TCRLA_Public/090624.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, June 24, 2009, Vol. 10, No. 123

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Charged With 21 Counts of Fraud
STANFORD INT'L BANK: SFG Receiver Defends US$20-Mln Fee Request


A R G E N T I N A

AGENCIA DE INVESTIGACIONES: Proofs of Claim Due on August 20
CLINICA NUESTRA: Proofs of Claim Verification Due on August 17
D & D DISTRIBUCION: Proofs of Claim Verification Due on August 4
EMPRESAS NIGRO: Trustee Verifying Proofs of Claim Until October 1
GLOBAL CROSSING: Completes Data Center Expansion in Argentina

MOLINO NUEVO: Trustee Verifying Proofs of Claim Until October 23
SOLO EMPANADAS: Asks for Opening of Preventive Contest
TELEFONICA ARGENTINA: Telefonica SA Eyes 1.8% Remaining Stake
WEST SECURITY: Trustee Verifying Proofs of Claim Until August 14
* ARGENTINA: Economy May Shrink This Year, Analyst Says


B E R M U D A

SYNCORA GUARANTEE: BCP Offer for 55 RMBS Classes Expires Today
TNT GLOBAL: Creditors' Proofs of Debt Due on July 1
TNT GLOBAL: Members' Final Meeting Set for July 24
TYCO ELECTRONICS: Increases Late Tender Offer Consideration


B R A Z I L

BANCO DO BRASIL: Won't Pursue Plans to Acquire Stake in Banestes
BANCO DO BRASIL: To Pay BRL456.1 Million in Dividends on Aug. 27
COSAN SA: Prepares Two-Pronged Takeout of BRL1.2-Billion Debt
COMPANHIA SIDERURGICA: Restarts Second Furnace After 90 Days
GERDAU AMERISTEEL: Inks Term Loan Amendment Deal With Lenders

GERDUA SA: Renegotiates US$3.7 Billion Debt
ITAU GROUP: Fitch Affirms Support Rating Floor at 'BB+'
MINERVA SA: Merges Minerva Log S.A. and Loin Investments Units
MINERVA SA: Chief Financial & Investor Relations Officer Resigns
* BRAZIL: To Launch Lending Funds in Two Weeks

COMPANHIA SIDERURGICA: Hires 1,200 Workers at Volta Redonda Plant


C A Y M A N  I S L A N D S

ALBAPE INVESTMENT: Creditors' Proofs of Debt Due on July 23
D.B. ZWIRN: Placed Under Voluntary Wind-Up
D.B. ZWIRN: Creditors' Proofs of Debt Due on July 18
EIRE HALIFAX: Placed Under Voluntary Wind-Up
EIRE MANCHESTER: Placed Under Voluntary Wind-Up

FAST CO: Placed Under Voluntary Wind-Up
GLOBAL OPPORTUNITY: Placed Under Voluntary Wind-Up
GLOBALIS SOVEREIGN: Placed Under Voluntary Wind-Up
JEFFERIES COMMIDITY: Creditors' Proofs of Debt Due on July 22
JEFFERIES COMMODITY: Creditors' Proofs of Debt Due on July 22

SCM QUALIFIED: Creditors' Proofs of Debt Due on July 22
SKYLINER FUND: Placed Under Voluntary Wind-Up
SOUTHPORT ENERGY: Placed Under Voluntary Wind-Up
WESTERN INVESTMENT: Placed Under Voluntary Wind-Up
YAUPON FUND: Placed Under Voluntary Wind-Up


C O L O M B I A

BANCOLOMBIA: Fitch Affirms Long-Term Issuer Credit Rating at 'BB+'
DOLE CO: Denies Involvement in AUC Killings at Colombia


D O M I N I C A N  R E P U B L I C

JETBLUE AIRWAYS: To Service Flights to Dominican Republic


E L  S A L V A D O R

BANCO AGRICOLA: Fitch Puts Negative Outlook on Low-B IDR Ratings
BANCO HSBC: Fitch Puts Neg. Outlook on 'C/D' Individual Rating
SCOTIABANK EL SALVADOR: Fitch Puts Neg. Outlook on Ratings


G U Y A N A

GLOBE TRUST: Liquidator Sells Building to Recover Funds


M E X I C O

CORPORACION DURANGO: U.S. Court Confirms Restructuring Plan


V E N E Z U E L A

PDVSA: Absorbs 1,000 New Workers
PDVSA: Saves US$690 Million a Year With Nationalized Barges
PDVSA: To Increase Bond Size Sale to US$3 Billion


                         - - - - -


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

STANFORD INT'L BANK: Owner Charged With 21 Counts of Fraud
----------------------------------------------------------
Stanford International Bank Limited owner Robert Allen Stanford
and four others -- former Stanford Financial Group (SFG) Chief
Investment Office Laura Pendergest-Holt; former Antigua financial
regulatory agency chief Leroy King; and Stanford-affiliated
accountants, Mark Kuhrt and Gilberto Lopez -- were charged with 21
counts of fraud, money-laundering and obstruction in a multi-
billion scam,  Olivia Hampton of Agence France-Presse News (AFP)
reports.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include, SIBL, Stanford Group Company (SGC), and
investment adviser Stanford Capital Management.  The SEC also
charged SIBL chief financial officer James Davis as well as Laura
Pendergest- Holt, chief investment officer of Stanford Financial
Group (SFG), in the enforcement action.  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 of SFG court-
appointed receiver Ralph Janvey.

Assistant Attorney General Lanny Breuer, as cited by AFP,
announced in a 57-page indictment that Mr. Stanford could face up
to 250 years in prison if convicted on all charges.  AFP notes the
indictment came from a grand jury in Houston, Texas that had been
investigating Stanford Financial Group.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2009, RadioJamaica said Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on criminal
charges.  MailOnline News related Mr. Stanford -- who was arrested
in Fredricksburg, Virginia -- will go before a court in Richmond
later.

AFP relates Mr. Lopez and Mr. Kuhrt, who were arrested June 19,
are were set to make appearances in a Houston court; while Ms.
Pendergest-Holt will appear in a Houston court next week on fresh
charges.

Meanwhile, Svea Herbst-Bayliss of Reuters says Mr. Stanford's
investors took solace from his indictment, but many remained
devastated by their losses and frustrated at their inability so
far to recover the money.

According to Reuters, investors applauded his arrest in Virginia
and indictment on federal fraud, conspiracy and obstruction
charges.  However, the report relates the arrest does little to
ease the pain of the 30,000 investors the SEC estimates were
affected by the ponzi scheme.

Reportedly, Mr. Stanford has denied all allegations against him.

                   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.


STANFORD INT'L BANK: SFG Receiver Defends US$20-Mln Fee Request
---------------------------------------------------------------
Stanford Financial Group (SFG) court-appointed receiver, Ralph
Janvey, defended his US$20 million fee request in recovering
assets for Stanford International Bank Limited (SIBL)'s investors,
who were allegdely victims of a multi-billion ponzi scheme, Laurel
Brubaker Calkins of Bloomberg News reports.  The report relates
Mr. Janvey said his legal fees shouldn’t suffer “arbitrary and
across-the-board penalties’’ because U.S. regulators and investors
have complained he wants too much of what little’s left of
Stanford Financial Group’s assets.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, Bloomberg News said Mr. Janvey requested US$20
million from a judge to cover fees and expenses during two months
of work on behalf of investors allegedly swindled by Mr. Stanford.
The report related Mr. Janvey, citing a filing by his lawyers,
hired investigators, attorneys and forensic accountants from
14 firms to track assets scattered worldwide.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include, SIBL, Stanford Group Company (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 of Mr. Janvey.

Bloomberg News relates, Mr. Janvey's lawyer Kevin Sadler, in
papers filed June 19 in Dallas federal court, said Mr. Janvey
voluntarily cut US$5 million off the US$20 million legal bill he
submitted for his first two months’ work on the Stanford estate,
only to have regulators call for an additional 20%.  “The receiver
and 14 firms rendering services to the estate (and thus to all
those who ultimately receive any distribution of estate assets)
have been footing the entire bill for this receivership for four
months now,’’ Mr. Sadler was quoted by the news agency as saying.
It is “untenable’’ to keep working without pay, he added.

A TCR-LA report on June 9, citing Reuters, related Mr. Stanford's
lawyers said Mr. Janvey's US$20 million fee request is
"exorbitant.”  "There is no law or court order that authorizes or
justifies the receiver's expenditures of nearly US$20 million in
eight weeks," Stanford's court filing in federal court in Dallas,
said, the report related.  The report noted Mr. Stanford accused
Mr. Janvey of wasting money and mishandling the estate with plans
such as selling assets like Stanford's yacht, the Sea Eagle, at
cut-rate prices.  Reuters said that Mr. Stanford's lawyers argued
that shutting Mr. Stanford's businesses and terminating their
employees "may have already caused irreparable losses to the
estate," and cost taxpayers billions of dollars.

Mr. Sadler, as cited by Bloomberg, said Mr. Janvey expected
investors and a competing receiver appointed by the Antiguan
government to complain about his bill, because those groups want
to keep as much of Stanford’s remaining assets for themselves as
possible.

Bloomberg News says, according to Mr. Janvey, as of June 17, the
receiver had US$75 million in readily available cash and is
fighting for control of US$350 million in Stanford accounts in
Switzerland, Canada and the UK.  The report related Mr. Janvey has
identified potential claw-back claims against more than US$200
million still frozen in Stanford customers’ US and foreign
brokerage accounts.

As of June 18, the report notes, these earmarked sums include
US$16.8 million in interest payments and redemptions of US
customers’ CDs, and US$149.4 million in CD interest and redemption
payments made to former Stanford financial advisers.  The report
adds that also included in the identified sums are US$42.3 million
in front-end loans and CD commissions paid to former Stanford
financial advisers, some of whom Janvey has sued as alleged
participants in the fraud scheme.

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

AGENCIA DE INVESTIGACIONES: Proofs of Claim Due on August 20
------------------------------------------------------------
The court-appointed trustee for Agencia de Investigaciones Cipol
S.A.C.E.I.'s bankruptcy proceedings will be verifying creditors'
proofs of claim until August 20, 2009.

The trustee will present the validated claims in court as
individual reports on October 1, 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.


CLINICA NUESTRA: Proofs of Claim Verification Due on August 17
--------------------------------------------------------------
The court-appointed trustee for Clinica Nuestra Señora de Lourdes
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 17, 2009.


D & D DISTRIBUCION: Proofs of Claim Verification Due on August 4
----------------------------------------------------------------
Maria Cristina Salzano, the court-appointed trustee for D & D
Distribucion Directa SA's reorganizations proceedings, will be
verifying creditors' proofs of claim until August 4, 2009.

Ms. Salzano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 March 3, 2010.

The Trustee can be reached at:

          Maria Cristina Salzano
          Pringles 463
          Buenos Aires, Argentina


EMPRESAS NIGRO: Trustee Verifying Proofs of Claim Until October 1
-----------------------------------------------------------------
The court-appointed trustee for Empresas Nigro S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 1, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 29, 2009.


GLOBAL CROSSING: Completes Data Center Expansion in Argentina
-------------------------------------------------------------
Global Crossing Ltd. said it has completed its Data Center
expansion in Buenos Aires.

The company said a new electrical subsystem increases power 120
percent, enabling the Data Center to serve more customers.  In a
first stage, the Data Center operations area will be extended 115
sq. meters to satisfy the growing demand for services.  New office
space will be added as well.

Global Crossing's Data Center solutions provide customers with
housing, hosting, processing storage, backup, monitoring and
security -- as well as managed services -- enabling a secure data
management for their technological platform and applications
without the expense of a customer premise-based solution.

The Argentina Data Center has also been implementing several green
initiatives to reduce its carbon footprint, including implementing
server virtualization and reducing energy consumption.  The
company has taken a "bottom up" approach, understanding its
customers' needs and adjusting and adapting its facilities to best
meet those needs in an energy efficient manner.

The newly expanded Data Center, located in the neighborhood of
Chacarita since 2000, is part of Global Crossing's Latin America
Data Centers Network.  All of the Data Centers in the network are
being designed to perform to similar standards, following
identical processes, and offer comparable products.

Global Crossing Security Solutions protect a company's sensitive
information and safeguard hardware, software, and license
investments, minimizing loss and claim risks.  On Demand Solutions
allow customers to use only what they need, whenever they need it,
including network capacity, storage, processing power, and managed
services.  Continuity Solutions provide preventive tools and
redundancy capabilities to keep companies operating, or to help
them minimize potential financial contingency risks.

In order to provide the highest service level for each solution,
Global Crossing supports technologies from HP, Hitachi Data
Systems, Sun, Dell, Oracle, Microsoft, Symantec, VMWare and Red
Hat for its On Demand and Continuity solutions in the company´s
data centers, and technologies from Juniper, Cisco, Checkpoint,
Nokia, Kobil, Vasco, Sonicwall and IBM for its Security portfolio.

Several of Global Crossing's data centers in Latin America --
including Buenos Aires -- have received a Statement on Auditing
Standards (SAS) 70 review, which is a widely recognized auditing
standard that evaluates the design and operating effectiveness of
controls that have specific objectives, such as the security of
financial information.  This review is especially important to
large businesses and is being increasingly accepted by government
organizations and private companies that seek an independent
opinion to confirm the effectiveness of a provider's processes and
internal controls structure.  It also simplifies their auditing
processes and potentially can save them time and reduce their
costs.

Global Crossing's Security Operation Center (SOC) has been
certified by the ISO 9001:2000 international standard for quality
control and satisfaction management, while our data centers in
Colombia, Brazil, Argentina, and Chile are SAP Hosting Partners.
All of these services are managed according to ITIL-defined
processes.

                    About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- is a leading
global IP solutions provider with the world's first integrated
global IP-based network. The company offers a full range of secure
data, voice, and video products to approximately 40 percent of the
Fortune 500, as well as to 700 carriers, mobile operators and
ISPs. It delivers services to more than 690 cities in more than 60
countries and six continents around the globe.

In Latin America, Global Crossing´s business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru, Mexico,
Venezuela, the United States (Florida) and the Caribbean region.
In addition to its IP-based, fiber-optic network, Global
Crossing's regional infrastructure includes 15 metropolitan
networks and 15 world-class data centers located in the main
business centers of Latin America.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 23, 2009, Moody's Investors Service assigned a Caa1 corporate
family rating to Global Crossing Limited and a B2 rating to the
company's US$350 million senior secured term loan.  The
preferential access to realization proceeds provided by the
security package allows the term loan credit facility's rating to
be B2, two notches above the Caa1 CFR. GCL was also assigned a
speculative grade liquidity rating of SGL-3 (indicating adequate
liquidity).  The ratings outlook is stable.


MOLINO NUEVO: Trustee Verifying Proofs of Claim Until October 23
----------------------------------------------------------------
The court-appointed trustee for Molino Nuevo S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
October 23, 2009.

The trustee will present the validated claims in court as
individual reports on December 4, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 18, 2010.


SOLO EMPANADAS: Asks for Opening of Preventive Contest
------------------------------------------------------
Solo Empanadas SA asked for the opening of preventive contest.

The company stopped making its payments on January 13, 2009.


TELEFONICA ARGENTINA: Telefonica SA Eyes 1.8% Remaining Stake
-------------------------------------------------------------
Telefonica SA said it will buy the remaining 1.8% of shares it
dosen't own in its Argentine unit, Buenos Aires-based Telefonica
de Argentina SA, for EUR24 million, Jason Sinclair of Dow Jones
Newswire reports.

The report relates, citing a company filing to the Spanish market
regulator, Telefonica said it would offer 1 Argentinian peso a
share - or its equivalent in US dollars - for the roughly 126
million shares of Telefonica Argentina it doesn't control.

Sarah Morris and Judy MacInnes of Reuters recall, in early May, a
minority TASA shareholder called on Telefonica to launch an offer
for the remaining shares, pointing to Argentine legislation which
obliges companies to make a 100% offer once they have more than
95%.

Reuters notes that at the end of March, Telefonica had about 21
million customers in Argentina, 15 million of which were mobile
customers.
                   About Telefonica de Argentina

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 11, 2009 Fitch Ratings these rating actions on Telefonica de
Argentina S.A.:

  -- Local currency Issuer Default Rating affirmed at 'BB-';

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

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

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

The Rating Outlook is Stable.


WEST SECURITY: Trustee Verifying Proofs of Claim Until August 14
----------------------------------------------------------------
The court-appointed trustee for West Security S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 14, 2009.



* ARGENTINA: Economy May Shrink This Year, Analyst Says
-------------------------------------------------------
Eliana Raszewski and Silvia Martinez of Bloomberg News report that
Argentina’s economic growth slowed in April from March, providing
more evidence that the economy may shrink in 2009 for the first
time in seven years.  The report relates Bertrand Delgado, senior
Latin America economist at RGE Monitor in New York, said the
country's economy, which has expanded at least 6.8% a year since
2003, will contract 1.9% in 2009, said Bertrand Delgado.

According to the report, the economy will suffer from a decline in
consumption, investment spending and a reduction in agricultural
output because of a drought.

“Although the government has tried to boost the economy ahead of
the next mid-term elections, confidence hasn’t improved,” Mr.
Delgado told Bloomberg New in a telephone interview.

Bloomberg News notes the National Statistics Institute said that
the country's gross domestic product expanded 2% from a year
earlier, down from an annual growth rate of 2.4 percent in March.
The economy grew 1.3% from March, the agency added.

President Cristina Fernandez de Kirchner, the report says, is
seeking to prevent the economy from contracting this year,
allocating 111 billion pesos (US$29 billion) for a stimulus
package to boost public works and fuel spending.  The report
relates she also tapped part of the US$24 billion in pension funds
nationalized last year to offer low- cost mortgages, spur
construction and encourage purchases of goods ranging from washing
machines to cars.

                        *     *     *

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

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



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

SYNCORA GUARANTEE: BCP Offer for 55 RMBS Classes Expires Today
--------------------------------------------------------------
The BCP Voyager Master Funds SPC, Ltd., acting on behalf of and
for the account of, the Distressed Opportunities Master Segregated
Portfolio, has extended the expiration date of the Fund's offer
for 55 classes of residential mortgage backed securities insured
by Syncora Guarantee Inc. to 11:59 p.m., New York City time, on
Wednesday, June 24, 2009.  The offer will expire at that time,
unless extended.

The Fund also announced the results of the offer and the status of
certain discussions with holders of RMBS as of June 22, 2009.  As
of June 22, tenders have been received in the offer and binding,
non-binding and other agreements have been reached by the Fund or
Syncora Guarantee and holders of RMBS to remediate RMBS exposures
totaling 53.4 remediation points.

RMBS representing 37.2 remediation points have been tendered into
the offer, binding agreements have been reached by the Fund or
Syncora Guarantee and RMBS holders to remediate RMBS exposures
totaling 10.7 remediation points, subject to certain conditions,
and non-binding agreements have been reached by the Fund or
Syncora Guarantee and RMBS holders to remediate RMBS exposures
totaling 5.5 remediation points.

An agreement has been reached by the Fund and Syncora Guarantee
and one RMBS holder to remediate RMBS exposures totaling 1.7
remediation points, in the event certain conditions are met.  The
Fund and Syncora Guarantee are in continuing discussions with
numerous other holders of RMBS as the offer continues.

The aggregate principal amounts of RMBS securities that have been
tendered into the offer are:

                                                       Aggregate
                                                       Principal Balance
                                                       in US$ Tendered as
    CUSIP No     Security Description                  of June 22, 2009
    --------     --------------------                  ------------------
    39539BAA1    Greenpoint Mortgage Funding Trust
                  2006-HE1                                  86,452,326

    126685DT0    Countrywide Home Equity Loan Trust
                  2006D                                    137,928,505

    39539JAA4    GreenPoint Mortgage Funding Trust
                  2007-HE1                                  55,690,854

    45664UAA3    Indymac Home Equity Mortgage Loan
                  Asset Backed Trust Series 2006-H3         75,460,819

    86801CAA1    STICS 2007-1                               83,210,970

    65538BAA7    Nomura NAAC 2007-S2                                 -

    41161PL35    Harborview Mortgage Pass-Through
                  Certificates 2006-4                       93,977,192

    12668VAC3    Countrywide Home Equity Loan Trust
                  2006-S7                                   38,551,660

    126685DS2    Countrywide Home Equity Loan Trust
                  2006D                                    226,354,373

    1248MKAB1    C-BASS Mortgage Loan Asset-Backed
                  Certificates, Series 2007-SL1             62,150,773

    41161MAB6    Harborview Mortgage Pass-Through
                  Certificates Series 2006-5                74,098,902


    12587PEM8    BSSP 2007-R5 (Bear Stearns)                         -

    126685AT3    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                             110,046,593

    12668VAF6    Countrywide Home Equity Loan Trust
                  2006-S7                                            -

    52524PBT8    Lehman XS Trust, Series 2007-6              3,097,240

    12668VAE9    Countrywide Home Equity Loan Trust
                  2006-S7                                   12,025,983

    785778QA2    SACO I Trust 2006-1                        10,941,134

    12668VAB5    Countrywide Home Equity Loan Trust
                  2006-S7                                   23,900,595

    07401UAB9    Bear Stearns Second Lien Trust
                  2007-SV1                                 162,192,000

    126685AU0    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                              10,542,964

    126673QB1    Countrywide Home Equity Loan Trust
                  2004R                                     38,060,530

    456612AE0    Indymac Indx Mortgage Loan Trust
                  2006-AR6                                  42,044,903

    12668VAD1    Countrywide Home Equity Loan Trust
                  2006-S7                                            -

    52524TAS3    Lehman XS Trust, Series 2007-8H                     -

    12668VAA7    Countrywide Home Equity Loan Trust
                  2006-S7                                   13,523,180

    41161PL68    Harborview Mortgage Pass-Through
                  Certificates 2006-4                                -

    1248MKAA3    C-BASS Mortgage Loan Asset-Backed
                  Certificates, Series 2007-SL1             66,977,590

    30248EAA6    First Franklin Mortgage Loan Trust
                  Series 2007-FFB-SS                        89,928,498

    75114GAB5    RALI 2006-QO4 Trust                        51,404,290

    525248BL3    Lehman XS Trust, Series 2007-5H                     -

    41161PE41    Harborview Mortgage Pass-Through
                  Certificates 2006-CB1                     39,701,573

    75114GAE9    RALI 2006-QO4 Trust                        40,478,820

    41161PQ22    Harborview Mortgage Pass-Through
                  Certificates 2006-4                       41,768,612

    126685AX4    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                              39,787,632

    456612AB6    Indymac Indx Mortgage Loan Trust 2006-AR6  84,772,320

    525248BK5    Lehman XS Trust, Series 2007-5H                     -

    23332UGP3    Downey Savings and Loan Mortgage Trust
                  Series 2006-AR1                                    -

    41161PP72    Harborview Mortgage Pass-Through
                  Certificates 2006-4                                -

    126673QA3    Countrywide Home Equity Loan Trust 2004R            -

    23332UGL2    Downey Savings and Loan Mortgage Trust
                  Series 2006-AR1                              426,155

    126673MY5    Countrywide Home Equity Loan Trust 2004Q   43,099,844

    126685AW6    CWABS, Home Equity Revolving Loan
                  Trust 2005-K                              12,978,770

    07401UAU7    Bear Stearns Second Lien Trust 2007-SV1    25,529,277

    41161PG64    Harborview Mortgage Loan Trust 2006-BU1    34,339,366

    68402SAA7    Option One Mortgage Loan Trust 2007-HL1   205,830,564

    41161PXG3    Harborview Mortgage Loan Trust 2005-15     14,575,372

    86363GBS2    Structured Adjustable Rate Mortgage
                  Loan Trust, Series 2007-3                 28,745,884

    126673MX7    Countrywide Home Equity Loan Trust 2004Q            -

    41161PUM3    Harborview Mortgage Pass-Through
                  Certificates 2005-11                               -

    525245CP9    Lehman XS Trust, Series 2007-3             17,241,072

    41161PG98    Harborview Mortgage Loan Trust 2006-BU1    14,911,945

    68402SAD1    Option One Mortgage Loan Trust 2007-HL1             -

    41161PUJ0    Harborview Mortgage Pass-Through
                  Certificates 2005-11                      12,686,329

    68402SAC3    Option One Mortgage Loan Trust 2007-HL1    22,220,000

    68402SAB5    Option One Mortgage Loan Trust 2007-HL1    22,161,593

The offer and related financing are also conditioned on the
consummation of an agreement entered into between Syncora
Guarantee and certain counterparties to Syncora Guarantee's credit
default swap transactions and financial guarantee insurance
policies, the tender of a minimum amount of RMBS, approval of the
New York Department of Insurance and certain other conditions.
Holders of RMBS that have tendered or will tender their RMBS into
the offer are no longer able to withdraw their tendered RMBS.

The offer by the Fund and any transactions with Syncora Guarantee
are being conducted only with qualified institutional buyers and
are exempt from registration under Section 4(2) of the Securities
Act of 1933, as amended. Any securities that may be issued
pursuant to such transactions have not been and, at the time of
the closing of the transaction, will not be registered under the
Securities Act or any state securities laws. The securities may
not be offered or sold in the United States absent registration
under, or an applicable exemption from, the registration
requirements of the Securities Act and applicable state securities
laws.

This press release does not constitute an offer to purchase any
securities or a solicitation of an offer to sell any securities.
The offers are being made only pursuant to an offer to purchase
and letter of transmittal or other appropriate documentation and
only to such persons and in such jurisdictions as is permitted
under applicable law.

                   About Syncora Guarantee Inc.

Syncora Guarantee Inc. -- http://www.syncora.com/-- is a wholly
owned subsidiary of Syncora Holdings Ltd.  Syncora Holdings Ltd.
is a Bermuda-domiciled holding company.


TNT GLOBAL: Creditors' Proofs of Debt Due on July 1
---------------------------------------------------
The creditors of TNT Global Express Limited are required to file
their proofs of debt by July 1, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 11, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TNT GLOBAL: Members' Final Meeting Set for July 24
--------------------------------------------------
The members of TNT Global Express Limited will hold their final
general meeting on July 24, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 11, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TYCO ELECTRONICS: Increases Late Tender Offer Consideration
-----------------------------------------------------------
Tyco Electronics Ltd. said its wholly owned subsidiary, Tyco
Electronics Group S.A., in connection with its cash tender offer
early this month, has increased the Late Tender Offer
Consideration for its 6.000% Senior Notes due 2012, its 6.550%
Senior Notes due 2017 and its 7.125% Senior Notes due 2037.

The Late Tender Offer Consideration for each series, as increased,
now equals the Full Tender Offer Consideration for the series.
The Late Tender Offer Consideration, as increased, the Maximum
Tender Amount for each series of notes and the aggregate principal
amount of each series of notes tendered as of 5:00 p.m., New York
City time, on June 22, 2009, are:

                                                                Late Tender
                                                     Principal        Offer
                                                       Amount       Consid-
                          Principal       Maximum     Tendered      eration
  CUSIP      Title of        Amount        Tender  as of Early  (per $1,000
  Number     Security   Outstanding        Amount  Tender Date     tendered)
  ------     --------   -----------       -------  -----------  ------------
  902133AE7  6.000%    $800,000,000  $150,000,000  $83,591,000      $980
             Senior
             Notes
             Due 2012

  902133AF4  6.550%    $750,000,000  $100,000,000  $41,738,000      $900
             Senior
             Notes
             Due 2017

  902133AG2  7.125%
             Senior
             Notes
             Due 2037  $500,000,000  $100,000,000  $22,178,000      $800

Holders of notes that are validly tendered before 11:59 p.m., New
York City time, on July 7, 2009, and accepted for payment will
receive the Late Tender Offer Consideration. Holders of notes that
are validly tendered and not withdrawn will receive accrued and
unpaid interest on their purchased notes from the last interest
payment date to, but not including, the date of payment for
purchased notes.

If the principal amount of the notes tendered and not withdrawn
for a series exceeds the Maximum Tender Amount for such series,
the principal amount of notes of such series purchased will be
prorated based on the total principal amount of such series that
has been tendered.  If any tendered notes are not accepted for
payment, the notes will be returned without expense to the
tendering holder.  TEGSA reserves the right, subject to applicable
law, to extend, withdraw or terminate the tender offer.

The tender offer is subject to, and conditioned upon, the
satisfaction or waiver of the general conditions described in the
Offer to Purchase and related letter of transmittal, each dated as
of June 9, 2009.  Except for the amendment to the Late Tender
Offer Consideration, all other terms and conditions of the tender
offer remain unchanged.  Accordingly, withdrawal rights for
tendering holders of the notes have expired. The settlement date
in respect of notes validly tendered and not withdrawn and
accepted for purchase is expected to occur on the second business
day following the Expiration Date.

The tender offer is being made pursuant to the Offer to Purchase,
as amended hereby, and the related letter of transmittal, copies
of which have been delivered to all holders of the 6.000% Senior
Notes due 2012, 6.550% Senior Notes due 2017 and 7.125% Senior
Notes due 2037.  Persons with questions regarding the tender offer
should contact the dealer manager, J.P. Morgan Securities Inc., at
(866) 834-4666 (toll free) or (212) 834-3424 (collect), or the
Information Agent, Global Bondholder Services Corporation, at
(866) 470-3900.

                      About Tyco Electronics

Based in Pembroke, Bermuda, Tyco Electronics Ltd. --
http://www.tycoelectronics.com/-- provides engineered electronic
components, network solutions, undersea telecommunication systems
and specialty products, with fiscal 2008 sales of US$14.8 billion,
to customers in more than 150 countries.  The Company designs,
manufactures and market products for customers in a broad array of
industries including automotive; data communication systems and
consumer electronics; telecommunications; aerospace, defense and
marine; medical; and alternative energy and lighting.



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

BANCO DO BRASIL: Won't Pursue Plans to Acquire Stake in Banestes
----------------------------------------------------------------
Brazil-based Banco do Brasil SA said it is no longer looking to
acquire a stake in Banco do Estado do Espirito Santo (Banestes),
Kenneth Rapoza of Dow Jones Newswires reports.

According to the report, Banco do Brasil and Banestes did not give
reasons for canceling the deal.

As reported in the Troubled Company Report-Latin on February 10,
2009, Reuters said Banco do Brasil SA started negotiations to buy
Banestes from Bazil's southeastern state of Espirito Santo.  The
report related Espirito Santo agreed to non-binding talks with
Banco do Brasil.

Bloomberg News noted Banco do Brasil has stepped up acquisitions
in recent months after losing its position as Brazil's biggest
bank.

The report recalls Banco do Brasil:

   -- agreed in January to pay BRL4.2 billion
      (US$1.87 billion) for a 50 percent
      stake in Banco Votorantim SA in a
      bid to boost its car-loan operations;

   -- in the past seven months, acquired
      Sao Paulo state-owned Nossa Caixa
      for BRL5.39 billion;

   -- paid BRL685 million for Banco do Estado
      de Santa Catarina; and

   -- agreed to take over Banco do Estado
      do Piaui SA for BRL81.7 million.

                     About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                       *     *     *

As of June 18, 2009, the company continues to carry Moody's Ba2
Foreign LT Bank Deposit Rating.


BANCO DO BRASIL: To Pay BRL456.1 Million in Dividends on Aug. 27
----------------------------------------------------------------
Brazil-based Banco do Brasil SA's board has approved the payment
of BRL456.1 million (US$229 million) in dividends in the form of
interest on its own capital, Rogerio Jelmayer of Dow Jones
Newswires reports, citing company statement.

According to the report, the bank said that the total amount
represents a dividend of BRL0.17 per share.

The dividends, the report relates, will be paid on Aug. 27 and it
will be based in shareholders position as of June 22.

                      About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                       *     *     *

As of June 18, 2009, the company continues to carry Moody's Ba2
Foreign LT Bank Deposit Rating.


COSAN SA: Prepares Two-Pronged Takeout of BRL1.2-Billion Debt
-------------------------------------------------------------
Brazil-based Cosan SA is preparing a two-pronged takeout of a
BRLl.2 billion debt it assumed when it purchased Nova America
earlier this year, LatinFrance reports.

According to the report, an unnamed finance official said the
company has already issued RFPs to banks seeking feedback on an
eventual US$500 million bond and US$350 million pre-export payment
loan.  No banks have been selected yet, he added.  The report
relates the official said the issuer is seeking the longest
possible tenor.

LatinFrance says the debt to be taken out is held almost entirely
with Brazilian banks.  The report relates Itau BBA and Bradesco
are among the biggest lenders to Nova America, whose debt
obligations have been fully transferred to Cosan.

Itau BBA and Bradesco, LatinFrance says, hold a combined
BRL560 million exposure to the company, while Santander,
Votorantim and Banco do Brasil also hold significant pieces of
more than BRL100 million each.

The report adds Cosan’s IR office said some BRL444 million of the
total BRL1.2 billion matures within the coming year, while another
BRL751 is considered longer-term debt.

                        About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                         *     *     *

As of May 21, 2009, the company continues to carry Moody's Ba3 LT
Corp Family rating and Ba3 Senior Unsecured Debt rating.  The
company also continues to carry Standard and Poor's BB-Issuer
Credit ratings.


COMPANHIA SIDERURGICA: Restarts Second Furnace After 90 Days
------------------------------------------------------------
Brazil-based Companhia Siderurgica Nacional S.A. (CSN) has
restarted its second blast furnace at its Volta Redonda mill in
Rio de Janeiro State after a 90-day outage, Steelguru News
reports, citing Steel Orbis.  John Kolodziejski of Dow Jones
Newswire relates the shutdown was for a BRL100 million (US$51
million) overhaul.

Accoding to SteelGuru, the furnace will resume production of 4,200
tonnes per day of hot metal bringing the plant’s total hot metal
output up to 14,500 tonnes per day.  “The restart of the second
furnace will bring capacity utilization at the mill, which
produces 5.6 million tonnes of crude steel per year, up to 90%
from its current 65%,” the company was quoted by Steel Guru as
saying.

CSN, DJ Newswires notes, said the refurbished unit will now be
able to operate for another eight years before its next scheduled
outage.

DJ Newswires recalls the last time Furnace Number 2 was overhauled
was in 1991.
                           About CSN

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 reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


GERDAU AMERISTEEL: Inks Term Loan Amendment Deal With Lenders
-------------------------------------------------------------
Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau Sa,
said it has entered into an agreement with the lenders of the
company's Term Loan Facility which provides temporary flexibility
with respect to the facility's covenants.  The Term Loan Facility
currently has US$2.6 billion of borrowings outstanding and Gerdau
S.A. and certain of its Brazilian affiliates have guaranteed the
Term Loan Facility since its inception in 2007.

The Term Loan Facility originally required the company's majority
shareholder, Gerdau S.A., (on a consolidated basis, including the
Company) to maintain a ratio of consolidated EBITDA to total
interest expense of more than 3.0 and a ratio of consolidated
total debt to EBITDA of less than 4.0.  The amendment revises the
financial covenants so that they require Gerdau S.A. (on a
consolidated basis, including the Company) to maintain a ratio of
consolidated EBITDA to net interest expense of more than 2.5 and a
ratio of consolidated net debt to EBITDA of less than 5.0.

The amendment is effective immediately and the revised covenant
levels will remain in effect until September 30, 2010 unless
cancelled by the Company prior to that time.  The revised covenant
levels can be cancelled by the Company at any time without
penalty.

The amendment also revises the interest charged on the outstanding
borrowings if and when the financial covenants originally
contained in the facility are not met.  Under such circumstances,
the interest rate charged would increase based on certain
conditions.  After September 30, 2010 or upon the company's
cancellation of the revised covenants if sooner, the interest rate
increase would terminate.

The total cost of the amendment is expected to be between
US$12.8 million and US$41.5 million, depending on the timing of
any interest rate increase.  The amendment does not affect the
outstanding amount of borrowings under or the original
amortization schedule of the Term Loan Facility.

                   About Gerdau Ameristeel

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

                          *     *     *

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


GERDUA SA: Renegotiates US$3.7 Billion Debt
-------------------------------------------
Brazil-based Gerdau S.A. has received approval from 40 financial
institutions for “temporary flexibility” of its US$3.7 billion
debt until Sept. 30, 2010, Diana Kinch and Carlos Caminada of
Bloomberg News report.  The report relates the company
renegotiated the debt terms on the outlook that global demand for
the metal may fall further.

According to the report, Chief Financial Officer Osvaldo Schirmer
said Gerdau is seeking to preserve its more than US$3 billion in
cash should demand weaken further this year.  The report relates
the company said in May that first-quarter sales volumes in Brazil
and the U.S., its two biggest markets, fell 39% and 51%,
respectively.  “If demand continues at current levels, we could
fail the old covenants,” the report quoted Mr. Schirmer as saying.
Under the new terms, Gerdau “won’t need to touch its cash,” he
added.


John Kolodziejski of Dow Jones Newswires relates the new agreement
include:

   -- an easing of debt versus Ebitda,
   -- from gross debt-to-Ebitda of less than four
      times, the target will shift to net debt-to-Ebitda
      of less than five times;
   -- another shift will be from Ebitda-over-financial
      expenditure of more than three times
      to Ebitda-over-net financial expenditure of
      more than 2.5 times; and
   -- the company will adopt a maximum limit of
      gross debt of US$11 billion.

According to DJ Newswires, under current clauses in contracts with
creditors, the more flexible targets will mean higher interest
costs for Gerdau.  The report says total cost of the more flexible
targets could vary between US$20 million and US$60 million,
depending on contract period.

                       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 17, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


ITAU GROUP: Fitch Affirms Support Rating Floor at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Itau Group of banks.
The Outlooks for all the long-term Issuer Default Ratings and
national ratings remain Stable.  The full list of rating actions
can be found at the end of this release.

The affirmation of the ratings reflect the fact that Itau Unibanco
Banco Multiplo S.A. and its subsidiaries form the largest private
finance conglomerate in Brazil and one of the largest in Latin
America, leader in many segments of the domestic market such as
auto financing, credit cards and private banking.  Its foreign
currency long-term IDR is limited by Brazil's country ceiling.
Its ratings reflect a growing broad and diversified franchise,
active in various segments of the Brazilian financial system, a
track record for conservative management and solid performance and
the capacity to react promptly to fluctuations in the local
economy.  They also consider its relatively low exposure to
Brazilian government debt, diversification through its overseas
presence and ample international liquidity, differentiating it
from its local peers.

Fitch believes that the incorporation of Unibanco-Uniao de Bancos
Brasileiros S.A. into the Itau group of banks initiated in
November 2008 will enable greater exploitation of gains of scale
and cost rationalizations in the core domestic market, as well as
the generation of a more robust and diversified business that is
able to continue absorbing potential impacts of the economic
cycles.  Fitch also observes that any eventual increase in risks
incurred tends to be offset by the strengthening of the franchise,
even though the magnitude of this merger goes far beyond Itau's
past experience and has the goal of greater advances in the
internationalization process in the long term as an added
challenge.

In Fitch's view, changes in IUBM's ratings would be driven by the
Individual rating and would be influenced by the level and quality
of capitalization and maintenance of asset quality.  While the
ratings consider a successful consolidation of its broader
franchise, further significant international expansion would need
to be viewed in light of its effect on the bank's balance sheet
strength.

As of Dec. 31, 2008, IUBM's accounting results were strongly
influenced by the effects, mainly non-recurring, of the
incorporation of Unibanco, strong provisioning in anticipation of
expected credit pressures, given the more difficult environment in
2009, and the write off of the goodwill associated with the
Unibanco transaction.  All these actions reinforced the balance
sheet heading into a difficult scenario in 2009, but that
generated a pre-tax loss for fiscal year 2008, offset by the
positive effects of the recognition of substantial deferred tax
assets related to the actions mentioned above.  Recurring earnings
of BRL2.5 billion at first quarter 2009 (1Q'09) are in line with
its local peers and reflect still high loan loss provisions,
common across the banking system.  Trends for more modest asset
growth, falling interest rates and still strong credit costs will
generate more modest profitability in 2009, even though the bank
remains well positioned in terms of its financial strength
compared with regional peers.  IUBM's capitalization needs to be
viewed in light of a high level of intangibles, (57.4% of equity
at 1Q'09), principally the aforementioned deferred tax assets, as
well as the roughly BRL9.1 billionin unrealized gains as of 1Q'09.
Fitch believes the level of tax credits should receded over time,
given IUBM's consistent profitability over the medium term, and is
comfortable that the bank will operate with levels of capital that
will continue to compare well internationally.

Fitch affirms these ratings:

Itau Unibanco Banco Multiplo S.A.
Banco Itau S.A.
Banco Itau BBA S.A.
Unibanco-Uniao de Bancos Brasileiros S.A.

  -- Long-term foreign currency Issuer Default Rating 'BBB';
     Stable Outlook;

  -- Short-term foreign currency IDR 'F2';

  -- Long-term local currency IDR 'BBB+'; Stable Outlook;

  -- Short-term local currency IDR 'F2';

  -- Individual Rating 'B/C';

  -- Long-term National Rating 'AAA(bra)'; Stable Outlook;

  -- Short-term National Rating 'F1+(bra)';

  -- Support Rating '3';

  -- Support Rating Floor 'BB';

Banco Itau S.A. - US$100 million notes

  -- Long-term foreign currency rating 'BBB'.

Banco Itau BBA S.A. - US$200 million fixed-rate notes

  -- Long-term foreign currency rating 'BBB'.


MINERVA SA: Merges Minerva Log S.A. and Loin Investments Units
--------------------------------------------------------------
Brazil-based Minerva S.A. said that constitution of two
subsidiaries called Minerva Log S.A. and Loin Investments
Administradora De Carterias Ltda.

The company said that the main purpose for the creation of Minerva
Log is to:

   --  reduce commercial expenses,
   --  improve operating efficiency, and
   --  to generate synergy gains for the live cattle
       and beef divisions.

The new operation does not involve any additional investment to
consolidated capex.

The constitution of Loin Investment will allow future eliminations
of financial intermediation in regards to the company’s cash
investments, thereby reducing costs and taxes on our financial
transactions.

Both subsidiaries will be owned in their entirety by Minerva S.A.
and Minerva Industria De Comercio E Alimentos S.A.

                       About Minerva S.A.

Minerva S.A. is one of the leading producers and sellers of beef,
leather and live cattle in Brazil, and is one of the country’s
three largest exporters in the sector in terms of gross sales
revenue, exporting to around 80 countries.   The company has
presence in the Brazilian states of Sao Paulo, Goias, Tocantins,
Mato Grosso do Sul as well as in Paraguay, Minerva operates seven
slaughter and deboning plants, two tanneries and five distribution
centers.  Minerva also operates in the food service segment
through the joint venture Minerva Dawn Farms (MDF), which has
current meat processing capacity of 10 to 15 tons per hour,
producing food made from beef, pork and poultry.


                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazilian-based meat
processor/company Minerva S.A. to 'CCC+' from 'B'.  At the same
time, S&P removed the rating from CreditWatch negative, where it
was placed on March 9, 2009.  The outlook is negative.


MINERVA SA: Chief Financial & Investor Relations Officer Resigns
----------------------------------------------------------------
Brazil-based Minerva S.A. said Chief Financial and Investor
Relations Officer Carlos Watanabe has resigned from his post.

Mr. Watanabe worked in Minerva for three years and actively
participated in the Company’s IPO in 2007.

Fernando Galletti de Queiroz, the Chief Executive Officer, will
temporarily hold additional charge as the Chief Financial and
Investor Relations Officer.  Moreover, the Investor Relations team
will now have the services of Eduardo Pirani Puzziello, who will
take charge as IR Superintendent.

                      About Minerva S.A.

Minerva S.A. is one of the leading producers and sellers of beef,
leather and live cattle in Brazil, and is one of the country’s
three largest exporters in the sector in terms of gross sales
revenue, exporting to around 80 countries.   The company has
presence in the Brazilian states of Sao Paulo, Goias, Tocantins,
Mato Grosso do Sul as well as in Paraguay, Minerva operates seven
slaughter and deboning plants, two tanneries and five distribution
centers.  Minerva also operates in the food service segment
through the joint venture Minerva Dawn Farms (MDF), which has
current meat processing capacity of 10 to 15 tons per hour,
producing food made from beef, pork and poultry.


                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazilian-based meat
processor/company Minerva S.A. to 'CCC+' from 'B'.  At the same
time, S&P removed the rating from CreditWatch negative, where it
was placed on March 9, 2009.  The outlook is negative.


* BRAZIL: To Launch Lending Funds in Two Weeks
----------------------------------------------
Brazil's government expects to have up and running in two weeks
funds to boost lending to small- and medium-sized companies that
have struggled with a credit crunch, Daniela Machado of Reuters
reports, citing Finance Minister Guido Mantega.

According to the report, the funds will be managed by federally
owned Banco do Brasil ) and state development bank BNDES and will
be used to insure loans to businesses that haven't been able to
raise funds from commercial banks.

Reuters notes Banco do Brasil's fund may be as big as
BRL4 billion (US$2 billion), while BNDES will have another
BRL1.7 billion.

                        *     *     *

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


COMPANHIA SIDERURGICA: Hires 1,200 Workers at Volta Redonda Plant
-----------------------------------------------------------------
Brazil-based Companhia Siderurgica Nacional S.A. (CSN) has hired
1,200 workers at its Volta Redonda plant following signs the
market is recovering, Alberto Alerig of Reuters reports, citing an
unnamed company official.

"The company identified signs of improvement in demand," the
report quoted the official as saying.  The Volta Redonda blast
furnace in Rio de Janeiro state would reach 90 percent of capacity
by July, he added.

According to the report, of the total hires, 800 will be
contractors and 400 will be hired by the company.

CSN late last year cut 1,300 jobs as the global economic crisis
cut into demand for steel, Reuters recalls.

                          About CSN

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+.



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

ALBAPE INVESTMENT: Creditors' Proofs of Debt Due on July 23
-----------------------------------------------------------
The creditors of Albape Investment Ltd. are required to file their
proofs of debt by July 23, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Hector Jose Pena
          Av. Venezuela, Torre America
          Piso 11, Urbanizcion Bello Monte
          Caracas 1050, Venezuela


D.B. ZWIRN: Placed Under Voluntary Wind-Up
------------------------------------------
On May 28, 2009, the members of D.B. Zwirn Asia/Pacific Special
Opportunities Fund, Ltd. passed a resolution that voluntarily
winds up the company's operations.

The company's liquidator is:

          Lawrence Cutler
          1345 Avenue of the Americas
          New York, NY 10151
          email: lawrence.cutler@dbzco.com
          Phone: +1 (646) 720-9393


D.B. ZWIRN: Creditors' Proofs of Debt Due on July 18
----------------------------------------------------
The creditors of D.B. Zwirn Asia/Pacific Special Opportunities
Fund, Ltd. are required to file their proofs of debt by July 18,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 28, 2009.

The company's liquidator is:

          Lawrence Cutler
          1345 Avenue of the Americas
          New York, NY 10151
          Phone: +1 (646) 720-9393;
          e-mail: lawrence.cutler@dbzco.com


EIRE HALIFAX: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 1, 2009, the shareholders of Eire Halifax Limited passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

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


EIRE MANCHESTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On May 1, 2009, the sole shareholder of Eire Manchester Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

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


FAST CO: Placed Under Voluntary Wind-Up
---------------------------------------
On June 1, 2009, the sole shareholder of Fast Co. passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

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


GLOBAL OPPORTUNITY: Placed Under Voluntary Wind-Up
--------------------------------------------------
On May 8, 2009, the sole shareholder of Global Opportunity Alpha
Fund Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

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


GLOBALIS SOVEREIGN: Placed Under Voluntary Wind-Up
--------------------------------------------------
On May 20, 2009, the shareholders of Globalis Sovereign Growth and
Income Master Fund, LDC passed a resolution that voluntarily winds
up the company's operations.

The company's liquidator is:

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


JEFFERIES COMMIDITY: Creditors' Proofs of Debt Due on July 22
-------------------------------------------------------------
The creditors of Jefferies Commidity Fund I (Cayman) Ltd are
required to file their proofs of debt by July 22, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          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


JEFFERIES COMMODITY: Creditors' Proofs of Debt Due on July 22
-------------------------------------------------------------
The creditors of Jefferies Commodity Outperformance Master Fund I,
Ltd are required to file their proofs of debt by July 22, 2009, to
be included in the company's dividend distribution.

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

The company's liquidator is:

          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


SCM QUALIFIED: Creditors' Proofs of Debt Due on July 22
-------------------------------------------------------
The creditors of SCM Qualified Value Fund Ltd are required to file
their proofs of debt by July 22, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 2, 2009.

The company's liquidator is:

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


SKYLINER FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 25, 2009, the sole shareholder of Skyliner Fund Ltd. passed
a resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square
          1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


SOUTHPORT ENERGY: Placed Under Voluntary Wind-Up
------------------------------------------------
On May 11, 2009, the sole shareholder of Southport Energy
Alternatives SPV Offshore Fund, Inc. passed a resolution that
voluntarily winds up the company's operations.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square
          1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


WESTERN INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On May 7, 2009, the sole shareholder of Western Investment Total
Return Master Fund Ltd passed a resolution that voluntarily winds
up the company's operations.

The company's liquidator is:

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


YAUPON FUND: Placed Under Voluntary Wind-Up
-------------------------------------------
On June 2, 2009, the sole shareholder of Yaupon Fund Ltd. passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

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



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

BANCOLOMBIA: Fitch Affirms Long-Term Issuer Credit Rating at 'BB+'
------------------------------------------------------------------
Fitch Ratings has affirmed Bancolombia's long- and short-term
Issuer Default Ratings and outstanding debt ratings:

  -- Long-term foreign currency IDR at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BB+';
  -- Short-term local currency IDR at 'B';
  -- Individual at 'C/D';
  -- Support at '3';
  -- Support Floor at 'BB-'.

At the same time the rating for Bancolombia's subordinated debt
maturing May 2017 was affirmed at 'BB'.  The Rating Outlook is
Stable.

Bancolombia's ratings reflect its dominant franchise, diversified
loan portfolio and revenues, ample deposit base, strong earnings
generation and sound management.  They also factor in the
stretched capital, deteriorating asset quality and increased
provision requirements.

Upward potential for Bancolombia's IDRs is contingent upon its
ability to navigate the crisis maintaining reasonable asset
quality and a performance that gradually restores its capital.
Should asset quality deteriorate, performance decline or capital
weaken, there would be significant downward pressure on
Bancolombia's ratings.

Given the size and systemic importance of Bancolombia, there is --
in Fitch's opinion -- a moderate probability of support from
Colombia's Central Bank whose ability to provide such support is
reflected in Colombia's Sovereign rating (rated 'BB+' with a
Stable Outlook by Fitch).

Facing a significantly deteriorated economic backdrop, the bank
adjusted its strategy focusing on efficiency and service rather
than growth.  Bancolombia's performance was driven by strong loan
growth mainly during first-half 2008 (1H'08).  Additionally,
resilient margins compensated for still growing operating expenses
and higher loan loss provisions; profitability remained fairly
stable but is likely to decline.  Banco Agricola (BA,
Bancolombia's largest subsidiary abroad) continues growing and has
cemented its competitive position as large global banks froze
their operations in El Salvador; BA's performance has exceeded
expectations.

Loan growth was mostly driven by corporations which turned back to
local banks in the aftermath of the credit crunch.  Sustained
credit demand underpinned interest revenues and offset higher
funding costs caused by the contractive economic policy (1H'08).
As the economic policy has eased, funding costs have started to
decline and the bank curbed loan growth tightening consumer and
corporate lending criteria.

Bancolombia's loan portfolio quality declined but remains
reasonable considering the global crisis; reserves appear adequate
and have been sustained.  The loan portfolio shows adequate
diversification and deposits are widely based and diversified.
Regulatory capital ratios were sustained -- in spite of a more
stringent regulation -- through plain vanilla subordinated bonds
which receive no equity credit according to Fitch's methodology;
hence the bank's capital appears somewhat stretched.

Future growth should be modest and margins are expected to remain
stable in the short run.  Operating costs should decline in
relative terms but pressure from loan loss provisions will
continue.  Accordingly, profitability should suffer as the bank
sustains reserves to cope with higher delinquency.  Capital ratios
could see some decline but lower growth should result in some
stability albeit at the low end of its peers.

Bancolombia is Colombia's largest bank boasting about 23% of the
system's assets at March 2009. A universal bank active in
corporate, SME and retail, Bancolombia acquired El Salvador's
largest bank (Banco Agricola, rated BB+ with a negative outlook by
Fitch); Bancolombia is controlled by a conglomerate of companies
informally known as Grupo Empresarial Antioqueno.


DOLE CO: Denies Involvement in AUC Killings at Colombia
-------------------------------------------------------
California-based Dole Food Co. has denied any involvement in
thousand of killings by militia belonging to the United Self-
Defense Forces of Colombia (AUC) in Clombia, Frank Bajak of the
Associated Press reports.  The company, in a statement obtained by
the news agency, said it "categorically rejects the baseless
allegations accusing the company of illegal activity in Colombia,"

According to the report, relatives of 51 men, who were allegedly
murdered by AUC militia, is seeking hundreds of millions of
dollars in damages from Dole Food Co.  AP relates that the
lawsuit, filed in California state court in Los Angeles, alleged
that Dole Food made a total of about US$10 million in regular
payments from 1997-2007 to local AUC commanders and previously
paid smaller far-right militias.  The report notes the suit also
accuses AUC of "keeping unions out of Dole's banana plantations by
murdering effective union leaders and using terror tactics to
discourage workers from joining the unions."

The report discloses that Terry Collingsworth, an attorney for the
plaintiffs, said a key witness for the plaintiffs AUC commander
Jose Gregorio Mangones has admitted responsibility for more than
half the killings cited in the suit.  The report says atleast
three other former senior AUC commanders also have said that
foreign banana companies that operated in Colombia, including Dole
and Chiquita, made regular payments to their militias.  The four
commanders, AP relates, have confessed to ordering several
thousand of murders and specifically targeting labor organizers
and alleged leftist rebel sympathizers.

The report notes that Mr. Collingsworth said the plaintiffs would
prove that Dole's managers in the region were not "innocent
bystanders paying extortion" but rather active partners in bloody
conspiracy to keep labor costs down.

So far, the lawsuit doesn't name any U.S.-based Dole employees who
allegedly engaged in illegal behavior, the report says.  "There
were U.S. citizens who came down to Colombia regularly to deal
with all things bananas, and Mr. Tijeras said he met them when
they came down," the suit said, the report relates.  However, Mr.
Tijeras said he could not remember their names, it added.

                       About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/--  is a producer of fresh
fruit and fresh vegetables, and markets a line of value-added
products.  The company operates in four business segments: fresh
fruit, fresh vegetables, packaged foods and fresh-cut flowers.
The fresh fruit segment contains operating divisions that
produce and market fresh fruit to wholesale, retail and
institutional customers worldwide.  The fresh vegetables segment
contains two operating divisions that produce and market
commodity and fresh-cut vegetables to wholesale, retail and
institutional customers, primarily in North America, Europe and
Asia.  The packaged foods segment contains operating divisions
that produce and market packaged foods, including fruit, juices
and snack foods.  The fresh-cut flowers segment sources, imports
and markets fresh-cut flowers, grown mainly in Columbia,
primarily to wholesale florists and retail grocers in the United
States.

In Latin America, Dole owns and operates 11 packing and cold
storage facilities, a corrugated box plant and a wooden box
plant in Chile.  The Company also operates a fresh-cut salad
plant and a small local fruit distribution company in Chile.
Dole also owns and operates corrugated box plants in Colombia,
Costa Rica, Ecuador and Honduras and a value-added vegetable
plant in Costa Rica.  Dole produces flowers in Colombia and
Ecuador, where it owns packing and cooling facilities.  Dole
also leases a facility in Colombia for bouquet construction.


                        *     *     *

As reported in the Troubled Company Reporter on March 27, 2009,
Standard & Poor's Ratings Services said that it revised its
outlook on Westlake Village, California-based Dole Food Co. Inc.
to stable from negative.  S&P also affirmed the existing ratings
on the company, including the 'B-' corporate credit rating.  As of
Jan. 3, 2009, the company had about $2.2 billion of debt.



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

JETBLUE AIRWAYS: To Service Flights to Dominican Republic
---------------------------------------------------------
JetBlue Airways Corporation will now service flights to Santo
Domingo, Dominican Republic.

JetBlue is now offering the convenience of nonstop service from
Boston to Santo Domingo three days per week on Fridays, Saturdays,
and Sundays, with plans to expand to daily service over the peak
winter season.  JetBlue also offers one-stop connecting service
every day to Santo Domingo as well as to Puerto Plata on the
island's north coast and to Santiago de los Caballeros in the
central Cibao Valley.

Santo Domingo is JetBlue's second new destination this week from
its "Hub hub" at Logan, after Wednesday's launch of twice-daily
nonstop service to Los Angeles International Airport (LAX).

JetBlue will further expand in Boston on Sept. 9 with the launch
of four daily flights to a 32nd destination, Baltimore-Washington
International Thurgood Marshall Airport (BWI).

                    About JetBlue Airways

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq: JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service primarily on point-to-
point routes.  As of Dec. 31, 2007, the company served 53
destinations in 21 states, Puerto Rico, Mexico and the
Caribbean.

JetBlue currently serves 53 cities with 600 daily flights.

                        *     *     *

As reported in the Troubled Company June 8, 2009, Fitch Ratings
has affirmed the Issuer Default Rating for JetBlue Airways Corp.
at 'B-'.  Fitch has also revised the issue rating for JBLU's $301
million of outstanding convertible debentures to 'CC/RR6' from
'CCC-/RR6'.  The revision of the convertible debt rating follows
recent changes in Fitch's notching criteria for issuers with IDRs
of 'B-' or below.  Fitch has also assigned a rating of 'CC/RR6' to
JBLU's newly issued $175 million two-part convertible debenture
offering.  The new notes carry a coupon of 6.75% with a final
maturity in 2039.  The Rating Outlook for JBLU remains Negative.



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

BANCO AGRICOLA: Fitch Puts Negative Outlook on Low-B IDR Ratings
----------------------------------------------------------------
The Negative Outlook on El Salvador's recently downgraded
sovereign rating could affect the Issuer Default Ratings of three
major Salvadorian banks, should this eventually result in a
further sovereign downgrade.  Therefore, Fitch Ratings has revised
to Negative from Stable the rating Outlooks of Banco Agricola,
Banco HSBC Salvadoreno and Scotiabank El Salvador.

On June 18, 2009, Fitch downgraded El Salvador's sovereign ratings
to 'BB' from 'BB+', while the Outlook remained Negative, In turn,
El Salvador's country ceiling was affirmed at 'BBB-'.

The ratings on all three banks are above the sovereign rating, and
HSBCS's and SES's IDRs, both driven by strong parent support, are
constrained by the country ceiling.  However, a further eventual
downgrade of El Salvador's sovereign ratings could result in a
downgrade of the country ceiling, which would, in turn, lead to a
downgrade of HSBCS's and SES's constrained IDRs accordingly.

Agricola's IDRs are underpinned by the bank's sound financial
condition and are not constrained by the sovereign rating.  The
bank's IDRs and Individual rating reflect its robust franchise,
sound operating profitability and improved loss-absorption
capacity (capital adequacy and reserves), but also consider the
challenges from the currently adverse economic conditions.  All
these factors support its IDR at 'BB+', which is one notch higher
than the sovereign rating.  The Negative Outlook reflects that the
confluence of a potential sovereign downgrade and further
deterioration in the operating environment could affect Agricola's
IDR.  However, under certain circumstances, a further sovereign
rating downgrade might not necessarily affect Agricola's intrinsic
financial profile, if the bank maintains adequate loss-absorbing
capacity, asset quality and earnings prospects, which could
potentially lead to an affirmation of its current IDRs and a
revision of the Rating Outlook back to Stable.

If the sovereign ratings are eventually affirmed at 'BB' and the
Outlook revised to Stable from Negative, it is highly likely that
the ratings of these three banks will also be affirmed with a
Stable Outlook.  In turn, Fitch does not foresee immediate
pressure on these banks' Individual ratings, which have been
affirmed.  The 'C/D' Individual ratings of these three banks
already factor in the challenges arising from a rapidly worsening
operating environment and reduced system-wide liquidity.  Fitch
considers that these ratings will likely remain consistent and
unchanged under the baseline scenario, although some degree of
downside risk remains.

The full list of all affirmations and Outlook revisions follows:

Banco Agricola:

  -- Long-term IDR at 'BB+'; Outlook to Negative from Stable;

  -- Short-term IDR at 'B';

  -- Individual at 'C/D';

  -- Support at '3';

  -- National-scale long-term rating at 'AA+(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.

  -- National-scale rating for local issues of senior unsecured
     debt at 'AA+(slv)';

  -- National-scale rating for local issues of senior secured debt
     at 'AAA(slv)'.

Banco HSBC Salvadoreno:

  -- Long-term IDR at 'BBB-'; Outlook to Negative from Stable;

  -- Short-term IDR at 'F2';

  -- Individual at 'C/D';

  -- Support affirmed at '2';

  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.

Scotiabank El Salvador:

  -- Long-term IDR at 'BBB-'; Outlook to Negative from Stable;

  -- Short-term IDR at 'F2';

  -- Individual at 'C/D';

  -- Support at '2';

  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.


BANCO HSBC: Fitch Puts Neg. Outlook on 'C/D' Individual Rating
--------------------------------------------------------------
The Negative Outlook on El Salvador's recently downgraded
sovereign rating could affect the Issuer Default Ratings of three
major Salvadorian banks, should this eventually result in a
further sovereign downgrade.  Therefore, Fitch Ratings has revised
to Negative from Stable the rating Outlooks of Banco Agricola,
Banco HSBC Salvadoreno and Scotiabank El Salvador.

On June 18, 2009, Fitch downgraded El Salvador's sovereign ratings
to 'BB' from 'BB+', while the Outlook remained Negative, In turn,
El Salvador's country ceiling was affirmed at 'BBB-'.

The ratings on all three banks are above the sovereign rating, and
HSBCS's and SES's IDRs, both driven by strong parent support, are
constrained by the country ceiling.  However, a further eventual
downgrade of El Salvador's sovereign ratings could result in a
downgrade of the country ceiling, which would, in turn, lead to a
downgrade of HSBCS's and SES's constrained IDRs accordingly.

Agricola's IDRs are underpinned by the bank's sound financial
condition and are not constrained by the sovereign rating.  The
bank's IDRs and Individual rating reflect its robust franchise,
sound operating profitability and improved loss-absorption
capacity (capital adequacy and reserves), but also consider the
challenges from the currently adverse economic conditions.  All
these factors support its IDR at 'BB+', which is one notch higher
than the sovereign rating.  The Negative Outlook reflects that the
confluence of a potential sovereign downgrade and further
deterioration in the operating environment could affect Agricola's
IDR.  However, under certain circumstances, a further sovereign
rating downgrade might not necessarily affect Agricola's intrinsic
financial profile, if the bank maintains adequate loss-absorbing
capacity, asset quality and earnings prospects, which could
potentially lead to an affirmation of its current IDRs and a
revision of the Rating Outlook back to Stable.

If the sovereign ratings are eventually affirmed at 'BB' and the
Outlook revised to Stable from Negative, it is highly likely that
the ratings of these three banks will also be affirmed with a
Stable Outlook.  In turn, Fitch does not foresee immediate
pressure on these banks' Individual ratings, which have been
affirmed.  The 'C/D' Individual ratings of these three banks
already factor in the challenges arising from a rapidly worsening
operating environment and reduced system-wide liquidity.  Fitch
considers that these ratings will likely remain consistent and
unchanged under the baseline scenario, although some degree of
downside risk remains.

The full list of all affirmations and Outlook revisions follows:

Banco Agricola:

  -- Long-term IDR at 'BB+'; Outlook to Negative from Stable;

  -- Short-term IDR at 'B';

  -- Individual at 'C/D';

  -- Support at '3';

  -- National-scale long-term rating at 'AA+(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.

  -- National-scale rating for local issues of senior unsecured
     debt at 'AA+(slv)';

  -- National-scale rating for local issues of senior secured debt
     at 'AAA(slv)'.

Banco HSBC Salvadoreno:

  -- Long-term IDR at 'BBB-'; Outlook to Negative from Stable;

  -- Short-term IDR at 'F2';

  -- Individual at 'C/D';

  -- Support affirmed at '2';

  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.

Scotiabank El Salvador:

  -- Long-term IDR at 'BBB-'; Outlook to Negative from Stable;

  -- Short-term IDR at 'F2';

  -- Individual at 'C/D';

  -- Support at '2';

  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.


SCOTIABANK EL SALVADOR: Fitch Puts Neg. Outlook on Ratings
----------------------------------------------------------
The Negative Outlook on El Salvador's recently downgraded
sovereign rating could affect the Issuer Default Ratings of three
major Salvadorian banks, should this eventually result in a
further sovereign downgrade.  Therefore, Fitch Ratings has revised
to Negative from Stable the rating Outlooks of Banco Agricola,
Banco HSBC Salvadoreno and Scotiabank El Salvador.

On June 18, 2009, Fitch downgraded El Salvador's sovereign ratings
to 'BB' from 'BB+', while the Outlook remained Negative, In turn,
El Salvador's country ceiling was affirmed at 'BBB-'.

The ratings on all three banks are above the sovereign rating, and
HSBCS's and SES's IDRs, both driven by strong parent support, are
constrained by the country ceiling.  However, a further eventual
downgrade of El Salvador's sovereign ratings could result in a
downgrade of the country ceiling, which would, in turn, lead to a
downgrade of HSBCS's and SES's constrained IDRs accordingly.

Agricola's IDRs are underpinned by the bank's sound financial
condition and are not constrained by the sovereign rating.  The
bank's IDRs and Individual rating reflect its robust franchise,
sound operating profitability and improved loss-absorption
capacity (capital adequacy and reserves), but also consider the
challenges from the currently adverse economic conditions.  All
these factors support its IDR at 'BB+', which is one notch higher
than the sovereign rating.  The Negative Outlook reflects that the
confluence of a potential sovereign downgrade and further
deterioration in the operating environment could affect Agricola's
IDR.  However, under certain circumstances, a further sovereign
rating downgrade might not necessarily affect Agricola's intrinsic
financial profile, if the bank maintains adequate loss-absorbing
capacity, asset quality and earnings prospects, which could
potentially lead to an affirmation of its current IDRs and a
revision of the Rating Outlook back to Stable.

If the sovereign ratings are eventually affirmed at 'BB' and the
Outlook revised to Stable from Negative, it is highly likely that
the ratings of these three banks will also be affirmed with a
Stable Outlook.  In turn, Fitch does not foresee immediate
pressure on these banks' Individual ratings, which have been
affirmed.  The 'C/D' Individual ratings of these three banks
already factor in the challenges arising from a rapidly worsening
operating environment and reduced system-wide liquidity.  Fitch
considers that these ratings will likely remain consistent and
unchanged under the baseline scenario, although some degree of
downside risk remains.

The full list of all affirmations and Outlook revisions follows:

Banco Agricola:

  -- Long-term IDR at 'BB+'; Outlook to Negative from Stable;

  -- Short-term IDR at 'B';

  -- Individual at 'C/D';

  -- Support at '3';

  -- National-scale long-term rating at 'AA+(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.

  -- National-scale rating for local issues of senior unsecured
     debt at 'AA+(slv)';

  -- National-scale rating for local issues of senior secured debt
     at 'AAA(slv)'.

Banco HSBC Salvadoreno:

  -- Long-term IDR at 'BBB-'; Outlook to Negative from Stable;

  -- Short-term IDR at 'F2';

  -- Individual at 'C/D';

  -- Support affirmed at '2';

  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.

Scotiabank El Salvador:

  -- Long-term IDR at 'BBB-'; Outlook to Negative from Stable;

  -- Short-term IDR at 'F2';

  -- Individual at 'C/D';

  -- Support at '2';

  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;

  -- National-scale short-term rating at 'F1+(slv)'.



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

GLOBE TRUST: Liquidator Sells Building to Recover Funds
-------------------------------------------------------
The Globe Trust and Investment Company Limited (GTICL) and its
liquidator Nizam Ali are selling the company's building at the
East half of the west half of Lot 92 North Cummingsburg, as part
of their goal to recover funds from the bankrupt institution,
Stabroek News reports.

According to the report, the liquidator is currently inviting
tenders up until the end of July.  The report relates intended
buyers must purchase the tender package for the sum of $5,000 from
Nizam Ali and Company located on Camp Street.

As reported in the Troubled Company Reporter-Latin America on
April 22, 2009, Stabroeknews said Globe Trust and Investment and
its liquidator is in court battling to reclaim funds owed to
the institution after months of reluctance from debtors, filing
claims to levy on personal property that were put up as
collateral.  The report related that the company will move against
some debtors by claiming goods that were listed as security when
the loans were issued.  According to the report, Mr. Ali said the
silence from debtors prompted the move to the court.  The report
noted Mr. Ali said the company is now filing frequent actions to
reclaim funds through a battery of attorneys.  Stabroeknews said
Mr. Ali, since being appointed liquidator on October 2008,
recovered some $14 million of the $750 Million disbursed in loans.

Stabroeknews recalled in October 2008, Chief Justice (Ag) Ian
Chang issued an order for the compulsory liquidation of Globe
Trust following a High Court application by the Bank of Guyana
(BoG).  The report related the company came crashing down after
issuing many unsecured loans among other dubious practices.  The
BoG, the report noted, filed an application asking that an order
be granted for the compulsory liquidation of GTICL as provided for
under the Financial Institutions Act after an investment deal for
the troubled institution failed to materialise.

According to the company's Web site, on November 7, 2001, the
central bank instituted legal action as is required under the FIA
to have the company liquidated.  On July 25, 2002, the Honourable
Chief Justice ordered the re-organisation of Globe Trust under the
Bank of Guyana as set out in Section 50 of the FIA.



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

CORPORACION DURANGO: U.S. Court Confirms Restructuring Plan
-----------------------------------------------------------
The Hon. Robert R. Drain of the U.S. Bankruptcy Court for the
Southern District of New York confirmed a first amended joint
Chapter 11 plan of reorganization for Paper International Inc. and
Fiber Management of Texas Inc. proposed by their parent company
Corporacion Durango on May 15, 2009.

Under the plan, the Debtors' businesses will continue to be
operated in substantially their current form, with Paper
International continuing to own its equity in McKinley and
FMT, and FMT continuing the wind down of its fiber procurement
business, which began when FMT ceased its operations in August
2008.  Furthermore, the plan treats the estates of Paper
International and FMT as comprising a single estate solely for
purposes of voting on the plan, confirmation of the plan and
making plan distributions in respect of claims against and
equity interests in such Debtors under the plan.

The plan relates that holders of allowed priority claims and
general unsecured claims will be paid in full in accordance with
the reinstated right, as and when the payment is due.  Holders of
allowed noteholder claims are expected to get new senior notes,
new senior notes guarantees, restructuring fee or Durango new
equity under the noteholder settlement of the Mexican
reorganizational plan.  Moreover, equity interests holders will
keep 100% of their legal and equitable ownership rights.

General unsecured holders, totaling $700,000, are expected to
recover 100% while noteholders will get 70.4% of their allowed
claim under the plan.

White & Case LLP in Miami, Florida, represents Corporacion
Durango.

A full-text copy of the Corporacion Durango's disclosure statement
is available for free at http://ResearchArchives.com/t/s?3e1b

A full-text copy of the Corporacion Durango's amended plan is
available for free at http://ResearchArchives.com/t/s?3e1c

Headquartered in Prewitt, New Mexico, Paper International, Inc.
-- http://www.internationalpaper.com/-- is the wholly-owned
direct subsidiary of Corporacion Durango, S.A.B. de C.V., a
corporation organized under the laws of Mexico, which maintains
its principal place of business in Durango, Mexico.  The Debtor
currently owns 100% of the equity shares in Fiber Management of
Texas, Inc., a corporation organized under the laws of Texas, as
well as 100% of the equity shares in non-debtor Durango McKinley
Paper Company, a New Mexico company.  Paper International is a
holding company which has no employees, no operations, and whose
primary assets are its ownership interests in Durango McKinley and
Fiber Management.

Before August 2008, Fiber Management's primary business was the
procurement of paper materials to manufacture recycled paper
products for use by Durango McKinley and other paper manufacturing
affiliates of Corporacion Durango located in Mexico.  In August
2008, Fiber Management ceased procuring fiber and began winding up
all of its business operations.

Paper International and Fiber Management filed for Chapter 11
protection on October 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-
13917).  Larren M. Nashelsky, Esq., and Lorenzo Marinuzzi, Esq.,
at Morrison & Foerster LLP, represent the Debtors as counsel.
Eric Kate Mautner, Esq., at Bingham McCutchen LLP, represents the
Official Committee of Unsecured Creditors as counsel.  APS
Services, LLC, serves as the Debtors' crisis managers.  The
Debtors designated Meade Monger, a managing director of
AlixPartners, LLP, an affiliate of AP Services, as its chief
restructuring officer.  The Court appointed Kurtzman Carson
Consultants, LLC, as claims agent in the Debtors' bankruptcy case.

At March 31, 2009, the Debtors had $123,365,705 in total assets,
$552,348,876 in total liabilities, and $428,983,171 in
stockholders' deficit.



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

PDVSA: Absorbs 1,000 New Workers
--------------------------------
Venezuela-owned oil company, Petroleos de Venezuela (PDVSA), said
it has absorbed 1,000 workers as part of the process to absorb
more than 8,000 male and female workers from the contractors that
were nationalized in accordance with the Organic Law which
Reserves Goods and Services Related to Primary Activities of the
Hydrocarbons Sector for the State.  The new workers will form an
integral part of the payroll and enjoy the social security network
provided by the state-run oil holding.

According to a company statement, Minister of People’s Power for
Energy and Petroleum and PDVSA President Rafael Ramirez said that
the workers were honored a debt amounting to US$4,281,847.  “Even
though we are in the process of absorption, we have not stopped
paying the wages of workers to ensure continued operations and
their work in the industry.  We will keep our word to the
revolution,” Mr. Ramirez said.

PDVSA has included more than 2,672 workers as full-time staff and
paid approximately USD 4,281,847.

Moreover, Mr. Ramirez noted that in 2009 the Western Division of
PDVSA Exploration and Production has invested US$547 million in a
new subsidiary, Aquatic Operations.  A total of 1,271 ships carry
27,000 workers in western Venezuela.  These numbers attest to the
economic stability in the Eastern Coast of Lake Maracaibo.

Since last May 22, PDVSA, through the subsidiary Aquatic
Operations, has administered social justice and dignified the
workers at the docks formerly operated by private companies and
now under the control of the Venezuelan state to the people’s
benefit.  This fifth delivery adds 2,674 fellow citizens with
PDVSA credentials out of a total of 8,000 expected incoming
workers.

The staff joining PDVSA was part of about 39 service suppliers in
the area of maritime transportation, industrial diving,
maintenance, building and aquatic services.

                          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: Saves US$690 Million a Year With Nationalized Barges
-----------------------------------------------------------
Petroleos de Venezuela (PDVSA) said it will save US$690 million a
year due to the the release of 23 barges located in Lake
Maracaibo.  This is a part of the nationalization of the docks
undertaken by the company.

Venezuelan President Hugo Chavez highlighted the significance of
the nationalization of the companies engaged in activities related
to hydrocarbons, when contacting via satellite Romer Valdez,
managing director of the Western Division of PDVSA Exploration and
Production, from barge L07 in Lagunillas.

During his presentation, Mr. Valdez explained to President Chavez
that only with barge L07, US$30 million is being saved.  Formerly,
this amount remained in the hands of the private companies which
carried out these works.  He added that the workers with such
contractors are now part of PDVSA with all the benefits that they
were denied for years.

Incidentally, President Chavez noted that the diapers manufacturer
cost approximately US$10 million, which means that with the
savings from the nationalization of barges, several diapers
manufacturing plants could be built across the nation, thus
preventing the import of such a product.
From barge L07 an underwater pipeline was repaired.  President
Chavez talked to Harold Véliz, the superintendent responsible for
the laying and repairs of lines who was at the bottom of the Lake,
supervising the works.
                         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: To Increase Bond Size Sale to US$3 Billion
-------------------------------------------------
Venezuela-owned oil company, Petroleos de Venezuela, said it  will
increased the size of a bond sale planned for the second week of
July to US$3 billion, Matthew Walter of Bloomberg News reports,
citing Reuters.

According to the report, Reuters said the Venezuelan government
will announce details of the dollar bond issue, which Venezuelans
will be able to buy with local currency, on June 25.  Reuters did
not specifying the amount of the increase, the report relates.

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.



                            ***********

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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