TCRLA_Public/090622.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 22, 2009, Vol. 10, No. 121

                            Headlines

A R G E N T I N A

APPLICATION SYSTEM: Asks for Declaration of Bankruptcy
GAOMA SA: Proofs of Claim Verification Deadline is October 31
VIRAZU SA: Proofs of Claim Verification Deadline is August 7


B E R M U D A

VALIDUS HOLDINGS: Seek to Replace IPC Board If It Can't Reach Deal


B R A Z I L

BNDES: Mulls BRL70-Billion Equity Holdings Sale
GERDAU SA: Recommended by JPMorgan on Growth
* BRAZIL: Finance Minister Sees 1% GDP Growth This Year


C A Y M A N  I S L A N D S

1657 COMPANY R: Shareholders' Final Meeting Set for July 10
ASH FUNDING: Shareholders' Final Meeting Set for July 10
BERNARD L. MADOFF: Liquidators Seek Firm's Cayman-Registered Yacht
COMMERCIAL MORTGAGE: Shareholders' Final Meeting Set for July 10
DB AOTEAROA: Shareholders' Final Meeting Set for July 10

ENTERPRISE COMPANY: Shareholders' Final Meeting Set for July 10
GLOBAL IKESEI: Shareholders' Final Meeting Set for July 10
G SQUARE: S&P Withdraws Ratings on All Classes of 2006-2 Notes
HF FUNDING: Shareholders' Final Meeting Set for July 10
JAPAN LOAN: Shareholders' Final Meeting Set for July 10

L-JAC ONE: Shareholders' Final Meeting Set for July 10
LEO CAPITAL: Shareholders' Final Meeting Set for July 10
OSCAR FUNDING: Shareholders' Final Meeting Set for July 10
OSCAR FUNDING: Shareholders' Final Meeting Set for July 10
SIGNUM VEGA: Shareholders' Final Meeting Set for July 10

TOPAZ 1997-1: Shareholders' Final Meeting Set for July 10
YOURS FINANCE: Shareholders' Final Meeting Set for July 10


C O L O M B I A

* COLOMBIA: 2009 Coal Exports to Dip on Price Drop, Director Says
* COLOMBIA: Cocaine Production Drops 28% Last Year, UN Says


E L  S A L V A D O R

* EL SALVADOR: Fitch Downgrades Issuer Default Ratings to 'BB'


J A M A I C A

SCJ: Court Injunction Extended Until July 2


M E X I C O

COMERCI: Expects JPMorgan to Approve Debt Restructuring
CREDITO INMOBILIARIO: Moody's Raises Global Scale Rating to 'Ba3'
HIPOTECARIA SU: Trims Lending & Financial Targets for 2009


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Won't Sell Lascelles deMercado


V E N E Z U E L A

PDVSA: Postpones Bids on Oil Projects
PDVSA: Mulls Negotiations Following Expropriation
* VENEZUELA: Banks Aid Government By Boosting Investment In Debt


X X X X X X X X

* BOND PRICING: For the Week June 15 to June 22, 2009


                         - - - - -


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

APPLICATION SYSTEM: Asks for Declaration of Bankruptcy
------------------------------------------------------
Application System SRL asked for the declaration of bankruptcy.

The company stopped making payments on December 1, 2008.


GAOMA SA: Proofs of Claim Verification Deadline is October 31
-------------------------------------------------------------
Jose Luis Alfredo Spiraquis, the court-appointed trustee for Gaoma
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until October 31, 2009.

Mr. Spiraquis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 24, 2010.


VIRAZU SA: Proofs of Claim Verification Deadline is August 7
------------------------------------------------------------
Silvio Ernesto Lauferman, the court-appointed trustee for Virazu
SA's bankrucpty proceedings, will be verifying creditors' proofs
of claim until August 7, 2009.

Mr. Lauferman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Silvio Ernesto Lauferman
          Avenida Corrientes 4280
          Buenos Aires, Argentina


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

VALIDUS HOLDINGS: Seek to Replace IPC Board If It Can't Reach Deal
------------------------------------------------------------------
Validus Holdings Ltd. said it will seek to replace the Board of
Directors of IPC Holdings Ltd. if it is unable to reach an
agreement with the IPC Board in a timely fashion.  While Validus
continues to seek a consensual amalgamation transaction with IPC,
it will continue to pursue its Exchange Offer and previously
announced Scheme of Arrangement in order to complete a transaction
and will seek to replace the IPC Board if an agreement with the
IPC Board is not reached.

"Following the overwhelming rejection of the Max transaction on
Friday [June 15], we are taking steps to enable IPC's shareholders
to receive the superior value offered by Validus," said Ed Noonan,
Validus' Chairman and Chief Executive Officer.  "We have
previously provided IPC with an executed amalgamation agreement
with our offer.  While we would like to reach an agreement with
IPC's Board in view of IPC's statement on [June 15] indicating its
willingness to engage with Validus, our Exchange Offer and Scheme
of Arrangement provide alternative paths to complete a
transaction, if necessary.  We initiated these steps prior to the
termination of the Max amalgamation agreement with IPC and we will
proceed with them even as we seek to reach a consensual agreement
with IPC's Board.  In addition, we are also now prepared to seek
the removal of IPC's Board, if appropriate."

Under Validus' offer, IPC shareholders would receive US$3.75 in
cash and 1.1234 Validus voting common shares for each IPC common
share.

Validus would replace the IPC Board with three highly qualified
candidates who would stand for election at a special meeting of
IPC shareholders.

Mr. Noonan continued, "As 72% of the votes cast at last week's
meeting were against the Max amalgamation, we are optimistic that
Validus will be able to secure the necessary support of at least
10% of IPC shareholders in order to requisition the special
meeting."

Validus is filing amended proxy materials with the Securities and
Exchange Commission to solicit written requisitions from
shareholders of IPC to call the special meeting.  At the meeting,
in addition to considering the replacement of the IPC Board with
the Validus candidates, Validus would seek to eliminate or amend
certain provisions in IPC's bye-laws and to bind IPC to the Scheme
of Arrangement, if appropriate.  Validus also intends to file a
new application with the Supreme Court of Bermuda to seek its
approval to convene a court-ordered meeting of IPC's shareholders
in connection with the Scheme of Arrangement.

Validus' proposed director nominees are:

   -- Raymond C. Groth
   -- Paul G. Haggis, and
   -- Thomas C. Wajnert

                   About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/--  is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd. ("Validus Re") and Talbot Holdings Ltd.
("Talbot").  Validus Re is a Bermuda based reinsurer focused on
short-tail lines of reinsurance.  Talbot is the Bermuda parent of
the specialty insurance group primarily operating within the
Lloyd's insurance market through Syndicate 1183.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 14, 2008, Standard & Poor's Ratings Services assigned 'BB+'
subordinated debt, and 'BB' preferred stock ratings to Validus'
filed universal shelf registration.



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

BNDES: Mulls BRL70-Billion Equity Holdings Sale
-----------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
plans to sell some of its equity holdings, valued around BRL70
billion (US$36 billion), Carlos Caminada of Bloomberg News
reports, citing Bank President Luciano Coutinho.

According to the report, Mr. Coutinho said BNDES holds
BRL65 billion to BRL70 billion in stocks.  The bank has bought
shares in past months to help boost the market, he added.

Mr. Coutinho, the report relates, said BNDES expects more
Brazilian companies to sell stock in initial public offerings this
year.

                          About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                         *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.  The rating was
assigned in August 2007.


GERDAU SA: Recommended by JPMorgan on Growth
---------------------------------------------
JPMorgan Chase & Co. said Brazil-based Gerdau SA may benefit the
most from a likely resumption of global growth, James Attwood of
Bloomberg News reports.

The world economy may start expanding again by next quarter and
accelerate next year, JPMorgan analysts including Rodolfo De
Angele wrote in a note obtained by the news agency.

According to the report, JPMorgan analysts said: “Investors should
focus on names that are exposed to global growth, supported by
strong bottom-up stories and that are acting on preserving balance
sheets and cash flows.”

JPMorgan, the report relates, has “overweight” ratings on Gerdau.

                         About Gerdau S.A.

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

                         *     *     *

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


* BRAZIL: Finance Minister Sees 1% GDP Growth This Year
-------------------------------------------------------
Brazil's economy should post growth of around 1% in 2009 and gain
steam in the coming years as the country emerges faster and
quicker than other nations from the downturn in global markets,
Aluisio Alves of Reuters reports, citing Finance Minister Guido
Mantega.

The report relates Mr. Mantega said the government will continue
to use public banks to boost credit in the financial system,
particularly loans to small-and medium-sized companies in a bid to
stoke growth.

According to the report, Mr. Mantega said gross domestic product
should expand 4% in 2010 and grow faster in 2011, when it is
expected to rise 5%.  Global growth will tread water for about two
or three years, with most of the expansion coming from so-called
BRIC economies of Brazil, Russia, India and China, he added.

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, Bloomberg News said Brazil's first quarter gross
domestic product fell 1.8% from a year ago and dropped 0.8% from
the previous quarter causing bond yields to jump the most in
nearly two months as investors increased bets the central bank
will slow the pace of interest rate cuts.  The report related the
second straight quarterly contraction pushed the country's economy
into recession for the first time since 2003.

                        *     *     *

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



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

1657 COMPANY R: Shareholders' Final Meeting Set for July 10
-----------------------------------------------------------
The shareholders of 1657 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


ASH FUNDING: Shareholders' Final Meeting Set for July 10
--------------------------------------------------------
The shareholders of Ash Funding 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


BERNARD L. MADOFF: Liquidators Seek Firm's Cayman-Registered Yacht
------------------------------------------------------------------
Nigel Meeson QC -- who is acting in behalf of Madoff Securities
International Ltd court-appointed liquidator Grant Thornton –- is
seeking title of a Cayman-registered yacht claimed as a company
asset, Kevin Shereves of Cayman Net News reports.

According to the report, the luxury vessel, with the registered
name of ‘Bull’, is currently located in the South of France and is
the subject of a lawsuit filed by the liquidators of Madoff
Securities against Yacht Bull Corporation.  The report relates the
suit is currently before the Grand Court of the Cayman Islands.

Mr. Meeson, the report notes, said it is his understanding that
the yacht named ‘Bull’ is registered in the Cayman Islands but is
docked in France, and there is some litigation in France as to the
ownership of the yacht and what should be done with it.

“We are acting on behalf of the liquidators who are based in the
UK and we have brought an action here in the Cayman Islands for
the title of the vessel in question to be brought into our name,
to be brought into the name of the liquidators, and I believe the
action was filed in the Cayman Islands sometime in May,” the
report quoted Mr. Meeson as saying.  “We are simply trying to
recover assets, namely the vessel in question so that the yacht
can then be sold and creditors of Madoff Securities International
can then be paid.”

Cayman Net News says the yacht, a Leopard 27 built in 2006, is
estimated to be worth approximately US$7 million.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
istrict Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


COMMERCIAL MORTGAGE: Shareholders' Final Meeting Set for July 10
----------------------------------------------------------------
The shareholders of Commercial Mortgage Company VII-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


DB AOTEAROA: Shareholders' Final Meeting Set for July 10
--------------------------------------------------------
The shareholders of DB Aotearoa Finance 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


ENTERPRISE COMPANY: Shareholders' Final Meeting Set for July 10
---------------------------------------------------------------
The shareholders of Enterprise 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


GLOBAL IKESEI: Shareholders' Final Meeting Set for July 10
----------------------------------------------------------
The shareholders of Global Ikesei Fund Co., Ltd. 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


G SQUARE: S&P Withdraws Ratings on All Classes of 2006-2 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
all notes issued by G Square Finance 2006-2 Ltd.

S&P has withdrawn the ratings, which S&P previously lowered to 'D'
in June 2008.  Since then, S&P has not received any trustee
reports or further communication regarding the transaction.  The
rating actions are in line with S&P's policy on rating
withdrawals.

                           Ratings List

                   G Square Finance 2006-2 Ltd.
            $1,014 Million Secured Floating-Rate Notes

                                     Rating
                                     ------
              Class           To                From
              -----           --                ----
              X               NR                D
              A-1             NR                D
              A-2             NR                D
              B               NR                D
              C               NR                D
              D               NR                D
              E               NR                D

                         NR — Not rated.


HF FUNDING: Shareholders' Final Meeting Set for July 10
-------------------------------------------------------
The shareholders of HF Funding 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


JAPAN LOAN: Shareholders' Final Meeting Set for July 10
-------------------------------------------------------
The shareholders of Japan Loan Funding Holdings 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


L-JAC ONE: Shareholders' Final Meeting Set for July 10
------------------------------------------------------
The shareholders of L-JAC One Funding 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


LEO CAPITAL: Shareholders' Final Meeting Set for July 10
--------------------------------------------------------
The shareholders of Leo Capital Corporation 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


OSCAR FUNDING: Shareholders' Final Meeting Set for July 10
----------------------------------------------------------
The shareholders of Oscar Funding Corp. XIII 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


OSCAR FUNDING: Shareholders' Final Meeting Set for July 10
----------------------------------------------------------
The shareholders of Oscar Funding Corp. XII 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


SIGNUM VEGA: Shareholders' Final Meeting Set for July 10
--------------------------------------------------------
The shareholders of Signum Vega 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


TOPAZ 1997-1: Shareholders' Final Meeting Set for July 10
---------------------------------------------------------
The shareholders of Topaz 1997-1 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


YOURS FINANCE: Shareholders' Final Meeting Set for July 10
----------------------------------------------------------
The shareholders of Yours Finance Corporation 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
===============

* COLOMBIA: 2009 Coal Exports to Dip on Price Drop, Director Says
-----------------------------------------------------------------
Colombian coal-export revenue this year will probably dip below
2008 sales of US$5 billion after prices sank, Heather Walsh of
Bloomberg News reports, citing Mining Director Beatriz Duque.

A production increase of as much as 8.8% won’t be enough to offset
a drop in prices of up to two-thirds from last year’s peak,
Ms. Duque told Bloomberg News in an interview.  Output may rise to
75 million to 80 million metric tons this year, from 73.5 million
tons last year, she added.

Ms. Duque, the report relates, said  higher oil costs are making
coal more competitive, which probably will halt price declines.

According to the report, Colombia seeks to double annual coal
production to 145 million tons by 2019, bolstered by rising global
energy demand.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).


* COLOMBIA: Cocaine Production Drops 28% Last Year, UN Says
-----------------------------------------------------------
Colombia's cocaine production dropped 28% to 430 metric tons
(947,987 pounds) in 2008, and coca farmers cut cultivation by 28%,
to 81,000 hectares (200,155 acres), the United Nations Office on
Drugs and Crime said in an e-mail obtained by Bloomberg News.

Jonathan Tirone of Bloomberg News reports UN said that the
contry's cocaine production dropped the most in a decade after
fewer farmers grew the plants because of falling coca leaf prices
and tougher law enforcement.

According to the report, UN Head Antonio Maria said Colombia’s
cocaine decline lowers the country’s harvest to levels last seen
in 2000.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).



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

* EL SALVADOR: Fitch Downgrades Issuer Default Ratings to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded El Salvador's long-term foreign and
local currency Issuer Default Ratings to 'BB' from 'BB+'.  The
Outlook on these ratings is Negative.  Fitch has affirmed El
Salvador's short-term IDR of 'B' and the Country Ceiling of
'BBB-'.

The rating downgrade and Negative Outlook reflect a structural
shift in the country's fiscal and growth trajectory.  Fitch
expects El Salvador's economy to contract by -2.5% in 2009, with
downside risks.  Moreover, optimism regarding El Salvador's growth
prospects has diminished as potential investments have been
postponed due to political and economic uncertainty.  This will
weigh on El Salvador's macroeconomic outlook over Fitch's rating
horizon with 0% GDP growth forecast for 2010 and 1% in 2011.

'The sharp economic impact of declining remittances, reduced
external demand and weaker FDI prospects has demonstrated El
Salvador's vulnerability to the U.S. downturn,' said Casey
Reckman, Associate Director in Fitch's Sovereign Group.

A considerable revenue shock owing to economic recession will
combine with continued spending pressures to result in a fiscal
deficit of over 5% of GDP in 2009.  While the majority of
countries in the 'BB' category will experience growing deficits
and larger debt burdens during the current global downturn, El
Salvador's starting position is weaker than most.  In addition, at
38% of GDP in 2008, non-financial public sector debt approaches
the 10-year 'BB' category median of 42%.  However, given the
limited policy flexibility afforded by dollarization and
narrowness of the economy, Fitch would prefer these indicators be
stronger than category medians.

'A weak macroeconomic outlook along with fiscal deficits around 5%
of GDP over the forecast period places the sovereign's debt
dynamics on a deteriorating trajectory unless measures are enacted
to boost revenues and contain expenditure,' Mr. Reckman said.
Fitch forecasts gross and net non-financial public sector debt to
increase to 52% and 50% of GDP, respectively, by 2011.  Moreover,
non-financial public sector debt as a proportion of revenue
already compares poorly with the 'BB' median over the last 10
years and is expected to increase to 346% by 2011 from 208% in
2008.

Greater multilateral support and some easing of domestic financing
constraints should allow the sovereign to meet its 2009 financing
needs.  However, the 2010 financing picture remains dependent on
fiscal prudence, maintenance of domestic investor confidence and
continued multilateral support.  Beyond 2010, renewed access to
international capital markets could become necessary for meeting
heftier financing needs, including the US$650 million Eurobond
maturing in 2011.  President Mauricio Funes and his party will
require continued cooperation from opposition assembly members to
garner the 2/3 majority approval for additional long-term
borrowing in support of its financing needs.

Monetary stability underpinned by official dollarization, a good
track record on structural reforms and a relatively solid
financial sector support El Salvador's ratings.  Despite political
and economic stress, the financial system remained resilient
throughout the recent pre-electoral period and notably smooth
political transition.

Sustained fiscal slippage, a more difficult financing outlook and
resurgent political gridlock could reinforce downward pressure on
El Salvador's sovereign ratings.  On the other hand, stronger
growth, fiscal consolidation and easing of financing constraints
could help uphold El Salvador's sovereign creditworthiness.




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

SCJ: Court Injunction Extended Until July 2
-------------------------------------------
The court injunction, which barred state-owned Sugar Company of
Jamaica (SCJ) from selling its stake, was extended until July 2,
after the issue of the extension was not heard due to the
unavailability of the judge, RadioJamaica reports.  The report
relates on that date, the company will be urging the judge to
quash the injunction.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, RadioJamaiaca News said the Jamaican government's
plan to divest SCJ's five sugar factories may face trouble
if the original owners of the Hampden Estate succeed in their
legal battle in the High Court.  The report recalled Hampden
Estate's original owners obtained an injunction in April to block
the government's planned sale.  According to the report, the
Supreme Court Justice Gloria Smith granted Hampden Estate
Limited's lawyers an extension of an injunction, which now blocks
the sale of the assets of the factory, located in Trelawny.  The
report recalled Hampden has sued the SCJ, the Trelawny Sugar
Company which operated the factory, and the former
receiver/manager John Lee in its objection to the divestment.

According to a TCR-LA report on May 19, citing the Gleaner, SCJ's
sugar factories are now expected to be sold off to what has been
described as a "priority four investors."  The report recalled
sources said the government failed to offload the company as a
single entity.  The report noted the shortlisted four are:

   *  a conglomerate -- Hussey family and American
      partners -- who is going after the Long Pond and Hampden
      Estates in Trelawny;

   *  U.S.-based Energen Corporation for the Petrojam Ethanol
      facility and Bernard Lodge, Innswood, Monymusk estates in
      Clarendon;

   *  Italians Eridania Sadam, who is eyeing the Frome estate in
      Westmoreland; and

   *  Fred M. Jones, in partnership with Seprod Limited, has set
      his sights on the Duckenfield estate in St Thomas.



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

COMERCI: Expects JPMorgan to Approve Debt Restructuring
-------------------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci) expects
JPMorgan Chase & Co. to join five other banks in approving a plan
to restructure more than US$1.5 billion of debt, Hugh Collins of
Bloomberg News reports.  The report relates Barclays Plc, Goldman
Sachs Group Inc., Bank of America Corp.’s Merrill Lynch, Banco
Santander SA and Citigroup Inc. agreed in principle to restructure
the company’s peso derivative losses.

“It’s such a long process that we’ll probably reach an agreement”
with JPMorgan, Jose Calvillo, the executive in charge of debt
negotiations at Comercial Mexicana, told Bloomberg News in a
telephone interview.  Once the company completes its accord with
other creditors, JPMorgan “will surely agree to the deal,” he
added.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2009, LatinFrance said JPMorgan has chosen not to extend
derivative talks with Comerci unlike its other counterparties –-
Merrill Lynch, Barclays and Goldman Sachs -– because of a
disagreement on the terms of the ongoing settlement.  The
derivative talks was extended until July 10, the report related.
According to LatinFrance, JPMorgan held its claim against the
company in a New York court and Comerci counter-claimed.
LatinFrance disclosed 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.

According to a TCR-LA report on April 3, citing Reuters, 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.

                         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.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


CREDITO INMOBILIARIO: Moody's Raises Global Scale Rating to 'Ba3'
-----------------------------------------------------------------
Moody's de Mexico upgraded Credito Inmobiliario, S.A. de C.V.'s
Baa1.mx national scale issuer rating, and B1 global local currency
rating, to A3.mx and Ba3, respectively, as a result of Caja de
Ahorros del Mediterraneo's purchase of 100% of the outstanding
shares of Credito Inmobiliario, which closed in the second quarter
of 2009. The outlook is stable.  This concludes the rating review
started in April 2009.  Concurrently, Moody's also affirmed
Credito Inmobiliario's Not Prime global local currency short-term
rating and MX-2 national scale short-term rating.

According to Moody's, the rating upgrade reflects that the
acquisition by CAM has added approximately MXN$930 million of
additional reserves to CI's individual mortgage and construction
loan portfolios, resulting in a pro-forma past-due portfolio
coverage of 180%.  Furthermore, approximately MXN$2,100 million of
additional capital, which includes MXN$735 million of cash and the
rest in debt repayments, was infused into CI enhancing the
company's liquidity and funds necessary to continue to grow.
Credito Inmobiliario was also one of six sofoles included in the
GPO program of SHF, whereby it can renew close to
MXN$3,000 million of commercial paper with a partial guarantee
from SHF of 65% for three years at more favorable interest rates.

CAM's Baseline Credit Assessment of Ba3 was a factor in Credito
Inmobiliario's Ba3 global local currency rating. Credito
Inmobiliario's ratings continue to reflect its position as the
fourth largest Sofom (non-bank financial institution) in Mexico in
terms of total loan portfolio size.  The ratings also incorporate
the company's experienced management team, good operating margins,
loan processing and servicing efficiencies, and technology
systems, as well as its good corporate infrastructure, which
includes separation of duties across business functions.

The stable rating outlook reflects Moody's expectation that
Credito Inmobiliario will continue to prudently grow its loan
portfolio through funding received from SHF, while maintaining
asset quality and modestly reducing its past-due loan portfolio.

Rating improvements will reflect a portfolio mix showing
individual loans as a percentage of total loans increasing to at
least 70% of the lending book, on- and off-balance sheet, while
maintaining operating margins in the mid-70% range.  Additional
steps supporting a positive ratings change include continued
progress with regional expansion and increased size.  Downward
ratings pressure will result from construction loans as a
percentage of total loans growing to 70% of the aggregate loan
book, operating margins (as measured by EBITDA/Revenues) falling
below 70%, an increase in delinquent loans to more than 7% of the
total on- and off-balance sheet portfolio on a sustained basis,
fixed charge coverage under 1x, or an adverse shift in
governmental housing policy.

These ratings were upgraded with a stable outlook:

* Credito Inmobiliario, S.A. de C.V. -- national scale senior
  unsecured debt rating to A3.mx, from Baa1.mx; global scale local
  currency senior unsecured debt rating to Ba3, from B1; national
  scale issuer rating to A3.mx, from Baa1.mx; global scale local
  currency issuer rating to Ba3, from B1

These ratings were affirmed:

* Credito Inmobiliario, S.A. de C.V. -- national scale short term
  rating of MX-2 (global scale local currency of NP)

Moody's last action with respect to Credito Inmobiliario took
place on April 6th, 2009 when Moody's de Mexico placed the Baa1.mx
national scale issuer rating, and the B1 global scale local
currency issuer rating, of Credito Inmobiliario, S.A. de C.V.
under review for possible upgrade.  This rating action followed
the announcement that Caja Mediterraneo, Spain's fourth largest
savings bank, had agreed to purchase 100% of the shares of Credito
Inmobiliario.

Credito Inmobiliario is a non-bank financial institution (Sofom
Mortgage Company).  It is the fourth largest independent mortgage
originator of this kind in Mexico and its main activities consist
of extending mortgage loans financed by monies from SHF to low-
income individuals and providing construction financing to low-
income housing developers.  The firm reported total assets of
$17 billion Mx pesos and total equity of $1.6 billion Mx pesos at
May 31, 2009.

Credito Inmobiliario's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Credito Inmobiliario's core industry and the company's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

HIPOTECARIA SU: Trims Lending & Financial Targets for 2009
----------------------------------------------------------
Mexico-based Hipotecaria Su Casita SA has trimmed its lending and
financial targets for this year due to higher spending as it
prepares to become a bank and as the recession dampens mortgage
demand, Ken Parks of Dow Jones Newswires reports.

Hipotecaria Su President Jose Manuel Agudo told Bloomberg in an
interview that the company will probably fall short of its
original profit forecast of MXN174 million (US$13 million) due to
investments in its banking project.

According to the report, Mr. Agudo expects to meet his target of
MXN4.5 billion in construction loans to home builders this year.
However, the report relates the firm will probably only make
15,000 mortgages for about MXN5 billion, down from its guidance of
20,000 loans for MXN7 billion.

DJ Newswires notes that as a bank, Hipotecaria Su would be subject
to stricter regulation but would have more favorable access to the
interbank lending market, and would eventually be able to offer a
broader range of products.  The report relates Mr. Agudo said the
firm will likely apply for a bank license in early 2010, with the
exact timing dependent on the scope of new banking rules governing
capital levels, reserves, and accounting standards for mortgage
bonds that will soon take effect.

Mr. Agudo, DJ Newswires says, expects the firm's nonperforming
loans to peak in September or October due to the severity of the
economic downturn, which has led the company to offer
restructuring programs to struggling homeowners.  Meanwhile, the
report adds Mr. Agudo said the firm doesn't face any debt
maturities for the rest of 2009 after it paid down debt and
refinanced short-term liabilities with the help of a guarantees
provided by federal development bank Sociedad Hipotecaria Federal
earlier this year.

                       About Hipotecaria Su

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico.  As of September 30, 2008,
the company reported total assets of approximately US$39,078
million Mexican pesos, and US$3,080 million Mexican pesos in
equity.

                          *     *     *

As of June 19, 2009, the company continues to carry these ratings
from Moody's:

   -- LT Curr Issuer rating at B1
   -- LT Corp Family Rating at B1
   -- Senior Unsecured Debt at B1

The company also continues to carry Standard and Poor's BB- LT
Issuer Credit Ratings.



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

CL FINANCIAL: Won't Sell Lascelles deMercado
--------------------------------------------
CL Financial Limited won't sell its assets in Lascelles deMercado
to pay its debts amid government takeover, The Jamaica Gleaner
reports.  The report says that even if the government has taken
over CL Financial, it has not by virtue of that takeover become
the owner of the Jamaican conglomerate.

According to the Gleaner, other CL Financial assets such as the 55
per cent shareholdings in Republic Bank Limited, its 56.33 per
cent in Methanol Holdings Limited (MHTL), and Caribbean Money
Market Brokers Limited, have been put up for sale to free
liquidity in the over-leveraged group.  The Gleaner relates it is
the proviso that 'any other assets' would, if necessary, also be
sold to meet the Statutory Fund obligations of CL Financial
affiliates that keeps brokers in Jamaica concerned that Lascelles
and its parent, Angostura, are not immune to CL Financial's
troubles.

The report notes William McConnell, group managing director and
board members of Lascelles deMercado, said that the company still
belongs to its shareholders, including some 1,500 investors in
Jamaica.

Group Financial Director Michael Carballo, the Gleaner notes, said
the Trinidad government will step in for at least three years, but
CL Financial still owns the assets of all the companies.  The
report notes Mr. Carballo said the government was in control of
the management and running of CL Financial, but what has not
changed is the ownership.  "The shareholding hasn't changed.
There is no intention to change the shareholding.  It's an
agreement for about three years whereby the assets are managed and
restructured and then the company will be returned to the
shareholders," the report quoted Mr. Carballo as saying.

Meanwhile, the Gleaner says Trinidad's Ministry of Finance said
the government and CL Financial reached an agreement that will
lead to the:

   -- correction of the financial conditions of
      CLICO, BAT and CIB;

   -- protection of the interests of policyholders of
      CLICO and BAT and third party depositors of
      CIB; and

   -- deleveraging the CL Financial Group are repaying
      the government.

"The MOU imposes requirements on CL Financial to sell its assets
in order to repay GORTT for advances and other costs arising from
closure of CIB and the restructuring of CLICO and BAT.  The
achievement of this objective requires continuing goodwill,
cooperation and participation by CLF over a period of several
years, since there is no intention of engaging in a fire sale of
CLF assets," the ministry was quoted by the Gleaner as saying.

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

PDVSA: Postpones Bids on Oil Projects
-------------------------------------
Petroleos de Venezuela (PDVSA) is postponing the selection of
foreign partners for seven areas of its Orinoco Oil Belt,
Associated Press Press reports.

AP notes Mr. Ramirez said PDVSA will invite companies to bid for a
minority stake in the projects on July 28.  Mr. Ramirez, as cited
by AP, said chosen partners will be announced Aug. 14.  PDVSA had
originally planned to sign the contracts in June, AP recalls.

The AP relates Oil Minister Rafael Ramirez said he's met with
representatives from 19 companies ranging from Chevron Corp. to
China's National Petroleum Corp. to clarify unspecified issues.
According to the report, each had paid US$2 million for technical
information about the deposits.

                         About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jun 16, 2009 Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Petroleos de Venezuela S.A. to
'B+' from 'BB-'.  The outlook remains negative.


PDVSA: Mulls Negotiations Following Expropriation
-------------------------------------------------
Venezuela-run Petroleos de Venezuela (PDVSA) has plans to resume
talks with oil sector representatives to facilitate the seizure
process under the Law which Reserves Goods and Services related to
Hydrocarbons Primary Activities for the State, El Universal News
reports.

The report recalls in mid May, at the height of the expropriation
process, Pdvsa and oil-sector unions agreed to establish the round
table.  However, the report relates, no action has been taken.

According to the report, Pdvsa's executive officers invited
representatives of the Petroleum Chamber to an "Execution
Strategic Committee to take part as witness of the negotiations
and moderator."

The report notes sources linked with some seized companies
reported that neither Pdvsa nor the Ministry of Energy and
Petroleum has supplied much information about the indemnity.

There is even growing uncertainty in the case of U.S. oilfield
services company Exterran Holdings, the report says.

                  Exterran Holdings May File
                     Claims Against Firm

As reported in the Troubled Company Reporter-Latin America on
June 18, 2009, Exterran Holdings, in a regulatory filing with the
Securities and Exchange Commission, said that it reserves the
right to seek full compensation for any and all expropriated
investments under all applicable legal regimes, including
investment treaties and customary international law, in
connection with actions by PDVSA.

On June 2, 2009, PDVSA commenced taking possession of Exterran's
assets and operations in a number of locations in Venezuela.
PDVSA has assumed control over substantially all of Exterran's
assets and operations in Venezuela.  "We are unable to predict
what, if any, compensation Venezuela will ultimately offer in
exchange for any such assets and, accordingly, we are unable to
predict what, if any, compensation we ultimately will receive,"
Exterran said.

Exterran maintains insurance with a policy limit of US$50 million
for the risk of expropriation of its investments in Venezuela.

                        About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jun 16, 2009 Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Petroleos de Venezuela S.A. to
'B+' from 'BB-'.  The outlook remains negative.


* VENEZUELA: Banks Aid Government By Boosting Investment In Debt
----------------------------------------------------------------
Venezuelan banks have boosted their investment in debt instruments
while halting increases in lending, in line with President Hugo
Chavez's demands that the financial industry absorb local issues
by the government to deal with a drop in oil revenue, Darcy Crowe
of Dow Jones Newswires reports.

According to the report, citing Softline Consultores, the banks'
investments in debt instruments jumped 8.28% in May against the
previous month, to VEB84.6 billion (US$39.3 billion).   The report
relates Softline Consultores said banks' investment in debt
instruments climbed 67.6% in the last 12 months.

DJ Newswires notes bank lending dropped 1.33% in the first five
months against the same period a year earlier.  The report relates
the decline in lending is a symptom of slower economic growth.
Venezuela's economy expanded 0.3% in the first quarter versus the
same period in 2008, the lowest figure in five years.

The increased allocation by banks to debt instruments is
considered an essential component of President Chavez's plan to
offset a decline in oil revenue, which accounts for about 50% of
the budget, DJ Newswires says.

                         *     *     *

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 15 to June 22, 2009
------------------------------------------------------


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

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      63.39
Argentina – NGB          2.000    02/04/18     ARS      63.74
Argent-DIS               5.830    12/31/33     ARS      67.94
Argent-CDIS              7.820    12/31/33     ARS      37.12
Argent-$DIS              8.280    12/31/33     ARS      45.52
Argent-$DIS              8.280    12/31/33     ARS      41.19
Argent-Par               0.630    12/31/38     ARS      19.03
Argnt-Bocon PRE8         2.000    01/03/10     ARS      34.63
Argnt-Bocon PR11         2.000    12/03/10     ARS      32.34
Argnt-Bocon PRE9         2.000    03/15/24     ARS      72.00
Argnt-Bocon PR13         2.000    03/15/24     ARS      30.15
Arg Boden                2.000    09/30/14     ARS      68.33
Arg-Quasi Par            3.310    12/31/45     ARS      34.70
Autopistas Del S        11.500    05/23/17     USD      40.70
Banco Hipot SA           9.750    12/18/36     USD      66.50
Banco Hipot SA           9.750    04/27/16     USD      66.12
Banco Macro SA           8.500    02/01/17     USD      72.65
Banco Hipot SA           9.750    12/18/36     USD      66.25
Bonar Arg $ V           10.500    06/12/12     USD      49.70
Bonar V                  7.000    03/28/11     USD      71.50
Bonar X                  7.000    04/17/17     USD      52.83
Buenos Aire Prov         9.625    04/18/28     USD      36.75
Buenos Aire Prov         9.375    09/14/18     USD      36.87
Buenos-$DIS              9.250    04/15/17     USD      41.50
Buenos-$DIS              8.500    04/15/17     USD      41.50
Industrias Metal        11.250    10/22/14     USD      62.93
Invers Rep Y Soc         8.500    02/02/17     USD      63.00
Mendoza Province         5.500    09/04/18     USD      49.75
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      55.20
Cosan SA Industr         8.250    02/28/49     USD      73.44
Cosan SA Industr         8.250    02/28/49     USD      71.80
Rede Empresas           11.120    04/29/49     USD      46.25
Vigor                    9.250    02/23/17     USD      69.75

   CAYMAN ISLANDS
   --------------
AIG Sunamerica           6.375    10/05/20     GBP      56.23
Asif II                  5.125    01/28/13     GBP      61.20
Bancaja Intl Fin         5.700    06/30/22     EUR      61.67
Barion Funding           0.100    12/20/56     USD       4.60
Barion Funding           0.250    12/20/56     USD       5.18
Barion Funding           0.250    12/20/56     USD       5.22
Barion Funding           0.250    12/20/56     USD       5.18
Barion Funding           0.250    12/20/56     USD       5.18
Barion Funding           0.250    12/20/56     USD       5.18
Barion Funding           0.250    12/20/56     USD       5.18
Barion Funding           0.630    12/20/56     USD      12.72
Barion Funding           1.440    12/20/56     USD      24.09
BCP Finance Company      4.239    10/29/49     EUR      71.00
BCP Finance Company      5.543    06/29/49     EUR      71.00
Bes Finance Limited      4.500    12/29/49     EUR      69.50
Bes Finance Limited      5.580    07/29/49     EUR      72.33
China Med Tech           4.000    08/15/13     USD      64.34
China Properties         9.125    05/04/14     USD      56.62
China Properties         9.125    05/04/14     USD      66.22
Dubai Holding Comm       4.750    01/30/14     EUR      59.00
Dubai Holding Comm       6.000    02/01/17     GBP      58.25
DWR Cymru Fin            4.473    03/31/57     GBP      65.47
Esfg Internation         5.753    06/29/49     EUR      64.00
Gol Finance              7.500    04/03/17     USD      68.75
Gol Finance              7.500    04/03/17     USD      69.12
Gol Finance              8.750    04/29/49     USD      54.55
Ja Solar Hold Company    4.500    05/15/13     USD      73.00
Ldk Solar Co Ltd         1.750    01/15/13     USD      69.00
Lunar Funding I          6.442    09/18/32     GBP      54.16
Malachite Fdg            0.630    12/21/56     EUR      19.14
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.98
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.98
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.98
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.98
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.98
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.03
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.98
Mazarin Fdg Ltd          0.630    09/20/68     USD      10.77
Mazarin Fdg Ltd          1.440    09/20/68     USD      22.39
Minerva Oversea          9.500    02/01/17     USD      59.37
Minerva Oversea          9.500    02/01/17     USD      60.84
Mizuho Capital I         5.020    06/29/49     EUR      62.75
Mizuho Capital INV I     6.686    03/29/49     EUR      74.50
Mufg Cap Fin2            4.850    07/29/49     EUR      61.25
Mufg Cap Fin4            5.271    01/29/49     EUR      68.00
Mufg Cap Fin5            6.299    01/25/49     GBP      69.25
Pubmaster Fin            5.943    12/30/24     GBP      67.09
Pubmaster Fin            6.962    06/30/28     GBP      54.63
Punch Taverns            4.767    06/30/33     GBP      70.11
Reg Div Funding          5.251    01/25/36     USD      63.77
Resona PFD Glob          7.191    12/29/49     USD      69.60
Santander                7.250    12/29/49     GBP      75.00
Shinsei Finance          7.160    12/31/49     USD      39.18
SMFG Preferred           6.078    01/29/49     USD      74.21
SMFG Preferred           6.164    01/29/49     USD      65.07
STB Finance              5.834    09/29/49     GBP      73.00
Suntech Power            3.000    03/15/13     USD      73.75
Tam Capital Inc.         7.375    04/25/17     USD      71.67
Tam Capital Inc.         7.375    04/25/17     USD      73.25
Vestel Elec Fin          8.750    05/09/12     USD      74.50
XL Capital Limited       6.250    05/15/27     USD      67.84
XL Capital Limited       6.500    12/31/49     USD      50.55


   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      70.71


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      64.17
Jamaica Govt             8.000    03/15/39     USD      67.75
Jamaica Govt             8.500    02/28/36     USD      67.75
Jamaica Govt LRS        12.750    06/29/22     JMD      52.11
Jamaica Govt LRS        12.750    06/29/22     JMD      52.13
Jamaica Govt LRS        12.850    05/31/22     JMD      52.53
Jamaica Govt LRS        13.375    04/27/32     JMD      51.93
Jamaica Govt LRS        13.375    12/15/21     JMD      54.99
Jamaica Govt LRS        13.575    12/15/26     JMD      52.81
Jamaica Govt LRS        13.625    06/23/14     JMD      70.42
Jamaica Govt            14.000    06/30/21     JMD      57.75
Jamaica Govt            14.250    08/19/15     JMD     69.97
Jamaica Govt LRS        14.375    05/03/14     JMD      73.95
Jamaica Govt LRS        14.375    05/30/14     JMD      74.18
Jamaica Govt LRS        14.375    06/28/14     JMD      72.48
Jamaica Govt LRS        14.375    09/13/14     JMD      73.27
Jamaica Govt LRS        14.400    08/03/27     JMD      57.72
Jamaica Govt LRS        14.500    11/13/13     JMD      74.99
Jamaica Govt LRS        14.500    06/28/17     JMD      66.51
Jamaica Govt LRS        14.500    08/02/17     JMD      65.87
Jamaica Govt LRS        15.000    07/31/16     JMD      69.02
Jamaica Govt LRS        15.000    11/15/21     JMD      61.24
Jamaica Govt LRS        15.000    09/06/32     JMD      58.45
Jamaica Govt LRS        15.000    07/31/14     JMD      73.92
Jamaica Govt LRS        15.500    03/24/28     JMD      60.21
Jamaica Govt LRS        15.000    08/30/32     JMD      60.15
Jamaica Govt LRS        15.750    08/22/19     JMD      66.20
Jamaica Govt LRS        15.800    06/26/17     JMD      71.18
Jamaica Govt LRS        16.000    06/13/22     JMD      64.63
Jamaica Govt LRS        16.000    06/13/22     JMD      64.63
Jamaica Govt LRS        16.000    05/17/17     JMD      70.38
Jamaica Govt LRS        16.000    12/06/32     JMD      62.18
Jamaica Govt LRS        16.125    08/21/32     JMD      64.61
Jamaica Govt LRS        16.150    06/21/22     JMD      67.13
Jamaica Govt LRS        16.150    06/12/22     JMD      65.23
Jamaica Govt LRS        16.250    07/26/32     JMD      63.08
Jamaica Govt LRS        16.250    06/18/27     JMD      65.62
Jamaica Govt LRS        16.250    05/22/27     JMD      63.17
Jamaica Govt LRS        16.250    05/22/27     JMD      67.47
Jamaica Govt LRS        16.250    08/26/32     JMD      65.12
Jamaica Govt LRS        16.250    05/22/22     JMD      67.47
Jamaica Govt LRS        16.500    06/14/27     EUR      64.17
Jamaica Govt LRS        17.000    07/11/23     EUR      67.66


    NETHERLANDS  ANTILLES
    ---------------------
Soc Gen Accept           0.750    12/21/11     EUR      47.17
Soc Gen Accept           7.000    12/19/12     EUR      22.04
Soc Gen Accept           7.000    02/27/13     EUR      19.51
Soc Gen Accept           8.000    12/20/13     EUR      40.23


      PANAMA
      ------

Carnival Corp            6.650    01/15/28     USD      74.53

   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      59.25
Doral Fin Corp           7.100    04/26/17     USD      52.75
Doral Fin Corp           7.150    04/26/22     USD      45.00
Doral Fin Corp           7.650    03/26/16     USD      53.37
Puerto Rico GNMA         5.750    04/01/21     USD      69.64

  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      67.91


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      48.40
Petroleos de Ven         5.375    04/12/27     USD      40.00
Petroleos de Ven         5.500    04/12/37     USD      37.75
Venezuela                6.000    12/09/20     EUR      50.00
Venezuela                5.750    02/26/16     EUR      57.62
Venezuela                7.000    03/31/38     USD      49.92
Venezuela                7.000    03/16/15     USD      66.62
Venezuela                7.000    03/16/15     USD      64.63
Venezuela                7.000    12/01/18     USD      59.50
Venezuela                7.650    04/21/25     USD      54.50
Venezuela                8.500    10/08/14     USD      70.00
Venezuela                9.000    05/07/23     USD      62.87
Venezuela                9.250    09/15/27     USD      62.25
Venezuela                9.250    05/07/28     USD      68.68
Venzod - 189000          9.375    01/13/34     USD      63.50




                            ***********

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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