastructure needs of a growing
     population, although these are being addressed through
     substantial and growing capital expenditures.

Bogota's current revenues amounted to US$2,992 million in 2008,
registering favorable growth rates above 10% over the last three
years; however, the current economic crisis is reducing this trend
and revenues will probably remain flat or decline slightly for
fiscal 2009.  Bogota's independent fiscal position is also a
credit strength that has improved over time; the share of national
transfers over current revenues was 31% in 2008 (38% in 2002).
The Fitch-adjusted operating surplus before interest expense
reached US$1,191 million in 2008 or 39.8% as percentage of current
revenues; this ratio is remarkably high compared to international
standards, denoting the district's strong fiscal flexibility and
payment capacity of financial commitments.

Regarding debt, the current levels remain high but affordable.  As
of May 2009, the district's direct debt amounted to US$965 million
(approximately $2.1 billion Colombian Pesos), of which
US$431 million is internal debt and US$533 million is external
debt.  Most external debt is hedged to currency risk, leaving only
10% of total debt without protection from exchange rate
volatility. Furthermore, 54% of Bogota's debt has a fixed interest
rate, a percentage that has been increasing year over year (18% in
2002).  Other debt-portfolio management policies followed by
Bogota include not having principal payments concentration above
15% of outstanding balance in any single year; to date this target
is met and the main payouts (between 13% and 15%) are located in
years 2010 and 2015.  In 2008, interest payments over operating
surplus showed a ratio of 6%, which is much lower than the 40%
maximum established in the terms of Colombian Law 358.  The total
debt-to-current revenues ratio reached 35%, which is also below
the 80% limit established by the same law.  Finally, management is
not considering a substantial increase in debt for the next two
years.

Indirect debt of the district corresponding to decentralized
bodies is relatively low and closed 2008 with a balance of
US$273 million; most debt corresponds to the water utility company
Empresa de Acueducto y Alcantarillado de Bogota.  As for pension
and retirement payments of government personnel, the latest
actuarial study estimates an accumulated contingent liability of
approximately US$2,736 million, of which the district has already
created a reserve account of 28%.  This percentage of coverage is
expected to increase over time.

On the economic side, Bogota continues to be the largest regional
economy in the country, contributing approximately 25% of
Colombia's Gross Domestic Product.  The district's economy,
following the same trend as the nation, showed strong economic
growth rates above 6% between 2004 and 2007, dynamism that slowed
down to about 2.5% in 2008.  With approximately 7.2 million
inhabitants, Bogota's population represents 16% of Colombia's
total.  Unemployment has improved considerably, decreasing from
18% in 2002 to 10% in 2008.  Finally, regarding public services,
education and health care coverage, Bogota stands out among
Colombian cities with the highest indicators.



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

CARIBAIR: IDAC Lifts Airline Suspension
---------------------------------------
The Dominican Civil Aviation Institute (IDAC) lifted Caribair
airline's suspension, which barred it from conducting domestic and
international flights since January 22 due to “operational
irregularities," the Dominican Today reports, citing
diariolibre.com.

According to a Dominican Today report on January 27, the IDAC
suspended Caribair Airline's operations after accusing the carrier
of breaking the aviation law by conducting commercial flights in
private aircraft and commercial flights disguised as private.

IDAC, as cited by the Dominican Today, decided to place all of the
carrier’s operations under a rigorous quarterly, instead of 6-
month supervision and inspection process by its Flight Norms and
Operations, and Airworthiness departments.  The report relates
that although the suspension was for nine months, Caribair
underwent an internal revision process, leading to the lift of the
suspension five months later.

The IDAC, the Dominican Today notes, said there would be random
inspections at the ramp and limited the registry of new planes
until the 9-month period concludes.  It also certified only two of
its six aircraft, as well as only two of its pilots, the report
relates.

The Dominican Today says IDAC warned Caribair that a repeat
violation would lead to the definitive cancellation of its air
operations certificate and of the licenses of its pilots.

                        About Caribair

Headquartered in Santo Domingo, Dominican Republic, Caribair
operated scheduled services within the Dominican Republic and to
Haiti, as well as charter flights and air taxi services throughout
the Caribbean.  Its main base is La Isabela International Airport,
Santo Domingo.



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

* ECUADOR: To Offer Bond Holdouts Less Than 35 Cents
----------------------------------------------------
The Ecuador government will offer holdouts from its buyback of
defaulted debt less than the 35 cents on the dollar paid to
holders who tendered their securities earlier, Stephan Kueffner of
Bloomberg News reports, citing Finance Minister Maria Elsa Viteri.
“For the rest of holders, if any of them would like a definite
solution at some moment, that will have to be at a revised price
that I’m working on right now,” the report quoted Ms. Viteri as
saying.  “It would be inferior to 35” cents,” she added.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2009, Bloomberg News said Ecuador bought back 91% of its
defaulted bonds due 2012 and 2030 and will re-open its offer to
bondholders who didn’t participate.  Dow Jones Newswires related
that Ms. Viteri said 8.7% of the 2012 bonds remain in the market,
while 7.2% of the 2030 bonds are still outstanding.  President
Rafael Correa, according to DJ Newswires, 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 offered the holdouts at 35
cents on each dollar of the bonds’ face value, the same term as
the initial offer.

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.

                       *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


* ECUADOR: Jan-April Oil Revenue Drops 49% to US$182.33 Million
---------------------------------------------------------------
Ecuador's oil-product export revenue between January and April
dropped 49% to US$182.33 million from US$359 million registered in
the same period in 2008, Mercedes Alvaro of Dow Jones Newswires
reports, citing the central bank.  The report relates oil products
include fuel oil and naptha.

According to the report, central bank data showed that in terms of
volume, Ecuador exported 4.60 million barrels in the first four
months of 2009, down 5.5% from the 4.87 million barrels during the
same period last year.

The average price in the first four months decreased 46% to
US$39.68 a barrel from US$73.72 a barrel in the same period of
2008, the report says.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.



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

RBTT BANK: Workers Union Gives Management 1-Month to Pay Employees
------------------------------------------------------------------
The Bustamante Industrial Trade Union (BITU) -- which represents
around 1,200 RBTT Bank Jamaica Limited employees --  gave RBTT
Bank (formerly Union Bank of Jamaica Limited)'s management until
next month to make merit payments due to more than one thousand
employees, RadioJamaica News reports.

"The union outlined its position to the Ministry of Labour and the
bank coming out of the workers' meeting we had recently.  We
outlined the mandate that merit payment that is due from April
should be paid to the workers and shall be paid no longer than
July,” the report quoted BITU President-General Kavon Gayle as
saying.  "In so far as the wage increase is concerned, the workers
have indicated that the bank should grant them a wage increase to
carry them through the period of sacrifice.”

As reported in the Troubled Company Reporter-Latin America on
March 31, 2009, RadioJamaica said BITU is awaiting a response from
the bank's management regarding a counterproposal presented
following a recent call for a wage freeze.

According to RadioJamaica News, another meeting is set for Monday,
June 22, when RBTT's management is expected to respond to the
deadline.

                        About RBTT Bank

RBTT Bank Jamaica Limited (formerly Union Bank of Jamaica Limited)
-- http://www.rbtt.com-- was acquired by RBTT Financial Holdings
Limited on March 22, 2001.  Through its 20 branches, the bank
provides a complete range of products and services, and includes
different classes of saving and chequing accounts, certificates of
deposit, US dollar accounts, credit facilities, international
trade services, card services, telephone banking services, foreign
business, and general services such as night deposit, safety
deposit boxes, payroll preparation and standing orders.


* JAMAICA: STATIN Figures Reveal Significant Job Losses
-------------------------------------------------------
A data released by the Statistical Institute of Jamaica (STATIN)
have revealed significant job losses in the island, RadioJamaica
News reports.  The report relates STATIN said in January 2009
there were just over 1.1 million employed persons in Jamaica.

RadioJamaica relates this was a decline in employment of 29,400 or
2.5% when compared to January 2008.

According to RadioJamaica, when compared to the October 2008
quarter, employment fell by 36,400 or 3%.

STATIN data, as cited in the report, shows that:

  –- number of employed males fell by 20,600;

  -- females with jobs declined by 15,800; and

  -- employment among youths in the 14 to 24 age
     group declined by 15,100 or 10% between
     January 2008 and January this year.

RadioJamaica relates that the Ministry of Labour had reported that
thousands of persons lost their jobs during the latter part of
2008 after several companies reduced their work force in response
to the economic recession.

                         *     *     *

According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.



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

CEMEX SAB: S&P Retains Negative CreditWatch on 'B-' Corp. Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' long-term
corporate credit rating on Cemex S.A.B. de C.V. remains on
CreditWatch with negative implications where they were initially
placed March 10, 2009.

One June 15, 2009, Cemex announced that it will, subject to
customary due diligence and regulatory approval conditions, sell
its Australian operations to Holcim Ltd. for around $1.6 billion.
The Australian operations include 249 ready-mix concrete plants,
83 aggregates quarries, and 16 concrete pipes and product plants,
as well as Cemex's 25% stake in Cement Australia.  These
operations represented 7% of Cemex's EBITDA in 2008.  As a whole,
S&P think this is a positive development, but it is not by itself
a comprehensive solution given the magnitude of the company's
short-term debt maturities.

"Cemex's CreditWatch listing reflects our concerns about the
timely refinancing of its bank loan maturities in 2009.  The
company announced that it is currently in discussions with its
core banks to renegotiate the majority of its outstanding debt.
However, S&P remain concerned that current conditions in global
credit markets may hamper refinancing efforts, causing access to
resources to take longer or be lower than S&P originally
expected," said Standard & Poor's credit analyst Juan Pablo
Becerra.

The CreditWatch placement followed Cemex's announcement that it
had indefinitely postponed its previously announced capital
markets debt financing.  "To resolve the CreditWatch, S&P intends
to follow any further developments in Cemex's progress in
refinancing its maturities due in 2009 and 2010.  It is likely
that S&P will lower the rating if the company is unable to
accomplish a refinancing in the next three months," Mr. Becerra
added.



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

OLINT TCI: Liquidator Says Firm Has US$13 Million in Frozen Cash
----------------------------------------------------------------
Olint TCI Corporation Limited court-appointed liquidator, Joseph
P. Connolly of PricewaterhouseCoopers Limited, has released
updates on the company's compulsory Liquidation.

The liquidator's appointment relates only to Olint TCI Corporation
Limited (“Olint TCI”) which was incorporated in the Turks and
Caicos Islands on 18 April 2006.  It does not include Olint
Corporation Limited, Oversees Locket International Limited or any
other entity incorporated in Jamaica or elsewhere that may be
linked to David Smith and Tracy-Ann Smith the shareholders of
Olint TCI.

The liquidator said it has begun the process to ascertain the
assets and liabilities of Olint TCI.  To date, the liquidator says
the only assets of Olint TCI identified are monetary assets which
have been frozen by the authorities in the United States of
America and the Turks and Caicos Islands totalling approximately
US$13 Million.  The liquidator said is not in possession of these
funds and is not at this time in a position to state if and when
these assets will be recovered for the estate of Olint TCI.

The initial finding of the liquidator is that there will be a
significant shortfall in the assets available to meet the claims
of customers of Olint TCI.  The task of identifying the reasons
for the failure of Olint TCI, the identification and recovery of
additional assets, the identification and the verification of
claims from customers/investors/creditors (“claimants”) is likely
to be a difficult and time consuming task.  The liquidator has
indicated that there is no likelihood of an early distribution to
claimants.

In the interim, to assist the liquidator, claimants of Olint TCI
are being requested to forward their claim along with the
following information about their account(s):

    * Name(s) of account holder and beneficiary

    * Customer account number and member ID number

    * Contact information, including address,
      telephone number, facsimile, and email,

    * Copies of all Contracts or Agreements

    * Documentation showing funds placed with and
      withdrawn from Olint TCI e.g. copies of cheques,
      banker's drafts or wire transfer instructions,

    * Statements received from Olint TCI, and

    * Any other document that may substantiate a claim
      against Olint TCI


OLINT: OLINT Scheme Victim Sues Former Turks& Caicos Premier
------------------------------------------------------------
Florida resident Christopher Walker is suing former Turks and
Caicos Islands Premier Michael Misick for his involment in the
TCI-based Overseas Locket International Corporation (OLINT)'s
operations, Caribbean Net News reports, citing financial
newsletter OffshoreAlert.  The report says Mr. Walker, who is
claiming that he was defrauded in the company's “get-rich-quick
scheme”, is seeking US$2.4 million in damages.

According to the report, Mr. Walker's complaint also involved
these defendants:

   --- Hallmark Bank & Trust Ltd;
   --- Hallmark CEO and Chairman Attorney Brian Trowbridge;
   --- Overseas Locket International Corporation ("OLINT");
   --- OLINT Principal David Smith;
   --- Wayne Smith, David Smith's brother and an
       employee of OLINT;
   --- The Turks and Caicos Islands Investment
       Agency, which "encourages foreign investment in
       the Turks & Caicos Islands"; and
   --- MasterCard Worldwide and MasterCard International
       LLC, which provide card services to Hallmark Bank.

Caribbean Net News relates Mr. Walker said in his complaint,
"Defendant Mr. Misick was the first Premier of the Turks and
Caicos. Defendant Misick, by virtue of his political position, was
also the Minister for the Commerce and Development and The Turks
and Caicos Island Investment agency.  As Minister to TCII, and in
other capacities, Mr. Misick encouraged investors, some based in
Florida, to invest in companies located in, and within, the
islands of the Turks and Caicos.  In addition, Mr. Misick did
nothing to discourage investors from investing in OLINT and
Hallmark before or after their fraudulent behavior and business
practices came to light.”

Caribbean Net News notes Mr. Walker also alleges that the
principals of OLINT and Hallmark, including Mr. Smith and Mr.
Trowbridge, "conspired to defraud investors" and that Hallmark and
Trowbridge "were instrumental in laundering money for OLINT and
Smith".

Caribbean Net News says according to OffshoreAlert, OLINT Corp.
offered investors returns of up to 15% per month and is believed
to have raised at least US$350 million.  The report relates that
the business moved to the Turks and Caicos Islands after
regulatory action forced it out of Jamaica in or around March
2006.



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

CL FIN'L: To Get JM$1.16-Bln Cashback From Lascelles de Mercado
---------------------------------------------------------------
Trinidad and Tobago-based CL Financial Limited will receive around
JM$1.16-billion (US$13 million) cashback from its investment in
Lascelles de Mercado, Jamaican Observer reports.

In a regulatory filing with the Jamaican Stock Exchange, Lascelles
de Mercado has declared an interim dividend of JM$6.00 per
Ordinary Stock Unit and a special interim dividend of JM$8.00 per
Ordinary Stock Unit, both payable to Ordinary Stockholders on
record at the close of business June 26, 2009 and both to be paid
on June 30, 2009.  The company said the total amount of JM$14.00
per Ordinary Stock will accordingly be paid on June 30, 2009.  The
X-Date is June 24, 2009.

However, the Observer notes that after CL Financial spent
US$676 million on the total investment cost, including
professional fees and other expenses, on acquiring 86.87% of
Lascelles de Mercado and a voting rights position of 92%, the
cashback represents a mere two percent or US$13 million.

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

                       About CL Financial

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

                         *     *     *

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.



CL FINANCIAL: Minority Shareholders Look For Option
---------------------------------------------------
A group CL Financial Limited's minority shareholders, led by Kirk
Carpenter, are exploring their options and what strategy to adopt
following Company Chairman Lawrence Duprey's resignation from the
board, Trinidad and Tobago Newsday reports.

According to the report, analysts said there is also the option to
sell the shares but the market is not biting anything with CL
Financial written on it.  The report relates one stock broker said
there is little or no value to CL financial shares right now and
the most that minority shareholders can hope for is that the share
appreciates as the group moves to some form of stability.

T&T Newsday recalls Mr. Duprey officially tendered his resignation
as chairman of CL Financial on the signing of an agreement with
the Government which was meant to save the group from bankruptcy.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Trinidad Express said CL Financial Limited's new
board of directors will meet to discuss the cash-poor real estate
conglomerate's way forward as it struggles to emerge from a
billion-dollar debt position.  Group Finance Director Michael
Carballo told the Express in a phone interview that the board
meeting will determine clear guidelines and a strategy for CL
Financial going forward.  It is also expected that the meeting,
which will be held in Port of Spain, will discuss the upcoming
extraordinary general meeting to be held by CL Financial on June
30 to approve resolutions by shareholders on the new board
members, he added.

According to a TCR-LA report on June 12, Trinidad and Tobago
Express said that the Trinidad and Tobago government will deliver
the final approval for a new board of directors to lead CL
Financial.  The report recalled Central Bank Governor Ewart
Williams confirmed that the new CL Financial board would have four
out of seven Government representatives.  The new CL board, the
report said, 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.

                        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.



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

* VENEZUELA: Government to Seize Chemicals Plants
-------------------------------------------------
The Venezuela National Assembly passed a law that will put all
primary chemicals factories in the hands of government-controlled
joint ventures, Steven Bodzin of Bloomberg News reports.  The
report relates this is a part of President Hugo Chavez's effort to
gain control over what he calls “strategic industries.”

“The law will let the country and the people enjoy downstream
chemicals development,” Bloomberg quoted Angel Rodriguez, head of
the energy and mines commission in the legislature, as saying.

According to Bloomberg, Mr. Rodriguez changed his proposal to
allow private partners to own as much as 50% of joint chemical
ventures, while giving the state control over major decisions such
as naming the company president.  State-owned Petroquimica de
Venezuela SA (Pequiven), Bloomberg says, is currently a minority
partner in several of the country’s chemicals plants.

Bloomberg News relates among the foreign companies that will be
affected by this government move are:

   -- Mitsubishi Gas Chemical Co.,
   -- Mitsubishi Corp.
   -- International Finance Corp.,
   -- Ecofuel,
   -- Metanol Holding,
   -- Petrochemical Investments, and
   -- London-based Law Debenture Corp

                        *     *     *

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


* VENEZUELA: Interested to Buy Japanese Aluminium Stake
-------------------------------------------------------
The Venezuelan government is interested to buy a 20 percent stake,
owned by Japanese companies, in the Venalum aluminum smelter,
Reuters reports, citing Venalum Chief Carlos Acosta.

The report relates Mr. Acosta said that the government was still
studying the value of the companies' 20% stake.  "We are
completely reviewing the value of these shares," Reuters quoted
Mr. Acosta as saying.

As reported in the Troubled Company Reporter-Latin America on June
11, 2009, Reuters said six Japanese firms –- Kobe Steel Ltd, Showa
Denko, Marubeni Corp, Sumitomo Chemical Co, Mitsubishi Materials
Corp, and Mitsubishi Aluminum Co. --  have decided to quit
aluminum smelting operations in Venezuela due to a dispute over
prices with their joint venture partner, the Venezuelan
government.  Bloomberg News related that the Japanese companies
now await talks with Venezuela’s government as they seek to sell
their 20% share of state-controlled CVG Industria Venezolana de
Aluminio CA (Venalum).  Bloomberg News noted Nikkei business daily
said the firms' share value is more than JPY50 billion (US$513.4
million).

Reuters recalled since 2004, the Venezuelan government had sought
to raise prices for aluminum shipped to Japan to a level higher
than international prices.  However, the same report related
because the parties were unable to reach an agreement, exports to
Japan were suspended last year.  Bloomberg News said when the
Japanese partners objected, Venezuelan leaders suggested that they
sell out.

                         *     *     *

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.


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